Irish psychedelic biotech firm GH Research PLC (NASDAQ:GHRS) reported its financial results for the second quarter ended June 30, 2024.

Q2 2024 Financial Highlights

• Cash, cash equivalents, other financial assets and marketable securities were $204.5 million as of June 30, 2024, compared to cash, cash equivalents, other financial assets and marketable securities of $222.7 million as of December 31, 2023.
• Research and development expenses were $9.8 million for the quarter ended June 30, 2024, compared to $7.2 million for the same quarter in 2023.
• General and administrative expenses were $3.5 million for the quarter ended June 30, 2024, compared to $2.7 million for the same quarter in 2023.
• The net loss was $10.4 million, or $0.20 loss per share, for the quarter that ended June 30, 2024, compared to the $7.7 million or $0.15 loss per share for the same quarter in 2023.

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Business Update

The Dublin-based clinical-stage biopharmaceutical company, which researches treatments for psychiatric and neurological disorders, also provided updates on its business.

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GH Research has two DMT-related drugs that are currently undergoing clinical trials, both based on mebufotenin (5-MeO-DMT), a Schedule I psychedelic which is considered illegal in the U.S.

GH001, the company's proprietary inhaled mebufotenin product candidate, is being investigated in a multi-center, randomized, double-blind, placebo-controlled Phase 2b trial in roughly 80 patients with treatment-resistant depression (TRD) (GH001-TRD-201) at approximately 20 sites across seven European countries.

GH Research said it continues to recruit according to plan and expects to complete the double-blind phase of this trial in the third quarter of 2024 as well as the 6-month open-label extension in the first quarter of 2025.

With GH002, its proprietary intravenous mebufotenin (5-MeO-DMT) product candidate, GH Research recently completed a Phase 1, dose-ranging clinical pharmacology trial in healthy volunteers (GH002-HV-105).

The trial showed that GH002 was well-tolerated and produced potent pharmacodynamic (PD) effects, as assessed by psychoactive effect intensity, with an ultra-rapid onset and short-duration psychoactive experience.

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