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Midas Edge

GRI BIO Inc

For the period ended Jun 30, 2024. Filed Aug 14, 2024.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 14, 2024

GRI$1.89+10.5%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Balance Sheets as of (unaudited) and

Consolidated Balance Sheets

(in thousands, except share and per share amounts)

June 30, 2024December 31, 2023
Assets · (unaudited)
Current assets:
Cash and cash equivalents$6,353$1,808
Prepaid expenses and other current assets5311,126
Total current assets6,8842,934
Property and equipment, net68
Operating lease right-of-use assets14114
Total assets$7,031$2,956
Liabilities and stockholders' equity
Current liabilities:
Accounts payable$1,236$1,410
Accrued expenses9351,270
Warrant liability—3
Operating lease liabilities, current4514
Total current liabilities2,2162,697
Operating lease liabilities, non-current96—
Total liabilities2,3122,697
Commitments and contingencies (Note 11)
Stockholders' equity (deficit):
Common stock, 0.0001 par value; 250,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 801,914 and 49,663 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively——
Additional paid-in-capital40,38931,792
Accumulated deficit(35,670)(31,533)
Total stockholders’ equity4,719259
Total liabilities and stockholders' equity$7,031$2,956

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Operating expenses:
Research and development$877$880$1,811$997
General and administrative1,3805,0542,3425,926
Total operating expenses2,2575,9344,1536,923
Loss from operations(2,257)(5,934)(4,153)(6,923)
Change in fair value of warrant liability11223122
Interest expense, net6(934)13(2,095)
Net loss$(2,250)$(6,746)$(4,137)$(8,896)
Net loss per share of common stock, basic and diluted$(4.92)$(239.37)$(8.82)$(433.14)
Weighted-average common shares outstanding, basic and diluted457,74228,181469,10020,536

Consolidated Statements of Changes in Stockholders’ Equity (Deficit)

(in thousands, except shares)

Common Stock · Additional Paid-in Capital · Accumulated Deficit · Stockholders’ Equity (Deficit)
Shares · Amount
Balance, December 31, 202210,987$—$16,871$(18,496)$(1,625)
Stock-based compensation——13—13
Restricted stock vesting5————
Warrant issuance——532—532
Net loss———(2,150)(2,150)
Balance, March 31, 202310,992$—$17,416$(20,646)$(3,230)
Stock-based compensation——13—13
Restricted stock vesting1,802————
Warrant exercise480—12—12
Issuance of common stock in pre-closing financing13,350—11,721—11,721
Issuance of common stock for settlement of bridge note596—3,333—3,333
Issuance of common stock for reverse recapitalization expenses335—1,875—1,875
Issuance of common stock to Vallon stockholders in reverse recapitalization4,930—(2,940)—(2,940)
Net loss———(6,746)(6,746)
Balance, June 30, 202332,485$—$31,430$(27,392)$4,038
Common Stock · Additional Paid-in Capital · Accumulated Deficit · Stockholders’ Equity
Shares · Amount
Balance, December 31, 202349,663$—$31,792$(31,533)$259
Stock-based compensation——37—37
Fractional share adjustment(19)————
Issuance of common stock and prefunded warrants in financing25,419—4,389—4,389
Prefunded warrant exercise170,812————
Net loss———(1,887)(1,887)
Balance, March 31, 2024245,875$—$36,218$(33,420)$2,798
Stock-based compensation——37—37
Fractional share adjustment(187)————
Issuance of common stock and prefunded warrants in financing353,892—4,134—4,134
Prefunded warrant exercise202,334————
Net loss———(2,250)(2,250)
Balance, June 30, 2024801,914$—$40,389$(35,670)$4,719

Consolidated Statements of Cash Flows

(in thousands)

Six Months Ended June 30,
20242023
Operating activities:
Net loss$(4,137)$(8,896)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation expense22
Amortization of debt discounts and issuance costs—2,104
Stock-based compensation expense7426
Change in fair value of warrant liability(3)63
Change in operating right of use assets(127)26
Change in operating assets and liabilities:
Prepaid expenses and other current assets370(750)
Accounts payable(400)4,179
Accrued expenses(250)1,157
Operating lease liabilities127(30)
Cash used in operating activities(4,344)(2,119)
Investing activities:
Purchase of property and equipment—(8)
Cash used in investing activities—(8)
Financing activities:
Advances from employees—190
Repayment of advances from employees—(195)
Proceeds from issuance of common stock in financing9,49912,250
Proceeds from issuance of common stock under ATM961—
Proceeds from issuance of bridge promissory note—1,250
Proceeds from warrant exercise—12
Net liabilities assumed in connection with reverse recapitalization—(2,939)
Payment of reverse recapitalization costs—(2,984)
Payment of deferred stock issuance costs(1,571)(517)
Payment of debt issuance costs—(150)
Cash provided by financing activities8,8896,917
Net increase in cash and cash equivalents4,5454,790
Cash and cash equivalents at beginning of period1,8089
Cash and cash equivalents at end of period$6,353$4,799
Supplemental disclosure of non-cash financing activities:
Issuance of stock for repayment of bridge promissory note$—$3,333
Recognition of debt discount and additional paid-in-capital for issuance of warrants in connection with the issuance of promissory notes$—$532
Issuance of stock for payment of reverse recapitalization costs$—$1,875
Issuance of warrants for payment of stock issuance costs$—$18
Stock issuance costs in accounts payable and accrued expenses$367$—
Merger costs included in accounts payable$—$72
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.