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GRI Bio, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $2,123,000, compared to a net loss of $2,137,000 for the same quarter the previous year.
Research and development expenses for the quarter were $1,130,000, slightly down from $1,189,000 in the previous year, primarily due to decreased personnel expenses.
General and administrative expenses were $1,000,000, down from $1,250,000, mainly due to a decrease in stock-based compensation expenses.
The company reported no significant change in the fair value of its warrant liability during the quarter.
GRI Bio's cash and cash equivalents increased to $4,746,000 as of September 30, 2024, from $1,808,000 at the beginning of the year, primarily due to financing activities.
The company raised $9,550,000 from financing activities during the nine months ended September 30, 2024, including proceeds from securities purchase agreements and at-the-market offerings.
GRI Bio continues to focus on developing its lead product candidate, GRI-0621, for the treatment of severe fibrotic lung diseases, with plans for a Phase 2a biomarker study.
The company acknowledges it will need additional funding to continue operations beyond the first quarter of 2025 and intends to raise capital through equity or debt arrangements.
GRI Bio's management has identified substantial doubt about the company's ability to continue as a going concern for the next year without additional financing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GRI Bio Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.