GRI Bio, a clinical-stage biopharmaceutical company, reported its financial and operational performance for the quarter ended June 30, 2024. The company's research and development expenses remained stable at $0.9 million, consistent with the same period in 2023. General and administrative expenses decreased significantly to $1.4 million from $5.1 million in the previous year, primarily due to reduced professional fees post-merger. The net loss for the quarter was $2.25 million, an improvement from a net loss of $6.75 million in the same quarter of the previous year. GRI Bio's lead product candidate, GRI-0621, is being developed for the treatment of severe fibrotic lung diseases and has shown promising tolerability and efficacy in preliminary trials. The company has initiated enrollment for a Phase 2a biomarker study of...Show More

GRI Bio, a clinical-stage biopharmaceutical company, reported its financial and operational performance for the quarter ended June 30, 2024. The company's research and development expenses remained stable at $0.9 million, consistent with the same period in 2023. General and administrative expenses decreased significantly to $1.4 million from $5.1 million in the previous year, primarily due to reduced professional fees post-merger. The net loss for the quarter was $2.25 million, an improvement from a net loss of $6.75 million in the same quarter of the previous year. GRI Bio's lead product candidate, GRI-0621, is being developed for the treatment of severe fibrotic lung diseases and has shown promising tolerability and efficacy in preliminary trials. The company has initiated enrollment for a Phase 2a biomarker study of GRI-0621, with interim data expected in Q4 2024. Additionally, GRI Bio has a portfolio of other compounds, including GRI-0803 for autoimmune disorders, with plans to file an IND for a Phase 1 trial in 2025. Financially, GRI Bio has raised significant capital through various offerings, including a June 2024 Securities Purchase Agreement that netted $3.2 million and an At The Market Offering that raised $1.0 million in gross proceeds. As of June 30, 2024, the company had $6.4 million in cash and believes its funds will be sufficient into the first quarter of 2025. However, the company acknowledges the need for substantial additional funding to continue operations beyond that point.