The company maintains a pre-revenue profile with consistent operating losses, most recently recording a $3.0 million operating loss in 2026Q4 despite a significant reduction in quarterly R&D expenditures.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Feb'16 | Feb'15 | Feb'14 | Feb'13 | Feb'12 | Feb'11 | Feb'10 | Feb'09 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 309.32K | 0 | 0 | 0 | 0 | 39.2K | 300.5K | 450.16K | 707.39K | 10.47K | 29.04K | 0 | 0 |
| Revenue Growth % | - | - | - | - | -100% | - | - | - | - | -100% | -86.96% | -33.25% | -36.36% | 6653.17% | -63.93% | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 119.94K | 0 | 3.12M | 2.68M | 1.93M | 2.58M | 187.9K | 262.3K | 396.94K | 5.11K | 0 | 8.58K | 2.81K |
| COGS % of Revenue | - | - | - | - | - | 38.77% | - | - | - | - | 6575.12% | 62.53% | 58.27% | 56.11% | 48.74% | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 189.38K | 0 | -3.12M | -2.68M | -1.93M | -2.54M | -2.55M | 187.86K | 310.45K | 5.37K | 29.04K | -8.58K | -2.81K |
| Gross Margin % | - | - | - | - | - | 61.22% | - | - | - | - | -6475.12% | -849.81% | 41.73% | 43.89% | 51.25% | 100% | - | - |
| Gross Profit Growth % | - | - | - | - | -100% | - | 100% | -16.35% | -39.38% | 24.14% | 0.61% | -1459.38% | -39.49% | 5683.36% | -81.52% | 438.42% | -205.92% | - |
| Operating Expenses | 11.08M | 23.75M | 17.44M | 70.54M | 19.48M | 26.1M | 48.83M | 34.41M | 15.25M | 5.96M | 7.03M | 9.72M | 9.89M | 7.13M | 6.56M | 3.22M | 1.54M | 941.67K |
| OpEx % of Revenue | - | - | - | - | - | 8438.28% | - | - | - | - | 17942.87% | 3234.2% | 2197.9% | 1007.68% | 62587.19% | 11080.25% | - | - |
| Selling, General & Admin | 8.66M | 10.2M | 9.02M | 11.11M | 12.22M | 10.5M | 16.91M | 4.29M | 3.12M | 575.95K | 1.51M | 2.86M | 4.45M | 4.19M | 3.55M | 1.64M | 408.59K | 434.46K |
| SG&A % of Revenue | - | - | - | - | - | 3395.41% | - | - | - | - | 3851.93% | 950.32% | 988.16% | 592.18% | 33888.94% | 5664.38% | - | - |
| Research & Development | 2.4M | 13.54M | 6.35M | 13.49M | 6.95M | 6.59M | 31.92M | 29.37M | 12.13M | 5.38M | 5.58M | 7.05M | 5.45M | 2.94M | 3.12M | 1.57M | 1.12M | 506.81K |
| R&D % of Revenue | - | - | - | - | - | 2129.09% | - | - | - | - | 14244.23% | 2346.41% | 1209.75% | 415.5% | 29811.74% | 5415.87% | - | - |
| Other Operating Expenses | 7K | 9.97K | 2.07M | 45.95M | 311.12K | 9.01M | 0 | 741K | 0 | 0 | -60.08K | -187.9K | 0 | 0 | -116.64K | 0 | 9.06K | 400 |
| Operating Income | -11.08M | -23.75M | -17.44M | -70.54M | -19.48M | -25.91M | -48.83M | -34.41M | -15.25M | -7.88M | -7.09M | -9.91M | -9.71M | -6.82M | -6.55M | -3.19M | -1.54M | -944.47K |
| Operating Margin % | - | - | - | - | - | -8377.05% | - | - | - | - | -18096.16% | -3296.73% | -2156.17% | -963.79% | -62535.93% | -10980.25% | - | - |
| Operating Income Growth % | 53.37% | -36.19% | 75.28% | -262.16% | 24.83% | 46.94% | -41.93% | -125.59% | -93.47% | -11.14% | 28.4% | -2.07% | -42.37% | -4.08% | -105.44% | -107.23% | -62.92% | - |
| EBITDA | -11.07M | -23.74M | -17.39M | -70.37M | -19.17M | -24.45M | -44.2M | -32.07M | -13.18M | -5.96M | -5.33M | -8.04M | -8.11M | -6.17M | -5.88M | -2.5M | -1.53M | -941.67K |
| EBITDA Margin % | - | - | - | - | - | -7905.63% | - | - | - | - | -13587.18% | -2675.68% | -1802.02% | -871.96% | -56122.92% | -8620.53% | - | - |
| EBITDA Growth % | 53.38% | -36.56% | 75.29% | -267.16% | 21.62% | 44.67% | -37.8% | -143.3% | -121.26% | -11.87% | 33.76% | 0.88% | -31.51% | -4.92% | -134.84% | -63.61% | -62.49% | - |
| D&A (Non-Cash Add-back) | 7K | 9.97K | 54.28K | 167.71K | 0 | 1.46M | 4.64M | 2.33M | 2.07M | 1.93M | 1.77M | 1.87M | 1.59M | 649.6K | 671.76K | 685.26K | 8.62K | 2.81K |
| EBIT | -11.08M | -23.75M | -15.43M | -24.68M | -19.17M | -16.91M | -50.49M | -39.09M | -16.37M | -7.88M | -4.66M | -9.91M | -10.44M | -6.73M | -6.53M | -3.07M | -1.54M | -920.88K |
| Net Interest Income | 685K | 711K | 911K | 246K | 77K | -197.23K | 60.78K | -571.52K | -299.31K | 47.12K | 52.39K | 66.34K | 34.21K | 43.52K | 34.38K | 10.61K | 18.6K | 21.5K |
| Interest Income | 685K | 711K | 911K | 246K | 77K | 134.42K | 474.96K | 479.17K | 72.31K | 87.9K | 53.87K | 69.53K | 34.21K | 46.15K | 43.39K | 12.04K | 19.03K | 21.5K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 331.65K | 414.18K | 1.05M | 371.62K | 40.79K | 1.48K | 3.24K | 876 | 2.62K | 9.01K | 1.43K | 432 | 0 |
| Other Income/Expense | 1.58M | 5.57M | -2.49M | 248.87K | 6.4M | -5.14M | -2.15M | -4.96M | -1.4M | -116.74K | 3.08M | 8.58M | -729.73K | 85.35K | 11.98K | 0 | 0 | 22.37K |
| Pretax Income | -9.49M | -18.18M | -19.93M | -70.29M | -13.08M | -31.05M | -50.98M | -39.37M | -16.65M | -8M | -4.66M | -1.32M | -10.44M | -6.73M | -6.54M | -2.98M | -1.5M | -922.1K |
| Pretax Margin % | - | - | - | - | - | -10039.81% | - | - | - | - | -11892.78% | -440.18% | -2318.28% | -951.73% | -62421.58% | -10254.08% | - | - |
| Income Tax | -1.7M | -4.56M | -2.49M | -12.91M | -809.66K | 0 | 0 | 0 | 0 | -90.72K | -175.7K | -293.46K | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 17.91% | 25.06% | 12.48% | 18.36% | 6.19% | 0% | 0% | 0% | 0% | 1.13% | 3.77% | 22.19% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -7.79M | -13.63M | -17.44M | -57.39M | -12.27M | -31.05M | -50.98M | -39.37M | -16.65M | -7.91M | -4.66M | -1.32M | -10.44M | -6.73M | -6.54M | -3.08M | -1.51M | -922.1K |
| Net Margin % | - | - | - | - | - | -10039.81% | - | - | - | - | -11892.78% | -440.18% | -2318.28% | -951.73% | -62421.58% | -10591.92% | - | - |
| Net Income Growth % | 42.81% | 21.88% | 69.61% | -367.75% | 60.49% | 39.08% | -29.5% | -136.41% | -110.53% | -69.67% | -252.42% | 87.32% | -55.01% | -2.96% | -112.58% | -103.93% | -63.57% | - |
| Net Income (Continuing) | -7.79M | -13.63M | -17.44M | -57.39M | -12.27M | -31.05M | -50.98M | -39.37M | -16.65M | -7.91M | -4.66M | -1.32M | -10.44M | -6.73M | -6.54M | -3.08M | -1.51M | -922.1K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.47 | -1.13 | -1.83 | -7.72 | -2.02 | -12.59 | -28.78 | -46.58 | -59.30 | -34.22 | -29.48 | -9.59 | -71.28 | -43.35 | -47.79 | -28.35 | -33.66 | -8.70 |
| EPS Growth % | 58.41% | 38.25% | 76.3% | -282.18% | 83.96% | 56.25% | 38.21% | 21.45% | -73.29% | -16.08% | -207.4% | 86.55% | -64.43% | 9.29% | -68.57% | 15.78% | -286.9% | - |
| EPS (Basic) | -0.47 | -1.13 | -1.83 | -7.72 | -2.02 | -12.59 | -28.78 | -46.58 | -59.30 | -34.22 | -29.48 | -10.66 | -71.28 | -43.35 | -47.79 | -28.35 | -33.66 | -8.70 |
| Diluted Shares Outstanding | 16.51M | 12.09M | 9.53M | 7.44M | 6.14M | 2.47M | 1.76M | 1.13M | 364.3K | 231.13K | 222.08K | 221.2K | 175.77K | 151.57K | 140.06K | 106.88K | 45.02K | 134.24K |
| Basic Shares Outstanding | 16.51M | 12.09M | 9.53M | 7.44M | 6.14M | 2.47M | 1.76M | 1.13M | 364.3K | 231.13K | 222.08K | 221.2K | 175.77K | 151.57K | 140.06K | 106.88K | 45.02K | 134.24K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Binary clinical trial outcome
As reported in recent financial statements, GRCE maintains a pre-revenue cost structure dominated by R&D expenditures, which peaked at $3.7 million in 2025Q1 before moderating to $420,000 by 2026Q4 as the company likely reached key milestones or constrained spending to preserve its limited cash reserves.
The significant reduction in R&D spending over the last several quarters suggests a potential shift in operational focus or a strategic pause in clinical activity. Investors should monitor whether this cost discipline reflects successful trial completion or a forced reduction in development velocity due to capital constraints.
Based on the company's reported figures, GRCE exhibits no operating leverage, as the firm continues to generate consistent operating losses, with the most recent quarterly operating loss reaching $3.0 million despite the absence of any meaningful revenue generation or scalable commercial infrastructure to offset fixed costs.
The lack of revenue means that every dollar spent on SG&A and R&D flows directly to the bottom line as a loss, highlighting the company's total dependence on external financing. This structure implies that until the lead asset, GTX-104, reaches commercialization, the company will remain highly sensitive to any inflationary pressure on clinical trial and administrative expenses.
According to SEC filings, the company's net income has experienced extreme volatility, including a anomalous positive net income of $905,700 in 2025Q4, which appears to be driven by non-operating items rather than core operational improvements, given the persistent underlying quarterly losses in all other reported periods.
The presence of non-operating gains in a pre-revenue entity warrants caution, as these figures often obscure the true cash burn rate required to sustain clinical operations. Analysts should focus on the operating loss trajectory rather than net income, as the latter is likely distorted by warrant revaluations or other accounting adjustments common in micro-cap biotech.
As indicated by the provided data, the company's cash position of $16.9 million appears insufficient to support sustained late-stage clinical development, suggesting that the firm may face significant dilution or liquidity challenges if a strategic partnership or additional capital raise is not secured in the near term.
The market may be underestimating the risk that the company's current cash runway is inadequate to reach the commercialization of GTX-104. If the company is forced to raise capital under unfavorable terms, the resulting equity dilution could significantly impair the long-term value for existing shareholders, regardless of the clinical success of the lead asset.
Quick answers to the most common questions about buying GRCE stock.
For fiscal year 2026, Grace Therapeutics, Inc. (GRCE) reported total revenue of $0.0M.
Grace Therapeutics, Inc. (GRCE) reported a net loss of $7.8M for the fiscal year ending 2026.