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GRI on Nasdaq

GRI Bio, Inc.

American pharmaceutical preparations company based in La Jolla1

In its 2026 annual report the company says: “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 product candidate, GRI-0621, is an oral inhibitor of type 1 invariant Natural Killer T (iNKT) cells.”3

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Last updated Oct 21, 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
0$25.0K$50.0K$75.0K$100.0K2020: $100.0K$100.0K20202021: $0$02021
Operating income45-$9.3M in 2021+93% since 2020
-$10.0M-$7.5M-$5.0M-$2.5M02020: -$4.8M-$4.8M20202021: -$9.3M-$9.3M2021+93%
Net income45-$9.3M in 2021+93% since 2020
-$10.0M-$7.5M-$5.0M-$2.5M02020: -$4.8M-$4.8M20202021: -$9.3M-$9.3M2021+93%

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

Period ending2025-12-312024-12-31
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 shares6.5K shares
Weighted-average common shares outstanding, diluted (in shares)98.2K shares6.5K shares

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Corporate structure

GRI Bio, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of GRI Bio, Inc.

  • GRI Bio, Inc. La Jolla, California

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What GRI Bio, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$37.0K8 Dec 31, 2025$34.0K8 Dec 31, 2024+8.8%
Accumulated depreciation$34.0K8 Dec 31, 2025$30.0K8 Dec 31, 2024+13.3%
Property and equipment, net$3.0K8 Dec 31, 2025$4.0K8 Dec 31, 2024−25.0%
Operating-lease assets (leased space)$71.0K8 Dec 31, 2025$120.0K8 Dec 31, 2024−40.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$8.2M8 Dec 31, 2025$5.0M8 Dec 31, 2024+63.7%

Properties, in its own words

Our executive offices are located at 2223 Avenida de La Playa #208, La Jolla, CA 92037, where we lease approximately 1,100 square feet of office space under a lease that expires in March 2027. We believe that our facilities are adequate to meet our current needs.

Item 2 of the 10-K filed Jan 30, 2026.3

Leadership

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

Chief executive

  1. Walter Marc Hertz2023–now

Chief financial officer

  1. Leanne M. Kelly2021–now
2025
Board members and other officers (12)

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

  1. Sep 8, 20268-K Regulation FD disclosure; Other events25
  2. Jun 18, 20268-K Other events26
  3. May 14, 20268-K Results of operations; Other events27
  4. Feb 4, 20268-K Results of operations28
  5. Jan 30, 20268-K Entered a material agreement29
  6. Jan 28, 20268-K Other events30
  7. Jan 21, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed; Other events31
  8. Jan 16, 20268-K Listing notice or transfer32
  9. Jan 15, 20268-K Shareholder vote; Other events33
  10. Jan 9, 20268-K Other events34
  11. Jan 8, 20268-K Other events35
  12. Dec 12, 20258-K Entered a material agreement36
  13. Apr 24, 2023New chief executive Walter Marc Hertz becomes CEO10

Calendar

Coming up

  1. Nov 13, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($35.85) a share, on Nov 14, 2025.37

When it reported results

  1. May 14, 2026Reported quarterly or annual results27
  2. Feb 4, 2026Reported quarterly or annual results28
  3. May 15, 2025Reported quarterly or annual results38
  4. Mar 17, 2025Reported quarterly or annual results39
  5. Nov 14, 2024Reported quarterly or annual results40
  6. Aug 14, 2024Reported quarterly or annual results41
  7. May 13, 2024Reported quarterly or annual results42
  8. Apr 1, 2024Reported quarterly or annual results43

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

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:

  1. Sep 28, 2026ARS EDGAR
  2. Sep 28, 2026DEF 14A EDGAR
  3. Sep 8, 20268-K EDGAR
  4. Aug 14, 202610-Q EDGAR
  5. Aug 13, 2026SCHEDULE 13G/A EDGAR
  6. Jun 18, 20268-K EDGAR
  7. May 14, 20268-K EDGAR
  8. May 13, 202610-Q EDGAR
  9. May 13, 2026SCHEDULE 13G/A EDGAR
  10. Feb 13, 2026SCHEDULE 13G/A EDGAR
  11. Feb 10, 2026SCHEDULE 13G/A EDGAR
  12. Feb 4, 20268-K EDGAR
  13. Jan 30, 2026EFFECT EDGAR
  14. Jan 30, 2026CORRESP EDGAR
  15. Jan 30, 202610-K EDGAR
  16. Jan 30, 20268-K EDGAR
  17. Jan 30, 2026424B5 EDGAR
  18. Jan 30, 2026S-3 EDGAR
  19. Jan 30, 2026S-8 EDGAR
  20. Jan 30, 2026UPLOAD EDGAR

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.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025W. Marc HertzPh.D.$575.9K$1.0M57
2025Leanne Kelly50$384.3K$584.7K57
2025Vipin KumarPh.D.$384.3K$579.1K57
2024President and Chief Executive Officer$458.7K$617.2K57
2024Chief Financial Officer$342.4K$469.4K57
2024Chief Scientific Officer$342.4K$419.4K57

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$16.3M 2023–2024
Money received by yearMoney received by year, 2023–2024: $16.3M in all. Private raises (Form D) $16.3M.$0$5M$10M$15M$20M2023 · Private raises (Form D): $15.6M20232024 · Private raises (Form D): $762.2K2024
Figures by year
YearPrivate raises (Form D)Total
2024$762.2K$762.2K
2023$15.6M$15.6M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Oct 21, 2024Raised $762,236 in a private offering of securities24 Form D: 3 investors so far Form D
  2. Apr 21, 2023Raised $15.6 million in a private offering of securities23 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.

FundSharesValueShare of the fundChange
Vanguard Capital Management LLC21,368$37.8K0.0%New
Geode Capital Management, LLC13,869$24.5K0.0%−4,569
Citadel Advisors LLC13,376$23.7K0.0%New
Morgan Stanley8,737$15.5K0.0%New
UBS Group AG4,920$8.7K0.0%−3,802
Tower Research Capital LLC (TRC)2,434$4.3K0.0%+1,374
Barclays PLC83$1470.0%New
Hrt Financial LP28,784$500.0%New
BlackRock, Inc.7$120.0%No change
Danske Bank A/s2$40.0%No change
Caitong International Asset Management Co., Ltd2$40.0%New

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

SEC filer profile

How GRI Bio, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGRI Bio, Inc.1
  • CIK0001824293
  • Employer ID (EIN)82-43699093
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address2223 Avenida De La Playa, Suite 208, La Jolla, CA 920371
  • Phone(619) 400-11711
  • Shares outstanding2,186,115 as of Aug 13, 20267
  • Public float$1.5M as of Jun 30, 20253
  • AuditorWithumSmith+Brown, PC, San Francisco, California PCAOB ID 100; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceSep 11, 20201
  • Filings401 in all: 8-K (99), 4 (53), 424B3 (33), CORRESP (28), 10-Q (17), UPLOAD (17), 3 (16), EFFECT (13)1
    All 37 form types

    DEFA14A (11), DEF 14A (10), S-1/A (10), 424B5 (9), SC 13G (8), 10-K (6), PRE 14A (6), S-1 (6), S-3 (6), 424B4 (5), 425 (4), ARS (4), S-4/A (4), S-8 (4), SC 13D (4), SC 13G/A (4), SCHEDULE 13G/A (4), 8-K/A (3), DRS (3), SCHEDULE 13G (3), D (2), SEC STAFF LETTER (2), 8-A12B (1), CERT (1), DRSLTR (1), FWP (1), S-1MEF (1), S-4 (1), SC 13D/A (1)

  • Latest filingsAnnual report (10-K) Jan 30, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Sep 28, 2026
    Latest 8-K (8-K) Sep 8, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.0001 per shareGRIThe Nasdaq

From the cover page of the 10-K filed Jan 30, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks GRI Bio, Inc. names in Item 1A of its 10-K filed Jan 30, 2026: 53 risks under these headings, as written.3

  • Risks Related to Our Financial Position and Need for Additional Capital
  • We have incurred significant net losses since inception, and we expect to continue to incur significant net losses for the foreseeable future. We have never been, and may never be, profitable.
  • We will require substantial additional capital to finance our operations. If we are unable to raise such capital when needed, or on acceptable terms, we may be forced to delay, reduce and/or eliminate one or more of our research and drug development programs, future commercialization efforts or other operations or cease operations entirely. In particular, we will require substantial additional capital or resources to complete a Phase 2b clinical trial of GRI-0621.
  • Our management has expressed substantial doubt about our ability to continue as a going concern, and our auditors have included explanatory paragraphs in their audit reports about our ability to continue as a going concern. We may not be able to continue as a going concern if we do not obtain additional financing.
  • Risks Related to Research and Development and the Pharmaceutical Industry
  • Our business is highly dependent on the success of our product candidates, GRI-0621 and GRI-0803, and any other product candidates that we may advance into clinical development. All of our product candidates will require significant additional development before we may be able to seek regulatory approval and launch a product commercially.
  • Clinical development involves a lengthy, complex and expensive process, with an uncertain outcome. In addition, the results of preclinical studies and early-stage clinical trials of our product candidates may not be predictive of the results of later-stage clinical trials and interim or topline results of our clinical trials may not be representative of final results of our clinical trials.
  • If we encounter additional difficulties enrolling patients in our clinical trials, our clinical development activities could be delayed or otherwise adversely affected.
  • Interim, topline and preliminary data from our clinical trials (including topline data from our recently completed Phase 2a trial for GRI-0621) that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data.
  • Changes in regulatory requirements, FDA guidance or unanticipated events during our preclinical studies and clinical studies of our product candidates may occur, which may result in changes to preclinical or clinical study protocols or additional preclinical or clinical study requirements, which could result in increased costs to us and could delay our development timeline.
  • If product liability lawsuits are brought against us, we may incur substantial financial or other liabilities and may be required to limit commercialization of our product candidates.
  • We expect to utilize the FDA’s Section 505(b)(2) pathway for our product candidate, GRI-0621, and if that pathway is not available, the development of this product candidate will likely take significantly longer, cost significantly more and entail significantly greater complexity and risk than currently anticipated, and, in any case, may not be successful.
The other 43 risks
  • We may seek Fast Track designation for one or more of our product candidates, but we might not receive such designation, and even if we do, such designation may not actually lead to a faster development or regulatory review or approval process.
  • Risks Related to Regulatory Approval of Our Product Candidates
  • Even if we receive regulatory approval of any product candidates, we will be subject to ongoing regulatory obligations and continued regulatory review. Maintaining compliance with ongoing regulatory requirements may result in significant additional expense to us, and any failure to maintain such compliance could subject us to penalties and cause our business to suffer.
  • Risks Related to Commercialization of Our Product Candidates
  • Even if a product candidate we develop receives marketing approval, it may fail to achieve the degree of market acceptance by physicians, patients, third-party payors and others in the medical community necessary for commercial success.
  • Failure to obtain or maintain adequate reimbursement or insurance coverage for our approved product candidates, if any, could limit our ability to market those product candidates and decrease our ability to generate revenue.
  • Even if we obtain FDA approval of any of our product candidates, we may never obtain approval or commercialize these product candidates outside of the United States, which could limit our ability to realize their full market potential.
  • We currently have no marketing and sales organization and have no experience as a company in commercializing products. We would have to invest significant resources to develop these capabilities. If we are unable to establish marketing and sales capabilities or enter into agreements with third parties to market and sell our products, we may not be able to generate product revenue from any of our product candidates that may be approved.
  • Our relationships with healthcare providers, physicians, prescribers, purchasers, third-party payors, charitable organizations and patients will be subject to applicable anti-kickback, fraud and abuse and other healthcare laws and regulations, which could expose us to criminal sanctions, civil penalties, contractual damages, reputational harm and diminished profits and future earnings.
  • Ongoing healthcare legislative and regulatory reform measures may have a material adverse effect on our business and results of operations.
  • Inadequate funding for the FDA, the SEC and/or other government agencies could hinder their ability to hire and retain key leadership and other personnel, prevent new products and services from being developed or commercialized in a timely manner or otherwise prevent those agencies from performing normal business functions on which the operation of our business may rely, which could negatively impact our business.
  • We are subject to certain U.S. and foreign anti-corruption, anti-money laundering, export control, sanctions and other trade laws and regulations. We can face serious consequences for violations.
  • If we fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could have a material adverse effect on our business, financial condition or results of operations.
  • Risks Related to Our Intellectual Property
  • Our success depends in part on our ability to protect our intellectual property. It is difficult and costly to protect our proprietary rights and technology, and we may not be able to ensure their protection.
  • We may enter into license or other collaboration agreements in the future that may impose certain obligations on us. If we fail to comply with our obligations under such future agreements with third parties, we could lose license rights that may be important to our future business.
  • Third-party claims of intellectual property infringement may be costly and time consuming to defend and could prevent or delay our product discovery, development and commercialization efforts.
  • Third parties may assert that we are employing their proprietary technology without authorization.
  • Third parties may assert that our employees or consultants have wrongfully used or disclosed confidential information or misappropriated trade secrets.
  • Others may claim an ownership interest in our intellectual property, which could expose us to litigation and have a significant adverse effect on our prospects.
  • We may not be successful in obtaining or maintaining necessary rights to develop any future product candidates on acceptable terms.
  • We may be involved in lawsuits to protect or enforce our patents or the patents of our licensors or collaboration or strategic partners, or challenging the patent rights of others, which could be expensive, time-consuming and unsuccessful.
  • Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • Any patents covering our product candidates could be found invalid or unenforceable if challenged in court or the USPTO (or foreign patent offices). Our patents may expire before or, soon after, or products are approved or commercialized.
  • Changes in patent law in the United States and in foreign jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect our products.
  • We have limited foreign intellectual property rights and may not be able to protect and enforce our intellectual property rights throughout the world.
  • If we do not obtain patent term extension and data exclusivity or similar non-U.S. legislation extending the term of protection covering any product candidates we may develop, our business may be materially harmed.
  • Risks Related to Our Reliance on Third Parties
  • We rely on third parties to conduct our clinical trials, manufacture our product candidates and perform other services. If these third parties do not successfully carry out their contractual duties, meet expected timelines or otherwise conduct the trials as required or perform and comply with regulatory or contractual requirements, we may not be able to successfully complete clinical development, obtain regulatory approval or commercialize our product candidates when expected or at all, and our business could be substantially harmed.
  • Our employees, independent contractors, principal investigators, CROs, consultants or vendors may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements.
  • Because we rely on third-party manufacturing and supply vendors, our supply of research and development, preclinical and clinical development materials may become limited or interrupted or may not be of satisfactory quantity or quality.
  • We may enter, or attempt to enter, into collaborations with third parties for the development and commercialization of our product candidates, and our future collaborations will be important to our business. If we are unable to enter into collaborations that we deem beneficial, or if these collaborations are not successful, our business could be adversely affected.
  • Risks Related to Managing Our Business and Operations
  • If we lose key management personnel, or if we fail to recruit and retain additional highly skilled personnel, our ability to develop current product candidates or identify and develop new product candidates will be impaired, could result in loss of markets or market share and could make us less competitive.
  • We may be unable to adequately protect our internal information systems, or those used by our CROs, clinical sites or other contractors or consultants upon which we rely, from cyberattacks, compromises, cybersecurity incidents or other disruptions, which could result in the compromise of confidential, sensitive or proprietary information, lead to operational or service interruption, harm our reputation and subject us to litigation, fines and other significant financial and legal exposure and other material and adverse consequences.
  • Risks Related to Our Common Stock, Financing and Capital Requirements
  • We expect the stock price of our Common Stock to be highly volatile.
  • Future sales and issuances of our securities could result in additional dilution of the percentage ownership of our stockholders and could cause our share price to fall.
  • We do not anticipate paying any dividends in the foreseeable future.
  • We will continue to incur significant increased costs as a result of operating as a public company, and our management will be required to devote substantial time to compliance initiatives.
  • We currently take advantage of reduced disclosure and governance requirements applicable to smaller reporting companies, which could result in our Common Stock being less attractive to investors.
  • We also take advantage of reduced disclosure and governance requirements applicable to emerging growth companies, which could result in our Common Stock being less attractive to investors.
  • A delisting of our Common Stock from Nasdaq could adversely affect our ability to raise additional capital through the public or private sale of equity securities and our investors’ ability to dispose of, or obtain accurate quotations as to the market value of, our Common Stock.
  • The January 2026 Reverse Stock Split may have caused our stock price to decline relative to its value before the split and likely has reduced the liquidity of shares of our Common Stock.
  • Changes in tax law could adversely affect our business.
  • An active trading market for our Common Stock may not develop, and our stockholders may not be able to resell their shares of Common Stock for a profit, if at all.
  • If equity research analysts do not publish research or reports, continue to publish reports or publish unfavorable research or reports, about us, our business or our market, our stock price and trading volume could decline.
  • We may become a defendant in one or more stockholder derivative or class-action litigations, and any such future lawsuit may adversely affect our business, financial condition, results of operations and cash flows.
  • Our Charter documents and Delaware law may inhibit a takeover that stockholders consider favorable.

Legal proceedings

We are not currently a party to any material legal proceedings, and we are not aware of any pending or threatened legal proceeding against us that we believe could have a material adverse effect on our business, operating results or financial condition. From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. Regardless of outcome, litigation can have a material adverse impact on us due to defense and settlement costs, diversion of management resources, negative publicity, reputational harm and other factors.

The opening of Item 3, Legal Proceedings.3

Sources

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