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GRI Bio Inc. (GRI-0.17%) has submitted its Annual Report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing provides an overview of GRI Bio's business, which focuses on discovering, developing, and commercializing therapies targeting serious diseases associated with dysregulated immune responses. The company's lead product candidate, GRI-0621, is being developed for the treatment of severe fibrotic lung diseases such as idiopathic pulmonary fibrosis (IPF).
GRI Bio reported a net loss of $8.2 million for the year ended December 31, 2024, compared to a net loss of $13.0 million for the previous year. The decrease in net loss was primarily due to a reduction in general and administrative expenses.
Research and development expenses increased to $3.8 million in 2024 from $3.2 million in 2023, largely due to increased expenses related to the development program for GRI-0621.
General and administrative expenses decreased to $4.5 million in 2024 from $8.2 million in 2023. This reduction was mainly attributed to a decrease in accounting, legal, and other fees related to the merger and costs associated with being a public company.
GRI Bio's cash and cash equivalents totaled $5.0 million as of December 31, 2024. The company anticipates that its existing cash resources will be sufficient to fund operations into the second quarter of 2025.
During 2024, GRI Bio engaged in several financing activities, including a public offering and an at-the-market offering, raising a total of $11.8 million in net proceeds.
The company acknowledges its dependence on additional capital to continue operations and fund ongoing development programs. GRI Bio plans to raise further capital through equity offerings and other financing arrangements.
GRI Bio's management has identified a material weakness in internal control over financial reporting related to the computation of a non-cash deemed dividend. The company is implementing a plan to remediate this weakness.
The filing also details the company's intellectual property strategy, regulatory environment, and potential risks, including those related to financial position, research and development, commercialization, and intellectual property.
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. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.