Clinical-stage biopharma GH Research PLC (Nasdaq: GHRS) posted a net loss of $7.7 million for the first quarter ending March 31, as it pushed forward trials for its lead program GH001.
The Irish firm is investigating GH001, which is an inhaled formulation of the naturally occurring psychedelic mebufotenin, as a potential rapid-acting treatment for tough-to-treat depressive conditions like treatment-resistant depression.
A Phase 2b study evaluating GH001 in about 80 TRD patients across Europe remains on track, with top-line data anticipated in late 2024, the firm said. Smaller proof-of-concept trials are also under way testing GH001 in postpartum depression and bipolar II disorder.
However, the U.S. Food and Drug Administration has held up GH001’s clinical development stateside until GH Research provides additional toxicology studies on the inhalation route and verification data for its proprietary inhaler device.
On the R&D front, spending hit $8.7 million for the first quarter, up 19% from a year prior, driven by increased clinical trial, technical development and preclinical costs.
GH Research also recently completed a Phase 1 trial for GH002, an intravenous formulation of mebufotenin, which showed an “ultra-rapid onset” of psychoactive effects. Analysis of the drug’s pharmacokinetic profile is ongoing.
With $214 million in its war chest exiting March, the firm expects its cash runway to extend into 2026 as it shepherds GH001 and backs additional pipeline programs like GH003, an intranasal psychedelic therapy.
The post GH Research advances depression therapies, burns cash appeared first on Green Market Report.