GRI Bio, a clinical-stage biopharmaceutical company, reported a net loss of $2.1 million for the third quarter of 2024, a slight decrease from the $2.1 million loss in the same period of 2023. Research and development expenses decreased marginally to $1.1 million, while general and administrative expenses saw a more significant drop from $1.3 million to $1.0 million. The company's financial activities included entering into Repricing Letter Agreements on October 21, 2024, which allowed warrant holders to exercise their warrants at a reduced price, generating $0.8 million in gross proceeds before expenses. Additionally, GRI Bio conducted a securities purchase agreement in June 2024, resulting in net proceeds of $3.2 million after offering expenses. The company also raised $1.9 million net proceeds through an At The Market Offering as of September 30, 2024. GRI...Show More

GRI Bio, a clinical-stage biopharmaceutical company, reported a net loss of $2.1 million for the third quarter of 2024, a slight decrease from the $2.1 million loss in the same period of 2023. Research and development expenses decreased marginally to $1.1 million, while general and administrative expenses saw a more significant drop from $1.3 million to $1.0 million. The company's financial activities included entering into Repricing Letter Agreements on October 21, 2024, which allowed warrant holders to exercise their warrants at a reduced price, generating $0.8 million in gross proceeds before expenses. Additionally, GRI Bio conducted a securities purchase agreement in June 2024, resulting in net proceeds of $3.2 million after offering expenses. The company also raised $1.9 million net proceeds through an At The Market Offering as of September 30, 2024. GRI Bio's cash position as of the end of the third quarter was $4.7 million. The company's lead product candidate, GRI-0621, is being developed for the treatment of severe fibrotic lung diseases and has shown promising tolerance and efficacy in preliminary trials. GRI Bio plans to evaluate GRI-0621 in a Phase 2a biomarker study with interim data expected in Q1 2025. The company also has a product candidate portfolio that includes GRI-0803 for autoimmune disorders, with plans to initiate Phase 1a and 1b trials pending additional funding. Despite these developments, GRI Bio acknowledges the need for substantial additional funding to continue operations and has expressed uncertainty about its ability to continue as a going concern.