GRI Bio (GRI) Q4 2025 earnings summary

Executive summary

• Reported $8.2 million in cash and cash equivalents as of December 31, 2025, with an additional $6.5 million raised in January 2026, strengthening the balance sheet to fund operations into Q1 2027.

• Delivered strong Phase 2a clinical data for GRI-0621 in idiopathic pulmonary fibrosis, reinforcing clinical proof-of-concept and therapeutic differentiation.

• Advanced GRI-0803 for autoimmune indications through IND-enabling activities, expanding the pipeline.

Financial highlights

• Net loss was $12 million for the year ended December 31, 2025.

• Research and development expenses increased to $6.8 million in 2025 from $3.8 million in 2024, mainly due to higher costs for the GRI-0621 program.

• General and administrative expenses rose to $5.2 million in 2025 from $4.5 million in 2024, primarily due to increased personnel costs.

Outlook and guidance

• Cash position is expected to fund planned operations into the first quarter of 2027.

• Substantial additional capital will be required to fund a Phase 2b clinical trial of GRI-0621.