GRI Bio (GRI) 10-Q 13 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 06, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-40034
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
Entity Address, Address Line Two	#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
Title of 12(b) Security	Common Stock, par value $0.0001per share
Trading Symbol	GRI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,927,707
Entity Central Index Key	0001824293
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 6,353	$ 1,808
Prepaid expenses and other current assets	531	1,126
Total current assets	6,884	2,934
Property and equipment, net	6	8
Operating lease right-of-use assets	141	14
Total assets	7,031	2,956
Current liabilities:
Accounts payable	1,236	1,410
Accrued expenses	935	1,270
Warrant liability	0	3
Operating lease liabilities, current	45	14
Total current liabilities	2,216	2,697
Operating lease liabilities, non-current	96	0
Total liabilities	2,312	2,697
Commitments and contingencies (Note 11)
Stockholders' equity (deficit):
Common stock, 0.0001 par value; 250,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 801,914 and 49,663 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	0	0
Additional paid-in-capital	40,389	31,792
Accumulated deficit	(35,670)	(31,533)
Total stockholders’ equity	4,719	259
Total liabilities and stockholders' equity	$ 7,031	$ 2,956

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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)	801,914	49,663
Common stock, shares outstanding (in shares)	801,914	49,663

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating expenses:
Research and development	$ 877	$ 880	$ 1,811	$ 997
General and administrative	1,380	5,054	2,342	5,926
Total operating expenses	2,257	5,934	4,153	6,923
Loss from operations	(2,257)	(5,934)	(4,153)	(6,923)
Change in fair value of warrant liability	1	122	3	122
Interest expense, net	6	(934)	13	(2,095)
Net loss	$ (2,250)	$ (6,746)	$ (4,137)	$ (8,896)
Net loss per share of common stock, basic (in usd per share)	$ (4.92)	$ (239.37)	$ (8.82)	$ (433.14)
Net loss per share of common stock, diluted (in usd per share)	$ (4.92)	$ (239.37)	$ (8.82)	$ (433.14)
Weighted-average common shares outstanding, basic (in shares)	457,742	28,181	469,100	20,536
Weighted-average common shares outstanding, diluted (in shares)	457,742	28,181	469,100	20,536

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		10,987
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
Restricted stock vesting (in shares)		5
Warrant issuance	532		532
Net loss	(2,150)			(2,150)
Ending balance (in shares) at Mar. 31, 2023		10,992
Ending balance at Mar. 31, 2023	(3,230)	$ 0	17,416	(20,646)
Beginning balance (in shares) at Dec. 31, 2022		10,987
Beginning balance at Dec. 31, 2022	(1,625)	$ 0	16,871	(18,496)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(8,896)
Ending balance (in shares) at Jun. 30, 2023		32,485
Ending balance at Jun. 30, 2023	4,038	$ 0	31,430	(27,392)
Beginning balance (in shares) at Mar. 31, 2023		10,992
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
Restricted stock vesting (in shares)		1,802
Prefunded warrant exercise (in shares)		480
Prefunded warrant exercise	12		12
Issuance of common stock in pre-closing financing (in shares)		13,350
Issuance of common stock in pre-closing financing	11,721		11,721
Issuance of common stock for settlement of bridge note (in shares)		596
Issuance of common stock for settlement of bridge note	3,333		3,333
Issuance of common stock for reverse recapitalization expenses (in shares)		335
Issuance of common stock for reverse recapitalization expenses	1,875		1,875
Issuance of common stock to Vallon stockholders in reverse recapitalization (in shares)		4,930
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		32,485
Ending balance at Jun. 30, 2023	$ 4,038	$ 0	31,430	(27,392)
Beginning balance (in shares) at Dec. 31, 2023	49,663	49,663
Beginning balance at Dec. 31, 2023	$ 259	$ 0	31,792	(31,533)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	37		37
Fractional share adjustment (in shares)		(19)
Issuance of common stock and prefunded warrants in financing (in shares)		25,419
Issuance of common stock and prefunded warrants in financing	4,389		4,389
Prefunded warrant exercise (in shares)		170,812
Net loss	(1,887)			(1,887)
Ending balance (in shares) at Mar. 31, 2024		245,875
Ending balance at Mar. 31, 2024	$ 2,798	$ 0	36,218	(33,420)
Beginning balance (in shares) at Dec. 31, 2023	49,663	49,663
Beginning balance at Dec. 31, 2023	$ 259	$ 0	31,792	(31,533)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (4,137)
Ending balance (in shares) at Jun. 30, 2024	801,914	801,914
Ending balance at Jun. 30, 2024	$ 4,719	$ 0	40,389	(35,670)
Beginning balance (in shares) at Mar. 31, 2024		245,875
Beginning balance at Mar. 31, 2024	2,798	$ 0	36,218	(33,420)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	37		37
Fractional share adjustment (in shares)		(187)
Issuance of common stock and prefunded warrants in financing (in shares)		353,892
Issuance of common stock and prefunded warrants in financing	4,134		4,134
Prefunded warrant exercise (in shares)		202,334
Net loss	$ (2,250)			(2,250)
Ending balance (in shares) at Jun. 30, 2024	801,914	801,914
Ending balance at Jun. 30, 2024	$ 4,719	$ 0	$ 40,389	$ (35,670)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net loss	$ (4,137)	$ (8,896)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation expense	2	2
Amortization of debt discounts and issuance costs	0	2,104
Stock-based compensation expense	74	26
Change in fair value of warrant liability	(3)	63
Change in operating right of use assets	(127)
Change in operating right of use assets		26
Change in operating assets and liabilities:
Prepaid expenses and other current assets	370	(750)
Accounts payable	(400)	4,179
Accrued expenses	(250)	1,157
Operating lease liabilities	127	(30)
Cash used in operating activities	(4,344)	(2,119)
Investing activities:
Purchase of property and equipment	0	(8)
Cash used in investing activities	0	(8)
Financing activities:
Advances from employees	0	190
Repayment of advances from employees	0	(195)
Proceeds from issuance of bridge promissory note	0	1,250
Proceeds from warrant exercise	0	12
Net liabilities assumed in connection with reverse recapitalization	0	(2,939)
Payment of reverse recapitalization costs	0	(2,984)
Payment of deferred stock issuance costs	(1,571)	(517)
Payment of debt issuance costs	0	(150)
Cash provided by financing activities	8,889	6,917
Net increase in cash and cash equivalents	4,545	4,790
Cash and cash equivalents at beginning of period	1,808	9
Cash and cash equivalents at end of period	6,353	4,799
Supplemental disclosure of non-cash financing activities:
Issuance of stock for repayment of bridge promissory note	0	3,333
Recognition of debt discount and additional paid-in-capital for issuance of warrants in connection with the issuance of promissory notes	0	532
Issuance of stock for payment of reverse recapitalization costs	0	1,875
Issuance of warrants for payment of stock issuance costs	0	18
Stock issuance costs in accounts payable and accrued expenses	367	0
Merger costs included in accounts payable	0	72
Through Financing
Financing activities:
Proceeds from issuance of common stock in financing / under ATM	9,499	12,250
ATM
Financing activities:
Proceeds from issuance of common stock in financing / under ATM	$ 961	$ 0

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	6 Months Ended
	Jun. 30, 2024
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 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 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, pursuant to an Agreement and Plan of Merger, dated as of December 13, 2022, as amended on February 17, 2023 (the Merger Agreement), by and among the Company, GRI Bio Operations, Inc., formerly known as GRI Bio, Inc. (GRI Operations), and Vallon Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of the Company (Merger Sub), Merger Sub was merged with and into GRI Operations (the Merger), with GRI Operations surviving the Merger as a wholly owned subsidiary of the Company (Note 4). In connection with the closing of the Merger (the Closing), the Company amended its certificate of incorporation and amended its bylaws to change its name from “Vallon Pharmaceuticals, Inc.” to “GRI Bio, Inc.” Recapitalization In connection with the Merger, and immediately prior to the effective time of the Merger (the Effective Time), the Company effected a reverse stock split of its common stock, par value $0.0001 (Common Stock), at a ratio of one-for-thirty (the April 2023 Reverse Stock Split). On January 29, 2024, the Company effected a reverse stock split of its Common Stock at a ratio of one-for-seven (the January 2024 Reverse Stock Split). On June 17, 2024, the Company effected a reverse stock split of its Common Stock at a ratio of one-for-thirteen (the June 2024 Reverse Stock Split and together with the April 2023 Reverse Stock Split and the January 2024 Reverse Stock Split, the Reverse Stock Splits). Unless otherwise noted, all references to share and per share amounts in these consolidated financial statements reflect the Reverse Stock Splits. 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, GRI Operations. 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 (as defined below) and the Reverse Stock Splits for all periods presented, to the extent applicable.

LIQUIDITY

LIQUIDITY	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
LIQUIDITY	LIQUIDITY These unaudited interim consolidated 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 $35,670 in accumulated deficit through June 30, 2024. The Company has financed its working capital requirements to date through the issuance of equity and debt securities. As of June 30, 2024, the Company had cash of approximately $6,353. In connection with signing the Merger Agreement, the Company, GRI Operations and Altium Growth Fund, LP (Altium) entered into a Securities Purchase Agreement, dated December 13, 2022 (the Equity SPA), pursuant to which Altium agreed to invest $12,250 in cash and cancel any outstanding principal and accrued interest on the Bridge Notes (as defined below) in return for the issuance of shares of GRI Operations common stock (GRI Operations Common Stock) immediately prior to the consummation of the Merger. Pursuant to the Equity SPA, immediately prior to the Closing, GRI Operations issued 74,584 shares of GRI Operations Common Stock (the Initial Shares) to Altium and 298,339 shares of GRI Operations 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 2,789 shares of the Company’s Common Stock and the Additional Shares converted into an aggregate of 11,157 shares of the Company’s Common Stock. On May 8, 2023, in accordance with the terms of the Equity SPA, the Company and Altium authorized the escrow agent to, subject to beneficial ownership limitations, disburse to Altium all of the shares of the Company’s Common Stock issued in exchange for the Additional Shares. On February 1, 2024, the Company entered into a securities purchase agreement (the February 2024 Purchase Agreement), pursuant to which the Company agreed to issue and sell, in a public offering, (i) 25,419 shares (the February 2024 Shares) of Common Stock, (ii) 359,196 pre-funded warrants (the February 2024 Pre-Funded Warrants) exercisable for an aggregate of 359,196 shares of Common Stock, (iii) 384,615 Series B-1 common warrants (the Series B-1 Common Warrants) exercisable for an aggregate of 384,615 shares of Common Stock, and (iv) 384,615 Series B-2 common warrants (the Series B-2 Common Warrants, and together with the Series B-1 Common Warrants, the Series B Common Warrants) exercisable for an aggregate of 384,615 shares of Common Stock for net proceeds of $4,389, after deducting offering expenses of $1,110. The Series B Common Warrants together with the February 2024 Pre-Funded Warrants are referred to in this Quarterly Report on Form 10-Q as the “February 2024 Warrants.” The securities were offered in combinations of (a) one February 2024 Share or one February 2024 Pre-Funded Warrant, together with (b) one Series B-1 Common Warrant and one Series B-2 Common Warrant, for a combined purchase price of $14.30 (less $0.0013 for each February 2024 Pre-Funded Warrant). Subject to certain ownership limitations, the February 2024 Warrants became exercisable upon issuance. Each February 2024 Pre-Funded Warrant was exercisable for one share of Common Stock at a price per share of $0.0013 and expired when exercised in full. Each Series B-1 Common Warrant is exercisable into one share of Common Stock at a price per share of $14.30 for a five-year period after February 6, 2024, the date of issuance. Each Series B-2 Common Warrant is exercisable into one share of Common Stock at a price per share of $14.30 for an 18-month period after February 6, 2024 the date of issuance. As of June 30, 2024, all of the February 2024 Pre-Funded Warrants have been exercised. In connection with the issuance of the February 2024 Shares and February 2024 Warrants pursuant to the February 2024 Purchase Agreement, the exercise price of the Series A-1 Warrants was reduced to par, or $0.0001, per share pursuant to the terms of the Series A-1 Warrants. On May 20, 2024, the Company entered into an At The Market Offering Agreement (the Sales Agreement) with H.C. Wainwright & Co., LLC (Wainwright), pursuant to which the Company may sell and issue, subject to the limitations in the Sales Agreement, shares up to $10.0 million of Common Stock from time to time through Wainwright as its sales agent (the ATM Offering). Under the Sales Agreement, Wainwright is entitled to compensation of 3.0% of the gross offering proceeds of all shares of Common Stock sold through it pursuant to the Sales Agreement. As of June 30, 2024, the Company has sold 293,892 shares of Common Stock in the ATM Offering at a weighted-average price of $3.27 per share, raising $961 of gross proceeds and net proceeds of $923, after deducting commissions to the sales agent and other ATM Offering related expenses. On July 26, 2024, the Company filed a prospectus supplement to its registration statement on Form S-1 (File No. 333-279348) to increase the amount of shares of Common Stock that the Company may offer and sell under the Sales Agreement and applicable registration statement to an aggregate offering price of up to $2,644, which amount does not include the shares of Common Stock having an aggregate gross sales price of approximately $961 that have been sold under the ATM Offering. On June 26, 2024, the Company entered into a securities purchase agreement (the June 2024 Purchase Agreement), pursuant to which the Company agreed to issue and sell, in a public offering (the June 2024 Offering), (i) 60,000 shares (the June 2024 Shares) of Common Stock, (ii) 2,125,793 pre-funded warrants (the June 2024 Pre-Funded Warrants) exercisable for an aggregate of 2,125,793 shares of Common Stock, (iii) 2,185,793 Series C-1 common warrants (the Series C-1 Common Warrants) exercisable for an aggregate of 2,185,793 shares of Common Stock, and (iv) 2,185,793 Series C-2 common warrants (the Series C-2 Common Warrants, and together with the Series C-1 Common Warrants, the Series C Common Warrants) exercisable for an aggregate of 2,185,793 shares of Common Stock for net proceeds of $3,172, after deducting offering expenses of $1,057. The Series C Common Warrants together with the June 2024 Pre-Funded Warrants are referred to in this Quarterly Report on Form 10-Q as the “June 2024 Warrants.” The securities were offered in combinations of (a) one June 2024 Share or one June 2024 Pre-Funded Warrant, together with (b) one Series C-1 Common Warrant and one Series C-2 Common Warrant, for a combined purchase price of $1.83 (less $0.0001 for each June 2024 Pre-Funded Warrant). The June 2024 Pre-Funded Warrants are exercisable for one share of Common Stock at a price per share of $0.0001, are exercisable immediately and will expire when exercised in full. Each Series C Common Warrant is exercisable into one share of Common Stock at a price per share of $1.83 and are exercisable beginning on the effective date of stockholder approval of the issuance of the shares upon exercise of the Series C Common Warrants (Warrant Stockholder Approval). The Series C-1 Common Warrants will expire on the five-year anniversary of the Warrant Stockholder Approval. The Series C-2 Common Warrants will expire on the 18-month anniversary of the Warrant Stockholder Approval. 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 2025.

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
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 (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, 2023 balance sheet was derived from the Company’s audited consolidated financial statements. In the opinion of management, the unaudited interim consolidated financial statements furnished herein include all normal and recurring adjustments considered necessary to present fairly the Company’s financial position as of June 30, 2024, and the consolidated results of operations and consolidated stockholders’ deficit for the three and six months ended June 30, 2024 and 2023 and consolidated cash flows for the three and six months ended June 30, 2024 and 2023. Consolidated results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the operating results that may be expected for the year ending December 31, 2024. The unaudited interim consolidated financial statements, presented herein, do not contain the required disclosures under GAAP for annual consolidated financial statements. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and related notes as of and for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 28, 2024. Principles of Consolidation The unaudited interim consolidated financial statements include the accounts of GRI Bio, Inc. and its wholly-owned subsidiary, GRI Bio Operations, Inc. All intercompany balances and transactions have been eliminated. 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, warrant issuance and subsequent revaluations, valuation allowances relating to deferred tax assets, accrued expenses and estimation of the incremental borrowing rate for the operating lease. If actual results differ from the Company’s estimates, or to the extent these estimates are adjusted in future periods, the Company’s consolidated results of operations could either benefit from, or be adversely affected by, any such change in estimate. 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 June 30, 2024, 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 June 30, 2024, 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 Pharmaceuticals, Inc. (Vallon) issued warrants (the May 2022 Warrants) in connection with a securities purchase agreement. Vallon evaluated the May 2022 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 May 2022 Warrants related to the reduction of the exercise price in certain circumstances precluded the May 2022 Warrants from being accounted for as components of equity. As a result, the May 2022 Warrants were recorded as a liability on the balance sheet. Vallon recorded the fair value of the May 2022 Warrants upon issuance using a Black-Scholes valuation model. The Company is required to revalue the May 2022 Warrants at each reporting date with any changes in fair value recorded in its statement of operations. The valuation of the May 2022 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 warrant liability is reflected in the statement of operations for the six months ended June 30, 2024. Deferred Stock Issuance Costs Deferred stock issuance costs represent incremental 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. Net Loss Per Common Share Basic and diluted 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 . As the Company had a net loss in each of the three and six months ended June 30, 2024 and 2023, 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: June 30, 2024 2023 Stock options 2,503 1,094 Warrants 5,302,813 40,253 5,305,316 41,347 Recent Accounting Pronouncements The Company considered the applicability and impact of all ASUs issued during the quarter ended June 30, 2024 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	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
MERGER WITH VALLON	MERGER WITH VALLON On April 21, 2023, pursuant to the Merger Agreement, Merger Sub was merged with and into GRI Operations, with GRI Operations 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 GRI Operations Common Stock outstanding immediately prior to the Effective Time, including any shares of GRI Operations 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 0.0374 (the Exchange Ratio). (b) Each option to purchase shares of GRI Operations Common Stock (each, a GRI Operations Option) outstanding and unexercised immediately prior to the Effective Time under the GRI Bio, Inc. 2015 Equity Incentive Plan, as amended (the GRI Operations 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 Operations Plan and each such GRI Operations Option in accordance with the terms of the GRI Operations Plan (the Assumed Options). The number of shares of Common Stock subject to each Assumed Option was determined by multiplying (i) the number of shares of GRI Operations Common Stock that were subject to such GRI Operations 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 Common Stock. The per share exercise price for the 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 GRI Operations Common Stock (the GRI Operations Warrants) outstanding immediately prior to the Effective Time was assumed by the Company and converted into a warrant to purchase shares of Common Stock (the Assumed Warrants) and thereafter (i) each Assumed Warrant became exercisable solely for shares of the Common Stock; (ii) the number of shares of Common Stock subject to each Assumed Warrant was determined by multiplying (A) the number of shares of GRI Operations Common Stock that were subject to such GRI Operations 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 Common Stock; and (iii) the per share exercise price for shares of Common Stock issuable upon exercise of each Assumed Warrant was determined by dividing (A) the exercise price per share of GRI Operations Common Stock subject to such GRI Operations 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 4,632 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 $1,340.43 per share. (e) All rights with respect to GRI Operations 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 GRI Operations restricted stock awards otherwise remained unchanged. The Merger was accounted for as a reverse recapitalization under GAAP because the primary assets of Vallon were cash and cash equivalents. For accounting purposes, GRI Operations was determined to be the accounting acquirer based upon the terms of the Merger and other factors including: (i) the equity holders of GRI Operations 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) GRI Operations holds the majority (4 out of 5) of board seats of the combined company, and (iii) GRI Operations’ management holds the majority of key positions in the management of the combined company. 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	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024. 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 June 30, 2024: Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Liabilities: Warrant liability $ — $ — $ — Total liabilities $ — $ — $ — The following table presents the changes in the fair value of the Level 3 liability: Warrant Liability Fair value as of December 31, 2023 $ 3 Change in valuation (3) Fair value as of June 30, 2024 $ — The Black-Scholes valuation model was used to estimate the fair value of the May 2022 Warrants with the following weighted-average assumptions: June 30, 2024 December 31, 2023 Volatility 172.8 % 171.0 % Expected term in years 2.5 2.5 Dividend rate 0.0 % 0.0 % Risk-free interest rate 4.62 % 4.12 %

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT June 30, 2024 December 31, 2023 Computer equipment $ 21 $ 21 Furniture and fixtures 13 13 34 34 Accumulated depreciation (28) (26) $ 6 $ 8 Depreciation expense related to property and equipment was $2 for each of the six-month periods ended June 30, 2024 and 2023.

ACCRUED EXPENSES

ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
ACCRUED EXPENSES	ACCRUED EXPENSES Accrued expenses consist of the following: June 30, 2024 December 31, 2023 Research and development $ 236 $ 93 General and administrative 67 441 Payroll and related 632 736 Total accrued expenses $ 935 $ 1,270

PROMISSORY NOTES

PROMISSORY NOTES	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
PROMISSORY NOTES	PROMISSORY NOTES Bridge Financing In connection with signing the Merger Agreement, GRI Operations entered into a Securities Purchase Agreement, dated as of December 13, 2022 (the Bridge SPA), with Altium, pursuant to which GRI Operations 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, Altium received warrants to purchase an aggregate of 13,763 shares of Common Stock (the Bridge Warrants). The Bridge Warrants had an exercise price of $121.03 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, the Company, GRI Operations and Altium entered into the Equity SPA (Note 9) pursuant to which Altium 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 GRI Operations’ 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 $1,340.43 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 $205 of debt issuance costs related to its issuance of debt under the Bridge SPA, of which $90 was incurred during the six months ended June 30, 2023 related to its issuance of debt under the Bridge SPA. Interest expense stemming from amortization of debt discounts and issuance costs was $1,161 and $2,104 for the three and six months ended June 30, 2023, respectively.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Equity Securities Purchase Agreement In connection with signing the Merger Agreement, the Company, GRI Operations and Altium entered the Equity SPA pursuant to which Altium 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 GRI Operations’ Common Stock immediately prior to the consummation of the Merger. Pursuant to the Equity SPA, immediately prior to the Closing, GRI Operations issued the Initial Shares to Altium and 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 2,789 shares of Common Stock and the Additional Shares converted into an aggregate of 11,157 shares of Common Stock. On May 8, 2023, in accordance with the terms of the Equity SPA, the Company and Altium authorized the escrow agent to, subject to beneficial ownership limitations, disburse to Altium all of the shares of the Common Stock issued in exchange for the Additional Shares. February 2024 Securities Purchase Agreement On February 1, 2024, the Company entered into the February 2024 Purchase Agreement, pursuant to which the Company agreed to issue and sell, in the February 2024 Offering, (i) 25,419 February 2024 Shares, (ii) 359,196 February 2024 Pre-Funded Warrants exercisable for an aggregate of 359,196 shares of Common Stock, (iii) 384,615 Series B-1 Common Warrants exercisable for an aggregate of 384,615 shares of Common Stock and (iv) 384,615 Series B-2 Common Warrants exercisable for an aggregate of 384,615 shares of Common Stock for net proceeds of $4,389, after deducting offering expenses of $1,110. The securities were offered in combinations of (a) one February 2024 Share or one February 2024 Pre-Funded Warrant, together with (b) one Series B-1 Common Warrant and one Series B-2 Common Warrant, for a combined purchase price of $14.30 (less $0.0013 for each February 2024 Pre-Funded Warrant). Subject to certain ownership limitations, the February 2024 Warrants were exercisable upon issuance. Each February 2024 Pre-Funded Warrant was exercisable for one share of Common Stock at a price per share of $0.0013 and expired when exercised in full. Each Series B-1 Common Warrant is exercisable into one share of Common Stock at a price per share of $14.30 for a five-year period after February 6, 2024, the date of issuance. Each Series B-2 Common Warrant is exercisable into one share of Common Stock at a price per share of $14.30 for an 18-month period after February 6, 2024, the date of issuance. The February 2024 Warrants were classified as equity and the allocated fair value of $4,279 is included in additional paid in capital. As of June 30, 2024, all of the February 2024 Pre-Funded Warrants have been exercised. The Company determined that the amount paid for the February 2024 Pre-Funded Warrants approximates their fair value. The Black-Scholes option-pricing model was used to estimate the fair value of the Series B-1 Common and Series B-2 Common Warrants with the following weighted-average assumptions: Volatility 156.3 % Expected term in years 1.63 Dividend rate 0.0 % Risk-free interest rate 4.65 % In connection with the issuance of the securities pursuant to the February 2024 Purchase Agreement, the exercise price of the Series A-1 Warrants issued in connection with the Merger was reduced to par, or $0.0001, per share pursuant to the terms of the Series A-1 Warrants. May 2024 At The Market Offering On May 20, 2024, the Company entered into the Sales Agreement with Wainwright, pursuant to which the Company may sell and issue, subject to the limitations in the Sales Agreement, shares up to $10.0 million of Common Stock from time to time in the ATM Offering. Under the Sales Agreement, Wainwright is entitled to compensation of 3.0% of the gross offering proceeds of all shares of Common Stock sold through it pursuant to the Sales Agreement. As of June 30, 2024, the Company has sold 293,892 shares of Common Stock in the ATM Offering at a weighted-average price of $3.27 per share, raising $961 of gross proceeds and net proceeds of $923, after deducting commissions to the sales agent and other ATM Offering related expenses. On July 26, 2024, the Company filed a prospectus supplement to its registration statement on Form S-1 (File No. 333-279348) to increase the amount of shares of Common Stock that the Company may offer and sell under the Sales Agreement and applicable registration statement to an aggregate offering price of up to $2,644, which amount does not include the shares of Common Stock having an aggregate gross sales price of approximately $961 that have been sold under the ATM Offering. June 2024 Securities Purchase Agreement On June 26, 2024, the Company entered into the June 2024 Purchase Agreement, pursuant to which the Company agreed to issue and sell, in the June 2024 Offering, (i) 60,000 June 2024 Shares, (ii) 2,125,793 June 2024 Pre-Funded Warrants exercisable for an aggregate of 2,125,793 shares of Common Stock, (iii) 2,185,793 Series C-1 Common Warrants exercisable for an aggregate of 2,185,793 shares of Common Stock, and (iv) 2,185,793 Series C-2 Common Warrants, exercisable for an aggregate of 2,185,793 shares of Common Stock for net proceeds of $3,172, after deducting offering expenses of $1,057. The securities were offered in combinations of (a) one June 2024 Share or one June 2024 Pre-Funded Warrant, together with (b) one Series C-1 Common Warrant and one Series C-2 Common Warrant, for a combined purchase price of $1.83 (less $0.0001 for each June 2024 Pre-Funded Warrant). The June 2024 Pre-Funded Warrants are exercisable for one share of Common Stock at a price per share of $0.0001, are exercisable immediately and expire when exercised in full. Each Series C Common Warrant is exercisable into one share of Common Stock at a price per share of $1.83 and are exercisable beginning on the effective date of the Warrant Stockholder Approval. The Series C-1 Common Warrants will expire on the five-year anniversary of the Warrant Stockholder Approval. The Series C-2 Common Warrants will expire on the 18-month anniversary of the Warrant Stockholder Approval. The June 2024 Pre-Funded Warrants and the Series C Common Warrants were classified as equity and the allocated fair value of $2,908 is included in additional paid in capital. Pursuant to an engagement agreement (the Engagement Agreement) with Wainwright, the Company, in connection with the June 2024 Offering, agreed to issue to Wainwright, or its designees, warrants to purchase up to an aggregate of 153,006 shares of Common Stock (the Placement Agent Warrants). The Placement Agent Warrants have an exercise price of $2.2875 per share, will expire on June 26, 2029 and are exercisable following the Warrant Stockholder Approval. The Placement Agent Warrants were classified as equity and the fair value of $229 is included in additional paid in capital. The Company determined that the amount paid for the June 2024 Pre-Funded Warrants approximates their fair value. The Black-Scholes option-pricing model was used to estimate the fair value of the Series C-1 Common Warrants, the Series C-2 Common Warrants and the Placement Agent Warrants with the following weighted-average assumptions: Volatility 159.1 % Expected term in years 1.65 Dividend rate 0.0 % Risk-free interest rate 4.92 % Warrants As of June 30, 2024, the Company had the following warrants outstanding to purchase Common Stock. Number of Shares Exercise Price per Share Expiration Date 2,125,793 $0.00 Do not expire 384,615 $14.30 August 2025 8,950 $1,117.48 December 2025 42 $27,300.00 February 2026 271 $2,561.65 May 2027 13 $0.01 July 2027 26 $5,586.49 April 2028 384,615 $14.30 February 2029 153,006 $2.29 June 2029 2,185,793 $1.83 18 months after the Warrant Stockholder Approval 2,185,793 $1.83 60 months after the Warrant Stockholder Approval

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION 2015 Equity Incentive Plan GRI Operations adopted the GRI Operations Plan, which provided GRI Operations with the ability to grant stock options, restricted stock awards and other equity-based awards to employees, directors, and consultants. Upon completion of the Merger, the Company assumed the GRI Operations Plan and 982 outstanding and unexercised options issued thereunder, and ceased granting awards under the GRI Operations Plan. As of June 30, 2024, no options remain outstanding under the GRI Operations 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 of directors, subject to stockholder approval. The A&R 2018 Plan became effective on April 21, 2023, with the stockholders approving an amendment to the A&R 2018 Plan to, among other things, (i) to increase the aggregate number of shares by 1,856 shares to 2,381 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 June 30, 2024, awards granted under the A&R 2018 Plan representing the right to purchase or contingent right to receive up to an aggregate of 2,503 shares of the Company's Common Stock were outstanding and 4,367 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 equity-based awards issued under the GRI Operations Plan and the A&R 2018 Plan in the following expense categories of its accompanying consolidated statements of operations for the three and six months ended June 30, 2024 and 2023: For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Research and development $ — $ — $ — $ — General and administrative 37 13 74 25 Total $ 37 $ 13 $ 74 $ 25 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. The Company records expense for performance-based awards if the Company 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 six months ended June 30, 2024: Number of options Weighted average exercise price Weighted average remaining contractual term (years) Outstanding at December 31, 2023 2,503 $ 471.45 9.55 Granted — Exercised — Forfeited/Cancelled — Outstanding at June 30, 2024 2,503 $ 471.45 9.06 Exercisable at June 30, 2024 456 $ 1,655.14 8.56 Vested and expected to vest at June 30, 2024 2,503 $ 471.45 9.06 As of June 30, 2024, all of the outstanding and exercisable stock options were out of the money and therefore had no intrinsic value. At June 30, 2024, the unrecognized compensation cost related to unvested stock options expected to vest was $313. This unrecognized compensation is expected to be recognized over a weighted-average amortization period of 2.47 years

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
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

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (2,250)	$ (1,887)	$ (6,746)	$ (2,150)	$ (4,137)	$ (8,896)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
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 (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, 2023 balance sheet was derived from the Company’s audited consolidated financial statements.
Principles of Consolidation	Principles of Consolidation The unaudited interim consolidated financial statements include the accounts of GRI Bio, Inc. and its wholly-owned subsidiary, GRI Bio Operations, Inc. All intercompany balances and transactions have been eliminated.
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, warrant issuance and subsequent revaluations, valuation allowances relating to deferred tax assets, accrued expenses and estimation of the incremental borrowing rate for the operating lease. If actual results differ from the Company’s estimates, or to the extent these estimates are adjusted in future periods, the Company’s consolidated results of operations could either benefit from, or be adversely affected by, any such change in estimate.
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 June 30, 2024, 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 June 30, 2024, 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 Pharmaceuticals, Inc. (Vallon) issued warrants (the May 2022 Warrants) in connection with a securities purchase agreement. Vallon evaluated the May 2022 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 May 2022 Warrants related to the reduction of the exercise price in certain circumstances precluded the May 2022 Warrants from being accounted for as components of equity. As a result, the May 2022 Warrants were recorded as a liability on the balance sheet. Vallon recorded the fair value of the May 2022 Warrants upon issuance using a Black-Scholes valuation model. The Company is required to revalue the May 2022 Warrants at each reporting date with any changes in fair value recorded in its statement of operations. The valuation of the May 2022 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 warrant liability is reflected in the statement of operations for the six months ended June 30, 2024.
Deferred Stock Issuance Costs	Deferred Stock Issuance Costs Deferred stock issuance costs represent incremental 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.
Net Loss Per Common Share	Net Loss Per Common Share Basic and diluted 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 . As the Company had a net loss in each of the three and six months ended June 30, 2024 and 2023, 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 June 30, 2024 and each was determined to be either not applicable or expected to have minimal impact on these financial statements.

BASIS OF PRESENTATION AND SUM_3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2024
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: June 30, 2024 2023 Stock options 2,503 1,094 Warrants 5,302,813 40,253 5,305,316 41,347

MERGER WITH VALLON (Tables)

MERGER WITH VALLON (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024: Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Liabilities: Warrant liability $ — $ — $ — Total liabilities $ — $ — $ —
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, 2023 $ 3 Change in valuation (3) Fair value as of June 30, 2024 $ —
Schedule of the Fair Value of the Warrants	The Black-Scholes valuation model was used to estimate the fair value of the May 2022 Warrants with the following weighted-average assumptions: June 30, 2024 December 31, 2023 Volatility 172.8 % 171.0 % Expected term in years 2.5 2.5 Dividend rate 0.0 % 0.0 % Risk-free interest rate 4.62 % 4.12 % Volatility 156.3 % Expected term in years 1.63 Dividend rate 0.0 % Risk-free interest rate 4.65 % Volatility 159.1 % Expected term in years 1.65 Dividend rate 0.0 % Risk-free interest rate 4.92 %

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	June 30, 2024 December 31, 2023 Computer equipment $ 21 $ 21 Furniture and fixtures 13 13 34 34 Accumulated depreciation (28) (26) $ 6 $ 8

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consist of the following: June 30, 2024 December 31, 2023 Research and development $ 236 $ 93 General and administrative 67 441 Payroll and related 632 736 Total accrued expenses $ 935 $ 1,270

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of the Fair Value of the Warrants	The Black-Scholes valuation model was used to estimate the fair value of the May 2022 Warrants with the following weighted-average assumptions: June 30, 2024 December 31, 2023 Volatility 172.8 % 171.0 % Expected term in years 2.5 2.5 Dividend rate 0.0 % 0.0 % Risk-free interest rate 4.62 % 4.12 % Volatility 156.3 % Expected term in years 1.63 Dividend rate 0.0 % Risk-free interest rate 4.65 % Volatility 159.1 % Expected term in years 1.65 Dividend rate 0.0 % Risk-free interest rate 4.92 %
Schedule of Warrants Outstanding to Purchase Common Stock	As of June 30, 2024, the Company had the following warrants outstanding to purchase Common Stock. Number of Shares Exercise Price per Share Expiration Date 2,125,793 $0.00 Do not expire 384,615 $14.30 August 2025 8,950 $1,117.48 December 2025 42 $27,300.00 February 2026 271 $2,561.65 May 2027 13 $0.01 July 2027 26 $5,586.49 April 2028 384,615 $14.30 February 2029 153,006 $2.29 June 2029 2,185,793 $1.83 18 months after the Warrant Stockholder Approval 2,185,793 $1.83 60 months after the Warrant Stockholder Approval

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense	The Company recorded stock-based compensation related to equity-based awards issued under the GRI Operations Plan and the A&R 2018 Plan in the following expense categories of its accompanying consolidated statements of operations for the three and six months ended June 30, 2024 and 2023: For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Research and development $ — $ — $ — $ — General and administrative 37 13 74 25 Total $ 37 $ 13 $ 74 $ 25
Schedule of Activity of Stock Options	The table below represents the activity of stock options granted to employees and non-employees for the six months ended June 30, 2024: Number of options Weighted average exercise price Weighted average remaining contractual term (years) Outstanding at December 31, 2023 2,503 $ 471.45 9.55 Granted — Exercised — Forfeited/Cancelled — Outstanding at June 30, 2024 2,503 $ 471.45 9.06 Exercisable at June 30, 2024 456 $ 1,655.14 8.56 Vested and expected to vest at June 30, 2024 2,503 $ 471.45 9.06

ORGANIZATION AND DESCRIPTION _2

ORGANIZATION AND DESCRIPTION OF BUSINESS (Details)	Jun. 17, 2024	Jan. 29, 2024	Apr. 21, 2023 $ / shares	Jun. 30, 2024 $ / shares	Dec. 31, 2023 $ / shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock, par value (in usd per share)			$ 0.0001	$ 0.0001	$ 0.0001
Reverse stock split	0.07690	0.14290	0.0333

LIQUIDITY (Details)

LIQUIDITY (Details) - USD ($) $ / shares in Units, $ in Thousands						1 Months Ended	6 Months Ended
	Jul. 26, 2024	Jun. 26, 2024	May 20, 2024	Feb. 01, 2024	Apr. 21, 2023	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Accumulated deficit						$ (35,670)	$ (35,670)		$ (31,533)
Cash and cash equivalents						$ 6,353	$ 6,353		$ 1,808
Common stock, shares issued (in shares)						801,914	801,914		49,663
Common stock placed into escrow (in shares)					298,339
Net proceeds from sale of stock					$ 11,704
Offering expenses					$ 546
Pre-Funded Warrants
Related Party Transaction [Line Items]
Net proceeds from sale of stock						$ 961
Warrant exercise price (in usd per share)		$ 0.0001		$ 0.0013
Number of shares called by each warrant		1		1
Series B-1 Common Warrants
Related Party Transaction [Line Items]
Warrant exercise price (in usd per share)				$ 14.30
Number of shares called by each warrant				1
Warrants and rights outstanding, term				5 years
Series B-2 Common Warrants
Related Party Transaction [Line Items]
Warrant exercise price (in usd per share)				$ 14.30
Number of shares called by each warrant				1
Warrants and rights outstanding, term				18 months
Series A-1 Warrants
Related Party Transaction [Line Items]
Warrant exercise price (in usd per share)				$ 0.0001
Series C-1 Common Warrants
Related Party Transaction [Line Items]
Warrants and rights outstanding, term		5 years
Series C-2 Common Warrants
Related Party Transaction [Line Items]
Warrants and rights outstanding, term		18 months
Series C warrant
Related Party Transaction [Line Items]
Warrant exercise price (in usd per share)				$ 1.83
Number of shares called by each warrant		1
Series T Warrants | Weighted Average
Related Party Transaction [Line Items]
Fair value of option on grant date (in usd per share)						$ 838.11	$ 838.11
Public Offering
Related Party Transaction [Line Items]
Offering expenses		$ 1,057		$ 1,110
Sale of stock (in shares)		60,000		25,419
Gross proceeds from sale of stock		$ 3,172		$ 4,389
Number of securities issued (in shares)		1		1
Sale of stock, price per share (in usd per share)		$ 1.83		$ 14.30
Public Offering | Pre-Funded Warrants
Related Party Transaction [Line Items]
Number of shares		2,125,793		359,196
Number of shares called by warrants (in shares)		2,125,793		359,196
Number of securities issued (in shares)		1		1
Public Offering | Series B-1 Common Warrants
Related Party Transaction [Line Items]
Number of shares				384,615
Number of shares called by warrants (in shares)				384,615
Number of securities issued (in shares)				1
Public Offering | Series B-2 Common Warrants
Related Party Transaction [Line Items]
Number of shares				384,615
Number of shares called by warrants (in shares)				384,615
Number of securities issued (in shares)				1
Public Offering | Series C-1 Common Warrants
Related Party Transaction [Line Items]
Number of shares		2,185,793
Number of shares called by warrants (in shares)		2,185,793
Number of securities issued (in shares)		1
Public Offering | Series C-2 Common Warrants
Related Party Transaction [Line Items]
Number of shares		2,185,793
Number of shares called by warrants (in shares)		2,185,793
Number of securities issued (in shares)		1
ATM
Related Party Transaction [Line Items]
Net proceeds from sale of stock						$ 961	$ 961	$ 0
Sale of stock (in shares)						293,892
Gross proceeds from sale of stock						$ 923
Sale of stock, maximum value of shares offered			$ 10,000
Sale of stock, agent compensation, percentage			3%
ATM | Subsequent Event
Related Party Transaction [Line Items]
Sale of stock, maximum value of shares offered	$ 2,644
ATM | Weighted Average
Related Party Transaction [Line Items]
Sale of stock, price per share (in usd per share)						$ 3.27	$ 3.27
Common Stock
Related Party Transaction [Line Items]
Conversion of stock (in shares)					2,789
Additional shares converted into common stock (in shares)					11,157
Investor
Related Party Transaction [Line Items]
Investment in cash					$ 12,250
Common stock, shares issued (in shares)					74,584
Investor | Common Stock
Related Party Transaction [Line Items]
Investment in cash					$ 12,250

BASIS OF PRESENTATION AND SUM_4

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Diluted Net Loss Per Common Share (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in usd per share)	5,305,316	41,347
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in usd per share)	2,503	1,094
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in usd per share)	5,302,813	40,253

MERGER WITH VALLON - Narrative

MERGER WITH VALLON - Narrative (Details)	Apr. 21, 2023 $ / shares shares	Apr. 20, 2023
Business Acquisition [Line Items]
Ownership percentage in common stock (as a percent)		15%
Issuance of common stock for reverse recapitalization expenses (in shares)	4,363
Exchange Warrants
Business Acquisition [Line Items]
Number of shares called by warrants (in shares)	4,632
Warrant exercise price (in usd per share) | $ / shares	$ 1,340.43
GRI Operations
Business Acquisition [Line Items]
Common stock, exchange ratio	0.0374
Private GRI
Business Acquisition [Line Items]
Ownership percentage in common stock (as a percent)		85%

MERGER WITH VALLON - Schedule o

MERGER WITH VALLON - Schedule of the Net Liabilities Assumed in the Merger (Details) $ in Thousands	Apr. 21, 2023 USD ($)
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
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) $ in Thousands	Jun. 30, 2024 USD ($)
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	0
Total liabilities	$ 0

FAIR VALUE MEASUREMENTS - Liabi

FAIR VALUE MEASUREMENTS - Liability Measured at Estimated Fair Value (Details) - Warrant Liability $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value as of December 31, 2023	$ 3
Change in valuation	(3)
Fair value as of June 30, 2024	$ 0

FAIR VALUE MEASUREMENTS - Deriv

FAIR VALUE MEASUREMENTS - Derivative Liability Measurement Inputs (Details) - Weighted Average	Jun. 30, 2024	Dec. 31, 2023
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding, measurement input	1.728	1.710
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	0.0462	0.0412

PROPERTY AND EQUIPMENT - Schedu

PROPERTY AND EQUIPMENT - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 34	$ 34
Accumulated depreciation	(28)	(26)
Property and equipment, net	6	8
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	21	21
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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 2	$ 2

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Research and development	$ 236	$ 93
General and administrative	67	441
Payroll and related	632	736
Total accrued expenses	$ 935	$ 1,270

PROMISSORY NOTES - Bridge Finan

PROMISSORY NOTES - Bridge Financing (Details) $ / shares in Units, $ in Thousands					3 Months Ended	6 Months Ended
	Apr. 21, 2023 USD ($) $ / shares shares	Mar. 09, 2023 USD ($) $ / shares shares	Dec. 14, 2022 USD ($)	Dec. 13, 2022 USD ($) closing	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of notes						$ 0	$ 1,250
Amortization of debt discounts and issuance costs					$ 1,161	0	2,104
Bridge Warrants
Debt Instrument [Line Items]
Proceeds from issuance of notes		$ 532	$ 571
Exchange Warrants
Debt Instrument [Line Items]
Number of shares called by warrants (in shares) | shares	4,632
Warrant exercise price (in usd per share) | $ / shares	$ 1,340.43
Bridge SPA
Debt Instrument [Line Items]
Proceeds from issuance of notes		$ 718	679
Debt issuance costs					$ 90	$ 205	$ 90
Investor
Debt Instrument [Line Items]
Investment in cash	$ 12,250
Investor | Bridge Warrants
Debt Instrument [Line Items]
Number of shares called by warrants (in shares) | shares		13,763
Warrant exercise price (in usd per share) | $ / shares		$ 121.03
Warrants and rights outstanding, term		60 months
Investor | Exchange Warrants
Debt Instrument [Line Items]
Warrant exercise price (in usd per share) | $ / shares	$ 1,340.43
Investor | Bridge SPA
Debt Instrument [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

STOCKHOLDERS_ EQUITY - Narrativ

STOCKHOLDERS’ EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands						1 Months Ended	6 Months Ended
	Jul. 26, 2024	Jun. 26, 2024	May 20, 2024	Feb. 01, 2024	Apr. 21, 2023	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Class of Stock [Line Items]
Net proceeds from sale of stock					$ 11,704
Offering expenses					$ 546
Pre-Funded Warrants
Class of Stock [Line Items]
Net proceeds from sale of stock						$ 961
Warrant exercise price (in usd per share)		$ 0.0001		$ 0.0013
Number of shares called by each warrant		1		1
Series B-1 Common Warrants
Class of Stock [Line Items]
Warrant exercise price (in usd per share)				$ 14.30
Number of shares called by each warrant				1
Warrants and rights outstanding, term				5 years
Series B-2 Common Warrants
Class of Stock [Line Items]
Warrant exercise price (in usd per share)				$ 14.30
Number of shares called by each warrant				1
Warrants and rights outstanding, term				18 months
Series A-1 Warrants
Class of Stock [Line Items]
Warrant exercise price (in usd per share)				$ 0.0001
Series C-1 Common Warrants
Class of Stock [Line Items]
Warrants and rights outstanding, term		5 years
Series C-2 Common Warrants
Class of Stock [Line Items]
Warrants and rights outstanding, term		18 months
Series C warrant
Class of Stock [Line Items]
Warrant exercise price (in usd per share)				$ 1.83
Number of shares called by each warrant		1
Placement Agent Warrants
Class of Stock [Line Items]
Number of shares called by warrants (in shares)		153,006
Warrant exercise price (in usd per share)		$ 2.2875
Public Offering
Class of Stock [Line Items]
Offering expenses		$ 1,057		$ 1,110
Sale of stock (in shares)		60,000		25,419
Gross proceeds from sale of stock		$ 3,172		$ 4,389
Number of securities issued (in shares)		1		1
Sale of stock, price per share (in usd per share)		$ 1.83		$ 14.30
Public Offering | Pre-Funded Warrants
Class of Stock [Line Items]
Number of Shares (in shares)		2,125,793		359,196
Number of shares called by warrants (in shares)		2,125,793		359,196
Number of securities issued (in shares)		1		1
Public Offering | Series B-1 Common Warrants
Class of Stock [Line Items]
Number of Shares (in shares)				384,615
Number of shares called by warrants (in shares)				384,615
Number of securities issued (in shares)				1
Public Offering | Series B-2 Common Warrants
Class of Stock [Line Items]
Number of Shares (in shares)				384,615
Number of shares called by warrants (in shares)				384,615
Number of securities issued (in shares)				1
Public Offering | Series C-1 Common Warrants
Class of Stock [Line Items]
Number of Shares (in shares)		2,185,793
Number of shares called by warrants (in shares)		2,185,793
Number of securities issued (in shares)		1
Public Offering | Series C-2 Common Warrants
Class of Stock [Line Items]
Number of Shares (in shares)		2,185,793
Number of shares called by warrants (in shares)		2,185,793
Number of securities issued (in shares)		1
ATM
Class of Stock [Line Items]
Net proceeds from sale of stock						$ 961	$ 961	$ 0
Sale of stock (in shares)						293,892
Gross proceeds from sale of stock						$ 923
Sale of stock, maximum value of shares offered			$ 10,000
Sale of stock, agent compensation, percentage			3%
ATM | Subsequent Event
Class of Stock [Line Items]
Sale of stock, maximum value of shares offered	$ 2,644
ATM | Weighted Average
Class of Stock [Line Items]
Sale of stock, price per share (in usd per share)						$ 3.27	$ 3.27
Common Stock
Class of Stock [Line Items]
Conversion of stock (in shares)					2,789
Additional shares converted into common stock (in shares)					11,157
Additional Paid-in Capital
Class of Stock [Line Items]
Warrants, equity impact				$ 4,279
Additional Paid-in Capital | Pre-Funded and Series C Warrants
Class of Stock [Line Items]
Warrants, equity impact		$ 2,908
Additional Paid-in Capital | Placement Agent Warrants
Class of Stock [Line Items]
Warrants, equity impact		$ 229
Investor
Class of Stock [Line Items]
Investment in cash					$ 12,250
Investor | Common Stock
Class of Stock [Line Items]
Investment in cash					$ 12,250

STOCKHOLDERS_ EQUITY - Estimate

STOCKHOLDERS’ EQUITY - Estimate of the Fair Value of the Warrants and Assumptions (Details) - Weighted Average	Jun. 30, 2024	Dec. 31, 2023
Volatility
Class of Stock [Line Items]
Warrants outstanding, measurement input	1.728	1.710
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	0.0462	0.0412
Series B-1 Common and Series B-2 Common Warrants | Volatility
Class of Stock [Line Items]
Warrants outstanding, measurement input	1.563
Series B-1 Common and Series B-2 Common Warrants | Expected term in years
Class of Stock [Line Items]
Warrants outstanding, measurement input	1.63
Series B-1 Common and Series B-2 Common Warrants | Dividend rate
Class of Stock [Line Items]
Warrants outstanding, measurement input	0
Series B-1 Common and Series B-2 Common Warrants | Risk-free interest rate
Class of Stock [Line Items]
Warrants outstanding, measurement input	0.0465
Series C-1 Common, Series C-2 Common and Placement Agent Warrants | Volatility
Class of Stock [Line Items]
Warrants outstanding, measurement input	1.591
Series C-1 Common, Series C-2 Common and Placement Agent Warrants | Expected term in years
Class of Stock [Line Items]
Warrants outstanding, measurement input	1.65
Series C-1 Common, Series C-2 Common and Placement Agent Warrants | Dividend rate
Class of Stock [Line Items]
Warrants outstanding, measurement input	0
Series C-1 Common, Series C-2 Common and Placement Agent Warrants | Risk-free interest rate
Class of Stock [Line Items]
Warrants outstanding, measurement input	0.0492

STOCKHOLDERS_ EQUITY - Schedule

STOCKHOLDERS’ EQUITY - Schedule of Warrants Outstanding to Purchase Common Stock (Details)	Jun. 30, 2024 $ / shares shares
Warrants Not Expiring
Class of Stock [Line Items]
Number of Shares (in shares) | shares	2,125,793
Exercise Price per Share (in usd per share) | $ / shares	$ 0
Warrants Expiring In August 2025
Class of Stock [Line Items]
Number of Shares (in shares) | shares	384,615
Exercise Price per Share (in usd per share) | $ / shares	$ 14.30
Warrants Expiring In December 2025
Class of Stock [Line Items]
Number of Shares (in shares) | shares	8,950
Exercise Price per Share (in usd per share) | $ / shares	$ 1,117.48
Warrants Expiring In February 2026
Class of Stock [Line Items]
Number of Shares (in shares) | shares	42
Exercise Price per Share (in usd per share) | $ / shares	$ 27,300
Warrants Expiring In May 2027
Class of Stock [Line Items]
Number of Shares (in shares) | shares	271
Exercise Price per Share (in usd per share) | $ / shares	$ 2,561.65
Warrants Expiring In July 2027
Class of Stock [Line Items]
Number of Shares (in shares) | shares	13
Exercise Price per Share (in usd per share) | $ / shares	$ 0.01
Warrants Expiring In April 2028
Class of Stock [Line Items]
Number of Shares (in shares) | shares	26
Exercise Price per Share (in usd per share) | $ / shares	$ 5,586.49
Warrants Expiring In February 2029
Class of Stock [Line Items]
Number of Shares (in shares) | shares	384,615
Exercise Price per Share (in usd per share) | $ / shares	$ 14.30
Warrants Expiring In June 2029
Class of Stock [Line Items]
Number of Shares (in shares) | shares	153,006
Exercise Price per Share (in usd per share) | $ / shares	$ 2.29
Warrants Expiring In 18 Months After The Warrant Stockholder Approval
Class of Stock [Line Items]
Number of Shares (in shares) | shares	2,185,793
Exercise Price per Share (in usd per share) | $ / shares	$ 1.83
Warrants and rights outstanding, term	18 months
Warrants Expiring In 60 Months After The Warrant Stockholder Approval
Class of Stock [Line Items]
Number of Shares (in shares) | shares	2,185,793
Exercise Price per Share (in usd per share) | $ / shares	$ 1.83
Warrants and rights outstanding, term	60 months

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Thousands		6 Months Ended
	Apr. 21, 2023	Jun. 30, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of shares outstanding		2,503	2,503
Outstanding, intrinsic value		$ 0
Exercisable, intrinsic value		0
Unrecognized compensation cost		$ 313
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation, weighted average amortization period (in years)		2 years 5 months 19 days
GRI Operations Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of shares outstanding	982	0
A&R 2918 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of additional shares authorized	1,856
Number of shares authorized	2,381	2,503
Common shares reserved for future awards (in shares)		4,367
Maximum increase in shares reserved for issuance as a percentage of aggregate common stock outstanding		4%
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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 37	$ 13	$ 74	$ 25
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	$ 37	$ 13	$ 74	$ 25

STOCK-BASED COMPENSATION - Acti

STOCK-BASED COMPENSATION - Activity of Stock Options (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Number of options
Outstanding, Beginning Balance (in shares)	2,503
Granted (in shares)	0
Exercised (in shares)	0
Forfeited/Cancelled (in shares)	0
Outstanding, Ending Balance (in shares)	2,503	2,503
Exercisable, Ending Balance (in shares)	456
Vested and expected to vest (in shares)	2,503
Weighted average exercise price
Outstanding, Beginning Balance (in usd per share)	$ 471.45
Outstanding, Ending Balance (in usd per share)	471.45	$ 471.45
Exercisable, Ending Balance (in usd per share)	1,655.14
Vested and expected to vest (in usd per share)	$ 471.45
Weighted average remaining contractual term (years)
Outstanding (years)	9 years 21 days	9 years 6 months 18 days
Exercisable (years)	8 years 6 months 21 days
Vested and expected to vest (years)	9 years 21 days

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%