Issue 005 | U.S. Pilot | US

GRI

GRI Bio, Inc.

Screen state: Passing Source state: Verified 10-Q | 2026-05-13 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 77.8%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets: 11,279,000USD
Total Liabilities: 794,000USD
NCAV: 10,485,000USD
Cash: 11,048,000USD
NCAV per share: 6.62USD/share
Evidence: 6 annual | 25 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated: 12
Triggered: 2
Unavailable: 7

Requires inspection Negative OCF -3,685,000

Latest: -3,685,0002026-03-31
Comparison: n/a
Change: n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2026-03-31 · 0001824293-26-000044

Supporting observation Current Ratio > 1.5 14.21

Latest: 14.212026-03-31
Comparison: 1.5
Change: n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2026-03-31 · 0001824293-26-000044

7 unavailable checks — inspect missing inputs

High Debt (short-term debt + long-term debt) / ordinary equity >= 50%

Low Debt (short-term debt + long-term debt) / ordinary equity < 20%

Material 1Y Share Increase 1Y share change >= +2% using the same share-count source

NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive

No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source

Non-Positive Equity ordinary shareholders equity <= 0

Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Published only when a substantive filing-text profile has been prepared for this issue.

Not available for this issue.

A substantive filing-text profile was not prepared for this company. Financial statement evidence and filing links remain available above for direct inspection.

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: normalize_to_latest_verified_split_basis | quality: verified

Display basis Normalized to latest verified split basis As reported in each filing

Metric	2026-03-31 10-Q Open filing	2025-12-31 10-K Open filing	2025-09-30 10-Q Open filing	2025-06-30 10-Q Open filing	2025-03-31 10-Q Open filing	2024-12-31 10-K Open filing	2024-09-30 10-Q Open filing	2024-06-30 10-Q Open filing	2024-03-31 10-Q Open filing	2023-12-31 10-K Open filing	2023-09-30 10-Q Open filing	2023-06-30 10-Q Open filing	2023-03-31 10-Q Open filing	2022-12-31 10-K Open filing	2022-09-30 10-Q Open filing	2022-06-30 10-Q Open filing	2022-03-31 10-Q Open filing	2021-12-31 10-K Open filing	2021-09-30 10-Q Open filing	2021-06-30 10-Q Open filing	2020-12-31 10-K Open filing
Period-end Shares Outstanding	1,584,9331,584,933	497,693497,693	27,2393,268,727	20,8072,496,800	4,378525,358	4,379525,485	41,8585,022,901	6,683801,914	26,6373,196,488	5,381645,738	8212,956,354	8212,956,354	125449,408	3,74513,482,342	3,53712,732,836	2,92010,512,836	1,8926,812,836	1,8926,812,836	1,8926,812,836	1,8926,812,836	n/an/a
Weighted-average Basic Shares	n/an/a	n/an/a	21,8462,621,498	18,3762,205,139	4,379525,447	n/an/a	26,3403,160,771	n/an/a	1,192142,988	1,075128,994	249896,117	6722,417,785	125449,408	2,81810,143,205	2,5619,219,869	1,8926,812,836	n/an/a	1,2524,506,216	1,2524,506,216	1,8926,812,836	n/an/a
Weighted-average Diluted Shares	1,241,0011,241,001	98,16298,162	1,549185,924	11,4161,369,933	n/an/a	1,527183,278	n/an/a	3,815457,742	34,3954,127,448	3,846461,566	1,1464,124,478	237851,419	n/an/a	1,8176,541,097	3,36312,105,445	2,4128,683,166	1,8926,812,836	1,8176,541,097	1,8926,812,836	1,2524,506,216	n/an/a
Basic EPS	-2-2	-122-122	-5-5	-4-4	-6-6	-55-55	-5-5	-9-9	-0-0	-28-28	-4-4	-5-5	-5-5	-1-1	-1-1	-1-1	-0-0	-1-1	-1-1	-1-1	-1-1
Diluted EPS	-2-2	-122-122	-5-5	-4-4	-6-6	-55-55	-5-5	-9-9	-0-0	-28-28	-4-4	-5-5	-5-5	-1-1	-1-1	-1-1	-0-0	-1-1	-1-1	-1-1	-1-1
Basic-to-Diluted Share Difference	Insufficient evidence	Insufficient evidence	-92.9%	-37.9%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	2786.6%	257.8%	360.3%	-64.8%	Insufficient evidence	-35.5%	31.3%	27.5%	Insufficient evidence	45.2%	51.2%	-33.9%	Insufficient evidence
Net Share Count Change	218.5%	1727.1%	30.9%	375.3%	-0.0%	-89.5%	526.4%	-74.9%	395.0%	555.3%	0.0%	557.8%	-96.7%	5.9%	21.1%	54.3%	0.0%	0.0%	0.0%	Insufficient evidence	Insufficient evidence
Ownership Claim Change	-68.6%	-94.5%	-23.6%	-79.0%	0.0%	855.9%	-84.0%	298.6%	-79.8%	-84.7%	0.0%	-84.8%	2900.0%	-5.6%	-17.4%	-35.2%	0.0%	0.0%	0.0%	Insufficient evidence	Insufficient evidence

Verified split events: reverse 5.363636363636363 on 2021-02-10; reverse 30.0 on 2024-01-29; reverse 4.0 on 2026-01-15; reverse 30.0 on 2026-01-21

Known Unknowns

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric	2025-12-31 10-K USD	2024-12-31 10-K USD	2023-12-31 10-K USD	2022-12-31 10-K USD	2021-12-31 10-K USD	2020-12-31 10-K USD
Revenue	n/a	n/a	n/a	n/a	0	100,000
Operating Income	-11,977,000	-8,235,000	-11,387,000	-6,928,000	-9,259,000	-4,788,000
Net Income	-11,956,000	-8,207,000	-13,037,000	-7,024,000	-9,303,000	-4,822,000
Cash From Operations	-10,186,000	-8,611,000	-8,990,000	-7,135,000	-8,312,000	-3,706,000
Capex	-3,000	0	-8,000	-3,000	0	-2,000
Free Cash Flow	-10,189,000	-8,611,000	-8,998,000	-7,138,000	-8,312,000	-3,708,000
Cash And Equivalents	8,229,000	5,028,000	1,808,000	3,781,000	3,702,000	109,000
Accounts Receivable	n/a	n/a	n/a	n/a	n/a	n/a
Inventory	n/a	n/a	n/a	n/a	n/a	n/a
Total Current Assets	8,592,000	5,615,000	2,934,000	4,152,000	8,129,000	674,000
Total Assets	8,666,000	5,739,000	2,956,000	4,152,000	8,335,000	955,000
Total Current Liabilities	2,643,000	1,636,000	2,697,000	1,810,000	2,445,000	2,225,000
Total Liabilities	2,658,000	1,707,000	2,697,000	1,810,000	2,517,000	2,409,000
Shareholders Equity	6,008,000	4,032,000	259,000	2,342,000	5,818,000	-1,454,000
Shares Outstanding	497,693	525,485	645,738	13,482,342	6,812,836	4,506,216
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	98,162	183,278	461,566	10,143,205	6,541,097	4,506,216
Weighted Avg Shares Basic	98,162	183,278	461,566	10,143,205	6,541,097	4,506,216
Net Share Count Change (Normalized)	1727.1%	-89.5%	555.3%	5.9%	0.0%	Insufficient evidence
Ownership Claim Change (Normalized)	-94.5%	855.9%	-84.7%	-5.6%	0.0%	Insufficient evidence

Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Metric	2026-03-31 10-Q USD	2025-12-31 10-K USD	2025-12-31 10-K USD	2025-09-30 10-Q USD	2025-06-30 10-Q USD	2025-03-31 10-Q USD	2024-12-31 10-K USD	2024-12-31 10-K USD	2024-09-30 10-Q USD	2024-06-30 10-Q USD	2024-03-31 10-Q USD	2023-12-31 10-K USD	2023-12-31 10-K USD	2023-09-30 10-Q USD	2023-06-30 10-Q USD	2023-03-31 10-Q USD	2022-12-31 10-K USD	2022-12-31 10-K USD	2022-09-30 10-Q USD	2022-06-30 10-Q USD	2022-03-31 10-Q USD	2021-12-31 10-K USD	2021-12-31 10-K USD	2021-09-30 10-Q USD	2021-06-30 10-Q USD
Revenue	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0	0	0	0	0
Operating Income	-2,003,000	-2,664,000	-2,664,000	-3,365,000	-2,897,000	-3,051,000	-1,954,000	-1,953,000	-2,130,000	-2,257,000	-1,895,000	-2,026,000	-665,000	-2,439,000	-5,934,000	-2,349,000	-1,385,000	-1,384,000	-1,404,000	-1,506,000	-2,634,000	-3,094,000	-3,094,000	-1,253,000	-2,310,000
Net Income	-1,998,000	-2,659,000	-2,659,000	-3,359,000	-2,892,000	-3,046,000	-1,948,000	-1,947,000	-2,123,000	-2,250,000	-1,887,000	-2,004,000	-1,758,000	-2,137,000	-6,746,000	-2,396,000	-1,583,000	-1,583,000	-1,033,000	-1,773,000	-2,635,000	-3,096,000	-3,096,000	-1,257,000	-2,312,000
Cash From Operations	-3,685,000	-2,971,000	-2,971,000	-2,313,000	-3,166,000	-1,736,000	-1,999,000	-1,999,000	-2,268,000	-2,141,000	-2,203,000	-5,560,000	-5,560,000	-1,311,000	-3,000	-2,116,000	-1,371,000	-1,371,000	-1,852,000	-1,622,000	-2,290,000	-1,583,000	-1,583,000	-1,289,000	-2,492,000
Capex	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0	n/a	n/a	n/a	n/a	0	n/a	n/a	n/a	n/a	0	n/a	n/a	n/a	n/a	0	n/a
Free Cash Flow	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-2,268,000	n/a	n/a	n/a	n/a	-1,311,000	n/a	n/a	n/a	n/a	-1,852,000	n/a	n/a	n/a	n/a	-1,289,000	n/a
Cash And Equivalents	11,048,000	8,229,000	8,229,000	4,055,000	5,122,000	3,281,000	5,028,000	5,028,000	4,746,000	6,353,000	4,091,000	1,808,000	1,808,000	3,488,000	4,799,000	1,665,000	3,781,000	3,781,000	4,732,000	5,221,000	2,543,000	3,702,000	3,702,000	5,884,000	10,460,000
Total Current Assets	11,279,000	8,592,000	8,592,000	4,697,000	5,576,000	3,930,000	5,615,000	5,615,000	5,323,000	6,884,000	4,428,000	2,934,000	2,934,000	4,367,000	5,592,000	n/a	4,152,000	4,152,000	5,569,000	7,838,000	5,757,000	8,129,000	8,129,000	9,916,000	11,404,000
Total Liabilities	794,000	2,658,000	2,658,000	2,789,000	2,353,000	2,837,000	1,707,000	1,707,000	1,799,000	2,312,000	1,789,000	2,697,000	2,697,000	2,177,000	1,604,000	2,066,000	1,810,000	1,810,000	2,110,000	4,341,000	2,584,000	2,517,000	2,517,000	1,411,000	1,794,000
Shares Outstanding	1,584,933	497,693	497,693	3,268,727	2,496,800	525,358	525,485	525,485	5,022,901	801,914	3,196,488	645,738	645,738	2,956,354	2,956,354	449,408	13,482,342	13,482,342	12,732,836	6,812,836	6,812,836	6,812,836	6,812,836	6,812,836	4,506,216
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	1,241,001	98,162	98,162	2,621,498	2,205,139	525,447	183,278	183,278	3,160,771	457,742	4,127,448	461,566	461,566	4,124,478	2,417,785	449,408	10,143,205	12,883,104	12,105,445	8,683,166	6,812,836	6,541,097	6,813,338	6,812,836	6,812,836
Weighted Avg Shares Basic	1,241,001	98,162	98,162	2,621,498	2,205,139	525,447	183,278	183,278	3,160,771	457,742	4,127,448	461,566	461,566	4,124,478	2,417,785	449,408	10,143,205	12,883,104	12,105,445	8,683,166	6,812,836	6,541,097	6,813,338	6,812,836	6,812,836
Net Share Count Change (Normalized)	218.5%	1727.1%	1727.1%	30.9%	375.3%	-0.0%	-89.5%	-89.5%	526.4%	-74.9%	395.0%	555.3%	555.3%	0.0%	557.8%	-96.7%	5.9%	5.9%	21.1%	54.3%	0.0%	0.0%	0.0%	0.0%	Insufficient evidence
Ownership Claim Change (Normalized)	-68.6%	-94.5%	-94.5%	-23.6%	-79.0%	0.0%	855.9%	855.9%	-84.0%	298.6%	-79.8%	-84.7%	-84.7%	0.0%	-84.8%	2900.0%	-5.6%	-5.6%	-17.4%	-35.2%	0.0%	0.0%	0.0%	0.0%	Insufficient evidence

Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input	Value	Source concept	Filing period	Confidence	Provenance
Current Assets	11,279,000USD	us-gaap:AssetsCurrent	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001824293/companyfacts.json Data Vault \| sec/companyfacts/cik=0001824293/companyfacts.json
Total Liabilities	794,000USD	us-gaap:Liabilities	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001824293/companyfacts.json Data Vault \| sec/companyfacts/cik=0001824293/companyfacts.json
Cash	11,048,000USD	us-gaap:CashAndCashEquivalentsAtCarryingValue	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001824293/companyfacts.json Data Vault \| sec/companyfacts/cik=0001824293/companyfacts.json
Shares Outstanding	1,584,933	us-gaap:CommonStockSharesOutstanding	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001824293/companyfacts.json Data Vault \| sec/companyfacts/cik=0001824293/companyfacts.json
NCAV	10,485,000USD	derived	2026-03-31	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	6.62USD	derived	2026-03-31	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	77.8%	derived	2026-03-31	n/a	gnni_publication_pack \| internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source: Data Vault
Data Vault Root: Local evidence | The Data Vault
CIK: 0001824293
Company ID: n/a
Selected Annual Source: Data Vault | sec/companyfacts/cik=0001824293/companyfacts.json
Selected Quarterly Source: Data Vault | sec/companyfacts/cik=0001824293/companyfacts.json
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 21
Imported At: 2026-08-15T12:52:06+00:00
Rendered At: 2026-08-16T03:30:00+00:00

Run Audit

Mary Run: 062cd84c6cec4533b9bb580392e1f3bf
Mary As Of: 2026-08-07
Accession: 0001824293-26-000044
CIK: 0001824293
Mary Filing Date: 2026-05-13
Filing Currency: USD
Internal Discount: 77.8%
Source State: Verified
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=062cd84c6cec4533b9bb580392e1f3bf; mary_as_of=2026-08-07; mary_filing_date=2026-05-13; mary_accession=0001824293-26-000044; mary_cik=0001824293; gnni_supporting_filing_date=2026-05-13; internal_discount=0.777792; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

Back to Register Report a correction Archive