GRI Bio, Inc., a clinical-stage biopharmaceutical company focused on developing therapies for inflammatory, fibrotic, and autoimmune disorders, reported significant financial developments in its 10-Q filing for the period ending September 30, 2024. The company’s current assets increased to $5.3 million from $2.9 million at the end of 2023, with cash and cash equivalents rising to $4.7 million from $1.8 million. Total assets also grew to $5.5 million, up from $3.0 million, while total current liabilities decreased to $1.7 million from $2.7 million.

For the three months ended September 30, 2024, GRI Bio recorded operating expenses of $2.1 million, a decrease from $2.4 million in the same period of 2023. The loss from operations for this quarter was $2.1 million, slightly improved from a loss of $2.4 million year-over-year. The net loss for the third quarter of 2024 was $2.1 million, compared to a net loss of $2.1 million in the prior year. For the nine-month period, the net loss narrowed to $6.3 million from $11.0 million in 2023, reflecting a significant reduction in operating expenses, which totaled $6.3 million compared to $9.4 million in the previous year.

The company’s financing activities included proceeds from various equity offerings, totaling $9.6 million for the nine months ended September 30, 2024, down from $6.9 million in the same period of 2023. Notably, GRI Bio completed a reverse merger with Vallon Pharmaceuticals in April 2023, which led to a name change and a restructuring of its capital structure, including multiple reverse stock splits.

Research and development expenses for the third quarter of 2024 were $1.1 million, down from $1.2 million in 2023, while general and administrative expenses decreased significantly to $1.0 million from $1.3 million, primarily due to reduced stock-based compensation. The company has not generated significant revenue since its inception and does not expect to do so in the near future.

As of September 30, 2024, GRI Bio had an accumulated deficit of $37.8 million and substantial doubt about its ability to continue as a going concern without raising additional capital. The company plans to pursue further equity or debt financing to support its operations, which are expected to incur significant losses until successful product development and commercialization.