GRI Bio (GRI) Q2 2024 earnings summary

Executive summary

• Clinical-stage biopharma focused on therapies for inflammatory, fibrotic, and autoimmune disorders, with lead candidate GRI-0621 in Phase 2a for idiopathic pulmonary fibrosis (IPF); interim data expected Q4 2024, topline Q1 2025.

• Encouraging preclinical and early clinical data for GRI-0621 and GRI-0803, targeting unmet needs in IPF and systemic lupus erythematosus (SLE).

• GRI-0803 program for autoimmune disorders paused pending additional funding; IND-enabling and Phase 1 program to continue in 2025 if funded.

• Expanded intellectual property with new patent grants and published key research in a leading medical journal.

Financial highlights

• Net loss of $4.1 million for the six months ended June 30, 2024, and $2.4 million for Q2 2024.

• Research and development expenses increased to $1.8 million for the six months ended June 30, 2024; $0.9 million for Q2 2024.

• General and administrative expenses decreased to $2.3 million for the six months ended June 30, 2024, and $1.4 million for Q2 2024.

• Cash and cash equivalents were $6.4 million as of June 30, 2024.

• Closed a public offering in June 2024, raising $4.0 million in gross proceeds.

Outlook and guidance

• Existing cash expected to fund operations into Q1 2025; substantial additional funding required for continued operations.

• Plans to raise capital through equity or debt; failure to secure funding may force operational reductions or cessation.

• GRI-0621 Phase 2a interim data readout on track for Q4 2024, topline data in Q1 2025.