Why did GRI's EPS remain flat in Q3 2023?

GRI Bio's EPS remained flat in Q3 2023 due to a combination of factors:

1. **Revenue and Expense Balance**: The company's financial statements show that GRI Bio had a net loss of $2.14 million in Q3 2023, which is a decrease from the previous quarter's net loss of $8.9 million. This reduction in net loss could be due to a balance between revenue and expenses. The R&D expenses were $1.19 million, which is a significant expense for the company. The absence of marketing and management expenses in Q3 2023 might have contributed to the flat EPS.

|code|Ticker|Name|Date|Net Income YoY|Net Income|market_code|
|---|---|---|---|---|---|---|
|GRI|GRI.O|GRI Bio|2022 Q4|26.71188630490956|-2269000|186|
|GRI|GRI.O|GRI Bio|2023 Q1|18.40607210626186|-2150000|186|
|GRI|GRI.O|GRI Bio|2023 Q2|-2186.7796610169494|-6746000|186|
|GRI|GRI.O|GRI Bio|2023 Q3|-508.83190883190883|-2137000|186|

|code|Ticker|Name|Date|R&D Expenses|R&D Expenses YoY|market_code|
|---|---|---|---|---|---|---|
|GRI|GRI.O|GRI Bio|2022 Q4|61000|-96.94694694694694|186|
|GRI|GRI.O|GRI Bio|2023 Q1|116000|-90.87332808811959|186|
|GRI|GRI.O|GRI Bio|2023 Q2|880000|1391.5254237288134|186|
|GRI|GRI.O|GRI Bio|2023 Q3|1189000|1787.3015873015875|186|

2. **Financial Performance**: The company's market capitalization is $3.5 million, and it is considered a small-cap stock. The earnings growth for this year is impressive at 124.64%, with a previous year's growth rate of 49.29%. The flat EPS in Q3 2023 could be due to the company's strategic focus on R&D and the phase of its clinical trials, which might not have generated significant revenue at that time.
3. **Clinical Development**: GRI Bio is rapidly advancing its clinical pipeline across multiple high-value inflammatory, fibrotic, and autoimmune diseases. The company is on track to launch a Phase 2a biomarker study evaluating GRI-0621 for the treatment of IPF before the end of 2023. The focus on clinical development might have impacted the revenue and profitability in the quarter, leading to a flat EPS.

In conclusion, GRI Bio's flat EPS in Q3 2023 is likely a result of a balance between revenue and expenses, with a significant focus on R&D and clinical development that might not have translated to immediate revenue growth.