GRI Bio, Inc.
For the period ended Jun 30, 2026. Filed Aug 14, 2026.
View on SEC.govAbout 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, 2026 · Filed Aug 14, 2026
GRI$1.88+21.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-13.
0001824293-26-000044
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-14.
0001824293-26-000055
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 72 previous paragraphs and 77 current paragraphs.
49 unchanged; 15 reworded; 11 added; 8 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 2 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
Results from this Phase 2a trial are being used to determine safety sample size, clinically relevant endpoints and clinical trial duration in communication with the FDA in designing future trials. The Company recently requested a Type C meeting to discuss clinical study plans for the GRI-0621 IPF program with the FDA and received written feedback from the agency in response. Equipped with the FDA’s feedback, the Company is evaluating its clinical development strategy for GRI-0621 and intends to request another meeting with the FDA to obtain the FDA’s views on a proposed Phase 2b/3 adaptive trial design. There can be no assurance that the FDA will agree to any such proposed trial design or that the Company will be able to obtain the substantial additional capital or resources necessary to conduct additional clinical studies for GRI-0621.
Current report
On June 18, 2026, the FDA granted Orphan Drug Designation to GRI-0621 for the treatment of IPF. Orphan Drug Designation is granted to therapies intended to treat rare diseases affecting fewer than 200,000 people in the United States and provides important development and commercialization benefits, including potential eligibility for seven years of U.S. market exclusivity upon approval, potential tax credits related to qualified clinical development expenses, and waiver of the FDA application fee.
Current report
FDA Orphan Drug Designation
Current report
On June 18, 2026, the FDA granted Orphan Drug Designation to GRI-0621 for the treatment of IPF. Orphan Drug Designation is granted to therapies intended to treat rare diseases affecting fewer than 200,000 people in the United States. The designation provides important development and commercialization benefits, including potential eligibility for seven years of U.S. market exclusivity upon approval, potential tax credits related to qualified clinical development expenses, and waiver of the FDA application fee.
Current report
Comparison of the Six Months Ended June 30, 2026 and 2025
Current report
Research and development expenses were $0.8 million and $3.5 million for the six months ended June 30, 2026 and 2025, respectively. The $2.7 million decrease in research and development expenses was primarily due to a decrease of $2.6 million in expenses related to the development program of GRI-0621 as a result of the completion of the Phase 2a clinical trial.
Current report
General and administrative expenses were $2.9 million and $2.4 million for the six months ended June 30, 2026 and 2025, respectively. The $0.5 million increase was primarily related to an increase of $0.6 million in public company expenses offset by a $0.2 million decrease in personnel expenses, including stock-based compensation expense.
Current report
Interest income was $9,000 and $11,000 for the six months ended June 30, 2026 and 2025, respectively.
Current report
Nasdaq Continued Listing Requirement
Current report
On July 22, 2026, the SEC’s Division of Trading and Markets, acting under delegated authority, approved a new Nasdaq continued listing requirement under which companies listed on The Nasdaq Capital Market must maintain a Market Value of Listed Securities (MVLS) of at least $5 million (the “MVLS Requirement”). On July 29, 2026, the SEC stayed the approval order after receiving petitions for Commission-level review pursuant to Rule 431(e) of the SEC’s Rules of Practice, and the MVLS Requirement is not currently in effect. If the MVLS Requirement becomes effective, a company whose MVLS remains below $5 million for 30 consecutive business days, would be subject to immediate suspension of trading in and commence delisting proceedings, with no cure or compliance period to stay the suspension of trading. A company may appeal the delisting determination to the Nasdaq Hearings Panel (the Hearings Panel), but a timely request for a hearing will not automatically stay the suspension of trading. The Hearings Panel may, in its discretion, grant an exception of up to 180 days for a company to demonstrate compliance with The Nasdaq Capital Market’s initial listing requirements. As of the date of this Quarterly Report, our MVLS is less than $5 million. If the MVLS Requirement becomes effective and our Common Stock were suspended and delisted from The Nasdaq Capital Market, our ability to raise additional capital, including under the ATM Offering, would be materially and adversely affected. See Part II, Item 1A, “Risk Factors.”
Current report
In addition, as described in Part II, Item 1A, “Risk Factors,” although the new MVLS continued listing requirement approved on July 22, 2026 has been stayed pending Commission-level review, our MVLS is currently less than $5 million. If the requirement becomes effective and our Common Stock is suspended from trading or delisted from The Nasdaq Capital Market, our ability to raise capital under the ATM Offering or otherwise access the public markets would be impaired, which would further exacerbate the risks described above and our substantial doubt about our ability to continue as a going concern.
Removed paragraphs (8)
Previous report
Final results from this trial will be used to determine dose, safety sample size, clinically relevant endpoints and clinical trial duration in communication with the FDA in designing future trials. Based on these results and subject to FDA clearance and obtaining the requisite additional funding or resources we plan to initiate (either ourselves or with a strategic partner) a clinical study that, upon completion, has the potential to support, in part, an application for conditional approval of GRI-0621 in the European Union and could have the potential to be regarded as a registrational trial in the United States.
Previous report
Research and Development Expenses
Previous report
General and Administrative Expenses
Previous report
Interest Income
Previous report
Research and Development Expenses
Previous report
General and Administrative Expenses
Previous report
Interest Income
Previous report
Net cash used in financing activities was $11,000 for the three months ended March 31, 2025 and was primarily related to the payment of stock issuance costs related to the April 2025 Purchase Agreement.
Reworded paragraphs (15)
Previous wording
Our product candidate, GRI-0621, is an oral inhibitor of type 1 iNKT cells. GRI-0621 is also an oral formulation of tazarotene, a synthetic retinoid acid receptor-beta and gamma selective agonist, that is approved in the United States for topical treatment of psoriasis and acne. While there are no approved oral formulations of tazarotene, as of March 31, 2026, it has been evaluated in over 1,700 patients as an oral product for up to 52-weeks. We are developing GRI-0621 for the treatment of severe fibrotic lung diseases such as IPF, a life-threatening progressive fibrotic disease of the lung that affects approximately 140,000 people in the United States, with up to 40,000 new cases per year in the United States. Some estimate that IPF affects 3 million globally. While there are currently two approved therapies for the treatment of lung fibrosis, neither has been associated with improvements in overall survival, and both therapies have been associated with significant side effects leading to poor therapeutic adherence. In preliminary and topline data from our trials to date with GRI-0621, and earlier trials with oral tazarotene, we have observed GRI-0621 to be well-tolerated and to inhibit iNKT cell activity in subjects. We and others have shown that activated iNKT are upregulated in IPF, primary sclerosing cholangitis, metabolic dysfunction-associated steatohepatitis, alcoholic liver disease, SLE, MS, ulcerative colitis patients as well as other indications. In these patients activated iNKT cells are correlated with more severe disease.
Current wording
Our product candidate, GRI-0621, which received Orphan Drug Designation from the U.S. Food and Drug Administration (FDA) on June 18, 2026 for the treatment of IPF, is an oral inhibitor of type 1 iNKT cells. GRI-0621 is also an oral formulation of tazarotene, a synthetic retinoid acid receptor-beta and gamma selective agonist, that is approved in the United States for topical treatment of psoriasis and acne. While there are no approved oral formulations of tazarotene, as of June 30, 2026, it has been evaluated in over 1,700 patients as an oral product for up to 52-weeks. We are developing GRI-0621 for the treatment of severe fibrotic lung diseases such as IPF, a life-threatening progressive fibrotic disease of the lung that affects approximately 140,000 people in the United States, with up to 40,000 new cases per year in the United States. Some estimate that IPF affects 3 million globally. While there are currently two approved therapies for the treatment of lung fibrosis, neither has been associated with improvements in overall survival, and both therapies have been associated with significant side effects leading to poor therapeutic adherence. In preliminary and topline data from our trials to date with GRI-0621, and earlier trials with oral tazarotene, we have observed GRI-0621 to be well-tolerated and to inhibit iNKT cell activity in subjects. We and others have shown that activated iNKT are upregulated in IPF, primary sclerosing cholangitis, metabolic dysfunction-associated steatohepatitis, alcoholic liver disease, SLE, MS, ulcerative colitis patients as well as other indications. In these patients activated iNKT cells are correlated with more severe disease.
Previous wording
We most recently evaluated GRI-0621 in a randomized, double-blind, multi-center, 2-arm Phase 2a clinical trial for the treatment of patients diagnosed with IPF. The primary endpoint for this Phase 2a trial was safety and tolerability of oral GRI-0621 as assessed by clinical labs, vital signs and adverse events after 12 weeks of treatment. Secondary endpoints were baseline changes in serum biomarkers, differentially expressed genes measured by ribonucleic acid sequencing (RNAseq), T cell receptor sequencing (TCRseq), and flow cytometry in PBMC samples collected at week six and week 12; an assessment of the PK of GRI-0621 at the week 12 visit of treatment (steady state); and a determination of the pharmacodynamic activity of oral GRI-0621 as measured by inhibition of immune cell activation in blood after six weeks and 12 weeks, and from BAL fluid after 12 weeks of treatment. Concurrently, a sub-study examined the number and activity of immune cells in BAL fluid in eight subjects (across various centers). Additional exploratory endpoints for the trial included assessment of the effect of GRI-0621 on pulmonary function at baseline and after six weeks and 12 weeks of treatment. 35 patients were enrolled in the trial and randomly assigned to a placebo arm and a GRI-0621 treatment arm, of which 19 patients completed treatment in the treatment arm and nine patients completed treatment in the placebo arm. Based on topline results available to date, the clinical trial met its primary endpoint and the secondary endpoints measured to date (as described below). Continued analyses of exploratory endpoints, including RNAseq, TCRseq, and the pharmacodynamic activity of GRI-0621, remain consistent with and supportive of previously reported findings. We have filed additional patent applications based, in part, on these data.
Current wording
We most recently evaluated GRI-0621 in a randomized, double-blind, multi-center, 2-arm Phase 2a clinical trial for the treatment of patients diagnosed with IPF. The primary endpoint for this Phase 2a trial was safety and tolerability of oral GRI-0621, administered as a single daily dose, as assessed by clinical labs, vital signs and adverse events after 12 weeks of treatment. Secondary endpoints were baseline changes in serum biomarkers, differentially expressed genes measured by ribonucleic acid sequencing (RNAseq), T cell receptor sequencing (TCRseq), and flow cytometry in PBMC samples collected at week six and week 12; an assessment of the PK of GRI-0621 at the week 12 visit of treatment (steady state); and a determination of the pharmacodynamic activity of oral GRI-0621 as measured by inhibition of immune cell activation in blood after six weeks and 12 weeks, and from BAL fluid after 12 weeks of treatment. Concurrently, a sub-study examined the number and activity of immune cells in BAL fluid in eight subjects (across various centers). Additional exploratory endpoints for the trial included assessment of the effect of GRI-0621 on pulmonary function at baseline and after six weeks and 12 weeks of treatment. 35 patients were enrolled in the trial and randomly assigned to a placebo arm and a GRI-0621 treatment arm, of which 19 patients completed treatment in the treatment arm and nine patients completed treatment in the placebo arm. Based on topline results available to date, the clinical trial met its primary endpoint and the secondary endpoints measured to date (as described below). Continued analyses of exploratory endpoints, including RNAseq, TCRseq, and the pharmacodynamic activity of GRI-0621, remain consistent with and supportive of previously reported findings. We have filed additional patent applications based, in part, on these data.
Previous wording
Our product candidate portfolio also includes GRI-0803 and a proprietary library of 500+ compounds. GRI-0803, the lead molecule selected from the library, is a novel oral agonist of type 2 diverse Natural Killer T cells and would be developed for the treatment of autoimmune disorders, with much of our preclinical work in SLE or lupus and MS. In lupus, the immune system mistakenly attacks its own healthy tissues, especially joints and skin, but can affect almost every organ and tissue of the body. The condition can be fatal and often causes debilitating bouts of fatigue and pain that prevent nearly half of adult patients from working. Lupus affects between 160,000 - 200,000 patients in the United States, with around 80,000 – 100,000 patients in the United States suffering from kidney nephritis, one of the most serious manifestations of SLE, typically within five years of diagnosis. There is no cure for lupus, but medical interventions and lifestyle changes can help control it. SLE treatment consists primarily of immunosuppressive drugs that inhibit the activity of the immune system. Only two drugs have been approved for lupus in the past 50 years, and new treatment options are sorely needed. In order to focus our resources on our GRI-0621 program, we previously limited our development of GRI-0803 pending additional funding. We intend to complete IND-enabling studies and file an IND application to evaluate GRI-0803 in a Phase 1a and 1b trial in healthy volunteers in 2026. We expect to continue to evaluate indications to select the best fit for further development of the program, but our initial focus would be on lupus.
Current wording
Our product candidate portfolio also includes GRI-0803 and a proprietary library of 500+ compounds. GRI-0803, the lead molecule selected from the library, is a novel oral agonist of type 2 diverse Natural Killer T cells and would be developed for the treatment of autoimmune disorders, with much of our preclinical work in SLE or lupus and MS. In lupus, the immune system mistakenly attacks its own healthy tissues, especially joints and skin, but can affect almost every organ and tissue of the body. The condition can be fatal and often causes debilitating bouts of fatigue and pain that prevent nearly half of adult patients from working. Lupus affects between 160,000 - 200,000 patients in the United States, with around 80,000 – 100,000 patients in the United States suffering from kidney nephritis, one of the most serious manifestations of SLE, typically within five years of diagnosis. There is no cure for lupus, but medical interventions and lifestyle changes can help control it. SLE treatment consists primarily of immunosuppressive drugs that inhibit the activity of the immune system. Only two drugs have been approved for lupus in the past 50 years, and new treatment options are sorely needed. In order to focus our resources on our GRI-0621 program, we previously limited our development of GRI-0803 pending additional funding. We intend to complete IND-enabling studies and file an IND application to evaluate GRI-0803 in a Phase 1a and 1b trial in healthy volunteers in the first half of 2027. We expect to continue to evaluate indications to select the best fit for further development of the program, but our initial focus would be on lupus.
Previous wording
On January 15, 2026, our stockholders approved the January 2026 Reverse Stock Split within a range of not less than one-for-two and not more than one-for-thirty, and our Board subsequently approved the January 2026 Reverse Stock Split at the ratio of one-for-twenty-eight. Following these approvals, we filed an amendment to our Charter with the Secretary of State of the State of Delaware to effect the January 2026 Reverse Stock Split as of 4:01 p.m. Eastern Time on January 23, 2026. Shares of our Common Stock began trading on a post-split basis on January 26, 2026. The January 2026 Reverse Stock Split had the effect of reducing the aggregate number of outstanding shares of Common Stock from 15,960,229 outstanding shares on a pre-reverse split basis as of January 23, 2026 to a total of 570,002 shares outstanding on a post-reverse split basis as of January 23, 2026.
Current wording
On January 15, 2026, our stockholders approved the January 2026 Reverse Stock Split within a range of not less than one-for-two and not more than one-for-thirty, and our Board of Directors subsequently approved the January 2026 Reverse Stock Split at the ratio of one-for-twenty-eight. Following these approvals, we filed an amendment to our Amended and Restated Certificate of Incorporation, as amended, with the Secretary of State of the State of Delaware to effect the January 2026 Reverse Stock Split as of 4:01 p.m. Eastern Time on January 23, 2026. Shares of our Common Stock began trading on a post-split basis on January 26, 2026. The January 2026 Reverse Stock Split had the effect of reducing the aggregate number of outstanding shares of Common Stock from 15,960,229 outstanding shares on a pre-reverse split basis as of January 23, 2026 to a total of 570,002 shares outstanding on a post-reverse split basis as of January 23, 2026.
Previous wording
The April 2025 Pre-Funded Warrants were exercisable for one share of Common Stock at a price of $0.0028 per share, were exercisable immediately and expired when exercised in full. Each Series E Common Warrant is exercisable into one share of Common Stock at a price per share of $89.60 and is immediately exercisable. The Series E-1 Common Warrants will expire on the five-year anniversary of the date of issuance. The Series E-2 Common Warrants will expire on the 18-month anniversary of the date of issuance. The Series E-3 Common Warrants will expire on the nine-month anniversary of the date of issuance.
Current wording
The April 2025 Pre-Funded Warrants were exercisable for one share of Common Stock at a price of $0.0028 per share, were exercisable immediately and expired when exercised in full. Each Series E Common Warrant is exercisable into one share of Common Stock at a price per share of $89.60 and is immediately exercisable. The Series E-1 Common Warrants will expire on the five-year anniversary of the date of issuance. The Series E-2 Common Warrants will expire on the 18-month anniversary of the date of issuance. The Series E-3 Common Warrants expired on the nine-month anniversary of the date of issuance.
Previous wording
As of March 31, 2026, we have sold 1,147,367 shares of our Common Stock in the ATM Offering at a weighted-average price of $11.32 per share, raising $13.0 million of gross proceeds and net proceeds of $12.4 million, after deducting commissions to the sales agent and other ATM Offering related expenses. During the three months ended March 31, 2026, we sold 1,087,364 shares of Common Stock in the ATM Offering at a weighted average price of $6.27 per share for gross proceeds of $6.8 million and net proceeds of $6.5 million.
Current wording
As of June 30, 2026, we have sold 1,748,549 shares of our Common Stock in the ATM Offering at a weighted-average price of $8.22 per share, raising $14.4 million of gross proceeds and net proceeds of $13.7 million, after deducting commissions to the sales agent and other ATM Offering related expenses. During the three months ended June 30, 2026, we sold 601,182 shares of Common Stock in the ATM Offering at a weighted average price of $2.32 per share for gross proceeds of $1.4 million and net proceeds of $1.3 million. During the six months ended June 30, 2026, we sold 1,688,546 shares of Common Stock in the ATM Offering at a weighted average price of $4.86 per share for gross proceeds of $8.2 million and net proceeds of $7.9 million.
Previous wording
Research and development expenses were $0.4 million and $1.6 million for the three months ended March 31, 2026 and 2025, respectively. The $1.2 million decrease in research and development expenses was primarily due to a decrease of $1.1 million in expenses related to the registration development program of GRI-0621 due to the completion of the Phase 2a clinical trial and a $0.1 million decrease in consulting fees.
Current wording
Research and development expenses were $0.4 million and $1.9 million for the three months ended June 30, 2026 and 2025, respectively. The $1.5 million decrease in research and development expenses was primarily due to a decrease of $1.5 million in expenses related to the registration development program of GRI-0621 due to the completion of the Phase 2a clinical trial.
Previous wording
General and administrative expenses were $1.6 million and $1.4 million for the three months ended March 31, 2026 and 2025, respectively. The $0.2 million increase was primarily related to a $0.1 million decrease in personnel expenses, including stock-based compensation expenses, offset by a $0.4 million increase in public company expenses.
Current wording
General and administrative expenses were $1.2 million and $1.0 million for the three months ended June 30, 2026 and 2025, respectively. The $0.2 million increase was primarily related to a $0.1 million decrease in personnel expenses, including stock-based compensation expenses, offset by a $0.2 million increase in public company expenses.
Previous wording
Since inception, we have incurred losses and expect to continue to incur losses for the foreseeable future. We incurred net losses of $2.0 million and $3.0 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, we had an accumulated deficit of $53.7 million.
Current wording
Since inception, we have incurred losses and expect to continue to incur losses for the foreseeable future. We incurred net losses of $3.6 million and $5.9 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, we had an accumulated deficit of $55.3 million.
Previous wording
We have financed our working capital requirements to date through the issuance of Common Stock, warrants, convertible notes and promissory notes. As of March 31, 2026, we had $11.0 million in cash.
Current wording
We have financed our working capital requirements to date through the issuance of Common Stock, warrants, convertible notes and promissory notes. As of June 30, 2026, we had $10.9 million in cash.
Previous wording
For the three months ended March 31, 2026 and 2025, $3.7 million and $1.7 million were used in operating activities, respectively. The $1.9 million increase was primarily due to a $1.8 million increase in cash used for accounts payable, a $0.9 million increase in cash used for accrued expenses, a $0.2 million increase in non-cash adjustments, primarily related to stock-based compensation expenses, and $0.1 million decrease in cash used for prepaid and other assets and operating lease liabilities, offset by a $1.0 million decrease in net loss.
Current wording
For the six months ended June 30, 2026 and 2025, $5.1 million and $4.9 million were used in operating activities, respectively. The $0.2 million increase was primarily due to a $1.7 million increase in cash used for accounts payable, a $0.5 million increase in cash used for accrued expenses, a $0.2 million decrease in non-cash adjustments, primarily related to stock-based compensation expenses, and $0.2 million decrease in cash used for prepaid and other assets and operating lease liabilities, offset by a $2.3 million decrease in net loss.
Previous wording
Net cash provided by financing activities was $6.5 million for the three months ended March 31, 2026 and was primarily related to $6.8 million in proceeds from the ATM Offering, offset by $0.3 million of stock issuance costs.
Current wording
Net cash provided by financing activities was $7.8 million for the six months ended June 30, 2026 and was primarily related to $8.2 million in proceeds from the ATM Offering, offset by $0.4 million of stock issuance costs.
Previous wording
As of March 31, 2026, we have sold 1,147,367 shares of our Common Stock in the ATM Offering at a weighted-average price of $11.32 per share, raising $13.0 million of gross proceeds and net proceeds of $12.4 million, after deducting commissions to the sales agent and other ATM Offering related expenses. On January 30, 2026, we filed a prospectus supplement to our registration statement on Form S-3 (File No. 333-279348) to increase the amount of shares of Common Stock that we may offer and sell under the Sales Agreement and applicable registration statement to an aggregate offering price of up to $60.0 million, which amount does not include the shares of Common Stock having an aggregate gross sales price of approximately $12.6 million that were sold under the ATM Offering through January 29, 2026, in accordance with the limitations set forth in Instruction I.B.6 of Form S-3.
Current wording
As of June 30, 2026, we have sold 1,748,549 shares of our Common Stock in the ATM Offering at a weighted-average price of $8.22 per share, raising $14.4 million of gross proceeds and net proceeds of $13.7 million, after deducting commissions to the sales agent and other ATM Offering related expenses. On January 30, 2026, we filed a prospectus supplement to our registration statement on Form S-3 (File No. 333-279348) to increase the amount of shares of Common Stock that we may offer and sell under the Sales Agreement and applicable registration statement to an aggregate offering price of up to $60.0 million, which amount does not include the shares of Common Stock having an aggregate gross sales price of approximately $12.6 million that were sold under the ATM Offering through January 29, 2026, in accordance with the limitations set forth in Instruction I.B.6 of Form S-3.
Previous wording
Our net losses were $2.0 million and $3.0 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, we had $11.0 million in cash and an accumulated deficit of $53.7 million. We expect to devote substantial financial resources to our planned activities, particularly as we prepare for, initiate, and conduct our planned clinical trials of GRI-0621 and GRI-0803, advance our discovery programs and continue our product development efforts. In addition, we expect to incur additional costs associated with operating as a public company.
Current wording
Our net losses were $3.6 million and $5.9 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, we had $10.9 million in cash and an accumulated deficit of $55.3 million. We expect to devote substantial financial resources to our planned activities, particularly as we prepare for, initiate, and conduct our planned clinical trials of GRI-0621 and GRI-0803, advance our discovery programs and continue our product development efforts. In addition, we expect to incur additional costs associated with operating as a public company.
Previous wording
Based on our current operating plan, we believe that our existing cash and cash equivalents will be sufficient to fund our currently planned operating expenses and capital expenditure requirements into the second quarter of 2027. In particular, these estimates assume only the continuation of preliminary work towards the initiation of a Phase 2b trial of GRI-0621; we would require substantial additional capital or resources in order to complete a Phase 2b clinical trial of GRI-0621.
Current wording
Based on our current operating plan, we believe that our existing cash and cash equivalents will be sufficient to fund out currently planned operating expenses and capital expenditure requirements through the second quarter of 2027. However, this estimate assumes that we only continue the preliminary work towards the initiation of additional clinical studies of GRI-0621; we would not be able to complete the additional clinical studies for GRI-0621, which will require substantial additional capital or resources.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
The following table summarizes the results of our operations for the periods indicated (in thousands):
Current report — wording carried from elsewhere
Net cash provided by financing activities was $5.0 million for the six months ended June 30, 2025 and was primarily related to the $5.0 million in proceeds from the April 2025 Offering and $0.9 million in proceeds from the ATM Offering, offset by $0.9 million of stock issuance costs.