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GRI Bio, Inc. has updated its at-the-market (ATM) offering, filing a prospectus supplement with the SEC today that increases the maximum number of shares available for sale. The pharmaceutical company, which specializes in the development of therapeutic drugs, is now authorized to issue up to $1,758,934 of its common stock under the ATM offering agreement with H.C. Wainwright & Co., LLC, dated May 20, 2024. This adjustment does not include the approximately $4,546,137 worth of shares already sold through the agreement.
The company’s common stock is listed under the ticker symbol GRI on The Nasdaq Capital Market, currently trading at $1.25, down significantly from its 52-week high of $97.24. The increase in the share issuance capacity is accompanied by a legal opinion from Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo, P.C., regarding the legality of the shares’ issuance and sale, which is attached as Exhibit 5.1 to the current report.
This financial move by GRI Bio, Inc., headquartered in La Jolla, California, is part of the company’s ongoing efforts to manage its capital and resources effectively. As per the filing, the company has not indicated any immediate plans for the use of the proceeds from the potential sale of the additional shares.
Investors and interested parties can find further details and documents related to this announcement in the company’s SEC filing. The information provided in this article is based solely on the facts stated in the press release statement.
In other recent news, GRI Bio, Inc. has shared promising interim results from its Phase 2a study of GRI-0621, aimed at treating Idiopathic Pulmonary Fibrosis (IPF). The study revealed that GRI-0621 is safe and well-tolerated, with no significant changes in lipid levels among the first 12 patients. The Independent (LON:IOG) Data Monitoring Committee recommended the trial continue, citing no safety concerns and suggesting a potential anti-fibrotic effect. Financially, GRI Bio reported a net loss of $3.0 million for the first quarter of 2025, with research and development expenses at $1.6 million. Following a $5.0 million public offering, the company expects its cash reserves to sustain operations through the third quarter of 2025. Additionally, GRI Bio has changed its independent registered public accounting firm to WithumSmith+Brown, PC for the fiscal year ending December 31, 2025. The transition from Sadler Gibb & Associates LLC was not due to any disagreements on accounting principles or practices. Analyst firm H.C. Wainwright maintained a Buy rating on GRI Bio, setting a $10 price target, reflecting confidence in the potential of GRI-0621.
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