Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data GH Research PLC files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Research and development
0.3
0.34
8.55
20.5
29.8
35
38.8
Selling, general and administrative
0.01
0.11
6.55
10.1
11.4
15.3
22
Operating income
-0.31
-0.45
-15.1
-30.6
-41.2
-50.3
-60.7
Interest expense
0
0
0.01
0.12
0.72
0.72
0.46
Interest income
0
0
1.17
8.98
9.87
11.1
Pre-tax income
-0.31
-0.45
-9.2
-22.5
-35.6
-39
-48.3
Income tax
0
0
0
0
0
0
0
Net income
-0.31
-0.45
-9.2
-22.5
-35.6
-39
-48.3
EPS, basic
-0.01
-0.02
-0.21
-0.43
-0.68
-0.75
-0.79
EPS, diluted
-0.01
-0.02
-0.21
-0.43
-0.68
-0.75
-0.79
Balance sheet
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0.5
5.9
277
166
78.4
101
246
Total current assets
5.91
280
169
164
154
286
Property, plant and equipment
0
0.08
0.1
1.07
0.75
0.62
Total assets
5.91
280
254
226
188
288
Accounts payable
0
0.88
1.87
3.49
3.74
3.77
Total current liabilities
0.25
2.75
4.55
6.7
8.95
8.38
Lease liabilities
0
0.63
0.37
0.15
Total liabilities
0.25
2.75
4.55
7.33
9.32
8.53
Total debt
0
0
0
0
0
Retained earnings
-0.84
-10
-32.5
-67.9
-106
-154
Total equity
0.4
5.67
277
250
219
179
280
Total liabilities and equity
5.91
280
254
226
188
288
Cash flow statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-0.31
-0.45
-9.2
-22.5
-35.6
-39
-48.3
Cash from operations
-0.29
-0.33
-15.3
-26.2
-33.3
-42.3
-43.6
Capital expenditures
0
0
-0.1
-0.07
-0.1
-0.05
-0.12
Cash from investing
0
-0.1
-84.7
-54.1
65.1
46.2
Stock issued
0.8
5.5
309
0
0.02
0
0
Cash from financing
0.8
5.5
286
0
-0.2
-0.3
140
Exchange rate effect
-0.01
0.23
-0.18
0.07
0.11
-0.18
3.19
Net change in cash
0.51
5.17
271
-111
-87.6
22.5
142
Free cash flow
-0.29
-0.33
-15.4
-26.3
-33.4
-42.3
-43.7
Interest paid
0
0
0.01
0.02
0.65
0.72
0.64
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $23.84 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on assets (ROA)
-20.3%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Total assets growth, 1y
53.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
4.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
117.6%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
34.1x
Current assets / current liabilities.
Quick ratio
29.4x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
29.4x
(Cash + short-term investments) / current liabilities.
Debt / assets
0.0%
Total debt / total assets.
Liabilities / assets
3.0%
Total liabilities / total assets.
Net debt
-$246.3M
Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage
-131x
Operating income / interest expense.
Working capital
$277.6M
Current assets - current liabilities.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.79
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$0.79
Net income per basic share, as reported (split-adjusted).
Valuation
Metric
Value
How it is calculated
Market cap
$1.63B
Share price x shares outstanding.
Enterprise value
$1.39B
Market cap + total debt - cash - short-term investments.
FCF yield
-2.7%
Free cash flow / market cap.
Earnings yield
-3.0%
Net income / market cap (the inverse of P/E).
Was GH Research PLC profitable in fiscal 2025?
No. It reported a net loss of $48.3M.
How much free cash flow did GH Research PLC generate in fiscal 2025?
Cash from operations of $43.6M minus capital expenditures of $121.0K left free cash flow of -$43.7M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.