GH Research PLC Ordinary Shares (GHRS)

FairStock Score: 20/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach GH Research as a Graham-style analyst: a $1.2 billion market value on a 73-employee clinical-stage biotech with no marketed product. Its lead asset, GH001, is an inhalable mebufotenin in Phase 2b for treatment-resistant depression, plus Phase 2a work in bipolar II disorder and postpartum depression. That is a high-risk, high-reward area, but I see no demonstrated competitive moat; any advantage must come from future clinical data and intellectual property, not from today’s financials. On financial health, the provided figures are sobering. The 2026-10-13 close was $18.85, and FairStock calculations show a negative P/E of -20.27 and a P/B of 3.60. Trailing free cash flow is -$51.8 million, a -4.5% FCF yield, while ROE is -18.79% and ROCE is -13.02%. Debt/equity of 0.00 is a genuine balance-sheet positive, and the Altman Z-Score of 54.42 suggests low bankruptcy risk, but the Piotroski F-Score of 2/9 signals weak fundamental momentum. The Lynch category is 'none' because only 0 years of filed results are available, versus the 3 needed. Growth today is not visible in the data: no revenue growth is reported, and the value rests almost entirely on trial outcomes. Graham would demand a margin of safety; Buffett would want durable owner earnings. Neither is present yet. At $18.85, the market is paying $1.2 billion for hope, not proven cash flows. This is a speculative clinical-stage situation, and I would focus on cash burn, trial data, and dilution risk rather than treat it as a defensive value stock.

In plain English: GH Research is a small drug company testing an inhalable treatment for depression. It has no approved product and is spending more money than it brings in, so the business looks unprofitable and unproven today. At the latest close, the share price looks expensive compared with today’s lack of sales and profits, though that can happen with drug developers whose value depends on future trial results.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer