Why did GH Research's operating expenses surge in Q4 2024?

GH Research's operating expenses surged in Q4 2024 due to several factors:

1. **Increased Research and Development Expenses**: The company reported a net loss of $12.1 million for Q3 2024, with a significant portion of this expense attributed to increased research and development costs. This indicates that GH Research may have accelerated its R&D efforts, possibly due to advancements in its clinical trials or the exploration of new therapeutic avenues.
2. **Clinical Trial Enrolment and Progress**: The company completed enrolment for its Phase 2b trial of GH001 in treatment-resistant depression, with data expected soon. The ongoing Phase 1 trial evaluating a proprietary aerosol delivery device also contributed to the operating expenses. Clinical trials, especially those in the biopharmaceutical sector, are known for their high costs due to the complexity of pharmaceutical development and the need for extensive testing.
3. **Aerosol Delivery Device Development**: The ongoing Phase 1 clinical pharmacology trial for the proprietary aerosol delivery device (GH001-HV-106) is likely to incur substantial expenses, including clinical trial costs, device manufacturing, and regulatory filings. The development of a proprietary device often requires significant investment in research, testing, and regulatory approvals.

In summary, the surge in operating expenses for GH Research in Q4 2024 can be attributed to increased investment in research and development, particularly in clinical trials and the development of a proprietary aerosol delivery device. These expenses are typical in the biopharmaceutical sector and reflect the company's commitment to advancing its therapeutic candidates.