Executive Summary

Q3 2024 was steady operationally with lower G&A and similar R&D vs prior year, net loss of $2.123M and diluted EPS of ($0.67); cash was $4.746M at quarter-end, with cash runway extended into mid Q1 2025 .
Management shifted the clinical timing for GRI-0621: interim Phase 2a biomarker data moved from Q4 2024 to Q1 2025; topline from Q1 2025 to Q2 2025, reflecting updated enrollment projections .
Financing actions post-quarter supported runway: ~$0.8M from warrant exercises (part of ~$13.9M gross proceeds raised since the start of 2024), and new Series D-1/D-2 warrants at $1.00 strike to facilitate exercises .
No earnings call transcript was available; narrative comes from the 8-K press release and the 10-Q MD&A .
Street consensus (S&P Global) was unavailable at the time of this analysis, limiting beat/miss assessment.

What Went Well and What Went Wrong

Cost discipline: G&A fell to $1.000M in Q3 vs $1.250M in Q3’23, contributing to marginally lower net loss YoY .
Cash runway clarity: “$13.9 million in gross proceeds raised since the beginning of 2024 extending expected cash runway into mid Q1 2025 and through interim data readout” .
Program progress: CEO emphasized “fundamental progress on the development and regulatory fronts” and building a “robust and growing body of encouraging preclinical data” for GRI-0621 .

Timeline slippage: Interim readout moved to Q1 2025 (from Q4 2024), topline to Q2 2025 (from Q1 2025), pushing catalysts out a quarter each .
Cash balance declined sequentially ($4.746M vs $6.353M in Q2), reflecting operating cash burn (Q3 net loss $2.123M) .
Ongoing going-concern disclosure: Management reiterated need for additional capital; substantial doubt remains without further financing beyond runway .

Metric	Q3 2023	Q2 2024	Q3 2024
Net Loss ($USD Millions)	$2.137	$2.250	$2.123
Diluted EPS ($USD)	($65.78)	($4.92)	($0.67)
R&D Expense ($USD Millions)	$1.189	$0.877	$1.130
G&A Expense ($USD Millions)	$1.250	$1.380	$1.000
Cash And Equivalents ($USD Millions)	N/A	$6.353	$4.746
Shares Outstanding (period-end)	32,485	801,914	5,022,901

Notes:

The company is pre-revenue; no revenue line was reported in Q3 2024 financial statements .
Gross/EBITDA margins are not meaningful for a pre-revenue biotech this quarter.

Estimates vs Actuals (S&P Global consensus unavailable)

Metric	Q3 2024 Consensus	Q3 2024 Actual	Surprise
EPS ($USD)	Unavailable	($0.67)	N/A
Revenue ($USD Millions)	Unavailable	N/A (pre-revenue)	N/A

Metric	Period	Previous Guidance	Current Guidance	Change
GRI-0621 Phase 2a Interim Readout	Program milestone	Q4 2024	Q1 2025	Lowered (timing delayed)
GRI-0621 Phase 2a Topline	Program milestone	Q1 2025	Q2 2025	Lowered (timing delayed)
Cash Runway	Liquidity	Into Q1 2025	Into mid Q1 2025	Raised (slightly extended)

No Q3 2024 earnings call transcript was available. Themes are drawn from press releases and 10-Q MD&A.

Topic	Previous Mentions (Q1, Q2)	Current Period (Q3)	Trend
R&D execution (GRI-0621 IPF)	Interim Q3/Q4 2024, topline Q4 2024/Q1 2025; UK CTA authorization; study enrollment underway	Interim Q1 2025; topline Q2 2025; emphasis on “encouraging preclinical data”	Slight delay in timelines; continued execution
Regulatory/Geography	UK authorization in Q1; plans to expand	Australia authorization added; study ongoing	Expanded footprint (UK + Australia)
Financing & Runway	Feb/Jun offerings; ATM initiated; runway into Q1 2025	~$0.8M warrant exercise; cumulative $13.9M gross proceeds; runway into mid Q1 2025	Incremental extension; continued reliance on external capital
Nasdaq compliance	Regained compliance on equity/bid price in July	New bid-price deficiency in Sept; 180-day cure window to Mar 10, 2025	Compliance risk resurfaced
Pipeline (GRI-0803 SLE)	IND-enabling; resource-constrained; potential Phase 1a/b in 2025	Focus remains on 0621; 0803 contingent on funding	Deferred pending capital

CEO on Q3 progress: “We continue to make fundamental progress on the development and regulatory fronts of our lead program GRI-0621… With our strengthened cash position and Phase 2a study execution, we believe we are poised to drive value for shareholders in both the near and long term.”
CEO on financing: “The proceeds… have… strengthened our balance sheet and are estimated to have provided the necessary funding to advance the development of our lead program into the middle of the first quarter of 2025.”
CEO on Q2 visibility: “Our focus and priority remain on the successful execution of our Phase 2a biomarker study… with interim data by the end of the year and topline data on track for Q1 2025.” (since shifted)
Q1 positioning: “We are committed to building a growing body of data and believe we are positioned to unlock significant value in 2024.”

No Q3 2024 earnings call transcript or Q&A was available; no analyst Q&A themes could be assessed .

EPS and revenue consensus from S&P Global were unavailable at the time of request; a beat/miss analysis cannot be performed reliably.
Coverage appears limited given pre-revenue status; post-data readouts may increase analyst engagement [GetEstimates error; tool returned daily limit exceeded].

Near-term catalysts delayed: Interim IPF biomarker data (Q1 2025) and topline (Q2 2025) push the trading calendar out; expect sentiment to hinge on enrollment and biomarker execution .
Liquidity adequate through interim readout: Cash runway into mid Q1 2025, aided by ~$13.9M gross proceeds YTD; monitor ATM/warrant activity and potential additional financings for continuity beyond interim .
Operating discipline: G&A reductions and stable R&D point to measured burn; sequential cash decline underscores need for capital ahead of topline .
Compliance/watchouts: Nasdaq bid-price deficiency resets a 180-day clock to March 10, 2025; stock volatility and further corporate actions (reverse splits, financings) are possible levers .
Program scope expanding: Regulatory authorizations in UK and Australia broaden Phase 2a footprint; positive preclinical data narrative maintained, but clinical biomarker data will be decisive for derisking .
Dilution risk persists: Financing structure includes warrants and ATM—expect continued overhang until clinical data improves valuation and funding optionality .
Trade setup: Limited near-term catalysts pre-interim; any enrollment or regulatory procedural updates may be incremental; main inflection likely on Q1 biomarker readout and Q2 topline.

Sources: Q3 2024 8-K press release and Form 10-Q , Q2 2024 8-K press release and Form 10-Q , Q1 2024 8-K press release , financing 8-Ks .