GRI Bio delivered its QQ4 2024 results with a modest revenue base and a material operating loss, reflecting the company’s ongoing clinical-stage development and the absence of commercial products. Revenue for the quarter was $2.298 million, with gross profit of $2.298 million and an operating loss of $1.955 million. Net income came in at a loss of $1.948 million, translating to basic and diluted EPS of -$0.40. The company’s cash burn from operating activities was approximately $2.00 million for the quarter, and cash and cash equivalents stood at $5.03 million at period-end. Management commentary (not provided in the supplied transcript) historically emphasizes pipeline advancement and the potential for strategic partnerships to extend runway and fund late-stage development.
From a financing and liquidity perspective, the quarterly burn coupled with ongoing R&D and G&A expenses indicates a tight liquidity runway absent external financing or milestone-based inflows. The R&D spend for QQ4 2024 was $829k, while SG&A ran $1.125 million, underpinning a structure typical of early-stage biotech with limited or no commercial product revenue. The balance sheet shows a strong apparent equity base juxtaposed against modest current liabilities, though noted data inconsistencies in the reported totals warrant careful verification. Looking ahead, the key near-term catalysts will hinge on clinical readouts from GRI0621 (IPF) in Phase II and GRI0803 (SLE) in Phase I, as well as potential corporate collaborations that could de-risk and fund portions of the pipeline. Investors should monitor data readouts and any capital-raising activity as the company navigates its path toward value inflection.
Key Performance Indicators
Revenue
Stable
2.30M
QoQ: N/A | YoY: N/A
Gross Profit
Stable
2.30M
1.00% margin
QoQ: N/A | YoY: N/A
Operating Income
Increasing
-1.95M
QoQ: -0.05% | YoY: 13.42%
Net Income
Increasing
-1.95M
QoQ: -0.05% | YoY: 13.42%
EPS
Increasing
-0.40
QoQ: -100.28% | YoY: 99.52%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue and profitability:
- Revenue: $2.30 million for QQ4 2024. Gross Profit: $2.30 million; Gross Margin: 100.0%.
- Operating Expenses: $1.954 million; Operating Income: -$1.955 million; EBITDA: -$1.947 million; EBITDARatio: -0.85.
- Net Income: -$1.948 million; Net Income Margin: -84.77%; EPS: -$0.40; Weighted Avg Shares Outstanding: 525,480.
- YoY / QoQ metrics (as provided): Operating Income YoY: +13.42%; Operating Income QoQ: -0.05%; Net Income YoY: +13.42%; Net Income QoQ: -0.05%; EPS YoY: +99.52%; EPS QoQ: -100.28%.
Liquidity and cash flow:
- Net cash provided by operating activities: -$1.999 million.
- Depreciation & amortization: $1,000; Stock-based compensation: $37,000; Change in working capital: -$101,000; Accounts payable: -$240,000; Other working capital: $139,000; Other non-cash items: $12,000.
- Free Cash Flow: -$1.999 million; Cash at end of period: $5.028 million; Cash at beginning: $4.746 million.
- Cash conversion indicators and leverage (as provided): Current ratio 3.43; Debt to assets 0.0207; Debt to equity 0.0295; Cash per share $27.43; Price to book value 0.488.
Balance sheet health and capital structure:
- Total assets: $5.739 million; Total liabilities: $1.707 million; Total stockholders’ equity: $56.331 million (note: reported totals appear inconsistent with assets and liabilities in the provided data; should be reconciled in the 10-Q). Cash and cash equivalents plus short-term investments: $5.028 million; Total current assets: $5.615 million. Long-term debt: $71,000.
- Notable cash and liquidity: The company carries a modest cash balance with a quarterly burn pattern, implying a liquidity runway of roughly 2–3 quarters absent additional financing or near-term cash inflows. Investors should watch for capital-market activity or milestone-driven funding tied to the company’s pipeline milestones.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
2.30M
N/A
N/A
Gross Profit
2.30M
N/A
N/A
Operating Income
-1.95M
13.42%
-0.05%
Net Income
-1.95M
13.42%
-0.05%
EPS
-0.40
99.52%
-100.28%
Key Financial Ratios
Return on Assets
Weak
-0.34%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.48%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
3.43
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.03
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-0.25x
Negative earnings make P/E ratio not meaningful
Price to Book
Undervalued
0.49x
Trading below book value, potential value opportunity or distressed
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