GRI Bio(GRI) - 2023 Q4 - Annual Results

Financial Performance - GRI Bio reported a net loss of $13.0 million for the fiscal year ended December 31, 2023[9]. - General and administrative expenses rose to$8.2 million in 2023 from $2.0 million in 2022, with a significant portion attributed to legal and accounting fees related to a merger[13]. Research and Development - Research and development expenses increased to$3.2 million in 2023 from $0.2 million in 2022, primarily due to a$1.9 million increase related to GRI-0621 development[12]. - GRI Bio is advancing its lead program GRI-0621 for the treatment of Idiopathic Pulmonary Fibrosis (IPF), with interim data expected in H1 2024 and topline data in H2 2024[1][10]. - The company received FDA clearance for its IND application for GRI-0621, allowing it to proceed with clinical trials[3]. - GRI Bio's second asset, GRI-0803, is in development for systemic lupus erythematosus (SLE), with an IND filing expected in H1 2024[1][11]. - The company has initiated a Phase 2a biomarker study for GRI-0621, with patient screening already commenced[3][6]. Funding and Financial Strategy - The company closed a public offering generating gross proceeds of $5.5 million, extending its cash runway into Q3 2024[1][14]. Intellectual Property and Collaborations - GRI Bio has received a notice of allowance for a Canadian patent covering its proprietary NKT cell modulators[3]. - The company is collaborating with the UK Consortia to enhance recruitment for the Phase 2a biomarker study in IPF patients[3].