Liquidity remains under pressure as evidenced by a 2026Q1 free cash flow burn of $3.7 million, which significantly outpaces the company's net income loss of $2.0 million.
| Cash from Operations | -12.13M | -10.19M | -8.61M | -8.99M | -1.08M | -847K | -3.71M | -2.88M | -2.37M |
| Operating CF Margin % | - | - | -38.21% | - | - | - | -3706% | - | - |
| Operating CF Growth % | -210.75% | -18.29% | 4.22% | -728.57% | -28.1% | 77.15% | -28.51% | -21.63% | - |
| Net Income | -10.68M | -11.96M | -8.21M | -13.04M | -3.22M | -1.56M | -4.82M | -3.46M | -4.31M |
| Depreciation & Amortization | 4K | 4K | 4K | 4K | 3K | 49K | 75K | 735 | 612 |
| Stock-Based Compensation | 573K | 793K | 148K | 388K | 25K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 81K | 48K | -108K | 1.98M | 589K | 100K | 154K | 420.35K | 1.48M |
| Working Capital Changes | -1.89M | 925K | -448K | 1.68M | 1.51M | 563K | 887K | 159.67K | 461.31K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.18M | 663K | -387K | 2.16M | 897K | 54K | 980K | -40.28K | 286.61K |
| Cash from Investing | -3K | -3K | 0 | -8K | -3K | 0 | -2K | 0 | -2.2K |
| Capital Expenditures | -3K | -3K | -396K | -8K | -3K | 0 | -2K | 0 | -2.2K |
| CapEx % of Revenue | - | - | 1.76% | - | - | - | 2% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 396K | 0 | 0 | 3.84M | 0 | 0 | 0 |
| Cash from Financing | 19.91M | 13.39M | 11.83M | 10.8M | 1.01M | 600K | -4K | 6.09M | 2.99M |
| Debt Issued (Net) | 0 | 0 | 0 | 1.25M | 1.25M | 500K | -4K | 1.11M | 0 |
| Equity Issued (Net) | 22.07M | 15.56M | 13.1M | 12.25M | -124K | 100K | 0 | 4.98M | 2.99M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -1K | -1K | 0 | -124K | 0 | 0 | 0 | 0 |
| Other Financing | -2.16M | -2.17M | -1.27M | -2.7M | -119K | 0 | 0 | 0 | 0 |
| Net Change in Cash | 7.77M | 3.2M | 3.22M | 1.8M | -81K | -247K | -3.71M | 3.21M | 612.65K |
| Free Cash Flow | -11.95M | -10.19M | -8.61M | -9M | -1.09M | -847K | -3.71M | -2.88M | -2.37M |
| FCF Margin % | - | - | -38.21% | - | - | - | -3708% | - | - |
| FCF Growth % | -24.89% | -18.33% | 4.3% | -727.02% | -28.45% | 77.16% | -28.58% | -21.51% | - |
| FCF per Share | -9.63 | -103.80 | -1315.46 | -5702.15 | -937.93 | -73.00 | -4161.62 | -3236.52 | -2663.54 |
| FCF Conversion (FCF/Net Income) | 1.12x | 0.85x | 1.05x | 0.69x | 0.34x | 0.09x | 1.46x | 0.83x | 0.55x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical Trial Funding Shortfall
As reported in financial statements, GRI's operating cash flow consistently trails net income, with the OCF/NI ratio reaching 1.84 in 2026Q1, indicating that cash burn is significantly outpacing accounting losses due to the ongoing requirements of clinical-stage research and development activities.
The persistent gap between net income and operating cash flow suggests that non-cash expenses are not the primary driver of the firm's cash position. Instead, the data implies that the company is consuming cash at a rate that exceeds its reported accounting losses, likely due to the timing of clinical trial payments and operational overhead.
Based on GRI's reported figures, the company has maintained a negative free cash flow trajectory over the last ten quarters, with the most recent 2026Q1 outflow of $3.7 million highlighting the intensifying pressure on the firm's limited liquidity to sustain its R&D pipeline.
The absence of positive free cash flow is expected for a clinical-stage entity, yet the volatility in quarterly outflows suggests a lack of predictable cost control. Investors should monitor whether these fluctuations represent the lumpy nature of clinical trial milestones or an underlying inability to manage operational expenses.
According to recent SEC filings, GRI's working capital movements have been highly erratic, swinging from a $1.1 million inflow in 2025Q1 to a $1.7 million outflow in 2026Q1, which complicates the company's ability to forecast its remaining cash runway with any degree of certainty.
These swings in working capital appear to be driven by the timing of vendor payments and clinical research organization obligations rather than core business efficiency. This volatility suggests that the company's liquidity position is highly sensitive to the timing of its research-related liabilities.
Based on the provided data, the company's cash flow statement obscures the true extent of its financing needs, as the consistent reliance on equity-based compensation and potential warrant revaluations may mask the underlying cash burn required to keep the NKT cell platform operational.
The reliance on stock-based compensation, while non-cash, may indicate a strategy to preserve cash that could otherwise be used for clinical development. Analysts should investigate whether the current cash position is sufficient to reach the next major clinical milestone without further dilutive capital raises.
Quick answers to the most common questions about buying GRI stock.
GRI Bio, Inc. (GRI) generated $-10.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
GRI Bio, Inc. (GRI) reported negative free cash flow of $10.2M in 2025, indicating capital requirements exceeded cash from operations.
GRI Bio, Inc. (GRI) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, GRI Bio, Inc. (GRI) spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.