GRI

GRI Bio is a clinical-stage biopharma with no product revenue and no path to any until GRI-0621 (oral iNKT inhibitor for IPF) clears years of trials — the company reported $0 revenue and a -$12.0M FY2025 net loss (the fifth straight loss year, cumulative deficit -$51.7M). The entire investment case is a single asset. The Phase 2a IPF trial did meet its primary safety/tolerability endpoint with an encouraging tolerability profile and collagen biomarkers 'suggestive of an anti-fibrotic effect,' which is genuinely the bull spark — but topline safety in 35 patients is a long way from an efficacy-powered, survival-demonstrating registrational program, and management concedes secondary/exploratory analyses are still pending.

The balance sheet is the disqualifier. FY2025 operating cash burn was -$10.2M against just $8.23M of cash — under a year of runway on the current run-rate — and the filing carries a going-concern explanatory paragraph plus repeated 'substantial capital requirements' language. There is only one way a company like this bridges that gap: issue stock. It already has. Shares outstanding are a mere 1.45M yet grew +175% YoY, and diluted EPS of -$121.80 makes plain how brutal the per-share math is; the equity base has clearly been through reverse-split/raise cycles that vaporize existing holders. R&D spend rose +81% to $6.82M, accelerating the burn into a thin treasury.