Strategic Advancements and Financial Stability Drive Buy Rating for GH ResearchWe assess GH Research using a discounted cash flow (DCF)-based methodology. We assign a probability of success for GH001 in TRD of 50%, in bipolar depression (BP-II) of 25%, and postpartum depression (PPD) of 25%. We model gross equity raises of $100M annually from 2026E to 2027E to fund late-stage clinical development, which could dilute existing shareholders. We employ a 12% discount rate and a terminal multiple of 6.0x. Taken together, these assumptions yield a total firm value of approximately $2.4B and $35 price target.