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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

____________________________________

FORM 10-Q

____________________________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended

September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from_________to_________

Commission File Number: 001-40034

____________________________________

GRI BIO, INC.

(Exact Name of Registrant as Specified in its Charter)

____________________________________


Delaware						82-4369909
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

2223 Avenida de la Playa, #208 La Jolla, CA 92037
(Address of principal executive offices, including zip code)

(619) 400-1170

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.0001
per share

GRI

The Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o


Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	x	Smaller reporting company	x
Emerging growth company	x


		Page

PART I.	FINANCIAL INFORMATION	3
Item 1.	Financial Statements	3
	Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024	3
	Consolidated Statements of Operations (unaudited) for the three and nine months ended September 30, 2025 and 2024	4
	Consolidated Statements of Changes in Stockholders’ Equity (unaudited) for the nine months ended September 30, 2025 and 2024	5
	Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2025 and 2024	6
	Notes to Unaudited Interim Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	24
Item 4.	Controls and Procedures	24
PART II.	OTHER INFORMATION	26
Item 1.	Legal Proceedings	26
Item 1A.	Risk Factors	26
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	26
Item 3.	Defaults Upon Senior Securities	26
Item 4.	Mine Safety Disclosures	26
Item 5.	Other Information	26
Item 6.	Exhibits	27
	Signatures	28


	September 30, 2025		December 31, 2024
Assets	(unaudited)
Current assets:
Cash and cash equivalents	$	4,055	$	5,028

Prepaid expenses and other current assets	642		587
Total current assets	4,697		5,615
Property and equipment, net	1		4
Operating lease right-of-use assets	84		120
Total assets	$	4,782	$	5,739

Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	1,317	$	897
Accrued expenses	1,388		691



Operating lease liabilities, current	54		48
Total current liabilities	2,759		1,636
Operating lease liabilities, non-current	30		71
Total liabilities	2,789		1,707

Commitments and contingencies (Note 9)

Stockholders' equity:
Common stock, 0.0001 par value; 250,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 3,268,727 and 525,485 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	—		—
Additional paid-in capital	51,030		43,772

Accumulated deficit	(49,037)		(39,740)
Total stockholders’ equity	1,993		4,032
Total liabilities and stockholders' equity	$	4,782	$	5,739


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024


Operating expenses:
Research and development	$	1,769	$	1,125	$	5,188	$	2,861
General and administrative	1,596		1,005		4,125		3,420
Total operating expenses	3,365		2,130		9,313		6,281
Loss from operations	(3,365)		(2,130)		(9,313)		(6,281)
Change in fair value of warrant liability	—		—		—		3

Interest income	6		7		16		19
Net loss	$	(3,359)	$	(2,123)	$	(9,297)	$	(6,259)




Net loss per share of common stock, basic and diluted	$	(1.28)	$	(11.42)	$	(5.19)	$	(77.55)
Weighted-average of common stock outstanding, basic and diluted	2,621,498		185,924		1,791,706		80,714


Nine Months Ended September 30, 2025
	Common Stock			Additional Paid-in Capital		Accumulated Deficit		Stockholders’ Equity
	Shares	Amount
Balance, December 31, 2024	525,485	$	—	$	43,772	$	(39,740)	$	4,032
Stock-based compensation	—	—		220		—		220
Fractional share adjustment	(127)	—		(1)		—		(1)


Net loss	—	—		—		(3,046)		(3,046)
Balance, March 31, 2025 (unaudited)	525,358	$	—	$	43,991	$	(42,786)	$	1,205
Stock-based compensation	—	—		41		—		41

Issuance of common stock and prefunded warrants, net of issuance costs	1,388,888	—		4,143		—		4,143
Issuance of common stock	582,554	—		825		—		825
Net loss	—	—		—		(2,892)		(2,892)
Balance, June 30, 2025 (unaudited)	2,496,800	$	—	$	49,000	$	(45,678)	$	3,322
Stock-based compensation	—	—		465		—		465
Issuance of common stock	771,927	—		1,565		—		1,565
Net loss	—	—		—		(3,359)		(3,359)
Balance, September 30, 2025 (unaudited)	3,268,727	$	—	$	51,030	$	(49,037)	$	1,993


Nine Months Ended September 30, 2024
	Common Stock			Additional Paid-in Capital		Accumulated Deficit		Stockholders’ Equity
	Shares	Amount
Balance, December 31, 2023	2,909	$	—	$	31,792	$	(31,533)	$	259
Stock-based compensation	—	—		37		—		37
Fractional share adjustment	(1)	—		—		—		—
Issuance of common stock and prefunded warrants, net of issuance costs	1,495	—		4,389		—		4,389
Prefunded warrant exercise	10,047	—		—		—		—
Net loss	—	—		—		(1,887)		(1,887)
Balance, March 31, 2024 (unaudited)	14,450	$	—	$	36,218	$	(33,420)	$	2,798
Stock-based compensation	—	—		37		—		37
Fractional share adjustment	(11)	—		—		—		—
Issuance of common stock	20,816	—		4,134		—		4,134
Prefunded warrant exercise	11,905	—		—		—		—
Net loss	—	—		—		(2,250)		(2,250)
Balance, June 30, 2024 (unaudited)	47,160	$	—	$	40,389	$	(35,670)	$	4,719
Stock-based compensation	—	—		37		—		37
Issuance of common stock	123,141	—		1,027		—		1,027
Warrant exercise	125,152	—		—		—		—

Net loss	—	—		—		(2,123)		(2,123)
Balance, September 30, 2024 (unaudited)	295,453	$	—	$	41,453	$	(37,793)	$	3,660


	September 30,
	2025	2024
Stock options	421,274	142
Warrants	4,623,082	311,430



Total	5,044,356	311,572


	September 30, 2025		December 31, 2024
Computer equipment	$	21	$	21
Furniture and fixtures	13		13
	34		34
Accumulated depreciation	(33)		(30)
	$	1	$	4


Volatility	156.44	%
Expected term in years	2.48
Dividend rate	—	%
Risk-free interest rate	4.02	%


Number of Shares	Exercise Price per Share	Expiration Date

1,388,888	$3.20	January 2026
9	$464,100.00	February 2026
128,577	$31.11	March 2026
44,839	$17.00	April 2026
1,388,888	$3.20	October 2026
16	$43,548.05	May 2027
1	$0.01	July 2027
3	$94,970.33	April 2028
210	$243.10	February 2029
9,002	$38.8875	June 2029
128,577	$31.11	September 2029
44,839	$17.00	October 2029
3,140	$21.25	October 2029
1,388,888	$3.20	April 2030
97,222	$4.50	April 2030


	Number of options	Weighted-average exercise price		Weighted-average remaining contractual term (years)	Aggregate Intrinsic Value ($)
Outstanding at December 31, 2024	142	$	4,376.92	8.63	—
Granted	421,132	$	2.29		106
Exercised	—	—			—
Forfeited/cancelled	—	—			—
Outstanding at September 30, 2025	421,274	$	3.76	9.92	106
Exercisable at September 30, 2025	291,431	$	4.09	9.91	44
Vested and expected to vest at September 30, 2025	421,274	$	3.76	9.92	106


	GRI BIO, INC.


Date: November 14, 2025	By:	/s/ Leanne M. Kelly
		Name: Leanne M. Kelly
		Title: Chief Financial Officer
		(Principal Financial and Accounting Officer)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Research and development	$	59	$	—	$	84	$	—
General and administrative	406		37		642		111
Total	$	465	$	37	$	726	$	111


	Nine Months Ended September 30, 2025

Volatility	120.89		%
Expected term in years	5.18
Dividend rate	0.00		%
Risk-free interest rate	3.75		%
Fair value of option on grant date	$	1.92

SEC Form 10-Q filed by GRI Bio Inc.