GH Research (GHRS) Operating Expenses (2020 - 2025)

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 was -$71.5 million for Q4 2025 at GH Research, down from $4.6 million in the prior quarter.
• In the past five years, Operating Expenses ranged from a high of $28.1 million in Q4 2023 to a low of -$71.5 million in Q4 2025.
• Historically, Operating Expenses has averaged -$1.7 million across 5 years, with a median of $3.7 million in 2024.
• Biggest YoY gain for Operating Expenses was 4058.55% in 2021; the steepest drop was 7676.67% in 2021.
• A 5-year view of Operating Expenses shows it stood at $23.6 million in 2021, then rose by 5.13% to $24.8 million in 2022, then grew by 13.54% to $28.1 million in 2023, then slumped by 336.5% to -$66.6 million in 2024, then declined by 7.37% to -$71.5 million in 2025.
• The last three Operating Expenses figures came in at -$71.5 million (Q4 2025), $4.6 million (Q3 2025), and $3.2 million (Q2 2025), per Business Quant data.