GRI Bio Inc

For the period ended Sep 30, 2024. Filed Nov 14, 2024.

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.

Sep 30, 2024 · Filed Nov 14, 2024

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

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Contents

Balance Sheets as of

Consolidated Balance Sheets

(in thousands, except share and per share amounts)

	September 30, 2024	December 31, 2023
Assets · (unaudited)
Current assets:
Cash and cash equivalents	$4,746	$1,808
Prepaid expenses and other current assets	577	1,126
Total current assets	5,323	2,934
Property and equipment, net	5	8
Operating lease right-of-use assets	131	14
Total assets	$5,459	$2,956
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$1,137	$1,410
Accrued expenses	531	1,270
Warrant liability	—	3
Operating lease liabilities, current	47	14
Total current liabilities	1,715	2,697
Operating lease liabilities, non-current	84	—
Total liabilities	1,799	2,697
Commitments and contingencies (Note 11)
Stockholders' equity (deficit):
Common stock, 0.0001 par value; 250,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 5,022,901 and 49,663 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	—	—
Additional paid-in-capital	41,453	31,792
Accumulated deficit	(37,793)	(31,533)
Total stockholders’ equity	3,660	259
Total liabilities and stockholders' equity	$5,459	$2,956

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Operating expenses:
Research and development	1,130	1,189	2,939	2,186
General and administrative	1,000	1,250	3,342	7,175
Total operating expenses	2,130	2,439	6,281	9,361
Loss from operations	(2,130)	(2,439)	(6,281)	(9,361)
Change in fair value of warrant liability	—	46	3	167
Other income	—	250	—	250
Interest income (expense), net	7	6	19	(2,089)
Net loss	$(2,123)	$(2,137)	$(6,259)	$(11,033)
Net loss per share of common stock, basic and diluted	$(0.67)	$(65.78)	$(4.56)	$(449.34)
Weighted-average common shares outstanding, basic and diluted	3,160,771	32,485	1,372,173	24,554

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, 2022	10,987	$—		$16,871	$(18,496)		$(1,625)
Stock-based compensation	—	—		13	—	13
Restricted stock vesting	5	—		—	—		—
Warrant issuance	—	—		532	—		532
Net loss	—	—		—	(2,150)		(2,150)
Balance, March 31, 2023	10,992		$—		$17,416		$(20,646)	$(3,230)
Stock-based compensation	—		—		13		—	13
Restricted stock vesting	1,802		—		—		—	—
Warrant exercise	480		—		12		—	12
Issuance of common stock in pre-closing financing	13,350		—		11,721		—	11,721
Issuance of common stock for settlement of bridge note	596		—		3,333		—	3,333
Issuance of common stock for reverse recapitalization expenses	335		—		1,875		—	1,875
Issuance of common stock to Vallon stockholders in reverse recapitalization	4,930		—		(2,940)		—	(2,940)
Net loss	—		—		—		(6,746)	(6,746)
Balance, June 30, 2023	32,485		$—		$31,430		$(27,392)	$4,038
Stock-based compensation	—		—		326		—	326
Net loss	—		—		—		(2,137)	(2,137)
Balance, September 30, 2023	32,485		$—		$31,756		$(29,529)	$2,227

Common Stock · Additional Paid-in Capital · Accumulated Deficit · Stockholders’ Equity
Shares · Amount
Balance, December 31, 2023	49,663	$—		$31,792	$(31,533)		$259
Stock-based compensation	—	—		37	—	37
Fractional share adjustment	(19)	—		—	—		—
Issuance of common stock and prefunded warrants in financing	25,419	—		4,389	—		4,389
Prefunded warrant exercise	170,812	—		—	—		—
Net loss	—	—		—	(1,887)		(1,887)
Balance, March 31, 2024	245,875		$—		$36,218		$(33,420)	$2,798
Stock-based compensation	—		—		37		—	37
Fractional share adjustment	(187)		—		—		—	—
Issuance of common stock	353,892		—		4,134		—	4,134
Prefunded warrant exercise	202,334		—		—		—	—
Net loss	—		—		—		(2,250)	(2,250)
Balance, June 30, 2024	801,914		$—		$40,389		$(35,670)	$4,719
Stock-based compensation	—		—		37		—	37
Issuance of common stock	2,093,404		—		1,027		—	1,027
Warrant exercise	2,127,583		—		—		—	—
Net loss	—		—		—		(2,123)	(2,123)
Balance, September 30, 2024	5,022,901		$—		$41,453		$(37,793)	$3,660

Consolidated Statements of Cash Flows

(in thousands)

	Nine Months Ended September 30,
	2024	2023
Operating activities:
Net loss	$(6,259)	$(11,033)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation expense	3	3
Amortization of debt discounts and issuance costs	—	2,104
Stock-based compensation expense	111	352
Change in fair value of warrant liability	(3)	18
Change in operating lease right of use assets	(117)	39
Change in operating assets and liabilities:
Prepaid expenses and other current assets	322	(836)
Accounts payable	(147)	4,860
Accrued expenses	(639)	1,106
Operating lease liabilities	117	(43)
Cash used in operating activities	(6,612)	(3,430)
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 bridge promissory note	—	1,250
Proceeds from issuance of common stock in financing transactions	9,499	12,250
Proceeds from issuance of common stock under ATM facility	1,988	—
Proceeds from warrant exercise	1	12
Payment for fractional shares in connection with reverse stock split	(1)	—
Net liabilities assumed in connection with reverse recapitalization	—	(2,939)
Payment of reverse recapitalization costs	—	(2,984)
Payment of deferred stock issuance costs	(1,937)	(517)
Payment of debt issuance costs	—	(150)
Cash provided by financing activities	9,550	6,917
Net increase in cash and cash equivalents	2,938	3,479
Cash and cash equivalents at beginning of period	1,808	9
Cash and cash equivalents at end of period	$4,746	$3,488
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
Merger costs included in accounts payable	$—	$72

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