GH Research (GHRS) 6-K 14 Nov 24 Unaudited condensed consolidated interim statement of comprehensive income Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2024
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Sep. 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses
Research and development	$ (8,397)	$ (7,088)	$ (26,810)	$ (21,570)
General and administration	(4,224)	(2,631)	(10,558)	(8,493)
Loss from operations	(12,621)	(9,719)	(37,368)	(30,063)
Finance income	2,535	2,438	7,760	6,049
Finance expense	(181)	(184)	(538)	(534)
Movement of expected credit loss	(2)	(17)	45	1
Foreign exchange (loss)/gain	(1,845)	1,833	(58)	232
Total other income	507	4,070	7,209	5,748
Loss before tax	(12,114)	(5,649)	(30,159)	(24,315)
Tax charge/(credit)	0	0	0	0
Loss for the period	(12,114)	(5,649)	(30,159)	(24,315)
Items that may be reclassified to profit or loss
Fair value movement on marketable securities	908	(428)	258	(1,216)
Currency translation adjustment	1,622	(1,780)	(113)	(161)
Total comprehensive loss for the period	(9,584)	(7,857)	(30,014)	(25,692)
Attributable to owners:
Loss for the period	(12,114)	(5,649)	(30,159)	(24,315)
Total comprehensive loss for the period	$ (9,584)	$ (7,857)	$ (30,014)	$ (25,692)
Loss per share
Basic loss per share (in dollars per share)	$ (0.23)	$ (0.11)	$ (0.58)	$ (0.47)
Diluted loss per share (in dollars per share)	$ (0.23)	$ (0.11)	$ (0.58)	$ (0.47)

Unaudited condensed consolida_2

Unaudited condensed consolidated interim statement of financial position - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 90,059	$ 78,420
Other financial assets	32,517	55,615
Marketable securities	27,461	27,525
Other current assets	4,909	2,529
Total current assets	154,946	164,089
Non-current assets
Marketable securities	43,806	61,142
Property, plant and equipment	859	1,069
Total non-current assets	44,665	62,211
Total assets	199,611	226,300
Current liabilities
Trade payables	2,946	3,490
Lease liability	275	343
Other current liabilities	6,566	2,868
Total current liabilities	9,787	6,701
Non-current liabilities
Lease liability	458	631
Total non-current liabilities	458	631
Total liabilities	10,245	7,332
Equity attributable to owners
Share capital	1,301	1,301
Additional paid-in capital	291,463	291,463
Other reserves	4,866	4,651
Foreign currency translation reserve	(10,620)	(10,507)
Accumulated deficit	(97,644)	(67,940)
Total equity	189,366	218,968
Total liabilities and equity	$ 199,611	$ 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	(24,315)	0	0	0	0	(24,315)
Other comprehensive income/(expense)	(1,377)	0	0	(1,216)	(161)	0
Total comprehensive loss for the period	(25,692)	0	0	(1,216)	(161)	(24,315)
Share-based compensation expense	1,649	0	0	1,649	0	0
Share option exercises	0	0	0	(140)	0	140
Total transactions with owners	1,649	0	0	1,509	0	140
Ending balance at Sep. 30, 2023	225,773	1,301	291,448	2,888	(13,196)	(56,668)
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	(30,159)	0	0	0	0	(30,159)
Other comprehensive income/(expense)	145	0	0	258	(113)	0
Total comprehensive loss for the period	(30,014)	0	0	258	(113)	(30,159)
Share-based compensation expense	412	0	0	412	0	0
Transfer of share options	0	0	0	(455)	0	455
Total transactions with owners	412	0	0	(43)	0	455
Ending balance at Sep. 30, 2024	$ 189,366	$ 1,301	$ 291,463	$ 4,866	$ (10,620)	$ (97,644)

Unaudited condensed consolida_4

Unaudited condensed consolidated interim statement of cash flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Loss for the period	$ (30,159)	$ (24,315)
Depreciation	237	237
Share-based compensation expense	412	1,649
Finance income	(7,760)	(6,049)
Finance expense	538	534
Movement of expected credit loss	(45)	(1)
Foreign exchange loss/(gain)	58	(232)
Movement in working capital	812	1,119
Cash flows used in operating activities	(35,907)	(27,058)
Finance expense paid	(700)	(466)
Finance income received	4,768	2,273
Net cash used in operating activities	(31,839)	(25,251)
Cash flows from/(used in) investing activities
Purchase of other financial assets	0	(54,000)
Purchase of property, plant and equipment	(24)	(76)
Proceeds from sale of other financial assets	25,000	0
Proceeds from redemptions and disposals of marketable securities	18,828	0
Cash flows from/(used in) investing activities	43,804	(54,076)
Cash flows used in financing activities
Payment of lease liability	(245)	(163)
Net increase/(decrease) in cash and cash equivalents	11,720	(79,490)
Cash and cash equivalents at the beginning of the period	78,420	165,955
Impact of foreign exchange on cash and cash equivalents	(81)	(26)
Cash and cash equivalents at the end of the period	$ 90,059	$ 86,439

Corporate information

Corporate information	9 Months Ended
	Sep. 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 November 14, 2024.

Basis of preparation, significa

Basis of preparation, significant judgments, and accounting policies	9 Months Ended
	Sep. 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 nine months ended September 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 September 30, 2024. As a result, the Group is not exposed to liquidity risk through requests for early repayment of loans. As of September 30, 2024, the Group’s cash and cash equivalents amounted to $90.1 million (December 31, 2023: $78.4 million). The Group also held marketable securities of $71.3 million and other financial assets of $32.5 million as of September 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, research and development tax credits have been claimed and are recognized at their fair value where there is reasonable assurance that the tax credits will be received, and the Group will comply with all conditions attaching to them. Qualifying expenditures largely comprise employment costs for research staff for which an estimate of time spent directly or indirectly supporting the pursuit of research and development activities is made, consumables and outsourced contract research organization costs. In the three and nine months ended September 30, 2024, an amount of $1.2 million and $2.0 million has been recognized, respectively. A portion of the research and development tax credit claimed remains unrecognized at September 30, 2024, as management has assessed that some uncertainty remains and therefore, reasonable assurance has not been achieved. Reasonable assurance is achieved using internal experience, judgment and assistance from our professional advisors. If the portion of the research and development tax credit which remains unrecognized at September 30, 2024, increased or decreased by 5%, this would not have a material impact on the financial statements. Segment reporting Management considers the Group to have only a single

Expenses by nature

Expenses by nature	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 $’000 $’000 $’000 $’000 External research and development expenses 6,728 5,207 21,651 16,521 Employee expenses 1, 3 1,606 1,812 4,964 4,857 Depreciation 5 8 16 28 Other expenses 58 61 179 164 Total research and development expenses 8,397 7,088 26,810 21,570 External costs 3,016 1,725 7,253 5,834 Employee expenses 2, 3 1,134 834 3,084 2,450 Depreciation 74 72 221 209 Total general and administrative expenses 4,224 2,631 10,558 8,493 Total operating expenses 12,621 9,719 37,368 30,063 1 Included in employee expenses is a share based compensation expense of $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, respectively, relating to employees in the research and development department (three and nine months ended September 30, 2023, $0.4 million and $1.0 million, respectively). 2 Included in employee expenses is share based compensation expense of $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, respectively, relating to employees in the general and administrative department (three and nine months ended September 30, 2023, $0.2 million and $0.7 million, respectively). 3 Includes termination expenses incurred in the nine months ended September 30, 2024 Foreign exchange gain/loss Foreign exchange loss of $1.8 million for the three months ended September 30, 2024 (gain of $1.8 million for the three months ended September 30, 2023), and foreign exchange loss of $0.1 million for the nine months ended September 30, 2024 (gain of $0.2 million for the nine months ended September 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 September 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 nine months ended September 30, 2024, would have been $3.4 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	9 Months Ended
	Sep. 30, 2024
Finance income and expense [Abstract]
Finance income and expense	4. Finance income and expense Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Finance income Finance income on cash, cash equivalents nd other financial assets 567 141 1,647 141 Gain on cash equivalents and other financial assets at fair value through profit and loss (“FVTPL”) 1,097 1,257 3,235 2,811 Interest income under effective interest rate method at fair value through other comprehensive income (“FVOCI”) 871 1,040 2,878 3,097 Finance income 2,535 2,438 7,760 6,049 Finance expense Finance expense on investments (169 ) (168 ) (500 ) (484 ) Finance expense on lease liability (12 ) (16 ) (38 ) (50 ) Finance expense (181 ) (184 ) (538 ) (534 )

Cash and cash equivalents

Cash and cash equivalents	9 Months Ended
	Sep. 30, 2024
Cash and cash equivalents [Abstract]
Cash and cash equivalents	5. Cash and cash equivalents September 30, December 31, 2024 2023 $’000 $’000 Cash at bank and in hand 27,646 41,390 Cash equivalents 62,413 37,030 90,059 78,420 During the nine months ended September 30, 2024, proceeds of $25.0 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	9 Months Ended
	Sep. 30, 2024
Marketable securities [Abstract]
Marketable securities	6. Marketable securities Marketable securities $’000 Fair value At January 1, 2024 88,667 Accrued interest 2,878 Interest received (801 ) Redemptions and disposals of marketable securities (19,780 ) Revaluation adjustment 303 At September 30, 2024 71,267 The Group holds government and corporate listed bonds which comprise marketable securities measured at FVOCI. These marketable securities had a fair value of $71.3 million at September 30, 2024 (December 31, 2023: $88.7 million). During the nine month period ended September 30, 2024, a number of marketable securities were redeemed. This resulted in total proceeds of $19.8 million in the period, which includes accrued interest. The movement through OCI for the three and nine months ended September 30, 2024, is shown in the table below as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Revaluation adjustments 906 (445 ) 303 (1,215 ) Movement of expected credit losses on assets measured at FVOCI 2 17 (45 ) (1 ) Movement on marketable securities through OCI 908 (428 ) 258 (1,216 )

Other current assets

Other current assets	9 Months Ended
	Sep. 30, 2024
Other current assets [Abstract]
Other current assets	7. Other current assets Other current assets primarily represent prepayments and research and development tax credit receivable.

Trade payables

Trade payables	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2024
Contingencies [Abstract]
Contingencies	10. Contingencies As of September 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	9 Months Ended
	Sep. 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 September 30, 2024, the Company has 427,256 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 nine months ended September 30, 2024, the Company granted the option to purchase 30,500 and 152,000 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 nine months ended September 30, 2024, had a contractual term (expiration) of During the three and nine months ended September 30, 2024, the Company granted the option to purchase 16,596 and 33,120 ordinary shares to members of the board of directors 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 September 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 8.07 185,120 7.41 Forfeited 11.13 (207,658 ) 6.05 At September 30, 2024 1 9.59 768,182 6.21 1 The weighted average grant date fair value of awards granted during the three and nine months ended September 30, 2024, was $8.84 and $8.33 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 nine months ended September 30, 2024, were determined on the date of the grant using the following assumptions: Three months ended September 30, 2024 Nine months ended September 30, 2024 Share price, in USD 6.69 - 12.18 5.80 - 14.81 Strike price, in USD – employees (weighted average) 9.51 9.82 Strike price, in USD – non-executive directors 0.025 0.025 Expected volatility 85% - 92% 85% - 92% Award life (weighted average) 5.47 5.73 Expected dividends - - Risk-free interest rate 3.54% - 4.26% 3.54% - 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 September 30, 2024, Other Reserves within equity includes $4.1 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. The amount of expense for all awards recognized for services received during the three months ended September 30, 2024, was $0.3 million (three months ended September 30, 2023: $0.6 million) and for the nine months ended September 30, 2024, was $0.4 million (nine months ended September 30, 2023: $1.6 million).

Related party disclosures

Related party disclosures	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and ended September 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	9 Months Ended
	Sep. 30, 2024
Loss per share [Abstract]
Loss per share	13. Loss per share Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Loss attributable to shareholders (in $’000) (12,114 ) (5,649 ) (30,159 ) (24,315 ) 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) (0.23 ) (0.11 ) (0.58 ) (0.47 ) For the three and nine months ended September 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	9 Months Ended
	Sep. 30, 2024
Events after the reporting date [Abstract]
Events after the reporting date	14. Events after the reporting date There were no events after the reporting date requiring disclosure in the Group’s consolidated financial statements.

Basis of preparation, signifi_2

Basis of preparation, significant judgments, and accounting policies (Policies)	9 Months Ended
	Sep. 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 nine months ended September 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 September 30, 2024. As a result, the Group is not exposed to liquidity risk through requests for early repayment of loans. As of September 30, 2024, the Group’s cash and cash equivalents amounted to $90.1 million (December 31, 2023: $78.4 million). The Group also held marketable securities of $71.3 million and other financial assets of $32.5 million as of September 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, research and development tax credits have been claimed and are recognized at their fair value where there is reasonable assurance that the tax credits will be received, and the Group will comply with all conditions attaching to them. Qualifying expenditures largely comprise employment costs for research staff for which an estimate of time spent directly or indirectly supporting the pursuit of research and development activities is made, consumables and outsourced contract research organization costs. In the three and nine months ended September 30, 2024, an amount of $1.2 million and $2.0 million has been recognized, respectively. A portion of the research and development tax credit claimed remains unrecognized at September 30, 2024, as management has assessed that some uncertainty remains and therefore, reasonable assurance has not been achieved. Reasonable assurance is achieved using internal experience, judgment and assistance from our professional advisors. If the portion of the research and development tax credit which remains unrecognized at September 30, 2024, increased or decreased by 5%, this would not have a material impact on the financial statements.
Segment reporting	Segment reporting Management considers the Group to have only a single

Expenses by nature (Tables)

Expenses by nature (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 $’000 $’000 $’000 $’000 External research and development expenses 6,728 5,207 21,651 16,521 Employee expenses 1, 3 1,606 1,812 4,964 4,857 Depreciation 5 8 16 28 Other expenses 58 61 179 164 Total research and development expenses 8,397 7,088 26,810 21,570 External costs 3,016 1,725 7,253 5,834 Employee expenses 2, 3 1,134 834 3,084 2,450 Depreciation 74 72 221 209 Total general and administrative expenses 4,224 2,631 10,558 8,493 Total operating expenses 12,621 9,719 37,368 30,063 1 Included in employee expenses is a share based compensation expense of $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, respectively, relating to employees in the research and development department (three and nine months ended September 30, 2023, $0.4 million and $1.0 million, respectively). 2 Included in employee expenses is share based compensation expense of $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, respectively, relating to employees in the general and administrative department (three and nine months ended September 30, 2023, $0.2 million and $0.7 million, respectively). 3 Includes termination expenses incurred in the nine months ended September 30, 2024

Finance income and expense (Tab

Finance income and expense (Tables)	9 Months Ended
	Sep. 30, 2024
Finance income and expense [Abstract]
Finance Income and Expense	Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Finance income Finance income on cash, cash equivalents nd other financial assets 567 141 1,647 141 Gain on cash equivalents and other financial assets at fair value through profit and loss (“FVTPL”) 1,097 1,257 3,235 2,811 Interest income under effective interest rate method at fair value through other comprehensive income (“FVOCI”) 871 1,040 2,878 3,097 Finance income 2,535 2,438 7,760 6,049 Finance expense Finance expense on investments (169 ) (168 ) (500 ) (484 ) Finance expense on lease liability (12 ) (16 ) (38 ) (50 ) Finance expense (181 ) (184 ) (538 ) (534 )

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	9 Months Ended
	Sep. 30, 2024
Cash and cash equivalents [Abstract]
Cash and cash equivalents	September 30, December 31, 2024 2023 $’000 $’000 Cash at bank and in hand 27,646 41,390 Cash equivalents 62,413 37,030 90,059 78,420

Marketable securities (Tables)

Marketable securities (Tables)	9 Months Ended
	Sep. 30, 2024
Marketable securities [Abstract]
Marketable Securities Measured at FVOCI	Marketable securities $’000 Fair value At January 1, 2024 88,667 Accrued interest 2,878 Interest received (801 ) Redemptions and disposals of marketable securities (19,780 ) Revaluation adjustment 303 At September 30, 2024 71,267
Overall Movement through OCI	The movement through OCI for the three and nine months ended September 30, 2024, is shown in the table below as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Revaluation adjustments 906 (445 ) 303 (1,215 ) Movement of expected credit losses on assets measured at FVOCI 2 17 (45 ) (1 ) Movement on marketable securities through OCI 908 (428 ) 258 (1,216 )

Share based compensation (Table

Share based compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share based compensation [Abstract]
Share-based Compensation Plans Outstanding	The following table summarizes the share option awards outstanding as of September 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 8.07 185,120 7.41 Forfeited 11.13 (207,658 ) 6.05 At September 30, 2024 1 9.59 768,182 6.21 1
Weighted-average Assumptions	The fair values of the options granted during the three and nine months ended September 30, 2024, were determined on the date of the grant using the following assumptions: Three months ended September 30, 2024 Nine months ended September 30, 2024 Share price, in USD 6.69 - 12.18 5.80 - 14.81 Strike price, in USD – employees (weighted average) 9.51 9.82 Strike price, in USD – non-executive directors 0.025 0.025 Expected volatility 85% - 92% 85% - 92% Award life (weighted average) 5.47 5.73 Expected dividends - - Risk-free interest rate 3.54% - 4.26% 3.54% - 4.52%

Loss per share (Tables)

Loss per share (Tables)	9 Months Ended
	Sep. 30, 2024
Loss per share [Abstract]
Loss Per Share	Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Loss attributable to shareholders (in $’000) (12,114 ) (5,649 ) (30,159 ) (24,315 ) 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) (0.23 ) (0.11 ) (0.58 ) (0.47 )

Basis of preparation, signifi_3

Basis of preparation, significant judgments, and accounting policies, Going Concern (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Going concern basis [Abstract]
Bank loans or other debt outstanding	$ 0
Cash and cash equivalents	90,059	$ 78,420	$ 86,439	$ 165,955
Marketable securities	71,300	88,700
Other financial assets	$ 32,517	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Research and development tax credits [Abstract]
Amount recognized for research and development tax credits	$ 1.2	$ 2
Percentage of sensitivity on remaining unrecognized research and development tax credit		5%

Basis of preparation, signifi_6

Basis of preparation, significant judgments, and accounting policies, Segment Reporting (Details)	9 Months Ended
	Sep. 30, 2024 Segment
Segment reporting [Abstract]
Number of segments	1

Expenses by nature (Details)

Expenses by nature (Details) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Research and development [Abstract]
External research and development expenses		$ 6,728,000	$ 5,207,000	$ 21,651,000	$ 16,521,000
Employee expenses	[1],[2]	1,606,000	1,812,000	4,964,000	4,857,000
Depreciation		5,000	8,000	16,000	28,000
Other expenses		58,000	61,000	179,000	164,000
Total research and development expenses		8,397,000	7,088,000	26,810,000	21,570,000
General and administrative [Abstract]
External costs		3,016,000	1,725,000	7,253,000	5,834,000
Employee expenses	[2],[3]	1,134,000	834,000	3,084,000	2,450,000
Depreciation		74,000	72,000	221,000	209,000
Total general and administrative expenses		4,224,000	2,631,000	10,558,000	8,493,000
Total operating expenses		12,621,000	9,719,000	37,368,000	30,063,000
Share based compensation expense (benefit) included in employees expenses for employees in research and development department		100,000	400,000	200,000	1,000,000
Share-based compensation expense (benefit) included in employees expenses for employees in general and administrative department		100	200,000	200,000	700,000
Foreign exchange gain/loss [Abstract]
Foreign exchange gain/(loss)		$ (1,845,000)	$ 1,833,000	(58,000)	$ 232,000
Loss before tax higher/lower related to translation of cash held				$ 3,400,000
[1] Included in employee expenses is a share based compensation expense of $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, respectively, relating to employees in the research and development department (three and nine months ended September 30, 2023, $0.4 million and $1.0 million, respectively). Included in employee expenses is share based compensation expense of $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, respectively, relating to employees in the general and administrative department (three and nine months ended September 30, 2023, $0.2 million and $0.7 million, respectively).

Finance income and expense (Det

Finance income and expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finance income [Abstract]
Finance income on cash, cash equivalents and other financial assets	$ 567	$ 141	$ 1,647	$ 141
Gain on cash equivalents and other financial assets at fair value through profit and loss ("FVTPL")	1,097	1,257	3,235	2,811
Interest income under effective interest rate method at fair value through other comprehensive income ("FVOCI")	871	1,040	2,878	3,097
Finance income	2,535	2,438	7,760	6,049
Finance expense [Abstract]
Finance expense on investments	(169)	(168)	(500)	(484)
Finance expense on lease liability	(12)	(16)	(38)	(50)
Finance expense	$ (181)	$ (184)	$ (538)	$ (534)

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Cash and cash equivalents [Abstract]
Cash at bank and in hand	$ 27,646	$ 41,390
Cash equivalents	62,413	37,030
Cash and cash equivalents	90,059	$ 78,420	$ 86,439	$ 165,955
Proceeds from sale portion of other financial assets	25,000
Proceeds from redemption of marketable securities	$ 19,800

Marketable securities, Measured

Marketable securities, Measured at FVOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair value [Abstract]
Revaluation adjustment	$ 906	$ (445)	$ 303	$ (1,215)
Total proceeds from marketable securities			19,800
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			2,878
Interest received			(801)
Redemptions and disposals of marketable securities			(19,780)
Revaluation adjustment			303
Closing balance	$ 71,267		$ 71,267		$ 88,667

Marketable securities, Reconcil

Marketable securities, Reconciliation of the movement FVOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reconciliation of the movement FVOCI [Abstract]
Revaluation adjustments	$ 906	$ (445)	$ 303	$ (1,215)
Movement of expected credit losses on assets measured at FVOCI	2	17	(45)	(1)
Movement on marketable securities through OCI	$ 908	$ (428)	$ 258	$ (1,216)

Share based compensation, Share

Share based compensation, Share Options (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2024 shares	Sep. 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)	427,256	427,256
Number of options granted (in shares)		185,120
Exercise price for option granted (in dollars per share) | $ / shares		$ 8.07
Employees [Member]
Share based payment arrangement [Abstract]
Number of options granted (in shares)	30,500	152,000
Share option award granted period	8 years	8 years
Board of Directors [Member]
Share based payment arrangement [Abstract]
Number of options granted (in shares)	16,596	33,120
Vesting condition		2 years
Share option award granted period		7 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		9 Months Ended		12 Months Ended
	Sep. 30, 2024 shares $ / shares		Sep. 30, 2024 shares $ / shares		Dec. 31, 2023 shares $ / shares
Average exercise price per share [Abstract]
Outstanding at beginning of period (in dollars per share) | $ / shares			$ 10.35
Granted (in dollars per share) | $ / shares			8.07
Forfeited (in dollars per share) | $ / shares			11.13
Outstanding at end of period (in dollars per share) | $ / shares	$ 9.59	[1]	$ 9.59	[1]	$ 10.35
Number of awards [Abstract]
Outstanding at beginning of period (in shares) | shares			790,720
Granted (in shares) | shares			185,120
Forfeited (in shares) | shares			(207,658)
Outstanding at end of period (in shares) | shares	768,182	[1]	768,182	[1]	790,720
Weighted average remaining life [Abstract]
Outstanding			6 years 2 months 15 days	[1]	6 years 6 months 25 days
Granted			7 years 4 months 28 days
Forfeited			6 years 18 days
Number of option exercisable (in shares) | shares	190,271		190,271
Weighted average grant date fair value (in dollars per share) | $ / shares	$ 8.84		$ 8.33
[1]190,271 of the awards outstanding as of September 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		9 Months Ended
	Sep. 30, 2024 USD ($) yr $ / shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) yr $ / shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Weighted average assumptions [Abstract]
Award life (weighted average) | yr	5.47		5.73
Expected dividends	0%		0%
Other reserves within equity on consolidated statement | $	$ 4,866		$ 4,866		$ 4,651
Expense for awards recognized | $	300	$ 600	412	$ 1,649
Share Option Plan [member]
Weighted average assumptions [Abstract]
Other reserves within equity on consolidated statement | $	$ 4,100		$ 4,100		$ 4,200
Employees [Member]
Weighted average assumptions [Abstract]
Strike price (in dollars per share)	$ 9.51		$ 9.82
Non-executive Directors [Member]
Weighted average assumptions [Abstract]
Strike price (in dollars per share)	0.025		0.025
Bottom of Range [Member]
Weighted average assumptions [Abstract]
Share price (in dollars per share)	$ 6.69		$ 5.8
Expected volatility	85%		85%
Risk-free interest rate	3.54%		3.54%
Top of Range [Member]
Weighted average assumptions [Abstract]
Share price (in dollars per share)	$ 12.18		$ 14.81
Expected volatility	92%		92%
Risk-free interest rate	4.26%		4.52%

Loss per share (Details)

Loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Loss per share [Abstract]
Loss attributable to shareholders	$ (12,114)	$ (5,649)	$ (30,159)	$ (24,315)
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)	$ (0.23)	$ (0.11)	$ (0.58)	$ (0.47)
Diluted loss per share (in dollars per share)	$ (0.23)	$ (0.11)	$ (0.58)	$ (0.47)