---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-22-017051"
form_type: "8-K"
ticker: "GRDX"
cik: "0001604191"
company_name: "GridAI Technologies Corp."
filed_at: "2022-04-29T23:59:59+00:00"
generated_at: "2026-06-26T02:38:24.515252+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# First Wave BioPharma reports mixed Phase 2 trial for COVID-19 GI; cuts 20% of staff

## Summary
- Phase 2 RESERVOIR trial: FW-COV (niclosamide) safe but missed efficacy endpoint vs placebo on SARS-CoV-2 stool viral clearance.
- Austerity measures: 20% headcount reduction, closure of West Coast office and Langlade, France facility.
- Deferred certain payment obligations related to First Wave Bio, Inc. acquisition to conserve capital.
- Awaiting full RESERVOIR data in late May; advancing IBD programs (FW-UP, FW-UC, FW-CD) and adrulipase for EPI.
- David Hoffman appointed to Board, filling newly created seventh seat under merger agreement.

## SEC filing metadata
- accession: 0001140361-22-017051
- form_type: 8-K
- ticker: GRDX
- cik: 0001604191
- company_name: GridAI Technologies Corp.
- filed_at: 2022-04-29T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1604191/000114036122017051/0001140361-22-017051-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1604191/000114036122017051/brhc10036952_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-22-017051
- JSON: https://secwatch.observer/filing/0001140361-22-017051.json
- Plain text: https://secwatch.observer/filing/0001140361-22-017051.txt

## Key facts
- Executive change
  David Hoffman was appointed as Member of the Board at GridAI Technologies Corp..
  - Action: appointed
  - Role: Member of the Board
  source text: approved, effective immediately, an increase in the size of the Board from six directors to seven directors and appointed David Hoffman, age 61, to serve as a member of the Board to fill the newly-created vacancy.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1604191/000114036122017051/0001140361-22-017051-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.