Rallybio Corp RLYB
We are a clinical-stage biotechnology company comprised of experienced biopharma industry leaders with extensive research, development, and rare disease expertise with a mission to develop and commercialize life-transforming therapies for patients with severe and rare diseases. Our lead program, RLYB116, is a differentiated complement component 5 ("C5") inhibitor with the potential to treat diseases of complement dysregulation. In addition, RLYB332, a long-acting matriptase-2 ("MTP-2") antibody for the treatment of diseases of iron overload, is currently in preclinical development.
On March 1, 2026, we entered into an Agreement and Plan of Merger and Reorganization (the "Merger Agreement") with Candid, a clinical-stage biotechnology company advancing a leading portfolio of T-cell engager ("TCE") therapeutics for autoimmune diseases, and Farmington Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Rallybio ("Merger Sub"). Upon the terms and subject to the satisfaction of the conditions described in the Merger Agreement, Merger Sub will be merged with and into Candid, with Candid surviving as a wholly owned subsidiary of Rallybio (the "Merger"). The Merger is intended to qualify as a tax-free reorganization for U.S. federal income tax purposes.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $858.0K | $636.0K | — | — | — | — | — |
| R&D | $19.6M | $41.5M | $53.5M | $40.7M | $26.9M | $17.6M | — |
| SG&A | $14.3M | $19.6M | $25.4M | $27.2M | $18.7M | $7.7M | — |
| Total operating expenses | $33.9M | $61.1M | $78.9M | $67.9M | $45.6M | $25.3M | — |
| Operating income | -$33.1M | -$60.5M | -$78.9M | -$67.9M | -$45.6M | -$25.3M | — |
| Interest expense | — | — | — | $0 | $10.0K | $49.0K | — |
| Pre-tax income | -$8.1M | -$55.5M | -$72.5M | -$65.6M | -$45.5M | -$24.9M | — |
| Income tax | $0 | $0 | $0 | $0 | $0 | $15.0K | — |
| Net income | -$9.0M | -$57.8M | -$74.6M | -$66.7M | -$47.0M | -$26.4M | — |
| EPS, basic | -1.59 | -10.61 | -1.84 | -2.09 | -1.84 | — | — |
| EPS, diluted | -1.59 | -10.61 | -1.84 | -2.09 | -1.84 | -1.52 | — |
| Shares, diluted (wtd. avg.) | 5.6M | 5.4M | 40.4M | 31.8M | 25.5M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $31.4M | $13.9M | $24.5M | $57.0M | $175.3M | $140.2M | — |
| Short-term investments | $23.4M | $51.6M | $85.4M | $112.0M | $0 | — | — |
| Total current assets | $61.3M | $67.8M | $114.8M | $179.5M | $180.9M | $141.3M | — |
| Property, plant and equipment | $23.0K | $115.0K | $246.0K | $385.0K | $511.0K | $287.0K | — |
| Total assets | $62.3M | $68.1M | $115.6M | $180.4M | $182.2M | $141.9M | — |
| Accounts payable | $126.0K | $278.0K | $976.0K | $1.1M | $603.0K | $1.6M | — |
| Total current liabilities | $4.2M | $6.2M | $9.3M | $10.7M | $6.6M | $5.8M | — |
| Total liabilities | $4.3M | $6.5M | $9.4M | $11.1M | $6.6M | $5.9M | — |
| Retained earnings | -$302.0M | -$293.0M | -$235.2M | -$160.7M | -$94.0M | -$47.0M | — |
| Total equity | $58.0M | $61.7M | $106.2M | $169.3M | $175.6M | $136.0M | $16.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$29.8M | -$49.3M | -$60.3M | -$57.3M | -$45.5M | -$22.0M | — |
| Depreciation and amortisation | $100.0K | $100.0K | $100.0K | $200.0K | $100.0K | $62.0K | — |
| Stock-based compensation | $5.3M | $8.0M | $10.9M | $9.5M | $3.6M | $704.0K | — |
| Capital expenditure | — | $0 | $12.0K | $54.0K | $333.0K | $137.0K | — |
| Investing cash flow | $47.3M | $33.5M | $27.7M | -$112.2M | -$2.3M | -$2.1M | — |
| Financing cash flow | $16.0K | $5.2M | $143.0K | $51.1M | $83.0M | $144.9M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-368568.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | $636.0K | $858.0K |
| Gross profit | — | — | — | — | — | — | — |
| Net income | — | -$26.4M | -$47.0M | -$66.7M | -$74.6M | -$57.8M | -$9.0M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Change of control Control of the company has changed hands. Item 5.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Officer or director change Item 5.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Material agreement signed Item 1.01
- Unregistered share sale Item 3.02
- Change of control Item 5.01
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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