GRI Bio (GRI) Registration Filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company focused on therapies for inflammatory, fibrotic, and autoimmune disorders.

• Lead candidate GRI-0621 is an oral iNKT cell inhibitor, developed for idiopathic pulmonary fibrosis (IPF).

• Pipeline includes GRI-0803, a dNKT cell agonist for autoimmune diseases, and a proprietary library of 500+ compounds.

• Retains global development and commercialization rights for all pipeline assets.

Financial performance and metrics

• Net loss of $9.3 million for the nine months ended September 30, 2025; accumulated deficit of $49.0 million.

• Cash and cash equivalents of $4.1 million as of September 30, 2025.

• Research and development expenses increased to $5.2 million for the nine months ended September 30, 2025.

• General and administrative expenses were $4.1 million for the same period.

• Auditors expressed substantial doubt about ability to continue as a going concern.

Use of proceeds and capital allocation

• Estimated net proceeds of $8.6 million from the offering, assuming full exercise of pre-funded warrants and no exercise of Series F or Placement Agent Warrants.

• Proceeds intended for working capital, product candidate development, and general corporate purposes.

• Management has broad discretion over use of funds; actual allocation may vary based on business needs.