The Phase 2a data is encouraging but the stock is a micro-cap ($3M market cap) with no revenue and high dilution risk. The EPS beat is a mechanical artifact of a tiny base. Watch for next financing event (cash only lasts into Q2 2027) and any partnership or regulatory update for GRI-0621.
Price Chart
Executive Summary
GRI Bio reported Q1 2026 financial results with a net loss of $2.0M (improved from $3.0M in Q1 2025) and cash of $11.0M, sufficient into Q2 2027. The filing also highlighted new Phase 2a data for GRI-0621 in IPF showing zero cough, reduced dyspnea, and 61% less diarrhea versus placebo, suggesting potential to mitigate nintedanib-related GI toxicities. The company raised $6.8M via its ATM facility in Q1 2026.
Key Financial Metrics
Key Facts
- Net loss of $2.0M for Q1 2026 vs $3.0M in Q1 2025
- Cash and cash equivalents of $11.0M as of March 31, 2026, up from $8.2M at Dec 31, 2025
- Cash runway into Q2 2027
- Phase 2a data for GRI-0621 in IPF showed zero cough, 76% reduction in dyspnea, 61% less diarrhea vs placebo
- Raised $6.8M in gross proceeds from ATM facility in Q1 2026
- R&D expenses fell to $0.4M from $1.6M YoY due to completion of Phase 2a trial
- EPS of -$1.61 vs consensus of -$3.74 (57% beat) but on a tiny base
- No revenue reported (pre-revenue clinical-stage biotech)
Financial Impact
Net loss improved $1.0M YoY; cash position increased $2.8M QoQ; $6.8M ATM raise completed
Risk Factors
- Nasdaq listing compliance risk (micro-cap with $3M market cap)
- Dilution from ATM facility and future capital raises
- Phase 2a data may not replicate in larger pivotal trials
- No revenue and high cash burn rate relative to market cap
- Forward-looking statements note substantial capital needed for Phase 2b trial
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001824293-26-000046 |
| Exhibit: ex991_pressreleaseq126earn.htm | 0001824293-26-000046 |
| Document: 0001824293-26-000046-index-headers.html | 0001824293-26-000046 |
| Document: 0001824293-26-000046-index.html | 0001824293-26-000046 |
| Document: 0001824293-26-000046.txt | 0001824293-26-000046 |
| 8-K Data (Synthetic) | 0001824293-26-000046 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 18, 2026 18w ago | 8-K | $1.87 $1.82 | ▼ −2.67% | ▼ −4.42% | $1.58 (−15.51%) |
May 14, 2026 23w ago | 8-K | $2.15 $1.70 | ▼ −20.93% | ▼ −24.52% | $1.58 (−26.51%) |
US Market Status
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