Summary by Moomoo AI
On August 14, 2024, GRI Bio, Inc., a clinical-stage biopharmaceutical company, announced its financial results for the second quarter ended June 30, 2024, and provided a corporate update. The company, which focuses on developing treatments for inflammatory, fibrotic, and autoimmune diseases, highlighted the progress of its lead program, GRI-0621, for the treatment of Idiopathic Pulmonary Fibrosis (IPF). GRI Bio reported that interim data from the Phase 2a biomarker study of GRI-0621 is expected in Q4 2024, with topline data anticipated in Q1 2025. The company also discussed its GRI-0803 program for systemic lupus erythematosus and announced a recent public offering that raised $4.0 million. As of June 30, 2024, GRI Bio had cash and cash equivalents of approximately $6.4 million, which is expected to fund operations into the first quarter of 2025. The company's net loss for the quarter was $2.4 million, with research and development expenses holding steady at $0.9 million compared to the same period in the previous year. General and administrative expenses decreased significantly from $5.1 million in the second quarter of 2023 to $1.4 million in the same period of 2024.
