Grace Therapeutics reported a loss-making quarter in QQ2 2024 with no revenue disclosed. Operating expenses totaled $4.831 million (R&D $2.976 million and G&A $1.853 million), resulting in an EBITDA of -$4.829 million and net income of -$3.432 million (EPS -$0.30). The company consumed cash on an operating basis, with net cash used in operating activities of -$4.239 million and a net cash decrease of $-4.239 million for the quarter. At period end, the cash flow statement shows cash on hand of approximately $15.16 million, reflecting the ongoing burn path in a pre-revenue biotech with a heavy pipeline focus on GTX104 for subarachnoid hemorrhage and additional candidates GTX102/GTX101. The balance sheet presents a robust asset base dominated by intangible assets and goodwill, while liabilities remain modest. The liquidity profile appears favorable on a current ratio of about 6.01, yet the cash burn underscores the need for external financing or strategic partnerships to fund the continued development program. A key near-term implicit catalyst is progress on GTX104, with potential milestones and potential licensing or collaboration deals that could alter the funding trajectory and provide optionality for value creation.