Detailed financial statements for GRI Bio, Inc. (GRI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
GRI Bio, Inc., a clinical-stage biopharmaceutical company, focuses on discovering, developing, and commercializing therapies that target diseases leading to inflammatory, fibrotic, and autoimmune disorders in the United States. Its lead product candidate is GRI-0621, an oral inhibitor of type 1 Natural Killer T cells, which is in phase IIa clinical trial for the treatment of severe fibrotic lung diseases, such as idiopathic pulmonary fibrosis.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.81, GRI has negative trailing earnings (P/E not meaningful) and an ROE of -134.03%. Market capitalisation stands at $0M.
Balance sheet quality for GRI: current ratio of 3.3, net cash position of $8.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | $100000 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $612 | $735 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | -$612 | -$735 | 0 | 0 | 0 | 0 | 0 | 0 |
| Research & Development | $3.5M | $1.9M | $264000 | $249000 | $242000 | $3.2M | $3.8M | $6.8M |
| Selling, General & Admin | $800076 | $1.3M | $1.2M | $813000 | $2.0M | $8.2M | $4.5M | $5.2M |
| Operating Expenses | $4.3M | $3.2M | $1.5M | $1.1M | $2.2M | $11.4M | $8.2M | $12.0M |
| Operating Income | -$4.3M | -$3.2M | -$1.5M | -$1.1M | -$2.2M | -$11.4M | -$8.2M | -$12.0M |
| EBITDA | -$4.3M | -$3.3M | -$1.5M | -$1.1M | -$2.6M | -$11.0M | -$8.2M | -$12.0M |
| Interest Expense | 0 | $197026 | $34000 | $547000 | $653000 | $2.1M | 0 | 0 |
| Pre-tax Income | -$4.3M | -$3.5M | -$2.5M | -$1.6M | -$3.2M | -$13.0M | -$8.2M | -$12.0M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$4.3M | -$3.5M | -$2.5M | -$1.6M | -$3.2M | -$13.0M | -$8.2M | -$12.0M |
| EPS | $-822780.00 | $-660968.00 | $-4693.64 | $-2827.16 | $-47135.48 | $-140450.24 | $0.33 | $-121.80 |
| EPS (Diluted) | $-822780.00 | $-660968.00 | $-4693.64 | $-2827.16 | $-47135.48 | $-140450.24 | $0.33 | $-121.80 |
| Shares Outstanding (Diluted) | $891 | $891 | $891 | $11602 | $1160 | $1578 | $4.9M | $98162 |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$3.4M | -$2.7M | -$2.0M | -$1.6M |
| EBITDA | -$3.4M | -$2.7M | -$2.0M | -$1.6M |
| Net Income | -$3.4M | -$2.7M | -$2.0M | -$1.6M |
| EPS | $-35.84 | $-5.34 | $-1.61 | $-0.91 |
| EPS (Diluted) | $-35.84 | $-5.34 | $-1.61 | $-0.91 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $612652 | $3.8M | $109000 | $90000 | $9000 | $1.8M | $5.0M | $8.2M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $637639 | $3.9M | $674000 | $96000 | $312000 | $2.9M | $5.6M | $8.6M |
| Property, Plant & Equipment | $1592 | $353902 | $281000 | $117000 | $71000 | $22000 | $124000 | $74000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $639231 | $4.3M | $955000 | $218000 | $383000 | $3.0M | $5.7M | $8.7M |
| Accounts Payable | $286613 | $246329 | $1.2M | $57000 | $1.3M | $1.4M | $897000 | $1.8M |
| Short-term Debt | 0 | $85665 | $152000 | $3.5M | $602000 | 0 | 0 | 0 |
| Total Current Liabilities | $486292 | $807498 | $2.2M | $4.9M | $2.0M | $2.7M | $1.6M | $2.6M |
| Long-term Debt | 0 | 0 | $14000 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $486292 | $1.1M | $2.4M | $4.9M | $2.0M | $2.7M | $1.7M | $2.7M |
| Retained Earnings | -$4.3M | -$7.8M | -$12.6M | -$15.3M | -$18.5M | -$31.5M | -$39.7M | -$51.7M |
| Total Equity | $152939 | $3.2M | -$1.5M | -$4.7M | -$1.6M | $259000 | $4.0M | $6.0M |
| Total Debt | 0 | $340021 | $336000 | $3.6M | $673000 | $14000 | $119000 | $71000 |
| Net Debt | -$612652 | -$3.5M | $227000 | $3.5M | $664000 | -$1.8M | -$4.9M | -$8.2M |
| Working Capital | $151347 | $3.1M | -$1.6M | -$4.8M | -$1.7M | $237000 | $4.0M | $5.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q2 |
|---|
| Cash & Equivalents | $4.1M | $8.2M | $11.0M | $10.9M |
| Total Assets | $4.8M | $8.7M | $11.3M | $11.4M |
| Total Liabilities | $2.8M | $2.7M | $794000 | $1.1M |
| Total Equity | $2.0M | $6.0M | $10.5M | $10.3M |
| Total Debt | $84000 | $71000 | $58000 | $44000 |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$4.3M | -$3.5M | -$4.8M | -$9.3M | -$3.2M | -$13.0M | -$8.2M | -$12.0M |
| Depreciation & Amortization | $612 | $735 | $75000 | $73000 | $3000 | $4000 | $4000 | $4000 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | $25000 | $388000 | $148000 | $793000 |
| Change in Working Capital | $461305 | $159668 | $887000 | $220000 | $1.5M | $1.7M | -$448000 | $925000 |
| Operating Cash Flow | -$2.4M | -$2.9M | -$3.7M | -$8.3M | -$1.1M | -$9.0M | -$8.6M | -$10.2M |
| Capital Expenditure | -$2206 | -$5 | -$2000 | 0 | -$3000 | -$8000 | 0 | -$3000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$124000 | 0 | -$1000 | -$1000 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$2.4M | -$2.9M | -$3.7M | -$8.3M | -$1.1M | -$9.0M | -$8.6M | -$10.2M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q2 |
|---|
| Operating Cash Flow | -$2.3M | -$3.0M | -$3.7M | -$1.4M |
| Capital Expenditure | 0 | -$3000 | 0 | 0 |
| Free Cash Flow | -$2.3M | -$3.0M | -$3.7M | -$1.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $465000 | $67000 | $31000 | $33000 |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | -100.0% | | | | |
| Net Income Growth (YoY) | | +19.7% | +26.9% | +38.4% | -106.4% | -305.3% | +37.0% | -45.7% |
| EPS Growth (YoY) | | +19.7% | +99.3% | +39.8% | -1567.2% | -198.0% | +100.0% | -37009.1% |
| Shares Change (YoY) | | +0.0% | +0.0% | +1202.1% | -90.0% | +36.0% | +311426.1% | -98.0% |
| FCF Growth (YoY) | | -21.5% | -28.6% | -124.2% | +86.9% | -727.0% | +4.3% | -18.3% |
| Gross Margin | | | 0.0% | | | | | |
| Operating Margin | | | -1459.0% | | | | | |
| EBITDA Margin | | | -1456.0% | | | | | |
| Net Margin | | | -2531.0% | | | | | |
| FCF Margin | | | -3708.0% | | | | | |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-2663.54 | $-3236.52 | $-4161.62 | $-716.43 | $-937.93 | $-5702.15 | $-1.75 | $-103.80 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $891 | $891 | $891 | $11602 | $1160 | $1578 | $4.9M | $98162 |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -134.03% |
| Return on Invested Capital | -93.76% |
| Return on Assets | -84.88% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 10.30 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -12.00 | -14.94 | -2104.13 | -2748.66 | -8.00 | -0.12 | 1194.67 | -0.06 |
| P/B | 57536.40 | 2738.05 | -6051.97 | -19085.07 | -269.01 | 101.59 | 478.66 | 0.11 |
| P/S | 0.00 | 0.00 | 87995.59 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | -1459.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | -2531.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |