GH Research PLC is navigating developmental hurdles in its clinical trials for 5-MeO-DMT-based therapies, primarily targeting treatment-resistant depression (TRD). The company's financial report for the third quarter revealed a net loss of $12.1 million, compared to a $5.6 million loss in the same period last year, driven by escalating research and development expenses.
Clinical Trial Progress and Regulatory Challenges
A key milestone was achieved with the completion of enrollment for the double-blind phase of the Phase 2b trial evaluating GH001, an inhaled formulation of mebufotenin (5-MeO-DMT), in patients with TRD. Top-line data from this trial is anticipated in the fourth quarter of 2024 or the first quarter of 2025. The Phase 2b trial includes a 6-month open-label extension, expected to be completed in the first quarter of 2025.
However, the FDA has placed a clinical hold on the investigational new drug (IND) application for GH001, citing "insufficient information to assess risks to human subjects." GH Research is working to address the FDA's concerns, particularly those related to device-related issues and inhalation toxicology.
Other Indications and Trial Adjustments
Beyond TRD, GH Research is exploring the potential of its 5-MeO-DMT therapies in other psychiatric conditions. A proof-of-concept trial in bipolar II disorder is slated to be discontinued in the fourth quarter of 2024 due to persistent recruitment difficulties. Conversely, a separate proof-of-concept trial in postpartum depression remains on track for completion by the end of the year.
Financial Position and Previous Findings
Despite the financial losses, GH Research maintains a strong cash position, with $193.8 million in cash, cash equivalents, and marketable securities as of September 30. Earlier trials of GH Research's individualized single-day dosing regimen showed promising results, with 87.5% of TRD patients achieving ultra-rapid remission in Phase 2 testing.
