GHRS: 1Q26: Pivotal Remains On Track For '26 Start Pending Regulatory Alignment

研报英文原文证据摘录

GHRS: 1Q26: Pivotal Remains On Track For '26 Start Pending Regulatory Alignment

RBC Capital Markets, LLC

Brian Abrahams, M.D. (Head of Global Healthcare Research)

(212) 858-7066, brian.abrahams@rbc.com

Nevin Varghese, Ph.D. (Analyst)

(212) 301-1609, nevin.varghese@rbccm.com

Kevin Meli, Ph.D. (Senior Associate)

(212) 548-3110, kevin.meli@rbccm.com

May 14, 2026

GH Research Plc Outperform

Speculative RiskRESEARCH 1Q26: Pivotal Remains On Track For '26 Start NASDAQ: GHRS; USD 21.88

Pending Regulatory Alignment Price Target USD 40.00

Our view: An otherwise operationally quiet quarter, but with the company Scenario Analysis*

checking key pre-pivotal boxes - with dose selection complete for a ph.III

and U.S. IND-opening enrollment wrapped up. The next major catalyst Downside Current Price Upside Scenario Price Target Scenario

is likely FDA alignment on the ph.III design following the EoP2 meeting,

which we believe could be communicated separately. With the remaining 7.00 21.88 40.00 60.00 68% 83% 174%EQUITY groundwork largely done, we believe pivotal initiation later this year is on

track and likely to serve as an important step. We remain confident in GH’s *Implied Total Returns

Key Statistics ability to align with regulators on a pivotal program and ultimately replicate Shares O/S (MM): 63.0 Market Cap (MM): 1,378

impressive ph.II data in a pivotal. We remain Outperform, viewing GH as a Dividend: 0.00 Yield: 0.0%

potential key future player in the rapidly emerging psychedelics space. Avg. Daily Volume: 226,391

RBC Estimates Key points: FY Dec 2025A 2026E 2027E 2028E

Financials. R&D expenses were $12.4M, in line with our $12.2M estimate, Revenue 0.0 0.0 0.0 0.0

while G&A expenses came in at $6.4M, modestly above our $5.5M EPS, Ops Diluted (0.79) (1.41) (2.25) (3.10)