GH Research (GHRS) Operating Expenses (2020 - 2026)
GH Research (GHRS) posted quarterly Operating Expenses of -$71.5 million for Q4 2025, down 7.37% year-over-year from -$77.2 million in Q4 2024, and down 1664.26% quarter-over-quarter from $4.6 million in Q3 2025.
GH Research (GHRS) Operating Expenses (2020 - 2026) Analysis & Trends
GH Research's Operating Expenses history runs 6 years deep, the most recent figure standing at -$71.5 million for Q4 2025.
- In Q4 2025, Operating Expenses fell 7.37% year-over-year to -$71.5 million; the TTM figure through Dec 2025 stood at -$60.7 million (down 20.68% YoY), while the FY2025 annual figure was $60.7 million, up 20.68% from the prior year.
- Operating Expenses for Q4 2025 stood at -$71.5 million, down from $4.6 million in the prior quarter.
- The five-year high for Operating Expenses was $28.1 million in Q4 2023, with the low at -$71.5 million in Q4 2025.
- The 5-year median for Operating Expenses is $3.7 million (2024), against an average of -$1.7 million.
- Peak annual rise in Operating Expenses reached 4058.55% in 2021, while the deepest fall reached 7676.67% in 2021.
- GH Research's Operating Expenses stood at $23.6 million in 2021, then increased by 5.13% to $24.8 million in 2022, then climbed by 13.54% to $28.1 million in 2023, then sank by 336.5% to -$66.6 million in 2024, then dropped by 7.37% to -$71.5 million in 2025.
- Business Quant data shows GHRS's Operating Expenses at -$71.5 million in Q4 2025, $4.6 million in Q3 2025, and $3.2 million in Q2 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertex Pharmaceuticals | 128.13 Bn | 120.28 Bn | 2.84 Bn | 2.09 Bn |
| 2 | Regeneron Pharmaceuticals | 112.33 Bn | 104.33 Bn | 3.93 Bn | 3.00 Bn |
| 3 | Argenx Se | 53.24 Bn | 48.05 Bn | 1.41 Bn | 2.89 Bn |
| 4 | Revolution Medicines | 43.64 Bn | 43.64 Bn | - | 505.13 Mn |
| 5 | BeOne Medicines | 39.27 Bn | 34.17 Bn | 1.53 Bn | 1.21 Bn |
| 6 | MindWalk Holdings | 35.32 Bn | 35.31 Bn | 1.82 Bn | 4,978.15 |
| 7 | Royalty Pharma | 33.72 Bn | 35.84 Bn | - | 541.02 Mn |
| 8 | Alnylam Pharmaceuticals | 30.58 Bn | 27.27 Bn | 992.69 Mn | 1.06 Bn |
| 9 | Insmed | 27.01 Bn | 25.85 Bn | 358.27 Mn | 427.03 Mn |
| 10 | GH Research | 2.02 Bn | 1.68 Bn | - | 19.46 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 19.46 Mn |
| Dec 31, 2025 | -71.47 Mn |
| Sep 30, 2025 | 4.57 Mn |
| Jun 30, 2025 | 3.21 Mn |
| Mar 31, 2025 | 2.97 Mn |
| Dec 31, 2024 | -66.56 Mn |
| Sep 30, 2024 | 4.17 Mn |
| Jun 30, 2024 | 6.29 Mn |
| Mar 31, 2024 | 5.79 Mn |
| Dec 31, 2023 | 28.15 Mn |
| Sep 30, 2023 | 4.46 Mn |
| Jun 30, 2023 | 4.43 Mn |
| Mar 31, 2023 | 4.19 Mn |
| Dec 31, 2022 | 24.79 Mn |
| Sep 30, 2022 | 2.61 Mn |
| Jun 30, 2022 | 1.73 Mn |
| Mar 31, 2022 | -8.01 Mn |
| Dec 31, 2021 | 23.58 Mn |
| Sep 30, 2021 | -4.67 Mn |
| Jun 30, 2021 | -2.67 Mn |