MeritValue

GRI Bio, Inc.

GRIdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

GRI Bio, Inc. earns about -1812% on equity, and has bought back 98% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$01————
Net income−$9.3M2−$3.22M3−$13M4−$8.21M5−$12M5
Operating cash flow−$8.31M6−$1.09M7−$8.99M8−$8.61M9−$10.2M9
Capital expenditure$010$3,00011$8,00012$013$3,00013
Free cash flow (derived)−$8.31M6−$1.09M7−$9M8−$8.61M9−$10.2M9
Total debt—————
Cash & equivalents$3.7M14$9,00015$1.81M16$5.03M17$8.23M17
Diluted shares6.5M128,9942,5986,54798,162

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$612.05
your share of equity
Profit it earned you last year
−$1,217.99
Free cash flow it threw off
−$1,037.98
Debt you’d be carrying
—

10 shares is a claim on $612.05 of net worth that earned you −$1,217.99 and generated −$1,037.98 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-1812% avg · 5y
FY21 —FY22 —FY23 -5034%FY24 -204%FY25 -199%

It earned an average -1812% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−98% shares · 5y

Share count is down 98% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001824293-22-000004 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2021-12-31 · accession 0001824293-23-000016 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001824293-24-000033 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001824293-25-000050 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001824293-26-000033 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001824293-23-000016 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001824293-24-000033 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001824293-25-000050 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001824293-26-000033 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001824293-22-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001824293-24-000033 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001824293-25-000050 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2024-12-31 · accession 0001824293-26-000033 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0001824293-23-000016 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001824293-24-000033 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001824293-25-000050 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001824293-26-000033 (CashAndCashEquivalentsAtCarryingValue)