Renaissance Capital logo

DMT biotech GH Research files for a $100 million US IPO, targeting depression

June 4, 2021

GH Research, a Phase 2 biotech developing DMT-based therapies for depression, filed on Friday with the SEC to raise up to $100 million.

The Dublin, Ireland-based company is developing its proprietary 5-MeO-DMT compound in a Phase 2 trial in the Netherlands for patients with Treatment-Resistant Depression. The company believes that its inhalable drug candidate has the potential to induce ultra-rapid remissions in certain patients, driven by the ultra-rapid onset of psychoactive effects and an intense and short-lived initial psychoactive experience.

Companies using psychoactive compounds to treat psychiatric disorders have received interest from investors recently. In September 2020, psilocybin-based biotech COMPASS Pathways (CMPS; +95% from IPO) went public. Another psychedelics biotech, ATAI Life Sciences (ATAI), filed for a US IPO in April 2021.

GH Research was founded in 2018 and plans to list on the Nasdaq under the symbol GHRS. GH Research filed confidentially on April 20, 2021. Cowen, and Stifel are the joint bookrunners on the deal. No pricing terms were disclosed.