The EPS miss is secondary for a pre-revenue biotech — the stock will trade on Phase 3 catalyst timing and FDA alignment. With $378.5M pro-forma cash (post-April offering) and a ~$13M quarterly burn, runway extends well past late-2026 Phase 3 initiation. Watch for FDA feedback on pivotal trial design and any IND submission for GH002.
Price Chart
Executive Summary
GH Research reported Q1 2026 EPS of -$0.31, wider than the -$0.26 consensus estimate (a ~19% miss on a GAAP basis), and a net loss of $19.0M vs $10.8M a year ago. However, the company completed enrollment in two key Phase 1 trials, selected doses for its global Phase 3 pivotal program in TRD, and targets initiation in late 2026, with $267.3M cash plus $111.2M from an April offering extending runway through key catalysts.
Key Financial Metrics
Key Facts
- Q1 2026 GAAP EPS -$0.31 vs consensus -$0.26 (miss); net loss $19.0M vs $10.8M YoY
- Cash, equivalents, and marketable securities $267.3M at March 31, 2026; additional $111.2M net proceeds from April 2026 offering
- Phase 2b TRD results published in JAMA Psychiatry; Day 8 remission rates 53.9%-63.6% across subgroups
- Completed enrollment in GH001-HV-106 (UK aerosol device study) and GH001-HV-109 (US IND-opening study)
- Doses selected for global Phase 3 pivotal program; seeking FDA alignment; target initiation late 2026
- R&D expenses $12.4M (up 58% YoY); G&A $6.4M (up 30% YoY)
Financial Impact
EPS miss of ~$0.05 vs consensus; net loss widened $8.2M YoY; cash burn ~$13M/quarter pre-offering
Risk Factors
- FDA may not align on Phase 3 design, delaying pivotal program
- Clinical hold risk for US IND-opening studies or future trials
- Dilution from April 2026 offering (shares not yet reflected in Q1 share count)
- Competing TRD therapies (Spravato, other psychedelics) may erode market opportunity
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3294747 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 17d ago | 6-K | $21.11 $18.15 | ▼ −14.02% | ▼ −12.05% | $19.18 (−9.14%) |
Sep 11, 2026 6w ago | 6-K | $27.20 $28.26 | ▲ +3.90% | ▲ +4.12% | $19.18 (−29.49%) |
Aug 6, 2026 11w ago | 6-K | $30.64 $28.19 | ▼ −8.00% | ▼ −9.21% | $19.18 (−37.40%) |
May 14, 2026 23w ago | 424B5 | $22.21 $21.77 | ▲ +1.98% | ▲ +1.26% | $19.18 (+13.64%) |
May 14, 2026 23w ago | 6-K | $22.21 $21.77 | ▼ −1.98% | ▼ −1.26% | $19.18 (−13.64%) |
May 14, 2026 23w ago | Press Release | $22.21 $21.77 | ▼ −1.98% | ▼ −1.26% | $19.18 (−13.64%) |
May 13, 2026 23w ago | 6-K | $22.21 $21.77 | ▲ +1.98% | ▲ +1.26% | $19.18 (+13.64%) |
Apr 29, 2026 25w ago | 424B5 | $19.16 $21.28 | ▼ −11.06% | ▼ −7.95% | $19.18 (−0.10%) |
Apr 1, 2026 29w ago | 3 | $14.57 $15.72 | ▲ +7.89% | ▲ +4.27% | $19.18 (+31.64%) |
Mar 25, 2026 30w ago | Press Release | $13.65 $14.72 | ▲ +7.84% | ▲ +8.08% | $19.18 (+40.51%) |
US Market Status
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