GRI on Nasdaq

GRI Bio, Inc.

American pharmaceutical preparations company based in La Jolla. Summary from the record

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Last updated Oct 19, 2026.

Overview

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TickerGRI on Nasdaq¹
IndustryPharmaceutical Preparations¹
HeadquartersLa Jolla, California¹
Incorporated inDE²
Business address2223 Avenida De La Playa, Suite 208, La Jolla, Ca 92037²
Filer category, Emerging growth company²
Legal formCorporation

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We are a clinical-stage biopharmaceutical company focused on discovering, developing, and commercializing innovative therapies that target serious diseases associated with dysregulated immune responses leading to inflammatory, fibrotic and autoimmune disorders. Our goal is to be an industry leader in developing therapies to treat these diseases and to improve the lives of patients suffering from such diseases.³ From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2021

-100.0%Revenue growth, 2021⁴

-$8.3MFree cash flow⁵

Financial statements

Revenue⁴$0 in 2021

Operating income⁴⁵-$9.3M in 2021+93% since 2020

Net income⁴⁵-$9.3M in 2021+93% since 2020

Every line of the income statement as filed: the last 2 fiscal years, latest first.⁸

Period ending	2025-12-31	2024-12-31
Research and development	$6.8M	$3.8M
General and administrative	$5.2M	$4.5M
Total operating expenses	$12.0M	$8.2M
Loss from operations	-$12.0M	-$8.2M
Change in fair value of warrant liability	$0	$3.0K
Interest income	$21.0K	$25.0K
Net loss	-$12.0M	-$8.2M
Deemed dividend on Series B Warrants	$0	-$1.9M
Net loss available to common stockholders	-$12.0M	-$10.1M
Net loss per share of common stock, basic (in usd per share)	-$121.80	-$1,545.55
Net loss per share of common stock, diluted (in usd per share)	-$121.80	-$1,545.55
Weighted-average common shares outstanding, basic (in shares)	98.2K shares	6.5K shares
Weighted-average common shares outstanding, diluted (in shares)	98.2K shares	6.5K shares

Total assets⁴⁵$8.3M in 2021+773% since 2020

Total liabilities⁴⁵$2.5M in 2021+4% since 2020

Shareholders’ equity⁴⁵⁹-$4.8M in 2021

Cash⁴⁵$3.7M in 2021−3% since 2019

Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$8.2M	$5.0M
Prepaid expenses and other current assets	$363.0K	$587.0K
Total current assets	$8.6M	$5.6M
Property and equipment, net	$3.0K	$4.0K
Operating lease right-of-use assets	$71.0K	$120.0K
Total assets	$8.7M	$5.7M
Accounts payable	$1.8M	$897.0K
Accrued expenses	$750.0K	$691.0K
Operating lease liabilities, current	$56.0K	$48.0K
Total current liabilities	$2.6M	$1.6M
Operating lease liabilities, non-current	$15.0K	$71.0K
Total liabilities	$2.7M	$1.7M
Common stock, $0.0001 par value; 250,000,000 shares authorized; 497,693 and 18,768 shares issued and outstanding as of December 31, 2025 and 2024, respectively	$0	$0
Additional paid-in-capital	$57.7M	$43.8M
Accumulated deficit	-$51.7M	-$39.7M
Total stockholders' equity	$6.0M	$4.0M	$259.0K
Total liabilities and stockholders' equity	$8.7M	$5.7M
Common stock, par value (in usd per share)	$0.00	$0.00
Common Stock, shares authorized (in shares)	250.0M shares	250.0M shares
Common stock, shares issued (in shares)	497.7K shares	18.8K shares
Common stock, shares outstanding (in shares)	497.7K shares	18.8K shares

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$8.2M	$5.0M
Prepaid expenses and other current assets	$363.0K	$587.0K
Total current assets	$8.6M	$5.6M
Property and equipment, net	$3.0K	$4.0K
Operating lease right-of-use assets	$71.0K	$120.0K
Total assets	$8.7M	$5.7M
Accounts payable	$1.8M	$897.0K
Accrued expenses	$750.0K	$691.0K
Operating lease liabilities, current	$56.0K	$48.0K
Total current liabilities	$2.6M	$1.6M
Operating lease liabilities, non-current	$15.0K	$71.0K
Total liabilities	$2.7M	$1.7M
Common stock, $0.0001 par value; 250,000,000 shares authorized; 497,693 and 18,768 shares issued and outstanding as of December 31, 2025 and 2024, respectively	$0	$0
Additional paid-in-capital	$57.7M	$43.8M
Accumulated deficit	-$51.7M	-$39.7M
Total stockholders' equity	$6.0M	$4.0M	$259.0K
Total liabilities and stockholders' equity	$8.7M	$5.7M
Common stock, par value (in usd per share)	$0.00	$0.00
Common Stock, shares authorized (in shares)	250.0M shares	250.0M shares
Common stock, shares issued (in shares)	497.7K shares	18.8K shares
Common stock, shares outstanding (in shares)	497.7K shares	18.8K shares

Cash from operations⁴⁵-$8.3M in 2021+124% since 2020

Capital spending⁴$0 in 2021

Free cash flow⁴⁵-$8.3M in 2021+124% since 2020

Every line of the cash flow as filed: the last 2 fiscal years, latest first.⁸

Period ending	2025-12-31	2024-12-31
Net loss	-$12.0M	-$8.2M
Depreciation expense	$4.0K	$4.0K
Stock-based compensation expense	$793.0K	$148.0K
Change in fair value of warrant liability	$0	-$3.0K
Change in operating lease right of use assets	$48.0K
Change in operating lease right of use assets		-$105.0K
Prepaid expenses and other current assets	$251.0K	$313.0K
Accounts payable	$663.0K	-$387.0K
Accrued expenses	$59.0K	-$479.0K
Operating lease liabilities	-$48.0K	$105.0K
Cash used in operating activities	-$10.2M	-$8.6M
Purchase of property and equipment	-$3.0K	$0
Cash used in investing activities	-$3.0K	$0
Proceeds from warrant exercise	$0	$762.0K
Payment for fractional shares in connection with reverse stock split	-$1.0K	-$1.0K
Payment of deferred stock issuance costs	-$2.2M	-$2.0M
Cash provided by financing activities	$13.4M	$11.8M
Net increase in cash and cash equivalents	$3.2M	$3.2M
Stock issuance costs included in accounts payable	$278.0K	$0
Issuance of warrants for payment of stock issuance costs	$440.0K	$287.0K

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Leadership

Who has led GRI Bio, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

Walter Marc Hertz2023–now

Chief financial officer

Leanne M. Kelly2021–now

2025

Chief executive officerWalter Marc Hertz Apr 24, 2023 to now¹⁰
Chief financial officerLeanne M. Kelly May 18, 2021 to now¹¹

Board members and other officers (12)

Chief Medical OfficerAlbert Agro Apr 24, 2023 to Apr 25, 2023¹²
Chief Scientific OfficerVipin Chaturvedi Apr 24, 2023 to now¹³
SVP, Regul Affairs & Prog MgmtPenny Toren Feb 9, 2021 to May 18, 2021¹⁴
Board memberDavid Leslie Szekeres Apr 24, 2023 to now¹⁵
Board memberWalter Marc Hertz Apr 24, 2023 to now¹⁰
Board memberCamilla Simpson V. Apr 25, 2023 to now¹⁶
Board memberRoelof Rongen Apr 25, 2023 to now¹⁷
Board memberMeenu Chhabra Mar 9, 2022 to Mar 9, 2022¹⁸
Board memberMarella Thorell Feb 9, 2021 to Dec 15, 2022¹⁹
Board memberOfir Levi Feb 9, 2021 to May 18, 2021²⁰
Board memberRichard Ammer Feb 9, 2021 to Jun 10, 2022²¹
Board memberJoseph E. Payne Feb 10, 2021 to Jun 10, 2022²²

Named in SEC Form D filings

People the company listed in its private-offering notices.

Executive Officer, DirectorAlbert Kumar Argo named Apr 27, 2023²³
DirectorDavid Marc Baker named Oct 25, 2024²⁴
DirectorDavid Kumar Baker named Apr 27, 2023²³

Former names

Vallon Pharmaceuticals, Inc.Sep 11, 2020 to Apr 21, 2023²

Timeline

Apr 24, 2023New chief executive Walter Marc Hertz becomes CEO¹⁰

Filings

344 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 96 major events, 48 insider forms, 22 large holders, 2 private raises, 156 other. The latest 20:

The 344 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

INTRACOASTAL CAPITAL, LLCSCHEDULE 13G/A, 5 filings Apr 7, 2025 to Aug 13, 2026²⁵
Lincoln Alternative Strategies LLCSCHEDULE 13G/A, 2 filings Dec 29, 2025 to Feb 10, 2026²⁶
Altium Capital Management LLCSC 13G/A, 2 filings May 3, 2023 to Feb 13, 2024²⁷
TEP Biotech, LLCSC 13G, 1 filing May 2, 2023²⁸
Albert AgroSC 13D, 1 filing Apr 25, 2023²⁹
Vipin ChaturvediSC 13D, 1 filing Apr 25, 2023³⁰
Walter Marc HertzSC 13D, 1 filing Apr 25, 2023³¹
Lind Global Fund II LPSC 13G/A, 2 filings May 23, 2022 to Feb 13, 2023³²
BIGGER CAPITAL FUND L PSC 13G/A, 2 filings May 23, 2022 to Jan 30, 2023³³
John MarkeySC 13G/A, 2 filings Sep 29, 2022 to Dec 27, 2022³⁴
Lincoln Park Capital Fund, LLCSC 13G, 1 filing May 18, 2022³⁵
Dov MalnikSC 13G, 1 filing Feb 17, 2022³⁶

Money raised

Private offerings the company reported to the SEC on Form D.

Oct 21, 2024Raised $762,236 in a private offering of securities Form D: 3 investors so far Form D
Apr 21, 2023Raised $15.6 million in a private offering of securities Form D: 1 investor so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

Fund	Shares	Value	Share of the fund	Change
Vanguard Capital Management LLC	21,368	$37.8K	0.0%	New
Geode Capital Management, LLC	13,869	$24.5K	0.0%	−4,569
Citadel Advisors LLC	13,376	$23.7K	0.0%	New
Morgan Stanley	8,737	$15.5K	0.0%	New
UBS Group AG	4,920	$8.7K	0.0%	−3,802
Tower Research Capital LLC (TRC)	2,434	$4.3K	0.0%	+1,374
Barclays PLC	83	$147	0.0%	New
Hrt Financial LP	28,784	$50	0.0%	New
BlackRock, Inc.	7	$12	0.0%	No change
Danske Bank A/s	2	$4	0.0%	No change
Caitong International Asset Management Co., Ltd	2	$4	0.0%	New

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARGRI Bio, Inc. filings on SEC EDGAR
2
SEC EDGARGRI Bio, Inc. filings on SEC EDGAR
3
SEC EDGARGRI Bio, Inc. annual report, Item 1 (Business)
4
SEC EDGARGRI Bio, Inc. 10-K for fiscal 2021
5
SEC EDGARGRI Bio, Inc. 10-K for fiscal 2021
6
SEC EDGARGRI Bio, Inc. 10-Q for fiscal 2026
7
SEC EDGARGRI Bio, Inc. 10-Q for fiscal 2026
8
SEC EDGARGRI Bio, Inc. 10-K filed 2026-01-30: income statement
9
SEC EDGARGRI Bio, Inc. 10-K for fiscal 2021
10
SEC EDGARWalter Marc Hertz, Chief executive officer
11
SEC EDGARLeanne M. Kelly, Chief financial officer
12
SEC EDGARAlbert Agro, Chief Medical Officer
13
SEC EDGARVipin Chaturvedi, Chief Scientific Officer
14
SEC EDGARPenny Toren, SVP, Regul Affairs & Prog Mgmt
15
SEC EDGARDavid Leslie Szekeres, Board member
16
SEC EDGARCamilla Simpson V., Board member
17
SEC EDGARRoelof Rongen, Board member
18
SEC EDGARMeenu Chhabra, Board member
19
SEC EDGARMarella Thorell, Board member
20
SEC EDGAROfir Levi, Board member
21
SEC EDGARRichard Ammer, Board member
22
SEC EDGARJoseph E. Payne, Board member
23
SEC EDGARGRI Bio, Inc. Form D naming Albert Kumar Argo
24
SEC EDGARGRI Bio, Inc. Form D naming David Marc Baker
25
SEC EDGARINTRACOASTAL CAPITAL, LLC SCHEDULE 13G/A on GRI Bio, Inc.
26
SEC EDGARLincoln Alternative Strategies LLC SCHEDULE 13G/A on GRI Bio, Inc.
27
SEC EDGARAltium Capital Management LLC SC 13G/A on GRI Bio, Inc.
28
SEC EDGARTEP Biotech, LLC SC 13G on GRI Bio, Inc.
29
SEC EDGARAlbert Agro SC 13D on GRI Bio, Inc.
30
SEC EDGARVipin Chaturvedi SC 13D on GRI Bio, Inc.
31
SEC EDGARWalter Marc Hertz SC 13D on GRI Bio, Inc.
32
SEC EDGARLind Global Fund II LP SC 13G/A on GRI Bio, Inc.
33
SEC EDGARBIGGER CAPITAL FUND L P SC 13G/A on GRI Bio, Inc.
34
SEC EDGARJohn Markey SC 13G/A on GRI Bio, Inc.
35
SEC EDGARLincoln Park Capital Fund, LLC SC 13G on GRI Bio, Inc.
36
SEC EDGARDov Malnik SC 13G on GRI Bio, Inc.