GH Research (GHRS) 6-K 3 Sep 24 Unaudited condensed consolidated interim statement of comprehensive income Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2024
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Current Fiscal Year End Date	--12-31
Entity Registrant Name	GH Research PLC
Entity Central Index Key	0001855129

Unaudited condensed consolidate

Unaudited condensed consolidated interim statement of comprehensive income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating expenses
Research and development	$ (9,755)	$ (7,176)	$ (18,413)	$ (14,482)
General and administration	(3,464)	(2,749)	(6,334)	(5,862)
Loss from operations	(13,219)	(9,925)	(24,747)	(20,344)
Finance income	2,555	2,122	5,225	3,611
Finance expense	(178)	(179)	(357)	(350)
Movement of expected credit loss	(3)	217	47	18
Foreign exchange gain/(loss)	466	36	1,787	(1,601)
Total other income	2,840	2,196	6,702	1,678
Loss before tax	(10,379)	(7,729)	(18,045)	(18,666)
Tax charge/(credit)	0	0	0	0
Loss for the period	(10,379)	(7,729)	(18,045)	(18,666)
Items that may be reclassified to profit or loss
Fair value movement on marketable securities	(107)	(1,512)	(650)	(788)
Currency translation adjustment	(446)	(57)	(1,735)	1,619
Total comprehensive loss for the period	(10,932)	(9,298)	(20,430)	(17,835)
Attributable to owners:
Loss for the period	(10,379)	(7,729)	(18,045)	(18,666)
Total comprehensive loss for the period	$ (10,932)	$ (9,298)	$ (20,430)	$ (17,835)
Loss per share
Basic loss per share (in dollars per share)	$ (0.2)	$ (0.15)	$ (0.35)	$ (0.36)
Diluted loss per share (in dollars per share)	$ (0.2)	$ (0.15)	$ (0.35)	$ (0.36)

Unaudited condensed consolida_2

Unaudited condensed consolidated interim statement of financial position - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 87,131	$ 78,420
Other financial assets	41,965	55,615
Marketable securities	22,219	27,525
Other current assets	1,596	2,529
Total current assets	152,911	164,089
Non-current assets
Marketable securities	53,169	61,142
Property, plant and equipment	896	1,069
Total non-current assets	54,065	62,211
Total assets	206,976	226,300
Current liabilities
Trade payables	2,572	3,490
Lease liability	263	343
Other current liabilities	4,967	2,868
Total current liabilities	7,802	6,701
Non-current liabilities
Lease liability	497	631
Total non-current liabilities	497	631
Total liabilities	8,299	7,332
Equity attributable to owners
Share capital	1,301	1,301
Additional paid-in capital	291,463	291,463
Other reserves	3,713	4,651
Foreign currency translation reserve	(12,242)	(10,507)
Accumulated deficit	(85,558)	(67,940)
Total equity	198,677	218,968
Total liabilities and equity	$ 206,976	$ 226,300

Unaudited condensed consolida_3

Unaudited condensed consolidated interim statement of changes in equity - USD ($) $ in Thousands	Total	Share Capital [Member]	Additional Paid-in Capital [Member]	Other Reserves [Member]	Foreign Currency Translation Reserve [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2022	$ 249,816	$ 1,301	$ 291,448	$ 2,595	$ (13,035)	$ (32,493)
Changes in equity
Loss for the period	(18,666)	0	0	0	0	(18,666)
Other comprehensive (expense)/income	831	0	0	(788)	1,619	0
Total comprehensive loss for the period	(17,835)	0	0	(788)	1,619	(18,666)
Share-based compensation expense	1,002	0	0	1,002	0	0
Total transactions with owners	1,002	0	0	1,002	0	0
Ending balance at Jun. 30, 2023	232,983	1,301	291,448	2,809	(11,416)	(51,159)
Beginning balance at Dec. 31, 2023	218,968	1,301	291,463	4,651	(10,507)	(67,940)
Changes in equity
Loss for the period	(18,045)	0	0	0	0	(18,045)
Other comprehensive (expense)/income	(2,385)	0	0	(650)	(1,735)	0
Total comprehensive loss for the period	(20,430)	0	0	(650)	(1,735)	(18,045)
Share-based compensation expense	139	0	0	139	0	0
Transfer of share options	0	0	0	(427)	0	427
Total transactions with owners	139	0	0	(288)	0	427
Ending balance at Jun. 30, 2024	$ 198,677	$ 1,301	$ 291,463	$ 3,713	$ (12,242)	$ (85,558)

Unaudited condensed consolida_4

Unaudited condensed consolidated interim statement of cash flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Loss for the period	$ (18,045)	$ (18,666)
Depreciation	158	157
Share-based compensation expense	139	1,002
Finance income	(5,225)	(3,611)
Finance expense	357	350
Movement of expected credit loss	(47)	(18)
Foreign exchange (gain)/loss	(1,787)	1,601
Movement in working capital	2,237	3,173
Cash flows used in operating activities	(22,213)	(16,012)
Finance expense paid	(366)	(280)
Finance income received	3,047	1,381
Net cash used in operating activities	(19,532)	(14,911)
Cash flows from/(used in) investing activities
Purchase of other financial assets	0	(54,000)
Purchase of property, plant and equipment	(20)	(68)
Proceeds from sale of other financial assets	15,000	0
Proceeds from redemptions and disposals of marketable securities	13,540	0
Cash flows from/(used in) investing activities	28,520	(54,068)
Cash flows used in financing activities
Payment of lease liability	(185)	(107)
Net increase/(decrease) in cash and cash equivalents	8,803	(69,086)
Cash and cash equivalents at the beginning of the period	78,420	165,955
Impact of foreign exchange on cash and cash equivalents	(92)	26
Cash and cash equivalents at the end of the period	$ 87,131	$ 96,895

Corporate information

Corporate information	6 Months Ended
	Jun. 30, 2024
Corporate information [Abstract]
Corporate information	1. Corporate information GH Research PLC (the “Company”) was incorporated on March 29, 2021. The registered office of the Company is located at Joshua Dawson House, Dawson Street, Dublin 2, Ireland. The Company and its subsidiary, GH Research Ireland Limited, (together the “Group” or “GH Research”) are a clinical-stage biopharmaceutical company dedicated to transforming the treatment of psychiatric and neurological disorders. Its initial focus is on developing the novel and proprietary mebufotenin (5-methoxy-N,N-dimethyltryptamine, or 5-MeO-DMT) therapies for the treatment of patients with Treatment Resistant Depression, or TRD. Its portfolio currently includes GH001, a proprietary inhalable mebufotenin product candidate, GH002, a proprietary intravenous mebufotenin product candidate, and GH003, a proprietary intranasal mebufotenin product candidate. These unaudited condensed consolidated interim financial statements were presented to the board of directors and approved by them for issue on September 3, 2024.

Basis of preparation, significa

Basis of preparation, significant judgments, and accounting policies	6 Months Ended
	Jun. 30, 2024
Basis of preparation, significant judgments, and accounting policies [Abstract]
Basis of preparation, significant judgments, and accounting policies	2. Basis of preparation, significant judgments, and accounting policies Basis of preparation Compliance with IFRS Accounting Standards The unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2024 have been prepared in accordance with IAS 34 “Interim Financial Reporting”. The unaudited condensed consolidated interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2023, which were prepared in accordance with IFRS Accounting Standards as adopted by the International Accounting Standards Board (“IASB”). These unaudited condensed consolidated interim financial statements are presented in U.S. dollar (“USD” or “$”), which is the Company’s functional currency and the Group’s presentation currency. The financial information presented in this interim report does not represent full statutory accounts as defined by the Companies Act 2014. The statutory accounts of GH Research PLC for the year ended December 31, 2023, are expected to be filed with the Companies Registration Office by November 26, 2024. New and amended IFRS standards There are no new IFRS standards, amendments to standards or interpretations that are mandatory for the financial year beginning on January 1, 2024, that are relevant to the Group and that have had any material impact in the interim period. The review of the impact of new standards on the Group’s financial statements which are not yet effective and which have not been early adopted by the Group is ongoing This includes the recently issued IFRS 18 “Presentation and Disclosure in Financial Statements”. There are no other Going concern basis GH Research is a clinical-stage biopharmaceutical company developing innovative therapeutics. The Group is exposed to all risks inherent in establishing and developing its business, including the substantial uncertainty that current projects will succeed. Research and development expenses have been incurred from the start of the Group’s activities, generating negative cash flows from operating activities since formation. Since its incorporation, the Group has funded its growth through capital increases. The Group has no bank loans or other debt outstanding, except lease liabilities, as of June 30, 2024. As a result, the Group is not exposed to liquidity risk through requests for early repayment of loans. As of June 30, 2024, the Group’s cash and cash equivalents amounted to $87.1 million (December 31, 2023: $78.4 million). The Group also held marketable securities of $75.4 million and other financial assets of $42.0 million as of June 30, 2024 (December 31, 2023: marketable securities of $88.7 million and other financial assets of $55.6 million). The marketable securities held by the Group are quoted in active markets and are an additional source of liquidity. The board of directors believes that the Group has sufficient financial resources available to cover its planned cash outflows for at least the next twelve months from the date of issuance of these unaudited condensed consolidated interim financial statements. The Group, therefore, continues to adopt the going concern basis in preparing its unaudited condensed consolidated interim financial statements. Use of estimates and judgments The preparation of the unaudited condensed consolidated interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing these unaudited condensed consolidated interim financial statements, the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty are consistent with those that applied in the preparation of the consolidated financial statements for the year ended December 31, 2023. Accounting policies The accounting policies, presentation and methods of computation followed in the unaudited condensed consolidated interim financial statements are consistent with those applied in the Group’s most recent annual financial statements and have been applied consistently to all periods presented in the unaudited condensed consolidated interim financial statements. Current and deferred income tax The interim income tax expense is calculated based on the Company’s estimate of the weighted average effective annual income tax rate expected for the full year. The current and deferred income tax charge was $ nil Research and development tax credits As explained in the Group’s consolidated financial statements for the year ended December 31, 2023, an amount of $1.3 million had remained unrecognized with respect to research and development tax credit claims for the year ended December 31, 2022 and 2021. In the six months ended June 30, 2024, an amount of $0.8 million has been received by the Group which has been recognized as a deduction from research and development expenses under the Group’s relevant accounting policy. At June 30, 2024, a balance of $0.5 million remains unrecognized as it has been concluded that reasonable assurance has not been achieved. Judgment was applied in this determination. Segment reporting Management considers the Group to have only a single

Expenses by nature

Expenses by nature	6 Months Ended
	Jun. 30, 2024
Expenses by nature [Abstract]
Expenses by nature	3. Expenses by nature The following table provides the consolidated statement of comprehensive income classification of our expense by nature: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 $’000 $’000 $’000 $’000 External research and development expenses 7,876 5,489 14,923 11,314 Employee expenses 1, 3 1,810 1,626 3,358 3,045 Depreciation 5 10 11 20 Other expenses 64 51 121 103 Total research and development expenses 9,755 7,176 18,413 14,482 External costs 2,322 1,839 4,237 4,109 Employee expenses 2, 3 1,069 840 1,950 1,616 Depreciation 73 70 147 137 Total general and administrative expenses 3,464 2,749 6,334 5,862 Total operating expenses 13,219 9,925 24,747 20,344 1 2 3 Foreign exchange gain/loss Foreign exchange gain of $0.5 million for the three months ended June 30, 2024 (foreign exchange gain of $36 thousand for the three months ended June 30, 2023), and foreign exchange gain of $1.8 million for the six months ended June 30, 2024 (foreign exchange loss of $1.6 million for the six months ended June 30,2023) consists primarily of gains and losses related to the translation of the U.S. dollar cash and other financial assets balance into euro in the accounts of the Company’s subsidiary, GH Research Ireland Limited, whose functional currency is euro as explained in the Group’s consolidated financial statements for the year ended December 31, 2023. At June 30, 2024, if the U.S. dollar had weakened/strengthened by 10% against the euro with all other variables held constant, the loss before tax for the six months ended June 30, 2024, would have been $4.6 million higher/lower, mainly related to the translation of cash and other financial assets held in U.S. dollar in the Company’s subsidiary, GH Research Ireland Limited. This would be offset by an equivalent amount within Other Comprehensive Income.

Finance income and expense

Finance income and expense	6 Months Ended
	Jun. 30, 2024
Finance income and expense [Abstract]
Finance income and expense	4. Finance income and expense Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Finance income Finance income on cash, cash equivalents nd other financial assets 522 - 1,080 - Gain on cash equivalents and other financial assets at fair value through profit and loss (“FVTPL”) 1,081 1,089 2,138 1,554 Interest income under effective interest rate method at fair value through other comprehensive income (“FVOCI”) 952 1,033 2,007 2,057 Finance income 2,555 2,122 5,225 3,611 Finance expense Finance expense on investments (165 ) (163 ) (331 ) (316 ) Finance expense on lease liability (13 ) (16 ) (26 ) (34 ) Finance expense (178 ) (179 ) (357 ) (350 )

Cash and cash equivalents

Cash and cash equivalents	6 Months Ended
	Jun. 30, 2024
Cash and cash equivalents [Abstract]
Cash and cash equivalents	5. Cash and cash equivalents June 30, December 31, 2024 2023 $’000 $’000 Cash at bank and in hand 32,213 41,390 Cash equivalents 54,918 37,030 87,131 78,420 During the six months ended June 30, 2024, proceeds of $15.0 million were received from the sale of a portion of other financial assets which were used to fund the operating activities of the Group, and proceeds were received from the redemption of marketable securities, which includes accrued interest. On redemption of the marketable securities, the funds are invested in cash equivalents.

Marketable securities

Marketable securities	6 Months Ended
	Jun. 30, 2024
Marketable securities [Abstract]
Marketable securities	6. Marketable securities Marketable securities $’000 Fair value At January 1, 2024 88,667 Accrued interest 2,007 Interest received (553 ) Redemptions and disposals of marketable securities (14,130 ) Revaluation adjustment (603 ) At June 30, 2024 75,388 The Group holds government and corporate listed bonds which comprise marketable securities measured at FVOCI. These marketable securities had a fair value of $75.4 million at June 30, 2024 (December 31, 2023: $88.7 million). During the six month period ended June 30, 2024, a number of marketable securities were redeemed. This resulted in total proceeds of $14.1 million in the period. The impairment loss allowance for expected credit losses at the reporting date was $0.1 million (December 31, 2023: $0.1 million). At June 30, 2024, the maturity of the Group’s marketable securities ranges from one month to three years. This maturity has been reflected in the allocation of current and non-current assets in the unaudited condensed consolidated interim statement of financial position. The movement through OCI for the three and six months ended June 30, 2024, is shown in the table below as follows: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Revaluation adjustments (110 ) (1,295 ) (603 ) (770 ) Movement of expected credit losses on assets measured at FVOCI 3 (217 ) (47 ) (18 ) Movement on marketable securities through OCI (107 ) (1,512 ) (650 ) (788 )

Other current assets

Other current assets	6 Months Ended
	Jun. 30, 2024
Other current assets [Abstract]
Other current assets	7. Other current assets Other current assets primarily represent prepayments.

Trade payables

Trade payables	6 Months Ended
	Jun. 30, 2024
Trade payables [Abstract]
Trade payables	8. Trade payables Trade payables primarily represents amounts incurred for the provision of manufacturing, research and consulting services and legal and professional fees, which are outstanding at the end of the period. Trade payables are due to be settled at different times within 12 months.

Other current liabilities

Other current liabilities	6 Months Ended
	Jun. 30, 2024
Other current liabilities [Abstract]
Other current liabilities	9. Other current liabilities Other current liabilities primarily represent accruals for operating expenses and employee tax payable and are expected to be settled within one year

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2024
Contingencies [Abstract]
Contingencies	10. Contingencies As of June 30, 2024, there were no material contingencies which required adjustment or disclosure in the unaudited condensed consolidated interim financial statements (2023: none).

Share based compensation

Share based compensation	6 Months Ended
	Jun. 30, 2024
Share based compensation [Abstract]
Share based compensation	11. Share based compensation Share Options In June 2021, the Company adopted a share option plan referred to herein as the Share Option Plan under which grants of options are made to eligible participants. The Company has reserved 1,202,734 ordinary shares for future issuance under the Share Option Plan, which include ordinary shares pursuant to share-based equity awards issued to date. As of June 30, 2024, the Company has 453,788 ordinary shares available for the future issuance of share-based equity awards. Under the Share Option Plan, the options may be settled only in ordinary shares of the Company. Therefore, the grants of share options under the Share Option Plan have been accounted for as equity-settled under IFRS 2. As such, the Company records a charge for the vested portion of award grants and for partially earned but non-vested portions of award grants. During the three and six months ended June 30, 2024, the Company granted the option to purchase 53,500 and 121,500 ordinary shares, respectively, to employees which were in line with the general terms of the Share Option Plan. All share options granted to employees during the three and six months ended June 30, 2024, had a contractual term (expiration) of During the three and six months ended June 30, 2024, the Company granted the option to purchase 16,524 ordinary shares to members of the board of directors relating to the 2023/2024 period of service which vested on the date of grant and are subject to a two year service condition. These share options have a contractual term (expiration) of seven years from the grant date with an exercise price of $0.025 per share. The following table summarizes the share option awards outstanding as of June 30, 2024: Average exercise price per share in USD Number of awards Weighted remaining life in years At December 31, 2023 10.35 790,720 6.57 Granted 8.71 138,024 7.63 Forfeited 11.28 (187,094 ) 5.98 At June 30, 2024 1 9.81 741,650 6.39 1 The weighted average grant date fair value of awards granted during the three and six months ended June 30, 2024, was $11.01 and $8.15 per award, respectively. The fair values of the options granted were determined on the date of the grant using the Black-Scholes option-pricing model. The Company used an independent valuation firm to assist in calculating the fair value of the award grants per participant. The fair values of the options granted during the three and six months ended June 30, 2024, were determined on the date of the grant using the following assumptions: Three months ended June 30, 2024 Six months ended June 30, 2024 Share price, in USD 11.80 - 14.81 5.80 - 14.81 Strike price, in USD – employees (weighted average) 13.63 9.90 Strike price, in USD – non-executive directors 0.03 0.03 Expected volatility 85% - 91% 85% - 91% Award life (weighted average) 5.65 5.82 Expected dividends - - Risk-free interest rate 4.26% - 4.52% 3.82% - 4.52% The expected volatility was based on selected volatility determined by median values observed among other comparable public companies. The award life is based on the time interval between the date of grant and the date during the life of the share option after which, when making the grant, the Company expected on average that participants would exercise their options. As of June 30, 2024, Other Reserves within equity includes $3.9 million (December 31, 2023: $4.2 million) relating to the Group’s Share Option Plan. Balances which relate to forfeited awards which had previously vested are transferred from Other Reserves to Accumulated Deficit.

Related party disclosures

Related party disclosures	6 Months Ended
	Jun. 30, 2024
Related party disclosures [Abstract]
Related party disclosures	12. Related party disclosures Other than those transactions reported in Note 11, “Share-based compensation”, there have been no other transactions in the three or six months ended June 30, 2024 and ended June 30, 2023, with related parties that had a material effect on the financial position or performance of the Group.

Loss per share

Loss per share	6 Months Ended
	Jun. 30, 2024
Loss per share [Abstract]
Loss per share	13. Loss per share Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Loss attributable to shareholders (in $’000) (10,379 ) (7,729 ) (18,045 ) (18,666 ) Weighted average number of shares in issue 52,028,145 52,020,849 52,028,145 52,020,849 Basic and diluted loss per share (in USD) (0.20 ) (0.15 ) (0.35 ) (0.36 ) For the three months ended June 30, 2024, and the six months ended June 30, 2024, and 2023, basic and diluted loss per share are calculated on the weighted average number of shares issued and outstanding and exclude shares to be issued under the Share Option Plan, as the effect of including those shares would be anti-dilutive.

Events after the reporting date

Events after the reporting date	6 Months Ended
	Jun. 30, 2024
Events after the reporting date [Abstract]
Events after the reporting date	14. Events after the reporting date In Q3 2024, Dr. Velichka “Villy” Valcheva, MD, MSc. was promoted to Chief Executive Officer of the Company. Dr. Valcheva succeeds PD Dr. med. Theis Terwey, co-founder of GH Research.

Basis of preparation, signifi_2

Basis of preparation, significant judgments, and accounting policies (Policies)	6 Months Ended
	Jun. 30, 2024
Basis of preparation, significant judgments, and accounting policies [Abstract]
Basis of preparation	Basis of preparation Compliance with IFRS Accounting Standards The unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2024 have been prepared in accordance with IAS 34 “Interim Financial Reporting”. The unaudited condensed consolidated interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2023, which were prepared in accordance with IFRS Accounting Standards as adopted by the International Accounting Standards Board (“IASB”). These unaudited condensed consolidated interim financial statements are presented in U.S. dollar (“USD” or “$”), which is the Company’s functional currency and the Group’s presentation currency. The financial information presented in this interim report does not represent full statutory accounts as defined by the Companies Act 2014. The statutory accounts of GH Research PLC for the year ended December 31, 2023, are expected to be filed with the Companies Registration Office by November 26, 2024. New and amended IFRS standards There are no new IFRS standards, amendments to standards or interpretations that are mandatory for the financial year beginning on January 1, 2024, that are relevant to the Group and that have had any material impact in the interim period. The review of the impact of new standards on the Group’s financial statements which are not yet effective and which have not been early adopted by the Group is ongoing This includes the recently issued IFRS 18 “Presentation and Disclosure in Financial Statements”. There are no other Going concern basis GH Research is a clinical-stage biopharmaceutical company developing innovative therapeutics. The Group is exposed to all risks inherent in establishing and developing its business, including the substantial uncertainty that current projects will succeed. Research and development expenses have been incurred from the start of the Group’s activities, generating negative cash flows from operating activities since formation. Since its incorporation, the Group has funded its growth through capital increases. The Group has no bank loans or other debt outstanding, except lease liabilities, as of June 30, 2024. As a result, the Group is not exposed to liquidity risk through requests for early repayment of loans. As of June 30, 2024, the Group’s cash and cash equivalents amounted to $87.1 million (December 31, 2023: $78.4 million). The Group also held marketable securities of $75.4 million and other financial assets of $42.0 million as of June 30, 2024 (December 31, 2023: marketable securities of $88.7 million and other financial assets of $55.6 million). The marketable securities held by the Group are quoted in active markets and are an additional source of liquidity. The board of directors believes that the Group has sufficient financial resources available to cover its planned cash outflows for at least the next twelve months from the date of issuance of these unaudited condensed consolidated interim financial statements. The Group, therefore, continues to adopt the going concern basis in preparing its unaudited condensed consolidated interim financial statements.
Use of estimates and judgments	Use of estimates and judgments The preparation of the unaudited condensed consolidated interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing these unaudited condensed consolidated interim financial statements, the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty are consistent with those that applied in the preparation of the consolidated financial statements for the year ended December 31, 2023.
Current and deferred income tax	Current and deferred income tax The interim income tax expense is calculated based on the Company’s estimate of the weighted average effective annual income tax rate expected for the full year. The current and deferred income tax charge was $ nil
Research and development tax credits	Research and development tax credits As explained in the Group’s consolidated financial statements for the year ended December 31, 2023, an amount of $1.3 million had remained unrecognized with respect to research and development tax credit claims for the year ended December 31, 2022 and 2021. In the six months ended June 30, 2024, an amount of $0.8 million has been received by the Group which has been recognized as a deduction from research and development expenses under the Group’s relevant accounting policy. At June 30, 2024, a balance of $0.5 million remains unrecognized as it has been concluded that reasonable assurance has not been achieved. Judgment was applied in this determination.
Segment reporting	Segment reporting Management considers the Group to have only a single

Expenses by nature (Tables)

Expenses by nature (Tables)	6 Months Ended
	Jun. 30, 2024
Expenses by nature [Abstract]
Expenses by Nature	The following table provides the consolidated statement of comprehensive income classification of our expense by nature: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 $’000 $’000 $’000 $’000 External research and development expenses 7,876 5,489 14,923 11,314 Employee expenses 1, 3 1,810 1,626 3,358 3,045 Depreciation 5 10 11 20 Other expenses 64 51 121 103 Total research and development expenses 9,755 7,176 18,413 14,482 External costs 2,322 1,839 4,237 4,109 Employee expenses 2, 3 1,069 840 1,950 1,616 Depreciation 73 70 147 137 Total general and administrative expenses 3,464 2,749 6,334 5,862 Total operating expenses 13,219 9,925 24,747 20,344 1 2

Finance income and expense (Tab

Finance income and expense (Tables)	6 Months Ended
	Jun. 30, 2024
Finance income and expense [Abstract]
Finance Income and Expense	Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Finance income Finance income on cash, cash equivalents nd other financial assets 522 - 1,080 - Gain on cash equivalents and other financial assets at fair value through profit and loss (“FVTPL”) 1,081 1,089 2,138 1,554 Interest income under effective interest rate method at fair value through other comprehensive income (“FVOCI”) 952 1,033 2,007 2,057 Finance income 2,555 2,122 5,225 3,611 Finance expense Finance expense on investments (165 ) (163 ) (331 ) (316 ) Finance expense on lease liability (13 ) (16 ) (26 ) (34 ) Finance expense (178 ) (179 ) (357 ) (350 )

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	6 Months Ended
	Jun. 30, 2024
Cash and cash equivalents [Abstract]
Cash and cash equivalents	June 30, December 31, 2024 2023 $’000 $’000 Cash at bank and in hand 32,213 41,390 Cash equivalents 54,918 37,030 87,131 78,420

Marketable securities (Tables)

Marketable securities (Tables)	6 Months Ended
	Jun. 30, 2024
Marketable securities [Abstract]
Marketable Securities Measured at FVOCI	Marketable securities $’000 Fair value At January 1, 2024 88,667 Accrued interest 2,007 Interest received (553 ) Redemptions and disposals of marketable securities (14,130 ) Revaluation adjustment (603 ) At June 30, 2024 75,388
Overall Movement through OCI	The movement through OCI for the three and six months ended June 30, 2024, is shown in the table below as follows: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Revaluation adjustments (110 ) (1,295 ) (603 ) (770 ) Movement of expected credit losses on assets measured at FVOCI 3 (217 ) (47 ) (18 ) Movement on marketable securities through OCI (107 ) (1,512 ) (650 ) (788 )

Share based compensation (Table

Share based compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share based compensation [Abstract]
Share-based Compensation Plans Outstanding	The following table summarizes the share option awards outstanding as of June 30, 2024: Average exercise price per share in USD Number of awards Weighted remaining life in years At December 31, 2023 10.35 790,720 6.57 Granted 8.71 138,024 7.63 Forfeited 11.28 (187,094 ) 5.98 At June 30, 2024 1 9.81 741,650 6.39
Weighted-average Assumptions	The fair values of the options granted during the three and six months ended June 30, 2024, were determined on the date of the grant using the following assumptions: Three months ended June 30, 2024 Six months ended June 30, 2024 Share price, in USD 11.80 - 14.81 5.80 - 14.81 Strike price, in USD – employees (weighted average) 13.63 9.90 Strike price, in USD – non-executive directors 0.03 0.03 Expected volatility 85% - 91% 85% - 91% Award life (weighted average) 5.65 5.82 Expected dividends - - Risk-free interest rate 4.26% - 4.52% 3.82% - 4.52%

Loss per share (Tables)

Loss per share (Tables)	6 Months Ended
	Jun. 30, 2024
Loss per share [Abstract]
Loss Per Share	Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Loss attributable to shareholders (in $’000) (10,379 ) (7,729 ) (18,045 ) (18,666 ) Weighted average number of shares in issue 52,028,145 52,020,849 52,028,145 52,020,849 Basic and diluted loss per share (in USD) (0.20 ) (0.15 ) (0.35 ) (0.36 )

Basis of preparation, signifi_3

Basis of preparation, significant judgments, and accounting policies, Going Concern (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Going concern basis [Abstract]
Bank loans or other debt outstanding	$ 0
Cash and cash equivalents	87,131	$ 78,420	$ 96,895	$ 165,955
Marketable securities	75,400	88,700
Other financial assets	$ 41,965	$ 55,615

Basis of preparation, signifi_4

Basis of preparation, significant judgments, and accounting policies, Current and Deferred Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Current and deferred income tax [Abstract]
Current and deferred income tax charge	$ 0	$ 0	$ 0	$ 0
Deferred tax assets	$ 0		$ 0

Basis of preparation, signifi_5

Basis of preparation, significant judgments, and accounting policies, Research and Development Tax Credits (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Research and development tax credits [Abstract]
Remaining unrecognized tax credit of research and development	$ 0.5	$ 1.3
Research and development tax credits	$ 0.8

Basis of preparation, signifi_6

Basis of preparation, significant judgments, and accounting policies, Segment Reporting (Details)	6 Months Ended
	Jun. 30, 2024 Segment
Segment reporting [Abstract]
Number of segments	1

Expenses by nature (Details)

Expenses by nature (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Research and development [Abstract]
External research and development expenses		$ 7,876	$ 5,489	$ 14,923	$ 11,314
Employee expenses	[1],[2]	1,810	1,626	3,358	3,045
Depreciation		5	10	11	20
Other expenses		64	51	121	103
Total research and development expenses		9,755	7,176	18,413	14,482
General and administrative [Abstract]
External costs		2,322	1,839	4,237	4,109
Employee expenses	[2],[3]	1,069	840	1,950	1,616
Depreciation		73	70	147	137
Total general and administrative expenses		3,464	2,749	6,334	5,862
Total operating expenses		13,219	9,925	24,747	20,344
Share based compensation expense (benefit) included in employees expenses for employees in research and development department		(100)	200	100	600
Share-based compensation expense (benefit) included in employees expenses for employees in general and administrative department		(8)	200	100	400
Foreign exchange gain/loss [Abstract]
Foreign exchange gain/(loss)		$ 466	$ 36	1,787	$ (1,601)
Loss before tax higher/lower related to translation of cash held				$ 4,600
[1]Included in employee expenses is a share based compensation credit of $0.1 million for the three months ended June 30, 2024, and a share based compensation expense of $0.1 million for the six months ended 30 June 2024, relating to employees in the research and development department (three and six months ended June 30, 2023, expense of $0.2 million and $0.6 million, respectively).[2]Includes termination expenses incurred in the period.[3]Included in employee expenses is share based compensation credit of $8 thousand for the three months ended June 30, 2024, and a share based compensation expense of $0.1 million for the six months ended 30 June 2024, relating to employees in the general and administrative department (three and six months ended June 30, 2023, $0.2 million and $0.4 million, respectively).

Finance income and expense (Det

Finance income and expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Finance income [Abstract]
Finance income on cash, cash equivalents and other financial assets	$ 522	$ 0	$ 1,080	$ 0
Gain on cash equivalents and other financial assets at fair value through profit and loss ("FVTPL")	1,081	1,089	2,138	1,554
Interest income under effective interest rate method at fair value through other comprehensive income ("FVOCI")	952	1,033	2,007	2,057
Finance income	2,555	2,122	5,225	3,611
Finance expense [Abstract]
Finance expense on investments	(165)	(163)	(331)	(316)
Finance expense on lease liability	(13)	(16)	(26)	(34)
Finance expense	$ (178)	$ (179)	$ (357)	$ (350)

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Cash and cash equivalents [Abstract]
Cash at bank and in hand	$ 32,213	$ 41,390
Cash equivalents	54,918	37,030
Cash and cash equivalents	87,131	$ 78,420	$ 96,895	$ 165,955
Proceeds from sale portion of other financial assets	15,000
Proceeds from redemption of marketable securities	$ 14,100

Marketable securities, Measured

Marketable securities, Measured at FVOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair value [Abstract]
Revaluation adjustment	$ (110)	$ (1,295)	$ (603)	$ (770)
Total proceeds from marketable securities			14,100
Impairment loss			$ 100		$ 100
Bottom of Range [Member]
Fair value [Abstract]
Marketable securities at FVOCI maturity period			1 month
Top of Range [Member]
Fair value [Abstract]
Marketable securities at FVOCI maturity period			3 years
FVOCI [Member]
Fair value [Abstract]
Opening balance			$ 88,667
Accrued interest			2,007
Interest received			(553)
Redemptions and disposals of marketable securities			(14,130)
Revaluation adjustment			(603)
Closing balance	$ 75,388		$ 75,388		$ 88,667

Marketable securities, Reconcil

Marketable securities, Reconciliation of the movement FVOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reconciliation of the movement FVOCI [Abstract]
Revaluation adjustments	$ (110)	$ (1,295)	$ (603)	$ (770)
Movement of expected credit losses on assets measured at FVOCI	3	(217)	(47)	(18)
Movement on marketable securities through OCI	$ (107)	$ (1,512)	$ (650)	$ (788)

Share based compensation, Share

Share based compensation, Share Options (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 2024 shares $ / shares	Jun. 30, 2021 shares
Share based payment arrangement [Abstract]
Number of shares reserved for future issuance (in shares)			1,202,734
Number of ordinary shares available for future issuance (in shares)	453,788	453,788
Number of options granted (in shares)		138,024
Exercise price for option granted (in dollars per share) | $ / shares		$ 8.71
Employees [Member]
Share based payment arrangement [Abstract]
Number of options granted (in shares)	53,500	121,500
Share option award granted period	8 years	8 years
Board of Directors [Member]
Share based payment arrangement [Abstract]
Number of options granted (in shares)	16,524	16,524
Share option award granted period		7 years
Vesting condition		2 years
Exercise price for option granted (in dollars per share) | $ / shares		$ 0.025

Share based compensation, Sha_2

Share based compensation, Share Option Awards Outstanding (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 shares $ / shares		Jun. 30, 2024 shares $ / shares		Dec. 31, 2023 shares $ / shares
Weighted average exercise price [Abstract]
Outstanding at beginning of period (in dollars per share) | $ / shares			$ 10.35
Granted (in dollars per share) | $ / shares			8.71
Forfeited (in dollars per share) | $ / shares			11.28
Outstanding at end of period (in dollars per share) | $ / shares	$ 9.81	[1]	$ 9.81	[1]	$ 10.35
Number of options [Abstract]
Outstanding at beginning of period (in shares) | shares			790,720
Granted (in shares) | shares			138,024
Forfeited (in shares) | shares			(187,094)
Outstanding at end of period (in shares) | shares	741,650	[1]	741,650	[1]	790,720
Weighted average remaining life [Abstract]
Outstanding weighted average remaining life in years			6 years 4 months 20 days	[1]	6 years 6 months 25 days
Granted weighted average remaining life in years			7 years 7 months 17 days
Forfeited weighted average remaining life in years			5 years 11 months 23 days
Number of option exercisable (in shares) | shares	169,377		169,377
Weighted average grant date fair value (in dollars per share) | $ / shares	$ 11.01		$ 8.15
[1]169,377 of the awards outstanding as of June 30, 2024, were exercisable.

Share based compensation, Fair

Share based compensation, Fair Values of the Options Granted (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) yr $ / shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) yr $ / shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Weighted average assumptions [Abstract]
Award life (weighted average) | yr	5.65		5.82
Expected dividends	0%		0%
Other reserves within equity on consolidated statement | $	$ 3,713		$ 3,713		$ 4,651
Expense (benefit) for awards recognized | $	(100)	$ 400	139	$ 1,002
Share Option Plan [member]
Weighted average assumptions [Abstract]
Other reserves within equity on consolidated statement | $	$ 3,900		$ 3,900		$ 4,200
Employees [Member]
Weighted average assumptions [Abstract]
Strike price (in dollars per share)	$ 13.63		$ 9.9
Non-executive Directors [Member]
Weighted average assumptions [Abstract]
Strike price (in dollars per share)	0.03		0.03
Bottom of Range [Member]
Weighted average assumptions [Abstract]
Share price (in dollars per share)	$ 11.8		$ 5.8
Expected volatility	85%		85%
Risk-free interest rate	4.26%		3.82%
Top of Range [Member]
Weighted average assumptions [Abstract]
Share price (in dollars per share)	$ 14.81		$ 14.81
Expected volatility	91%		91%
Risk-free interest rate	4.52%		4.52%

Loss per share (Details)

Loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Loss per share [Abstract]
Loss attributable to shareholders	$ (10,379)	$ (7,729)	$ (18,045)	$ (18,666)
Weighted average number of shares in issue (in shares)	52,028,145	52,020,849	52,028,145	52,020,849
Basic loss per share (in dollars per share)	$ (0.2)	$ (0.15)	$ (0.35)	$ (0.36)
Diluted loss per share (in dollars per share)	$ (0.2)	$ (0.15)	$ (0.35)	$ (0.36)