Summary by Moomoo AI
GRI Bio, a clinical-stage biopharmaceutical company, reported its financial and operational results for the first quarter ended March 31, 2024. The company experienced a net loss of $1.9 million for the quarter, compared to a net loss of $2.2 million for the same period in the previous year. Research and development expenses increased to $0.9 million, up from $0.1 million year-on-year, primarily due to the development of their lead product candidate GRI-0621. General and administrative expenses also rose slightly to $1.0 million from $0.9 million. The company's cash position as of March 31, 2024, was $4.1 million, following a public offering that netted $4.4 million after offering costs. GRI Bio's lead product candidate, GRI-0621, is being developed for the treatment of severe fibrotic lung diseases, including idiopathic...Show More
