The company has generated zero revenue over the past ten quarters while sustaining significant operating losses, including a $2.0 million loss in 2026Q1 driven by intensive R&D spending.
| Sales/Revenue | 0 | 0 | 22.54M | 0 | 0 | 0 | 100K | 0 | 0 |
| Revenue Growth % | - | -100% | - | - | - | -100% | - | - | - |
| Cost of Goods Sold | 2K | 0 | 4K | 57K | 50K | 73K | 0 | 735 | 612 |
| COGS % of Revenue | - | - | 0.02% | - | - | - | - | - | - |
| Gross Profit | -1K | 0 | -4K | -57K | -50K | -73K | 0 | -735 | -612 |
| Gross Margin % | - | - | -0.02% | - | - | - | - | - | - |
| Gross Profit Growth % | - | 100% | 92.98% | -14% | 31.51% | - | 100% | -20.1% | - |
| Operating Expenses | 10.93M | 11.98M | 8.23M | 11.33M | 2.19M | 9.19M | 1.46M | 3.15M | 4.31M |
| OpEx % of Revenue | - | - | 36.52% | - | - | - | 1459% | - | - |
| Selling, General & Admin | 5.29M | 5.16M | 4.46M | 8.1M | 1.95M | 4M | 1.2M | 1.27M | 800.08K |
| SG&A % of Revenue | - | - | 19.8% | - | - | - | 1195% | - | - |
| Research & Development | 5.64M | 6.82M | 3.77M | 3.23M | 242K | 5.19M | 264K | 1.88M | 3.51M |
| R&D % of Revenue | - | - | 16.72% | - | - | - | 264% | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -10.7M | -11.98M | -8.23M | -11.39M | -2.24M | -9.26M | -1.46M | -3.15M | -4.31M |
| Operating Margin % | - | - | -36.54% | - | - | - | -1459% | - | - |
| Operating Income Growth % | - | -45.44% | 27.68% | -408.58% | 75.82% | -534.61% | 53.75% | 26.87% | - |
| EBITDA | -10.69M | -11.97M | -8.23M | -11.33M | -2.19M | -9.19M | -1.46M | -3.15M | -4.31M |
| EBITDA Margin % | - | - | -36.52% | - | - | - | -1456% | - | - |
| EBITDA Growth % | -6.62% | -45.46% | 27.35% | -417.59% | 76.17% | -530.91% | 53.83% | 26.88% | - |
| D&A (Non-Cash Add-back) | 4K | 4K | 4K | 57K | 50K | 73K | 3K | 735 | 612 |
| EBIT | -10.92M | -11.98M | -8.21M | -10.96M | -2.56M | -9.29M | -1.46M | -3.27M | -4.31M |
| Net Interest Income | 21K | 21K | 25K | -2.08M | -653K | -16K | -34K | -197.03K | 1.06K |
| Interest Income | 21K | 21K | 25K | 0 | 0 | 0 | 0 | 0 | 1.06K |
| Interest Expense | 0 | 0 | 0 | 2.08M | 653K | 16K | 34K | 197.03K | 0 |
| Other Income/Expense | 21K | 21K | 28K | -1.65M | -978K | -44K | -1.07M | -310.07K | 1.06K |
| Pretax Income | -10.91M | -11.96M | -8.21M | -13.04M | -3.22M | -9.3M | -2.53M | -3.46M | -4.31M |
| Pretax Margin % | - | - | -36.41% | - | - | - | -2531% | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -10.68M | -11.96M | -8.21M | -13.04M | -3.22M | -9.3M | -2.53M | -3.46M | -4.31M |
| Net Margin % | - | - | -36.41% | - | - | - | -2531% | - | - |
| Net Income Growth % | -6.65% | -45.68% | 37.05% | -305.25% | 65.42% | -267.56% | 26.94% | 19.67% | - |
| Net Income (Continuing) | -10.91M | -11.96M | -8.21M | -13.04M | -3.22M | -9.3M | -2.53M | -3.46M | -4.31M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -8.60 | -121.80 | -1545.88 | -140450.24 | -47135.48 | -2827.16 | -4693.64 | -660968.00 | -822780.00 |
| EPS Growth % | 93.49% | 92.12% | 98.9% | -197.97% | -1567.24% | 39.77% | 99.29% | 19.67% | - |
| EPS (Basic) | - | -121.80 | -1545.88 | -140450.24 | -47135.48 | -2827.16 | -4693.64 | -660968.00 | -822780.00 |
| Diluted Shares Outstanding | 1.24M | 98.16K | 6.55K | 1.58K | 1.16K | 11.6K | 891 | 891 | 891 |
| Basic Shares Outstanding | 1.24M | 98.16K | 6.55K | 1.58K | 1.16K | 11.6K | 891 | 891 | 891 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Clinical Trial Funding Shortfall
As indicated by the company's financial disclosures, GRI Bio has maintained a consistent lack of revenue generation over the past ten quarters, reflecting its status as a pre-commercial clinical-stage entity with no current product sales or licensing income to offset its ongoing research and development expenditures.
The absence of top-line growth underscores the company's total reliance on external capital markets to fund its pipeline. Investors should note that the lack of revenue is a structural feature of its current development phase rather than a temporary operational setback.
Based on reported income statements, GRI's cost structure is dominated by R&D spending, which reached $1.8 million in 2025Q3, highlighting the significant capital requirements necessary to advance its NKT cell modulation platform through the current Phase II clinical trials for idiopathic pulmonary fibrosis.
The firm's expense discipline appears constrained by the mandatory nature of clinical trial costs, which fluctuate based on enrollment milestones. This high fixed-cost burden necessitates a clear path to clinical validation to justify the ongoing burn rate.
According to recent quarterly filings, the company's operating income has remained consistently negative, with losses reaching $3.4 million in 2025Q3, demonstrating that the firm lacks the scale to achieve operating leverage while it continues to prioritize pipeline development over commercialization or cost-efficient administrative scaling.
The persistent gap between R&D investment and the absence of revenue suggests that operating losses will likely continue until a major clinical catalyst or partnership is achieved. The lack of positive operating margins is a standard, albeit risky, characteristic of this developmental stage.
As reported in financial statements, the company's cash position of $8.2 million, when measured against quarterly operating losses often exceeding $2 million, suggests a precarious runway that may force management to seek dilutive financing or strategic partnerships sooner than the market currently anticipates for its pipeline.
Short-term liquidity concerns appear to be the primary risk factor, as the current burn rate leaves little margin for error in clinical trial execution. Investors should monitor the potential for further equity dilution, which remains a significant threat to existing shareholder value.
Quick answers to the most common questions about buying GRI stock.
For fiscal year 2025, GRI Bio, Inc. (GRI) reported total revenue of $0.0M.
GRI Bio, Inc. (GRI) reported a net loss of $12.0M for the fiscal year ending 2025.