GRI Bio (GRI) S-1/A 30 Jan 24 IPO registration (amended) Financial data

Cover

Cover	9 Months Ended
	Sep. 30, 2023
Cover [Abstract]
Document Type	S-1/A
Entity Registrant Name	GRI BIO, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4369909
Entity Address, Address Line One	2223 Avenida de la Playa, #208
Entity Address, City or Town	La Jolla
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92037
City Area Code	619
Local Phone Number	400-1170
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Central Index Key	0001824293
Amendment Flag	true
Amendment Description	Amendment No. 1 to Form S-1.

Consolidated Balance Sheets - 1

Consolidated Balance Sheets - 10-K - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 9
Prepaid expenses and other current assets	303
Total current assets	312
Property and equipment, net	4
Operating lease right-of-use assets	67
Total assets	383
Current liabilities:
Accounts payable	1,294
Accrued expenses	36
Advances from employees	5
Bridge promissory note, net	602
Operating lease liabilities, current	57
Total current liabilities	1,994
Operating lease liabilities, non-current	14
Total liabilities	2,008
Commitments and contingencies (Note 12)
Redeemable common stock		$ 124
Stockholders' equity (deficit):
Common stock, $0.01 par value; 40,000,000 shares authorized; 4,447,153 and 3,817,439 shares issued as of December 31, 2022 and 2021, respectively; 3,818,775 and 3,252,204 shares outstanding as of December 31, 2022 and 2021, respectively	0
Additional paid-in-capital	16,871
Accumulated deficit	(18,496)
Total stockholders’ equity (deficit)	(1,625)	(4,848)
Total liabilities, mezzanine equity, and stockholders' deficit	$ 383
Common stock, shares outstanding (in shares)	142,821
Common stock, par value (in usd per share)	$ 0.0001
Common stock, shares authorized (in shares)	250,000,000
Common stock, shares issued (in shares)	142,821
Private GRI
Current assets:
Cash and cash equivalents	$ 9	90
Prepaid expenses and other current assets	299	6
Total current assets	308	96
Property and equipment, net	4	3
Operating lease right-of-use assets	67	114
Deposits	4	5
Total assets	383	218
Current liabilities:
Accounts payable	1,294	57
Accrued expenses	36	1,271
Advances from employees	5	0
Convertible promissory notes	0	3,500
Bridge promissory note, net	602	0
Operating lease liabilities, current	57	47
Total current liabilities	1,994	4,875
Operating lease liabilities, non-current	14	67
Total liabilities	2,008	4,942
Commitments and contingencies (Note 12)
Redeemable common stock	0	124
Stockholders' equity (deficit):
Common stock, $0.01 par value; 40,000,000 shares authorized; 4,447,153 and 3,817,439 shares issued as of December 31, 2022 and 2021, respectively; 3,818,775 and 3,252,204 shares outstanding as of December 31, 2022 and 2021, respectively	38	33
Additional paid-in-capital	16,833	10,398
Accumulated deficit	(18,496)	(15,279)
Total stockholders’ equity (deficit)	(1,625)	(4,848)
Total liabilities, mezzanine equity, and stockholders' deficit	$ 383	$ 218
Common stock, shares outstanding (in shares)	3,818,775	3,252,204
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	4,447,153	3,817,439

Consolidated Balance Sheets -10

Consolidated Balance Sheets -10-K (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Common stock, par value (in usd per share)	$ 0.0001
Common stock, shares authorized (in shares)	250,000,000
Common stock, shares issued (in shares)	142,821
Common stock, shares outstanding (in shares)	142,821
Private GRI
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	4,447,153	3,817,439
Common stock, shares outstanding (in shares)	3,818,775	3,252,204

Consolidated Statements of Oper

Consolidated Statements of Operations - 10-K - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Private GRI
Operating expenses:
Research and development	$ 242	$ 249
General and administrative	1,997	813
Total operating expenses	2,239	1,062
Loss from operations	(2,239)	(1,062)
Interest income (expense), net	(653)	(547)
Net loss	$ (3,217)	$ (1,559)
Net loss per share of common stock, basic (in usd per share)	$ (0.93)	$ (0.46)
Net loss per share of common stock, diluted (in usd per share)	$ (0.93)	$ (0.46)
Weighted-average common shares outstanding, basic (in shares)	3,447,887	3,412,155
Weighted-average common shares outstanding, diluted (in shares)	3,447,887	3,412,155
Private GRI | Paycheck Protection Program loan
Operating expenses:
Gain (loss) on extinguishment of loan/notes	$ 0	$ 50
Private GRI | Convertible promissory notes
Operating expenses:
Gain (loss) on extinguishment of loan/notes	$ (325)	$ 0

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders’ Equity - 10-K - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Private GRI	Private GRI Redeemable Common Stock	Private GRI Convertible promissory notes	Private GRI Bridge promissory note	Private GRI Common Stock	Private GRI Additional Paid-in Capital	Private GRI Additional Paid-in Capital Convertible promissory notes	Private GRI Additional Paid-in Capital Bridge promissory note	Private GRI Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2020						29,857
Beginning balance at Dec. 31, 2020						$ 124
Ending balance (in shares) at Dec. 31, 2021	1,116					29,857
Ending balance at Dec. 31, 2021	$ 124				$ 124	$ 124
Beginning balance (in shares) at Dec. 31, 2020									3,241,215
Beginning balance at Dec. 31, 2020					(4,945)				$ 33	$ 8,742			$ (13,720)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)									10,989
Issuance of common stock					100				$ 0	100
Issuance of warrants and non-contingent beneficial ownership feature in connection with convertible promissory note					150					150
Extinguishment of accrued compensation					1,406					1,406
Net loss					$ (1,559)								(1,559)
Ending balance (in shares) at Dec. 31, 2021		121,631			3,252,204				3,252,204
Ending balance at Dec. 31, 2021	$ (4,848)	$ 0	$ 10,430	$ (15,278)	$ (4,848)				$ 33	10,398			(15,279)
Ending balance (in shares) at Mar. 31, 2022	1,116
Ending balance at Mar. 31, 2022	$ 124
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(302)			(302)
Ending balance (in shares) at Mar. 31, 2022		121,631
Ending balance at Mar. 31, 2022	$ (5,150)	$ 0	10,430	(15,580)
Beginning balance (in shares) at Dec. 31, 2021	1,116					29,857
Beginning balance at Dec. 31, 2021	$ 124				$ 124	$ 124
Ending balance (in shares) at Sep. 30, 2022	1,116
Ending balance at Sep. 30, 2022	$ 124
Beginning balance (in shares) at Dec. 31, 2021		121,631			3,252,204				3,252,204
Beginning balance at Dec. 31, 2021	(4,848)	$ 0	10,430	(15,278)	$ (4,848)				$ 33	10,398			(15,279)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(948)
Ending balance (in shares) at Sep. 30, 2022		121,631
Ending balance at Sep. 30, 2022	$ (5,706)	$ 0	10,520	(16,226)
Beginning balance (in shares) at Dec. 31, 2021	1,116					29,857
Beginning balance at Dec. 31, 2021	$ 124				124	$ 124
Ending balance (in shares) at Dec. 31, 2022						0
Ending balance at Dec. 31, 2022					$ 0	$ 0
Beginning balance (in shares) at Dec. 31, 2021		121,631			3,252,204				3,252,204
Beginning balance at Dec. 31, 2021	$ (4,848)	$ 0	10,430	(15,278)	$ (4,848)				$ 33	10,398			(15,279)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of warrants and non-contingent beneficial ownership feature in connection with convertible promissory note					60					60
Warrant issuance							$ 30	$ 571			$ 30	$ 571
Conversion of convertible promissory note (in shares)									592,857
Conversion of convertible promissory note					5,337				$ 5	5,332
Restricted stock awards issued in satisfaction of accrued compensation					417					417
Redemption of redeemable common stock (in shares)						(29,857)			(29,857)
Redemption of redeemable common stock					0	$ (124)			$ 0	0
Vesting of restricted stock (in shares)									3,571
Stock-based compensation					25					25
Net loss					$ (3,217)								(3,217)
Ending balance (in shares) at Dec. 31, 2022	142,821	142,820			3,818,775				3,818,775
Ending balance at Dec. 31, 2022	$ (1,625)	$ 0	16,871	(18,496)	$ (1,625)				$ 38	16,833			(18,496)
Beginning balance (in shares) at Mar. 31, 2022	1,116
Beginning balance at Mar. 31, 2022	$ 124
Ending balance (in shares) at Jun. 30, 2022	1,116
Ending balance at Jun. 30, 2022	$ 124
Beginning balance (in shares) at Mar. 31, 2022		121,631
Beginning balance at Mar. 31, 2022	(5,150)	$ 0	10,430	(15,580)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(295)			(295)
Ending balance (in shares) at Jun. 30, 2022		121,631
Ending balance at Jun. 30, 2022	$ (5,445)	$ 0	10,430	(15,875)
Ending balance (in shares) at Sep. 30, 2022	1,116
Ending balance at Sep. 30, 2022	$ 124
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of warrants and non-contingent beneficial ownership feature in connection with convertible promissory note	60		60
Warrant issuance	30		30
Net loss	(351)			(351)
Ending balance (in shares) at Sep. 30, 2022		121,631
Ending balance at Sep. 30, 2022	$ (5,706)	$ 0	10,520	(16,226)
Beginning balance (in shares) at Dec. 31, 2022						0
Beginning balance at Dec. 31, 2022					$ 0	$ 0
Beginning balance (in shares) at Dec. 31, 2022	142,821	142,820			3,818,775				3,818,775
Beginning balance at Dec. 31, 2022	$ (1,625)	$ 0	16,871	(18,496)	$ (1,625)				$ 38	16,833			(18,496)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Warrant issuance	532		532
Vesting of restricted stock (in shares)		67
Stock-based compensation	13		13
Net loss	(2,150)			(2,150)
Ending balance (in shares) at Mar. 31, 2023		142,887
Ending balance at Mar. 31, 2023	$ (3,230)	$ 0	17,416	(20,646)
Beginning balance (in shares) at Dec. 31, 2022						0
Beginning balance at Dec. 31, 2022					$ 0	$ 0
Beginning balance (in shares) at Dec. 31, 2022	142,821	142,820			3,818,775				3,818,775
Beginning balance at Dec. 31, 2022	$ (1,625)	$ 0	16,871	(18,496)	$ (1,625)				$ 38	$ 16,833			$ (18,496)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (11,033)
Ending balance (in shares) at Sep. 30, 2023	422,333	422,333
Ending balance at Sep. 30, 2023	$ 2,227	$ 0	31,756	(29,529)
Beginning balance (in shares) at Mar. 31, 2023		142,887
Beginning balance at Mar. 31, 2023	(3,230)	$ 0	17,416	(20,646)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock (in shares)		23,434
Stock-based compensation	13		13
Net loss	(6,746)			(6,746)
Ending balance (in shares) at Jun. 30, 2023		422,333
Ending balance at Jun. 30, 2023	4,038	$ 0	31,430	(27,392)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	326		326
Net loss	$ (2,137)			(2,137)
Ending balance (in shares) at Sep. 30, 2023	422,333	422,333
Ending balance at Sep. 30, 2023	$ 2,227	$ 0	$ 31,756	$ (29,529)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - 10-K - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Net loss	$ (11,033)	$ (948)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation expense	3	2
Amortization of debt discounts and issuance costs	2,104	45
Amortization of right-of-use assets	39	35
Stock-based compensation expense	352	0
Change in operating assets and liabilities:
Prepaid expenses and other current assets	(836)	(7)
Accounts payable	4,860	77
Accrued expenses	1,106	590
Operating lease liabilities	(43)	(35)
Cash used in operating activities	(3,430)	(241)
Investing activities:
Purchase of property and equipment	(8)	0
Cash used in investing activities	(8)	0
Financing activities:
Advances from employees	190	35
Repayment of advances from employees	(195)	(30)
Proceeds from issuance of convertible promissory note	0	125
Proceeds from issuance of non-convertible promissory note	0	125
Proceeds from issuance of bridge promissory note	12,250	0
Payment of debt issuance costs	(150)	0
Payment of deferred stock issuance costs	(517)	0
Proceeds from issuance of common stock	1,250	0
Cash provided by financing activities	6,917	255
Net increase in cash and cash equivalents	3,479	14
Cash and cash equivalents at beginning of period	9	90	$ 90
Cash and cash equivalents at end of period	3,488	104	9	$ 90
Non-cash investing and financing activities:
Recognition of debt discount and additional paid-in-capital for issuance of warrants in connection with the issuance of promissory notes	532	90
Private GRI
Operating activities:
Net loss			(3,217)	(1,559)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation expense			3	3
Amortization of debt discounts and issuance costs			217	150
Amortization of right-of-use assets			47	46
Stock-based compensation expense			25	0
Change in operating assets and liabilities:
Prepaid expenses and other current assets			(35)	(1)
Accounts payable			897	54
Accrued expenses			696	551
Operating lease liabilities			(43)	(41)
Cash used in operating activities			(1,085)	(847)
Investing activities:
Purchase of property and equipment			(3)	0
Cash used in investing activities			(3)	0
Financing activities:
Advances from employees			35	0
Repayment of advances from employees			(30)	0
Proceeds from issuance of convertible promissory note			125	500
Repayment of advances under convertible promissory note			(125)	0
Proceeds from issuance of non-convertible promissory note			125	0
Repayment of non-convertible promissory note			(125)	0
Proceeds from issuance of bridge promissory note			1,250	0
Payment of debt issuance costs			(111)	0
Payment of deferred stock issuance costs			(13)	0
Redemption of redeemable common stock			(124)	0
Proceeds from issuance of common stock			0	100
Cash provided by financing activities			1,007	600
Net increase in cash and cash equivalents			(81)	(247)
Cash and cash equivalents at beginning of period	$ 9	$ 90	90	337
Cash and cash equivalents at end of period			9	90
Supplemental disclosure of cash flow information:
Cash paid for interest			33	0
Non-cash investing and financing activities:
Recognition of operating lease right-of-use asset and liability			0	145
Non-contingent beneficial conversion feature on an advance under a convertible promissory note.			60	150
De-recognition of PPP loan balance			0	50
Restricted stock awards issued in satisfaction of accrued compensation.			417	1,406
Recognition of debt discount and additional paid-in-capital for issuance of warrants in connection with the issuance of promissory notes			601	0
Conversion of promissory note			5,337	0
Debt and deferred stock issuance costs included in accounts payable			340	0
Private GRI | Paycheck Protection Program loan
Adjustments to reconcile net loss to cash used in operating activities:
Gain (loss) on extinguishment of loan/notes			0	(50)
Private GRI | Convertible promissory notes
Adjustments to reconcile net loss to cash used in operating activities:
Gain (loss) on extinguishment of loan/notes			$ 325	$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 3,488			$ 9
Prepaid expenses and other current assets	879			303
Total current assets	4,367			312
Property and equipment, net	9			4
Operating lease right-of-use assets	28			67
Total assets	4,404			383
Current liabilities:
Accounts payable	988			1,294
Accrued expenses	1,143			36
Advances from employees	0			5
Warrant liability	18			0
Bridge promissory note, net	0			602
Operating lease liabilities, current	28			57
Total current liabilities	2,177			1,994
Operating lease liabilities, non-current	0			14
Total liabilities	2,177			2,008
Commitments and contingencies (Note 12)
Stockholders' equity (deficit):
Common stock, 0.0001 par value; 250,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 2,956,354 and 999,748 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	0			0
Additional paid-in-capital	31,756			16,871
Accumulated deficit	(29,529)			(18,496)
Total stockholders’ equity (deficit)	2,227	$ 4,038	$ (3,230)	(1,625)	$ (5,706)	$ (5,445)	$ (5,150)	$ (4,848)
Total liabilities, mezzanine equity, and stockholders' deficit	$ 4,404			$ 383

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Apr. 21, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.0001		$ 0.0001
Common stock, shares authorized (in shares)	250,000,000		250,000,000
Common stock, shares issued (in shares)	422,333	60,333	142,821
Common stock, shares outstanding (in shares)	422,333		142,821

Consolidated Statements of Op_2

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating expenses:
Research and development	$ 1,189	$ 63	$ 2,186	$ 181
General and administrative	1,250	123	7,175	391
Total operating expenses	2,439	186	9,361	572
Loss from operations	(2,439)	(186)	(9,361)	(572)
Change in fair value of warrant liability	46	0	167	0
Other income	250	0	250	0
Interest income (expense), net	6	(165)	(2,089)	(376)
Net loss	$ (2,137)	$ (351)	$ (11,033)	$ (948)
Net loss per share of common stock, basic (in usd per share)	$ (9.41)	$ (14.77)	$ (73.72)	$ (40.25)
Net loss per share of common stock, diluted (in usd per share)	$ (9.41)	$ (14.77)	$ (73.72)	$ (40.25)
Weighted-average common shares outstanding, basic (in shares)	227,208	23,761	149,656	23,554
Weighted-average common shares outstanding, diluted (in shares)	227,208	23,761	149,656	23,554

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Ending balance (in shares) at Dec. 31, 2021	1,116
Ending balance at Dec. 31, 2021	$ 124
Ending balance (in shares) at Dec. 31, 2021		121,631
Ending balance at Dec. 31, 2021	$ (4,848)	$ 0	$ 10,430	$ (15,278)
Ending balance (in shares) at Mar. 31, 2022	1,116
Ending balance at Mar. 31, 2022	$ 124
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(302)			(302)
Ending balance (in shares) at Mar. 31, 2022		121,631
Ending balance at Mar. 31, 2022	$ (5,150)	$ 0	10,430	(15,580)
Beginning balance (in shares) at Dec. 31, 2021	1,116
Beginning balance at Dec. 31, 2021	$ 124
Ending balance (in shares) at Sep. 30, 2022	1,116
Ending balance at Sep. 30, 2022	$ 124
Beginning balance (in shares) at Dec. 31, 2021		121,631
Beginning balance at Dec. 31, 2021	(4,848)	$ 0	10,430	(15,278)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(948)
Ending balance (in shares) at Sep. 30, 2022		121,631
Ending balance at Sep. 30, 2022	$ (5,706)	$ 0	10,520	(16,226)
Beginning balance (in shares) at Dec. 31, 2021	1,116
Beginning balance at Dec. 31, 2021	$ 124
Beginning balance (in shares) at Dec. 31, 2021		121,631
Beginning balance at Dec. 31, 2021	$ (4,848)	$ 0	10,430	(15,278)
Ending balance (in shares) at Dec. 31, 2022	142,821	142,820
Ending balance at Dec. 31, 2022	$ (1,625)	$ 0	16,871	(18,496)
Beginning balance (in shares) at Mar. 31, 2022	1,116
Beginning balance at Mar. 31, 2022	$ 124
Ending balance (in shares) at Jun. 30, 2022	1,116
Ending balance at Jun. 30, 2022	$ 124
Beginning balance (in shares) at Mar. 31, 2022		121,631
Beginning balance at Mar. 31, 2022	(5,150)	$ 0	10,430	(15,580)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(295)			(295)
Ending balance (in shares) at Jun. 30, 2022		121,631
Ending balance at Jun. 30, 2022	$ (5,445)	$ 0	10,430	(15,875)
Ending balance (in shares) at Sep. 30, 2022	1,116
Ending balance at Sep. 30, 2022	$ 124
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of warrants and non-contingent beneficial ownership feature in connection with convertible promissory note	60		60
Warrant issuance	30		30
Net loss	(351)			(351)
Ending balance (in shares) at Sep. 30, 2022		121,631
Ending balance at Sep. 30, 2022	$ (5,706)	$ 0	10,520	(16,226)
Beginning balance (in shares) at Dec. 31, 2022	142,821	142,820
Beginning balance at Dec. 31, 2022	$ (1,625)	$ 0	16,871	(18,496)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	13		13
Vesting of restricted stock (in shares)		67
Warrant issuance	532		532
Net loss	(2,150)			(2,150)
Ending balance (in shares) at Mar. 31, 2023		142,887
Ending balance at Mar. 31, 2023	$ (3,230)	$ 0	17,416	(20,646)
Beginning balance (in shares) at Dec. 31, 2022	142,821	142,820
Beginning balance at Dec. 31, 2022	$ (1,625)	$ 0	16,871	(18,496)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (11,033)
Ending balance (in shares) at Sep. 30, 2023	422,333	422,333
Ending balance at Sep. 30, 2023	$ 2,227	$ 0	31,756	(29,529)
Beginning balance (in shares) at Mar. 31, 2023		142,887
Beginning balance at Mar. 31, 2023	(3,230)	$ 0	17,416	(20,646)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	13		13
Vesting of restricted stock (in shares)		23,434
Warrant exercise (in shares)		6,240
Warrant exercise	12		12
Issuance of common stock in pre-closing financing (in shares)		173,558
Issuance of common stock in pre-closing financing	11,721		11,721
Issuance of common stock for settlement of bridge note (in shares)		7,756
Issuance of common stock for settlement of bridge note	3,333		3,333
Issuance of common stock for reverse recapitalization expenses (in shares)		4,363
Issuance of common stock for reverse recapitalization expenses	1,875		1,875
Issuance of common stock to Vallon stockholders in reverse recapitalization (in shares)		64,095
Issuance of common stock to Vallon stockholders in reverse recapitalization	(2,940)		(2,940)
Net loss	(6,746)			(6,746)
Ending balance (in shares) at Jun. 30, 2023		422,333
Ending balance at Jun. 30, 2023	4,038	$ 0	31,430	(27,392)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	326		326
Net loss	$ (2,137)			(2,137)
Ending balance (in shares) at Sep. 30, 2023	422,333	422,333
Ending balance at Sep. 30, 2023	$ 2,227	$ 0	$ 31,756	$ (29,529)

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities:
Net loss	$ (11,033)	$ (948)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation expense	3	2
Amortization of debt discounts and issuance costs	2,104	45
Stock-based compensation expense	352	0
Change in fair value of warrant liability	18	0
Amortization of right-of-use assets	39	35
Change in operating assets and liabilities:
Prepaid expenses and other current assets	(836)	(7)
Accounts payable	4,860	77
Accrued expenses	1,106	590
Operating lease liabilities	(43)	(35)
Cash used in operating activities	(3,430)	(241)
Investing activities:
Purchase of property and equipment	(8)	0
Cash used in investing activities	(8)	0
Financing activities:
Advances from employees	190	35
Repayment of advances from employees	(195)	(30)
Proceeds from issuance of non-convertible promissory note	0	125
Proceeds from issuance of convertible promissory note	0	125
Proceeds from issuance of common stock	1,250	0
Proceeds from issuance of bridge promissory note	12,250	0
Proceeds from warrant exercise	12	0
Net liabilities assumed in connection with reverse recapitalization	(2,939)	0
Payment of reverse recapitalization costs	(2,984)	0
Payment of deferred stock issuance costs	(517)	0
Payment of debt issuance costs	(150)	0
Cash provided by financing activities	6,917	255
Net increase in cash and cash equivalents	3,479	14
Cash and cash equivalents at beginning of period	9	90
Cash and cash equivalents at end of period	3,488	104
Non-cash investing and financing activities:
Issuance of stock for repayment of bridge promissory note	3,333	0
Recognition of debt discount and additional paid-in-capital for issuance of warrants in connection with the issuance of promissory notes	532	90
Issuance of stock for payment of reverse recapitalization costs	1,875	0
Issuance of warrants for payment of stock issuance costs	18	0
Merger costs included in accounts payable	$ 72	$ 0

Balance Sheets - Vallon - 10-K

Balance Sheets - Vallon - 10-K - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 9
Prepaid expenses and other current assets	303
Total current assets	312
Total assets	383
Current liabilities:
Accounts payable	1,294
Accrued expenses	36
Warrant liability	0
Total current liabilities	1,994
Total liabilities	2,008
Commitments and contingencies (Note 12)
Stockholders' equity (deficit):
Common stock, 0.0001 par value; 250,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 2,956,354 and 999,748 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	0
Additional paid-in-capital	16,871
Accumulated deficit	(18,496)
Total stockholders’ equity (deficit)	(1,625)	$ (4,848)
Total liabilities, mezzanine equity, and stockholders' deficit	383
Vallon Pharmaceuticals, Inc.
Current assets:
Cash and cash equivalents	3,781	3,702
Marketable securities, available-for-sale	0	3,808
Prepaid expenses and other current assets	371	619
Total current assets	4,152	8,129
Other assets	0	206
Total assets	4,152	8,335
Current liabilities:
Accounts payable	977	918
Accrued expenses	711	1,430
Warrant liability	122	0
Other current liabilities	0	97
Total current liabilities	1,810	2,445
Other liabilities	0	72
Total liabilities	1,810	2,517
Commitments and contingencies (Note 12)
Stockholders' equity (deficit):
Common stock, 0.0001 par value; 250,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 2,956,354 and 999,748 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	0	0
Additional paid-in-capital	31,268	27,722
Accumulated other comprehensive loss	0	(2)
Accumulated deficit	(28,926)	(21,902)
Total stockholders’ equity (deficit)	2,342	5,818
Total liabilities, mezzanine equity, and stockholders' deficit	$ 4,152	$ 8,335

Balance Sheets - Vallon - 10-K

Balance Sheets - Vallon - 10-K (Parenthetical) - $ / shares	Sep. 30, 2023	Apr. 21, 2023	Dec. 31, 2022	Dec. 13, 2022	May 17, 2022	Dec. 31, 2021
Common stock, par value (in usd per share)	$ 0.0001		$ 0.0001
Common stock, shares authorized (in shares)	250,000,000		250,000,000
Common stock, shares issued (in shares)	422,333	60,333	142,821
Common stock, shares outstanding (in shares)	422,333		142,821
Vallon Pharmaceuticals, Inc.
Common stock, par value (in usd per share)			$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)			250,000,000			250,000,000
Common stock, shares issued (in shares)			449,408			227,093
Common stock, shares outstanding (in shares)			449,408			227,093

Statement of Operations and Com

Statement of Operations and Comprehensive Loss - Vallon - 10-K - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Vallon Pharmaceuticals, Inc.
Operating expenses:
Research and development	$ 1,170	$ 5,187
General and administrative	5,758	4,072
Total operating expenses	6,928	9,259
Loss from operations	(6,928)	(9,259)
Other income	0	61
Revaluation of derivative liability	0	(89)
Change in fair value of warrant liability	384	0
Loss on warrant conversion	(506)	0
Interest income (expense), net	26	(16)
Net loss	(7,024)	(9,303)
Other comprehensive loss:
Unrealized gain (loss) on marketable securities, available-for-sale	2	(2)
Total comprehensive loss	$ (7,022)	$ (9,305)
Net loss per share of common stock, basic (in usd per share)	$ (20.77)	$ (42.67)
Net loss per share of common stock, diluted (in usd per share)	$ (20.77)	$ (42.67)
Weighted-average common shares outstanding, basic (in shares)	338,106	218,036
Weighted-average common shares outstanding, diluted (in shares)	338,106	218,036

Statements of Changes in Stockh

Statements of Changes in Stockholders’ Equity (Deficit) - Vallon - 10-K - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Vallon Pharmaceuticals, Inc.	Vallon Pharmaceuticals, Inc. Common Stock	Vallon Pharmaceuticals, Inc. Additional Paid-in Capital	Vallon Pharmaceuticals, Inc. Accumulated Other Comprehensive Gain (Loss)	Vallon Pharmaceuticals, Inc. Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2020						150,206
Beginning balance at Dec. 31, 2020					$ (1,454)	$ 0	$ 11,145	$ 0	$ (12,599)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of convertible promissory note (in shares)						1,830
Conversion of convertible promissory note					439		439
Issuance of common stock (in shares)						75,000
Issuance of common stock					15,104		15,104
Issuance of common stock for services (in shares)						57
Issuance of common stock for services					9		9
Warrant issuance					399		399
Stock-based compensation					626		626
Unrealized gain (loss) on marketable securities, available-for-sale					(2)			(2)
Net loss					$ (9,303)				(9,303)
Ending balance (in shares) at Dec. 31, 2021		121,631			227,093	227,093
Ending balance at Dec. 31, 2021	$ (4,848)	$ 0	$ 10,430	$ (15,278)	$ 5,818	$ 0	27,722	(2)	(21,902)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(302)			(302)
Ending balance (in shares) at Mar. 31, 2022		121,631
Ending balance at Mar. 31, 2022	(5,150)	$ 0	10,430	(15,580)	$ 3,360	$ 0	27,903	(6)	(24,537)
Beginning balance (in shares) at Dec. 31, 2021		121,631			227,093	227,093
Beginning balance at Dec. 31, 2021	(4,848)	$ 0	10,430	(15,278)	$ 5,818	$ 0	27,722	(2)	(21,902)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(948)
Ending balance (in shares) at Sep. 30, 2022		121,631
Ending balance at Sep. 30, 2022	(5,706)	$ 0	10,520	(16,226)
Beginning balance (in shares) at Dec. 31, 2021		121,631			227,093	227,093
Beginning balance at Dec. 31, 2021	$ (4,848)	$ 0	10,430	(15,278)	$ 5,818	$ 0	27,722	(2)	(21,902)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)						123,333
Issuance of common stock					2,161	$ 0	2,161
Warrant exercise (in shares)						98,666
Warrant exercise					1,286		1,286
Vesting of restricted stock (in shares)						316
Stock-based compensation					99		99
Unrealized gain (loss) on marketable securities, available-for-sale					2			2
Net loss					$ (7,024)				(7,024)
Ending balance (in shares) at Dec. 31, 2022	142,821	142,820			449,408	449,408
Ending balance at Dec. 31, 2022	$ (1,625)	$ 0	16,871	(18,496)	$ 2,342	$ 0	31,268	0	(28,926)
Beginning balance (in shares) at Mar. 31, 2022		121,631
Beginning balance at Mar. 31, 2022	(5,150)	$ 0	10,430	(15,580)	$ 3,360	$ 0	27,903	(6)	(24,537)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(295)			(295)
Ending balance (in shares) at Jun. 30, 2022		121,631
Ending balance at Jun. 30, 2022	(5,445)	$ 0	10,430	(15,875)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Warrant issuance	30		30
Net loss	(351)			(351)
Ending balance (in shares) at Sep. 30, 2022		121,631
Ending balance at Sep. 30, 2022	$ (5,706)	$ 0	10,520	(16,226)
Beginning balance (in shares) at Dec. 31, 2022	142,821	142,820			449,408	449,408
Beginning balance at Dec. 31, 2022	$ (1,625)	$ 0	16,871	(18,496)	$ 2,342	$ 0	31,268	0	(28,926)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Warrant issuance	532		532
Stock-based compensation	13		13
Net loss	(2,150)			(2,150)
Ending balance (in shares) at Mar. 31, 2023		142,887
Ending balance at Mar. 31, 2023	$ (3,230)	$ 0	17,416	(20,646)
Beginning balance (in shares) at Dec. 31, 2022	142,821	142,820			449,408	449,408
Beginning balance at Dec. 31, 2022	$ (1,625)	$ 0	16,871	(18,496)	$ 2,342	$ 0	$ 31,268	$ 0	$ (28,926)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (11,033)
Ending balance (in shares) at Sep. 30, 2023	422,333	422,333
Ending balance at Sep. 30, 2023	$ 2,227	$ 0	31,756	(29,529)
Beginning balance (in shares) at Mar. 31, 2023		142,887
Beginning balance at Mar. 31, 2023	(3,230)	$ 0	17,416	(20,646)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Warrant exercise (in shares)		6,240
Warrant exercise	12		12
Stock-based compensation	13		13
Net loss	(6,746)			(6,746)
Ending balance (in shares) at Jun. 30, 2023		422,333
Ending balance at Jun. 30, 2023	4,038	$ 0	31,430	(27,392)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	326		326
Net loss	$ (2,137)			(2,137)
Ending balance (in shares) at Sep. 30, 2023	422,333	422,333
Ending balance at Sep. 30, 2023	$ 2,227	$ 0	$ 31,756	$ (29,529)

Statements of Cash Flows - Vall

Statements of Cash Flows - Vallon - 10-K - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Net loss	$ (11,033)	$ (948)
Adjustments to reconcile net loss to cash used in operating activities:
Stock-based compensation expense	352	0
Change in fair value of warrant liability	18	0
Change in operating assets and liabilities:
Prepaid expenses and other current assets	(836)	(7)
Accounts payable	4,860	77
Accrued expenses	1,106	590
Cash used in operating activities	(3,430)	(241)
Investing activities:
Cash used in investing activities	(8)	0
Financing activities:
Proceeds from issuance of convertible promissory note	0	125
Cash provided by financing activities	6,917	255
Net increase in cash and cash equivalents	3,479	14
Cash and cash equivalents at beginning of period	9	90	$ 90
Cash and cash equivalents at end of period	3,488	104	9	$ 90
Vallon Pharmaceuticals, Inc.
Operating activities:
Net loss			(7,024)	(9,303)
Adjustments to reconcile net loss to cash used in operating activities:
Amortization of finance lease right-of-use asset			206	73
Amortization of marketable securities premiums			28	32
Stock-based compensation expense			99	626
Revaluation of derivative liability			0	89
Change in fair value of warrant liability			(384)	0
Loss on warrant conversion			506	0
Gain (loss) on extinguishment of loan/notes			0	(61)
Non-cash interest, depreciation and other expense			0	12
Change in operating assets and liabilities:
Prepaid expenses and other current assets			248	(55)
Accounts payable			(95)	(308)
Accrued expenses			(719)	583
Cash used in operating activities			(7,135)	(8,312)
Investing activities:
Purchase of marketable securities			(640)	(3,842)
Maturities of marketable securities			4,422	0
Cash used in investing activities			3,782	(3,842)
Financing activities:
Proceeds from common stock issuance, net of offering expenses			3,447	15,104
Proceeds from issuance of warrants			0	399
Proceeds from issuance of convertible promissory note			0	350
Payment of finance lease liability			(15)	(106)
Cash provided by financing activities			3,432	15,747
Net increase in cash and cash equivalents			79	3,593
Cash and cash equivalents at beginning of period	$ 3,781	$ 3,702	3,702	109
Cash and cash equivalents at end of period			3,781	3,702
Supplemental disclosure of cash flow information:
Cash paid for interest			21	29
Non-cash investing and financing activities:
Conversion of convertible notes to common stock			0	350
Non-cash exercise of warrants			782	0
Finance lease liability within accounts payable			$ 154	$ 0

Balance Sheets - Vallon - Q1

Balance Sheets - Vallon - Q1 - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 3,488		$ 9
Prepaid expenses and other current assets	879		303
Total assets	4,404		383
Current liabilities:
Accounts payable	988		1,294
Accrued expenses	1,143		36
Warrant liability	18		0
Total liabilities	2,177		2,008
Commitments and contingencies (Note 12)
Stockholders' equity (deficit):
Common stock, 0.0001 par value; 250,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 2,956,354 and 999,748 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	0		0
Additional paid-in-capital	31,756		16,871
Accumulated deficit	(29,529)		(18,496)
Total stockholders’ equity (deficit)	2,227	$ (3,230)	(1,625)
Total liabilities, mezzanine equity, and stockholders' deficit	4,404		383
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Current assets:
Cash and cash equivalents		1,665	3,781
Prepaid expenses and other current assets		432	371
Total assets	2,097		4,152
Current liabilities:
Accounts payable		528	977
Accrued expenses		1,353	711
Warrant liability	185	185	122
Total liabilities	2,066		1,810
Stockholders' equity (deficit):
Common stock, 0.0001 par value; 250,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 2,956,354 and 999,748 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively		0	0
Additional paid-in-capital		31,353	31,268
Accumulated deficit		(31,322)	(28,926)
Total stockholders’ equity (deficit)	31	$ 31	2,342
Total liabilities, mezzanine equity, and stockholders' deficit	$ 2,097		$ 4,152

Balance Sheets - Vallon - Q1 (P

Balance Sheets - Vallon - Q1 (Parenthetical) - $ / shares	Sep. 30, 2023	Apr. 21, 2023	Mar. 31, 2023	Dec. 31, 2022	May 17, 2022
Common stock, par value (in usd per share)	$ 0.0001			$ 0.0001
Common stock, shares authorized (in shares)	250,000,000			250,000,000
Common stock, shares issued (in shares)	422,333	60,333		142,821
Common stock, shares outstanding (in shares)	422,333			142,821
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Common stock, par value (in usd per share)			$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)			250,000,000	250,000,000
Common stock, shares issued (in shares)			449,408	449,408
Common stock, shares outstanding (in shares)			449,408	449,408

Statements of Operations and Co

Statements of Operations and Comprehensive Loss - Vallon - Q1 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating expenses:
Net loss	$ (2,150)	$ (302)
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Operating expenses:
Research and development	(124)	1,271
General and administrative	2,473	1,363
Total operating expenses	2,349	2,634
Loss from operations	(2,349)	(2,634)
Change in fair value of warrant liability	(63)	0
Interest expense, net	16	(1)
Net loss	(2,396)	(2,635)
Other comprehensive loss:
Unrealized gain (loss) on marketable securities, available-for-sale	0	(4)
Total comprehensive loss	$ (2,396)	$ (2,639)
Net loss per share of common stock, basic (in usd per share)	$ (5.33)	$ (11.62)
Net loss per share of common stock, diluted (in usd per share)	$ (5.33)	$ (11.62)
Weighted-average common shares outstanding, basic (in shares)	449,408	227,093
Weighted-average common shares outstanding, diluted (in shares)	449,408	227,093

Statements of Changes in Stoc_2

Statements of Changes in Stockholders’ Equity - Vallon - Q1 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)	GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) Common Stock	GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) Additional Paid-in Capital	GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) Accumulated Other Comprehensive Gain (Loss)	GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) Accumulated Deficit
Ending balance (in shares) at Dec. 31, 2021		121,631				227,093
Ending balance at Dec. 31, 2021	$ (4,848)	$ 0	$ 10,430	$ (15,278)	$ 5,818	$ 0	$ 27,722	$ (2)	$ (21,902)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation					181		181
Unrealized loss on marketable securities, available-for-sale					(4)			(4)
Net loss	(302)			(302)	(2,635)				(2,635)
Ending balance (in shares) at Mar. 31, 2022		121,631
Ending balance at Mar. 31, 2022	(5,150)	$ 0	10,430	(15,580)
Beginning balance (in shares) at Dec. 31, 2021		121,631				227,093
Beginning balance at Dec. 31, 2021	(4,848)	$ 0	10,430	(15,278)	5,818	$ 0	27,722	(2)	(21,902)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(948)
Ending balance (in shares) at Sep. 30, 2022		121,631
Ending balance at Sep. 30, 2022	(5,706)	$ 0	10,520	(16,226)
Beginning balance (in shares) at Dec. 31, 2021		121,631				227,093
Beginning balance at Dec. 31, 2021	$ (4,848)	$ 0	10,430	(15,278)	$ 5,818	$ 0	27,722	(2)	(21,902)
Ending balance (in shares) at Dec. 31, 2022	142,821	142,820			449,408	449,408
Ending balance at Dec. 31, 2022	$ (1,625)	$ 0	16,871	(18,496)	$ 2,342	$ 0	31,268	0	(28,926)
Beginning balance (in shares) at Mar. 31, 2022		121,631
Beginning balance at Mar. 31, 2022	(5,150)	$ 0	10,430	(15,580)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(295)			(295)
Ending balance (in shares) at Jun. 30, 2022		121,631
Ending balance at Jun. 30, 2022	(5,445)	$ 0	10,430	(15,875)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(351)			(351)
Ending balance (in shares) at Sep. 30, 2022		121,631
Ending balance at Sep. 30, 2022	$ (5,706)	$ 0	10,520	(16,226)
Beginning balance (in shares) at Dec. 31, 2022	142,821	142,820			449,408	449,408
Beginning balance at Dec. 31, 2022	$ (1,625)	$ 0	16,871	(18,496)	$ 2,342	$ 0	31,268	0	(28,926)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	13		13		85		85
Unrealized loss on marketable securities, available-for-sale					0
Net loss	(2,150)			(2,150)	$ (2,396)				(2,396)
Ending balance (in shares) at Mar. 31, 2023		142,887			449,408	449,408
Ending balance at Mar. 31, 2023	$ (3,230)	$ 0	17,416	(20,646)	$ 31	$ 0	31,353	0	(31,322)
Beginning balance (in shares) at Dec. 31, 2022	142,821	142,820			449,408	449,408
Beginning balance at Dec. 31, 2022	$ (1,625)	$ 0	16,871	(18,496)	$ 2,342	$ 0	31,268	0	(28,926)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (11,033)
Ending balance (in shares) at Sep. 30, 2023	422,333	422,333
Ending balance at Sep. 30, 2023	$ 2,227	$ 0	31,756	(29,529)	$ 31
Beginning balance (in shares) at Mar. 31, 2023		142,887			449,408	449,408
Beginning balance at Mar. 31, 2023	(3,230)	$ 0	17,416	(20,646)	$ 31	$ 0	$ 31,353	$ 0	$ (31,322)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	13		13
Net loss	(6,746)			(6,746)
Ending balance (in shares) at Jun. 30, 2023		422,333
Ending balance at Jun. 30, 2023	4,038	$ 0	31,430	(27,392)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	326		326
Net loss	$ (2,137)			(2,137)
Ending balance (in shares) at Sep. 30, 2023	422,333	422,333
Ending balance at Sep. 30, 2023	$ 2,227	$ 0	$ 31,756	$ (29,529)	$ 31

Statements of Cash Flows - Va_2

Statements of Cash Flows - Vallon - Q1 - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Operating activities:
Net loss	$ (6,746)	$ (2,150)	$ (295)	$ (302)	$ (11,033)	$ (948)
Adjustments to reconcile net loss to cash used in operating activities:
Stock-based compensation expense					352	0
Change in fair value of warrant liability					18	0
Change in operating assets and liabilities:
Prepaid expenses and other current assets					(836)	(7)
Accounts payable					4,860	77
Accrued expenses					1,106	590
Cash used in operating activities					(3,430)	(241)
Investing activities:
Cash used in investing activities					(8)	0
Financing activities:
Cash provided by financing activities					6,917	255
Net increase in cash and cash equivalents					3,479	14
Cash and cash equivalents at beginning of period		9		90	9	90	$ 90
Cash and cash equivalents at end of period					3,488	104	9
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Operating activities:
Net loss		(2,396)		(2,635)
Adjustments to reconcile net loss to cash used in operating activities:
Operating cash flows from finance lease amortization		0		19
Amortization of marketable securities premiums		0		16
Stock-based compensation expense		85		181
Change in fair value of warrant liability		63		0
Change in operating assets and liabilities:
Prepaid expenses and other current assets		(62)		39
Accounts payable		(448)		315
Accrued expenses		642		(225)
Cash used in operating activities		(2,116)		(2,290)
Investing activities:
Maturities of marketable securities		0		1,154
Cash used in investing activities		0		1,154
Financing activities:
Payment of finance lease liability		0		(23)
Cash provided by financing activities		0		(23)
Net increase in cash and cash equivalents		(2,116)		(1,159)
Cash and cash equivalents at beginning of period	$ 1,665	3,781	$ 2,543	3,702	$ 3,781	$ 3,702	3,702
Cash and cash equivalents at end of period		$ 1,665		$ 2,543			$ 3,781

THE COMPANY AND A SUMMARY OF IT

THE COMPANY AND A SUMMARY OF ITS SIGNIFICANT ACCOUNTING POLICIES - 10-K	9 Months Ended
	Sep. 30, 2023
Private GRI
Class of Stock [Line Items]
THE COMPANY AND A SUMMARY OF ITS SIGNIFICANT ACCOUNTING POLICIES	THE COMPANY AND A SUMMARY OF ITS SIGNIFICANT ACCOUNTING POLICIES The Company and Nature of Operations GRI Bio, Inc. (the Company), incorporated in Delaware in May 2009, is a clinical stage biotechnology company located in La Jolla, California. With a focus on on discovering, developing, and commercializing innovative therapies that target serious diseases associated with dysregulated immune responses leading to inflammatory, fibrotic, and autoimmune disorders, the Company’s goal is to be an industry leader in developing therapies to treat these diseases and to improve the lives of patients suffering from such diseases. Since its inception, the Company has devoted substantially all of its resources to research and development efforts relating to drug candidates and to general and administrative support for these operations. Management views its operations and manages its business as one operating segment. The Company is subject to a number of risks and uncertainties, similar to those faced by other clinical stage biotechnology companies, involving the successful discovery and development of drug candidates, the protection of proprietary information, obtaining regulatory approvals and market acceptance, and the ability to raise additional capital, among others. Recapitalization On January 30, 2024, the Company effected a one-for-seven reverse stock split of its common stock. Stockholders’ equity and all references to share and per share amounts in the accompanying financial statements have been retroactively adjusted to reflect the one-for-seven reverse stock split for all periods presented. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of gains and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Cash The Company maintains its cash in checking and savings accounts with reputable banks that may, at times, exceed federally insured limits. The Company has not experienced any losses in its cash accounts and does not believe they are subject to significant credit risk. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.The authoritative guidance establishes a hierarchy that prioritizes the inputs used to measure fair value, which consists of three broad levels: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2: Inputs, other than quoted prices included within Level 1, that are observable for the asset or liability either directly or indirectly. Such inputs include (i) quoted prices for similar assets or liabilities in active markets, (ii) quoted prices for identical or similar assets or liabilities in inactive markets, (iii) inputs other than quoted prices that are observable for the asset or liability, or (iv) inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amounts reported for cash, refunds receivable, accounts payable, accrued expenses, and advances from employees approximate their fair values due to their short-term nature. The fair value of the outstanding bridge promissory note was estimated to be approximately $1,398 as of December 31, 2022 based on its stated principal amount, estimated remaining term, and discount rate (Level 3 inputs). The fair value of the convertible promissory note was estimated to be approximately $3,650 as of December 31, 2021 based on the interest rate on the note and the holder’s options to convert the note into shares of the Company’s common stock (Level 2 inputs). Deferred Stock Issuance Costs Deferred stock issuance costs represent incremental legal costs incurred that are directly attributable to proposed offerings of securities. The costs are charged against the gross proceeds of the respective offering upon closing. Property and Equipment Property and equipment are stated at cost. Maintenance and repairs that do not improve or extend the useful lives of the respective assets are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized, using the straight-line method, over the shorter of the estimated economic life of the improvements or the remaining lease term. Long-Lived Assets Long-lived assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If the sum of the projected future undiscounted cash flows is less than the carrying amount of the assets, the assets will be written down to their estimated fair value in the period in which the determination is made. Management determined there was no impairment of long-lived assets during the years ended December 31, 2022 and 2021. Leases The Company accounts for its leases in accordance with Accounting Standards Codification (ASC) 842, Leases , and assesses at contract inception whether a contract is, or contains, a lease. Generally, a lease exists if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company determines that it has the right to control the use of an identified asset when (i) it has the right to substantially all of the economic benefits from use of the identified asset and (ii) it has the right to direct the use of the identified asset. As permitted, the Company has made the accounting policy election to not separate lease components from non-lease components when allocating contract consideration, and instead accounts for each lease component and associated non-lease components as a single lease component. The Company classifies a lease as a finance lease when one or more of the following criteria are met: (i) the lease transfers ownership of the underlying asset to the Company by the end of the lease term, (ii) the lease grants an option to purchase the underlying asset that the Company is reasonably certain to exercise, (iii) the lease term is for the major part of the remaining useful life of the underlying asset, (iv) the present value of the sum of the lease payments equals or exceeds substantially all of the fair value of the underlying asset, or (v) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. The Company did not have any finance leases as of December 31, 2022 and 2021. A lease that does not meet any of these criteria is classified as an operating lease. At the lease commencement date, the Company recognizes a right-of-use asset and a lease liability for its operating leases, except its short-term operating leases with original lease terms of twelve months or less. The right-of-use asset is initially measured at cost, which primarily comprises the initial amount of the lease liability plus any lease prepayments. The lease liability is initially measured at the present value of the lease payments not yet paid, discounted using an estimate of the Company’s incremental borrowing rate for a collateralized loan with a similar amount and terms as the underlying lease in a similar economic environment. That discount rate is used because the interest rate implicit in the Company’s lease contracts is typically not readily determinable. Lease modifications that grant the right to use an existing leased asset for an additional period of time (i.e., a period of time not included in the original lease agreement) are not accounted for as separate contracts; however, the lease term, classification, discount rate, and measurement of the remaining consideration due under the contract are reassessed upon execution of such modifications. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease and is included in operating expenses. Paycheck Protection Program Loan In April 2020, the Company was granted a $50 loan from a bank under the Paycheck Protection Program (PPP) established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The interest rate on the loan was 1.00% per annum and it was scheduled to mature in April 2022. Up to 100% of the loan amount qualified for forgiveness if, during the covered period following loan disbursement, (i) employee and compensation levels were maintained, (ii) the loan proceeds were spent on payroll costs and other eligible expenses, and (iii) at least 60% of the proceeds were spent on payroll costs. The application for these funds required the Company to, in good-faith, certify that the then-current economic uncertainty made the loan request necessary to support the operations of the Company. This certification further required the Company to take into account business activity and ability to access other sources of liquidity sufficient to support operations in a manner that would not significantly detriment the business. The certification made by the Company did not contain any objective criteria and is subject to interpretation. If, despite the good-faith belief that given the Company’s circumstances all eligibility requirements for the PPP loan were satisfied, it is later determined that the Company had violated any applicable laws or regulations or it is otherwise determined the Company was ineligible to receive the PPP loan, it may be required to repay the PPP loan in its entirety and/or be subject to additional penalties. In May 2021, the Company received notification from the Small Business Administration (SBA) that all of the principal and interest outstanding under its PPP loan had been forgiven. Accordingly, the Company de-recognized the related liability in 2021 and recognized a corresponding gain on extinguishment. No payments of principal or interest were made prior to forgiveness. Beneficial Conversion Features Conversion options embedded in convertible promissory notes are accounted for as beneficial conversion features if the effective conversion price is less than the fair value of the Company’s common stock on the commitment date. The intrinsic value of a non-contingent beneficial conversion feature is recognized as a debt discount, with a corresponding increase to additional paid-in capital, on the commitment date. The intrinsic value of a contingent beneficial conversion feature is not recognized until the uncertain future event or circumstance occurs. Debt Discounts The relative fair values of warrants and common shares issued and call option rights assigned in connection with principal advances under promissory notes, the increases in fair values of embedded conversion options in connection with convertible promissory note modifications, and the intrinsic values of non-contingent beneficial conversion features were recorded as debt discounts that are amortized as additional interest expense over the estimated terms of the notes using the effective interest method. Debt Issuance Costs Debt issuance costs represent incremental legal costs and other costs incurred that are directly attributable to issuing debt. The costs are included as a direct reduction of the carrying amount of the respective liability and are amortized as additional interest expense over the estimated term of the debt using the effective interest method. Stock-Based Compensation Stock-based compensation recognized for stock option awards is based on the fair value of the awards on the grant date. The Company estimates the grant-date fair value of the awards using the Black-Scholes option pricing model, which requires the input of subjective assumptions including (i) the estimated fair value of the common stock, (ii) the expected stock price volatility, (iii) the risk-free interest rate, (iv) the expected term of the award, and (v) the expected dividend yield. Compensation cost for stock option awards with service-based vesting conditions is recognized ratably over the requisite service periods. Compensation cost for stock option awards with performance-based vesting conditions is recognized ratably over the requisite service periods if achievement of the performance conditions is probable. The effect of forfeitures is recognized as a reduction of stock-based compensation expense in the period in which the forfeitures occur. The Company issues new shares of common stock upon a stock option exercise. Common Shares Issued and Outstanding The number of shares of common stock issued as reported in the balance sheets includes legally issued shares of unvested restricted common stock for which the holders have the right to vote the shares and the right to receive dividends in such amount and at such times as all other common stockholders. Internally Developed Patents Costs associated with the application and award of internally developed patents are expensed as incurred due to uncertainties regarding their recoverability. Research and Development Research and development costs are expensed as incurred. Income Taxes The provision for income taxes is based on the sum of the taxes currently payable or refundable plus the changes in deferred tax assets and liabilities. Deferred tax assets and liabilities are recognized for net operating loss carryforwards and temporary differences between the financial statement and tax bases of assets and liabilities. Deferred tax assets and liabilities for net operating loss carryforwards and temporary differences are measured using enacted tax rates in effect for the years in which the net operating losses are expected to be utilized and the temporary differences are expected to reverse. A valuation allowance is recorded against net deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax assets will be realized. The provision for income taxes is based on tax positions taken or expected to be taken in the Company’s income tax returns. The tax benefits of an uncertain tax position are recognized only if it is more likely than not that the tax position would be sustained upon examination by the relevant taxing authority. Tax benefits related to uncertain tax positions that do not meet this criterion are not recognized in the financial statements. There were no unrecognized tax benefits related to uncertain tax positions as of December 31, 2022 and 2021. Due to the existence of net operating loss carryforwards, the Company’s federal and state income tax returns are open to examination by the taxing authorities for all years since inception. Interest and penalties related to income taxes are recognized as a component of the provision for income taxes. Recently Issued Accounting Pronouncements Not Yet Adopted In August 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which reduces the number of accounting models available for convertible instruments, amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives, and modifies the diluted earnings per share calculations by requiring the use of the if-converted method and eliminating the treasury stock method, among other changes. The amendments in this update are effective for the Company’s fiscal years beginning after December 15, 2023, with early adoption permitted in fiscal years beginning after December 15, 2020. The guidance may be adopted through either a modified retrospective or fully retrospective transition method. Management is currently evaluating the impact of this update on the Company’s financial statements.

LIQUIDITY AND GOING CONCERN - 1

LIQUIDITY AND GOING CONCERN - 10-K	9 Months Ended
	Sep. 30, 2023
Class of Stock [Line Items]
LIQUIDITY AND GOING CONCERN	LIQUIDITY These financial statements have been prepared on the basis that the Company is a going concern, which contemplates, among other things, the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has not generated any significant revenues from operations since inception and does not expect to do so in the foreseeable future. The Company has incurred operating losses since its inception in 2009 and as a result has incurred $29,529 in accumulated deficit through September 30, 2023. The Company has financed its working capital requirements to date through the issuance of equity and debt securities. As of September 30, 2023, the Company had cash of approximately $3,488. In connection with signing the Merger Agreement, Vallon, Private GRI and the Investor entered the Equity SPA pursuant to which the Investor agreed to invest $12,250 in cash and cancel any outstanding principal and accrued interest on the Bridge Notes in return for the issuance of shares of Private GRI common stock immediately prior to the consummation of the Merger. Pursuant to the Equity SPA, immediately prior to the Closing, Private GRI issued 969,602 shares of Private GRI common stock (the Initial Shares) to the Investor and 3,878,411 shares of Private GRI common stock (the Additional Shares) into escrow with an escrow agent for net proceeds of $11,704, after deducting offering expenses of $546. At the closing, pursuant to the Merger, the Initial Shares converted into an aggregate of 36,263 shares of the Company’s common stock and the Additional Shares converted into an aggregate of 145,052 shares of the Company’s common stock. On May 8, 2023, in accordance with the terms of the Equity SPA, the Company and the Investor authorized the escrow agent to, subject to beneficial ownership limitations, disburse to the Investor all of the shares of the Company’s common stock issued in exchange for the Additional Shares. Based on the Company’s current operating plan, the Company believes that its existing cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements into the first quarter of 2024. The Company’s ability to continue as a going concern is dependent on its ability to raise additional capital to fund its business activities, including its research and development program. The Series T Warrants issued in connection with the Merger are not presently subject to forced exercise by the Company as the equity conditions for their forced exercise, which include (among other things) a requirement that shares of the Company’s common stock have a value weighted average price of at least $64.47 per share for the periods specified in the Series T Warrants, are not met. The Company intends to raise capital through additional issuances of equity securities and/or short-term or long-term debt arrangements, but there can be no assurances any such financing will be available when needed, even if the Company’s research and development efforts are successful. If the Company is not able to obtain additional financing on acceptable terms and in the amounts necessary to fully fund its future operating requirements, it may be forced to reduce or discontinue its operations entirely. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the issuance of these financial statements. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might result from this uncertainty.
Private GRI
Class of Stock [Line Items]
LIQUIDITY AND GOING CONCERN	LIQUIDITY AND GOING CONCERN Substantial doubt about an entity’s ability to continue as a going concern exists when conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date the financial statements are issued. The mitigating effect of management’s plans to alleviate the substantial doubt is considered only to the extent that it is probable that (i) management’s plans will be effectively implemented and (ii) when implemented, will mitigate the relevant conditions or events that raise the substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued. As of December 31, 2022, the Company had cash of $9, negative working capital of $1,686 and an accumulated deficit of $18,496. In 2022, the Company incurred a net loss of $3,217 and used $1,085 of cash in operations. The Company has incurred losses since inception and, to date, has financed its operations by issuing equity and debt securities. Management anticipates that the Company will continue to incur losses and generate negative operating cash flows in the foreseeable future as it continues to develop its drug candidates and that the Company will require additional funding to support its planned operating activities. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. As discussed in Note 9, the Company closed the first tranche of the Bridge Financing and entered into the Merger Agreement and the Equity SPA in December 2022. The Company will require additional funding in order to complete the development and commercialization of its product candidates. Until such time, if ever, in which the Company can generate substantial product revenue, it expects it may continue to fund its operations and capital funding needs through equity offerings, debt financings, or other capital sources, including strategic licensing, collaboration, or other similar agreements. If the Company is unable to secure adequate additional funding, it will need to reevaluate its operating plans and may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, delay, scale back, or eliminate some or all of its development programs, or relinquish rights to its technology on less favorable terms than it would otherwise choose. These actions could materially impact its business, results of operations, and future prospects. Failure to obtain adequate financing when needed could adversely affect the Company’s ability to operate as a going concern. The accompanying financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business. They do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from uncertainty related to its ability to continue as a going concern.

NET LOSS PER COMMON SHARE - 10-

NET LOSS PER COMMON SHARE - 10-K	9 Months Ended
	Sep. 30, 2023
Private GRI
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
NET LOSS PER COMMON SHARE	NET LOSS PER COMMON SHARE Basic and diluted net loss per common share are calculated by dividing the net loss by the applicable weighted-average number of common shares outstanding during the period. As the Company had a net loss in each of the years ended December 31, 2022 and 2021 , diluted net loss per common share is the same as basic net loss per common share for the period because the effects of potentially dilutive securities are antidilutive. Potentially dilutive securities not included in the diluted net loss per common share calculations because their (i) effects were antidilutive or (ii) contingent conditions have not been satisfied are as follows for the periods presented: December 31, 2022 2021 Stock options 341,767 341,767 Warrants 217,388 38,461 Restricted stock subject to contingent conditions 628,377 565,234 Stock subject to put right — 29,857 Convertible promissory note (1) — 472,527 1,187,532 1,447,846 __________________ (1) The conversion price for the $500 second additional advance from May 2021 is assumed to be $7.00 per share. The conversion price for all other convertible amounts is assumed to be $9.10 per share.

PROPERTY AND EQUIPMENT - 10-K

PROPERTY AND EQUIPMENT - 10-K	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT September 30, 2023 December 31, 2022 Computer equipment $ 21 $ 13 Furniture and fixtures 13 13 34 26 Accumulated depreciation (25) (22) $ 9 $ 4 Depreciation expense related to property and equipment was $3 and $2 for the nine months ended September 30, 2023 and 2022, respectively.
Private GRI
Property, Plant and Equipment [Line Items]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT December 31, 2022 2021 Computer equipment (useful life – 5 years) $ 13 $ 10 Furniture and fixtures (useful life – 5 years) 13 13 26 23 Accumulated depreciation (22) (20) $ 4 $ 3 Depreciation expense related to property and equipment was $3 for each of the years ended December 31, 2022 and 2021.

ACCRUED EXPENSES - 10-K

ACCRUED EXPENSES - 10-K	9 Months Ended
	Sep. 30, 2023
Accrued Expenses [Line Items]
ACCRUED EXPENSES	ACCRUED EXPENSES Accrued expenses consist of the following: September 30, 2023 December 31, 2022 Research and development $ 75 $ — General and administrative 188 — Payroll and related 880 36 Total accrued expenses $ 1,143 $ 36
Private GRI
Accrued Expenses [Line Items]
ACCRUED EXPENSES	ACCRUED EXPENSES December 31, 2022 2021 Accrued compensation $ 33 $ 142 Accrued interest — 1,111 Other 3 18 $ 36 $ 1,271 In March 2021 and December 2022, two Company executives agreed to forego $1,406 and $417, respectively, of accrued compensation in exchange for restricted stock awards and legally released the Company from the obligations to pay such amounts. Accordingly, the Company de-recognized the respective liabilities and recognized corresponding increases to additional paid-in capital in each year.

CONVERTIBLE PROMISSORY NOTE - 1

CONVERTIBLE PROMISSORY NOTE - 10-K	9 Months Ended
	Sep. 30, 2023
Debt Instrument [Line Items]
CONVERTIBLE PROMISSORY NOTE	PROMISSORY NOTES Bridge Financing In connection with signing the Merger Agreement, Private GRI entered into a Securities Purchase Agreement, dated as of December 13, 2022 (Bridge SPA), with Altium Growth Fund, LP (the Investor), pursuant to which Private GRI issued senior secured promissory notes (Bridge Notes) in the aggregate principal amount of $3,333, in exchange for an aggregate purchase price of $2,500. The Bridge Notes were issued in two closings: (i) the first closing for $1,667 in aggregate principal amount (in exchange for an aggregate purchase price of $1,250) closed on December 14, 2022; and (ii) the second closing for $1,667 in aggregate principal amount (in exchange for an aggregate purchase price of $1,250) closed on March 9, 2023. The Bridge Notes were secured by a lien on all of the Company’s assets. In addition, upon the funding of each tranche, the Investor received warrants to purchase an aggregate of 178,927 shares of the Company’s common stock (the Bridge Warrants). The Bridge Warrants had an exercise price of $9.31 per share, were exercisable at any time on or after the applicable issuance date and had a term of 60 months from the date all shares underlying the Bridge Warrants were freely tradable. The $1,250 of proceeds from the first closing were allocated to the Bridge Notes and Bridge Warrants based on their relative fair values as of the commitment date, resulting in an allocation of $679 and $571, respectively. The $1,250 of proceeds from the second closing were allocated to the Bridge Notes and Bridge Warrants based on their relative fair values as of the commitment date, resulting in an allocation of $718 and $532, respectively. In addition to the Bridge SPA, and also in connection with signing the Merger Agreement, Vallon, Private GRI and the Investor entered into the Equity SPA (Note 9) pursuant to which the Investor agreed to invest $12,250 in cash and cancel any outstanding principal and accrued interest on the Bridge Notes in return for the issuance of shares of Private GRI’s common stock immediately prior to the consummation of the Merger. On April 21, 2023, the Company completed the Merger and the outstanding principal and accrued interest on the Bridge Notes was cancelled and the Bridge Warrants were exchanged for the Exchange Warrants. The Exchange Warrants contain substantively similar terms to the Bridge Warrants, and have an initial exercise price equal to $103.11 per share subject to adjustments for splits and recapitalization events. The Bridge Notes were accounted for as share-settled debt under the accounting guidance in ASC 835-30 and, as such, the initial net carrying amounts were accreted to the redemption amounts using the effective interest method. The Company incurred debt issuance costs of $205 during the year ended December 31, 2022 and $90 during the nine months ended September 30, 2023 related to its issuance of debt under the Bridge SPA. Unamortized debt discounts and debt issuance costs totaled $1,065 as of December 31, 2022. Interest expense stemming from amortization of debt discounts and issuance costs was $2,104 for the nine months ended September 30, 2023. TEP Note In November 2018, Private GRI and TEP Biotech, LLC (TEP) entered into a convertible note and warrant purchase agreement pursuant to which TEP agreed to fund up to $5,000 to Private GRI in exchange for a convertible promissory note (the TEP Note) and a warrant to purchase up to 3,606 shares of Private GRI’s common stock at an exercise price of $1.89 per share. The TEP Note was secured by Private GRI’s assets and accrued simple interest on the outstanding principal balance at a rate of 12% per annum. The total outstanding principal and accrued interest balance was initially due on the earlier of Private GRI’s next financing, as defined, and May 2, 2020. The initial $2,500 tranche under the TEP Note was funded upon execution of the agreement in November 2018. In December 2019, Private GRI and TEP amended the TEP Note. In lieu of TEP funding the second $2,500 tranche, TEP made a first additional advance of $500 to Private GRI in exchange for a convertible promissory note, a warrant to purchase up to 2,467 shares of Private GRI’s common stock at an exercise price of $1.89 per share, and the assignment of Private GRI’s rights under a certain call option agreement. The call option agreement, which was entered into in 2015, provided Private GRI with the right to repurchase up to 5,674 shares of Private GRI’s common stock held by the counterparty for $187.18 per share at any time before April 1, 2025. In July 2020, the TEP Note maturity date was extended to August 31, 2020, and in March 2021, TEP agreed to forbear on its available right to exercise remedies on account of Private GRI’s failure to pay the past due principal and accrued interest balance until October 31, 2021. In May 2021, Private GRI and TEP amended the TEP Note, and TEP agreed to make a second additional advance of $500 to Private GRI in exchange for a convertible promissory note with separate, modified conversion options. In July 2022, Private GRI and TEP further amended the TEP Note, and TEP agreed to make a third additional advance of $125 to Private GRI in exchange for a convertible promissory note and a warrant to purchase up to 167 shares of Private GRI’s common stock at an exercise price of $1.89 per share. In October 2022, Private GRI and TEP entered into a conversion agreement pursuant to which, effective upon the full execution of the Merger Agreement (Note 4), $3,500 of outstanding principal under the TEP Note together with $650 of related accrued interest was to automatically convert into 22,172 shares of Private GRI’s common stock at a conversion price of $187.18 per share. Further, upon the closing of the first tranche of the Bridge Notes, Private GRI was to repay, in cash, the $125 third additional advance under the TEP Note along with the $15 of related accrued interest. Upon issuance of the 22,172 conversion shares and payment of the $140 principal and accrued interest balance, Private GRI would fully satisfy all of its obligations under the TEP Note. In December 2022, upon the full execution of the Merger Agreement and the closing of the first tranche of the Bridge Notes Private GRI issued the 22,172 conversion shares and paid the $140 principal and accrued interest balance as per the terms of the conversion agreement. The share numbers and exercise or conversion prices in this section of Note 8 entitled “TEP Note” reflect the Exchange Ratio retroactively. As part of the conversion, the $4,150 of converted principal and accrued interest, along with $863 of related forfeited accrued interest through the conversion date, were credited to stockholders’ deficit. Interest expense recognized on the TEP Note was $142 and $352 for the three and nine months ended September 30, 2022.
Private GRI
Debt Instrument [Line Items]
CONVERTIBLE PROMISSORY NOTE	CONVERTIBLE PROMISSORY NOTE In November 2018, the Company and TEP Biotech, LLC (TEP) entered into a convertible note and warrant purchase agreement pursuant to which TEP agreed to fund up to $5,000 to the Company in exchange for a convertible promissory note (the TEP Note) and a warrant to purchase up to 96,428 shares of the Company’s common stock at an exercise price of $0.01 per share. The TEP Note was secured by the Company’s assets and, on a pro-rata basis, was jointly senior with a non-convertible promissory note issued to a separate lender (Note 7). The TEP Note accrued simple interest on the outstanding principal balance at a rate of 12% per annum. The total outstanding principal and accrued interest balance was initially due on the earlier of the Company’s next financing, as defined, and May 2, 2020. The initial $2,500 tranche under the TEP Note was funded upon execution of the agreement in November 2018. Upon receipt of the initial tranche, the Company used a portion of the proceeds to repurchase 36,049 shares of the Company’s common stock held by another stockholder for $150, then issued 11,999 of the repurchased shares to TEP as additional consideration for the TEP Note. The proceeds from the $2,500 initial tranche were allocated to the convertible debt instrument, warrants, and common stock based on their relative fair values as of the commitment date. Since the effective conversion price of the convertible debt instrument was less than the commitment date fair value of the Company’s common stock, this also gave rise to a beneficial conversion feature. The Company recognized a total debt discount of $1,408 for the beneficial conversion feature, warrants, and common stock, which was amortized as additional interest expense over the initial eighteen-month term of the note. In December 2019, the Company and TEP amended the TEP Note. In lieu of TEP funding the second $2,500 tranche, TEP made a first additional advance of $500 to the Company in exchange for a convertible promissory note, a warrant to purchase up to 65,960 shares of the Company’s common stock at an exercise price of $0.01 per share, and the assignment of the Company’s rights under a certain call option agreement. The call option agreement, which was entered into in 2015, provided the Company with the right to repurchase up to 150,000 shares of the Company’s common stock held by the counterparty for $7.00 per share at any time before April 1, 2025. Management assessed the call option agreement and determined that it was indexed to the Company’s own equity and that all other conditions for equity classification were met. Accordingly, the call option agreement was classified as equity, was initially measured at fair value, and was not adjusted for subsequent changes in fair value. The proceeds from the $500 first additional advance were allocated to the convertible debt instrument, warrants, and call option rights based on their relative fair values as of the commitment date. Since the effective conversion price of the convertible debt instrument was less than the commitment date fair value of the Company’s common stock, this also gave rise to a beneficial conversion feature. The intrinsic value of the beneficial conversion feature was greater than the proceeds allocated to the convertible debt instrument and, accordingly, the amount recorded for the beneficial conversion feature was limited to that amount. The Company recognized a total debt discount of $500 for the beneficial conversion feature, warrants, and call option rights, which was amortized as additional interest expense over the remaining five-month term of the note. Until repayment of the TEP Note, TEP originally had the option to convert the initial tranche, the first additional advance, and, effective May 2021, accrued interest in the amount of $650, into shares of the Company’s common stock: (i) at any time at a conversion price equal to $9.10 per share; (ii) upon the closing of the Company’s next financing at a conversion price equal to the lesser of (a) $9.10 per share, (b) the lowest per share purchase price of the equity securities issued in the next financing, and (c) the quotient resulting from dividing the valuation cap ($40,000) by the Company’s fully diluted capitalization, as defined, immediately prior to the closing of the next financing; and (iii) upon the closing of a corporate transaction, as defined, at a conversion price equal to the lesser of (a) $9.10 per share and (b) the quotient resulting from dividing the valuation cap by the Company’s fully diluted capitalization immediately prior to the closing of the corporate transaction. The conversion price described in (ii)(c) and (iii)(b) did not apply if the then-current valuation exceeded the valuation cap. The conversion price was subject to standard antidilution adjustments. In July 2020, the TEP Note maturity date was extended to August 31, 2020, and in March 2021, TEP agreed to forbear on its available right to exercise remedies on account of the Company’s failure to pay the past due principal and accrued interest balance until October 31, 2021. In May 2021, the Company and TEP amended the TEP Note, and TEP agreed to make a second additional advance of $500 to the Company in exchange for a convertible promissory note with separate, modified conversion options. The conversion options and terms for the second additional advance were the same as those for the initial tranche, except that $7.00 was the modified conversion price in sections (i), (ii)(a), and (iii)(a), and $27,000 was the modified valuation cap. Since the conversion price of the convertible debt instrument was less than the commitment date fair value of the Company’s common stock, this gave rise to a beneficial conversion feature. The Company recognized a debt discount of $150 for the beneficial conversion feature, which was amortized as additional interest expense over the remaining five-month term of the note. As of December 31, 2021, the aggregate principal balance outstanding on the TEP Note was $3,500 and the related accrued interest balance was $1,111. In July 2022, the Company and TEP further amended the TEP Note, and TEP agreed to make a third additional advance of $125 to the Company in exchange for a convertible promissory note and a warrant to purchase up to 4,464 shares of the Company’s common stock at an exercise price of $0.01 per share. The conversion options and terms for the third additional advance were the same as those for the initial tranche, except that the third additional advance called for fixed interest in the amount of $15 with total principal and interest due on the earlier of (i) the Company’s next financing of $3,000, or more and (ii) December 31, 2022. The proceeds from the $125 third additional advance were allocated to the convertible debt instrument and warrants based on their relative fair values as of the commitment date. Since the effective conversion price of the convertible debt instrument was less than the commitment date fair value of the Company’s common stock, this also gave rise to a beneficial conversion feature. The Company recognized a total debt discount of $60 for the beneficial conversion feature and warrants, which was amortized as additional interest expense over the estimated six-month term of the note. In October 2022, the Company and TEP entered into a conversion agreement pursuant to which, effective upon the full execution of the Merger Agreement (Note 9), $3,500 of outstanding principal under the TEP Note together with $650 of related accrued interest was to automatically convert into 592,857 shares of the Company’s common stock at a conversion price of $7.00 per share. Further, upon the closing of the first tranche of the Bridge Financing (Note 9), the Company was to repay, in cash, the $125 third additional advance under the TEP Note along with the $15 of related accrued interest. Upon issuance of the 592,857 conversion shares and payment of the $140 principal and accrued interest balance, the Company would fully satisfy all of its obligations under the TEP Note. In the event that the Merger Agreement was not executed by December 31, 2022 however, the conversion agreement was to be of no further force and effect after that date, and the TEP Note, along with all security interests in favor of TEP, was to remain in full force and effect. In contemplation of entering into the Bridge Notes (Note 9), the Company amended the conversion price for certain tranches of the TEP notes from $9.10 per share to $7.00 per share. The amendment was accounted for as extinguishment to which the excess fair value of the amended debt over the carrying value of the original debt resulted in a loss on extinguishment of $325 for the year ended December 31, 2022. In December 2022, upon the full execution of the Merger Agreement and the closing of the first tranche of the Bridge Financing, the Company issued the 592,857 conversion shares and paid the $140 principal and accrued interest balance as per the terms of the conversion agreement. As part of the conversion, the $4,150 of converted principal and accrued interest, along with $863 of related forfeited accrued interest through the conversion date, were credited to stockholders’ deficit. Interest expense recognized on the TEP Note, including amortization of the debt discounts, was $477 and $546 for the years ended December 31, 2022 and 2021, respectively. In July 2022, the Company issued a $125 non-convertible promissory note to a lender which called for fixed interest in the amount of $15 with total principal and interest due on the earlier of the Company’s next financing of $3,000 or more and December 31, 2022. The promissory note was secured by the Company’s assets and, on a pro-rata basis, was jointly senior with the TEP Note (Note 6). As part of the financing, the Company also issued a warrant to the lender to purchase up to 4,464 shares of the Company’s common stock at an exercise price of $0.01 per share. The proceeds from the financing were allocated to the promissory note and warrants based on their relative fair values as of the commitment date, resulting in a debt discount of $30 which was amortized as additional interest expense over the estimated six-month term of the note. In December 2022, the $140 principal and accrued interest balance was paid in-full. Interest expense recognized on the promissory note, including amortization of the debt discount, was $45 for the year ended December 31, 2022.

NON-CONVERTIBLE PROMISSORY NOTE

NON-CONVERTIBLE PROMISSORY NOTE - 10-K	9 Months Ended
	Sep. 30, 2023
Short-Term Debt [Line Items]
PROMISSORY NOTES	PROMISSORY NOTES Bridge Financing In connection with signing the Merger Agreement, Private GRI entered into a Securities Purchase Agreement, dated as of December 13, 2022 (Bridge SPA), with Altium Growth Fund, LP (the Investor), pursuant to which Private GRI issued senior secured promissory notes (Bridge Notes) in the aggregate principal amount of $3,333, in exchange for an aggregate purchase price of $2,500. The Bridge Notes were issued in two closings: (i) the first closing for $1,667 in aggregate principal amount (in exchange for an aggregate purchase price of $1,250) closed on December 14, 2022; and (ii) the second closing for $1,667 in aggregate principal amount (in exchange for an aggregate purchase price of $1,250) closed on March 9, 2023. The Bridge Notes were secured by a lien on all of the Company’s assets. In addition, upon the funding of each tranche, the Investor received warrants to purchase an aggregate of 178,927 shares of the Company’s common stock (the Bridge Warrants). The Bridge Warrants had an exercise price of $9.31 per share, were exercisable at any time on or after the applicable issuance date and had a term of 60 months from the date all shares underlying the Bridge Warrants were freely tradable. The $1,250 of proceeds from the first closing were allocated to the Bridge Notes and Bridge Warrants based on their relative fair values as of the commitment date, resulting in an allocation of $679 and $571, respectively. The $1,250 of proceeds from the second closing were allocated to the Bridge Notes and Bridge Warrants based on their relative fair values as of the commitment date, resulting in an allocation of $718 and $532, respectively. In addition to the Bridge SPA, and also in connection with signing the Merger Agreement, Vallon, Private GRI and the Investor entered into the Equity SPA (Note 9) pursuant to which the Investor agreed to invest $12,250 in cash and cancel any outstanding principal and accrued interest on the Bridge Notes in return for the issuance of shares of Private GRI’s common stock immediately prior to the consummation of the Merger. On April 21, 2023, the Company completed the Merger and the outstanding principal and accrued interest on the Bridge Notes was cancelled and the Bridge Warrants were exchanged for the Exchange Warrants. The Exchange Warrants contain substantively similar terms to the Bridge Warrants, and have an initial exercise price equal to $103.11 per share subject to adjustments for splits and recapitalization events. The Bridge Notes were accounted for as share-settled debt under the accounting guidance in ASC 835-30 and, as such, the initial net carrying amounts were accreted to the redemption amounts using the effective interest method. The Company incurred debt issuance costs of $205 during the year ended December 31, 2022 and $90 during the nine months ended September 30, 2023 related to its issuance of debt under the Bridge SPA. Unamortized debt discounts and debt issuance costs totaled $1,065 as of December 31, 2022. Interest expense stemming from amortization of debt discounts and issuance costs was $2,104 for the nine months ended September 30, 2023. TEP Note In November 2018, Private GRI and TEP Biotech, LLC (TEP) entered into a convertible note and warrant purchase agreement pursuant to which TEP agreed to fund up to $5,000 to Private GRI in exchange for a convertible promissory note (the TEP Note) and a warrant to purchase up to 3,606 shares of Private GRI’s common stock at an exercise price of $1.89 per share. The TEP Note was secured by Private GRI’s assets and accrued simple interest on the outstanding principal balance at a rate of 12% per annum. The total outstanding principal and accrued interest balance was initially due on the earlier of Private GRI’s next financing, as defined, and May 2, 2020. The initial $2,500 tranche under the TEP Note was funded upon execution of the agreement in November 2018. In December 2019, Private GRI and TEP amended the TEP Note. In lieu of TEP funding the second $2,500 tranche, TEP made a first additional advance of $500 to Private GRI in exchange for a convertible promissory note, a warrant to purchase up to 2,467 shares of Private GRI’s common stock at an exercise price of $1.89 per share, and the assignment of Private GRI’s rights under a certain call option agreement. The call option agreement, which was entered into in 2015, provided Private GRI with the right to repurchase up to 5,674 shares of Private GRI’s common stock held by the counterparty for $187.18 per share at any time before April 1, 2025. In July 2020, the TEP Note maturity date was extended to August 31, 2020, and in March 2021, TEP agreed to forbear on its available right to exercise remedies on account of Private GRI’s failure to pay the past due principal and accrued interest balance until October 31, 2021. In May 2021, Private GRI and TEP amended the TEP Note, and TEP agreed to make a second additional advance of $500 to Private GRI in exchange for a convertible promissory note with separate, modified conversion options. In July 2022, Private GRI and TEP further amended the TEP Note, and TEP agreed to make a third additional advance of $125 to Private GRI in exchange for a convertible promissory note and a warrant to purchase up to 167 shares of Private GRI’s common stock at an exercise price of $1.89 per share. In October 2022, Private GRI and TEP entered into a conversion agreement pursuant to which, effective upon the full execution of the Merger Agreement (Note 4), $3,500 of outstanding principal under the TEP Note together with $650 of related accrued interest was to automatically convert into 22,172 shares of Private GRI’s common stock at a conversion price of $187.18 per share. Further, upon the closing of the first tranche of the Bridge Notes, Private GRI was to repay, in cash, the $125 third additional advance under the TEP Note along with the $15 of related accrued interest. Upon issuance of the 22,172 conversion shares and payment of the $140 principal and accrued interest balance, Private GRI would fully satisfy all of its obligations under the TEP Note. In December 2022, upon the full execution of the Merger Agreement and the closing of the first tranche of the Bridge Notes Private GRI issued the 22,172 conversion shares and paid the $140 principal and accrued interest balance as per the terms of the conversion agreement. The share numbers and exercise or conversion prices in this section of Note 8 entitled “TEP Note” reflect the Exchange Ratio retroactively. As part of the conversion, the $4,150 of converted principal and accrued interest, along with $863 of related forfeited accrued interest through the conversion date, were credited to stockholders’ deficit. Interest expense recognized on the TEP Note was $142 and $352 for the three and nine months ended September 30, 2022.
Private GRI
Short-Term Debt [Line Items]
PROMISSORY NOTES	CONVERTIBLE PROMISSORY NOTE In November 2018, the Company and TEP Biotech, LLC (TEP) entered into a convertible note and warrant purchase agreement pursuant to which TEP agreed to fund up to $5,000 to the Company in exchange for a convertible promissory note (the TEP Note) and a warrant to purchase up to 96,428 shares of the Company’s common stock at an exercise price of $0.01 per share. The TEP Note was secured by the Company’s assets and, on a pro-rata basis, was jointly senior with a non-convertible promissory note issued to a separate lender (Note 7). The TEP Note accrued simple interest on the outstanding principal balance at a rate of 12% per annum. The total outstanding principal and accrued interest balance was initially due on the earlier of the Company’s next financing, as defined, and May 2, 2020. The initial $2,500 tranche under the TEP Note was funded upon execution of the agreement in November 2018. Upon receipt of the initial tranche, the Company used a portion of the proceeds to repurchase 36,049 shares of the Company’s common stock held by another stockholder for $150, then issued 11,999 of the repurchased shares to TEP as additional consideration for the TEP Note. The proceeds from the $2,500 initial tranche were allocated to the convertible debt instrument, warrants, and common stock based on their relative fair values as of the commitment date. Since the effective conversion price of the convertible debt instrument was less than the commitment date fair value of the Company’s common stock, this also gave rise to a beneficial conversion feature. The Company recognized a total debt discount of $1,408 for the beneficial conversion feature, warrants, and common stock, which was amortized as additional interest expense over the initial eighteen-month term of the note. In December 2019, the Company and TEP amended the TEP Note. In lieu of TEP funding the second $2,500 tranche, TEP made a first additional advance of $500 to the Company in exchange for a convertible promissory note, a warrant to purchase up to 65,960 shares of the Company’s common stock at an exercise price of $0.01 per share, and the assignment of the Company’s rights under a certain call option agreement. The call option agreement, which was entered into in 2015, provided the Company with the right to repurchase up to 150,000 shares of the Company’s common stock held by the counterparty for $7.00 per share at any time before April 1, 2025. Management assessed the call option agreement and determined that it was indexed to the Company’s own equity and that all other conditions for equity classification were met. Accordingly, the call option agreement was classified as equity, was initially measured at fair value, and was not adjusted for subsequent changes in fair value. The proceeds from the $500 first additional advance were allocated to the convertible debt instrument, warrants, and call option rights based on their relative fair values as of the commitment date. Since the effective conversion price of the convertible debt instrument was less than the commitment date fair value of the Company’s common stock, this also gave rise to a beneficial conversion feature. The intrinsic value of the beneficial conversion feature was greater than the proceeds allocated to the convertible debt instrument and, accordingly, the amount recorded for the beneficial conversion feature was limited to that amount. The Company recognized a total debt discount of $500 for the beneficial conversion feature, warrants, and call option rights, which was amortized as additional interest expense over the remaining five-month term of the note. Until repayment of the TEP Note, TEP originally had the option to convert the initial tranche, the first additional advance, and, effective May 2021, accrued interest in the amount of $650, into shares of the Company’s common stock: (i) at any time at a conversion price equal to $9.10 per share; (ii) upon the closing of the Company’s next financing at a conversion price equal to the lesser of (a) $9.10 per share, (b) the lowest per share purchase price of the equity securities issued in the next financing, and (c) the quotient resulting from dividing the valuation cap ($40,000) by the Company’s fully diluted capitalization, as defined, immediately prior to the closing of the next financing; and (iii) upon the closing of a corporate transaction, as defined, at a conversion price equal to the lesser of (a) $9.10 per share and (b) the quotient resulting from dividing the valuation cap by the Company’s fully diluted capitalization immediately prior to the closing of the corporate transaction. The conversion price described in (ii)(c) and (iii)(b) did not apply if the then-current valuation exceeded the valuation cap. The conversion price was subject to standard antidilution adjustments. In July 2020, the TEP Note maturity date was extended to August 31, 2020, and in March 2021, TEP agreed to forbear on its available right to exercise remedies on account of the Company’s failure to pay the past due principal and accrued interest balance until October 31, 2021. In May 2021, the Company and TEP amended the TEP Note, and TEP agreed to make a second additional advance of $500 to the Company in exchange for a convertible promissory note with separate, modified conversion options. The conversion options and terms for the second additional advance were the same as those for the initial tranche, except that $7.00 was the modified conversion price in sections (i), (ii)(a), and (iii)(a), and $27,000 was the modified valuation cap. Since the conversion price of the convertible debt instrument was less than the commitment date fair value of the Company’s common stock, this gave rise to a beneficial conversion feature. The Company recognized a debt discount of $150 for the beneficial conversion feature, which was amortized as additional interest expense over the remaining five-month term of the note. As of December 31, 2021, the aggregate principal balance outstanding on the TEP Note was $3,500 and the related accrued interest balance was $1,111. In July 2022, the Company and TEP further amended the TEP Note, and TEP agreed to make a third additional advance of $125 to the Company in exchange for a convertible promissory note and a warrant to purchase up to 4,464 shares of the Company’s common stock at an exercise price of $0.01 per share. The conversion options and terms for the third additional advance were the same as those for the initial tranche, except that the third additional advance called for fixed interest in the amount of $15 with total principal and interest due on the earlier of (i) the Company’s next financing of $3,000, or more and (ii) December 31, 2022. The proceeds from the $125 third additional advance were allocated to the convertible debt instrument and warrants based on their relative fair values as of the commitment date. Since the effective conversion price of the convertible debt instrument was less than the commitment date fair value of the Company’s common stock, this also gave rise to a beneficial conversion feature. The Company recognized a total debt discount of $60 for the beneficial conversion feature and warrants, which was amortized as additional interest expense over the estimated six-month term of the note. In October 2022, the Company and TEP entered into a conversion agreement pursuant to which, effective upon the full execution of the Merger Agreement (Note 9), $3,500 of outstanding principal under the TEP Note together with $650 of related accrued interest was to automatically convert into 592,857 shares of the Company’s common stock at a conversion price of $7.00 per share. Further, upon the closing of the first tranche of the Bridge Financing (Note 9), the Company was to repay, in cash, the $125 third additional advance under the TEP Note along with the $15 of related accrued interest. Upon issuance of the 592,857 conversion shares and payment of the $140 principal and accrued interest balance, the Company would fully satisfy all of its obligations under the TEP Note. In the event that the Merger Agreement was not executed by December 31, 2022 however, the conversion agreement was to be of no further force and effect after that date, and the TEP Note, along with all security interests in favor of TEP, was to remain in full force and effect. In contemplation of entering into the Bridge Notes (Note 9), the Company amended the conversion price for certain tranches of the TEP notes from $9.10 per share to $7.00 per share. The amendment was accounted for as extinguishment to which the excess fair value of the amended debt over the carrying value of the original debt resulted in a loss on extinguishment of $325 for the year ended December 31, 2022. In December 2022, upon the full execution of the Merger Agreement and the closing of the first tranche of the Bridge Financing, the Company issued the 592,857 conversion shares and paid the $140 principal and accrued interest balance as per the terms of the conversion agreement. As part of the conversion, the $4,150 of converted principal and accrued interest, along with $863 of related forfeited accrued interest through the conversion date, were credited to stockholders’ deficit. Interest expense recognized on the TEP Note, including amortization of the debt discounts, was $477 and $546 for the years ended December 31, 2022 and 2021, respectively. In July 2022, the Company issued a $125 non-convertible promissory note to a lender which called for fixed interest in the amount of $15 with total principal and interest due on the earlier of the Company’s next financing of $3,000 or more and December 31, 2022. The promissory note was secured by the Company’s assets and, on a pro-rata basis, was jointly senior with the TEP Note (Note 6). As part of the financing, the Company also issued a warrant to the lender to purchase up to 4,464 shares of the Company’s common stock at an exercise price of $0.01 per share. The proceeds from the financing were allocated to the promissory note and warrants based on their relative fair values as of the commitment date, resulting in a debt discount of $30 which was amortized as additional interest expense over the estimated six-month term of the note. In December 2022, the $140 principal and accrued interest balance was paid in-full. Interest expense recognized on the promissory note, including amortization of the debt discount, was $45 for the year ended December 31, 2022.

STOCKHOLDERS_ EQUITY - 10-K

STOCKHOLDERS’ EQUITY - 10-K	9 Months Ended
	Sep. 30, 2023
Class of Stock [Line Items]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Common Stock In connection with signing the Merger Agreement, Vallon, Private GRI and the Investor entered the Equity SPA pursuant to which the Investor agreed to invest $12,250 in cash and cancel any outstanding principal and accrued interest on the Bridge Notes in return for the issuance of shares of Private GRI’s common stock immediately prior to the consummation of the Merger. Pursuant to the Equity SPA, immediately prior to the Closing, Private GRI issued 969,602 shares of Private GRI’s common stock (the Initial Shares) to the Investor and 3,878,411 shares of Private GRI’s common stock (the Additional Shares) into escrow with an escrow agent for net proceeds of $11,704, after deducting offering expenses of $546. At the closing, pursuant to the Merger, the Initial Shares converted into an aggregate of 36,263 shares of the Company’s common stock and the Additional Shares converted into an aggregate of 145,052 shares of the Company’s common stock. On May 8, 2023, in accordance with the terms of the Equity SPA, the Company and the Investor authorized the escrow agent to, subject to beneficial ownership limitations, disburse to the Investor all of the shares of the Company’s common stock issued in exchange for the Additional Shares. Redeemable Common Stock In November 2018, Private GRI entered into an agreement with a stockholder pursuant to which the stockholder had the right to require Private GRI to purchase all or a portion of 7,816 shares of Private GRI’s common stock held by the stockholder for $15.88 per share (the Put Right). The Put Right was exercisable (i) for a period commencing thirty days prior to the day Private GRI completed an equity or debt financing and ending fifteen business days thereafter, or (ii) at any time following a breach of the agreement by Private GRI. Management assessed the Put Right and determined that (i) it was not freestanding and, therefore, was not required to be classified as a liability and (ii) it could be exercised by the stockholder at any time, which was not within Private GRI’s control. Therefore, the common shares subject to the Put Right were classified in mezzanine equity. In December 2022, the stockholder exercised the Put Right and Private GRI redeemed the 1,116 shares of Private GRI’s common stock for $124 ($111.16 per share). The redeemed shares were retired by Private GRI. The share numbers and exercise or conversion prices in this section of Note 9 entitled “Redeemable Common Stock” reflect the Exchange Ratio retroactively. Common Stock Warrants Pursuant to the Equity SPA, on May 8, 2023, the Company issued to the Investor (i) Series A-1 Warrants to purchase 181,316 shares of the Company’s common stock at an exercise price of $94.57, (ii) Series A-2 Warrants to purchase 163,185 shares of the Company’s common stock at an exercise price of $103.18 , and (iii) Series T Warrants to purchase (x) 116,353 shares of the Company’s common stock at an exercise price of $85.96 and (y) upon exercise of the Series T Warrants, 116,353 additional Series A-1 Warrants and Series A-2 Warrants, each to purchase 116,353 shares of the Company’s common stock at an exercise price of $94.57 and $103.18, respectively (collectively, the Equity Warrants). The Series A-1 Warrants have a term of 60 months from the date all shares underlying the Series A-1 Warrants are freely tradable. The A-2 warrants have a 2-year term and expire in June 2025. Series T Warrants have a term of 24 months from the date all shares underlying Series T Warrants are freely tradable. As noted in Note 2. Liquidity , the Company may force the exercise of the Series T Warrants subject to the satisfaction of certain equity conditions. The Equity Warrants include certain contingent cashless exercise features and contain certain other rights with regard to asset distributions and fundamental transactions. The exercise price of the Series A-1 Warrants is subject to adjustment for certain dilutive issuances, and all of the Equity Warrants are subject to standard antidilution adjustments. All of the Equity Warrants were outstanding as of September 30, 2023. The Equity Warrants were classified as equity and the allocated fair value of $5,675 is included in additional paid in capital. Pursuant to the Bridge SPA, upon the funding of each tranche of the Bridge Note, the Investor received the Bridge Warrants. The Bridge Warrants had an exercise price of $9.31 per share, were exercisable at any time on or after the applicable issuance date and had a term of 60 months from the date all shares underlying the Bridge Warrants are freely tradable. Upon the completion of the Merger the Bridge Warrants were exchanged for the Exchange Warrants to purchase an aggregate of 60,227 shares of the Company’s common stock. The Exchange Warrants contain substantively similar terms to the Bridge Warrants, and have an initial exercise price equal to $103.11 per share subject to adjustments for splits and recapitalization events. All of the Bridge Warrants were outstanding as of September 30, 2023. The Bridge Warrants were classified as equity and the allocated fair value of $2,860 is included in additional paid in capital. In connection with the Closing, Private GRI granted its financial advisor warrants (the Advisor Warrants) to purchase shares of Private GRI’s common stock, which, at the Effective Time, became exercisable for an aggregate of 343 shares of the Company’s common stock at an exercise price of $429.73 per share. The Advisor Warrants have a five-year term. All of the Advisor Warrants were outstanding as of September 30, 2023. The Advisor Warrants were classified as equity and the fair value of $18 is included in additional paid in capital. The Black-Scholes option-pricing model was used to estimate the fair value of the Equity Warrants, the Exchange Warrants and the Advisor Warrants with the following weighted-average assumptions: Volatility 167.6 % Expected term in years 1.69 Dividend rate 0.0 % Risk-free interest rate 4.37 % As of September 30, 2023, the Company had the following warrants outstanding to purchase common stock. Number of Shares Exercise Price per Share Expiration Date 1,231 $243.32 November 2023 204 $243.32 December 2023 163,185 $103.18 June 2025 542 $2,100.00 February 2026 3,524 $197.05 May 2027 167 $0.01 July 2027 342 $429.73 April 2028 60,228 $103.11 60 months after registration date 181,316 $94.57 60 months after registration date 116,353 $85.96 24 months after registration date
Private GRI
Class of Stock [Line Items]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ DEFICIT Issuance of Common Stock to Investors In March 2021, the Company issued 10,989 shares of common stock to one investor in exchange for $100 in cash. Redeemable Common Stock In November 2018, the Company entered into an agreement with a stockholder pursuant to which the stockholder had the right to require the Company to purchase all or a portion of 29,857 shares of the Company’s common stock held by the stockholder for $4.158 per share (the Put Right). The Put Right was exercisable (i) for a period commencing thirty days prior to the day the Company completed an equity or debt financing and ending fifteen business days thereafter, or (ii) at any time following a breach of the agreement by the Company. Management assessed the Put Right and determined that (i) it was not freestanding and, therefore, was not required to be classified as a liability and (ii) it could be exercised by the stockholder at any time, which was not within the Company’s control. Therefore, the common shares subject to the Put Right were classified in mezzanine equity as of December 31, 2021. In December 2022, the stockholder exercised the Put Right and the Company redeemed the 29,857 shares of common stock for $124 ($4.158 per share). The redeemed shares were retired by the Company. Warrants As of December 31, 2022 and 2021, the Company had 388,704 and 200,851 warrants outstanding, respectively, the details of which are as follows: Issuance Number of Common Shares Exercise Price Expiration November 2018 96,428 $0.01 November 2023 December 2019 65,960 $0.01 December 2024 November 2020 32,967 $9.10 November 2023 December 2020 5,494 $9.10 December 2023 July 2022 8,928 $0.01 July 2027 December 2022 178,927 $9.31 March 2028 (Estimate) The warrants include cashless exercise features, are subject to standard antidilution adjustments, and were issued in connection with debt and equity financings. Restricted Stock Awards In April 2015, the Company awarded an aggregate of 473,142 shares of restricted common stock to its three co-founders. The awards vest upon the completion of a liquidity event to be defined as a change in control of the Company or the expiration of a lock-up period following the Company’s initial public offering, or, if earlier, upon death or disability of the grantee or the termination by the Company or the Company’s shareholders, as applicable, of the grantee’s service relationship with the Company, whether as an employee, member of the board of directors, or consultant, other than for cause or performance reasons, provided that the grantee is continuously an employee of, director of, or consultant to the Company throughout the period from the grant date to the vesting date. Compensation cost for these restricted stock awards will be recognized if and when the awards vest based on the consummation of a liquidity event, or, if earlier, upon the death, disability, or termination without cause of the grantee. The compensation cost for the restricted stock award issued to the co-founder who is a Company employee will be based on the grant date fair value of the award which was $7.00 per share. The compensation cost for the restricted stock awards issued to the two co-founders who are nonemployees will be based on the fair value of the awards on the adoption date of ASU No. 2018-07 (January 1, 2018) which was $9.10 per share. The total unrecognized compensation cost for these restricted stock awards was $3,974 as of December 31, 2022. In March 2021, the Company awarded an aggregate of 92,091 shares of restricted common stock to two employees. The awards vest upon the completion of a liquidity event to be defined as a change in control of the Company or the expiration of a lock-up period following the Company’s initial public offering, or, if earlier, upon death or disability of the grantee or the termination by the Company or the Company’s shareholders, as applicable, of the grantee’s service relationship with the Company, whether as an employee, member of the board of directors, or consultant, other than for cause or performance reasons, provided that the grantee is continuously an employee of, director of, or consultant to the Company throughout the period from the grant date to the vesting date. Compensation cost for these restricted stock awards will be recognized if and when the awards vest based on the consummation of a liquidity event, or, if earlier, upon the death, disability, or termination without cause of the grantee. The compensation cost for the restricted stock awards will be based on the grant date fair value of the awards which was $9.10 per share. The total unrecognized compensation cost for these restricted stock awards was $838 as of December 31, 2022. In October 2022, the Company awarded 7,142 shares of restricted common stock under the 2015 Plan, as defined below, to a nonemployee consultant in exchange for investor relations services. The award vests as follows: (i) 1,786 shares vest on the grant date, (ii) 1,785 shares vest on December 31, 2022, (iii) 1,786 shares vest on March 31, 2023, and (iv) 1,785 shares vest on June 30, 2023. As of December 31, 2022, 3,571 shares were vested and 3,571 shares were unvested. Compensation cost for this restricted stock award is being recognized in the same period and in the same manner as if the Company had paid cash for the services based on the grant date fair value of the award which was $7.00 per share. Stock-based compensation expense for this restricted stock award was $25 for the year ended December 31, 2022. The unrecognized compensation cost for this award was $25 as of December 31, 2022. In December 2022, the Company awarded an aggregate of 59,571 shares of restricted common stock to two employees. The awards vest upon the completion of a liquidity event to be defined as a change in control of the Company or the expiration of a lock-up period following the Company’s initial public offering, or, if earlier, upon death or disability of the grantee or the termination by the Company or the Company’s shareholders, as applicable, of the grantee’s service relationship with the Company, whether as an employee, member of the board of directors, or consultant, other than for cause or performance reasons, provided that the grantee is continuously an employee of, director of, or consultant to the Company throughout the period from the grant date to the vesting date. Stock Options The Board authorized the 2015 Equity Incentive Plan, as amended, (the 2015 Plan) pursuant to which the Company is authorized to grant incentive stock options, non-qualified stock options, and other stock-based awards to employees, directors, and consultants. The Company is authorized to grant up to 669,985 shares of common stock under the 2015 Plan, of which 321,075 and 328,217 shares remained available for future issuance as of December 31, 2022 and 2021, respectively. The maximum term of a stock option granted under the 2015 Plan cannot exceed 10 years. No stock options were granted, exercised, or forfeited during the years ended December 31, 2022 and 2021. There were 341,767 stock options outstanding as of December 31, 2022 and 2021, all of which were granted in November 2016, have an exercise price of $5.11 per share, and contractually expire in November 2026 or upon termination of service, if earlier. The 185,531 options granted with service-based vesting conditions vested ratably over periods of two Of the 156,236 options granted with performance-based vesting conditions related to future receipts of funding by the Company, 78,118 of these options vested, and the related stock-based compensation was recognized, during a prior year. Achievement of the related performance conditions for the remaining 78,118 options has not been deemed probable and, accordingly, the Company has not recognized any compensation cost for these awards as of December 31, 2022. No stock-based compensation expense for stock options was recognized for the years ended December 31, 2022 and 2021. There were 263,649 vested and exercisable stock options outstanding as of December 31, 2022 and 2021. The aggregate intrinsic value of vested and exercisable stock options outstanding was $1,107 and the remaining contractual term was 3.85 years, as of December 31, 2022. There were 78,118 non-vested stock options outstanding as of December 31, 2022 and 2021. The total unrecognized compensation cost for non-vested stock options outstanding was $279, and the remaining contractual term was 3.85 years, as of December 31, 2022. The non-vested stock options are subject to performance-based vesting conditions related to future receipts of funding by the Company. The unrecognized compensation cost will be recognized if and when it becomes probable that the performance conditions will be achieved.

PROPOSED MERGER AND RELATED FIN

PROPOSED MERGER AND RELATED FINANCINGS - 10-K	9 Months Ended
	Sep. 30, 2023
Private GRI
Reverse Recapitalization [Line Items]
PROPOSED MERGER AND RELATED FINANCINGS	PROPOSED MERGER AND RELATED FINANCINGS Merger Agreement and Transaction On December 13, 2022, the Company entered into an Agreement and Plan of Merger (the Merger Agreement) with Vallon Pharmaceuticals, Inc. (Vallon) and Vallon Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Vallon (Merger Sub). Upon the terms and subject to the satisfaction of the conditions described in the Merger Agreement, Merger Sub will be merged with and into the Company (the Merger), with the Company surviving the Merger as a wholly owned subsidiary of Vallon. The Merger is intended to qualify as a tax-free reorganization for U.S. federal income tax purposes. The Merger was not consummated as of December 31, 2022. At the effective time of the Merger (the Effective Time) and pursuant to the terms of the Merger Agreement, each share of the Company’s common stock outstanding immediately prior to the Effective Time, excluding any dissenting shares but including any shares of Company’s common stock issued pursuant to the Equity Financing will be automatically converted solely into the right to receive a number of shares of Vallon’s common stock (Vallon Common Stock) equal to the exchange ratio described below. Each option to purchase shares of Company’s common stock (each, a Company Option) that is outstanding and unexercised immediately prior to the Effective Time under the 2015 Plan, whether or not vested, will be converted into and become an option to purchase shares of Vallon Common Stock, and Vallon will assume the 2015 Plan and each such Company Option in accordance with the terms of the 2015 Plan (Assumed Options). The number of shares of Vallon Common Stock subject to each Assumed Option will be determined by multiplying (i) the number of shares of Company’s common stock that were subject to such Company Option, as in effect immediately prior to the Effective Time, by (ii) the exchange ratio, and rounding the resulting number down to the nearest whole number of shares of Vallon Common Stock. The per share exercise price for Vallon Common Stock issuable upon exercise of each Assumed Option will be determined by dividing (A) the per share exercise price of such Assumed Option, as in effect immediately prior to the Effective Time, by (B) the exchange ratio and rounding the resulting per share exercise price up to the nearest whole cent. Any restriction on the exercise of any Assumed Option will continue in full force and effect and the term, exercisability, vesting schedule, and any other provisions of such Assumed Option will otherwise remain unchanged. Each warrant to purchase shares of Company’s common stock (the Company Warrants) outstanding immediately prior to the Effective Time will be assumed by Vallon and converted into warrants to purchase Vallon Common Stock (Assumed Warrants) and thereafter (i) each Assumed Warrant may be exercised solely for shares of Vallon Common Stock; (ii) the number of shares of Vallon Common Stock subject to each Assumed Warrant will be determined by multiplying (A) the number of shares of Company’s common stock that were subject to such Company Warrant, as in effect immediately prior to the Effective Time, by (B) the exchange ratio, and rounding the resulting number down to the nearest whole number of shares of Vallon Common Stock; (iii) the per share exercise price for Vallon Common Stock issuable upon exercise of each Assumed Warrant will be determined by dividing (A) the exercise price per share of the Company’s common stock subject to such Company Warrant, as in effect immediately prior to the Effective Time, by (B) the exchange ratio, and rounding the resulting exercise price up to the nearest whole cent. All rights with respect to Company restricted stock awards will be assumed by Vallon and converted into Vallon restricted stock awards with the number of shares subject to each warrant multiplied by the exchange ratio and rounding the resulting number down to the nearest whole number of shares of Vallon Common Stock. The term, exercisability, vesting schedule and other provisions of the Company restricted stock awards shall otherwise remain unchanged. Securities Purchase Agreement (Bridge Financing) In connection with signing the Merger Agreement, the Company entered into a Securities Purchase Agreement, dated as of December 13, 2022 (Bridge SPA) with Altium Growth Fund, LP (Investor), pursuant to which, among other things, the Investor agreed to purchase, and the Company agreed to issue, senior secured notes (Bridge Notes) in the aggregate principal amount of up to approximately $3,333, in exchange for an aggregate purchase price of up to approximately $2,500. Pursuant to the terms of the Bridge SPA, the Investor agreed to purchase the Bridge Notes in two closings: (i) the first closing for approximately $1,667, in aggregate principal amount (in exchange for an aggregate purchase price of approximately $1,250), which closed on December 14, 2022; and (ii) the second closing for approximately $1,667 in aggregate principal amount (in exchange for an aggregate purchase price of approximately $1,250), which is scheduled to close on the first business day following the date of effectiveness of the Registration Statement. The Bridge Notes are secured by a lien on all of the Company’s assets, as described in the Bridge SPA and its exhibits. In addition, upon the funding of each tranche as described above, the Investor will also receive warrants to purchase an aggregate of 178,927 shares of Company’s common stock (Bridge Warrants). The Bridge Warrants have an exercise price of $9.31 per share, are exercisable at any time on or after the applicable issuance date and have a term of 60 months from the date all shares underlying the Bridge Warrants are freely tradable. The Bridge Warrants also contain certain rights with regard to asset distributions and fundamental transactions. The exercise price of the Bridge Warrants will be subject to adjustment for splits and similar recapitalization events. As a result of the Merger, at the Effective Time, each Bridge Warrant will automatically be exchanged for warrants (Exchange Warrants) to purchase that number of shares of Vallon Common Stock equal to 1,610,344 multiplied by the exchange ratio. The Exchange Warrants will be on substantively similar terms to the Bridge Warrants, and have an initial exercise price equal to 24% of the Closing Per Share Price (as defined in the Equity SPA, defined below). The exercise price of the Exchange Warrants will be subject to adjustment for splits and similar recapitalization events. The $1,250 of proceeds from the first closing were allocated to the bridge promissory note and warrants based on their relative fair values as of the commitment date, resulting in an allocation of $679 and $571, respectively. The Company also incurred debt issuance costs of $205 as part of its issuance of debt under the Bridge SPA. The bridge promissory note is being accounted for as share-settled debt under the accounting guidance in ASC 835-30 and, accordingly, the initial net carrying amount of $474 is being accreted to the $1,667 redemption amount on the expected redemption date in March 2023 using the effective interest method. Unamortized debt discounts and debt issuance costs totaled $1,065 as of December 31, 2022. Interest expense stemming from amortization of the debt discounts and debt issuance costs was $127 for the year ended December 31, 2022. Securities Purchase Agreement (Equity Financing) In connection with signing the Merger Agreement, Vallon, the Company and the Investor entered into a Securities Purchase Agreement, dated as of December 13, 2022 (Equity SPA), pursuant to which, among other things, the Investor agreed to invest approximately $12,250 in cash and cancel any outstanding principal and interest on the Bridge Notes immediately prior to the Closing (the aggregate amount of such cash investment and the cancellation of the outstanding principal and interest on the Bridge Notes) to fund the combined company following the Merger. In return, the Company will issue shares (Initial Shares) of Company’s common stock to the Investor equal to approximately 10.19% of the estimated Parent Fully Diluted Number (as defined in the Equity SPA). The Equity Financing will close on the same date as the Closing. In addition, Company will deposit a number of shares of Company’s common stock equal to 400% of the number of Initial Shares (Additional Shares) into escrow with an escrow agent, to be exchanged for Vallon Common Stock in the Merger, and to be delivered, in whole or in part, based on the exchange ratio. As a result of the Merger, at the Effective Time, each Initial Share will automatically be converted into the right to receive a number of shares of Vallon Common Stock equal to the number of Initial Shares multiplied by the exchange ratio. Further, at the Effective Time, each Additional Share placed into escrow with the escrow agent will automatically be converted into the right to receive a number of shares of Vallon Common Stock equal to the number of Additional Shares multiplied by the exchange ratio. Additional Shares shall be issued to the Investor upon certain specified reset dates under the Equity SPA in the event that Vallon’s share price is less than 90% of the arithmetic average of the five lowest weighted average prices of the Vallon Common Stock over the applicable periods set forth in the Equity SPA. In addition, Vallon will issue to the Investor (i) Series A-1 Warrants to purchase that number of shares of Vallon Common Stock equal to 500% of the Initial Shares, (ii) Series A-2 Warrants to purchase that number of shares of Vallon Common Stock equal to 450% of the Initial Shares, and (iii) Series T Warrants to purchase (x) that number of shares of Vallon Common Stock equal to approximately 320.9% of the Initial Shares and (y) upon exercise of the Series T Warrants, an additional amount of Series A-1 Warrants and Series A-2 Warrants, each to purchase that number of shares of Vallon Common Stock equal to approximately 320.9% of the Initial Shares (collectively, the Equity Warrants). The Equity Warrants will be issued on the 11th trading day following the Closing and will have an initial exercise price per share equal to 20% of the Closing Per Share Price for the Series T Warrants, 22% of the Closing Per Share Price for the Series A-1 Warrants and Series A-1 Warrants issued upon exercise of the Series T Warrants and 24% of the Closing Per Share Price for the Series A-2 Warrants and Series A-2 Warrants issued upon exercise of the Series T Warrants. The Equity Warrants are exercisable at any time on or after the applicable issuance date. The Series A-1 Warrants have a term of 60 months from the date all shares underlying the Series A-1 Warrants are freely tradable and the Series A-2 Warrants and Series T Warrants have a term of 24 months from the date all shares underlying the Series A-2 Warrants and Series T Warrants, respectively, are freely tradable. Vallon may force the exercise of the Series T Warrants subject to the satisfaction of certain equity conditions. The Equity Warrants have a cashless exercise provision providing that if on any trading day following the earlier of (i) 240 days following the Closing or (ii) the deadline under the Registration Rights Agreement for having a registration statement registering the underlying Series A-2 warrant shares for resale declared effective (such earlier date, the Trigger Date), a registration statement covering the resale of the warrant shares that are the subject of an exercise notice is unavailable, such Equity Warrant may be exercised on a cashless basis and receive shares of common stock pursuant to the formula therein. The Series A-2 Warrants also have an alternate cashless exercise provision providing that if on any trading day following the Trigger Date, the weighted average price of the post-merger combined company’s common stock is less than 90% of the exercise price of the Series A-2 Warrants, then the holder of the Series A-2 Warrant may exercise the Series A-2 Warrants on a cashless basis and receive one share of common stock for each underlying Series A-2 Warrant share. The exercise price of the Series A-1 Warrants is subject to adjustment for certain dilutive issuances, and the exercise prices and number of shares issuable upon exercise of the Equity Warrants are subject to adjustment for reverse stock splits and similar recapitalization events. The Equity Warrants also contain certain rights with regard to asset distributions and fundamental transactions The Company capitalized stock issuance costs of $259 as part of its proposed offering of securities under the Equity SPA. The deferred costs will be charged to stockholders’ deficit upon the Closing.

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - 10-K	9 Months Ended
	Sep. 30, 2023
Other Commitments [Line Items]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Employment Agreements The Company has entered into employment contracts with its officers that provide for severance and continuation of benefits in the event of termination of employment by the Company without cause or by the employee for good reason. In addition, in the event of termination of employment following a change in control, the vesting of certain equity awards may be accelerated. Separation and Release Agreement
Private GRI
Other Commitments [Line Items]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Operating Leases The Company leases office facilities under an operating lease agreement that was originally set to expire on March 31, 2021. In February 2021, the operating lease agreement was modified to extend the lease term to March 31, 2024. The lease agreement requires fixed monthly rental payments as well as payments for variable monthly utilities and operating costs throughout the lease term. As of December 31, 2022 and 2021, the discount rate applied on this operating lease was 12% and the remaining lease term was fifteen months and twenty-seven months, respectively. Lease expense for operating leases was $59 and $58 for the years ended December 31, 2022 and 2021, respectively. Cash paid for operating leases was $54 and $58 for the years ended December 31, 2022 and 2021, respectively. Future minimum lease payments are due as follows: December 31, 2022 2023 $ 63 2024 14 Total 77 Less: Imputed interest 6 Present value of operating lease liabilities $ 71 Contingent Transaction Bonuses In March 2021, the Company agreed to pay cash bonuses of $500 in the aggregate to two Company executives upon the closing of a reverse merger. Compensation cost for these contingent transaction bonuses will be recognized if and when a reverse merger is consummated based on the amount of cash paid by the Company.

INCOME TAXES - 10-K

INCOME TAXES - 10-K	9 Months Ended
	Sep. 30, 2023
Private GRI
Income Taxes [Line Items]
INCOME TAXES	INCOME TAXES The difference between the provision for income taxes and the amount expected by applying the federal statutory rate of 21% to pre-tax loss is due to the following: Year Ended December 31, 2022 2021 Expected tax benefit based on federal statutory rate $ (676) $ (328) State tax benefit (242) (144) Permanent differences 288 567 Increase (decrease) in valuation allowance 630 (95) Provision for income taxes $ — $ — Significant components of deferred tax assets and liabilities, and the related valuation allowance, are as follows as of: December 31, 2022 2021 Net operating loss (NOL) carryforwards $ 3,505 $ 2,879 Stock-based compensation 188 188 Accrued compensation 10 42 Operating lease liabilities 21 34 Operating lease right-of-use assets (20) (34) Capitalized research and experimental expenditures 68 — Depreciation and amortization 7 (2) State income taxes (235) (193) Valuation allowance (3,544) (2,914) Net deferred tax asset $ — $ — A valuation allowance has been recorded for the full amount of the net deferred tax asset due to uncertainties regarding its realizability. As of December 31, 2022, federal NOL carryforwards totaled $11,652, of which $6,124 expires from 2029 to 2037 and $5,528 does not expire. As of December 31, 2022, California NOL carryforwards totaled $11,966 and expire from 2029 to 2042. The future annual utilization of NOL carryforwards may become limited due to changes in ownership. The annual limitation may result in the carryforwards not being fully utilized prior to expiration.

SUBSEQUENT EVENTS - 10-K

SUBSEQUENT EVENTS - 10-K	9 Months Ended
	Sep. 30, 2023
Private GRI
Subsequent Event [Line Items]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Management has evaluated subsequent events through the date that the accompanying financial statements were issued.

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	ORGANIZATION AND DESCRIPTION OF BUSINESS GRI Bio, Inc. (GRI or the Company), based in La Jolla, CA, was incorporated in Delaware in May 2009, which is the date of inception. GRI is a clinical-stage biopharmaceutical company focused on discovering, developing, and commercializing innovative therapies that target serious diseases associated with dysregulated immune responses leading to inflammatory, fibrotic, and autoimmune disorders. The Company’s goal is to be an industry leader in developing therapies to treat these diseases and to improve the lives of patients suffering from such diseases. The Company’s lead product candidate, GRI-0621, is an oral inhibitor of type 1 Natural Killer T (iNKT I) cells and is being developed for the treatment of severe fibrotic lung diseases such as idiopathic pulmonary fibrosis (IPF). The Company’s product candidate portfolio also includes GRI-0803 and a proprietary library of 500+ compounds. GRI-0803, the lead molecule selected from the library, is a novel oral agonist of type 2 Natural Killer T (NKT II) cells and is being developed for the treatment of autoimmune disorders, with much of its preclinical work in Systemic Lupus Erythematosus Disease (SLE) or lupus and multiple sclerosis (MS). Reverse Merger with Vallon Pharmaceuticals, Inc. On April 21, 2023, the Company (formerly Vallon Pharmaceuticals, Inc.(Vallon)) consummated a merger with GRI Bio Operations, Inc. (formerly GRI Bio, Inc.) (Private GRI) pursuant to an Agreement and Plan of Merger, as amended (the Merger Agreement), by and among the Company, Private GRI and Vallon Merger Sub, Inc. (Merger Sub), a Delaware corporation and wholly-owned subsidiary of the Company (Note 4). The Merger Agreement provided for the merger of Merger Sub with and into Private GRI, with Private GRI surviving the merger as a wholly-owned subsidiary of the Company (the Merger). In connection with the closing of the Merger (the Closing), the Company amended its certificate of incorporation and bylaws to change its name from “Vallon Pharmaceuticals, Inc.” to “GRI Bio, Inc.” In addition, prior to the effective time of the Merger (the Effective Time), the Company effected a reverse stock split of the Company’s common stock at a ratio of 1 for 30 (the Reverse Stock Split). At the Effective Time, each share of Private GRI’s common stock outstanding immediately prior to the Effective Time automatically converted solely into the right to receive a number of shares of the Company's common stock equal to 0.0374 (the Exchange Ratio). Except as otherwise indicated or as the context requires, references herein to “GRI Bio,” the “Company,” or the “combined company,” refer to GRI Bio, Inc. on a post-Merger basis, and references to “Private GRI” refer to the business of GRI Bio, Inc. prior to the completion of the Merger. References to “Vallon” refer to Vallon Pharmaceuticals, Inc. prior to the completion of the Merger. Basis of Presentation As discussed in Note 4, the Merger was accounted for as reverse recapitalization under which the historical financial statements of the Company prior to the Merger are the historical financial statements of the accounting acquirer, Private GRI. All common stock, per share and related information presented in the consolidated financial statements and notes prior to the Merger has been retroactively adjusted to reflect the Exchange Ratio and Reverse Stock Split for all periods presented, to the extent applicable.

LIQUIDITY

LIQUIDITY	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
LIQUIDITY	LIQUIDITY These financial statements have been prepared on the basis that the Company is a going concern, which contemplates, among other things, the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has not generated any significant revenues from operations since inception and does not expect to do so in the foreseeable future. The Company has incurred operating losses since its inception in 2009 and as a result has incurred $29,529 in accumulated deficit through September 30, 2023. The Company has financed its working capital requirements to date through the issuance of equity and debt securities. As of September 30, 2023, the Company had cash of approximately $3,488. In connection with signing the Merger Agreement, Vallon, Private GRI and the Investor entered the Equity SPA pursuant to which the Investor agreed to invest $12,250 in cash and cancel any outstanding principal and accrued interest on the Bridge Notes in return for the issuance of shares of Private GRI common stock immediately prior to the consummation of the Merger. Pursuant to the Equity SPA, immediately prior to the Closing, Private GRI issued 969,602 shares of Private GRI common stock (the Initial Shares) to the Investor and 3,878,411 shares of Private GRI common stock (the Additional Shares) into escrow with an escrow agent for net proceeds of $11,704, after deducting offering expenses of $546. At the closing, pursuant to the Merger, the Initial Shares converted into an aggregate of 36,263 shares of the Company’s common stock and the Additional Shares converted into an aggregate of 145,052 shares of the Company’s common stock. On May 8, 2023, in accordance with the terms of the Equity SPA, the Company and the Investor authorized the escrow agent to, subject to beneficial ownership limitations, disburse to the Investor all of the shares of the Company’s common stock issued in exchange for the Additional Shares. Based on the Company’s current operating plan, the Company believes that its existing cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements into the first quarter of 2024. The Company’s ability to continue as a going concern is dependent on its ability to raise additional capital to fund its business activities, including its research and development program. The Series T Warrants issued in connection with the Merger are not presently subject to forced exercise by the Company as the equity conditions for their forced exercise, which include (among other things) a requirement that shares of the Company’s common stock have a value weighted average price of at least $64.47 per share for the periods specified in the Series T Warrants, are not met. The Company intends to raise capital through additional issuances of equity securities and/or short-term or long-term debt arrangements, but there can be no assurances any such financing will be available when needed, even if the Company’s research and development efforts are successful. If the Company is not able to obtain additional financing on acceptable terms and in the amounts necessary to fully fund its future operating requirements, it may be forced to reduce or discontinue its operations entirely. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the issuance of these financial statements. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might result from this uncertainty.

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial periods and pursuant to the rules of the Securities and Exchange Commission (the SEC). Any reference in the accompanying unaudited interim financial statements to “authoritative guidance” is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) of the Financial Accounting Standards Board (FASB). The December 31, 2022 balance sheet was derived from the Company’s audited financial statements. In the opinion of management, the unaudited interim financial statements furnished herein include all normal and recurring adjustments considered necessary to present fairly the Company’s financial position as of September 30, 2023, and the results of operations and stockholders’ equity (deficit) for the three and nine months ended September 30, 2023 and 2022 and cash flows for the three and nine months ended September 30, 2023 and 2022. Results of operations for the three and nine months ended September 30, 2023, are not necessarily indicative of the operating results that may be expected for the year ending December 31, 2023. The unaudited interim financial statements, presented herein, do not contain the required disclosures under GAAP for annual financial statements. The accompanying unaudited interim financial statements should be read in conjunction with the annual audited financial statements and related notes as of and for the year ended December 31, 2022, which are included as Exhibit 99.2 of Amendment No. 2 to the Current Report on Form 8-K filed with the SEC on July 6, 2023. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Estimates and assumptions are primarily made in relation to the valuation of share options, the embedded derivative of convertible notes, warrant issuance and subsequent revaluations, valuation allowances relating to deferred tax assets, revenue recognition, accrued expenses and estimation of the incremental borrowing rate for the finance lease. If actual results differ from the Company’s estimates, or to the extent these estimates are adjusted in future periods, the Company’s results of operations could either benefit from, or be adversely affected by, any such change in estimate. Cash and Cash Equivalents Cash equivalents are highly-liquid investments that are readily convertible into cash with original maturities of three months or less when purchased and as of September 30, 2023 and December 31, 2022 included investments in money market funds. The Company maintains its cash and cash equivalent balances at domestic financial institutions. Bank deposits with US banks are insured up to $250 by the Federal Deposits Insurance Corporation. The Company had an uninsured cash balances of $2,988 at September 30, 2023. The Company’s cash balance as of December 31, 2022 was fully insured. Fair Value Measurements Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase consistency and comparability in fair value measurements and related disclosures, ASC 820, Fair Value Measurement , (ASC 820) establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of fair value hierarchy defined by ASC 820 are described below: Level 1 : Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 : Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liabilities. Level 3 : Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). As of September 30, 2023, the Company’s financial instruments included cash, cash equivalents, prepaid expenses and other current assets, accounts payable, accrued expenses and certain liability classified warrants. The carrying amounts reported in the balance sheets for cash, cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair value based on the short-term maturity of these instruments. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. At September 30, 2023, there were no financial assets or liabilities measured at fair value on a recurring basis other than the liability classified warrants. In May 2022, Vallon issued warrants in connection with a securities purchase agreement. Vallon evaluated the warrants in accordance with ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity (ASC 815-40), and concluded that a provision in the warrants related to the reduction of the exercise price in certain circumstances precludes the warrants from being accounted for as components of equity. As a result, the warrants are recorded as a liability on the balance sheet. Vallon recorded the fair value of the warrants upon issuance using a Black-Scholes valuation model. The Company is required to revalue the warrants at each reporting date with any changes in fair value recorded in its statement of operations. The valuation of the warrants is considered under Level 3 of the fair value hierarchy due to the need to use assumptions in the valuation that are both significant to the fair value measurement and unobservable. The change in the fair value of the Level 3 warrants liabilities is reflected in the statement of operations for the nine months ended September 30, 2023. Deferred Stock Issuance Costs Deferred stock issuance costs represent incremental legal costs incurred that are directly attributable to proposed offerings of securities. The costs are charged against the gross proceeds of the respective offering upon closing. Debt Discounts The relative fair values of warrants and common shares issued and call option rights assigned in connection with principal advances under promissory notes, the increases in fair values of embedded conversion options in connection with convertible promissory note modifications, and the intrinsic values of non-contingent beneficial conversion features were recorded as debt discounts that are amortized as additional interest expense over the estimated terms of the notes using the effective interest method. Debt Issuance Costs Debt issuance costs represent incremental legal costs and other costs incurred that are directly attributable to issuing debt. The costs are included as a direct reduction of the carrying amount of the respective liability and are amortized as additional interest expense over the estimated term of the debt using the effective interest method. Stock-Based Compensation The Company recognizes expense for employee and non-employee stock-based compensation in accordance with ASC Topic 718, Stock-Based Compensation (ASC 718). ASC 718 requires that such transactions be accounted for using a fair value-based method. The estimated fair value of the options is amortized over the vesting period, based on the fair value of the options on the date granted, and is calculated using the Black-Scholes option-pricing model. The Company accounts for forfeitures as incurred. In considering the fair value of the underlying stock when the Company granted options, the Company considered several factors including the fair values established by market transactions. Stock option-based compensation includes estimates and judgments of when stock options might be exercised and stock price volatility. The timing of option exercises is out of the Company's control and depends upon a number of factors including the Company's market value and the financial objectives of the option holders. These estimates can have a material impact on the stock compensation expense but will have no impact on the cash flows. The estimation of share-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from original estimates, such amounts are recorded as a cumulative adjustment in the period the estimates are revised. The Company uses the expected term, rather than the contractual term, for both employee and consultant options issued. Net Loss Per Common Share Basic and diluted net loss per common share are calculated by dividing the net loss by the applicable weighted-average number of common shares outstanding during the period. As the Company had a net loss in each of the three and nine months ended September 30, 2023 and 2022, diluted net loss per common share is the same as basic net loss per common share for the period because the effects of potentially dilutive securities are antidilutive. Common stock equivalents excluded from the diluted net loss per common share calculations are as follows: September 30, 2023 2022 Stock options 45,431 12,782 Warrants 363,737 1,438 Restricted stock with repurchase rights — 3,020 Stock subject to put right — 159 Convertible promissory note — 21,501 409,168 38,900 Recent Accounting Pronouncements The Company considered the applicability and impact of all ASUs issued during the quarter ended September 30, 2023 and each was determined to be either not applicable or expected to have minimal impact on these financial statements.

MERGER WITH VALLON

MERGER WITH VALLON	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
MERGER WITH VALLON	MERGER WITH VALLON On April 21, 2023, pursuant to the Merger Agreement, Merger Sub was merged with and into Private GRI, with Private GRI surviving the Merger as a wholly owned subsidiary of the Company. In connection with the Closing, the Company amended its certificate of incorporation and bylaws to change its name from “Vallon Pharmaceuticals, Inc.” to “GRI Bio, Inc.” At the Effective Time: (a) Each share of Private GRI’s common stock outstanding immediately prior to the Effective Time, including any shares of Private GRI’s common stock issued pursuant to the Equity SPA automatically converted solely into the right to receive a number of shares of the Company’s common stock equal to the Exchange Ratio. (b) Each option to purchase shares of Private GRI’s common stock (each, a GRI Option) outstanding and unexercised immediately prior to the Effective Time under the GRI Bio, Inc. 2015 Equity Incentive Plan (the GRI Plan), whether or not vested, converted into and became an option to purchase shares of the Company’s common stock, and the Company assumed the GRI Plan and each such GRI Option in accordance with the terms of the GRI Plan (the Assumed Options). The number of shares of the Company’s common stock subject to each Assumed Option was determined by multiplying (i) the number of shares of Private GRI’s common stock that were subject to such GRI Option, as in effect immediately prior to the Effective Time, by (ii) the Exchange Ratio, and rounding the resulting number down to the nearest whole number of shares of the Company’s common stock. The per share exercise price for the Company’s common stock issuable upon exercise of each Assumed Option was determined by dividing (A) the per share exercise price of such Assumed Option, as in effect immediately prior to the Effective Time, by (B) the Exchange Ratio and rounding the resulting per share exercise price up to the nearest whole cent. Any restriction on the exercise of any Assumed Option continued in full force and effect and the term, exercisability, vesting schedule, and any other provisions of such Assumed Option otherwise remained unchanged. (c) Each warrant to purchase shares of Private GRI’s common stock outstanding immediately prior to the Effective Time other than the Bridge Warrants (as defined below) (the GRI Warrants), was assumed by the Company and converted into a warrant to purchase shares of the Company’s common stock (the Assumed Warrants) and thereafter (i) each Assumed Warrant became exercisable solely for shares of the Company’s common stock; (ii) the number of shares of the Company’s common stock subject to each Assumed Warrant was determined by multiplying (A) the number of shares of Private GRI’s common stock that were subject to such GRI Warrant, as in effect immediately prior to the Effective Time, by (B) the Exchange Ratio, and rounding the resulting number down to the nearest whole number of shares of the Company’s common stock; (iii) the per share exercise price for shares of the Company’s common stock issuable upon exercise of each Assumed Warrant was determined by dividing (A) the exercise price per share of Private GRI’s common stock subject to such GRI Warrant, as in effect immediately prior to the Effective Time, by (B) the Exchange Ratio, and rounding the resulting exercise price up to the nearest whole cent. (d) The Bridge Warrants (Note 8) were exchanged for warrants (the Exchange Warrants) to purchase an aggregate of 60,227 shares of the Company’s common stock. The Exchange Warrants contain substantively similar terms to the Bridge Warrants, and have an initial exercise price equal to $103.11 per share. (e) All rights with respect to Private GRI restricted stock awards were assumed by the Company and converted into Company restricted stock awards with the number of shares subject to each restricted stock award multiplied by the Exchange Ratio and rounding the resulting number down to the nearest whole number of shares of the Company’s common stock. The term, exercisability, vesting schedule and other provisions of the Private GRI restricted stock awards otherwise remained unchanged. The Merger is accounted for as a reverse recapitalization under U.S. GAAP because the primary assets of Vallon were cash and cash equivalents. For accounting purposes, GRI has been determined to be the accounting acquirer based upon the terms of the Merger and other factors including: (i) the equity holders of Private GRI immediately prior to the Merger owned, or held rights to acquire, in the aggregate approximately 85% of the outstanding shares of the Company’s common stock and the Company’s stockholders immediately prior to the Merger owned approximately 15% of the outstanding shares of the Company’s common stock (ii) Private GRI holds the majority (4 out of 5) of board seats of the combined company, and (iii) Private GRI’s management holds the majority of key positions in the management of the combined company. Immediately after the Merger, there were 60,333 shares of the Company’s common stock outstanding. The following table shows the net liabilities assumed in the Merger: April 21, 2023 Cash and cash equivalents $ 941 Prepaid and other assets 310 Accounts payable and accrued expenses (4,190) Total net liabilities assumed (2,939) Plus: Transaction costs (2,984) Total net liabilities assumed plus transaction costs $ (5,923)

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company applies the guidance in ASC 820 to account for financial assets and liabilities measured on a recurring basis. Fair value is measured as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. The Company uses a fair value hierarchy, which distinguishes between assumptions based on market data (observable inputs) and an entity's own assumptions (unobservable inputs). The guidance requires that fair value measurements be classified and disclosed in one of the following 3 categories: Level 1 : Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 : Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liabilities; and Level 3 : Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each reporting period. There were no transfers between Level 1, 2 and 3 during the nine months ended September 30, 2023. The following table presents, for each of the fair value hierarchy levels required under ASC 820, the Company’s liabilities that are measured at fair value on a recurring basis at September 30, 2023: Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs Significant Other Unobservable Inputs Liabilities: Warrant liability $ — $ — $ 18 Total liabilities $ — $ — $ 18 The following table presents the changes in the fair value of the Level 3 liability: Warrant Liability Fair value as of December 31, 2022 $ 185 Change in valuation (167) Fair value as of September 30, 2023 $ 18 The Black-Scholes valuation model was used to estimate the fair value of the warrants with the following weighted-average assumptions: September 30, 2023 December 31, 2022 Volatility 167.7 % 139.9 % Expected term in years 2.5 2.5 Dividend rate 0.0 % 0.0 % Risk-free interest rate 4.92 % 4.32 %

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT September 30, 2023 December 31, 2022 Computer equipment $ 21 $ 13 Furniture and fixtures 13 13 34 26 Accumulated depreciation (25) (22) $ 9 $ 4 Depreciation expense related to property and equipment was $3 and $2 for the nine months ended September 30, 2023 and 2022, respectively.

ACCRUED EXPENSES

ACCRUED EXPENSES	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
ACCRUED EXPENSES	ACCRUED EXPENSES Accrued expenses consist of the following: September 30, 2023 December 31, 2022 Research and development $ 75 $ — General and administrative 188 — Payroll and related 880 36 Total accrued expenses $ 1,143 $ 36

PROMISSORY NOTES

PROMISSORY NOTES	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
PROMISSORY NOTES	PROMISSORY NOTES Bridge Financing In connection with signing the Merger Agreement, Private GRI entered into a Securities Purchase Agreement, dated as of December 13, 2022 (Bridge SPA), with Altium Growth Fund, LP (the Investor), pursuant to which Private GRI issued senior secured promissory notes (Bridge Notes) in the aggregate principal amount of $3,333, in exchange for an aggregate purchase price of $2,500. The Bridge Notes were issued in two closings: (i) the first closing for $1,667 in aggregate principal amount (in exchange for an aggregate purchase price of $1,250) closed on December 14, 2022; and (ii) the second closing for $1,667 in aggregate principal amount (in exchange for an aggregate purchase price of $1,250) closed on March 9, 2023. The Bridge Notes were secured by a lien on all of the Company’s assets. In addition, upon the funding of each tranche, the Investor received warrants to purchase an aggregate of 178,927 shares of the Company’s common stock (the Bridge Warrants). The Bridge Warrants had an exercise price of $9.31 per share, were exercisable at any time on or after the applicable issuance date and had a term of 60 months from the date all shares underlying the Bridge Warrants were freely tradable. The $1,250 of proceeds from the first closing were allocated to the Bridge Notes and Bridge Warrants based on their relative fair values as of the commitment date, resulting in an allocation of $679 and $571, respectively. The $1,250 of proceeds from the second closing were allocated to the Bridge Notes and Bridge Warrants based on their relative fair values as of the commitment date, resulting in an allocation of $718 and $532, respectively. In addition to the Bridge SPA, and also in connection with signing the Merger Agreement, Vallon, Private GRI and the Investor entered into the Equity SPA (Note 9) pursuant to which the Investor agreed to invest $12,250 in cash and cancel any outstanding principal and accrued interest on the Bridge Notes in return for the issuance of shares of Private GRI’s common stock immediately prior to the consummation of the Merger. On April 21, 2023, the Company completed the Merger and the outstanding principal and accrued interest on the Bridge Notes was cancelled and the Bridge Warrants were exchanged for the Exchange Warrants. The Exchange Warrants contain substantively similar terms to the Bridge Warrants, and have an initial exercise price equal to $103.11 per share subject to adjustments for splits and recapitalization events. The Bridge Notes were accounted for as share-settled debt under the accounting guidance in ASC 835-30 and, as such, the initial net carrying amounts were accreted to the redemption amounts using the effective interest method. The Company incurred debt issuance costs of $205 during the year ended December 31, 2022 and $90 during the nine months ended September 30, 2023 related to its issuance of debt under the Bridge SPA. Unamortized debt discounts and debt issuance costs totaled $1,065 as of December 31, 2022. Interest expense stemming from amortization of debt discounts and issuance costs was $2,104 for the nine months ended September 30, 2023. TEP Note In November 2018, Private GRI and TEP Biotech, LLC (TEP) entered into a convertible note and warrant purchase agreement pursuant to which TEP agreed to fund up to $5,000 to Private GRI in exchange for a convertible promissory note (the TEP Note) and a warrant to purchase up to 3,606 shares of Private GRI’s common stock at an exercise price of $1.89 per share. The TEP Note was secured by Private GRI’s assets and accrued simple interest on the outstanding principal balance at a rate of 12% per annum. The total outstanding principal and accrued interest balance was initially due on the earlier of Private GRI’s next financing, as defined, and May 2, 2020. The initial $2,500 tranche under the TEP Note was funded upon execution of the agreement in November 2018. In December 2019, Private GRI and TEP amended the TEP Note. In lieu of TEP funding the second $2,500 tranche, TEP made a first additional advance of $500 to Private GRI in exchange for a convertible promissory note, a warrant to purchase up to 2,467 shares of Private GRI’s common stock at an exercise price of $1.89 per share, and the assignment of Private GRI’s rights under a certain call option agreement. The call option agreement, which was entered into in 2015, provided Private GRI with the right to repurchase up to 5,674 shares of Private GRI’s common stock held by the counterparty for $187.18 per share at any time before April 1, 2025. In July 2020, the TEP Note maturity date was extended to August 31, 2020, and in March 2021, TEP agreed to forbear on its available right to exercise remedies on account of Private GRI’s failure to pay the past due principal and accrued interest balance until October 31, 2021. In May 2021, Private GRI and TEP amended the TEP Note, and TEP agreed to make a second additional advance of $500 to Private GRI in exchange for a convertible promissory note with separate, modified conversion options. In July 2022, Private GRI and TEP further amended the TEP Note, and TEP agreed to make a third additional advance of $125 to Private GRI in exchange for a convertible promissory note and a warrant to purchase up to 167 shares of Private GRI’s common stock at an exercise price of $1.89 per share. In October 2022, Private GRI and TEP entered into a conversion agreement pursuant to which, effective upon the full execution of the Merger Agreement (Note 4), $3,500 of outstanding principal under the TEP Note together with $650 of related accrued interest was to automatically convert into 22,172 shares of Private GRI’s common stock at a conversion price of $187.18 per share. Further, upon the closing of the first tranche of the Bridge Notes, Private GRI was to repay, in cash, the $125 third additional advance under the TEP Note along with the $15 of related accrued interest. Upon issuance of the 22,172 conversion shares and payment of the $140 principal and accrued interest balance, Private GRI would fully satisfy all of its obligations under the TEP Note. In December 2022, upon the full execution of the Merger Agreement and the closing of the first tranche of the Bridge Notes Private GRI issued the 22,172 conversion shares and paid the $140 principal and accrued interest balance as per the terms of the conversion agreement. The share numbers and exercise or conversion prices in this section of Note 8 entitled “TEP Note” reflect the Exchange Ratio retroactively. As part of the conversion, the $4,150 of converted principal and accrued interest, along with $863 of related forfeited accrued interest through the conversion date, were credited to stockholders’ deficit. Interest expense recognized on the TEP Note was $142 and $352 for the three and nine months ended September 30, 2022.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Common Stock In connection with signing the Merger Agreement, Vallon, Private GRI and the Investor entered the Equity SPA pursuant to which the Investor agreed to invest $12,250 in cash and cancel any outstanding principal and accrued interest on the Bridge Notes in return for the issuance of shares of Private GRI’s common stock immediately prior to the consummation of the Merger. Pursuant to the Equity SPA, immediately prior to the Closing, Private GRI issued 969,602 shares of Private GRI’s common stock (the Initial Shares) to the Investor and 3,878,411 shares of Private GRI’s common stock (the Additional Shares) into escrow with an escrow agent for net proceeds of $11,704, after deducting offering expenses of $546. At the closing, pursuant to the Merger, the Initial Shares converted into an aggregate of 36,263 shares of the Company’s common stock and the Additional Shares converted into an aggregate of 145,052 shares of the Company’s common stock. On May 8, 2023, in accordance with the terms of the Equity SPA, the Company and the Investor authorized the escrow agent to, subject to beneficial ownership limitations, disburse to the Investor all of the shares of the Company’s common stock issued in exchange for the Additional Shares. Redeemable Common Stock In November 2018, Private GRI entered into an agreement with a stockholder pursuant to which the stockholder had the right to require Private GRI to purchase all or a portion of 7,816 shares of Private GRI’s common stock held by the stockholder for $15.88 per share (the Put Right). The Put Right was exercisable (i) for a period commencing thirty days prior to the day Private GRI completed an equity or debt financing and ending fifteen business days thereafter, or (ii) at any time following a breach of the agreement by Private GRI. Management assessed the Put Right and determined that (i) it was not freestanding and, therefore, was not required to be classified as a liability and (ii) it could be exercised by the stockholder at any time, which was not within Private GRI’s control. Therefore, the common shares subject to the Put Right were classified in mezzanine equity. In December 2022, the stockholder exercised the Put Right and Private GRI redeemed the 1,116 shares of Private GRI’s common stock for $124 ($111.16 per share). The redeemed shares were retired by Private GRI. The share numbers and exercise or conversion prices in this section of Note 9 entitled “Redeemable Common Stock” reflect the Exchange Ratio retroactively. Common Stock Warrants Pursuant to the Equity SPA, on May 8, 2023, the Company issued to the Investor (i) Series A-1 Warrants to purchase 181,316 shares of the Company’s common stock at an exercise price of $94.57, (ii) Series A-2 Warrants to purchase 163,185 shares of the Company’s common stock at an exercise price of $103.18 , and (iii) Series T Warrants to purchase (x) 116,353 shares of the Company’s common stock at an exercise price of $85.96 and (y) upon exercise of the Series T Warrants, 116,353 additional Series A-1 Warrants and Series A-2 Warrants, each to purchase 116,353 shares of the Company’s common stock at an exercise price of $94.57 and $103.18, respectively (collectively, the Equity Warrants). The Series A-1 Warrants have a term of 60 months from the date all shares underlying the Series A-1 Warrants are freely tradable. The A-2 warrants have a 2-year term and expire in June 2025. Series T Warrants have a term of 24 months from the date all shares underlying Series T Warrants are freely tradable. As noted in Note 2. Liquidity , the Company may force the exercise of the Series T Warrants subject to the satisfaction of certain equity conditions. The Equity Warrants include certain contingent cashless exercise features and contain certain other rights with regard to asset distributions and fundamental transactions. The exercise price of the Series A-1 Warrants is subject to adjustment for certain dilutive issuances, and all of the Equity Warrants are subject to standard antidilution adjustments. All of the Equity Warrants were outstanding as of September 30, 2023. The Equity Warrants were classified as equity and the allocated fair value of $5,675 is included in additional paid in capital. Pursuant to the Bridge SPA, upon the funding of each tranche of the Bridge Note, the Investor received the Bridge Warrants. The Bridge Warrants had an exercise price of $9.31 per share, were exercisable at any time on or after the applicable issuance date and had a term of 60 months from the date all shares underlying the Bridge Warrants are freely tradable. Upon the completion of the Merger the Bridge Warrants were exchanged for the Exchange Warrants to purchase an aggregate of 60,227 shares of the Company’s common stock. The Exchange Warrants contain substantively similar terms to the Bridge Warrants, and have an initial exercise price equal to $103.11 per share subject to adjustments for splits and recapitalization events. All of the Bridge Warrants were outstanding as of September 30, 2023. The Bridge Warrants were classified as equity and the allocated fair value of $2,860 is included in additional paid in capital. In connection with the Closing, Private GRI granted its financial advisor warrants (the Advisor Warrants) to purchase shares of Private GRI’s common stock, which, at the Effective Time, became exercisable for an aggregate of 343 shares of the Company’s common stock at an exercise price of $429.73 per share. The Advisor Warrants have a five-year term. All of the Advisor Warrants were outstanding as of September 30, 2023. The Advisor Warrants were classified as equity and the fair value of $18 is included in additional paid in capital. The Black-Scholes option-pricing model was used to estimate the fair value of the Equity Warrants, the Exchange Warrants and the Advisor Warrants with the following weighted-average assumptions: Volatility 167.6 % Expected term in years 1.69 Dividend rate 0.0 % Risk-free interest rate 4.37 % As of September 30, 2023, the Company had the following warrants outstanding to purchase common stock. Number of Shares Exercise Price per Share Expiration Date 1,231 $243.32 November 2023 204 $243.32 December 2023 163,185 $103.18 June 2025 542 $2,100.00 February 2026 3,524 $197.05 May 2027 167 $0.01 July 2027 342 $429.73 April 2028 60,228 $103.11 60 months after registration date 181,316 $94.57 60 months after registration date 116,353 $85.96 24 months after registration date

ASSET PURCHASE AGREEMENT

ASSET PURCHASE AGREEMENT	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
ASSET PURCHASE AGREEMENT	ASSET PURCHASE AGREEMENT On August 22, 2023, the Company entered into Asset Purchase Agreement (the Aardvark Agreement) with Aardvark Therapeutics, Inc. (Aardvark), pursuant to which Aardvark agreed to purchase (i) the Company’s license agreement with Medice Arzneimittel Pűtter GmbH & Co. KG, dated January 6, 2020, (ii) certain patents related to the Company’s ADAIR product candidate, and (iii) files (of contract manufacturing and FDA correspondence) for a formulation described in IND No. 133072, ADAIR for the Treatment of ADHD and Narcolepsy, filed with the United States FDA. Under the terms of the Aardvark Agreement, the Company received an upfront cash payment of $250, which was recognized as other income. The Company is also eligible to receive potential additional milestone payments contingent upon Aardvark achieving certain future ADAIR regulatory and sales milestones. Other than the upfront payment, the Company does not anticipate the receipt of any milestone payments from Aardvark in the near term, which potential milestone payments may or may not be achieved, paid or received in the future.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION 2015 Equity Incentive Plan Private GRI adopted the GRI Bio, Inc. 2015 Equity Incentive Plan, as amended (the Private GRI Plan), that provided Private GRI with the ability to grant stock options, restricted stock awards and other equity-based awards to employees, directors, and consultants. Stock options granted under the Private GRI Plan generally had a contractual life of up to 10 years. Upon completion of the Merger, the Company assumed the Private GRI Plan and 12,781 outstanding and unexercised options issued thereunder, and ceased granting awards under the Private GRI Plan. Amended and Restated 2018 Equity Incentive Plan On April 21, 2023, the stockholders of the Company approved the Amended and Restated GRI Bio, Inc. 2018 Equity Incentive Plan, formerly the Vallon Pharmaceuticals, Inc. 2018 Equity Incentive Plan (the A&R 2018 Plan). The A&R 2018 Plan had previously been approved by the Company’s Board, subject to stockholder approval. The A&R 2018 Plan became effective on April 21, 2023, with the stockholders approving the amendment to the A&R 2018 Plan to, among other things, (i) to increase the aggregate number of shares by 24,129 shares to 30,952 shares of the Company’s common stock for issuance as awards under the A&R 2018 Plan, (ii) to extend the term of the A&R 2018 Plan through January 1, 2033, (iii) to prohibit any action that would be treated as a “repricing” of an award without further approval by the stockholders of Company, and (iv) to revise the limits on awards to non-employee directors. The A&R 2018 Plan provides the Company with the ability to grant stock options, restricted stock and other equity-based awards to employees, directors and consultants. Stock options granted by the Company under the A&R 2018 Plan generally have a contractual life of up to 10 years. As of September 30, 2023, awards granted under the A&R 2018 Plan representing the right to purchase or contingent right to receive up to an aggregate of 32,642 shares of the Company's common stock were outstanding and 30,952 shares of the Company’s common stock were reserved for issuance under the A&R 2018 Plan. The number of shares reserved for issuance under the A&R 2018 Plan may be increased pursuant to the A&R 2018 Plan’s “evergreen” provision on the first day of each calendar year beginning January 1, 2024 and ending on and including January 1, 2033, by a number of shares not to exceed 4% of the aggregate number of shares of the Company’s common stock outstanding on the final day of the immediately preceding calendar year. The Company recorded stock-based compensation related to stock options issued under the Private GRI Plan and the A&R 2018 Plan in the following expense categories of its accompanying statements of operations for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Research and development $ — $ — $ — $ — General and administrative 326 — 351 — Total $ 326 $ — $ 351 $ — The Company measures equity-based awards granted to employees and non-employees based on their fair value on the date of the grant and recognizes compensation expense for those awards over the requisite service period or performance-based period, which is generally the vesting period of the respective award. The measurement date for service-based equity awards is the date of grant, and equity-based compensation costs are recognized as expense over the requisite service period, which is the vesting period for certain performance-based awards. The Company records expense for performance-based awards if it concludes that it is probable that the performance condition will be achieved. The table below represents the activity of stock options granted to employees and non-employees for the nine months ended September 30, 2023: Number of options Weighted average exercise price Weighted average remaining contractual term (years) Outstanding at December 31, 2022 16,081 $ 169.84 4.71 Granted 31,608 $ 16.66 Exercised — — Forfeited/Cancelled (2,266) $ 896.91 Outstanding at September 30, 2023 45,423 $ 65.33 7.92 Exercisable at September 30, 2023 45,423 $ 65.33 7.92 The Black-Scholes option-pricing model was used to estimate the grant date fair value of each stock option grant at the time of grant using the following weighted-average assumptions: For the Nine Months Ended September 30, 2023 2022 Volatility 129.54 % 90.39 % Expected term in years 5.84 5.98 Dividend rate 0.00 % 0.00 % Risk-free interest rate 4.34 % 2.00 % Fair value of option on grant date $ 14.91 $ 27.02

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Employment Agreements The Company has entered into employment contracts with its officers that provide for severance and continuation of benefits in the event of termination of employment by the Company without cause or by the employee for good reason. In addition, in the event of termination of employment following a change in control, the vesting of certain equity awards may be accelerated. Separation and Release Agreement

ORGANIZATION AND DESCRIPTION _2

ORGANIZATION AND DESCRIPTION OF BUSINESS - Vallon - 10-K	9 Months Ended
	Sep. 30, 2023
Class of Stock [Line Items]
ORGANIZATION AND DESCRIPTION OF BUSINESS	ORGANIZATION AND DESCRIPTION OF BUSINESS GRI Bio, Inc. (GRI or the Company), based in La Jolla, CA, was incorporated in Delaware in May 2009, which is the date of inception. GRI is a clinical-stage biopharmaceutical company focused on discovering, developing, and commercializing innovative therapies that target serious diseases associated with dysregulated immune responses leading to inflammatory, fibrotic, and autoimmune disorders. The Company’s goal is to be an industry leader in developing therapies to treat these diseases and to improve the lives of patients suffering from such diseases. The Company’s lead product candidate, GRI-0621, is an oral inhibitor of type 1 Natural Killer T (iNKT I) cells and is being developed for the treatment of severe fibrotic lung diseases such as idiopathic pulmonary fibrosis (IPF). The Company’s product candidate portfolio also includes GRI-0803 and a proprietary library of 500+ compounds. GRI-0803, the lead molecule selected from the library, is a novel oral agonist of type 2 Natural Killer T (NKT II) cells and is being developed for the treatment of autoimmune disorders, with much of its preclinical work in Systemic Lupus Erythematosus Disease (SLE) or lupus and multiple sclerosis (MS). Reverse Merger with Vallon Pharmaceuticals, Inc. On April 21, 2023, the Company (formerly Vallon Pharmaceuticals, Inc.(Vallon)) consummated a merger with GRI Bio Operations, Inc. (formerly GRI Bio, Inc.) (Private GRI) pursuant to an Agreement and Plan of Merger, as amended (the Merger Agreement), by and among the Company, Private GRI and Vallon Merger Sub, Inc. (Merger Sub), a Delaware corporation and wholly-owned subsidiary of the Company (Note 4). The Merger Agreement provided for the merger of Merger Sub with and into Private GRI, with Private GRI surviving the merger as a wholly-owned subsidiary of the Company (the Merger). In connection with the closing of the Merger (the Closing), the Company amended its certificate of incorporation and bylaws to change its name from “Vallon Pharmaceuticals, Inc.” to “GRI Bio, Inc.” In addition, prior to the effective time of the Merger (the Effective Time), the Company effected a reverse stock split of the Company’s common stock at a ratio of 1 for 30 (the Reverse Stock Split). At the Effective Time, each share of Private GRI’s common stock outstanding immediately prior to the Effective Time automatically converted solely into the right to receive a number of shares of the Company's common stock equal to 0.0374 (the Exchange Ratio). Except as otherwise indicated or as the context requires, references herein to “GRI Bio,” the “Company,” or the “combined company,” refer to GRI Bio, Inc. on a post-Merger basis, and references to “Private GRI” refer to the business of GRI Bio, Inc. prior to the completion of the Merger. References to “Vallon” refer to Vallon Pharmaceuticals, Inc. prior to the completion of the Merger. Basis of Presentation As discussed in Note 4, the Merger was accounted for as reverse recapitalization under which the historical financial statements of the Company prior to the Merger are the historical financial statements of the accounting acquirer, Private GRI. All common stock, per share and related information presented in the consolidated financial statements and notes prior to the Merger has been retroactively adjusted to reflect the Exchange Ratio and Reverse Stock Split for all periods presented, to the extent applicable.
Vallon Pharmaceuticals, Inc.
Class of Stock [Line Items]
ORGANIZATION AND DESCRIPTION OF BUSINESS	ORGANIZATION AND DESCRIPTION OF BUSINESS Vallon Pharmaceuticals, Inc. (Vallon or the Company) was incorporated in Delaware in January 2018 (inception) and is based in Philadelphia, PA. The Company is a biopharmaceutical company which has historically focused on the development and commercialization of novel abuse-deterrent medications for central nervous system (CNS) disorders. The Company’s lead investigational product candidate, ADAIR, was a proprietary, abuse-deterrent oral formulation of immediate-release dextroamphetamine (the main active ingredient in Adderall®), which was being developed for the treatment of Attention-Deficit Hyperactivity Disorder (ADHD) and narcolepsy. In March 2022, the Company announced that its Study to Evaluate the Abuse Liability, Pharmacokinetics, Safety and Tolerability of an Abuse-Deterrent d-Amphetamine Sulfate Immediate Release Formulation (SEAL) study for ADAIR did not reach its primary endpoint. In addition to ADAIR, the Company’s second product candidate, ADMIR, an abuse deterrent formulation of methylphenidate (Ritalin®), was also being developed for the treatment of ADHD. While assessing the best path forward for the ADAIR and ADMIR development programs in relation to the results of the SEAL study, the Company engaged Ladenburg Thalmann & Co. Inc. (Ladenburg) to evaluate its strategic alternatives with the goal of maximizing stockholder value. Ladenburg was engaged to advise on the strategic review process, which could have included, without limitation, exploring the potential for a possible merger, business combination, investment into the Company, or a purchase, license or other acquisition of assets. In conjunction with the exploration of strategic alternatives, the Company streamlined operations to preserve its capital and cash resources. After conducting a diligent and extensive process of evaluating strategic alternatives and identifying and reviewing potential candidates for a strategic acquisition or other transaction, which included the receipt of 15 formal merger proposals from interested parties and careful evaluation and consideration of those proposals, and following extensive negotiation with a number of possible candidates, on December 13, 2022, Vallon and GRI Bio, Inc. (GRI) entered into an Agreement and Plan of Merger (the Merger Agreement), pursuant to which a wholly-owned subsidiary of Vallon will merge with and into GRI, with GRI surviving as a wholly-owned subsidiary of Vallon (the Merger). The Merger will result in a clinical-stage biotechnology company focused on discovering, developing, and commercializing innovative therapies targeting serious diseases associated with dysregulated immune responses that lead to inflammatory, fibrotic, and autoimmune disorders. At the effective time of the Merger (the Effective Time), each share of common stock of GRI, $0.01 par value per share (GRI Common Stock) outstanding immediately prior to the Effective Time, excluding any dissenting shares but including any shares of GRI Common Stock issued pursuant to the concurrent equity financing will be automatically converted into the right to receive a number of shares of common stock of Vallon, $0.0001 par value per share (Vallon Common Stock) equal to the exchange ratio, subject to adjustment for the proposed reverse stock split of Vallon Common Stock to be implemented prior to the consummation of the Merger as discussed in this Annual Report (the Reverse Split). The exchange ratio may be adjusted based on Vallon’s net cash at Closing and/or any reduction to Vallon’s valuation required in order to meet the initial listing requirements of The Nasdaq Stock Market LLC (Nasdaq).

LIQUIDITY - Vallon - 10-K

LIQUIDITY - Vallon - 10-K	9 Months Ended
	Sep. 30, 2023
Class of Stock [Line Items]
LIQUIDITY	LIQUIDITY These financial statements have been prepared on the basis that the Company is a going concern, which contemplates, among other things, the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has not generated any significant revenues from operations since inception and does not expect to do so in the foreseeable future. The Company has incurred operating losses since its inception in 2009 and as a result has incurred $29,529 in accumulated deficit through September 30, 2023. The Company has financed its working capital requirements to date through the issuance of equity and debt securities. As of September 30, 2023, the Company had cash of approximately $3,488. In connection with signing the Merger Agreement, Vallon, Private GRI and the Investor entered the Equity SPA pursuant to which the Investor agreed to invest $12,250 in cash and cancel any outstanding principal and accrued interest on the Bridge Notes in return for the issuance of shares of Private GRI common stock immediately prior to the consummation of the Merger. Pursuant to the Equity SPA, immediately prior to the Closing, Private GRI issued 969,602 shares of Private GRI common stock (the Initial Shares) to the Investor and 3,878,411 shares of Private GRI common stock (the Additional Shares) into escrow with an escrow agent for net proceeds of $11,704, after deducting offering expenses of $546. At the closing, pursuant to the Merger, the Initial Shares converted into an aggregate of 36,263 shares of the Company’s common stock and the Additional Shares converted into an aggregate of 145,052 shares of the Company’s common stock. On May 8, 2023, in accordance with the terms of the Equity SPA, the Company and the Investor authorized the escrow agent to, subject to beneficial ownership limitations, disburse to the Investor all of the shares of the Company’s common stock issued in exchange for the Additional Shares. Based on the Company’s current operating plan, the Company believes that its existing cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements into the first quarter of 2024. The Company’s ability to continue as a going concern is dependent on its ability to raise additional capital to fund its business activities, including its research and development program. The Series T Warrants issued in connection with the Merger are not presently subject to forced exercise by the Company as the equity conditions for their forced exercise, which include (among other things) a requirement that shares of the Company’s common stock have a value weighted average price of at least $64.47 per share for the periods specified in the Series T Warrants, are not met. The Company intends to raise capital through additional issuances of equity securities and/or short-term or long-term debt arrangements, but there can be no assurances any such financing will be available when needed, even if the Company’s research and development efforts are successful. If the Company is not able to obtain additional financing on acceptable terms and in the amounts necessary to fully fund its future operating requirements, it may be forced to reduce or discontinue its operations entirely. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the issuance of these financial statements. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might result from this uncertainty.
Vallon Pharmaceuticals, Inc.
Class of Stock [Line Items]
LIQUIDITY	LIQUIDITY These financial statements have been prepared on the basis that the Company is a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. The Company has not generated any significant revenues from operations since inception, and does not expect to do so in the foreseeable future. The Company has incurred operating losses since inception and has incurred $28,926 in accumulated deficit through December 31, 2022. The Company has financed its working capital requirements to date through the issuance of common stock, convertible notes, short-term promissory notes, and a Paycheck Protection Program (PPP) note. In January 2021, the Company completed a $350 convertible note financing and in February 2021 the Company closed on its initial public offering (IPO) raising net proceeds of approximately $15,500. On May 17, 2022, the Company entered into a Securities Purchase Agreement with certain investors (the Securities Purchase Agreement) for the sale of up to 123,333 shares of the Company’s common stock, par value $0.0001 per share (the Shares), at a purchase price of $31.896 per Share in a registered direct offering (the Offering). In a concurrent private placement also pursuant to the Securities Purchase Agreement (the Private Placement), for each Share of common stock purchased by an investor, such investor was entitled receive from the Company an unregistered warrant (the Warrant and, together with the Shares, the Securities) to purchase one Share of common stock. The gross proceeds from the Offering and Private Placement were approximately $3,900, before deducting fees payable to the placement agent and other estimated offering expenses payable by the Company of approximately $572, of which $85 related to the warrants was expensed. As of December 31, 2022, the Company had cash and cash equivalents of approximately $3,781. Although the Company has entered into the Merger Agreement and intends to consummate the transaction, there is no assurance that the Company will be able to successfully consummate the proposed merger on a timely basis, or at all. If, for any reason, the Merger is not completed, the Company will reconsider its strategic alternatives and could pursue one or more of the following courses of action: • Dissolve and liquidate its assets. If, for any reason, the merger is not consummated and the Company is unable to identify and complete an alternative strategic transaction like a merger or potential collaborative, partnering or other strategic arrangements for its assets, or continue to operate its business due to the inability to raise additional funding, the Company may be required to dissolve and liquidate our assets. In such case, there can be no assurances as to the amount or timing of available cash left to distribute to its stockholders, if any, after paying its debts and other obligations and setting aside funds for reserves. • Pursue potential collaborative, partnering or other strategic arrangements for its assets, including a sale or other divestiture. • Continue to operate its business. Although presently not anticipated, the Company could elect to continue to operate its business and pursue licensing or partnering transactions. Based on its prior assessment, this would require a significant amount of time, financial resources, human capital and is would be subject to all the risk and uncertainties involved in the development of product candidates. In such instance, there is no assurance that the Company could raise sufficient capital to support these efforts, that its development efforts would be successful or that the Company could successfully obtain the regulatory approvals required to market any product candidate we pursued. • Pursue another strategic transaction like the proposed merger. The Company’s ability to continue as a going concern is dependent on raising capital from the sale of our common stock and/or obtaining debt financing. The Company’s future capital requirements are difficult to forecast and will depend on many factors, including but not limited to the closing of the Merger or the terms and timing of any other strategic alternatives including a merger or business combination, asset acquisitions or sales, collaborations or licensing arrangements. The Company’s ability to remain a going concern is wholly dependent upon its ability to continue to obtain sufficient capital to fund its operations. If the Company raises additional funds by issuing equity securities, its stockholders may experience dilution. Any future debt financing may impose upon it covenants that restrict our operations, including limitations on its ability to incur liens or additional debt, pay dividends, repurchase its common stock, make certain investments and engage in certain merger, consolidation or asset sale transactions. Any equity or debt financing may contain terms that are not favorable to the Company or its stockholders. If the Company is unable to raise additional funds when needed, it may be required to delay, reduce or terminate some or all of its development programs and clinical trials. The Company may also be required to sell or license to other parties’ rights to develop or commercialize its drug candidates that it would prefer to retain. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern. The Company expects to continue to incur expenses and operating losses at least for the foreseeable future.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Vallon - 10-K	9 Months Ended
	Sep. 30, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial periods and pursuant to the rules of the Securities and Exchange Commission (the SEC). Any reference in the accompanying unaudited interim financial statements to “authoritative guidance” is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) of the Financial Accounting Standards Board (FASB). The December 31, 2022 balance sheet was derived from the Company’s audited financial statements. In the opinion of management, the unaudited interim financial statements furnished herein include all normal and recurring adjustments considered necessary to present fairly the Company’s financial position as of September 30, 2023, and the results of operations and stockholders’ equity (deficit) for the three and nine months ended September 30, 2023 and 2022 and cash flows for the three and nine months ended September 30, 2023 and 2022. Results of operations for the three and nine months ended September 30, 2023, are not necessarily indicative of the operating results that may be expected for the year ending December 31, 2023. The unaudited interim financial statements, presented herein, do not contain the required disclosures under GAAP for annual financial statements. The accompanying unaudited interim financial statements should be read in conjunction with the annual audited financial statements and related notes as of and for the year ended December 31, 2022, which are included as Exhibit 99.2 of Amendment No. 2 to the Current Report on Form 8-K filed with the SEC on July 6, 2023. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Estimates and assumptions are primarily made in relation to the valuation of share options, the embedded derivative of convertible notes, warrant issuance and subsequent revaluations, valuation allowances relating to deferred tax assets, revenue recognition, accrued expenses and estimation of the incremental borrowing rate for the finance lease. If actual results differ from the Company’s estimates, or to the extent these estimates are adjusted in future periods, the Company’s results of operations could either benefit from, or be adversely affected by, any such change in estimate. Cash and Cash Equivalents Cash equivalents are highly-liquid investments that are readily convertible into cash with original maturities of three months or less when purchased and as of September 30, 2023 and December 31, 2022 included investments in money market funds. The Company maintains its cash and cash equivalent balances at domestic financial institutions. Bank deposits with US banks are insured up to $250 by the Federal Deposits Insurance Corporation. The Company had an uninsured cash balances of $2,988 at September 30, 2023. The Company’s cash balance as of December 31, 2022 was fully insured. Fair Value Measurements Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase consistency and comparability in fair value measurements and related disclosures, ASC 820, Fair Value Measurement , (ASC 820) establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of fair value hierarchy defined by ASC 820 are described below: Level 1 : Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 : Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liabilities. Level 3 : Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). As of September 30, 2023, the Company’s financial instruments included cash, cash equivalents, prepaid expenses and other current assets, accounts payable, accrued expenses and certain liability classified warrants. The carrying amounts reported in the balance sheets for cash, cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair value based on the short-term maturity of these instruments. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. At September 30, 2023, there were no financial assets or liabilities measured at fair value on a recurring basis other than the liability classified warrants. In May 2022, Vallon issued warrants in connection with a securities purchase agreement. Vallon evaluated the warrants in accordance with ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity (ASC 815-40), and concluded that a provision in the warrants related to the reduction of the exercise price in certain circumstances precludes the warrants from being accounted for as components of equity. As a result, the warrants are recorded as a liability on the balance sheet. Vallon recorded the fair value of the warrants upon issuance using a Black-Scholes valuation model. The Company is required to revalue the warrants at each reporting date with any changes in fair value recorded in its statement of operations. The valuation of the warrants is considered under Level 3 of the fair value hierarchy due to the need to use assumptions in the valuation that are both significant to the fair value measurement and unobservable. The change in the fair value of the Level 3 warrants liabilities is reflected in the statement of operations for the nine months ended September 30, 2023. Deferred Stock Issuance Costs Deferred stock issuance costs represent incremental legal costs incurred that are directly attributable to proposed offerings of securities. The costs are charged against the gross proceeds of the respective offering upon closing. Debt Discounts The relative fair values of warrants and common shares issued and call option rights assigned in connection with principal advances under promissory notes, the increases in fair values of embedded conversion options in connection with convertible promissory note modifications, and the intrinsic values of non-contingent beneficial conversion features were recorded as debt discounts that are amortized as additional interest expense over the estimated terms of the notes using the effective interest method. Debt Issuance Costs Debt issuance costs represent incremental legal costs and other costs incurred that are directly attributable to issuing debt. The costs are included as a direct reduction of the carrying amount of the respective liability and are amortized as additional interest expense over the estimated term of the debt using the effective interest method. Stock-Based Compensation The Company recognizes expense for employee and non-employee stock-based compensation in accordance with ASC Topic 718, Stock-Based Compensation (ASC 718). ASC 718 requires that such transactions be accounted for using a fair value-based method. The estimated fair value of the options is amortized over the vesting period, based on the fair value of the options on the date granted, and is calculated using the Black-Scholes option-pricing model. The Company accounts for forfeitures as incurred. In considering the fair value of the underlying stock when the Company granted options, the Company considered several factors including the fair values established by market transactions. Stock option-based compensation includes estimates and judgments of when stock options might be exercised and stock price volatility. The timing of option exercises is out of the Company's control and depends upon a number of factors including the Company's market value and the financial objectives of the option holders. These estimates can have a material impact on the stock compensation expense but will have no impact on the cash flows. The estimation of share-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from original estimates, such amounts are recorded as a cumulative adjustment in the period the estimates are revised. The Company uses the expected term, rather than the contractual term, for both employee and consultant options issued. Net Loss Per Common Share Basic and diluted net loss per common share are calculated by dividing the net loss by the applicable weighted-average number of common shares outstanding during the period. As the Company had a net loss in each of the three and nine months ended September 30, 2023 and 2022, diluted net loss per common share is the same as basic net loss per common share for the period because the effects of potentially dilutive securities are antidilutive. Common stock equivalents excluded from the diluted net loss per common share calculations are as follows: September 30, 2023 2022 Stock options 45,431 12,782 Warrants 363,737 1,438 Restricted stock with repurchase rights — 3,020 Stock subject to put right — 159 Convertible promissory note — 21,501 409,168 38,900 Recent Accounting Pronouncements The Company considered the applicability and impact of all ASUs issued during the quarter ended September 30, 2023 and each was determined to be either not applicable or expected to have minimal impact on these financial statements.
Vallon Pharmaceuticals, Inc.
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES References in this Annual Report on Form 10-K to “authoritative guidance” is meant to refer to accounting principles generally accepted in the United States of America (GAAP) as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) of the Financial Accounting Standards Board (FASB). Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Estimates and assumptions are primarily made in relation to the valuation of share options, the embedded derivative of convertible notes, warrant issuance and subsequent revaluations, valuation allowances relating to deferred tax assets, revenue recognition, accrued expenses and estimation of the incremental borrowing rate for the finance lease. If actual results differ from the Company’s estimates, or to the extent these estimates are adjusted in future periods, the Company’s results of operations could either benefit from, or be adversely affected by, any such change in estimate. Concentration of credit risk The Company from time to time during the period covered by these financial statements may have had bank account balances in excess of federally insured limits. The Company has not experienced losses in such accounts. The Company believes that it is not subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. Cash equivalents Cash equivalents are highly-liquid investments that are readily convertible into cash with original maturities of three months or less when purchased and as of December 31, 2022 and 2021 included investment in money market funds. Marketable securities Marketable securities consist of debt securities that are designated as available-for-sale. Amortization of premiums and discounts on marketable securities are included in interest expense, net on the statements of operations and comprehensive loss. Realized gains or losses resulting from the sale of these securities are determined based on the specific identification of the securities sold. An impairment charge is recognized when the decline in the fair value of a debt security below the amortized cost basis is determined to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the duration and severity of any decline in fair value below the amortized cost basis, any adverse changes in the financial condition of the issuers and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. Fair value of financial instruments The Company follows ASC 820, Fair Value Measurements and Disclosures (ASC 820), to measure the fair value of its financial statements and disclosures about fair value of its financial instruments. ASC 820 establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase consistency and comparability in fair value measurements and related disclosures, ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of fair value hierarchy defined by ASC 820 are described below: Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Pricing inputs that are generally unobservable inputs and not corroborated by market data. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lower priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The Company uses this framework for measuring fair value and disclosures about fair value measurement. The Company uses fair value measurements in areas that include derivative instruments. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. The carrying amounts reported in the balance sheets for cash and cash equivalents, prepaid expenses and other current assets, accounts payable, accrued expenses, and note payable approximate their fair value based on the short-term maturity of these instruments. Property and equipment Property and equipment are stated at cost. The Company commences depreciation when the asset is placed in service. Computers and peripheral equipment are depreciated on a straight-line method over useful lives of three years. Leases The Company determines whether an arrangement is a lease at contract inception by establishing if the contract conveys the right to use, or control the use of, identified property, plant, or equipment for a period of time in exchange for consideration. Leases may be classified as finance leases or operating leases. Lease right-of-use (ROU) assets and lease liabilities recognized in the accompanying balance sheet represent the right to use an underlying asset for the lease term and an obligation to make lease payments arising from the lease respectively. At each reporting date, the finance lease liabilities are increased by interest and reduced by repayments made under the lease agreements. The ROU asset is subsequently measured at the amount of the remeasured lease liability (i.e. the present value of the remaining lease payments), any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, and any unamortized initial direct costs. Warrant Liabilities, Change in Fair Value and Warrant Conversion The Company evaluated the warrants issued in connection with the May 2022 registered direct financing (Note 10) in accordance with ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity (ASC 815-40), and concluded that a provision in the warrants related to the reduction of the exercise price in certain circumstances precludes the warrants from being accounted for as components of equity. As the warrants meet the definition of a derivative as contemplated in ASC 815, the warrants are recorded as derivative liabilities on the accompanying Balance Sheets and measured at fair value at inception and at each reporting date in accordance with ASC 820, Fair Value Measurement, with changes in fair value recognized in the accompanying Statements of Operations and Comprehensive Loss in the period of change. The derivative liabilities will ultimately be converted into the Company’s common stock when the warrants are exercised, or will be extinguished upon expiry of the warrant term. Upon exercise, the intrinsic value of the shares issued is transferred to stockholders’ equity. The difference between the intrinsic value of the stock issued and the fair value of the warrant is recorded as gain or loss on the exchange in the accompanying Statements of Operations and Comprehensive Loss in the period of exercise. Research and development Research and development costs are expensed as incurred. Research and development expenses include personnel costs associated with research and development activities, including third party contractors to perform research, conduct clinical trials and manufacture drug supplies and materials. The Company accrues for costs incurred by external service providers, including contract research organizations and clinical investigators, based on its estimates of service performed and costs incurred. Stock-based compensation The Company recognizes expense for employee and non-employee stock-based compensation in accordance with ASC Topic 718, Stock-Based Compensation (ASC 718). ASC 718 requires that such transactions be accounted for using a fair value-based method. The estimated fair value of the options is amortized over the vesting period, based on the fair value of the options on the date granted, and is calculated using the Black-Scholes option-pricing model. The Company accounts for forfeitures as incurred. In considering the fair value of the underlying stock when the Company granted options, the Company considered several factors including the fair values established by market transactions. Stock option-based compensation includes estimates and judgments of when stock options might be exercised and stock price volatility. The timing of option exercises is out of the Company's control and depends upon a number of factors including the Company's market value and the financial objectives of the option holders. These estimates can have a material impact on the stock compensation expense but will have no impact on the cash flows. The estimation of share-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from original estimates, such amounts are recorded as a cumulative adjustment in the period the estimates are revised. The Company uses the expected term, rather than the contractual term, for both employee and consultant options issued. Derivative instruments The Company evaluated its convertible notes to determine if those contracts or embedded components of those contracts qualified as derivatives to be separately accounted for in accordance with ASC 815, Derivatives and Hedging . The result of this accounting treatment is that the fair value of the embedded derivative is marked to market each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statements of operations as other income or expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. In circumstances where the embedded conversion option in a convertible instrument is required to be bifurcated and there are also other embedded derivative instruments in the convertible instrument that are required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument. Equity instruments that are initially classified as equity that become subject to reclassification are reclassified to liability at the fair value of the instrument on the reclassification date. Derivative instrument liabilities are classified in the balance sheets as current or non-current to correspond with its host instrument. Income taxes Income taxes are accounted for under the asset and liability method. The Company recognizes deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of the Company's assets and liabilities and the expected benefits of net operating loss carryforwards. The impact of changes in tax rates and laws on deferred taxes, if any, applied during the period in which temporary differences are expected to be settled, is reflected in the Company's financial statements in the period of enactment. The measurement of deferred tax assets is reduced, if necessary, if, based on the weight of the evidence, it is more likely than not that some, or all, of the deferred tax assets will not be realized. As of December 31, 2022 and 2021, the Company concluded that a full valuation allowance was necessary for all of its net deferred tax assets. The Company had no amounts recorded for uncertain tax positions, interest or penalties in the accompanying consolidated financial statements. Net loss per common share Basic net loss per common share is computed based on the weighted average number of shares of common stock outstanding during each year. Diluted net loss per common share is computed based on the weighted average number of shares of common stock outstanding during each year, plus the dilutive effect of options considered to be outstanding during each year, in accordance with ASC 260, Earnings Per Share . Recent accounting pronouncements The Company considers the applicability and impact of all ASUs. ASUs not discussed below were assessed and determined to be either not applicable or are expected to have minimal impact on the financial statements. On January 1, 2022, the Company adopted ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) . ASU 2020-06 address issues identified as a result of the complexity associated with applying generally accepted accounting principles (GAAP) for certain financial instruments with characteristics of liabilities and equity.The amendments focused on amending the guidance on convertible instruments and the guidance on the derivatives scope exception for contracts in an entity’s own equity. The adoption of this standard did not have a material impact on the Company’s financial statements. On January 1, 2021, the Company adopted ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principals in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending the existing guidance. The adoption of this standard did not have a material impact on the Company’s financial statements.

MARKETABLE SECURITIES AND FAIR

MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS - Vallon - 10-K	9 Months Ended
	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company applies the guidance in ASC 820 to account for financial assets and liabilities measured on a recurring basis. Fair value is measured as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. The Company uses a fair value hierarchy, which distinguishes between assumptions based on market data (observable inputs) and an entity's own assumptions (unobservable inputs). The guidance requires that fair value measurements be classified and disclosed in one of the following 3 categories: Level 1 : Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 : Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liabilities; and Level 3 : Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each reporting period. There were no transfers between Level 1, 2 and 3 during the nine months ended September 30, 2023. The following table presents, for each of the fair value hierarchy levels required under ASC 820, the Company’s liabilities that are measured at fair value on a recurring basis at September 30, 2023: Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs Significant Other Unobservable Inputs Liabilities: Warrant liability $ — $ — $ 18 Total liabilities $ — $ — $ 18 The following table presents the changes in the fair value of the Level 3 liability: Warrant Liability Fair value as of December 31, 2022 $ 185 Change in valuation (167) Fair value as of September 30, 2023 $ 18 The Black-Scholes valuation model was used to estimate the fair value of the warrants with the following weighted-average assumptions: September 30, 2023 December 31, 2022 Volatility 167.7 % 139.9 % Expected term in years 2.5 2.5 Dividend rate 0.0 % 0.0 % Risk-free interest rate 4.92 % 4.32 %
Vallon Pharmaceuticals, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
FAIR VALUE MEASUREMENTS	MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS Marketable Securities The following is a summary of the Company’s available-for-sale securities as of the dates indicated: As of December 31, 2021 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities: Debt securities: Corporate bonds $ 1,153 $ — $ (1) $ 1,152 Municipal bonds 2,657 — (1) 2,656 Total $ 3,810 $ — $ (2) $ 3,808 The Company had no available-for-sale securities as of December 31, 2022. Fair Value Measurements Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase consistency and comparability in fair value measurements and related disclosures, ASC 820, Fair Value Measurement , establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of fair value hierarchy defined by ASC 820 are described below: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liabilities. Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). As of December 31, 2022, the Company’s financial instruments included cash and cash equivalents, prepaid expenses and other current assets, accounts payable, accrued expenses, and the warrant liability. The carrying amounts reported in the balance sheets for cash and cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair value based on the short-term maturity of these instruments. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. The following table presents, for each of the fair value hierarchy levels required under ASC 820, the Company’s liabilities that are measured at fair value on a recurring basis as of the dates indicated: As of December 31, 2022 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Liabilities: Warrant liability $ — $ — $ 122 As of December 31, 2021 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Assets: Marketable securities, available-for-sale $ — $ 3,808 $ — On May 17, 2022, the Company issued 123,333 shares of common stock pursuant to a securities purchase agreement at a purchase price of $31.896 per share in a registered direct offering (Note 10). In connection with the registered direct offering, the Company issued warrants to purchase an aggregate of 123,333 shares of common stock at an exercise price of $28.146 per share (May 2022 Warrant Agreement). The warrants were classified as a liability in accordance with ASC 815-40 and the fair value of $122 is reflected in warrant liability on the accompanying Balance Sheets. The warrant liability was measured at fair value at inception and is revalued at each financial statement date, with changes in fair value presented within change in fair value of warrant liability in the accompanying Statements of Operations and Comprehensive Loss. The May 2022 Warrant Agreement entitled the holders to receive one share of common stock for each warrant in lieu of the aggregate number of shares of common stock that would have been received using the cashless exercise formula set forth in the May 2022 Warrant Agreement (Alternate Cashless Exercise) at a specified future date. In July 2022, the Company amended the terms of the May 2022 Warrant Agreement to obligate each warrant holder who signed the warrant amendment (Applicable Holder) to effect an Alternate Cashless Exercise, in whole, by August 10, 2022 (the Expiration Date). If the warrants held by the Applicable Holders were not exercised by the Expiration Date, they were automatically exercised pursuant to the Alternate Cashless Exercise. A total of 74,000 warrants were exercised pursuant to the May 2022 Warrant Agreement amendment. In December 2022, an additional 24,666 warrants were exercised pursuant to the Alternate Cashless Exercise under the original terms of the May 2022 Warrant Agreement. As a result of the warrant conversions, the Company recognized a $782 reversal of the warrant liability. The following table presents the changes is the fair value of the Level 3 liability: Warrant Liability Fair value as of December 31, 2021 $ — Initial measurement on May 17, 2022 1,288 Warrant conversion (782) Change in valuation (384) Balance as of December 31, 2022 $ 122 The Black-Scholes valuation model was used to estimate the fair value of the warrants with the following weighted-average assumptions: (Initial Measurement) May 17, 2022 December 31, 2022 Volatility 130.8 % 133.3 % Expected term in years 2.5 2.5 Dividend rate 0.0 % 0.0 % Risk-free interest rate 2.665 % 4.240 % The fair value of the embedded derivative liability identified in the 2021 Convertible Notes was a Level 3 fair value measurement. As of February 12, 2021, the embedded derivative was remeasured based upon the conversion price of $240.00 per share upon closing of the IPO. As such, an expense of $89 was recorded in the first quarter of 2021.

LEASES - Vallon - 10-K

LEASES - Vallon - 10-K	9 Months Ended
	Sep. 30, 2023
Vallon Pharmaceuticals, Inc.
Leases [Line Items]
LEASES	LEASES The Company had a financing lease in relation to equipment utilized in the commercial scale manufacturing of ADAIR. The Company evaluates renewal options at lease inception on an ongoing basis and includes renewal options that it is reasonably certain to exercise in its expected lease terms when classifying leases and measuring lease liabilities. Lease agreements generally do not require material variable lease payments, residual value guarantees or restrictive covenants. Financing lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of minimum lease payments over the lease term. The Company utilized the interest rate implicit in the lease. The lease term was based on the non-cancellable period in the lease contract. Termination fees are included in the calculation of the ROU asset and lease liability when it is assumed that the lease will be terminated. The table below presents the finance lease assets and liabilities recognized on the Company's balance sheets: Balance Sheet Line Item December 31, 2022 2021 Non-current finance lease assets Other assets $ — $ 206 Finance lease liabilities: Current finance lease liabilities Other current liabilities — 97 Non-current finance lease liabilities Other liabilities — 72 Total finance lease liabilities $ — $ 169 During the year ended December 31, 2022, the remaining payments due under the Company’s financing lease were accelerated and included in accounts payable. As a result, as of December 31, 2022, the Company had no finance lease assets or liabilities. Cash flows related to the measurement of financing lease assets and liabilities were as follows: Year Ended December 31, 2022 2021 Operating cash flows from finance lease amortization $ 206 $ 73 Financing cash flows from finance lease payments $ 15 $ 106

ACCRUED EXPENSES - Vallon - 10-

ACCRUED EXPENSES - Vallon - 10-K	9 Months Ended
	Sep. 30, 2023
Accrued Expenses [Line Items]
ACCRUED EXPENSES	ACCRUED EXPENSES Accrued expenses consist of the following: September 30, 2023 December 31, 2022 Research and development $ 75 $ — General and administrative 188 — Payroll and related 880 36 Total accrued expenses $ 1,143 $ 36
Vallon Pharmaceuticals, Inc.
Accrued Expenses [Line Items]
ACCRUED EXPENSES	ACCRUED EXPENSES Accrued expenses consisted of: December 31, 2022 2021 Accrued expenses: Research and development $ 42 $ 894 General and administrative 268 183 Payroll and related 401 291 Licensing related — 62 Total accrued expenses $ 711 $ 1,430

PPP NOTE AND CONVERTIBLE NOTES

PPP NOTE AND CONVERTIBLE NOTES - Vallon - 10-K	9 Months Ended
	Sep. 30, 2023
Debt [Line Items]
PROMISSORY NOTES	PROMISSORY NOTES Bridge Financing In connection with signing the Merger Agreement, Private GRI entered into a Securities Purchase Agreement, dated as of December 13, 2022 (Bridge SPA), with Altium Growth Fund, LP (the Investor), pursuant to which Private GRI issued senior secured promissory notes (Bridge Notes) in the aggregate principal amount of $3,333, in exchange for an aggregate purchase price of $2,500. The Bridge Notes were issued in two closings: (i) the first closing for $1,667 in aggregate principal amount (in exchange for an aggregate purchase price of $1,250) closed on December 14, 2022; and (ii) the second closing for $1,667 in aggregate principal amount (in exchange for an aggregate purchase price of $1,250) closed on March 9, 2023. The Bridge Notes were secured by a lien on all of the Company’s assets. In addition, upon the funding of each tranche, the Investor received warrants to purchase an aggregate of 178,927 shares of the Company’s common stock (the Bridge Warrants). The Bridge Warrants had an exercise price of $9.31 per share, were exercisable at any time on or after the applicable issuance date and had a term of 60 months from the date all shares underlying the Bridge Warrants were freely tradable. The $1,250 of proceeds from the first closing were allocated to the Bridge Notes and Bridge Warrants based on their relative fair values as of the commitment date, resulting in an allocation of $679 and $571, respectively. The $1,250 of proceeds from the second closing were allocated to the Bridge Notes and Bridge Warrants based on their relative fair values as of the commitment date, resulting in an allocation of $718 and $532, respectively. In addition to the Bridge SPA, and also in connection with signing the Merger Agreement, Vallon, Private GRI and the Investor entered into the Equity SPA (Note 9) pursuant to which the Investor agreed to invest $12,250 in cash and cancel any outstanding principal and accrued interest on the Bridge Notes in return for the issuance of shares of Private GRI’s common stock immediately prior to the consummation of the Merger. On April 21, 2023, the Company completed the Merger and the outstanding principal and accrued interest on the Bridge Notes was cancelled and the Bridge Warrants were exchanged for the Exchange Warrants. The Exchange Warrants contain substantively similar terms to the Bridge Warrants, and have an initial exercise price equal to $103.11 per share subject to adjustments for splits and recapitalization events. The Bridge Notes were accounted for as share-settled debt under the accounting guidance in ASC 835-30 and, as such, the initial net carrying amounts were accreted to the redemption amounts using the effective interest method. The Company incurred debt issuance costs of $205 during the year ended December 31, 2022 and $90 during the nine months ended September 30, 2023 related to its issuance of debt under the Bridge SPA. Unamortized debt discounts and debt issuance costs totaled $1,065 as of December 31, 2022. Interest expense stemming from amortization of debt discounts and issuance costs was $2,104 for the nine months ended September 30, 2023. TEP Note In November 2018, Private GRI and TEP Biotech, LLC (TEP) entered into a convertible note and warrant purchase agreement pursuant to which TEP agreed to fund up to $5,000 to Private GRI in exchange for a convertible promissory note (the TEP Note) and a warrant to purchase up to 3,606 shares of Private GRI’s common stock at an exercise price of $1.89 per share. The TEP Note was secured by Private GRI’s assets and accrued simple interest on the outstanding principal balance at a rate of 12% per annum. The total outstanding principal and accrued interest balance was initially due on the earlier of Private GRI’s next financing, as defined, and May 2, 2020. The initial $2,500 tranche under the TEP Note was funded upon execution of the agreement in November 2018. In December 2019, Private GRI and TEP amended the TEP Note. In lieu of TEP funding the second $2,500 tranche, TEP made a first additional advance of $500 to Private GRI in exchange for a convertible promissory note, a warrant to purchase up to 2,467 shares of Private GRI’s common stock at an exercise price of $1.89 per share, and the assignment of Private GRI’s rights under a certain call option agreement. The call option agreement, which was entered into in 2015, provided Private GRI with the right to repurchase up to 5,674 shares of Private GRI’s common stock held by the counterparty for $187.18 per share at any time before April 1, 2025. In July 2020, the TEP Note maturity date was extended to August 31, 2020, and in March 2021, TEP agreed to forbear on its available right to exercise remedies on account of Private GRI’s failure to pay the past due principal and accrued interest balance until October 31, 2021. In May 2021, Private GRI and TEP amended the TEP Note, and TEP agreed to make a second additional advance of $500 to Private GRI in exchange for a convertible promissory note with separate, modified conversion options. In July 2022, Private GRI and TEP further amended the TEP Note, and TEP agreed to make a third additional advance of $125 to Private GRI in exchange for a convertible promissory note and a warrant to purchase up to 167 shares of Private GRI’s common stock at an exercise price of $1.89 per share. In October 2022, Private GRI and TEP entered into a conversion agreement pursuant to which, effective upon the full execution of the Merger Agreement (Note 4), $3,500 of outstanding principal under the TEP Note together with $650 of related accrued interest was to automatically convert into 22,172 shares of Private GRI’s common stock at a conversion price of $187.18 per share. Further, upon the closing of the first tranche of the Bridge Notes, Private GRI was to repay, in cash, the $125 third additional advance under the TEP Note along with the $15 of related accrued interest. Upon issuance of the 22,172 conversion shares and payment of the $140 principal and accrued interest balance, Private GRI would fully satisfy all of its obligations under the TEP Note. In December 2022, upon the full execution of the Merger Agreement and the closing of the first tranche of the Bridge Notes Private GRI issued the 22,172 conversion shares and paid the $140 principal and accrued interest balance as per the terms of the conversion agreement. The share numbers and exercise or conversion prices in this section of Note 8 entitled “TEP Note” reflect the Exchange Ratio retroactively. As part of the conversion, the $4,150 of converted principal and accrued interest, along with $863 of related forfeited accrued interest through the conversion date, were credited to stockholders’ deficit. Interest expense recognized on the TEP Note was $142 and $352 for the three and nine months ended September 30, 2022.
Vallon Pharmaceuticals, Inc.
Debt [Line Items]
PROMISSORY NOTES	PPP NOTE AND CONVERTIBLE NOTES In May 2020, the Company issued a promissory note under the PPP (the PPP Note) totaling $61. The note had a stated interest rate of 1% and had a two-year maturity. Payments were required to be made over a 1.5 years period beginning in November 2020 unless forgiven. In January 2021, the Company was notified that the loan along with accumulated interest had been forgiven. As a result, the Company recorded income from the extinguishment of its obligation in the amount of $61 as other income on the accompanying Statements of Operations and Comprehensive Loss. In January 2021, the Company entered into a Convertible Promissory Note Purchase Agreement with certain existing stockholders, including Salmon Pharma, an affiliate of Medice, and David Baker, the Company’s Chief Executive Officer, pursuant to which the Company issued the 2021 Convertible Notes, for cash proceeds of $350. The 2021 Convertible Notes bore an interest rate of 7.0% per annum, non-compounding, and had a maturity date of September 30, 2021. The 2021 Convertible Notes converted into 1,830 shares of the Company’s common stock upon completion of the IPO. The Company identified the mandatory conversion into shares of the Company’s common stock as a redemption feature, which requires bifurcation from the 2021 Convertible Notes and treated it as a derivative liability under ASC 815 as the redemption feature was not clearly and closely related to the debt. The Company evaluated the fair value of the derivative liability. Upon the conversion of the 2021 Convertible Notes to common stock at the closing of the IPO, the embedded derivative liability was remeasured and removed from the balance sheet.

EMPLOYEE BENEFIT PLANS - Vallon

EMPLOYEE BENEFIT PLANS - Vallon - 10-K	9 Months Ended
	Sep. 30, 2023
Vallon Pharmaceuticals, Inc.
Defined Benefit Plan Disclosure [Line Items]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS The Company maintains a tax-qualified SIMPLE IRA retirement plan which covers all employees. Pursuant to the SIMPLE IRA program, employees are eligible to contribute to an individual SIMPLE IRA account on a tax-deferred basis. The Company makes matching contributions to the employee’s SIMPLE IRA account in an amount up to 3% of the employee’s base salary (subject to applicable IRS compensation limits). Expenses related to Company contributions were $21 and $24 for the years ended December 31, 2022 and 2021, respectively.

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Vallon - 10-K	9 Months Ended
	Sep. 30, 2023
Other Commitments [Line Items]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Employment Agreements The Company has entered into employment contracts with its officers that provide for severance and continuation of benefits in the event of termination of employment by the Company without cause or by the employee for good reason. In addition, in the event of termination of employment following a change in control, the vesting of certain equity awards may be accelerated. Separation and Release Agreement
Vallon Pharmaceuticals, Inc.
Other Commitments [Line Items]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Employment agreements The Company has entered into employment contracts with its officers that provide for severance and continuation of benefits in the event of termination of employment by the Company without cause or by the employee for good reason. In addition, in the event of termination of employment following a change in control, the vesting of certain equity awards may be accelerated. Litigation In November 2021, the Company was named as a defendant in a putative class action lawsuit filed in the California Superior Court, County of Los Angeles, styled Rendon v. Vallon, Inc., et al . The complaint brought one claim for violation of California’s Unruh Civil Rights Act (Unruh Act), alleging that the Company’s website is not compatible with software used by vision-impaired individuals. The Company settled the lawsuit for an immaterial amount . COVID-19 Impact The global COVID-19 pandemic continues to present uncertainty and unforeseeable new risks to the Company’s operations and business plan. The Company has closely monitored recent COVID-19 developments, including states’ lifting COVID-19 safety measures, drops in vaccination rates, and the spread of various coronavirus strains such as the Delta and Omicron variants. In light of these developments, the full impact of the COVID-19 pandemic on the Company’s business, operations and clinical development plans remains uncertain and will vary depending on the pandemic’s future impact on its clinical trial enrollment, clinical trial sites, clinical research organizations (CROs), third-party manufacturers, and other third parties with whom the Company does business, as well as any legal or regulatory consequences resulting therefrom. To the extent possible, the Company is conducting business as usual, with necessary or advisable modifications to employee travel and with most of its employees and consultants working remotely. The Company will continue to actively monitor the COVID-19 situation and may take further actions that alter its operations, including those that may be required by federal, state or local authorities, or that it determines is in the best interests of its employees and other third parties with whom the Company does business.

STOCKHOLDERS EQUITY - Vallon -

STOCKHOLDERS EQUITY - Vallon - 10-K (DEFICIT)	9 Months Ended
	Sep. 30, 2023
Equity [Line Items]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Common Stock In connection with signing the Merger Agreement, Vallon, Private GRI and the Investor entered the Equity SPA pursuant to which the Investor agreed to invest $12,250 in cash and cancel any outstanding principal and accrued interest on the Bridge Notes in return for the issuance of shares of Private GRI’s common stock immediately prior to the consummation of the Merger. Pursuant to the Equity SPA, immediately prior to the Closing, Private GRI issued 969,602 shares of Private GRI’s common stock (the Initial Shares) to the Investor and 3,878,411 shares of Private GRI’s common stock (the Additional Shares) into escrow with an escrow agent for net proceeds of $11,704, after deducting offering expenses of $546. At the closing, pursuant to the Merger, the Initial Shares converted into an aggregate of 36,263 shares of the Company’s common stock and the Additional Shares converted into an aggregate of 145,052 shares of the Company’s common stock. On May 8, 2023, in accordance with the terms of the Equity SPA, the Company and the Investor authorized the escrow agent to, subject to beneficial ownership limitations, disburse to the Investor all of the shares of the Company’s common stock issued in exchange for the Additional Shares. Redeemable Common Stock In November 2018, Private GRI entered into an agreement with a stockholder pursuant to which the stockholder had the right to require Private GRI to purchase all or a portion of 7,816 shares of Private GRI’s common stock held by the stockholder for $15.88 per share (the Put Right). The Put Right was exercisable (i) for a period commencing thirty days prior to the day Private GRI completed an equity or debt financing and ending fifteen business days thereafter, or (ii) at any time following a breach of the agreement by Private GRI. Management assessed the Put Right and determined that (i) it was not freestanding and, therefore, was not required to be classified as a liability and (ii) it could be exercised by the stockholder at any time, which was not within Private GRI’s control. Therefore, the common shares subject to the Put Right were classified in mezzanine equity. In December 2022, the stockholder exercised the Put Right and Private GRI redeemed the 1,116 shares of Private GRI’s common stock for $124 ($111.16 per share). The redeemed shares were retired by Private GRI. The share numbers and exercise or conversion prices in this section of Note 9 entitled “Redeemable Common Stock” reflect the Exchange Ratio retroactively. Common Stock Warrants Pursuant to the Equity SPA, on May 8, 2023, the Company issued to the Investor (i) Series A-1 Warrants to purchase 181,316 shares of the Company’s common stock at an exercise price of $94.57, (ii) Series A-2 Warrants to purchase 163,185 shares of the Company’s common stock at an exercise price of $103.18 , and (iii) Series T Warrants to purchase (x) 116,353 shares of the Company’s common stock at an exercise price of $85.96 and (y) upon exercise of the Series T Warrants, 116,353 additional Series A-1 Warrants and Series A-2 Warrants, each to purchase 116,353 shares of the Company’s common stock at an exercise price of $94.57 and $103.18, respectively (collectively, the Equity Warrants). The Series A-1 Warrants have a term of 60 months from the date all shares underlying the Series A-1 Warrants are freely tradable. The A-2 warrants have a 2-year term and expire in June 2025. Series T Warrants have a term of 24 months from the date all shares underlying Series T Warrants are freely tradable. As noted in Note 2. Liquidity , the Company may force the exercise of the Series T Warrants subject to the satisfaction of certain equity conditions. The Equity Warrants include certain contingent cashless exercise features and contain certain other rights with regard to asset distributions and fundamental transactions. The exercise price of the Series A-1 Warrants is subject to adjustment for certain dilutive issuances, and all of the Equity Warrants are subject to standard antidilution adjustments. All of the Equity Warrants were outstanding as of September 30, 2023. The Equity Warrants were classified as equity and the allocated fair value of $5,675 is included in additional paid in capital. Pursuant to the Bridge SPA, upon the funding of each tranche of the Bridge Note, the Investor received the Bridge Warrants. The Bridge Warrants had an exercise price of $9.31 per share, were exercisable at any time on or after the applicable issuance date and had a term of 60 months from the date all shares underlying the Bridge Warrants are freely tradable. Upon the completion of the Merger the Bridge Warrants were exchanged for the Exchange Warrants to purchase an aggregate of 60,227 shares of the Company’s common stock. The Exchange Warrants contain substantively similar terms to the Bridge Warrants, and have an initial exercise price equal to $103.11 per share subject to adjustments for splits and recapitalization events. All of the Bridge Warrants were outstanding as of September 30, 2023. The Bridge Warrants were classified as equity and the allocated fair value of $2,860 is included in additional paid in capital. In connection with the Closing, Private GRI granted its financial advisor warrants (the Advisor Warrants) to purchase shares of Private GRI’s common stock, which, at the Effective Time, became exercisable for an aggregate of 343 shares of the Company’s common stock at an exercise price of $429.73 per share. The Advisor Warrants have a five-year term. All of the Advisor Warrants were outstanding as of September 30, 2023. The Advisor Warrants were classified as equity and the fair value of $18 is included in additional paid in capital. The Black-Scholes option-pricing model was used to estimate the fair value of the Equity Warrants, the Exchange Warrants and the Advisor Warrants with the following weighted-average assumptions: Volatility 167.6 % Expected term in years 1.69 Dividend rate 0.0 % Risk-free interest rate 4.37 % As of September 30, 2023, the Company had the following warrants outstanding to purchase common stock. Number of Shares Exercise Price per Share Expiration Date 1,231 $243.32 November 2023 204 $243.32 December 2023 163,185 $103.18 June 2025 542 $2,100.00 February 2026 3,524 $197.05 May 2027 167 $0.01 July 2027 342 $429.73 April 2028 60,228 $103.11 60 months after registration date 181,316 $94.57 60 months after registration date 116,353 $85.96 24 months after registration date
Vallon Pharmaceuticals, Inc.
Equity [Line Items]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS EQUITY (DEFICIT) Common Stock In February 2021, the Company completed its IPO of 75,000 shares of common stock at a public offering price of $240.00 per share. As a result of the IPO, the Company received approximately $15,500 in net proceeds, after deducting discounts and commissions of $1,600 and offering expenses of approximately $905. On May 17, 2022, the Company sold 123,333 shares of common stock pursuant to a securities purchase agreement at a purchase price of $31.896 per share in a registered direct offering (the Offering). The gross proceeds from the Offering were approximately $3,900, before deducting fees payable to the placement agent and other estimated offering expenses payable by the Company of approximately $572 of which $85 related to the warrants was expensed. Common Stock Warrants In connection with the IPO, the Company granted the underwriters warrants (the Underwriters' Warrants) to purchase an aggregate of 3,758 shares of common stock at an exercise price of $300.00 per share. The Underwriters’ Warrants have a five-year term and became exercisable after August 12, 2021. The warrants were classified as equity and the fair value of $399 is reflected as additional paid-in capital. The Black-Scholes option-pricing model was used to estimate the fair value of the warrants with the following weighted-average assumptions: Volatility 85.0 % Expected term in years 2.5 Dividend rate 0.0 % Risk-free interest rate 0.155 % In connection with the Offering, the Company issued warrants to purchase an aggregate of 123,333 shares of common stock at an exercise price of $28.146 per share (May 2022 Warrant Agreement). The warrants have a five-year term. The warrants were classified as a liability and are revalued at each balance sheet date. The May 2022 Warrant Agreement entitled the holders to receive one share of common stock for each warrant in lieu of the aggregate number of shares of common stock that would have been received using the cashless exercise formula set forth in the May 2022 Warrant Agreement (Alternate Cashless Exercise). In July 2022, the Company amended the terms of the May 2022 Warrant Agreement to obligate each warrant holder who signed the warrant amendment (Applicable Holder) to effect an Alternate Cashless Exercise, in whole, by August 10, 2022 (the Expiration Date). If the warrants held by the Applicable Holders were not exercised by the Expiration Date, they were automatically exercised pursuant to the Alternate Cashless Exercise. A total of 74,000 warrants were exercised pursuant to the May 2022 Warrant Agreement amendment. In December 2022, an additional 24,666 warrants were exercised pursuant to the Alternate Cashless Exercise under the original terms of the May 2022 Warrant Agreement. As a result of the warrant conversions, the Company recognized a $782 reversal of the warrant liability and a loss of $506. The fair value of $122 as of December 31, 2022 is reflected in warrant liability on the accompanying Balance Sheets (Note 4). As of December 31, 2022, the Company had the following warrants outstanding to purchase common stock. Number of Shares Exercise Price per Share Expiration Date 3,758 $300.00 February 12, 2026 24,666 $28.146 May 17, 2027

STOCK-BASED COMPENSATION - Vall

STOCK-BASED COMPENSATION - Vallon - 10-K	9 Months Ended
	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION 2015 Equity Incentive Plan Private GRI adopted the GRI Bio, Inc. 2015 Equity Incentive Plan, as amended (the Private GRI Plan), that provided Private GRI with the ability to grant stock options, restricted stock awards and other equity-based awards to employees, directors, and consultants. Stock options granted under the Private GRI Plan generally had a contractual life of up to 10 years. Upon completion of the Merger, the Company assumed the Private GRI Plan and 12,781 outstanding and unexercised options issued thereunder, and ceased granting awards under the Private GRI Plan. Amended and Restated 2018 Equity Incentive Plan On April 21, 2023, the stockholders of the Company approved the Amended and Restated GRI Bio, Inc. 2018 Equity Incentive Plan, formerly the Vallon Pharmaceuticals, Inc. 2018 Equity Incentive Plan (the A&R 2018 Plan). The A&R 2018 Plan had previously been approved by the Company’s Board, subject to stockholder approval. The A&R 2018 Plan became effective on April 21, 2023, with the stockholders approving the amendment to the A&R 2018 Plan to, among other things, (i) to increase the aggregate number of shares by 24,129 shares to 30,952 shares of the Company’s common stock for issuance as awards under the A&R 2018 Plan, (ii) to extend the term of the A&R 2018 Plan through January 1, 2033, (iii) to prohibit any action that would be treated as a “repricing” of an award without further approval by the stockholders of Company, and (iv) to revise the limits on awards to non-employee directors. The A&R 2018 Plan provides the Company with the ability to grant stock options, restricted stock and other equity-based awards to employees, directors and consultants. Stock options granted by the Company under the A&R 2018 Plan generally have a contractual life of up to 10 years. As of September 30, 2023, awards granted under the A&R 2018 Plan representing the right to purchase or contingent right to receive up to an aggregate of 32,642 shares of the Company's common stock were outstanding and 30,952 shares of the Company’s common stock were reserved for issuance under the A&R 2018 Plan. The number of shares reserved for issuance under the A&R 2018 Plan may be increased pursuant to the A&R 2018 Plan’s “evergreen” provision on the first day of each calendar year beginning January 1, 2024 and ending on and including January 1, 2033, by a number of shares not to exceed 4% of the aggregate number of shares of the Company’s common stock outstanding on the final day of the immediately preceding calendar year. The Company recorded stock-based compensation related to stock options issued under the Private GRI Plan and the A&R 2018 Plan in the following expense categories of its accompanying statements of operations for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Research and development $ — $ — $ — $ — General and administrative 326 — 351 — Total $ 326 $ — $ 351 $ — The Company measures equity-based awards granted to employees and non-employees based on their fair value on the date of the grant and recognizes compensation expense for those awards over the requisite service period or performance-based period, which is generally the vesting period of the respective award. The measurement date for service-based equity awards is the date of grant, and equity-based compensation costs are recognized as expense over the requisite service period, which is the vesting period for certain performance-based awards. The Company records expense for performance-based awards if it concludes that it is probable that the performance condition will be achieved. The table below represents the activity of stock options granted to employees and non-employees for the nine months ended September 30, 2023: Number of options Weighted average exercise price Weighted average remaining contractual term (years) Outstanding at December 31, 2022 16,081 $ 169.84 4.71 Granted 31,608 $ 16.66 Exercised — — Forfeited/Cancelled (2,266) $ 896.91 Outstanding at September 30, 2023 45,423 $ 65.33 7.92 Exercisable at September 30, 2023 45,423 $ 65.33 7.92 The Black-Scholes option-pricing model was used to estimate the grant date fair value of each stock option grant at the time of grant using the following weighted-average assumptions: For the Nine Months Ended September 30, 2023 2022 Volatility 129.54 % 90.39 % Expected term in years 5.84 5.98 Dividend rate 0.00 % 0.00 % Risk-free interest rate 4.34 % 2.00 % Fair value of option on grant date $ 14.91 $ 27.02
Vallon Pharmaceuticals, Inc.
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION The Company recorded stock-based compensation related to stock options and restricted stock units (RSUs) issued under the Company’s 2018 Equity Incentive Plan (2018 Plan) in the following expense categories of its accompanying statements of operations for the years ended December 31, 2022 and 2021: For the Year Ended December 31, 2022 2021 Research and development $ (202) $ 83 General and administrative 301 543 Total $ 99 $ 626 Stock Options The Company has granted stock options to purchase its common stock to employees and consultants under the 2018 Plan, under which the Company may issue stock options, restricted stock and other equity-based awards. The Company has also granted certain stock options outside of the 2018 Plan. Stock options granted by the Company generally have a contractual life of up to 10 years. The Company measures equity-based awards granted to employees, and non-employees based on their fair value on the date of the grant and recognizes compensation expense for those awards over the requisite service period or performance-based period, which is generally the vesting period of the respective award. The measurement date for service-based equity awards is the date of grant, and equity-based compensation costs are recognized as expense over the requisite service period, which is the vesting period for certain performance-based awards. The Company records expense for performance-based awards if it concludes that it is probable that the performance condition will be achieved. During the year ended December 31, 2022, the Company reversed stock based compensation related to performance awards with performance conditions deemed not probable of achievement. The table below represents the activity of stock options granted to employees and non-employees for the year ended December 31, 2022: Number of options Weighted average exercise price Weighted average remaining contractual term (years) Outstanding at December 31, 2021 23,616 $ 108.00 8.64 Granted 6,817 $ 156.60 Exercised — — Forfeited (7,291) 121.80 Outstanding at December 31, 2022 23,142 $ 118.20 8.05 Exercisable at December 31, 2022 11,283 $ 101.40 7.60 Vested and expected to vest at December 31, 2022 20,172 $ 117.30 8.12 The Black-Scholes option-pricing model was used to estimate the grant date fair value of each stock option grant at the time of grant using the following weighted-average assumptions: For the Year Ended December 31, 2022 2021 Volatility 90.39 % 83.78 % Expected term in years 5.98 5.85 Dividend rate 0.00 % 0.00 % Risk-free interest rate 2.00 % 1.01 % Fair value of common stock on grant date $ 115.80 $ 120.00 As of December 31, 2022, all of the outstanding and exercisable stock options were out of the money and therefore had no intrinsic value. At December 31, 2022, the unrecognized compensation cost related to unvested stock options expected to vest was $753. This unrecognized compensation is expected to be recognized over a weighted-average amortization period of 2.64 years. Restricted Stock Units The Company has issued performance-based and time-based RSUs. Vesting of the performance-based RSUs is subject to the achievement of certain milestones. The following table summarizes the activity related to RSUs granted to employees for the year ended December 31, 2022: Shares Outstanding at December 31, 2021 — Granted 6,267 Vested and settled (314) Expired/forfeited/canceled (5,953) Outstanding at December 31, 2022 — During the year ended December 31, 2022, the Company granted 6,267 RSUs at a weighted average grant date fair value of $17.05, of which 5,000 were performance-based RSUs and 1,267 were time-based RSUs. In December 2022, all unvested RSUs were canceled. Upon cancellation, fifty percent of the milestones associated with the performance-based RSUs were deemed probable of achievement and the Company recognized $42 of stock-based compensation expense during the year ended December 31, 2022. Upon cancellation, compensation expense related to time-based RSUs was accelerated and $24 of expense was recognized for the year ended December 31, 2022. No RSUs were outstanding as of December 31, 2022.

INCOME TAX - Vallon - 10-K

INCOME TAX - Vallon - 10-K	9 Months Ended
	Sep. 30, 2023
Vallon Pharmaceuticals, Inc.
Income Taxes [Line Items]
INCOME TAXES	INCOME TAX A reconciliation of income tax expense (benefit) at the US federal statutory income tax rate and the income tax provision in the financial statements is as follows: December 31, 2022 2021 Expected income tax benefit at the federal statutory rate 21.0 % 21.0 % State and local taxes, net of federal benefit 10.8 10.6 Non-deductible items and other (0.8) (0.5) Change in valuation allowance (31.0) (31.1) Total — % — % Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The principal components of the Company’s deferred tax assets and liabilities are as follows: December 31, 2022 2021 Deferred tax assets: Federal and state net operating loss carryforwards $ 8,346 $ 6,617 Share based compensation 342 308 Lease liabilities 55 57 Research and development costs 315 — Accruals and other 136 98 Gross deferred tax assets 9,194 7,080 Less: deferred tax liabilities — (70) Less: valuation allowance (9,194) (7,010) Net deferred tax assets $ — $ — Based on the Company’s history of losses, the Company recorded a full valuation allowance against its deferred tax assets as of December 31, 2022 and 2021. The Company increased its valuation allowance by approximately $2,184 for the year ended December 31, 2022. The Company intends to maintain a valuation allowance until sufficient positive evidence exists to support a reversal of the allowance. As of December 31, 2022, the Company had federal, state and local net operating loss carryforwards of $25,635, $25,925, and $18,560, respectively. The federal net operating loss carryforwards do not expire. The state and local losses begin to expire in the year ending December 31, 2038. Under the provisions of Sections 382 and 383 of the Internal Revenue Code (IRC), certain substantial changes in the Company’s ownership may have limited, or may limit in the future, the amount of net operating loss and credit carryforwards that can be used to reduce future income taxes if there has been a significant change in ownership of the Company, as defined by the IRC. Future owner or equity shifts could result in limitations on net operating loss and credit carryforwards. The Company evaluates tax positions for recognition using a more-likely-than-not recognition threshold, and those tax positions eligible for recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon the effective settlement with a taxing authority that has full knowledge of all relevant information. As of December 31, 2022 and 2021, the Company had no unrecognized income tax benefits that would affect the Company’s effective tax rate if recognized. The Company would recognize both accrued interest and penalties related to unrecognized benefits in income tax expense. The Company’s uncertain tax positions yet to be determined would be related to years that remain subject to examination by relevant tax authorities. Since the Company is in a loss carryforward position, the Company is generally subject to examination by the U.S. federal, state and local income tax authorities for all tax years in which a loss carryforward is available.

RELATED PARTY TRANSACTIONS - Va

RELATED PARTY TRANSACTIONS - Vallon - 10-K	9 Months Ended
	Sep. 30, 2023
Vallon Pharmaceuticals, Inc.
Related Party Transaction [Line Items]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS In January 2021, the Company entered into a Convertible Promissory Note Purchase Agreement with certain existing stockholders, including Salmon Pharma, an affiliate of Medice, and David Baker, the Company’s Chief Executive Officer, pursuant to which the Company issued the 2021 Convertible Notes for cash proceeds of $350. The 2021 Convertible Notes bore an interest rate of 7.0% per annum, non-compounding, and had a maturity date of September 30, 2021. The 2021 Convertible Notes converted into 1,830 shares of the Company’s common stock upon completion of the IPO.

ORGANIZATION AND DESCRIPTION _3

ORGANIZATION AND DESCRIPTION OF BUSINESS - Vallon - Q1	9 Months Ended
	Sep. 30, 2023
Class of Stock [Line Items]
ORGANIZATION AND DESCRIPTION OF BUSINESS	ORGANIZATION AND DESCRIPTION OF BUSINESS GRI Bio, Inc. (GRI or the Company), based in La Jolla, CA, was incorporated in Delaware in May 2009, which is the date of inception. GRI is a clinical-stage biopharmaceutical company focused on discovering, developing, and commercializing innovative therapies that target serious diseases associated with dysregulated immune responses leading to inflammatory, fibrotic, and autoimmune disorders. The Company’s goal is to be an industry leader in developing therapies to treat these diseases and to improve the lives of patients suffering from such diseases. The Company’s lead product candidate, GRI-0621, is an oral inhibitor of type 1 Natural Killer T (iNKT I) cells and is being developed for the treatment of severe fibrotic lung diseases such as idiopathic pulmonary fibrosis (IPF). The Company’s product candidate portfolio also includes GRI-0803 and a proprietary library of 500+ compounds. GRI-0803, the lead molecule selected from the library, is a novel oral agonist of type 2 Natural Killer T (NKT II) cells and is being developed for the treatment of autoimmune disorders, with much of its preclinical work in Systemic Lupus Erythematosus Disease (SLE) or lupus and multiple sclerosis (MS). Reverse Merger with Vallon Pharmaceuticals, Inc. On April 21, 2023, the Company (formerly Vallon Pharmaceuticals, Inc.(Vallon)) consummated a merger with GRI Bio Operations, Inc. (formerly GRI Bio, Inc.) (Private GRI) pursuant to an Agreement and Plan of Merger, as amended (the Merger Agreement), by and among the Company, Private GRI and Vallon Merger Sub, Inc. (Merger Sub), a Delaware corporation and wholly-owned subsidiary of the Company (Note 4). The Merger Agreement provided for the merger of Merger Sub with and into Private GRI, with Private GRI surviving the merger as a wholly-owned subsidiary of the Company (the Merger). In connection with the closing of the Merger (the Closing), the Company amended its certificate of incorporation and bylaws to change its name from “Vallon Pharmaceuticals, Inc.” to “GRI Bio, Inc.” In addition, prior to the effective time of the Merger (the Effective Time), the Company effected a reverse stock split of the Company’s common stock at a ratio of 1 for 30 (the Reverse Stock Split). At the Effective Time, each share of Private GRI’s common stock outstanding immediately prior to the Effective Time automatically converted solely into the right to receive a number of shares of the Company's common stock equal to 0.0374 (the Exchange Ratio). Except as otherwise indicated or as the context requires, references herein to “GRI Bio,” the “Company,” or the “combined company,” refer to GRI Bio, Inc. on a post-Merger basis, and references to “Private GRI” refer to the business of GRI Bio, Inc. prior to the completion of the Merger. References to “Vallon” refer to Vallon Pharmaceuticals, Inc. prior to the completion of the Merger. Basis of Presentation As discussed in Note 4, the Merger was accounted for as reverse recapitalization under which the historical financial statements of the Company prior to the Merger are the historical financial statements of the accounting acquirer, Private GRI. All common stock, per share and related information presented in the consolidated financial statements and notes prior to the Merger has been retroactively adjusted to reflect the Exchange Ratio and Reverse Stock Split for all periods presented, to the extent applicable.
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Class of Stock [Line Items]
ORGANIZATION AND DESCRIPTION OF BUSINESS	ORGANIZATION AND DESCRIPTION OF BUSINESS Merger with GRI Bio, Inc. On April 21, 2023, GRI Bio, Inc. (GRI or the Company), formerly known as Vallon Pharmaceuticals, Inc. (Vallon) completed its previously announced merger transaction with GRI Operations, Inc., formerly known as GRI Bio, Inc. (Private GRI) in accordance with the terms of the Agreement and Plan of Merger, dated as of December 13, 2022, and amended on February 17, 2023 (the Merger Agreement),by and among Vallon, Vallon Merger Sub, Inc. (Merger Sub), and Private GRI, pursuant to which Merger Sub merged with and into Private GRI, with Private GRI surviving as a wholly owned subsidiary of Vallon (the Merger)(Note 10). Immediately prior to the effective time of the Merger (the Effective Time), on April 21, 2023, the Company effected a 1-for-30 reverse stock split of its common stock (the Reverse Stock Split). Stockholders’ equity and all references to share and per share amounts in the accompanying financial statements have been retroactively adjusted to reflect the Reverse Stock Split for all periods presented. Substantially concurrent with the closing of the Merger, Vallon was renamed “GRI Bio, Inc.” Prior to the Merger, Private GRI was incorporated under the laws of the State of Delaware in May 2009 under the name Glycoregimmune, Inc. and changed its name to GRI Bio, Inc, in July 2015. GRI is based in La Jolla, California. The unaudited interim financial statements included in this Quarterly Report on Form 10-Q are representative of Vallon’s operations prior to the closing of the Merger, the adoption of Private GRI’s business plan and the commencement of conducting Private GRI’s business. Unless the context otherwise requires, references to the “Company” or “GRI” refer to GRI Bio, Inc. and its subsidiary after completion of the Merger. In addition, references to “Vallon” refer to the Company prior to the completion of the Merger. Nature of Business GRI is a clinical-stage biopharmaceutical company focused on discovering, developing, and commercializing innovative therapies that target serious diseases associated with dysregulated immune responses leading to inflammatory, fibrotic, and autoimmune disorders. The Company’s goal is to be an industry leader in developing therapies to treat these diseases and to improve the lives of patients suffering from such diseases. The Company’s lead product candidate, GRI-0621, is an oral inhibitor of type 1 Natural Killer T (iNKT I) cells and is being developed for the treatment of severe fibrotic lung diseases such as idiopathic pulmonary fibrosis (IPF). The Company’s product candidate portfolio also includes GRI-0803 and a proprietary library of 500+ compounds. GRI-0803, the lead molecule selected from the library, is a novel oral agonist of type 2 Natural Killer T (NKT II) cells and is being developed for the treatment of autoimmune disorders, with much of its preclinical work in Systemic Lupus Erythematosus Disease (SLE) or lupus and multiple sclerosis (MS).

LIQUIDITY - Vallon - Q1

LIQUIDITY - Vallon - Q1	9 Months Ended
	Sep. 30, 2023
Class of Stock [Line Items]
LIQUIDITY	LIQUIDITY These financial statements have been prepared on the basis that the Company is a going concern, which contemplates, among other things, the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has not generated any significant revenues from operations since inception and does not expect to do so in the foreseeable future. The Company has incurred operating losses since its inception in 2009 and as a result has incurred $29,529 in accumulated deficit through September 30, 2023. The Company has financed its working capital requirements to date through the issuance of equity and debt securities. As of September 30, 2023, the Company had cash of approximately $3,488. In connection with signing the Merger Agreement, Vallon, Private GRI and the Investor entered the Equity SPA pursuant to which the Investor agreed to invest $12,250 in cash and cancel any outstanding principal and accrued interest on the Bridge Notes in return for the issuance of shares of Private GRI common stock immediately prior to the consummation of the Merger. Pursuant to the Equity SPA, immediately prior to the Closing, Private GRI issued 969,602 shares of Private GRI common stock (the Initial Shares) to the Investor and 3,878,411 shares of Private GRI common stock (the Additional Shares) into escrow with an escrow agent for net proceeds of $11,704, after deducting offering expenses of $546. At the closing, pursuant to the Merger, the Initial Shares converted into an aggregate of 36,263 shares of the Company’s common stock and the Additional Shares converted into an aggregate of 145,052 shares of the Company’s common stock. On May 8, 2023, in accordance with the terms of the Equity SPA, the Company and the Investor authorized the escrow agent to, subject to beneficial ownership limitations, disburse to the Investor all of the shares of the Company’s common stock issued in exchange for the Additional Shares. Based on the Company’s current operating plan, the Company believes that its existing cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements into the first quarter of 2024. The Company’s ability to continue as a going concern is dependent on its ability to raise additional capital to fund its business activities, including its research and development program. The Series T Warrants issued in connection with the Merger are not presently subject to forced exercise by the Company as the equity conditions for their forced exercise, which include (among other things) a requirement that shares of the Company’s common stock have a value weighted average price of at least $64.47 per share for the periods specified in the Series T Warrants, are not met. The Company intends to raise capital through additional issuances of equity securities and/or short-term or long-term debt arrangements, but there can be no assurances any such financing will be available when needed, even if the Company’s research and development efforts are successful. If the Company is not able to obtain additional financing on acceptable terms and in the amounts necessary to fully fund its future operating requirements, it may be forced to reduce or discontinue its operations entirely. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the issuance of these financial statements. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might result from this uncertainty.
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Class of Stock [Line Items]
LIQUIDITY	LIQUIDITY Vallon has not generated any significant revenues from operations since inception and does not expect to do so in the foreseeable future. Vallon has incurred operating losses since its inception and has incurred $31,322 in accumulated deficit through March 31, 2023. Vallon has financed its working capital requirements to date through the issuance of common stock, convertible notes, short-term promissory notes, and a Paycheck Protection Program (PPP) promissory note. In January 2021, Vallon completed a $350 convertible note financing and in February 2021, Vallon completed the initial public offering (IPO) of the Company’s common stock, raising net proceeds of $15,500. In May 2022, Vallon entered into a Securities Purchase Agreement with certain investors (the Securities Purchase Agreement) for the sale of up to 123,333 shares of the Company’s common stock, par value $0.0001 per share (the Shares), at a purchase price of $31.896 per Share in a registered direct offering (the Offering). In a concurrent private placement also pursuant to the Securities Purchase Agreement (the Private Placement), for each share of common stock purchased by an investor, such investor was entitled receive from the Company an unregistered warrant (the Warrant) to purchase one share of common stock. The gross proceeds from the Offering and Private Placement were approximately $3,900, before deducting fees payable to the placement agent and other estimated offering expenses payable by the Company of approximately $572, of which $85 related to the Warrants was expensed. As of March 31, 2023, the Company had cash, cash equivalents and marketable securities of approximately $1,665. Following the completion of the Merger (Note 10), management believes the combined organization’s existing resources will be sufficient to support the combined organization’s planned operations for at least the next twelve months. For the foreseeable future, the Company’s ability to continue its operations is dependent upon its ability to obtain additional capital.

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Vallon - Q1	9 Months Ended
	Sep. 30, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial periods and pursuant to the rules of the Securities and Exchange Commission (the SEC). Any reference in the accompanying unaudited interim financial statements to “authoritative guidance” is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) of the Financial Accounting Standards Board (FASB). The December 31, 2022 balance sheet was derived from the Company’s audited financial statements. In the opinion of management, the unaudited interim financial statements furnished herein include all normal and recurring adjustments considered necessary to present fairly the Company’s financial position as of September 30, 2023, and the results of operations and stockholders’ equity (deficit) for the three and nine months ended September 30, 2023 and 2022 and cash flows for the three and nine months ended September 30, 2023 and 2022. Results of operations for the three and nine months ended September 30, 2023, are not necessarily indicative of the operating results that may be expected for the year ending December 31, 2023. The unaudited interim financial statements, presented herein, do not contain the required disclosures under GAAP for annual financial statements. The accompanying unaudited interim financial statements should be read in conjunction with the annual audited financial statements and related notes as of and for the year ended December 31, 2022, which are included as Exhibit 99.2 of Amendment No. 2 to the Current Report on Form 8-K filed with the SEC on July 6, 2023. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Estimates and assumptions are primarily made in relation to the valuation of share options, the embedded derivative of convertible notes, warrant issuance and subsequent revaluations, valuation allowances relating to deferred tax assets, revenue recognition, accrued expenses and estimation of the incremental borrowing rate for the finance lease. If actual results differ from the Company’s estimates, or to the extent these estimates are adjusted in future periods, the Company’s results of operations could either benefit from, or be adversely affected by, any such change in estimate. Cash and Cash Equivalents Cash equivalents are highly-liquid investments that are readily convertible into cash with original maturities of three months or less when purchased and as of September 30, 2023 and December 31, 2022 included investments in money market funds. The Company maintains its cash and cash equivalent balances at domestic financial institutions. Bank deposits with US banks are insured up to $250 by the Federal Deposits Insurance Corporation. The Company had an uninsured cash balances of $2,988 at September 30, 2023. The Company’s cash balance as of December 31, 2022 was fully insured. Fair Value Measurements Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase consistency and comparability in fair value measurements and related disclosures, ASC 820, Fair Value Measurement , (ASC 820) establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of fair value hierarchy defined by ASC 820 are described below: Level 1 : Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 : Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liabilities. Level 3 : Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). As of September 30, 2023, the Company’s financial instruments included cash, cash equivalents, prepaid expenses and other current assets, accounts payable, accrued expenses and certain liability classified warrants. The carrying amounts reported in the balance sheets for cash, cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair value based on the short-term maturity of these instruments. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. At September 30, 2023, there were no financial assets or liabilities measured at fair value on a recurring basis other than the liability classified warrants. In May 2022, Vallon issued warrants in connection with a securities purchase agreement. Vallon evaluated the warrants in accordance with ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity (ASC 815-40), and concluded that a provision in the warrants related to the reduction of the exercise price in certain circumstances precludes the warrants from being accounted for as components of equity. As a result, the warrants are recorded as a liability on the balance sheet. Vallon recorded the fair value of the warrants upon issuance using a Black-Scholes valuation model. The Company is required to revalue the warrants at each reporting date with any changes in fair value recorded in its statement of operations. The valuation of the warrants is considered under Level 3 of the fair value hierarchy due to the need to use assumptions in the valuation that are both significant to the fair value measurement and unobservable. The change in the fair value of the Level 3 warrants liabilities is reflected in the statement of operations for the nine months ended September 30, 2023. Deferred Stock Issuance Costs Deferred stock issuance costs represent incremental legal costs incurred that are directly attributable to proposed offerings of securities. The costs are charged against the gross proceeds of the respective offering upon closing. Debt Discounts The relative fair values of warrants and common shares issued and call option rights assigned in connection with principal advances under promissory notes, the increases in fair values of embedded conversion options in connection with convertible promissory note modifications, and the intrinsic values of non-contingent beneficial conversion features were recorded as debt discounts that are amortized as additional interest expense over the estimated terms of the notes using the effective interest method. Debt Issuance Costs Debt issuance costs represent incremental legal costs and other costs incurred that are directly attributable to issuing debt. The costs are included as a direct reduction of the carrying amount of the respective liability and are amortized as additional interest expense over the estimated term of the debt using the effective interest method. Stock-Based Compensation The Company recognizes expense for employee and non-employee stock-based compensation in accordance with ASC Topic 718, Stock-Based Compensation (ASC 718). ASC 718 requires that such transactions be accounted for using a fair value-based method. The estimated fair value of the options is amortized over the vesting period, based on the fair value of the options on the date granted, and is calculated using the Black-Scholes option-pricing model. The Company accounts for forfeitures as incurred. In considering the fair value of the underlying stock when the Company granted options, the Company considered several factors including the fair values established by market transactions. Stock option-based compensation includes estimates and judgments of when stock options might be exercised and stock price volatility. The timing of option exercises is out of the Company's control and depends upon a number of factors including the Company's market value and the financial objectives of the option holders. These estimates can have a material impact on the stock compensation expense but will have no impact on the cash flows. The estimation of share-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from original estimates, such amounts are recorded as a cumulative adjustment in the period the estimates are revised. The Company uses the expected term, rather than the contractual term, for both employee and consultant options issued. Net Loss Per Common Share Basic and diluted net loss per common share are calculated by dividing the net loss by the applicable weighted-average number of common shares outstanding during the period. As the Company had a net loss in each of the three and nine months ended September 30, 2023 and 2022, diluted net loss per common share is the same as basic net loss per common share for the period because the effects of potentially dilutive securities are antidilutive. Common stock equivalents excluded from the diluted net loss per common share calculations are as follows: September 30, 2023 2022 Stock options 45,431 12,782 Warrants 363,737 1,438 Restricted stock with repurchase rights — 3,020 Stock subject to put right — 159 Convertible promissory note — 21,501 409,168 38,900 Recent Accounting Pronouncements The Company considered the applicability and impact of all ASUs issued during the quarter ended September 30, 2023 and each was determined to be either not applicable or expected to have minimal impact on these financial statements.
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial periods and pursuant to the rules of the Securities and Exchange Commission (the SEC). References in this Quarterly Report on Form 10-Q to “authoritative guidance” is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) of the Financial Accounting Standards Board (FASB). The December 31, 2022 balance sheet was derived from Vallon’s audited financial statements. In the opinion of management, the unaudited interim financial statements furnished herein include all normal and recurring adjustments considered necessary to present fairly the Vallon’s financial position as of March 31, 2023, and the results of operations and stockholders’ equity (deficit) for the three months ended March 31, 2023 and 2022 and cash flows for the three months ended March 31, 2023 and 2022. Results of operations for the three months ended March 31, 2023, are not necessarily indicative of the operating results that may be expected for the year ending December 31, 2023. The unaudited interim financial statements, presented herein, do not contain the required disclosures under GAAP for annual financial statements. The accompanying unaudited interim financial statements should be read in conjunction with the annual audited financial statements and related notes as of and for the year ended December 31, 2022, included in the Vallon’s Annual Report on Form 10-K filed with the SEC on February 24, 2023. Recapitalization Concurrent with the closing of the Merger (Note 10), on April 21, 2023, the Company effected a 1-for-30 reverse stock split of its common stock. All share and per share amounts, excluding the number of authorized shares and par value, contained in these financial statements and accompanying notes, and this Quarterly Report on Form 10-Q give retroactive effect to the reverse split. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Estimates and assumptions are primarily made in relation to the valuation of share options, the embedded derivative of convertible notes, warrant issuance and subsequent revaluations, valuation allowances relating to deferred tax assets, revenue recognition, accrued expenses and estimation of the incremental borrowing rate for the finance lease. If actual results differ from the Company’s estimates, or to the extent these estimates are adjusted in future periods, the Company’s results of operations could either benefit from, or be adversely affected by, any such change in estimate. Cash and Cash Equivalents Cash equivalents are highly-liquid investments that are readily convertible into cash with original maturities of three months or less when purchased and as of March 31, 2023 and December 31, 2022 included investments in money market funds. The Company maintains its cash and cash equivalent balances at domestic financial institutions. Bank deposits with US banks are insured up to $250 by the Federal Deposits Insurance Corporation. The Company had uninsured cash balances of $1,218 and $3,281 at March 31, 2023 and December 31, 2022, respectively. Warrant Liabilities, Change in Fair Value and Warrant Conversion The Company evaluated the warrants issued in connection with the Offering (Note 6) in accordance with ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity (ASC 815-40), and concluded that a provision in the Warrants related to the reduction of the exercise price in certain circumstances precludes the Warrants from being accounted for as components of equity. As the Warrants meet the definition of a derivative as contemplated in ASC 815, the Warrants are recorded as derivative liabilities on the accompanying Balance Sheets and measured at fair value at inception and at each reporting date in accordance with ASC 820, Fair Value Measurement, with changes in fair value recognized in the accompanying Statements of Operations and Comprehensive Loss in the period of change. The derivative liabilities will ultimately be converted into the Company’s common stock when the Warrants are exercised, or will be extinguished upon expiry of the Warrant term. Upon exercise, the intrinsic value of the shares issued is transferred to stockholders’ equity. The difference between the intrinsic value of the stock issued and the fair value of the Warrants is recorded as gain or loss on the exchange in the accompanying Statements of Operations and Comprehensive Loss in the period of exercise. Stock-based Compensation The Company recognizes expense for employee and non-employee stock-based compensation in accordance with ASC Topic 718, Stock-Based Compensation (ASC 718). ASC 718 requires that such transactions be accounted for using a fair value-based method. The estimated fair value of the options is amortized over the vesting period, based on the fair value of the options on the date granted, and is calculated using the Black-Scholes option-pricing model. The Company accounts for forfeitures as incurred. In considering the fair value of the underlying stock when the Company granted options, the Company considered several factors including the fair values established by market transactions. Stock option-based compensation includes estimates and judgments of when stock options might be exercised and stock price volatility. The timing of option exercises is out of the Company's control and depends upon a number of factors including the Company's market value and the financial objectives of the option holders. These estimates can have a material impact on the stock compensation expense but will have no impact on the cash flows. The estimation of share-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from original estimates, such amounts are recorded as a cumulative adjustment in the period the estimates are revised. The Company uses the expected term, rather than the contractual term, for both employee and consultant options issued. Recent Accounting Pronouncements The Company considered the applicability and impact of all ASUs issued during the quarter ended March 31, 2023 and each was determined to be either not applicable or expected to have minimal impact on these financial statements.

FAIR VALUE MEASUREMENTS - Vallo

FAIR VALUE MEASUREMENTS - Vallon - Q1	9 Months Ended
	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company applies the guidance in ASC 820 to account for financial assets and liabilities measured on a recurring basis. Fair value is measured as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. The Company uses a fair value hierarchy, which distinguishes between assumptions based on market data (observable inputs) and an entity's own assumptions (unobservable inputs). The guidance requires that fair value measurements be classified and disclosed in one of the following 3 categories: Level 1 : Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 : Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liabilities; and Level 3 : Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each reporting period. There were no transfers between Level 1, 2 and 3 during the nine months ended September 30, 2023. The following table presents, for each of the fair value hierarchy levels required under ASC 820, the Company’s liabilities that are measured at fair value on a recurring basis at September 30, 2023: Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs Significant Other Unobservable Inputs Liabilities: Warrant liability $ — $ — $ 18 Total liabilities $ — $ — $ 18 The following table presents the changes in the fair value of the Level 3 liability: Warrant Liability Fair value as of December 31, 2022 $ 185 Change in valuation (167) Fair value as of September 30, 2023 $ 18 The Black-Scholes valuation model was used to estimate the fair value of the warrants with the following weighted-average assumptions: September 30, 2023 December 31, 2022 Volatility 167.7 % 139.9 % Expected term in years 2.5 2.5 Dividend rate 0.0 % 0.0 % Risk-free interest rate 4.92 % 4.32 %
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair Value Measurements Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase consistency and comparability in fair value measurements and related disclosures, ASC 820, Fair Value Measurement , establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of fair value hierarchy defined by ASC 820 are described below: Level 1 : Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 : Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liabilities. Level 3 : Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). As of March 31, 2023, the Vallon’s financial instruments included cash and cash equivalents, prepaid expenses and other current assets, accounts payable, accrued expenses, and the warrant liability. The carrying amounts reported in the balance sheets for cash and cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair value based on the short-term maturity of these instruments. Vallon recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. The following table presents, for each of the fair value hierarchy levels required under ASC 820, Vallon’s liabilities that are measured at fair value on a recurring basis at March 31, 2023: Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Liabilities: Warrant liability $ — $ — $ 185 On May 17, 2022, Vallon issued 123,333 shares of common stock pursuant to the Securities Purchase Agreement at a purchase price of $31.896 per share in the Offering (Note 6). In connection with the Offering, the Company issued Warrants to purchase an aggregate of 123,333 shares of common stock at an exercise price of $28.146 per share. The Warrants were classified as a liability in accordance with ASC 815-40 and the fair value of $185 is reflected in warrant liability on the accompanying Balance Sheets. The warrant liability was measured at fair value at inception and is revalued at each financial statement date, with changes in fair value presented within change in fair value of warrant liability in the accompanying Statements of Operations and Comprehensive Loss. The following table presents the changes is the fair value of the Level 3 liability: Warrant Liability Fair value as of December 31, 2022 $ 122 Change in valuation 63 Balance as of March 31, 2023 $ 185 The Black-Scholes valuation model was used to estimate the fair value of the Warrants with the following weighted-average assumptions: December 31, 2022 March 31, 2023 Volatility 139.9 % 159.4 % Expected term in years 2.5 2.5 Dividend rate 0.0 % 0.0 % Risk-free interest rate 4.32 % 3.94 %

ACCRUED EXPENSES - Vallon - Q1

ACCRUED EXPENSES - Vallon - Q1	9 Months Ended
	Sep. 30, 2023
Accrued Expenses [Line Items]
ACCRUED EXPENSES	ACCRUED EXPENSES Accrued expenses consist of the following: September 30, 2023 December 31, 2022 Research and development $ 75 $ — General and administrative 188 — Payroll and related 880 36 Total accrued expenses $ 1,143 $ 36
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Accrued Expenses [Line Items]
ACCRUED EXPENSES	ACCRUED EXPENSES Accrued expenses consist of the following: March 31, 2023 December 31, 2022 Research and development $ 2 $ 42 General and administrative 136 268 Payroll and related 1,215 401 Total accrued expenses $ 1,353 $ 711

STOCKHOLDERS_ EQUITY - Vallon -

STOCKHOLDERS’ EQUITY - Vallon - Q1	9 Months Ended
	Sep. 30, 2023
Equity [Line Items]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Common Stock In connection with signing the Merger Agreement, Vallon, Private GRI and the Investor entered the Equity SPA pursuant to which the Investor agreed to invest $12,250 in cash and cancel any outstanding principal and accrued interest on the Bridge Notes in return for the issuance of shares of Private GRI’s common stock immediately prior to the consummation of the Merger. Pursuant to the Equity SPA, immediately prior to the Closing, Private GRI issued 969,602 shares of Private GRI’s common stock (the Initial Shares) to the Investor and 3,878,411 shares of Private GRI’s common stock (the Additional Shares) into escrow with an escrow agent for net proceeds of $11,704, after deducting offering expenses of $546. At the closing, pursuant to the Merger, the Initial Shares converted into an aggregate of 36,263 shares of the Company’s common stock and the Additional Shares converted into an aggregate of 145,052 shares of the Company’s common stock. On May 8, 2023, in accordance with the terms of the Equity SPA, the Company and the Investor authorized the escrow agent to, subject to beneficial ownership limitations, disburse to the Investor all of the shares of the Company’s common stock issued in exchange for the Additional Shares. Redeemable Common Stock In November 2018, Private GRI entered into an agreement with a stockholder pursuant to which the stockholder had the right to require Private GRI to purchase all or a portion of 7,816 shares of Private GRI’s common stock held by the stockholder for $15.88 per share (the Put Right). The Put Right was exercisable (i) for a period commencing thirty days prior to the day Private GRI completed an equity or debt financing and ending fifteen business days thereafter, or (ii) at any time following a breach of the agreement by Private GRI. Management assessed the Put Right and determined that (i) it was not freestanding and, therefore, was not required to be classified as a liability and (ii) it could be exercised by the stockholder at any time, which was not within Private GRI’s control. Therefore, the common shares subject to the Put Right were classified in mezzanine equity. In December 2022, the stockholder exercised the Put Right and Private GRI redeemed the 1,116 shares of Private GRI’s common stock for $124 ($111.16 per share). The redeemed shares were retired by Private GRI. The share numbers and exercise or conversion prices in this section of Note 9 entitled “Redeemable Common Stock” reflect the Exchange Ratio retroactively. Common Stock Warrants Pursuant to the Equity SPA, on May 8, 2023, the Company issued to the Investor (i) Series A-1 Warrants to purchase 181,316 shares of the Company’s common stock at an exercise price of $94.57, (ii) Series A-2 Warrants to purchase 163,185 shares of the Company’s common stock at an exercise price of $103.18 , and (iii) Series T Warrants to purchase (x) 116,353 shares of the Company’s common stock at an exercise price of $85.96 and (y) upon exercise of the Series T Warrants, 116,353 additional Series A-1 Warrants and Series A-2 Warrants, each to purchase 116,353 shares of the Company’s common stock at an exercise price of $94.57 and $103.18, respectively (collectively, the Equity Warrants). The Series A-1 Warrants have a term of 60 months from the date all shares underlying the Series A-1 Warrants are freely tradable. The A-2 warrants have a 2-year term and expire in June 2025. Series T Warrants have a term of 24 months from the date all shares underlying Series T Warrants are freely tradable. As noted in Note 2. Liquidity , the Company may force the exercise of the Series T Warrants subject to the satisfaction of certain equity conditions. The Equity Warrants include certain contingent cashless exercise features and contain certain other rights with regard to asset distributions and fundamental transactions. The exercise price of the Series A-1 Warrants is subject to adjustment for certain dilutive issuances, and all of the Equity Warrants are subject to standard antidilution adjustments. All of the Equity Warrants were outstanding as of September 30, 2023. The Equity Warrants were classified as equity and the allocated fair value of $5,675 is included in additional paid in capital. Pursuant to the Bridge SPA, upon the funding of each tranche of the Bridge Note, the Investor received the Bridge Warrants. The Bridge Warrants had an exercise price of $9.31 per share, were exercisable at any time on or after the applicable issuance date and had a term of 60 months from the date all shares underlying the Bridge Warrants are freely tradable. Upon the completion of the Merger the Bridge Warrants were exchanged for the Exchange Warrants to purchase an aggregate of 60,227 shares of the Company’s common stock. The Exchange Warrants contain substantively similar terms to the Bridge Warrants, and have an initial exercise price equal to $103.11 per share subject to adjustments for splits and recapitalization events. All of the Bridge Warrants were outstanding as of September 30, 2023. The Bridge Warrants were classified as equity and the allocated fair value of $2,860 is included in additional paid in capital. In connection with the Closing, Private GRI granted its financial advisor warrants (the Advisor Warrants) to purchase shares of Private GRI’s common stock, which, at the Effective Time, became exercisable for an aggregate of 343 shares of the Company’s common stock at an exercise price of $429.73 per share. The Advisor Warrants have a five-year term. All of the Advisor Warrants were outstanding as of September 30, 2023. The Advisor Warrants were classified as equity and the fair value of $18 is included in additional paid in capital. The Black-Scholes option-pricing model was used to estimate the fair value of the Equity Warrants, the Exchange Warrants and the Advisor Warrants with the following weighted-average assumptions: Volatility 167.6 % Expected term in years 1.69 Dividend rate 0.0 % Risk-free interest rate 4.37 % As of September 30, 2023, the Company had the following warrants outstanding to purchase common stock. Number of Shares Exercise Price per Share Expiration Date 1,231 $243.32 November 2023 204 $243.32 December 2023 163,185 $103.18 June 2025 542 $2,100.00 February 2026 3,524 $197.05 May 2027 167 $0.01 July 2027 342 $429.73 April 2028 60,228 $103.11 60 months after registration date 181,316 $94.57 60 months after registration date 116,353 $85.96 24 months after registration date
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Equity [Line Items]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Common Stock In February 2021, Vallon completed the IPO of 75,000 shares of common stock at a public offering price of $240.00 per share. The gross proceeds from the IPO, before deducting underwriting discounts, commissions and other offering expenses payable by Vallon, were $18,000. Underwriting discounts and expenses totaled $1,600 and Vallon incurred approximately $905 of additional expenses related to completing the IPO for aggregate net proceeds of approximately $15,500. On May 17, 2022, Vallon completed the Offering, pursuant to which it sold 123,333 shares of common stock pursuant to the Securities Purchase Agreement at a purchase price of $31.896 per share . The gross proceeds from the Offering were approximately $3,900 before deducting fees payable to the placement agent and other estimated offering expenses payable by Vallon of approximately $572 of which $85 related to the Warrants was expensed. Common Stock Warrants In connection with the IPO, Vallon granted the underwriters warrants (the Underwriters' Warrants) to purchase an aggregate of 3,758 shares of common stock at an exercise price of $300.00 per share. The Underwriters’ Warrants have a five-year term and were not exercisable prior to August 12, 2021. All of the Underwriters’ Warrants were outstanding as of March 31, 2023. The Underwriters’ Warrants were classified as equity and the fair value of $399 is reflected as additional paid-in capital. The Black-Scholes option-pricing model was used to estimate the fair value of the Underwriters’ Warrants with the following weighted-average assumptions: Volatility 85.0 % Expected term in years 2.5 Dividend rate 0.0 % Risk-free interest rate 0.155 % In connection with the Offering, the Company issued Warrants to purchase an aggregate of 123,333 shares of common stock at an exercise price of $28.146 per share (May 2022 Warrant Agreement). The Warrants have a five-year term. The Warrants were classified as a liability and are revalued at each balance sheet date. The May 2022 Warrant Agreement entitled the holders to receive one share of common stock for each Warrant in lieu of the aggregate number of shares of common stock that would have been received using the cashless exercise formula set forth in the May 2022 Warrant Agreement (Alternate Cashless Exercise). In July 2022, Vallon amended the terms of the May 2022 Warrant Agreement to obligate each Warrant holder who signed the warrant amendment (each, an Applicable Holder) to effect an Alternate Cashless Exercise, in whole, by August 10, 2022 (the Expiration Date). The Warrants held by the Applicable Holders that were not exercised by the Expiration Date, were automatically exercised pursuant to the Alternate Cashless Exercise. A total of 74,000 Warrants were exercised pursuant to the May 2022 Warrant Agreement amendment. In December 2022, an additional 24,666 Warrants were exercised pursuant to the Alternate Cashless Exercise under the original terms of the May 2022 Warrant Agreement. The fair value of the Warrants of $185 as of March 31, 2023 is reflected in warrant liability on the accompanying Balance Sheets (Note 4). As of March 31, 2023, Vallon had the following warrants outstanding to purchase common stock. Number of Shares Exercise Price per Share Expiration Date 3,758 $300.00 February 12, 2026 24,667 $28.146 May 17, 2027

STOCK-BASED COMPENSATION - Va_2

STOCK-BASED COMPENSATION - Vallon - Q1	9 Months Ended
	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION 2015 Equity Incentive Plan Private GRI adopted the GRI Bio, Inc. 2015 Equity Incentive Plan, as amended (the Private GRI Plan), that provided Private GRI with the ability to grant stock options, restricted stock awards and other equity-based awards to employees, directors, and consultants. Stock options granted under the Private GRI Plan generally had a contractual life of up to 10 years. Upon completion of the Merger, the Company assumed the Private GRI Plan and 12,781 outstanding and unexercised options issued thereunder, and ceased granting awards under the Private GRI Plan. Amended and Restated 2018 Equity Incentive Plan On April 21, 2023, the stockholders of the Company approved the Amended and Restated GRI Bio, Inc. 2018 Equity Incentive Plan, formerly the Vallon Pharmaceuticals, Inc. 2018 Equity Incentive Plan (the A&R 2018 Plan). The A&R 2018 Plan had previously been approved by the Company’s Board, subject to stockholder approval. The A&R 2018 Plan became effective on April 21, 2023, with the stockholders approving the amendment to the A&R 2018 Plan to, among other things, (i) to increase the aggregate number of shares by 24,129 shares to 30,952 shares of the Company’s common stock for issuance as awards under the A&R 2018 Plan, (ii) to extend the term of the A&R 2018 Plan through January 1, 2033, (iii) to prohibit any action that would be treated as a “repricing” of an award without further approval by the stockholders of Company, and (iv) to revise the limits on awards to non-employee directors. The A&R 2018 Plan provides the Company with the ability to grant stock options, restricted stock and other equity-based awards to employees, directors and consultants. Stock options granted by the Company under the A&R 2018 Plan generally have a contractual life of up to 10 years. As of September 30, 2023, awards granted under the A&R 2018 Plan representing the right to purchase or contingent right to receive up to an aggregate of 32,642 shares of the Company's common stock were outstanding and 30,952 shares of the Company’s common stock were reserved for issuance under the A&R 2018 Plan. The number of shares reserved for issuance under the A&R 2018 Plan may be increased pursuant to the A&R 2018 Plan’s “evergreen” provision on the first day of each calendar year beginning January 1, 2024 and ending on and including January 1, 2033, by a number of shares not to exceed 4% of the aggregate number of shares of the Company’s common stock outstanding on the final day of the immediately preceding calendar year. The Company recorded stock-based compensation related to stock options issued under the Private GRI Plan and the A&R 2018 Plan in the following expense categories of its accompanying statements of operations for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Research and development $ — $ — $ — $ — General and administrative 326 — 351 — Total $ 326 $ — $ 351 $ — The Company measures equity-based awards granted to employees and non-employees based on their fair value on the date of the grant and recognizes compensation expense for those awards over the requisite service period or performance-based period, which is generally the vesting period of the respective award. The measurement date for service-based equity awards is the date of grant, and equity-based compensation costs are recognized as expense over the requisite service period, which is the vesting period for certain performance-based awards. The Company records expense for performance-based awards if it concludes that it is probable that the performance condition will be achieved. The table below represents the activity of stock options granted to employees and non-employees for the nine months ended September 30, 2023: Number of options Weighted average exercise price Weighted average remaining contractual term (years) Outstanding at December 31, 2022 16,081 $ 169.84 4.71 Granted 31,608 $ 16.66 Exercised — — Forfeited/Cancelled (2,266) $ 896.91 Outstanding at September 30, 2023 45,423 $ 65.33 7.92 Exercisable at September 30, 2023 45,423 $ 65.33 7.92 The Black-Scholes option-pricing model was used to estimate the grant date fair value of each stock option grant at the time of grant using the following weighted-average assumptions: For the Nine Months Ended September 30, 2023 2022 Volatility 129.54 % 90.39 % Expected term in years 5.84 5.98 Dividend rate 0.00 % 0.00 % Risk-free interest rate 4.34 % 2.00 % Fair value of option on grant date $ 14.91 $ 27.02
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Vallon recorded stock-based compensation related to stock options issued under the Vallon’s 2018 Equity Incentive Plan (2018 Plan) in the following expense categories of its accompanying statements of operations for the three months ended March 31, 2023 and 2022: For the Three Months Ended March 31, 2023 2022 Research and development $ 6 $ 18 General and administrative 79 163 Total $ 85 $ 181 Vallon has granted stock options to purchase its common stock to employees and consultants under the 2018 Plan, under which Vallon may issue stock options, restricted stock and other equity-based awards. Vallon has also granted certain stock options outside of the 2018 Plan. Stock options granted by Vallon generally have a contractual life of up to 10 years. As of March 31, 2023, 47,761 shares of the Company's common stock were authorized to be issued under the 2018 Plan, and 24,303 shares were reserved for future awards under the 2018 Plan. Vallon measures equity-based awards granted to employees, and non-employees based on their fair value on the date of the grant and recognizes compensation expense for those awards over the requisite service period or performance-based period, which is generally the vesting period of the respective award. The measurement date for service-based equity awards is the date of grant, and equity-based compensation costs are recognized as expense over the requisite service period, which is the vesting period for certain performance-based awards. The Company records expense for performance-based awards if it concludes that it is probable that the performance condition will be achieved. The table below represents the activity of stock options granted to employees and non-employees for the three months ended March 31, 2023: Number of options Weighted average exercise price Weighted average remaining contractual term (years) Outstanding at December 31, 2022 23,142 $ 118.20 8.05 Granted — — Exercised — — Forfeited — — Outstanding at March 31, 2023 23,142 $ 118.20 7.80 Exercisable at March 31, 2023 13,112 $ 106.79 7.53 The Black-Scholes option-pricing model was used to estimate the grant date fair value of each stock option grant at the time of grant using the following weighted-average assumptions: For the Three Months Ended March 31, 2022 Volatility 88.65 % Expected term in years 6.06 Dividend rate 0.00 % Risk-free interest rate 1.95 % Fair value of option on grant date $ 128.70 No options were granted during the three months ended March 31, 2023.

RELATED PARTY TRANSACTIONS - _2

RELATED PARTY TRANSACTIONS - Vallon - Q1	9 Months Ended
	Sep. 30, 2023
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Related Party Transaction [Line Items]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS In January 2020, Vallon entered into a license agreement with MEDICE Arzneimittel Pütter GmbH & Co. K (Medice), a Vallon stockholder, which grants Medice an exclusive license, with the right to grant sublicenses, to develop, use, manufacture, market and sell ADAIR throughout Europe. Medice is responsible for obtaining regulatory approval of ADAIR in the licensed territory. Under the license agreement, Medice paid Vallon a $100 upfront payment and is required to pay milestone payments upon first obtaining regulatory approval to market and sell ADAIR in any country, territory or region in the licensed territory and upon achieving certain annual net sales thresholds. Medice will also pay tiered royalties on annual net sales of ADAIR at rates in the low double-digits. The initial term of the license agreement will expire five years after the date on which Medice first obtains regulatory approval in any country, territory or region in the licensed territory.

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Vallon - Q1	9 Months Ended
	Sep. 30, 2023
Loss Contingencies [Line Items]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Employment Agreements The Company has entered into employment contracts with its officers that provide for severance and continuation of benefits in the event of termination of employment by the Company without cause or by the employee for good reason. In addition, in the event of termination of employment following a change in control, the vesting of certain equity awards may be accelerated. Separation and Release Agreement
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Loss Contingencies [Line Items]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Employment Agreements The Company has entered into employment contracts with its officers that provide for severance and continuation of benefits in the event of termination of employment by the Company without cause or by the employee for good reason. In addition, in the event of termination of employment following a change in control, the vesting of certain equity awards may be accelerated. COVID-19 Impact The global COVID-19 pandemic continues to present uncertainty and unforeseeable new risks to the Company’s operations and business plan. Vallon has closely monitored recent COVID-19 developments, including states’ lifting COVID-19 safety measures, drops in vaccination rates, and the spread of various coronavirus strains such as the Delta and Omicron variants. In light of these developments, the full impact of the COVID-19 pandemic on Vallon’s business, operations and clinical development plans remains uncertain and will vary depending on the pandemic’s future impact on its clinical trial enrollment, clinical trial sites, clinical research organizations (CROs), third-party manufacturers, and other third parties with whom Vallon does business, as well as any legal or regulatory consequences resulting therefrom.

SUBSEQUENT EVENTS - Vallon - Q1

SUBSEQUENT EVENTS - Vallon - Q1	9 Months Ended
	Sep. 30, 2023
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Subsequent Event [Line Items]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Merger with GRI Bio, Inc. On April 21, 2023, pursuant to the Merger Agreement, Merger Sub was merged with and into Private GRI, with Private GRI surviving the Merger as a wholly owned subsidiary of the Company. In connection with the Merger, and prior to the Effective Time, the Company effected the Reverse Split. Also, in connection with the Closing), the Company amended its certificate of incorporation and bylaws to change its name from “Vallon Pharmaceuticals, Inc.” to “GRI Bio, Inc.” At the Effective Time: (a) Each share of Private GRI’s common stock (Private GRI Common Stock) outstanding immediately prior to the Effective Time, including any shares of Private GRI Common Stock issued pursuant to the Equity SPA (as defined below) automatically converted solely into the right to receive a number of shares of the Company’s common stock equal to 0.0374 (the Exchange Ratio). (b) Each option to purchase shares of Private GRI Common Stock (each, a GRI Option) outstanding and unexercised immediately prior to the Effective Time under the GRI Bio, Inc. 2015 Equity Incentive Plan (the GRI Plan), whether or not vested, converted into and became an option to purchase shares of the Company’s common stock, and the Company assumed the GRI Plan and each such GRI Option in accordance with the terms of the GRI Plan (the Assumed Options). The number of shares of Company Common Stock subject to each Assumed Option was determined by multiplying (i) the number of shares of GRI Common Stock that were subject to such GRI Option, as in effect immediately prior to the Effective Time, by (ii) the Exchange Ratio, and rounding the resulting number down to the nearest whole number of shares of Company Common Stock. The per share exercise price for the Company Common Stock issuable upon exercise of each Assumed Option was determined by dividing (A) the per share exercise price of such Assumed Option, as in effect immediately prior to the Effective Time, by (B) the Exchange Ratio and rounding the resulting per share exercise price up to the nearest whole cent. Any restriction on the exercise of any Assumed Option continued in full force and effect and the term, exercisability, vesting schedule, and any other provisions of such Assumed Option otherwise remained unchanged. (c) Each warrant to purchase shares of Private GRI Common Stock outstanding immediately prior to the Effective Time other than the Bridge Warrants (as defined below) (the GRI Warrants), was assumed by the Company and converted into a warrant to purchase shares of the Company’s common stock (the Assumed Warrants) and thereafter (i) each Assumed Warrant became exercisable solely for shares of the Company’s common stock; (ii) the number of shares of the Company’s common stock subject to each Assumed Warrant was determined by multiplying (A) the number of shares of Private GRI Common Stock that were subject to such GRI Warrant, as in effect immediately prior to the Effective Time, by (B) the Exchange Ratio, and rounding the resulting number down to the nearest whole number of shares of Company Common Stock; (iii) the per share exercise price for shares of the Company’s common stock issuable upon exercise of each Assumed Warrant was determined by dividing (A) the exercise price per share of the GRI Common Stock subject to such GRI Warrant, as in effect immediately prior to the Effective Time, by (B) the Exchange Ratio, and rounding the resulting exercise price up to the nearest whole cent. (d) The Bridge Warrants were exchanged for warrants (the Exchange Warrants) to purchase an aggregate of 421,589 shares of the Company’s common stock. The Exchange Warrants contain substantively similar terms to the Bridge Warrants, and have an initial exercise price equal to $14.73 per share. (e) All rights with respect to Private GRI restricted stock awards were assumed by the Company and converted into Company restricted stock awards with the number of shares subject to each restricted stock award multiplied by the Exchange Ratio and rounding the resulting number down to the nearest whole number of shares of the Company’s common stock. The term, exercisability, vesting schedule and other provisions of the Private GRI restricted stock awards otherwise remained unchanged. In connection with the signing of the Merger Agreement, Private GRI entered into a securities purchase agreement dated December 13, 2022 (the Bridge SPA) with Altium Growth Fund, LP (the Investor) pursuant to which Private GRI issued senior secured promissory notes (the Bridge Notes) in the aggregate principal amount of $3,333 in exchange for an aggregate purchase price of $2,500. In addition, Private GRI issued the Investor warrants to purchase an aggregate of 2,504,980 shares of Private GRI Common Stock (the Bridge Warrants). As a result of the Merger, at the Effective Time, the Bridge Warrants were exchanged for the Exchange Warrants to purchase an aggregate of 421,589 shares of Company Common Stock. The Exchange Warrants contain substantively similar terms to the Bridge Warrants, and have an initial exercise price equal to $14.73 per share. The exercise price of the Exchange Warrants is subject to adjustment for splits and similar recapitalization events. In addition to the Bridge SPA and in connection with signing the Merger Agreement, on December 13, 2022, the Company, Private GRI and the Investor entered into a Securities Purchase Agreement (the Equity SPA) pursuant to which the Investor agreed to invest $12,250 in cash. Pursuant to the Equity SPA, immediately prior to the Closing, Private GRI issued 6,787,219 shares of Private GRI Common Stock (the Initial Shares) to the Investor and 27,148,877 shares of GRI Common Stock (the Additional Shares) into escrow with an escrow agent. At the closing, pursuant to the Merger, the Initial Shares converted into an aggregate of 253,842 shares of Company Common Stock and the Additional Shares converted into an aggregate of 1,015,368 shares of Company Common Stock. On May 8,2023, in accordance with the terms of the Equity SPA, the Company and the Investor authorized the escrow agent to, subject to beneficial ownership limitations, disburse to the Investor all of the shares of Company Common Stock issued in exchange for the Additional Shares. Pursuant to the Equity SPA, on May 8, 2023, the Company issued to the Investor (i) Series A-1 Warrants to purchase 1,269,210 shares of Company Common Stock with an initial exercise price of $13.51 per share, (ii) Series A-2 Warrants to purchase 1,142,289 shares of Company Common Stock with an initial exercise price of $14.74 per share, and (iii) Series T Warrants to purchase at an exercise price of $12.28 per share (x) 814,467 shares of Company Common Stock and (y) upon exercise of the Series T Warrants, an additional amount of Series A-1 Warrants and Series A-2 Warrants, each to purchase 814,467 shares of Company Common Stock (collectively, the Equity Warrants). Immediately following the Effective Time, there were approximately 2,918,954 shares of Company Common Stock outstanding, of which 1,201,077 shares were held by the former stockholders of GRI (excluding the Investor). Resignation of Officers and Separation and Release Agreement In accordance with the Merger Agreement and effective as of the Effective Time, all of the Company’s executive officers other than Leanne Kelly, the Company’s Chief Financial Officer, resigned from the Company. The resignations were not the result of any disagreements with the Company relating to the Company’s operations, policies or practices. In connection with the resignation of David Baker, the Company’s Chief Executive Officer, the Company and Mr. Baker entered into a Separation and Release Agreement on April 21, 2023 (the Separation Agreement). Pursuant to the terms of the Separation Agreement and his current employment agreement, Mr. Baker will receive continuation of his current salary for 18 months payable in accordance with the Company’s payroll practices and a lump sum payment equal to 150% of his target bonus within 15 days of execution of his release and certain COBRA benefits. Mr. Baker also agreed to reduce amounts payable with respect to certain future milestone payments. Amended and Restated 2018 Equity Incentive Plan On April 21, 2023, the stockholders of the Company approved the Amended and Restated GRI Bio, Inc. 2018 Equity Incentive Plan, formerly the Vallon Pharmaceuticals, Inc. 2018 Equity Incentive Plan (the A&R 2018 Plan). The A&R 2018 Plan had previously been approved by the Company’s Board, subject to stockholder approval. The A&R 2018 Plan became effective on April 21, 2023, with the stockholders approving the amendment to the A&R 2018 Plan to, among other things, (i) to increase the aggregate number of shares by 168,905 shares to 216,666 shares of Company Common Stock for issuance as awards under the A&R 2018 Plan, (ii) to extend the term of the A&R 2018 Plan through January 1, 2033, (iii) to prohibit any action that would be treated as a “repricing” of an award without further approval by the stockholders of Company, and (iv) to revise the limits on awards to non-employee directors.

THE COMPANY AND A SUMMARY OF _2

THE COMPANY AND A SUMMARY OF ITS SIGNIFICANT ACCOUNTING POLICIES - 10-K (Policies)	9 Months Ended
	Sep. 30, 2023
Class of Stock [Line Items]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Estimates and assumptions are primarily made in relation to the valuation of share options, the embedded derivative of convertible notes, warrant issuance and subsequent revaluations, valuation allowances relating to deferred tax assets, revenue recognition, accrued expenses and estimation of the incremental borrowing rate for the finance lease. If actual results differ from the Company’s estimates, or to the extent these estimates are adjusted in future periods, the Company’s results of operations could either benefit from, or be adversely affected by, any such change in estimate.
Cash	Cash and Cash Equivalents Cash equivalents are highly-liquid investments that are readily convertible into cash with original maturities of three months or less when purchased and as of September 30, 2023 and December 31, 2022 included investments in money market funds. The Company maintains its cash and cash equivalent balances at domestic financial institutions. Bank deposits with US banks are insured up to $250 by the Federal Deposits Insurance Corporation. The Company had an uninsured cash balances of $2,988 at September 30, 2023. The Company’s cash balance as of December 31, 2022 was fully insured.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase consistency and comparability in fair value measurements and related disclosures, ASC 820, Fair Value Measurement , (ASC 820) establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of fair value hierarchy defined by ASC 820 are described below: Level 1 : Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 : Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liabilities. Level 3 : Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). As of September 30, 2023, the Company’s financial instruments included cash, cash equivalents, prepaid expenses and other current assets, accounts payable, accrued expenses and certain liability classified warrants. The carrying amounts reported in the balance sheets for cash, cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair value based on the short-term maturity of these instruments. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. At September 30, 2023, there were no financial assets or liabilities measured at fair value on a recurring basis other than the liability classified warrants. In May 2022, Vallon issued warrants in connection with a securities purchase agreement. Vallon evaluated the warrants in accordance with ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity (ASC 815-40), and concluded that a provision in the warrants related to the reduction of the exercise price in certain circumstances precludes the warrants from being accounted for as components of equity. As a result, the warrants are recorded as a liability on the balance sheet. Vallon recorded the fair value of the warrants upon issuance using a Black-Scholes valuation model. The Company is required to revalue the warrants at each reporting date with any changes in fair value recorded in its statement of operations. The valuation of the warrants is considered under Level 3 of the fair value hierarchy due to the need to use assumptions in the valuation that are both significant to the fair value measurement and unobservable. The change in the fair value of the Level 3 warrants liabilities is reflected in the statement of operations for the nine months ended September 30, 2023.
Deferred Stock Issuance Costs	Deferred Stock Issuance Costs Deferred stock issuance costs represent incremental legal costs incurred that are directly attributable to proposed offerings of securities. The costs are charged against the gross proceeds of the respective offering upon closing.
Beneficial Conversion Features, Debt Discounts and Debt Issuance Costs	Debt Discounts The relative fair values of warrants and common shares issued and call option rights assigned in connection with principal advances under promissory notes, the increases in fair values of embedded conversion options in connection with convertible promissory note modifications, and the intrinsic values of non-contingent beneficial conversion features were recorded as debt discounts that are amortized as additional interest expense over the estimated terms of the notes using the effective interest method. Debt Issuance Costs Debt issuance costs represent incremental legal costs and other costs incurred that are directly attributable to issuing debt. The costs are included as a direct reduction of the carrying amount of the respective liability and are amortized as additional interest expense over the estimated term of the debt using the effective interest method.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes expense for employee and non-employee stock-based compensation in accordance with ASC Topic 718, Stock-Based Compensation (ASC 718). ASC 718 requires that such transactions be accounted for using a fair value-based method. The estimated fair value of the options is amortized over the vesting period, based on the fair value of the options on the date granted, and is calculated using the Black-Scholes option-pricing model. The Company accounts for forfeitures as incurred. In considering the fair value of the underlying stock when the Company granted options, the Company considered several factors including the fair values established by market transactions. Stock option-based compensation includes estimates and judgments of when stock options might be exercised and stock price volatility. The timing of option exercises is out of the Company's control and depends upon a number of factors including the Company's market value and the financial objectives of the option holders. These estimates can have a material impact on the stock compensation expense but will have no impact on the cash flows. The estimation of share-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from original estimates, such amounts are recorded as a cumulative adjustment in the period the estimates are revised. The Company uses the expected term, rather than the contractual term, for both employee and consultant options issued.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements The Company considered the applicability and impact of all ASUs issued during the quarter ended September 30, 2023 and each was determined to be either not applicable or expected to have minimal impact on these financial statements.
Private GRI
Class of Stock [Line Items]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of gains and expenses during the reporting period. Accordingly, actual results could differ from those estimates.
Cash	Cash The Company maintains its cash in checking and savings accounts with reputable banks that may, at times, exceed federally insured limits. The Company has not experienced any losses in its cash accounts and does not believe they are subject to significant credit risk.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.The authoritative guidance establishes a hierarchy that prioritizes the inputs used to measure fair value, which consists of three broad levels: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2: Inputs, other than quoted prices included within Level 1, that are observable for the asset or liability either directly or indirectly. Such inputs include (i) quoted prices for similar assets or liabilities in active markets, (ii) quoted prices for identical or similar assets or liabilities in inactive markets, (iii) inputs other than quoted prices that are observable for the asset or liability, or (iv) inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amounts reported for cash, refunds receivable, accounts payable, accrued expenses, and advances from employees approximate their fair values due to their short-term nature. The fair value of the outstanding bridge promissory note was estimated to be approximately $1,398 as of December 31, 2022 based on its stated principal amount, estimated remaining term, and discount rate (Level 3 inputs). The fair value of the convertible promissory note was estimated to be approximately $3,650 as of December 31, 2021 based on the interest rate on the note and the holder’s options to convert the note into shares of the Company’s common stock (Level 2 inputs).
Deferred Stock Issuance Costs	Deferred Stock Issuance Costs Deferred stock issuance costs represent incremental legal costs incurred that are directly attributable to proposed offerings of securities. The costs are charged against the gross proceeds of the respective offering upon closing.
Property and Equipment	Property and Equipment Property and equipment are stated at cost. Maintenance and repairs that do not improve or extend the useful lives of the respective assets are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized, using the straight-line method, over the shorter of the estimated economic life of the improvements or the remaining lease term.
Long-Lived Assets	Long-Lived Assets
Leases	Leases The Company accounts for its leases in accordance with Accounting Standards Codification (ASC) 842, Leases , and assesses at contract inception whether a contract is, or contains, a lease. Generally, a lease exists if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company determines that it has the right to control the use of an identified asset when (i) it has the right to substantially all of the economic benefits from use of the identified asset and (ii) it has the right to direct the use of the identified asset. As permitted, the Company has made the accounting policy election to not separate lease components from non-lease components when allocating contract consideration, and instead accounts for each lease component and associated non-lease components as a single lease component. The Company classifies a lease as a finance lease when one or more of the following criteria are met: (i) the lease transfers ownership of the underlying asset to the Company by the end of the lease term, (ii) the lease grants an option to purchase the underlying asset that the Company is reasonably certain to exercise, (iii) the lease term is for the major part of the remaining useful life of the underlying asset, (iv) the present value of the sum of the lease payments equals or exceeds substantially all of the fair value of the underlying asset, or (v) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. The Company did not have any finance leases as of December 31, 2022 and 2021. A lease that does not meet any of these criteria is classified as an operating lease. At the lease commencement date, the Company recognizes a right-of-use asset and a lease liability for its operating leases, except its short-term operating leases with original lease terms of twelve months or less. The right-of-use asset is initially measured at cost, which primarily comprises the initial amount of the lease liability plus any lease prepayments. The lease liability is initially measured at the present value of the lease payments not yet paid, discounted using an estimate of the Company’s incremental borrowing rate for a collateralized loan with a similar amount and terms as the underlying lease in a similar economic environment. That discount rate is used because the interest rate implicit in the Company’s lease contracts is typically not readily determinable. Lease modifications that grant the right to use an existing leased asset for an additional period of time (i.e., a period of time not included in the original lease agreement) are not accounted for as separate contracts; however, the lease term, classification, discount rate, and measurement of the remaining consideration due under the contract are reassessed upon execution of such modifications. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease and is included in operating expenses.
Beneficial Conversion Features, Debt Discounts and Debt Issuance Costs	Beneficial Conversion Features Conversion options embedded in convertible promissory notes are accounted for as beneficial conversion features if the effective conversion price is less than the fair value of the Company’s common stock on the commitment date. The intrinsic value of a non-contingent beneficial conversion feature is recognized as a debt discount, with a corresponding increase to additional paid-in capital, on the commitment date. The intrinsic value of a contingent beneficial conversion feature is not recognized until the uncertain future event or circumstance occurs. Debt Discounts The relative fair values of warrants and common shares issued and call option rights assigned in connection with principal advances under promissory notes, the increases in fair values of embedded conversion options in connection with convertible promissory note modifications, and the intrinsic values of non-contingent beneficial conversion features were recorded as debt discounts that are amortized as additional interest expense over the estimated terms of the notes using the effective interest method. Debt Issuance Costs Debt issuance costs represent incremental legal costs and other costs incurred that are directly attributable to issuing debt. The costs are included as a direct reduction of the carrying amount of the respective liability and are amortized as additional interest expense over the estimated term of the debt using the effective interest method.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation recognized for stock option awards is based on the fair value of the awards on the grant date. The Company estimates the grant-date fair value of the awards using the Black-Scholes option pricing model, which requires the input of subjective assumptions including (i) the estimated fair value of the common stock, (ii) the expected stock price volatility, (iii) the risk-free interest rate, (iv) the expected term of the award, and (v) the expected dividend yield. Compensation cost for stock option awards with service-based vesting conditions is recognized ratably over the requisite service periods. Compensation cost for stock option awards with performance-based vesting conditions is recognized ratably over the requisite service periods if achievement of the performance conditions is probable. The effect of forfeitures is recognized as a reduction of stock-based compensation expense in the period in which the forfeitures occur. The Company issues new shares of common stock upon a stock option exercise.
Common Shares Issued and Outstanding	Common Shares Issued and Outstanding The number of shares of common stock issued as reported in the balance sheets includes legally issued shares of unvested restricted common stock for which the holders have the right to vote the shares and the right to receive dividends in such amount and at such times as all other common stockholders.
Internally Developed Patents and Research and Development	Internally Developed Patents Costs associated with the application and award of internally developed patents are expensed as incurred due to uncertainties regarding their recoverability. Research and Development Research and development costs are expensed as incurred.
Income Taxes	Income Taxes The provision for income taxes is based on the sum of the taxes currently payable or refundable plus the changes in deferred tax assets and liabilities. Deferred tax assets and liabilities are recognized for net operating loss carryforwards and temporary differences between the financial statement and tax bases of assets and liabilities. Deferred tax assets and liabilities for net operating loss carryforwards and temporary differences are measured using enacted tax rates in effect for the years in which the net operating losses are expected to be utilized and the temporary differences are expected to reverse. A valuation allowance is recorded against net deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax assets will be realized. The provision for income taxes is based on tax positions taken or expected to be taken in the Company’s income tax returns. The tax benefits of an uncertain tax position are recognized only if it is more likely than not that the tax position would be sustained upon examination by the relevant taxing authority. Tax benefits related to uncertain tax positions that do not meet this criterion are not recognized in the financial statements. There were no unrecognized tax benefits related to uncertain tax positions as of December 31, 2022 and 2021. Due to the existence of net operating loss carryforwards, the Company’s federal and state income tax returns are open to examination by the taxing authorities for all years since inception. Interest and penalties related to income taxes are recognized as a component of the provision for income taxes.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In August 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which reduces the number of accounting models available for convertible instruments, amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives, and modifies the diluted earnings per share calculations by requiring the use of the if-converted method and eliminating the treasury stock method, among other changes. The amendments in this update are effective for the Company’s fiscal years beginning after December 15, 2023, with early adoption permitted in fiscal years beginning after December 15, 2020. The guidance may be adopted through either a modified retrospective or fully retrospective transition method. Management is currently evaluating the impact of this update on the Company’s financial statements.

BASIS OF PRESENTATION AND SUM_3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Accounting	The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial periods and pursuant to the rules of the Securities and Exchange Commission (the SEC). Any reference in the accompanying unaudited interim financial statements to “authoritative guidance” is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) of the Financial Accounting Standards Board (FASB). The December 31, 2022 balance sheet was derived from the Company’s audited financial statements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Estimates and assumptions are primarily made in relation to the valuation of share options, the embedded derivative of convertible notes, warrant issuance and subsequent revaluations, valuation allowances relating to deferred tax assets, revenue recognition, accrued expenses and estimation of the incremental borrowing rate for the finance lease. If actual results differ from the Company’s estimates, or to the extent these estimates are adjusted in future periods, the Company’s results of operations could either benefit from, or be adversely affected by, any such change in estimate.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents are highly-liquid investments that are readily convertible into cash with original maturities of three months or less when purchased and as of September 30, 2023 and December 31, 2022 included investments in money market funds. The Company maintains its cash and cash equivalent balances at domestic financial institutions. Bank deposits with US banks are insured up to $250 by the Federal Deposits Insurance Corporation. The Company had an uninsured cash balances of $2,988 at September 30, 2023. The Company’s cash balance as of December 31, 2022 was fully insured.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase consistency and comparability in fair value measurements and related disclosures, ASC 820, Fair Value Measurement , (ASC 820) establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of fair value hierarchy defined by ASC 820 are described below: Level 1 : Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 : Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liabilities. Level 3 : Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). As of September 30, 2023, the Company’s financial instruments included cash, cash equivalents, prepaid expenses and other current assets, accounts payable, accrued expenses and certain liability classified warrants. The carrying amounts reported in the balance sheets for cash, cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair value based on the short-term maturity of these instruments. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. At September 30, 2023, there were no financial assets or liabilities measured at fair value on a recurring basis other than the liability classified warrants. In May 2022, Vallon issued warrants in connection with a securities purchase agreement. Vallon evaluated the warrants in accordance with ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity (ASC 815-40), and concluded that a provision in the warrants related to the reduction of the exercise price in certain circumstances precludes the warrants from being accounted for as components of equity. As a result, the warrants are recorded as a liability on the balance sheet. Vallon recorded the fair value of the warrants upon issuance using a Black-Scholes valuation model. The Company is required to revalue the warrants at each reporting date with any changes in fair value recorded in its statement of operations. The valuation of the warrants is considered under Level 3 of the fair value hierarchy due to the need to use assumptions in the valuation that are both significant to the fair value measurement and unobservable. The change in the fair value of the Level 3 warrants liabilities is reflected in the statement of operations for the nine months ended September 30, 2023.
Deferred Stock Issuance Costs	Deferred Stock Issuance Costs Deferred stock issuance costs represent incremental legal costs incurred that are directly attributable to proposed offerings of securities. The costs are charged against the gross proceeds of the respective offering upon closing.
Debt Discounts and Debt Issuance Costs	Debt Discounts The relative fair values of warrants and common shares issued and call option rights assigned in connection with principal advances under promissory notes, the increases in fair values of embedded conversion options in connection with convertible promissory note modifications, and the intrinsic values of non-contingent beneficial conversion features were recorded as debt discounts that are amortized as additional interest expense over the estimated terms of the notes using the effective interest method. Debt Issuance Costs Debt issuance costs represent incremental legal costs and other costs incurred that are directly attributable to issuing debt. The costs are included as a direct reduction of the carrying amount of the respective liability and are amortized as additional interest expense over the estimated term of the debt using the effective interest method.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes expense for employee and non-employee stock-based compensation in accordance with ASC Topic 718, Stock-Based Compensation (ASC 718). ASC 718 requires that such transactions be accounted for using a fair value-based method. The estimated fair value of the options is amortized over the vesting period, based on the fair value of the options on the date granted, and is calculated using the Black-Scholes option-pricing model. The Company accounts for forfeitures as incurred. In considering the fair value of the underlying stock when the Company granted options, the Company considered several factors including the fair values established by market transactions. Stock option-based compensation includes estimates and judgments of when stock options might be exercised and stock price volatility. The timing of option exercises is out of the Company's control and depends upon a number of factors including the Company's market value and the financial objectives of the option holders. These estimates can have a material impact on the stock compensation expense but will have no impact on the cash flows. The estimation of share-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from original estimates, such amounts are recorded as a cumulative adjustment in the period the estimates are revised. The Company uses the expected term, rather than the contractual term, for both employee and consultant options issued.
Net Loss Per Common Share	Net Loss Per Common Share Basic and diluted net loss per common share are calculated by dividing the net loss by the applicable weighted-average number of common shares outstanding during the period. As the Company had a net loss in each of the three and nine months ended September 30, 2023 and 2022, diluted net loss per common share is the same as basic net loss per common share for the period because the effects of potentially dilutive securities are antidilutive.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considered the applicability and impact of all ASUs issued during the quarter ended September 30, 2023 and each was determined to be either not applicable or expected to have minimal impact on these financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Vallon - 10-K (Policies)	9 Months Ended
	Sep. 30, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Estimates and assumptions are primarily made in relation to the valuation of share options, the embedded derivative of convertible notes, warrant issuance and subsequent revaluations, valuation allowances relating to deferred tax assets, revenue recognition, accrued expenses and estimation of the incremental borrowing rate for the finance lease. If actual results differ from the Company’s estimates, or to the extent these estimates are adjusted in future periods, the Company’s results of operations could either benefit from, or be adversely affected by, any such change in estimate.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents are highly-liquid investments that are readily convertible into cash with original maturities of three months or less when purchased and as of September 30, 2023 and December 31, 2022 included investments in money market funds. The Company maintains its cash and cash equivalent balances at domestic financial institutions. Bank deposits with US banks are insured up to $250 by the Federal Deposits Insurance Corporation. The Company had an uninsured cash balances of $2,988 at September 30, 2023. The Company’s cash balance as of December 31, 2022 was fully insured.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes expense for employee and non-employee stock-based compensation in accordance with ASC Topic 718, Stock-Based Compensation (ASC 718). ASC 718 requires that such transactions be accounted for using a fair value-based method. The estimated fair value of the options is amortized over the vesting period, based on the fair value of the options on the date granted, and is calculated using the Black-Scholes option-pricing model. The Company accounts for forfeitures as incurred. In considering the fair value of the underlying stock when the Company granted options, the Company considered several factors including the fair values established by market transactions. Stock option-based compensation includes estimates and judgments of when stock options might be exercised and stock price volatility. The timing of option exercises is out of the Company's control and depends upon a number of factors including the Company's market value and the financial objectives of the option holders. These estimates can have a material impact on the stock compensation expense but will have no impact on the cash flows. The estimation of share-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from original estimates, such amounts are recorded as a cumulative adjustment in the period the estimates are revised. The Company uses the expected term, rather than the contractual term, for both employee and consultant options issued.
Net Loss Per Common Share	Net Loss Per Common Share Basic and diluted net loss per common share are calculated by dividing the net loss by the applicable weighted-average number of common shares outstanding during the period. As the Company had a net loss in each of the three and nine months ended September 30, 2023 and 2022, diluted net loss per common share is the same as basic net loss per common share for the period because the effects of potentially dilutive securities are antidilutive.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considered the applicability and impact of all ASUs issued during the quarter ended September 30, 2023 and each was determined to be either not applicable or expected to have minimal impact on these financial statements.
Vallon Pharmaceuticals, Inc.
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Use of Estimates	Use of estimates
Concentration of credit risk	Concentration of credit risk
Cash and Cash Equivalents	Cash equivalents
Marketable securities	Marketable securities Marketable securities consist of debt securities that are designated as available-for-sale. Amortization of premiums and discounts on marketable securities are included in interest expense, net on the statements of operations and comprehensive loss. Realized gains or losses resulting from the sale of these securities are determined based on the specific identification of the securities sold. An impairment charge is recognized when the decline in the fair value of a debt security below the amortized cost basis is determined to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the duration and severity of any decline in fair value below the amortized cost basis, any adverse changes in the financial condition of the issuers and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.
Fair value of financial instruments	Fair value of financial instruments The Company follows ASC 820, Fair Value Measurements and Disclosures (ASC 820), to measure the fair value of its financial statements and disclosures about fair value of its financial instruments. ASC 820 establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase consistency and comparability in fair value measurements and related disclosures, ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of fair value hierarchy defined by ASC 820 are described below: Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Pricing inputs that are generally unobservable inputs and not corroborated by market data. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lower priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The Company uses this framework for measuring fair value and disclosures about fair value measurement. The Company uses fair value measurements in areas that include derivative instruments. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. The carrying amounts reported in the balance sheets for cash and cash equivalents, prepaid expenses and other current assets, accounts payable, accrued expenses, and note payable approximate their fair value based on the short-term maturity of these instruments.
Property and Equipment	Property and equipment Property and equipment are stated at cost. The Company commences depreciation when the asset is placed in service. Computers and peripheral equipment are depreciated on a straight-line method over useful lives of three years.
Leases	Leases The Company determines whether an arrangement is a lease at contract inception by establishing if the contract conveys the right to use, or control the use of, identified property, plant, or equipment for a period of time in exchange for consideration. Leases may be classified as finance leases or operating leases. Lease right-of-use (ROU) assets and lease liabilities recognized in the accompanying balance sheet represent the right to use an underlying asset for the lease term and an obligation to make lease payments arising from the lease respectively. At each reporting date, the finance lease liabilities are increased by interest and reduced by repayments made under the lease agreements. The ROU asset is subsequently measured at the amount of the remeasured lease liability (i.e. the present value of the remaining lease payments), any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, and any unamortized initial direct costs.
Warrant Liabilities, Change in Fair Value and Warrant Conversion and Derivative instruments	Warrant Liabilities, Change in Fair Value and Warrant Conversion The Company evaluated the warrants issued in connection with the May 2022 registered direct financing (Note 10) in accordance with ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity (ASC 815-40), and concluded that a provision in the warrants related to the reduction of the exercise price in certain circumstances precludes the warrants from being accounted for as components of equity. As the warrants meet the definition of a derivative as contemplated in ASC 815, the warrants are recorded as derivative liabilities on the accompanying Balance Sheets and measured at fair value at inception and at each reporting date in accordance with ASC 820, Fair Value Measurement, with changes in fair value recognized in the accompanying Statements of Operations and Comprehensive Loss in the period of change. The derivative liabilities will ultimately be converted into the Company’s common stock when the warrants are exercised, or will be extinguished upon expiry of the warrant term. Upon exercise, the intrinsic value of the shares issued is transferred to stockholders’ equity. The difference between the intrinsic value of the stock issued and the fair value of the warrant is recorded as gain or loss on the exchange in the accompanying Statements of Operations and Comprehensive Loss in the period of exercise. Derivative instruments The Company evaluated its convertible notes to determine if those contracts or embedded components of those contracts qualified as derivatives to be separately accounted for in accordance with ASC 815, Derivatives and Hedging . The result of this accounting treatment is that the fair value of the embedded derivative is marked to market each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statements of operations as other income or expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. In circumstances where the embedded conversion option in a convertible instrument is required to be bifurcated and there are also other embedded derivative instruments in the convertible instrument that are required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument. Equity instruments that are initially classified as equity that become subject to reclassification are reclassified to liability at the fair value of the instrument on the reclassification date. Derivative instrument liabilities are classified in the balance sheets as current or non-current to correspond with its host instrument.
Research and development	Research and development
Stock-Based Compensation	Stock-based compensation The Company recognizes expense for employee and non-employee stock-based compensation in accordance with ASC Topic 718, Stock-Based Compensation (ASC 718). ASC 718 requires that such transactions be accounted for using a fair value-based method. The estimated fair value of the options is amortized over the vesting period, based on the fair value of the options on the date granted, and is calculated using the Black-Scholes option-pricing model. The Company accounts for forfeitures as incurred. In considering the fair value of the underlying stock when the Company granted options, the Company considered several factors including the fair values established by market transactions. Stock option-based compensation includes estimates and judgments of when stock options might be exercised and stock price volatility. The timing of option exercises is out of the Company's control and depends upon a number of factors including the Company's market value and the financial objectives of the option holders. These estimates can have a material impact on the stock compensation expense but will have no impact on the cash flows. The estimation of share-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from original estimates, such amounts are recorded as a cumulative adjustment in the period the estimates are revised. The Company uses the expected term, rather than the contractual term, for both employee and consultant options issued.
Income Taxes	Income taxes Income taxes are accounted for under the asset and liability method. The Company recognizes deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of the Company's assets and liabilities and the expected benefits of net operating loss carryforwards. The impact of changes in tax rates and laws on deferred taxes, if any, applied during the period in which temporary differences are expected to be settled, is reflected in the Company's financial statements in the period of enactment. The measurement of deferred tax assets is reduced, if necessary, if, based on the weight of the evidence, it is more likely than not that some, or all, of the deferred tax assets will not be realized. As of December 31, 2022 and 2021, the Company concluded that a full valuation allowance was necessary for all of its net deferred tax assets. The Company had no amounts recorded for uncertain tax positions, interest or penalties in the accompanying consolidated financial statements.
Net Loss Per Common Share	Net loss per common share Basic net loss per common share is computed based on the weighted average number of shares of common stock outstanding during each year. Diluted net loss per common share is computed based on the weighted average number of shares of common stock outstanding during each year, plus the dilutive effect of options considered to be outstanding during each year, in accordance with ASC 260, Earnings Per Share
Recent Accounting Pronouncements	Recent accounting pronouncements The Company considers the applicability and impact of all ASUs. ASUs not discussed below were assessed and determined to be either not applicable or are expected to have minimal impact on the financial statements. On January 1, 2022, the Company adopted ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) . ASU 2020-06 address issues identified as a result of the complexity associated with applying generally accepted accounting principles (GAAP) for certain financial instruments with characteristics of liabilities and equity.The amendments focused on amending the guidance on convertible instruments and the guidance on the derivatives scope exception for contracts in an entity’s own equity. The adoption of this standard did not have a material impact on the Company’s financial statements. On January 1, 2021, the Company adopted ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principals in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending the existing guidance. The adoption of this standard did not have a material impact on the Company’s financial statements.

BASIS OF PRESENTATION AND SUM_4

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Vallon - Q1 (Policies)	9 Months Ended
	Sep. 30, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Basis of Accounting	The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial periods and pursuant to the rules of the Securities and Exchange Commission (the SEC). Any reference in the accompanying unaudited interim financial statements to “authoritative guidance” is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) of the Financial Accounting Standards Board (FASB). The December 31, 2022 balance sheet was derived from the Company’s audited financial statements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Estimates and assumptions are primarily made in relation to the valuation of share options, the embedded derivative of convertible notes, warrant issuance and subsequent revaluations, valuation allowances relating to deferred tax assets, revenue recognition, accrued expenses and estimation of the incremental borrowing rate for the finance lease. If actual results differ from the Company’s estimates, or to the extent these estimates are adjusted in future periods, the Company’s results of operations could either benefit from, or be adversely affected by, any such change in estimate.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents are highly-liquid investments that are readily convertible into cash with original maturities of three months or less when purchased and as of September 30, 2023 and December 31, 2022 included investments in money market funds. The Company maintains its cash and cash equivalent balances at domestic financial institutions. Bank deposits with US banks are insured up to $250 by the Federal Deposits Insurance Corporation. The Company had an uninsured cash balances of $2,988 at September 30, 2023. The Company’s cash balance as of December 31, 2022 was fully insured.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes expense for employee and non-employee stock-based compensation in accordance with ASC Topic 718, Stock-Based Compensation (ASC 718). ASC 718 requires that such transactions be accounted for using a fair value-based method. The estimated fair value of the options is amortized over the vesting period, based on the fair value of the options on the date granted, and is calculated using the Black-Scholes option-pricing model. The Company accounts for forfeitures as incurred. In considering the fair value of the underlying stock when the Company granted options, the Company considered several factors including the fair values established by market transactions. Stock option-based compensation includes estimates and judgments of when stock options might be exercised and stock price volatility. The timing of option exercises is out of the Company's control and depends upon a number of factors including the Company's market value and the financial objectives of the option holders. These estimates can have a material impact on the stock compensation expense but will have no impact on the cash flows. The estimation of share-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from original estimates, such amounts are recorded as a cumulative adjustment in the period the estimates are revised. The Company uses the expected term, rather than the contractual term, for both employee and consultant options issued.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considered the applicability and impact of all ASUs issued during the quarter ended September 30, 2023 and each was determined to be either not applicable or expected to have minimal impact on these financial statements.
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Basis of Accounting	The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial periods and pursuant to the rules of the Securities and Exchange Commission (the SEC). References in this Quarterly Report on Form 10-Q to “authoritative guidance” is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) of the Financial Accounting Standards Board (FASB). The December 31, 2022 balance sheet was derived from Vallon’s audited financial statements.
Use of Estimates	Use of Estimates
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents are highly-liquid investments that are readily convertible into cash with original maturities of three months or less when purchased and as of March 31, 2023 and December 31, 2022 included investments in money market funds. The Company maintains its cash and cash equivalent balances at domestic financial institutions. Bank deposits with US banks are insured up to $250 by the Federal Deposits Insurance Corporation. The Company had uninsured cash balances of $1,218 and $3,281 at March 31, 2023 and December 31, 2022, respectively.
Warrant Liabilities, Change in Fair Value and Warrant Conversion and Derivative instruments	Warrant Liabilities, Change in Fair Value and Warrant Conversion The Company evaluated the warrants issued in connection with the Offering (Note 6) in accordance with ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity (ASC 815-40), and concluded that a provision in the Warrants related to the reduction of the exercise price in certain circumstances precludes the Warrants from being accounted for as components of equity. As the Warrants meet the definition of a derivative as contemplated in ASC 815, the Warrants are recorded as derivative liabilities on the accompanying Balance Sheets and measured at fair value at inception and at each reporting date in accordance with ASC 820, Fair Value Measurement, with changes in fair value recognized in the accompanying Statements of Operations and Comprehensive Loss in the period of change. The derivative liabilities will ultimately be converted into the Company’s common stock when the Warrants are exercised, or will be extinguished upon expiry of the Warrant term. Upon exercise, the intrinsic value of the shares issued is transferred to stockholders’ equity. The difference between the intrinsic value of the stock issued and the fair value of the Warrants is recorded as gain or loss on the exchange in the accompanying Statements of Operations and Comprehensive Loss in the period of exercise.
Stock-Based Compensation	Stock-based Compensation The Company recognizes expense for employee and non-employee stock-based compensation in accordance with ASC Topic 718, Stock-Based Compensation (ASC 718). ASC 718 requires that such transactions be accounted for using a fair value-based method. The estimated fair value of the options is amortized over the vesting period, based on the fair value of the options on the date granted, and is calculated using the Black-Scholes option-pricing model. The Company accounts for forfeitures as incurred. In considering the fair value of the underlying stock when the Company granted options, the Company considered several factors including the fair values established by market transactions. Stock option-based compensation includes estimates and judgments of when stock options might be exercised and stock price volatility. The timing of option exercises is out of the Company's control and depends upon a number of factors including the Company's market value and the financial objectives of the option holders. These estimates can have a material impact on the stock compensation expense but will have no impact on the cash flows. The estimation of share-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from original estimates, such amounts are recorded as a cumulative adjustment in the period the estimates are revised. The Company uses the expected term, rather than the contractual term, for both employee and consultant options issued.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considered the applicability and impact of all ASUs issued during the quarter ended March 31, 2023 and each was determined to be either not applicable or expected to have minimal impact on these financial statements.

NET LOSS PER COMMON SHARE - 1_2

NET LOSS PER COMMON SHARE - 10-K (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Schedule of Common Stock Equivalents Excluded From Diluted Net Loss Per Share Calculation	Common stock equivalents excluded from the diluted net loss per common share calculations are as follows: September 30, 2023 2022 Stock options 45,431 12,782 Warrants 363,737 1,438 Restricted stock with repurchase rights — 3,020 Stock subject to put right — 159 Convertible promissory note — 21,501 409,168 38,900
Private GRI
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Schedule of Common Stock Equivalents Excluded From Diluted Net Loss Per Share Calculation	Potentially dilutive securities not included in the diluted net loss per common share calculations because their (i) effects were antidilutive or (ii) contingent conditions have not been satisfied are as follows for the periods presented: December 31, 2022 2021 Stock options 341,767 341,767 Warrants 217,388 38,461 Restricted stock subject to contingent conditions 628,377 565,234 Stock subject to put right — 29,857 Convertible promissory note (1) — 472,527 1,187,532 1,447,846 __________________ (1) The conversion price for the $500 second additional advance from May 2021 is assumed to be $7.00 per share. The conversion price for all other convertible amounts is assumed to be $9.10 per share.

PROPERTY AND EQUIPMENT - 10-K (

PROPERTY AND EQUIPMENT - 10-K (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Schedule of Property and Equipment	September 30, 2023 December 31, 2022 Computer equipment $ 21 $ 13 Furniture and fixtures 13 13 34 26 Accumulated depreciation (25) (22) $ 9 $ 4
Private GRI
Property, Plant and Equipment [Line Items]
Schedule of Property and Equipment	December 31, 2022 2021 Computer equipment (useful life – 5 years) $ 13 $ 10 Furniture and fixtures (useful life – 5 years) 13 13 26 23 Accumulated depreciation (22) (20) $ 4 $ 3

ACCRUED EXPENSES - 10-K (Tables

ACCRUED EXPENSES - 10-K (Tables)	9 Months Ended
	Sep. 30, 2023
Accrued Expenses [Line Items]
Schedule of Accrued Expenses	Accrued expenses consist of the following: September 30, 2023 December 31, 2022 Research and development $ 75 $ — General and administrative 188 — Payroll and related 880 36 Total accrued expenses $ 1,143 $ 36
Private GRI
Accrued Expenses [Line Items]
Schedule of Accrued Expenses	December 31, 2022 2021 Accrued compensation $ 33 $ 142 Accrued interest — 1,111 Other 3 18 $ 36 $ 1,271

STOCKHOLDERS_ EQUITY - 10-K (Ta

STOCKHOLDERS’ EQUITY - 10-K (Tables)	9 Months Ended
	Sep. 30, 2023
Class of Stock [Line Items]
Warrants Outstanding	As of September 30, 2023, the Company had the following warrants outstanding to purchase common stock. Number of Shares Exercise Price per Share Expiration Date 1,231 $243.32 November 2023 204 $243.32 December 2023 163,185 $103.18 June 2025 542 $2,100.00 February 2026 3,524 $197.05 May 2027 167 $0.01 July 2027 342 $429.73 April 2028 60,228 $103.11 60 months after registration date 181,316 $94.57 60 months after registration date 116,353 $85.96 24 months after registration date
Private GRI
Class of Stock [Line Items]
Warrants Outstanding	As of December 31, 2022 and 2021, the Company had 388,704 and 200,851 warrants outstanding, respectively, the details of which are as follows: Issuance Number of Common Shares Exercise Price Expiration November 2018 96,428 $0.01 November 2023 December 2019 65,960 $0.01 December 2024 November 2020 32,967 $9.10 November 2023 December 2020 5,494 $9.10 December 2023 July 2022 8,928 $0.01 July 2027 December 2022 178,927 $9.31 March 2028 (Estimate)

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - 10-K (Tables)	9 Months Ended
	Sep. 30, 2023
Private GRI
Other Commitments [Line Items]
Future Minimum Lease Payments	Future minimum lease payments are due as follows: December 31, 2022 2023 $ 63 2024 14 Total 77 Less: Imputed interest 6 Present value of operating lease liabilities $ 71

INCOME TAXES - 10-K (Tables)

INCOME TAXES - 10-K (Tables) - Private GRI	9 Months Ended
	Sep. 30, 2023
Income Taxes [Line Items]
Schedule of Reconciliation of Provision for Income Taxes	The difference between the provision for income taxes and the amount expected by applying the federal statutory rate of 21% to pre-tax loss is due to the following: Year Ended December 31, 2022 2021 Expected tax benefit based on federal statutory rate $ (676) $ (328) State tax benefit (242) (144) Permanent differences 288 567 Increase (decrease) in valuation allowance 630 (95) Provision for income taxes $ — $ —
Schedule of Deferred Tax Assets and Liabilities	Significant components of deferred tax assets and liabilities, and the related valuation allowance, are as follows as of: December 31, 2022 2021 Net operating loss (NOL) carryforwards $ 3,505 $ 2,879 Stock-based compensation 188 188 Accrued compensation 10 42 Operating lease liabilities 21 34 Operating lease right-of-use assets (20) (34) Capitalized research and experimental expenditures 68 — Depreciation and amortization 7 (2) State income taxes (235) (193) Valuation allowance (3,544) (2,914) Net deferred tax asset $ — $ —

BASIS OF PRESENTATION AND SUM_5

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Common Stock Equivalents Excluded From Diluted Net Loss Per Share Calculation	Common stock equivalents excluded from the diluted net loss per common share calculations are as follows: September 30, 2023 2022 Stock options 45,431 12,782 Warrants 363,737 1,438 Restricted stock with repurchase rights — 3,020 Stock subject to put right — 159 Convertible promissory note — 21,501 409,168 38,900

MERGER WITH VALLON (Tables)

MERGER WITH VALLON (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of the Net Liabilities Assumed in the Merger	The following table shows the net liabilities assumed in the Merger: April 21, 2023 Cash and cash equivalents $ 941 Prepaid and other assets 310 Accounts payable and accrued expenses (4,190) Total net liabilities assumed (2,939) Plus: Transaction costs (2,984) Total net liabilities assumed plus transaction costs $ (5,923)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Liabilities Measured on Recurring Basis	The following table presents, for each of the fair value hierarchy levels required under ASC 820, the Company’s liabilities that are measured at fair value on a recurring basis at September 30, 2023: Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs Significant Other Unobservable Inputs Liabilities: Warrant liability $ — $ — $ 18 Total liabilities $ — $ — $ 18
Schedule of the Changes is the Fair Value	The following table presents the changes in the fair value of the Level 3 liability: Warrant Liability Fair value as of December 31, 2022 $ 185 Change in valuation (167) Fair value as of September 30, 2023 $ 18
Schedule of the Fair Value of the Warrants	The Black-Scholes valuation model was used to estimate the fair value of the warrants with the following weighted-average assumptions: September 30, 2023 December 31, 2022 Volatility 167.7 % 139.9 % Expected term in years 2.5 2.5 Dividend rate 0.0 % 0.0 % Risk-free interest rate 4.92 % 4.32 % The Black-Scholes option-pricing model was used to estimate the fair value of the Equity Warrants, the Exchange Warrants and the Advisor Warrants with the following weighted-average assumptions: Volatility 167.6 % Expected term in years 1.69 Dividend rate 0.0 % Risk-free interest rate 4.37 %

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	September 30, 2023 December 31, 2022 Computer equipment $ 21 $ 13 Furniture and fixtures 13 13 34 26 Accumulated depreciation (25) (22) $ 9 $ 4

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consist of the following: September 30, 2023 December 31, 2022 Research and development $ 75 $ — General and administrative 188 — Payroll and related 880 36 Total accrued expenses $ 1,143 $ 36

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of the Fair Value of the Warrants	The Black-Scholes valuation model was used to estimate the fair value of the warrants with the following weighted-average assumptions: September 30, 2023 December 31, 2022 Volatility 167.7 % 139.9 % Expected term in years 2.5 2.5 Dividend rate 0.0 % 0.0 % Risk-free interest rate 4.92 % 4.32 % The Black-Scholes option-pricing model was used to estimate the fair value of the Equity Warrants, the Exchange Warrants and the Advisor Warrants with the following weighted-average assumptions: Volatility 167.6 % Expected term in years 1.69 Dividend rate 0.0 % Risk-free interest rate 4.37 %
Schedule of Warrants Outstanding to Purchase Common Stock	As of September 30, 2023, the Company had the following warrants outstanding to purchase common stock. Number of Shares Exercise Price per Share Expiration Date 1,231 $243.32 November 2023 204 $243.32 December 2023 163,185 $103.18 June 2025 542 $2,100.00 February 2026 3,524 $197.05 May 2027 167 $0.01 July 2027 342 $429.73 April 2028 60,228 $103.11 60 months after registration date 181,316 $94.57 60 months after registration date 116,353 $85.96 24 months after registration date

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense	The Company recorded stock-based compensation related to stock options issued under the Private GRI Plan and the A&R 2018 Plan in the following expense categories of its accompanying statements of operations for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Research and development $ — $ — $ — $ — General and administrative 326 — 351 — Total $ 326 $ — $ 351 $ —
Schedule of Activity of Stock Options	The table below represents the activity of stock options granted to employees and non-employees for the nine months ended September 30, 2023: Number of options Weighted average exercise price Weighted average remaining contractual term (years) Outstanding at December 31, 2022 16,081 $ 169.84 4.71 Granted 31,608 $ 16.66 Exercised — — Forfeited/Cancelled (2,266) $ 896.91 Outstanding at September 30, 2023 45,423 $ 65.33 7.92 Exercisable at September 30, 2023 45,423 $ 65.33 7.92
Schedule of Valuation Assumptions	The Black-Scholes option-pricing model was used to estimate the grant date fair value of each stock option grant at the time of grant using the following weighted-average assumptions: For the Nine Months Ended September 30, 2023 2022 Volatility 129.54 % 90.39 % Expected term in years 5.84 5.98 Dividend rate 0.00 % 0.00 % Risk-free interest rate 4.34 % 2.00 % Fair value of option on grant date $ 14.91 $ 27.02

MARKETABLE SECURITIES AND FAI_2

MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS - Vallon - 10-K (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Schedule of Fair Value, Liabilities Measured on Recurring Basis	The following table presents, for each of the fair value hierarchy levels required under ASC 820, the Company’s liabilities that are measured at fair value on a recurring basis at September 30, 2023: Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs Significant Other Unobservable Inputs Liabilities: Warrant liability $ — $ — $ 18 Total liabilities $ — $ — $ 18
Schedule of the Changes is the Fair Value	The following table presents the changes in the fair value of the Level 3 liability: Warrant Liability Fair value as of December 31, 2022 $ 185 Change in valuation (167) Fair value as of September 30, 2023 $ 18
Schedule of the Fair Value of the Warrants	The Black-Scholes valuation model was used to estimate the fair value of the warrants with the following weighted-average assumptions: September 30, 2023 December 31, 2022 Volatility 167.7 % 139.9 % Expected term in years 2.5 2.5 Dividend rate 0.0 % 0.0 % Risk-free interest rate 4.92 % 4.32 % The Black-Scholes option-pricing model was used to estimate the fair value of the Equity Warrants, the Exchange Warrants and the Advisor Warrants with the following weighted-average assumptions: Volatility 167.6 % Expected term in years 1.69 Dividend rate 0.0 % Risk-free interest rate 4.37 %
Vallon Pharmaceuticals, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	The following is a summary of the Company’s available-for-sale securities as of the dates indicated: As of December 31, 2021 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities: Debt securities: Corporate bonds $ 1,153 $ — $ (1) $ 1,152 Municipal bonds 2,657 — (1) 2,656 Total $ 3,810 $ — $ (2) $ 3,808
Schedule of Fair Value, Liabilities Measured on Recurring Basis	The following table presents, for each of the fair value hierarchy levels required under ASC 820, the Company’s liabilities that are measured at fair value on a recurring basis as of the dates indicated: As of December 31, 2022 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Liabilities: Warrant liability $ — $ — $ 122 As of December 31, 2021 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Assets: Marketable securities, available-for-sale $ — $ 3,808 $ —
Schedule of the Changes is the Fair Value	The following table presents the changes is the fair value of the Level 3 liability: Warrant Liability Fair value as of December 31, 2021 $ — Initial measurement on May 17, 2022 1,288 Warrant conversion (782) Change in valuation (384) Balance as of December 31, 2022 $ 122
Schedule of the Fair Value of the Warrants	The Black-Scholes valuation model was used to estimate the fair value of the warrants with the following weighted-average assumptions: (Initial Measurement) May 17, 2022 December 31, 2022 Volatility 130.8 % 133.3 % Expected term in years 2.5 2.5 Dividend rate 0.0 % 0.0 % Risk-free interest rate 2.665 % 4.240 % Volatility 85.0 % Expected term in years 2.5 Dividend rate 0.0 % Risk-free interest rate 0.155 %

LEASES - Vallon - 10-K (Tables)

LEASES - Vallon - 10-K (Tables)	9 Months Ended
	Sep. 30, 2023
Vallon Pharmaceuticals, Inc.
Leases [Line Items]
Schedule of Finance Lease Cost	The table below presents the finance lease assets and liabilities recognized on the Company's balance sheets: Balance Sheet Line Item December 31, 2022 2021 Non-current finance lease assets Other assets $ — $ 206 Finance lease liabilities: Current finance lease liabilities Other current liabilities — 97 Non-current finance lease liabilities Other liabilities — 72 Total finance lease liabilities $ — $ 169 Cash flows related to the measurement of financing lease assets and liabilities were as follows: Year Ended December 31, 2022 2021 Operating cash flows from finance lease amortization $ 206 $ 73 Financing cash flows from finance lease payments $ 15 $ 106

ACCRUED EXPENSES - Vallon - 1_2

ACCRUED EXPENSES - Vallon - 10-K (Tables)	9 Months Ended
	Sep. 30, 2023
Accrued Expenses [Line Items]
Schedule of Accrued Expenses	Accrued expenses consist of the following: September 30, 2023 December 31, 2022 Research and development $ 75 $ — General and administrative 188 — Payroll and related 880 36 Total accrued expenses $ 1,143 $ 36
Vallon Pharmaceuticals, Inc.
Accrued Expenses [Line Items]
Schedule of Accrued Expenses	Accrued expenses consisted of: December 31, 2022 2021 Accrued expenses: Research and development $ 42 $ 894 General and administrative 268 183 Payroll and related 401 291 Licensing related — 62 Total accrued expenses $ 711 $ 1,430

STOCKHOLDERS EQUITY (DEFICIT) -

STOCKHOLDERS EQUITY (DEFICIT) - Vallon - 10-K (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Line Items]
Schedule of the Fair Value of the Warrants	The Black-Scholes valuation model was used to estimate the fair value of the warrants with the following weighted-average assumptions: September 30, 2023 December 31, 2022 Volatility 167.7 % 139.9 % Expected term in years 2.5 2.5 Dividend rate 0.0 % 0.0 % Risk-free interest rate 4.92 % 4.32 % The Black-Scholes option-pricing model was used to estimate the fair value of the Equity Warrants, the Exchange Warrants and the Advisor Warrants with the following weighted-average assumptions: Volatility 167.6 % Expected term in years 1.69 Dividend rate 0.0 % Risk-free interest rate 4.37 %
Schedule of Warrants Outstanding to Purchase Common Stock	As of September 30, 2023, the Company had the following warrants outstanding to purchase common stock. Number of Shares Exercise Price per Share Expiration Date 1,231 $243.32 November 2023 204 $243.32 December 2023 163,185 $103.18 June 2025 542 $2,100.00 February 2026 3,524 $197.05 May 2027 167 $0.01 July 2027 342 $429.73 April 2028 60,228 $103.11 60 months after registration date 181,316 $94.57 60 months after registration date 116,353 $85.96 24 months after registration date
Vallon Pharmaceuticals, Inc.
Equity [Line Items]
Schedule of the Fair Value of the Warrants	The Black-Scholes valuation model was used to estimate the fair value of the warrants with the following weighted-average assumptions: (Initial Measurement) May 17, 2022 December 31, 2022 Volatility 130.8 % 133.3 % Expected term in years 2.5 2.5 Dividend rate 0.0 % 0.0 % Risk-free interest rate 2.665 % 4.240 % Volatility 85.0 % Expected term in years 2.5 Dividend rate 0.0 % Risk-free interest rate 0.155 %
Schedule of Warrants Outstanding to Purchase Common Stock	As of December 31, 2022, the Company had the following warrants outstanding to purchase common stock. Number of Shares Exercise Price per Share Expiration Date 3,758 $300.00 February 12, 2026 24,666 $28.146 May 17, 2027

STOCK-BASED COMPENSATION - Va_3

STOCK-BASED COMPENSATION - Vallon - 10-K (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Schedule of Stock-based Compensation Expense	The Company recorded stock-based compensation related to stock options issued under the Private GRI Plan and the A&R 2018 Plan in the following expense categories of its accompanying statements of operations for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Research and development $ — $ — $ — $ — General and administrative 326 — 351 — Total $ 326 $ — $ 351 $ —
Schedule of Valuation Assumptions	The Black-Scholes option-pricing model was used to estimate the grant date fair value of each stock option grant at the time of grant using the following weighted-average assumptions: For the Nine Months Ended September 30, 2023 2022 Volatility 129.54 % 90.39 % Expected term in years 5.84 5.98 Dividend rate 0.00 % 0.00 % Risk-free interest rate 4.34 % 2.00 % Fair value of option on grant date $ 14.91 $ 27.02
Vallon Pharmaceuticals, Inc.
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Schedule of Stock-based Compensation Expense	The Company recorded stock-based compensation related to stock options and restricted stock units (RSUs) issued under the Company’s 2018 Equity Incentive Plan (2018 Plan) in the following expense categories of its accompanying statements of operations for the years ended December 31, 2022 and 2021: For the Year Ended December 31, 2022 2021 Research and development $ (202) $ 83 General and administrative 301 543 Total $ 99 $ 626
Activity of Stock Options Granted	The table below represents the activity of stock options granted to employees and non-employees for the year ended December 31, 2022: Number of options Weighted average exercise price Weighted average remaining contractual term (years) Outstanding at December 31, 2021 23,616 $ 108.00 8.64 Granted 6,817 $ 156.60 Exercised — — Forfeited (7,291) 121.80 Outstanding at December 31, 2022 23,142 $ 118.20 8.05 Exercisable at December 31, 2022 11,283 $ 101.40 7.60 Vested and expected to vest at December 31, 2022 20,172 $ 117.30 8.12
Schedule of Valuation Assumptions	The Black-Scholes option-pricing model was used to estimate the grant date fair value of each stock option grant at the time of grant using the following weighted-average assumptions: For the Year Ended December 31, 2022 2021 Volatility 90.39 % 83.78 % Expected term in years 5.98 5.85 Dividend rate 0.00 % 0.00 % Risk-free interest rate 2.00 % 1.01 % Fair value of common stock on grant date $ 115.80 $ 120.00
Summary of Restricted Stock Unit Activity	The following table summarizes the activity related to RSUs granted to employees for the year ended December 31, 2022: Shares Outstanding at December 31, 2021 — Granted 6,267 Vested and settled (314) Expired/forfeited/canceled (5,953) Outstanding at December 31, 2022 —

INCOME TAX - Vallon - 10-K (Tab

INCOME TAX - Vallon - 10-K (Tables) - Vallon Pharmaceuticals, Inc.	9 Months Ended
	Sep. 30, 2023
Income Taxes [Line Items]
Schedule of Reconciliation of Provision for Income Taxes	A reconciliation of income tax expense (benefit) at the US federal statutory income tax rate and the income tax provision in the financial statements is as follows: December 31, 2022 2021 Expected income tax benefit at the federal statutory rate 21.0 % 21.0 % State and local taxes, net of federal benefit 10.8 10.6 Non-deductible items and other (0.8) (0.5) Change in valuation allowance (31.0) (31.1) Total — % — %
Schedule of Deferred Tax Assets and Liabilities	The principal components of the Company’s deferred tax assets and liabilities are as follows: December 31, 2022 2021 Deferred tax assets: Federal and state net operating loss carryforwards $ 8,346 $ 6,617 Share based compensation 342 308 Lease liabilities 55 57 Research and development costs 315 — Accruals and other 136 98 Gross deferred tax assets 9,194 7,080 Less: deferred tax liabilities — (70) Less: valuation allowance (9,194) (7,010) Net deferred tax assets $ — $ —

FAIR VALUE MEASUREMENTS - Val_2

FAIR VALUE MEASUREMENTS - Vallon - Q1 (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Schedule of Fair Value, Liabilities Measured on Recurring Basis	The following table presents, for each of the fair value hierarchy levels required under ASC 820, the Company’s liabilities that are measured at fair value on a recurring basis at September 30, 2023: Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs Significant Other Unobservable Inputs Liabilities: Warrant liability $ — $ — $ 18 Total liabilities $ — $ — $ 18
Schedule of the Changes is the Fair Value	The following table presents the changes in the fair value of the Level 3 liability: Warrant Liability Fair value as of December 31, 2022 $ 185 Change in valuation (167) Fair value as of September 30, 2023 $ 18
Schedule of the Fair Value of the Warrants	The Black-Scholes valuation model was used to estimate the fair value of the warrants with the following weighted-average assumptions: September 30, 2023 December 31, 2022 Volatility 167.7 % 139.9 % Expected term in years 2.5 2.5 Dividend rate 0.0 % 0.0 % Risk-free interest rate 4.92 % 4.32 % The Black-Scholes option-pricing model was used to estimate the fair value of the Equity Warrants, the Exchange Warrants and the Advisor Warrants with the following weighted-average assumptions: Volatility 167.6 % Expected term in years 1.69 Dividend rate 0.0 % Risk-free interest rate 4.37 %
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Schedule of Fair Value, Liabilities Measured on Recurring Basis	The following table presents, for each of the fair value hierarchy levels required under ASC 820, Vallon’s liabilities that are measured at fair value on a recurring basis at March 31, 2023: Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Liabilities: Warrant liability $ — $ — $ 185
Schedule of the Changes is the Fair Value	The following table presents the changes is the fair value of the Level 3 liability: Warrant Liability Fair value as of December 31, 2022 $ 122 Change in valuation 63 Balance as of March 31, 2023 $ 185
Schedule of the Fair Value of the Warrants	The Black-Scholes valuation model was used to estimate the fair value of the Warrants with the following weighted-average assumptions: December 31, 2022 March 31, 2023 Volatility 139.9 % 159.4 % Expected term in years 2.5 2.5 Dividend rate 0.0 % 0.0 % Risk-free interest rate 4.32 % 3.94 % Volatility 85.0 % Expected term in years 2.5 Dividend rate 0.0 % Risk-free interest rate 0.155 %

ACCRUED EXPENSES - Vallon - Q1

ACCRUED EXPENSES - Vallon - Q1 (Tables)	9 Months Ended
	Sep. 30, 2023
Accrued Expenses [Line Items]
Schedule of Accrued Expenses	Accrued expenses consist of the following: September 30, 2023 December 31, 2022 Research and development $ 75 $ — General and administrative 188 — Payroll and related 880 36 Total accrued expenses $ 1,143 $ 36
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Accrued Expenses [Line Items]
Schedule of Accrued Expenses	Accrued expenses consist of the following: March 31, 2023 December 31, 2022 Research and development $ 2 $ 42 General and administrative 136 268 Payroll and related 1,215 401 Total accrued expenses $ 1,353 $ 711

STOCKHOLDERS_ EQUITY - Vallon_2

STOCKHOLDERS’ EQUITY - Vallon - Q1 (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Line Items]
Schedule of the Fair Value of the Warrants	The Black-Scholes valuation model was used to estimate the fair value of the warrants with the following weighted-average assumptions: September 30, 2023 December 31, 2022 Volatility 167.7 % 139.9 % Expected term in years 2.5 2.5 Dividend rate 0.0 % 0.0 % Risk-free interest rate 4.92 % 4.32 % The Black-Scholes option-pricing model was used to estimate the fair value of the Equity Warrants, the Exchange Warrants and the Advisor Warrants with the following weighted-average assumptions: Volatility 167.6 % Expected term in years 1.69 Dividend rate 0.0 % Risk-free interest rate 4.37 %
Schedule of Warrants Outstanding to Purchase Common Stock	As of September 30, 2023, the Company had the following warrants outstanding to purchase common stock. Number of Shares Exercise Price per Share Expiration Date 1,231 $243.32 November 2023 204 $243.32 December 2023 163,185 $103.18 June 2025 542 $2,100.00 February 2026 3,524 $197.05 May 2027 167 $0.01 July 2027 342 $429.73 April 2028 60,228 $103.11 60 months after registration date 181,316 $94.57 60 months after registration date 116,353 $85.96 24 months after registration date
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Equity [Line Items]
Schedule of the Fair Value of the Warrants	The Black-Scholes valuation model was used to estimate the fair value of the Warrants with the following weighted-average assumptions: December 31, 2022 March 31, 2023 Volatility 139.9 % 159.4 % Expected term in years 2.5 2.5 Dividend rate 0.0 % 0.0 % Risk-free interest rate 4.32 % 3.94 % Volatility 85.0 % Expected term in years 2.5 Dividend rate 0.0 % Risk-free interest rate 0.155 %
Schedule of Warrants Outstanding to Purchase Common Stock	As of March 31, 2023, Vallon had the following warrants outstanding to purchase common stock. Number of Shares Exercise Price per Share Expiration Date 3,758 $300.00 February 12, 2026 24,667 $28.146 May 17, 2027

STOCK-BASED COMPENSATION - Va_4

STOCK-BASED COMPENSATION - Vallon - Q1 (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Schedule of Stock-based Compensation Expense	The Company recorded stock-based compensation related to stock options issued under the Private GRI Plan and the A&R 2018 Plan in the following expense categories of its accompanying statements of operations for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Research and development $ — $ — $ — $ — General and administrative 326 — 351 — Total $ 326 $ — $ 351 $ —
Schedule of Valuation Assumptions	The Black-Scholes option-pricing model was used to estimate the grant date fair value of each stock option grant at the time of grant using the following weighted-average assumptions: For the Nine Months Ended September 30, 2023 2022 Volatility 129.54 % 90.39 % Expected term in years 5.84 5.98 Dividend rate 0.00 % 0.00 % Risk-free interest rate 4.34 % 2.00 % Fair value of option on grant date $ 14.91 $ 27.02
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Schedule of Stock-based Compensation Expense	Vallon recorded stock-based compensation related to stock options issued under the Vallon’s 2018 Equity Incentive Plan (2018 Plan) in the following expense categories of its accompanying statements of operations for the three months ended March 31, 2023 and 2022: For the Three Months Ended March 31, 2023 2022 Research and development $ 6 $ 18 General and administrative 79 163 Total $ 85 $ 181
Activity of Stock Options Granted	The table below represents the activity of stock options granted to employees and non-employees for the three months ended March 31, 2023: Number of options Weighted average exercise price Weighted average remaining contractual term (years) Outstanding at December 31, 2022 23,142 $ 118.20 8.05 Granted — — Exercised — — Forfeited — — Outstanding at March 31, 2023 23,142 $ 118.20 7.80 Exercisable at March 31, 2023 13,112 $ 106.79 7.53
Schedule of Valuation Assumptions	The Black-Scholes option-pricing model was used to estimate the grant date fair value of each stock option grant at the time of grant using the following weighted-average assumptions: For the Three Months Ended March 31, 2022 Volatility 88.65 % Expected term in years 6.06 Dividend rate 0.00 % Risk-free interest rate 1.95 % Fair value of option on grant date $ 128.70

THE COMPANY AND A SUMMARY OF _3

THE COMPANY AND A SUMMARY OF ITS SIGNIFICANT ACCOUNTING POLICIES - 10-K (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Mar. 09, 2023	Dec. 14, 2022	Apr. 30, 2020	Dec. 31, 2019	Nov. 30, 2018
Bridge SPA
Debt Instrument [Line Items]
Debt instrument, face amount			$ 1,667,000	$ 1,667,000
Private GRI
Debt Instrument [Line Items]
Impairment of long-lived assets	$ 0	$ 0
Private GRI | Bridge SPA | Significant Other Unobservable Inputs (Level 3)
Debt Instrument [Line Items]
Fair value of debt outstanding	$ 1,398,000
Private GRI | TEP Note | Convertible promissory notes
Debt Instrument [Line Items]
Debt instrument, face amount						$ 2,500,000	$ 5,000,000
Convertible notes interest rate (as a percent)							12%
Private GRI | TEP Note | Convertible promissory notes | Significant Other Observable Inputs (Level 2)
Debt Instrument [Line Items]
Fair value of debt outstanding		$ 3,650,000
Private GRI | Paycheck Protection Program loan
Debt Instrument [Line Items]
Debt instrument, face amount					$ 50,000
Convertible notes interest rate (as a percent)					1%

LIQUIDITY AND GOING CONCERN -_2

LIQUIDITY AND GOING CONCERN - 10-K (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Cash and cash equivalents	$ 3,488						$ 3,488		$ 9
Accumulated deficit	29,529						29,529		18,496
Net loss	$ 2,137	$ 6,746	$ 2,150	$ 351	$ 295	$ 302	11,033	$ 948
Cash used in operating activities							$ 3,430	$ 241
Private GRI
Class of Stock [Line Items]
Cash and cash equivalents									9	$ 90
Working capital									1,686
Accumulated deficit									18,496	15,279
Net loss									3,217	1,559
Cash used in operating activities									$ 1,085	$ 847

NET LOSS PER COMMON SHARE - 1_3

NET LOSS PER COMMON SHARE - 10-K (Details) - USD ($)	1 Months Ended				9 Months Ended		12 Months Ended
	Jul. 31, 2022	May 31, 2021	Dec. 31, 2019	Nov. 30, 2018	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Oct. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)					409,168	38,900
Proceeds from issuance of bridge promissory note					$ 12,250,000	$ 0
Conversion price (in usd per share)									$ 7
TEP Note | Convertible promissory notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Proceeds from issuance of bridge promissory note	$ 125,000	$ 500,000	$ 500,000
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)					45,431	12,782
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)					363,737	1,438
Restricted stock subject to contingent conditions
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)					0	3,020
Stock subject to put right
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)					0	159
Convertible promissory note
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)					0	21,501
Private GRI
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)							1,187,532	1,447,846
Proceeds from issuance of bridge promissory note							$ 1,250,000	$ 0
Conversion price (in usd per share)								$ 9.10	$ 187.18
Private GRI | TEP Note | Convertible promissory notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Proceeds from issuance of bridge promissory note	$ 125,000	$ 500,000	$ 500,000	$ 2,500,000
Private GRI | Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)							341,767	341,767
Private GRI | Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)							217,388	38,461
Private GRI | Restricted stock subject to contingent conditions
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)							628,377	565,234
Private GRI | Stock subject to put right
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)							0	29,857
Private GRI | Convertible promissory note
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)							0	472,527

PROPERTY AND EQUIPMENT - 10-K -

PROPERTY AND EQUIPMENT - 10-K - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 34	$ 26
Accumulated depreciation	(25)	(22)
Property and equipment, net	9	4
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	21	13
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 13	13
Private GRI
Property, Plant and Equipment [Line Items]
Property and equipment, gross		26	$ 23
Accumulated depreciation		(22)	(20)
Property and equipment, net		4	3
Private GRI | Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross		$ 13	10
Useful life		5 years
Private GRI | Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross		$ 13	$ 13
Useful life		5 years

PROPERTY AND EQUIPMENT - 10-K_2

PROPERTY AND EQUIPMENT - 10-K - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 3	$ 2
Private GRI
Property, Plant and Equipment [Line Items]
Depreciation expense			$ 3	$ 3

ACCRUED EXPENSES - 10-K (Detail

ACCRUED EXPENSES - 10-K (Details) $ in Thousands	1 Months Ended		22 Months Ended
	Dec. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) employee	Sep. 30, 2023 USD ($)	Dec. 31, 2021 USD ($)
Accrued Expenses [Line Items]
Total accrued expenses	$ 36		$ 36	$ 1,143
Private GRI
Accrued Expenses [Line Items]
Accrued compensation	33		33		$ 142
Accrued interest	0		0		1,111
Other	3		3		18
Total accrued expenses	36		$ 36		$ 1,271
Number of executives | employee			2
Accrued compensation released in exchange for restricted stock awards	$ 417	$ 1,406

CONVERTIBLE PROMISSORY NOTE -_2

CONVERTIBLE PROMISSORY NOTE - 10-K (Details) - USD ($)		1 Months Ended						3 Months Ended	9 Months Ended		12 Months Ended
	Dec. 14, 2022	Dec. 31, 2022	Oct. 31, 2022	Jul. 31, 2022	May 31, 2021	Dec. 31, 2019	Nov. 30, 2018	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Apr. 21, 2023	Mar. 09, 2023	Dec. 13, 2022	May 17, 2022	Dec. 31, 2015
Debt Instrument [Line Items]
Warrants granted (in shares)																123,333
Warrant exercise price (in usd per share)				$ 0.01												$ 28.146
Proceeds from issuance of bridge promissory note									$ 12,250,000	$ 0
Common stock, shares issued (in shares)		142,821							422,333		142,821		60,333
Conversion price (in usd per share)			$ 7
Number of shares to be issued upon conversion			592,857
Call Option | GRI Bio, Inc. Prior To Merger
Debt Instrument [Line Items]
Call option price (in usd per share)																	$ 7
TEP Note | Convertible promissory notes
Debt Instrument [Line Items]
Proceeds from issuance of bridge promissory note				$ 125,000	$ 500,000	$ 500,000
Debt discount				$ 60,000	$ 150,000	$ 500,000
Debt term				6 months	5 months	5 months
Accrued interest			$ 15,000		$ 650,000							$ 1,111,000
Principal amount of debt to be converted			3,500,000
Amount of accrued interest to be converted			650,000
Long-term debt, gross			125,000									3,500,000
Fixed interest				$ 15,000
Next financing amount				$ 3,000,000
Long-term debt, including interest			$ 140,000
Payment of notes payable		$ 140,000
Conversion of convertible notes to common stock		4,150,000
Accrued interest forfeited		$ 863,000
Interest expense											$ 477,000	546,000
TEP Note | Convertible promissory notes | Conversion Option One
Debt Instrument [Line Items]
Conversion price (in usd per share)						$ 9.10
TEP Note | Convertible promissory notes | Conversion Option Two
Debt Instrument [Line Items]
Conversion price (in usd per share)					$ 7	$ 9.10
Valuation cap					$ 27,000,000	$ 40,000,000
TEP Note | Convertible promissory notes | Conversion Option Three
Debt Instrument [Line Items]
Conversion price (in usd per share)					$ 7	$ 9.10
TEP Note | Bridge promissory note
Debt Instrument [Line Items]
Conversion price (in usd per share)		$ 7									$ 7
Loss on debt extinguishment											$ 325,000
Private GRI
Debt Instrument [Line Items]
Warrants granted (in shares)				167		2,467	3,606
Warrant exercise price (in usd per share)				$ 1.89		$ 1.89	$ 1.89
Proceeds from issuance of bridge promissory note											$ 1,250,000	$ 0
Common stock, shares issued (in shares)		4,447,153									4,447,153	3,817,439
Conversion price (in usd per share)			$ 187.18									$ 9.10
Number of shares to be issued upon conversion			22,172
Conversion of convertible notes to common stock											$ 5,337,000	$ 0
Private GRI | GRI Bio, Inc. Prior To Merger
Debt Instrument [Line Items]
Warrants granted (in shares)						65,960	96,428
Warrant exercise price (in usd per share)						$ 0.01	$ 0.01
Private GRI | Call Option
Debt Instrument [Line Items]
Common stock, shares issued (in shares)																	5,674
Call option price (in usd per share)																	$ 187.18
Private GRI | Call Option | GRI Bio, Inc. Prior To Merger
Debt Instrument [Line Items]
Common stock, shares issued (in shares)																	150,000
Private GRI | Convertible promissory notes
Debt Instrument [Line Items]
Loss on debt extinguishment											$ 325,000	$ 0
Private GRI | Bridge promissory note
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,667,000													$ 1,667,000	$ 3,333,000
Proceeds from issuance of bridge promissory note	$ 679,000
Private GRI | TEP Note | Convertible promissory notes
Debt Instrument [Line Items]
Debt instrument, face amount						$ 2,500,000	$ 5,000,000
Convertible notes interest rate (as a percent)							12%
Proceeds from issuance of bridge promissory note				$ 125,000	$ 500,000	$ 500,000	$ 2,500,000
Shares repurchased (in shares)							36,049
Value of shares repurchased							$ 150,000
Shares reissued							11,999
Debt discount							$ 1,408,000
Debt term							18 months
Accrued interest			$ 15,000
Principal amount of debt to be converted			3,500,000
Amount of accrued interest to be converted			650,000
Long-term debt, gross			125,000
Long-term debt, including interest			$ 140,000
Payment of notes payable		$ 140,000
Conversion of convertible notes to common stock		4,150,000
Accrued interest forfeited		$ 863,000
Interest expense								$ 142,000		$ 352,000

NON-CONVERTIBLE PROMISSORY NO_2

NON-CONVERTIBLE PROMISSORY NOTE - 10-K (Details) - USD ($)	1 Months Ended		12 Months Ended
	Dec. 31, 2022	Jul. 31, 2022	Dec. 31, 2022	May 17, 2022	Dec. 31, 2019	Nov. 30, 2018
Short-Term Debt [Line Items]
Warrants granted (in shares)				123,333
Number of shares that can be purchased		4,464
Warrant exercise price (in usd per share)		$ 0.01		$ 28.146
Non-Convertible Promissory Note
Short-Term Debt [Line Items]
Warrants granted (in shares)		4,464
Warrant exercise price (in usd per share)		$ 0.01
Non-Convertible Notes Payable | Non-Convertible Promissory Note
Short-Term Debt [Line Items]
Debt instrument, face amount		$ 125,000
Fixed interest		$ 15,000
Minimum debt amount that triggers principal and interest payment	$ 3,000,000		$ 3,000,000
Debt term		6 months
Debt discount		$ 30,000
Repayments of short-term debt	$ 140,000
Interest expense			$ 45,000
Private GRI
Short-Term Debt [Line Items]
Warrants granted (in shares)		167			2,467	3,606
Warrant exercise price (in usd per share)		$ 1.89			$ 1.89	$ 1.89

STOCKHOLDERS_ EQUITY - 10-K - N

STOCKHOLDERS’ EQUITY - 10-K - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Jan. 01, 2018

Dec. 31, 2022

Oct. 31, 2022

Mar. 31, 2021

Nov. 30, 2018

Apr. 30, 2015

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Dec. 31, 2022

Dec. 31, 2021

Class of Stock [Line Items]

Stock-based compensation

$ 326

$ 0

$ 351

$ 0

Options outstanding (in shares)

16,081

45,423

45,423

16,081

Options outstanding, exercise price (in usd per share)

$ 169.84

$ 169.84

Unrecognized compensation cost, options

$ 424

$ 424

Stock options

Class of Stock [Line Items]

Unrecognized compensation cost, remaining contractual term

3 years 1 month 28 days

Private GRI

Class of Stock [Line Items]

Issuance of common stock (in shares)

10,989

Issuance of common stock

$ 100

$ 100

Redemption of common stock

$ 124

Purchase price (in usd per share)

$ 111.16

Warrants outstanding (in shares)

388,704

388,704

200,851

Options outstanding (in shares)

341,767

341,767

341,767

Options outstanding, exercise price (in usd per share)

$ 5.11

$ 5.11

Options nonvested (in shares)

78,118

Options vested and exercisable (in shares)

263,649

Options vested and exercisable, aggregate intrinsic value

$ 1,107

$ 1,107

Options vested and exercisable, remaining contractual term

3 years 10 months 6 days

Unrecognized compensation cost, options

$ 279

$ 279

Private GRI | GRI Bio, Inc. Prior To Merger

Class of Stock [Line Items]

Purchase price (in usd per share)

$ 4.158

Private GRI | Restricted stock, issued April 2015

Class of Stock [Line Items]

Awards granted (in shares)

473,142

Grant date fair value (in usd per share)

$ 9.10

$ 7

Unrecognized compensation cost, other awards

$ 3,974

3,974

Private GRI | Restricted stock, issued March 2021

Class of Stock [Line Items]

Awards granted (in shares)

92,091

Unrecognized compensation cost, other awards

838

838

Private GRI | Restricted stock, issued October 2022

Class of Stock [Line Items]

Awards granted (in shares)

7,142

Unrecognized compensation cost, other awards

$ 25

$ 25

Awards vested (in shares)

3,571

3,571

Stock-based compensation

$ 25

Options nonvested (in shares)

3,571

3,571

Private GRI | Restricted stock, issued October 2022 | Vesting tranche one

Class of Stock [Line Items]

Awards granted (in shares)

1,786

Private GRI | Restricted stock, issued October 2022 | Vesting tranche two

Class of Stock [Line Items]

Awards granted (in shares)

1,785

Private GRI | Restricted stock, issued October 2022 | Vesting tranche three

Class of Stock [Line Items]

Awards granted (in shares)

1,786

Private GRI | Restricted stock, issued October 2022 | Vesting tranche four

Class of Stock [Line Items]

Awards granted (in shares)

1,785

Private GRI | Restricted stock, issued December 2022

Class of Stock [Line Items]

Awards granted (in shares)

59,571

Private GRI | Stock options

Class of Stock [Line Items]

Number of shares authorized for grant (in shares)

669,985

669,985

Number of shares available for grant

321,075

321,075

328,217

Stock awards, contractual life (in years)

10 years

Unrecognized compensation cost, remaining contractual term

3 years 10 months 6 days

Private GRI | Stock options with service conditions

Class of Stock [Line Items]

Options outstanding (in shares)

185,531

185,531

Private GRI | Stock options with service conditions | Minimum

Class of Stock [Line Items]

Vesting period

2 years

Private GRI | Stock options with service conditions | Maximum

Class of Stock [Line Items]

Vesting period

3 years

Private GRI | Stock options with service conditions related to future receipts of funding

Class of Stock [Line Items]

Options granted, cumulative (in shares)

156,236

156,236

Options vested, cumulative (in shares)

78,118

78,118

Options nonvested (in shares)

78,118

78,118

Private GRI | Put Option

Class of Stock [Line Items]

Put right, shares (in shares)

29,857

Put right, share price (in usd per share)

$ 15.88

Private GRI | Put Option | GRI Bio, Inc. Prior To Merger

Class of Stock [Line Items]

Put right, share price (in usd per share)

$ 4.158

STOCKHOLDERS_ EQUITY - 10-K - W

STOCKHOLDERS’ EQUITY - 10-K - Warrants Outstanding (Details) - $ / shares	Sep. 30, 2023	Dec. 31, 2022	Jul. 31, 2022	May 17, 2022	Dec. 31, 2021	Dec. 31, 2019	Nov. 30, 2018
Class of Warrant or Right [Line Items]
Warrant exercise price (in usd per share)			$ 0.01	$ 28.146
Warrants Expiring In November 2023
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	1,231
Warrant exercise price (in usd per share)	$ 243.32
Warrants Expiring In December 2023
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	204
Warrant exercise price (in usd per share)	$ 243.32
Warrants Expiring In July 2027
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	167
Warrant exercise price (in usd per share)	$ 0.01
Private GRI
Class of Warrant or Right [Line Items]
Number of Shares (in shares)		388,704			200,851
Warrant exercise price (in usd per share)			$ 1.89			$ 1.89	$ 1.89
Private GRI | Warrants Expiring In November 2023
Class of Warrant or Right [Line Items]
Number of Shares (in shares)		96,428			96,428
Warrant exercise price (in usd per share)		$ 0.01			$ 0.01
Private GRI | Warrants Expiring in December 2024
Class of Warrant or Right [Line Items]
Number of Shares (in shares)		65,960			65,960
Warrant exercise price (in usd per share)		$ 0.01			$ 0.01
Private GRI | Warrants Expiring in November 2023, Tranche Two
Class of Warrant or Right [Line Items]
Number of Shares (in shares)		32,967			32,967
Warrant exercise price (in usd per share)		$ 9.10			$ 9.10
Private GRI | Warrants Expiring In December 2023
Class of Warrant or Right [Line Items]
Number of Shares (in shares)		5,494			5,494
Warrant exercise price (in usd per share)		$ 9.10			$ 9.10
Private GRI | Warrants Expiring In July 2027
Class of Warrant or Right [Line Items]
Number of Shares (in shares)		8,928			8,928
Warrant exercise price (in usd per share)		$ 0.01			$ 0.01
Private GRI | Warrants Expiring in March 2028
Class of Warrant or Right [Line Items]
Number of Shares (in shares)		178,927			178,927
Warrant exercise price (in usd per share)		$ 9.31			$ 9.31

PROPOSED MERGER AND RELATED F_2

PROPOSED MERGER AND RELATED FINANCINGS - 10-K (Details) $ / shares in Units, $ in Thousands

9 Months Ended

12 Months Ended

Mar. 09, 2023 USD ($) $ / shares shares

Dec. 14, 2022 USD ($)

Dec. 13, 2022 USD ($) price closing

Sep. 30, 2023 USD ($)

Sep. 30, 2022 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Apr. 21, 2023 $ / shares shares

Jul. 31, 2022 $ / shares shares

May 17, 2022 $ / shares shares

Dec. 31, 2019 $ / shares shares

Nov. 30, 2018 $ / shares shares

Reverse Recapitalization [Line Items]

Warrants granted (in shares) | shares

123,333

Warrant exercise price (in usd per share) | $ / shares

$ 0.01

$ 28.146

Proceeds from issuance of bridge promissory note

$ 12,250

$ 0

Bridge loan carrying amount

$ 0

$ 602

Unamortized debt discounts and debt issuance costs

1,065

Bridge Warrants

Reverse Recapitalization [Line Items]

Proceeds from issuance of bridge promissory note

$ 532

$ 571

Exchange Warrants

Reverse Recapitalization [Line Items]

Warrants granted (in shares) | shares

60,227

Warrant exercise price (in usd per share) | $ / shares

$ 103.11

Private GRI

Reverse Recapitalization [Line Items]

Warrants granted (in shares) | shares

167

2,467

3,606

Warrant exercise price (in usd per share) | $ / shares

$ 1.89

$ 1.89

$ 1.89

Proceeds from issuance of bridge promissory note

1,250

$ 0

Bridge loan carrying amount

$ 474

602

$ 0

Committed capital

$ 12,250

Issuance of common stock, percentage of Parent Fully Diluted Number

10.19%

Issuance of common stock, percentage of number of Initial Shares

400%

Common stock, additional shares to be issued, share price threshold, percentage

90%

Common stock, additional shares to be issued, number of weighted average prices for average | price

5

Capitalized stock issuance costs

$ 259

Private GRI | Vallon

Reverse Recapitalization [Line Items]

Warrants, period from closing

11 days

Warrants, cashless exercise provision, period from closing

240 days

Class of Warrant or Right, Cashless Exercise Provision, Weighted Average Stock Price Threshold Percentage

90%

Private GRI | Bridge and Exchange Warrants

Reverse Recapitalization [Line Items]

Proceeds from issuance of bridge promissory note

571

Private GRI | Bridge Warrants

Reverse Recapitalization [Line Items]

Warrants granted (in shares) | shares

178,927

Warrant exercise price (in usd per share) | $ / shares

$ 9.31

Warrants, term

60 months

Private GRI | Exchange Warrants

Reverse Recapitalization [Line Items]

Warrants granted (in shares) | shares

1,610,344

Warrant exercise price, percentage

24%

Private GRI | Series A-1 Warrants | Vallon

Reverse Recapitalization [Line Items]

Warrants, term

60 months

Warrant exercise price, percentage

22%

Issuance of warrants, percentage of Initial Shares

500%

Private GRI | Series A-2 Warrants | Vallon

Reverse Recapitalization [Line Items]

Warrants, term

24 months

Warrant exercise price, percentage

24%

Issuance of warrants, percentage of Initial Shares

450%

Private GRI | Series T Warrants | Vallon

Reverse Recapitalization [Line Items]

Warrants, term

24 months

Warrant exercise price, percentage

20%

Issuance of warrants, percentage of Initial Shares

320.90%

Private GRI | Vallon Common Stock Warrants | Vallon

Reverse Recapitalization [Line Items]

Issuance of warrants, percentage of Initial Shares

320.90%

Private GRI | Bridge promissory note

Reverse Recapitalization [Line Items]

Debt instrument, face amount

$ 1,667

1,667

$ 3,333

Aggregate purchase price

1,250

1,250

$ 2,500

Number of closings | closing

2

Proceeds from issuance of bridge promissory note

$ 679

Debt issuance costs

$ 205

Unamortized debt discounts and debt issuance costs

1,065

Interest expense

$ 127

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES - 10-K - Future Minimum Lease Payments (Details) - Private GRI $ in Thousands	Dec. 31, 2022 USD ($)
Other Commitments [Line Items]
2023	$ 63
2024	14
Total	77
Less: Imputed interest	6
Present value of operating lease liabilities	$ 71

COMMITMENTS AND CONTINGENCIES_6

COMMITMENTS AND CONTINGENCIES - 10-K - Narrative (Details) - Private GRI - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Mar. 31, 2021
Other Commitments [Line Items]
Discount rate	12%		12%
Remaining lease term	15 months	27 months
Operating lease expense	$ 59	$ 58
Cash paid for operating leases	$ 54	$ 58
Executive 1
Other Commitments [Line Items]
Accrued bonuses				$ 500
Executive 2
Other Commitments [Line Items]
Accrued bonuses				$ 500

INCOME TAXES - 10-K - Reconcili

INCOME TAXES - 10-K - Reconciliation of Provision for Income Taxes (Details) - Private GRI - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Expected tax benefit based on federal statutory rate	$ (676)	$ (328)
State tax benefit	(242)	(144)
Permanent differences	288	567
Increase (decrease) in valuation allowance	630	(95)
Provision for income taxes	$ 0	$ 0

INCOME TAXES - 10-K - Deferred

INCOME TAXES - 10-K - Deferred Tax Assets and Liabilities (Details) - Private GRI - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Net operating loss (NOL) carryforwards	$ 3,505	$ 2,879
Stock-based compensation	188	188
Accrued compensation	10	42
Operating lease liabilities	21	34
Operating lease right-of-use assets	(20)	(34)
Capitalized research and experimental expenditures	68	0
Depreciation and amortization	7
Depreciation and amortization		(2)
State income taxes	(235)	(193)
Valuation allowance	(3,544)	(2,914)
Net deferred tax asset	$ 0	$ 0

INCOME TAXES - 10-K - Narrative

INCOME TAXES - 10-K - Narrative (Details) - Private GRI $ in Thousands	Dec. 31, 2022 USD ($)
Federal
Operating Loss Carryforwards [Line Items]
NOL carryforwards	$ 11,652
NOL carryforwards, subject to expiration	6,124
NOL carryforwards, not subject to expiration	5,528
State
Operating Loss Carryforwards [Line Items]
NOL carryforwards	$ 11,966

ORGANIZATION AND DESCRIPTION _4

ORGANIZATION AND DESCRIPTION OF BUSINESS (Details)	Apr. 21, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reverse stock split	0.0333
Common stock, exchange ratio	0.0374

LIQUIDITY (Details)

LIQUIDITY (Details) - USD ($) $ in Thousands		9 Months Ended		12 Months Ended
	Apr. 21, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit		$ (29,529)		$ (18,496)
Cash and cash equivalents		$ 3,488		$ 9
Related Party Transaction [Line Items]
Common stock, shares issued (in shares)	60,333	422,333		142,821
Proceeds from issuance of common stock	$ 11,704	$ 1,250	$ 0
Offering expenses	$ 546
Common Stock
Related Party Transaction [Line Items]
Conversion of stock (in shares)	36,263
Additional shares converted into common stock (in shares)	145,052
GRI Bio, Inc
Related Party Transaction [Line Items]
Common stock placed into escrow (in shares)	3,878,411
Private GRI
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit				$ (18,496)	$ (15,279)
Cash and cash equivalents				$ 9	$ 90
Related Party Transaction [Line Items]
Common stock, shares issued (in shares)				4,447,153	3,817,439
Proceeds from issuance of common stock				$ 0	$ 100
Investor
Related Party Transaction [Line Items]
Investment in cash	$ 12,250
Investor | Private GRI
Related Party Transaction [Line Items]
Common stock, shares issued (in shares)	969,602

BASIS OF PRESENTATION AND SUM_6

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Accounting Policies [Abstract]
FDIC insured amount	$ 250
Uninsured cash balances	$ 2,988

BASIS OF PRESENTATION AND SUM_7

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Diluted Net Loss Per Common Share (Details) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in usd per share)	409,168	38,900
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in usd per share)	45,431	12,782
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in usd per share)	363,737	1,438
Restricted stock with repurchase rights
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in usd per share)	0	3,020
Stock subject to put right
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in usd per share)	0	159
Convertible promissory note
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in usd per share)	0	21,501

MERGER WITH VALLON - Narrative

MERGER WITH VALLON - Narrative (Details) - $ / shares	Apr. 21, 2023	Sep. 30, 2023	Apr. 20, 2023	Mar. 09, 2023	Dec. 31, 2022	Jul. 31, 2022	May 17, 2022	Dec. 31, 2021	Dec. 31, 2019	Nov. 30, 2018
Business Acquisition [Line Items]
Warrants granted (in shares)							123,333
Warrant exercise price (in usd per share)						$ 0.01	$ 28.146
Ownership percentage in common stock (as a percent)			15%
Common stock, shares issued (in shares)	60,333	422,333			142,821
Common stock, shares outstanding (in shares)		422,333			142,821
Issuance of common stock for reverse recapitalization expenses (in shares)	4,363
Private GRI
Business Acquisition [Line Items]
Warrants granted (in shares)						167			2,467	3,606
Warrant exercise price (in usd per share)						$ 1.89			$ 1.89	$ 1.89
Ownership percentage in common stock (as a percent)			85%
Common stock, shares issued (in shares)					4,447,153			3,817,439
Common stock, shares outstanding (in shares)					3,818,775			3,252,204
Exchange Warrants
Business Acquisition [Line Items]
Warrants granted (in shares)	60,227
Warrant exercise price (in usd per share)	$ 103.11
Exchange Warrants | Private GRI
Business Acquisition [Line Items]
Warrants granted (in shares)				1,610,344

MERGER WITH VALLON - Schedule o

MERGER WITH VALLON - Schedule of the Net Liabilities Assumed in the Merger (Details) - Private GRI $ in Thousands	Apr. 21, 2023 USD ($)
Business Acquisition [Line Items]
Cash and cash equivalents	$ 941
Prepaid and other assets	310
Accounts payable and accrued expenses	(4,190)
Total net liabilities assumed	(2,939)
Plus: Transaction costs	(2,984)
Total net liabilities assumed plus transaction costs	$ (5,923)

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Fair Value, Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	$ 18	$ 0
Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	0
Total liabilities	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	0
Total liabilities	0
Significant Other Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	18
Total liabilities	$ 18

FAIR VALUE MEASUREMENTS - Sch_2

FAIR VALUE MEASUREMENTS - Schedule of Liability Measured at Estimated Fair Value (Details) - Warrant Liability $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value as of December 31, 2022	$ 185
Change in valuation	(167)
Fair value as of September 30, 2023	$ 18

FAIR VALUE MEASUREMENTS - Sch_3

FAIR VALUE MEASUREMENTS - Schedule of Derivative Liability Measurement Inputs (Details)	Sep. 30, 2023	Dec. 31, 2022	May 17, 2022
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, measurement input		1.333	1.308
Expected term in years
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, measurement input		2.5	2.5
Dividend rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, measurement input		0	0
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, measurement input		0.04240	0.02665
Weighted Average | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, measurement input	1.677	1.399
Weighted Average | Expected term in years
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, measurement input	2.5	2.5
Weighted Average | Dividend rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0	0
Weighted Average | Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.0492	0.0432

PROPERTY AND EQUIPMENT - Schedu

PROPERTY AND EQUIPMENT - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 34	$ 26
Accumulated depreciation	(25)	(22)
Property and equipment, net	9	4
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	21	13
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 13	$ 13

PROPERTY AND EQUIPMENT - Narrat

PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 3	$ 2

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Research and development	$ 75	$ 0
General and administrative	188	0
Payroll and related	880	36
Total accrued expenses	$ 1,143	$ 36

PROMISSORY NOTES - Bridge Finan

PROMISSORY NOTES - Bridge Financing (Details) $ / shares in Units, $ in Thousands

9 Months Ended

12 Months Ended

Apr. 21, 2023 USD ($) $ / shares shares

Mar. 09, 2023 USD ($) $ / shares shares

Dec. 14, 2022 USD ($)

Dec. 13, 2022 USD ($) closing

Sep. 30, 2023 USD ($)

Sep. 30, 2022 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

May 08, 2023 $ / shares shares

Jul. 31, 2022 $ / shares shares

May 17, 2022 $ / shares shares

Dec. 31, 2019 $ / shares shares

Nov. 30, 2018 $ / shares shares

Debt Instrument [Line Items]

Warrants granted (in shares) | shares

123,333

Warrant exercise price (in usd per share) | $ / shares

$ 0.01

$ 28.146

Proceeds from issuance of notes

$ 12,250

$ 0

Unamortized debt discounts and debt issuance costs

$ 1,065

Amortization of debt discounts and issuance costs

2,104

$ 45

Bridge Warrants

Debt Instrument [Line Items]

Proceeds from issuance of notes

$ 532

$ 571

Exchange Warrants

Debt Instrument [Line Items]

Warrants granted (in shares) | shares

60,227

Warrant exercise price (in usd per share) | $ / shares

$ 103.11

Bridge SPA

Debt Instrument [Line Items]

Debt instrument, face amount

1,667

1,667

Aggregate purchase price

1,250

1,250

Number of closings | closing

2

Proceeds from issuance of notes

$ 718

$ 679

Debt issuance costs

$ 90

205

Private GRI

Debt Instrument [Line Items]

Warrants granted (in shares) | shares

167

2,467

3,606

Warrant exercise price (in usd per share) | $ / shares

$ 1.89

$ 1.89

$ 1.89

Proceeds from issuance of notes

1,250

$ 0

Amortization of debt discounts and issuance costs

$ 217

$ 150

Private GRI | Bridge Warrants

Debt Instrument [Line Items]

Warrants granted (in shares) | shares

178,927

Warrant exercise price (in usd per share) | $ / shares

$ 9.31

Warrants, term

60 months

Private GRI | Exchange Warrants

Debt Instrument [Line Items]

Warrants granted (in shares) | shares

1,610,344

Investor

Debt Instrument [Line Items]

Investment in cash

$ 12,250

Investor | Bridge Warrants

Debt Instrument [Line Items]

Warrants granted (in shares) | shares

178,927

60,227

Warrant exercise price (in usd per share) | $ / shares

$ 9.31

$ 9.31

Warrants, term

60 months

60 months

Investor | Exchange Warrants

Debt Instrument [Line Items]

Warrant exercise price (in usd per share) | $ / shares

$ 103.11

Investor | Private GRI | Bridge SPA

Debt Instrument [Line Items]

Debt instrument, face amount

$ 3,333

Aggregate purchase price

$ 2,500

PROMISSORY NOTES - TEP Note (De

PROMISSORY NOTES - TEP Note (Details) - USD ($)	1 Months Ended						3 Months Ended	9 Months Ended		12 Months Ended
	Dec. 31, 2022	Oct. 31, 2022	Jul. 31, 2022	May 31, 2021	Dec. 31, 2019	Nov. 30, 2018	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Apr. 21, 2023	May 17, 2022	Dec. 31, 2015
Debt Instrument [Line Items]
Warrants granted (in shares)													123,333
Warrant exercise price (in usd per share)			$ 0.01										$ 28.146
Proceeds from issuance of bridge promissory note								$ 12,250,000	$ 0
Common stock, shares issued (in shares)	142,821							422,333		142,821		60,333
Number of shares to be issued upon conversion		592,857
Conversion price (in usd per share)		$ 7
Convertible promissory notes | TEP Note
Debt Instrument [Line Items]
Proceeds from issuance of bridge promissory note			$ 125,000	$ 500,000	$ 500,000
Principal amount of debt to be converted		$ 3,500,000
Amount of accrued interest to be converted		650,000
Long-term debt, gross		125,000									$ 3,500,000
Accrued interest		15,000		650,000							1,111,000
Long-term debt, including interest		$ 140,000
Payment of notes payable	$ 140,000
Conversion of convertible notes to common stock	4,150,000
Accrued interest forfeited	$ 863,000
Interest expense										$ 477,000	546,000
Private GRI
Debt Instrument [Line Items]
Warrants granted (in shares)			167		2,467	3,606
Warrant exercise price (in usd per share)			$ 1.89		$ 1.89	$ 1.89
Proceeds from issuance of bridge promissory note										$ 1,250,000	$ 0
Common stock, shares issued (in shares)	4,447,153									4,447,153	3,817,439
Number of shares to be issued upon conversion		22,172
Conversion price (in usd per share)		$ 187.18									$ 9.10
Conversion of convertible notes to common stock										$ 5,337,000	$ 0
Private GRI | Call Option
Debt Instrument [Line Items]
Common stock, shares issued (in shares)														5,674
Call option price (in usd per share)														$ 187.18
Private GRI | Convertible promissory notes | TEP Note
Debt Instrument [Line Items]
Debt instrument, face amount					$ 2,500,000	$ 5,000,000
Convertible notes interest rate (as a percent)						12%
Proceeds from issuance of bridge promissory note			$ 125,000	$ 500,000	$ 500,000	$ 2,500,000
Principal amount of debt to be converted		$ 3,500,000
Amount of accrued interest to be converted		650,000
Long-term debt, gross		125,000
Accrued interest		15,000
Long-term debt, including interest		$ 140,000
Payment of notes payable	$ 140,000
Conversion of convertible notes to common stock	4,150,000
Accrued interest forfeited	$ 863,000
Interest expense							$ 142,000		$ 352,000

STOCKHOLDERS_ EQUITY - Narrativ

STOCKHOLDERS’ EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands

1 Months Ended

9 Months Ended

12 Months Ended

Apr. 21, 2023

Dec. 31, 2022

Sep. 30, 2023

Sep. 30, 2022

Dec. 31, 2022

Dec. 31, 2021

May 08, 2023

Mar. 09, 2023

Jul. 31, 2022

May 17, 2022

Dec. 31, 2019

Nov. 30, 2018

Class of Stock [Line Items]

Common stock, shares issued (in shares)

60,333

142,821

422,333

142,821

Proceeds from issuance of common stock

$ 11,704

$ 1,250

$ 0

Offering expenses

$ 546

Warrants granted (in shares)

123,333

Warrant exercise price (in usd per share)

$ 0.01

$ 28.146

Outsanding warrants

$ 0

$ 18

$ 0

Exchange Warrants

Class of Stock [Line Items]

Warrants granted (in shares)

60,227

Warrant exercise price (in usd per share)

$ 103.11

Banker Warrants

Class of Stock [Line Items]

Warrant exercise price (in usd per share)

$ 429.73

Warrants, term

5 years

Number of shares that became exercisable (in shares)

343

Common Stock

Class of Stock [Line Items]

Conversion of stock (in shares)

36,263

Additional shares converted into common stock (in shares)

145,052

GRI Bio, Inc

Class of Stock [Line Items]

Common stock placed into escrow (in shares)

3,878,411

Private GRI

Class of Stock [Line Items]

Common stock, shares issued (in shares)

4,447,153

4,447,153

3,817,439

Proceeds from issuance of common stock

$ 0

$ 100

Stock repurchased during period (in shares)

1,116

Stock repurchased during period, value

$ 124

Purchase price (in usd per share)

$ 111.16

Warrants granted (in shares)

167

2,467

3,606

Warrant exercise price (in usd per share)

$ 1.89

$ 1.89

$ 1.89

Number of shares that became exercisable (in shares)

388,704

388,704

200,851

Private GRI | Bridge Warrants

Class of Stock [Line Items]

Warrants granted (in shares)

178,927

Warrant exercise price (in usd per share)

$ 9.31

Warrants, term

60 months

Private GRI | Exchange Warrants

Class of Stock [Line Items]

Warrants granted (in shares)

1,610,344

Private GRI | Put Option

Class of Stock [Line Items]

Common stock, shares issued (in shares)

7,816

Put right, share price (in usd per share)

$ 15.88

Investor

Class of Stock [Line Items]

Investment in cash

$ 12,250

Investor | Series A-1 Warrants

Class of Stock [Line Items]

Warrants granted (in shares)

181,316

Warrant exercise price (in usd per share)

$ 94.57

Warrants, term

60 months

Investor | Series A-2 Warrants

Class of Stock [Line Items]

Warrants granted (in shares)

163,185

Warrant exercise price (in usd per share)

$ 103.18

Investor | Series T Warrants

Class of Stock [Line Items]

Warrants granted (in shares)

116,353

Warrant exercise price (in usd per share)

$ 85.96

Warrants, term

24 months

Investor | Bridge Warrants

Class of Stock [Line Items]

Warrants granted (in shares)

60,227

178,927

Warrant exercise price (in usd per share)

$ 9.31

$ 9.31

Warrants, term

60 months

60 months

Investor | Exchange Warrants

Class of Stock [Line Items]

Warrant exercise price (in usd per share)

$ 103.11

Investor | Common Stock | Series A-1 Warrants

Class of Stock [Line Items]

Warrants granted (in shares)

116,353

Warrant exercise price (in usd per share)

$ 94.57

Investor | Common Stock | Series A-2 Warrants

Class of Stock [Line Items]

Warrants granted (in shares)

116,353

Warrant exercise price (in usd per share)

$ 103.18

Investor | Additional Paid-in Capital | Equity Warrants

Class of Stock [Line Items]

Outsanding warrants

$ 5,675

Investor | Additional Paid-in Capital | Bridge Warrants

Class of Stock [Line Items]

Outsanding warrants

2,860

Investor | Additional Paid-in Capital | Banker Warrants

Class of Stock [Line Items]

Outsanding warrants

$ 18

Investor | Private GRI

Class of Stock [Line Items]

Common stock, shares issued (in shares)

969,602

STOCKHOLDERS_ EQUITY - Schedule

STOCKHOLDERS’ EQUITY - Schedule of Estimate of the Fair Value of the Warrants and Assumptions (Details)	Sep. 30, 2023	Dec. 31, 2022	May 17, 2022
Volatility
Class of Stock [Line Items]
Warrants outstanding, measurement input		1.333	1.308
Volatility | Weighted Average
Class of Stock [Line Items]
Warrants outstanding, measurement input	1.677	1.399
Expected term in years
Class of Stock [Line Items]
Warrants outstanding, measurement input		2.5	2.5
Expected term in years | Weighted Average
Class of Stock [Line Items]
Warrants outstanding, measurement input	2.5	2.5
Dividend rate
Class of Stock [Line Items]
Warrants outstanding, measurement input		0	0
Dividend rate | Weighted Average
Class of Stock [Line Items]
Warrants outstanding, measurement input	0	0
Risk-free interest rate
Class of Stock [Line Items]
Warrants outstanding, measurement input		0.04240	0.02665
Risk-free interest rate | Weighted Average
Class of Stock [Line Items]
Warrants outstanding, measurement input	0.0492	0.0432
Equity Warrants, Exchange Warrants and Banker Warrants | Volatility | Weighted Average
Class of Stock [Line Items]
Warrants outstanding, measurement input	1.676
Equity Warrants, Exchange Warrants and Banker Warrants | Expected term in years | Weighted Average
Class of Stock [Line Items]
Warrants outstanding, measurement input	1,690
Equity Warrants, Exchange Warrants and Banker Warrants | Dividend rate | Weighted Average
Class of Stock [Line Items]
Warrants outstanding, measurement input	0
Equity Warrants, Exchange Warrants and Banker Warrants | Risk-free interest rate | Weighted Average
Class of Stock [Line Items]
Warrants outstanding, measurement input	0.0437

STOCKHOLDERS_ EQUITY - Schedu_2

STOCKHOLDERS’ EQUITY - Schedule of Warrants Outstanding to Purchase Common Stock (Details) - $ / shares	9 Months Ended
	Sep. 30, 2023	Jul. 31, 2022	May 17, 2022
Class of Stock [Line Items]
Exercise Price per Share (in usd per share)		$ 0.01	$ 28.146
Warrants Expiring In November 2023
Class of Stock [Line Items]
Number of Shares (in shares)	1,231
Exercise Price per Share (in usd per share)	$ 243.32
Warrants Expiring In December 2023
Class of Stock [Line Items]
Number of Shares (in shares)	204
Exercise Price per Share (in usd per share)	$ 243.32
Warrants Expiring In June 2025
Class of Stock [Line Items]
Number of Shares (in shares)	163,185
Exercise Price per Share (in usd per share)	$ 103.18
Warrants Expiring In February 2026
Class of Stock [Line Items]
Number of Shares (in shares)	542
Exercise Price per Share (in usd per share)	$ 2,100
Warrants Expiring In May 2027
Class of Stock [Line Items]
Number of Shares (in shares)	3,524
Exercise Price per Share (in usd per share)	$ 197.05
Warrants Expiring In July 2027
Class of Stock [Line Items]
Number of Shares (in shares)	167
Exercise Price per Share (in usd per share)	$ 0.01
Warrants Expiring In April 2028
Class of Stock [Line Items]
Number of Shares (in shares)	342
Exercise Price per Share (in usd per share)	$ 429.73
Warrants Expiring in 60 Months After Registration Date
Class of Stock [Line Items]
Number of Shares (in shares)	60,228
Exercise Price per Share (in usd per share)	$ 103.11
Expiration Period (in months)	60 months
Warrants Expiring in 60 Months After Registration Date
Class of Stock [Line Items]
Number of Shares (in shares)	181,316
Exercise Price per Share (in usd per share)	$ 94.57
Expiration Period (in months)	60 months
Warrants Expiring in 24 Months After Registration Date
Class of Stock [Line Items]
Number of Shares (in shares)	116,353
Exercise Price per Share (in usd per share)	$ 85.96
Expiration Period (in months)	24 months

ASSET PURCHASE AGREEMENT (Detai

ASSET PURCHASE AGREEMENT (Details) $ in Thousands	Aug. 22, 2023 USD ($)
Aardvark Therapeutics, Inc.
Business Acquisition [Line Items]
Upfront cash payment	$ 250

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Thousands		9 Months Ended
	Apr. 21, 2023	Sep. 30, 2023	Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of shares outstanding		45,423	16,081
Unrecognized compensation cost, options		$ 424
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation, weighted average amortization period (in years)		3 years 1 month 28 days
2015 Plan | Stock options | Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock awards, contractual life (in years)		10 years
A&R 2918 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of additional shares authorized	24,129
Number of shares authorized	30,952	32,642
Common shares reserved for future awards (in shares)		30,952
A&R 2918 Plan | Stock options | Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock awards, contractual life (in years)		10 years

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 326	$ 0	$ 351	$ 0
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	0	0	0	0
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 326	$ 0	$ 351	$ 0

STOCK-BASED COMPENSATION - Sc_2

STOCK-BASED COMPENSATION - Schedule of Activity of Stock Options (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Number of options
Outstanding, Beginning balance (in shares)	16,081
Granted (in shares)	31,608
Exercised (in shares)	0
Outstanding, Ending balance (in shares)	45,423	16,081
Exercisable, Ending balance (in shares)	45,423
Weighted average exercise price
Outstanding, Beginning balance (in usd per share)	$ 169.84
Granted (in usd per share)	16.66
Exercised (in usd per share)	$ 0
Outstanding, Ending balance (in usd per share)		$ 169.84
Weighted average remaining contractual term (years)
Outstanding (years)	7 years 11 months 1 day	4 years 8 months 15 days
Exercisable (years)	7 years 11 months 1 day

STOCK-BASED COMPENSATION - Sc_3

STOCK-BASED COMPENSATION - Schedule of Assumptions Used to Estimate Fair Value of Options (Details) - Stock options - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Volatility (as a percent)	129.54%	90.39%
Expected term in years	5 years 10 months 2 days	5 years 11 months 23 days
Dividend rate	0%	0%
Risk-free interest rate	4.34%	2%
Fair value of option on grant date (in usd per share)	$ 14.91	$ 27.02

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Former Chief Executive Officer	Apr. 21, 2023
Loss Contingencies [Line Items]
COBRA benefits, payment period (in months)	18 months
Percentage of target bonus (as a percent)	150%

ORGANIZATION AND DESCRIPTION _5

ORGANIZATION AND DESCRIPTION OF BUSINESS - Vallon - 10-K (Details) - $ / shares	Sep. 30, 2023	Dec. 31, 2022	Dec. 13, 2022	May 17, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
GRI Bio, Inc
Class of Stock [Line Items]
Common stock, par value (in usd per share)			$ 0.01
Vallon Pharmaceuticals, Inc.
Class of Stock [Line Items]
Common stock, par value (in usd per share)		$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001

LIQUIDITY - Vallon - 10-K (Deta

LIQUIDITY - Vallon - 10-K (Details) - USD ($) $ / shares in Units, $ in Thousands				9 Months Ended		12 Months Ended
	May 17, 2022	Feb. 12, 2021	Jan. 11, 2021	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 13, 2022
Class of Stock [Line Items]
Accumulated deficit				$ 29,529		$ 18,496
Proceeds from issuance of convertible promissory note				$ 0	$ 125
Common stock, par value (in usd per share)				$ 0.0001		$ 0.0001
Payments of Stock Issuance Costs				$ 517	$ 0
Cash and cash equivalents				$ 3,488		$ 9
Vallon Pharmaceuticals, Inc.
Class of Stock [Line Items]
Accumulated deficit						28,926	$ 21,902
Proceeds from issuance of convertible promissory note			$ 350			$ 0	$ 350
Net proceeds from sale of stock	$ 3,900
Sale of stock (in shares)	123,333
Common stock, par value (in usd per share)	$ 0.0001					$ 0.0001	$ 0.0001	$ 0.0001
Sale of stock, price per share (in usd per share)	$ 31.896
Payments of Stock Issuance Costs	$ 572
Warrants issuance expense	$ 85
Cash and cash equivalents						$ 3,781	$ 3,702
IPO | Vallon Pharmaceuticals, Inc.
Class of Stock [Line Items]
Net proceeds from sale of stock		$ 15,500
Sale of stock (in shares)		75,000
Sale of stock, price per share (in usd per share)		$ 240

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Vallon - 10-K - Property and Equipment (Details) - Vallon Pharmaceuticals, Inc.	Dec. 31, 2022
Computer equipment
Property, Plant and Equipment [Line Items]
Useful life	3 years
Equipment
Property, Plant and Equipment [Line Items]
Useful life	3 years

MARKETABLE SECURITIES AND FAI_3

MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS - Vallon - 10-K - Summary of the Company’s Available for Sale Securities (Details) - Vallon Pharmaceuticals, Inc. - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Adjusted Cost	$ 0	$ 3,810
Gross Unrealized Gains		0
Gross Unrealized Losses		(2)
Fair Value		3,808
Corporate bonds
Schedule of Investments [Line Items]
Adjusted Cost		1,153
Gross Unrealized Gains		0
Gross Unrealized Losses		(1)
Fair Value		1,152
Municipal bonds
Schedule of Investments [Line Items]
Adjusted Cost		2,657
Gross Unrealized Gains		0
Gross Unrealized Losses		(1)
Fair Value		$ 2,656

MARKETABLE SECURITIES AND FAI_4

MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS - Vallon - 10-K - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Liabilities:
Warrant liability	$ 18	$ 0
Vallon Pharmaceuticals, Inc.
Liabilities:
Warrant liability		122	$ 0
Marketable securities, available-for-sale			3,808
Quoted Prices in Active Markets (Level 1)
Liabilities:
Warrant liability	0
Quoted Prices in Active Markets (Level 1) | Vallon Pharmaceuticals, Inc.
Liabilities:
Warrant liability		0
Marketable securities, available-for-sale			0
Significant Other Observable Inputs (Level 2)
Liabilities:
Warrant liability	0
Significant Other Observable Inputs (Level 2) | Vallon Pharmaceuticals, Inc.
Liabilities:
Warrant liability		0
Marketable securities, available-for-sale			3,808
Significant Other Unobservable Inputs (Level 3)
Liabilities:
Warrant liability	$ 18
Significant Other Unobservable Inputs (Level 3) | Vallon Pharmaceuticals, Inc.
Liabilities:
Warrant liability		$ 122
Marketable securities, available-for-sale			$ 0

MARKETABLE SECURITIES AND FAI_5

MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS - Vallon - 10-K - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended
	May 17, 2022	Mar. 31, 2021	Dec. 31, 2022	Sep. 30, 2023	Oct. 31, 2022	Jul. 31, 2022	Dec. 31, 2021	Feb. 12, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants granted (in shares)	123,333
Warrant exercise price (in usd per share)	$ 28.146					$ 0.01
Warrant liability			$ 0	$ 18
Conversion price (in usd per share)					$ 7
Vallon Pharmaceuticals, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sale of stock (in shares)	123,333
Sale of stock, price per share (in usd per share)	$ 31.896
Warrant liability			$ 122				$ 0
Number of warrants exercised to alternate cashless exercise			24,666			74,000
Warrant conversion reversal			$ (782)
Conversion price (in usd per share)								$ 240
Expense recognized on embedded derivative		$ 89
Vallon Pharmaceuticals, Inc. | Warrant Liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant conversion reversal			$ (782)

MARKETABLE SECURITIES AND FAI_6

MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS - Vallon - 10-K - Liability Measured at Estimated Fair Value (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Vallon Pharmaceuticals, Inc.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Warrant conversion		$ (782)
Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value as of December 31, 2022	$ 185
Change in valuation	(167)
Fair value as of September 30, 2023	18	185
Warrant Liability | Vallon Pharmaceuticals, Inc.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value as of December 31, 2022	$ 122	0
Initial measurement on May 17, 2022		1,288
Warrant conversion		(782)
Change in valuation		(384)
Fair value as of September 30, 2023		$ 122

MARKETABLE SECURITIES AND FAI_7

MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS - Vallon - 10-K - Derivative Liability Measurement Inputs (Details)	Dec. 31, 2022	May 17, 2022
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, measurement input	1.333	1.308
Expected term in years
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, measurement input	2.5	2.5
Dividend rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0	0
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.04240	0.02665

LEASES - Vallon - 10-K (Details

LEASES - Vallon - 10-K (Details) - Vallon Pharmaceuticals, Inc. - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Line Items]
Non-current finance lease assets	$ 0	$ 206
Finance lease liabilities:
Current finance lease liabilities	0	97
Non-current finance lease liabilities	0	72
Total finance lease liabilities	$ 0	$ 169
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Other Information
Operating cash flows from finance lease amortization	$ 206	$ 73
Financing cash flows from finance lease payments	$ 15	$ 106

ACCRUED EXPENSES - Vallon - 1_3

ACCRUED EXPENSES - Vallon - 10-K (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Accrued Expenses [Line Items]
Research and development	$ 75	$ 0
General and administrative	188	0
Payroll and related	880	36
Total accrued expenses	$ 1,143	36
Vallon Pharmaceuticals, Inc.
Accrued Expenses [Line Items]
Research and development		42	$ 894
General and administrative		268	183
Payroll and related		401	291
Licensing related		0	62
Total accrued expenses		$ 711	$ 1,430

PPP NOTE AND CONVERTIBLE NOTE_2

PPP NOTE AND CONVERTIBLE NOTES - Vallon - 10-K (Details) - USD ($) $ in Thousands		1 Months Ended			9 Months Ended		12 Months Ended
	Jan. 11, 2021	Feb. 28, 2021	Jan. 31, 2021	May 31, 2020	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Proceeds from issuance of convertible promissory note					$ 0	$ 125
Vallon Pharmaceuticals, Inc.
Related Party Transaction [Line Items]
Forgiveness of PPP note			$ 61
Proceeds from issuance of convertible promissory note	$ 350						$ 0	$ 350
Salmon Pharma, Affiliate of Medice and David Baker, CEO | Convertible Promissory Note Purchase Agreement | Vallon Pharmaceuticals, Inc.
Related Party Transaction [Line Items]
Convertible notes interest rate (as a percent)	7%		7%
Proceeds from issuance of convertible promissory note	$ 350		$ 350
Convertible notes, converted, shares issued (in shares)		1,830	1,830
Paycheck Protection Program, CARES Act | Vallon Pharmaceuticals, Inc.
Related Party Transaction [Line Items]
Debt instrument, face amount				$ 61
Convertible notes interest rate (as a percent)				1%
Note, payment period				1 year 6 months

EMPLOYEE BENEFIT PLANS - Vall_2

EMPLOYEE BENEFIT PLANS - Vallon - 10-K (Details) - Vallon Pharmaceuticals, Inc. - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Defined Contribution Plan Disclosure [Line Items]
Company contributions	$ 21	$ 24
Maximum
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percent of employees' gross pay (up to)	3%

COMMITMENTS AND CONTINGENCIES_7

COMMITMENTS AND CONTINGENCIES - Vallon - 10-K (Details)	Nov. 06, 2021 claim
Rendon v. Vallon, Inc., et al | Settled Litigation | Vallon Pharmaceuticals, Inc.
Loss Contingencies [Line Items]
Pending claim	1

STOCKHOLDERS EQUITY (DEFICIT)_2

STOCKHOLDERS EQUITY (DEFICIT) - Vallon - 10-K - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 21, 2023	May 17, 2022	Feb. 12, 2021	Feb. 28, 2021	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Jul. 31, 2022
Class of Stock [Line Items]
Additional offering expense	$ 546
Payments of Stock Issuance Costs							$ 517	$ 0
Warrants granted (in shares)		123,333
Warrant exercise price (in usd per share)		$ 28.146									$ 0.01
Warrant issued reflected in additional paid-in capital					$ 532	$ 30
Warrant liability							$ 18		$ 0
Vallon Pharmaceuticals, Inc.
Class of Stock [Line Items]
Sale of stock (in shares)		123,333
Sale of stock, price per share (in usd per share)		$ 31.896
Net proceeds from sale of stock		$ 3,900
Payments of Stock Issuance Costs		572
Warrants issuance expense		$ 85
Warrant issued reflected in additional paid-in capital										$ 399
Number of warrants exercised to alternate cashless exercise									24,666		74,000
Warrant conversion reversal									$ (782)
Loss on warrant conversion									(506)	0
Warrant liability									$ 122	$ 0
IPO | Vallon Pharmaceuticals, Inc.
Class of Stock [Line Items]
Sale of stock (in shares)			75,000
Sale of stock, price per share (in usd per share)			$ 240
Net proceeds from sale of stock			$ 15,500
Stock issuance costs, discounts and commissions			1,600
Additional offering expense			$ 905
Underwriters' Allotment | Vallon Pharmaceuticals, Inc.
Class of Stock [Line Items]
Warrants granted (in shares)			3,758
Warrant exercise price (in usd per share)			$ 300
Warrant issued reflected in additional paid-in capital				$ 399

STOCKHOLDERS EQUITY (DEFICIT)_3

STOCKHOLDERS EQUITY (DEFICIT) - Vallon - 10-K - Estimate of the Fair Value of the Warrants and Assumptions (Details)	Dec. 31, 2022	May 17, 2022
Volatility
Class of Stock [Line Items]
Warrants outstanding, measurement input	1.333	1.308
Volatility | Warrants - IPO | Vallon Pharmaceuticals, Inc.
Class of Stock [Line Items]
Warrants outstanding, measurement input	0.850
Expected term in years
Class of Stock [Line Items]
Warrants outstanding, measurement input	2.5	2.5
Expected term in years | Warrants - IPO | Vallon Pharmaceuticals, Inc.
Class of Stock [Line Items]
Warrants outstanding, measurement input	2.5
Dividend rate
Class of Stock [Line Items]
Warrants outstanding, measurement input	0	0
Dividend rate | Warrants - IPO | Vallon Pharmaceuticals, Inc.
Class of Stock [Line Items]
Warrants outstanding, measurement input	0
Risk-free interest rate
Class of Stock [Line Items]
Warrants outstanding, measurement input	0.04240	0.02665
Risk-free interest rate | Warrants - IPO | Vallon Pharmaceuticals, Inc.
Class of Stock [Line Items]
Warrants outstanding, measurement input	0.00155

STOCKHOLDERS EQUITY (DEFICIT)_4

STOCKHOLDERS EQUITY (DEFICIT) - Vallon - 10-K - Schedule of Warrants Outstanding to Purchase Common Stock (Details) - $ / shares	Dec. 31, 2022	Jul. 31, 2022	May 17, 2022
Class of Stock [Line Items]
Exercise Price per Share (in usd per share)		$ 0.01	$ 28.146
Warrants Expiring In 2026 | Vallon Pharmaceuticals, Inc.
Class of Stock [Line Items]
Number of Shares (in shares)	3,758
Exercise Price per Share (in usd per share)	$ 300
Warrants Expiring In 2027 | Vallon Pharmaceuticals, Inc.
Class of Stock [Line Items]
Number of Shares (in shares)	24,666
Exercise Price per Share (in usd per share)	$ 28.146

STOCK-BASED COMPENSATION - Va_5

STOCK-BASED COMPENSATION - Vallon - 10-K - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 326	$ 0	$ 351	$ 0
Vallon Pharmaceuticals, Inc.
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation					$ 99	$ 626
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	0	0	0	0
Research and development | Vallon Pharmaceuticals, Inc.
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation					(202)	83
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 326	$ 0	$ 351	$ 0
General and administrative | Vallon Pharmaceuticals, Inc.
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation					$ 301	$ 543

STOCK-BASED COMPENSATION - Va_6

STOCK-BASED COMPENSATION - Vallon - 10-K - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost, options	$ 424		$ 424
Stock-based compensation	$ 326	$ 0	$ 351	$ 0
Vallon Pharmaceuticals, Inc.
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding, intrinsic value					$ 0
Unrecognized compensation cost, options					$ 753
Unrecognized compensation, weighted average amortization period (in years)					2 years 7 months 20 days
Stock-based compensation					$ 99	$ 626
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation, weighted average amortization period (in years)			3 years 1 month 28 days
Stock options | Vallon Pharmaceuticals, Inc.
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock awards, contractual life (in years)					10 years
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards unvested (in shares)					0
RSUs | Vallon Pharmaceuticals, Inc.
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares)					6,267
Grant date fair value (in usd per share)					$ 17.05
Awards unvested (in shares)					0	0
Performance-based RSUs | Vallon Pharmaceuticals, Inc.
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares)					5,000
Percentage of milestone achieved					50%
Stock-based compensation					$ 42
Time-based RSUs | Vallon Pharmaceuticals, Inc.
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares)					1,267
Stock-based compensation					$ 24

STOCK-BASED COMPENSATION - Va_7

STOCK-BASED COMPENSATION - Vallon - 10-K - Activity of Stock Options (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of options
Outstanding, Beginning balance (in shares)	16,081
Granted (in shares)	31,608
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	0
Outstanding, Ending balance (in shares)	45,423	16,081
Exercisable, Ending Balance (in shares)	45,423
Weighted average exercise price
Outstanding, Beginning balance (in usd per share)	$ 169.84
Granted (in usd per share)	16.66
Exercised (in usd per share)	$ 0
Outstanding, Ending balance (in usd per share)		$ 169.84
Weighted average remaining contractual term (years)
Outstanding (years)	7 years 11 months 1 day	4 years 8 months 15 days
Exercisable (years)	7 years 11 months 1 day
Vallon Pharmaceuticals, Inc.
Number of options
Outstanding, Beginning balance (in shares)	23,142	23,616
Granted (in shares)		6,817
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period		0
Forfeited (in shares)		(7,291)
Outstanding, Ending balance (in shares)		23,142	23,616
Exercisable, Ending Balance (in shares)		11,283
Vested and expected to vest (in shares)		20,172
Weighted average exercise price
Outstanding, Beginning balance (in usd per share)	$ 118.20	$ 108
Granted (in usd per share)		156.60
Exercised (in usd per share)		0
Forfeited/Cancelled (in usd per share)		121.80
Outstanding, Ending balance (in usd per share)		118.20	$ 108
Exercisable, Ending balance (in usd per share)		101.40
Vested and expected to vest (in usd per share)		$ 117.30
Weighted average remaining contractual term (years)
Outstanding (years)		8 years 18 days	8 years 7 months 20 days
Exercisable (years)		7 years 7 months 6 days
Vested and expected to vest (years)		8 years 1 month 13 days

STOCK-BASED COMPENSATION - Va_8

STOCK-BASED COMPENSATION - Vallon - 10-K - Assumptions Used to Estimate Fair Value of Options (Details) - Vallon Pharmaceuticals, Inc. - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Volatility (as a percent)	90.39%	83.78%
Expected term in years	5 years 11 months 23 days	5 years 10 months 6 days
Dividend rate	0%	0%
Risk-free interest rate	2%	1.01%
Fair value of option on grant date (in usd per share)	$ 115.80	$ 120

STOCK-BASED COMPENSATION - Va_9

STOCK-BASED COMPENSATION - Vallon - 10-K - Restricted Stock Unit Activity (Details) - RSUs	12 Months Ended
	Dec. 31, 2022 shares
Shares
Ending balance, outstanding (in shares)	0
Vallon Pharmaceuticals, Inc.
Shares
Beginning balance, outstanding (in shares)	0
Awards granted (in shares)	6,267
Vested and settled (in shares)	(314)
Expired/forfeited/canceled (in shares)	(5,953)
Ending balance, outstanding (in shares)	0

INCOME TAX - Vallon - 10-K - Re

INCOME TAX - Vallon - 10-K - Reconciliation of Federal Statutory Income Tax Rate to the Effective Income Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Unrecognized compensation cost, options	$ 424		$ 424
Stock-based compensation	$ 326	$ 0	$ 351	$ 0
Vallon Pharmaceuticals, Inc.
Income Taxes [Line Items]
Expected income tax benefit at the federal statutory rate					21%	21%
State and local taxes, net of federal benefit					10.80%	10.60%
Non-deductible items and other					(0.80%)	(0.50%)
Change in valuation allowance					(31.00%)	(31.10%)
Total					0%	0%
Outstanding, intrinsic value					$ 0
Unrecognized compensation cost, options					$ 753
Unrecognized compensation, weighted average amortization period (in years)					2 years 7 months 20 days
Stock-based compensation					$ 99	$ 626

INCOME TAX - Vallon - 10-K - Co

INCOME TAX - Vallon - 10-K - Components of Deferred Tax Assets (Details) - Vallon Pharmaceuticals, Inc. - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Federal and state net operating loss carryforwards	$ 8,346	$ 6,617
Stock-based compensation	342	308
Lease liabilities	55	57
Research and development costs	315	0
Accruals and other	136	98
Gross deferred tax assets	9,194	7,080
Less: deferred tax liabilities	0	(70)
Valuation allowance	(9,194)	(7,010)
Net deferred tax asset	$ 0	$ 0

INCOME TAX - Vallon - 10-K - Na

INCOME TAX - Vallon - 10-K - Narrative (Details) - Vallon Pharmaceuticals, Inc. - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Valuation allowance, increase	$ 2,184
Unrecognized tax benefits that would affect effective tax rate if recognized	0	$ 0
Federal
Income Tax Contingency [Line Items]
NOL carryforwards	25,635
State
Income Tax Contingency [Line Items]
NOL carryforwards	25,925
Local
Income Tax Contingency [Line Items]
NOL carryforwards	$ 18,560

RELATED PARTY TRANSACTIONS - _3

RELATED PARTY TRANSACTIONS - Vallon - 10-K (Details) - USD ($) $ in Thousands		1 Months Ended		9 Months Ended		12 Months Ended
	Jan. 11, 2021	Feb. 28, 2021	Jan. 31, 2021	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Proceeds from issuance of convertible promissory note				$ 0	$ 125
Vallon Pharmaceuticals, Inc.
Related Party Transaction [Line Items]
Proceeds from issuance of convertible promissory note	$ 350					$ 0	$ 350
Vallon Pharmaceuticals, Inc. | Salmon Pharma, Affiliate of Medice and David Baker, CEO | Convertible Promissory Note Purchase Agreement
Related Party Transaction [Line Items]
Proceeds from issuance of convertible promissory note	$ 350		$ 350
Convertible notes interest rate (as a percent)	7%		7%
Convertible notes, converted, shares issued (in shares)		1,830	1,830

ORGANIZATION AND DESCRIPTION _6

ORGANIZATION AND DESCRIPTION OF BUSINESS - Vallon - Q1 (Details)	Apr. 21, 2023
Subsequent Event [Line Items]
Reverse stock split	0.0333
Subsequent Event | GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Subsequent Event [Line Items]
Reverse stock split	0.0333

LIQUIDITY - Vallon - Q1 (Detail

LIQUIDITY - Vallon - Q1 (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		9 Months Ended
	May 17, 2022	Feb. 28, 2021	Jan. 31, 2021	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Accumulated deficit				$ (29,529)			$ (18,496)
Proceeds from issuance of convertible promissory note				$ 0	$ 125
Common stock, par value (in usd per share)				$ 0.0001			$ 0.0001
Payments of Stock Issuance Costs				$ 517	$ 0
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Class of Stock [Line Items]
Accumulated deficit						$ (31,322)	$ (28,926)
Proceeds from issuance of convertible promissory note			$ 350
Net proceeds from sale of stock	$ 3,900
Sale of stock (in shares)	123,333
Common stock, par value (in usd per share)	$ 0.0001					$ 0.0001	$ 0.0001
Sale of stock, price per share (in usd per share)	$ 31.896
Payments of Stock Issuance Costs	$ 572
Warrants issuance expense	$ 85
Cash, cash equivalents, and marketable securities						$ 1,665
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | IPO
Class of Stock [Line Items]
Net proceeds from sale of stock		$ 15,500
Sale of stock (in shares)		75,000
Sale of stock, price per share (in usd per share)		$ 240

BASIS OF PRESENTATION AND SUM_8

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Vallon - Q1 (Details) $ in Thousands	Apr. 21, 2023	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Subsequent Event [Line Items]
Reverse stock split	0.0333
FDIC insured amount		$ 250
Uninsured cash balances		$ 2,988
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Subsequent Event [Line Items]
FDIC insured amount			$ 250
Uninsured cash balances			$ 1,218	$ 3,281
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Subsequent Event
Subsequent Event [Line Items]
Reverse stock split	0.0333

FAIR VALUE MEASUREMENTS - Val_3

FAIR VALUE MEASUREMENTS - Vallon - Q1 - Summary of the Company’s Available for Sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	$ 18		$ 0
Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	0
Significant Other Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	18
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	$ 185	$ 185	$ 122
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability		0
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Significant Other Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability		$ 185

FAIR VALUE MEASUREMENTS - Val_4

FAIR VALUE MEASUREMENTS - Vallon - Q1 - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	May 17, 2022	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jul. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Warrant exercise price (in usd per share)	$ 28.146				$ 0.01
Warrant liability		$ 18		$ 0
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Fair Value, Option, Quantitative Disclosures [Line Items]
Sale of stock (in shares)	123,333
Sale of stock, price per share (in usd per share)	$ 31.896
Warrant exercise price (in usd per share)	$ 28.146		$ 28.146
Warrant liability		$ 185	$ 185	$ 122

FAIR VALUE MEASUREMENTS - Val_5

FAIR VALUE MEASUREMENTS - Vallon - Q1 - Liability Measured at Estimated Fair Value (Details) - Warrant Liability - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2023	Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value as of December 31, 2022	$ 185	$ 185
Change in valuation		(167)
Fair value as of September 30, 2023		18
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value as of December 31, 2022	122	$ 122
Change in valuation	63
Fair value as of September 30, 2023	$ 185

FAIR VALUE MEASUREMENTS - Val_6

FAIR VALUE MEASUREMENTS - Vallon - Q1 - Derivative Liability Measurement Inputs (Details)	Mar. 31, 2023	Dec. 31, 2022	May 17, 2022
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, measurement input		1.333	1.308
Expected term in years
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, measurement input		2.5	2.5
Dividend rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, measurement input		0	0
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, measurement input		0.04240	0.02665
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, measurement input	1.594	1.399
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Expected term in years
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, measurement input	2.5	2.5
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Dividend rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0	0
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.0394	0.0432

ACCRUED EXPENSES - Vallon - Q_2

ACCRUED EXPENSES - Vallon - Q1 (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Accrued Expenses [Line Items]
Research and development	$ 75		$ 0
General and administrative	188		0
Payroll and related	880		36
Total accrued expenses	$ 1,143		36
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Accrued Expenses [Line Items]
Research and development		$ 2	42
General and administrative		136	268
Payroll and related		1,215	401
Total accrued expenses		$ 1,353	$ 711

STOCKHOLDERS_ EQUITY - Vallon_3

STOCKHOLDERS’ EQUITY - Vallon - Q1 - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 21, 2023	May 17, 2022	Feb. 28, 2021	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Jul. 31, 2022
Class of Stock [Line Items]
Additional offering expense	$ 546
Payments of Stock Issuance Costs						$ 517	$ 0
Warrants granted (in shares)		123,333
Warrant exercise price (in usd per share)		$ 28.146							$ 0.01
Warrant issuance				$ 532	$ 30
Warrant liability						18		$ 0
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Class of Stock [Line Items]
Sale of stock (in shares)		123,333
Sale of stock, price per share (in usd per share)		$ 31.896
Additional offering expense			$ 905
Net proceeds from sale of stock		$ 3,900
Payments of Stock Issuance Costs		572
Warrants issuance expense		$ 85
Warrants granted (in shares)		123,333
Warrant exercise price (in usd per share)		$ 28.146		$ 28.146
Warrants, term				5 years
Warrant liability				$ 185		$ 185		$ 122
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | May 2022 Warrant Agreement
Class of Stock [Line Items]
Number of warrants exercised to alternate cashless exercise								24,666	74,000
Warrant liability				$ 185
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | IPO
Class of Stock [Line Items]
Sale of stock (in shares)			75,000
Sale of stock, price per share (in usd per share)			$ 240
Gross proceeds from stock offering			$ 18,000
Stock issuance costs, discounts and commissions			1,600
Net proceeds from sale of stock			$ 15,500
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Underwriters' Allotment
Class of Stock [Line Items]
Warrants granted (in shares)			3,758
Warrant exercise price (in usd per share)			$ 300
Warrants, term				5 years
Warrant issuance			$ 399

STOCKHOLDERS_ EQUITY - Vallon_4

STOCKHOLDERS’ EQUITY - Vallon - Q1 - Estimate of the Fair Value of the Warrants and Assumptions (Details)	Mar. 31, 2023	Dec. 31, 2022	May 17, 2022
Volatility
Class of Stock [Line Items]
Warrants outstanding, measurement input		1.333	1.308
Expected term in years
Class of Stock [Line Items]
Warrants outstanding, measurement input		2.5	2.5
Dividend rate
Class of Stock [Line Items]
Warrants outstanding, measurement input		0	0
Risk-free interest rate
Class of Stock [Line Items]
Warrants outstanding, measurement input		0.04240	0.02665
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Volatility
Class of Stock [Line Items]
Warrants outstanding, measurement input	1.594	1.399
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Expected term in years
Class of Stock [Line Items]
Warrants outstanding, measurement input	2.5	2.5
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Dividend rate
Class of Stock [Line Items]
Warrants outstanding, measurement input	0	0
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Risk-free interest rate
Class of Stock [Line Items]
Warrants outstanding, measurement input	0.0394	0.0432
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Underwriter's Warrants | Volatility
Class of Stock [Line Items]
Warrants outstanding, measurement input	0.850
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Underwriter's Warrants | Expected term in years
Class of Stock [Line Items]
Warrants outstanding, measurement input	2.5
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Underwriter's Warrants | Dividend rate
Class of Stock [Line Items]
Warrants outstanding, measurement input	0
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Underwriter's Warrants | Risk-free interest rate
Class of Stock [Line Items]
Warrants outstanding, measurement input	0.00155

STOCKHOLDERS_ EQUITY - Vallon_5

STOCKHOLDERS’ EQUITY - Vallon - Q1 - Schedule of Warrants Outstanding to Purchase Common Stock (Details) - $ / shares	Mar. 31, 2023	Jul. 31, 2022	May 17, 2022
Class of Stock [Line Items]
Exercise Price per Share (in usd per share)		$ 0.01	$ 28.146
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Class of Stock [Line Items]
Exercise Price per Share (in usd per share)	$ 28.146		$ 28.146
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Warrants Expiring In 2026
Class of Stock [Line Items]
Number of Shares (in shares)	3,758
Exercise Price per Share (in usd per share)	$ 300
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Warrants Expiring In 2027
Class of Stock [Line Items]
Number of Shares (in shares)	24,667

STOCK-BASED COMPENSATION - V_10

STOCK-BASED COMPENSATION - Vallon - Q1 - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 326		$ 0		$ 351	$ 0
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	0		0		0	0
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 326		$ 0		$ 351	$ 0
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation		$ 85		$ 181
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation		6		18
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation		$ 79		$ 163

STOCK-BASED COMPENSATION - V_11

STOCK-BASED COMPENSATION - Vallon - Q1 - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2023	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Granted (in shares)		31,608
Unrecognized compensation cost, options		$ 424
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock awards, contractual life (in years)	10 years
Common shares reserved for future awards (in shares)	24,303
Granted (in shares)	0
Unrecognized compensation cost, options	$ 753
Unrecognized compensation, weighted average amortization period (in years)	2 years 4 months 20 days
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | 2018 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of shares authorized	47,761

STOCK-BASED COMPENSATION - V_12

STOCK-BASED COMPENSATION - Vallon - Q1 - Activity of Stock Options (Details) - $ / shares	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Number of options
Outstanding, Beginning balance (in shares)	16,081	16,081
Granted (in shares)		31,608
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period		0
Outstanding, Ending balance (in shares)		45,423	16,081
Exercisable, Ending Balance (in shares)		45,423
Weighted average exercise price
Outstanding, Beginning balance (in usd per share)	$ 169.84	$ 169.84
Granted (in usd per share)		16.66
Exercised (in usd per share)		$ 0
Outstanding, Ending balance (in usd per share)			$ 169.84
Weighted average remaining contractual term (years)
Outstanding (years)		7 years 11 months 1 day	4 years 8 months 15 days
Exercisable (years)		7 years 11 months 1 day
GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)
Number of options
Outstanding, Beginning balance (in shares)	23,142	23,142
Granted (in shares)	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	0
Forfeited (in shares)	0
Outstanding, Ending balance (in shares)	23,142		23,142
Exercisable, Ending Balance (in shares)	13,112
Weighted average exercise price
Outstanding, Beginning balance (in usd per share)	$ 118.20	$ 118.20
Granted (in usd per share)	0
Exercised (in usd per share)	0
Forfeited/Cancelled (in usd per share)	0
Outstanding, Ending balance (in usd per share)	118.20		$ 118.20
Exercisable, Ending balance (in usd per share)	$ 106.79
Weighted average remaining contractual term (years)
Outstanding (years)	7 years 9 months 18 days		8 years 18 days
Exercisable (years)	7 years 6 months 10 days

STOCK-BASED COMPENSATION - V_13

STOCK-BASED COMPENSATION - Vallon - Q1 - Assumptions Used to Estimate Fair Value of Options (Details) - GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)	3 Months Ended
	Mar. 31, 2022 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Volatility (as a percent)	88.65%
Expected term in years	6 years 21 days
Dividend rate	0%
Risk-free interest rate	1.95%
Fair value of option on grant date (in usd per share)	$ 128.70

RELATED PARTY TRANSACTIONS - _4

RELATED PARTY TRANSACTIONS - Vallon - Q1 (Details) - GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) - Medice $ in Thousands	1 Months Ended
	Jan. 31, 2020 USD ($)
Related Party Transaction [Line Items]
Upfront payment received under license agreement	$ 100
License agreement, term	5 years

SUBSEQUENT EVENTS - Vallon - _2

SUBSEQUENT EVENTS - Vallon - Q1 (Details) $ / shares in Units, $ in Thousands

Apr. 21, 2023 USD ($) $ / shares shares

Mar. 09, 2023 USD ($)

Dec. 14, 2022 USD ($)

Sep. 30, 2023 shares

Jun. 30, 2023 shares

May 08, 2023 $ / shares shares

Apr. 20, 2023 shares

Mar. 31, 2023 $ / shares shares

Dec. 31, 2022 shares

Sep. 30, 2022 shares

Jul. 31, 2022 $ / shares

Jun. 30, 2022 shares

May 17, 2022 $ / shares shares

Mar. 31, 2022 shares

Dec. 31, 2021 shares

Subsequent Event [Line Items]

Common stock, exchange ratio

0.0374

Warrants granted (in shares)

123,333

Warrant exercise price (in usd per share) | $ / shares

$ 0.01

$ 28.146

Common stock, shares issued (in shares)

60,333

422,333

142,821

Common stock, shares outstanding (in shares)

422,333

142,821

Common stock, shares authorized (in shares)

250,000,000

250,000,000

Common Stock

Subsequent Event [Line Items]

Conversion of stock (in shares)

36,263

Additional shares converted into common stock (in shares)

145,052

Common stock, shares outstanding (in shares)

422,333

422,333

142,887

142,820

121,631

121,631

121,631

121,631

Exchange Warrants

Subsequent Event [Line Items]

Warrants granted (in shares)

60,227

Warrant exercise price (in usd per share) | $ / shares

$ 103.11

Bridge SPA

Subsequent Event [Line Items]

Aggregate principal amount | $

$ 1,667

$ 1,667

Aggregate purchase price | $

$ 1,250

$ 1,250

Investor

Subsequent Event [Line Items]

Investment in cash | $

$ 12,250

Investor | Exchange Warrants

Subsequent Event [Line Items]

Warrant exercise price (in usd per share) | $ / shares

$ 103.11

Investor | Series A-1 Warrants

Subsequent Event [Line Items]

Warrants granted (in shares)

181,316

Warrant exercise price (in usd per share) | $ / shares

$ 94.57

Investor | Series A-1 Warrants | Common Stock

Subsequent Event [Line Items]

Warrants granted (in shares)

116,353

Warrant exercise price (in usd per share) | $ / shares

$ 94.57

Investor | Series A-2 Warrants

Subsequent Event [Line Items]

Warrants granted (in shares)

163,185

Warrant exercise price (in usd per share) | $ / shares

$ 103.18

Investor | Series A-2 Warrants | Common Stock

Subsequent Event [Line Items]

Warrants granted (in shares)

116,353

Warrant exercise price (in usd per share) | $ / shares

$ 103.18

Investor | Series T Warrants

Subsequent Event [Line Items]

Warrants granted (in shares)

116,353

Warrant exercise price (in usd per share) | $ / shares

$ 85.96

GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.)

Subsequent Event [Line Items]

Warrants granted (in shares)

123,333

Warrant exercise price (in usd per share) | $ / shares

$ 28.146

$ 28.146

Common stock, shares issued (in shares)

449,408

449,408

Common stock, shares outstanding (in shares)

449,408

449,408

Common stock, shares authorized (in shares)

250,000,000

250,000,000

GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Common Stock

Subsequent Event [Line Items]

Common stock, shares outstanding (in shares)

449,408

449,408

227,093

GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Subsequent Event

Subsequent Event [Line Items]

Common stock, shares outstanding (in shares)

2,918,954

GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Subsequent Event | A&R 2918 Plan

Subsequent Event [Line Items]

Common stock, shares authorized (in shares)

216,666

168,905

GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Subsequent Event | Chief Executive Officer

Subsequent Event [Line Items]

Severance, maximum term

18 months

Lump sum payment (as a percentage of target bonus)

150%

Execution of payment period

15 days

GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Subsequent Event | Common Stock

Subsequent Event [Line Items]

Conversion of stock (in shares)

253,842

Additional shares converted into common stock (in shares)

1,015,368

GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Subsequent Event | Exchange Warrants

Subsequent Event [Line Items]

Warrants granted (in shares)

421,589

Warrant exercise price (in usd per share) | $ / shares

$ 14.73

GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Subsequent Event | Series A-1 Warrants | Investor

Subsequent Event [Line Items]

Warrants granted (in shares)

1,269,210

Warrant exercise price (in usd per share) | $ / shares

$ 13.51

GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Subsequent Event | Series A-1 Warrants | Common Stock | Investor

Subsequent Event [Line Items]

Warrants granted (in shares)

814,467

GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Subsequent Event | Series A-2 Warrants | Investor

Subsequent Event [Line Items]

Warrants granted (in shares)

1,142,289

Warrant exercise price (in usd per share) | $ / shares

$ 14.74

GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Subsequent Event | Series T Warrants | Investor

Subsequent Event [Line Items]

Warrant exercise price (in usd per share) | $ / shares

$ 12.28

Common stock, shares issued (in shares)

814,467

GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Subsequent Event | GRI Bio, Inc

Subsequent Event [Line Items]

Common stock, exchange ratio

0.0374

Common stock, shares issued (in shares)

6,787,219

Common stock placed into escrow (in shares)

27,148,877

Common stock, shares outstanding (in shares)

1,201,077

GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Subsequent Event | GRI Bio, Inc | Bridge SPA

Subsequent Event [Line Items]

Aggregate principal amount | $

$ 3,333

Aggregate purchase price | $

$ 2,500

GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Subsequent Event | GRI Bio, Inc | Bridge SPA | Bridge Warrant

Subsequent Event [Line Items]

Warrants granted (in shares)

2,504,980

GRI Bio, Inc. (Formerly Vallon Pharmaceuticals, Inc.) | Subsequent Event | Investor

Subsequent Event [Line Items]

Investment in cash | $

$ 12,250