RLYB · Rallybio Corp
Rallybio Corporation, a clinical-stage biotechnology company, engages in the development and commercialization of life-transforming therapies for patients suffering from severe and rare diseases. Its lead product candidate is the RLYB116, an inhibitor of complement component 5 (C5) to treat several diseases of complement dysregulation which has completed phase 1 trial; and RLYB332, a preclinical antibody, for the treatment of severe anemia with ineffective erythropoiesis and iron overload. The company has a strategic alliance with AbCellera to discover, develop, and commercialize novel antibody-based therapeutics for rare diseases, as well as collaboration agreement with Johnson & Johnson to provide therapeutic solutions for pregnant individuals at risk of fetal and neonatal alloimmune thrombocytopenia. Rallybio Corporation was founded in 2018 and is headquartered in New Haven, Connecticut.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $14.17 |
| SO | 5.3M |
| Options | 0.6M |
| Warrants | 0.0M |
| FD SO | 5.9M |
| MC | $84.2M |
| Cash | $41.3M |
| Total debt | — |
| EV | $42.9M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 50.1x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-08. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 0.21 | 0.22 | 0.21 | 0.21 |
| Revenue YoY % | 0.0% | 11000.0% | (29.1%) | (29.1%) |
| SG&A | 6.07 | 2.98 | 2.99 | 4.20 |
| R&D | 2.87 | 3.65 | 4.14 | 6.07 |
| Operating Income | (8.73) | (6.41) | (6.92) | (10.06) |
| Operating Income YoY % | 9.7% | 44.8% | 42.6% | 41.0% |
| Operating Margin % | (4119.3%) | (2888.3%) | (3266.5%) | (4743.9%) |
| EBITDA | (8.73) | (6.41) | (6.89) | (10.03) |
| EBITDA Margin % | (4117.9%) | (2886.9%) | (3250.0%) | (4731.6%) |
| Pretax Income | (8.28) | (5.85) | 16.02 | (9.70) |
| Net Income | (8.28) | (5.85) | 16.02 | (9.70) |
| Net Margin % | (3904.7%) | (2636.0%) | 7554.7% | (4576.9%) |
| Diluted EPS | -$1.46 | -$1.52 | $0.36 | -$0.22 |
| Basic EPS | -$1.46 | -$1.52 | $0.36 | -$0.22 |
| Diluted Avg Shares | 5.7 | -39.3 | 45.1 | 44.8 |
| Basic Avg Shares | 5.7 | -39.3 | 45.1 | 44.8 |
| LTM | 12/31/25 | 12/31/24 | |
|---|---|---|---|
| Total Revenue | 0.86 | 0.86 | 0.60 |
| Revenue YoY % | 0.0% | 43.0% | — |
| SG&A | 16.24 | 14.32 | 19.62 |
| R&D | 16.74 | 19.60 | 41.51 |
| Operating Income | (32.13) | (33.06) | (60.50) |
| Operating Income YoY % | 2.8% | 45.3% | — |
| Operating Margin % | (3744.4%) | (3853.6%) | (10082.7%) |
| EBITDA | (32.06) | (32.97) | (60.37) |
| EBITDA Margin % | (3736.6%) | (3842.9%) | (10060.8%) |
| Pretax Income | (7.82) | (8.98) | (57.77) |
| Tax Provision | — | 0.00 | 0.00 |
| Net Income | (7.82) | (8.98) | (57.77) |
| Net Margin % | (911.1%) | (1046.4%) | (9629.2%) |
| Diluted EPS | -$2.84 | -$1.59 | -$1.33 |
| Basic EPS | -$2.84 | -$1.59 | -$1.33 |
| Diluted Avg Shares | 5.7 | 5.6 | 43.5 |
| Basic Avg Shares | 5.7 | 5.6 | 43.5 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 41.30 | 31.37 | 32.12 | 9.45 |
| Total Current Assets | 53.49 | 61.25 | 66.63 | 50.27 |
| Net PPE | 0.02 | 0.02 | 0.03 | 0.06 |
| Total Assets | 54.47 | 62.26 | 67.66 | 51.00 |
| Accounts Payable | 0.94 | 0.13 | 0.27 | 0.12 |
| Total Current Liabilities | 4.14 | 4.22 | 4.52 | 5.04 |
| Total Liabilities | 4.20 | 4.30 | 4.63 | 5.04 |
| Retained Earnings | (310.28) | (302.00) | (296.15) | (312.16) |
| Total Equity | 50.28 | 57.96 | 63.03 | 45.96 |
| LTM | 12/31/25 | 12/31/24 | |
|---|---|---|---|
| Cash & Equivalents | 41.30 | 31.37 | 13.90 |
| Total Current Assets | 53.49 | 61.25 | 67.84 |
| Net PPE | 0.02 | 0.02 | 0.12 |
| Total Assets | 54.47 | 62.26 | 68.11 |
| Accounts Payable | 0.94 | 0.13 | 0.28 |
| Total Current Liabilities | 4.14 | 4.22 | 6.24 |
| Total Liabilities | 4.20 | 4.30 | 6.45 |
| Retained Earnings | (310.28) | (302.00) | (293.02) |
| Total Equity | 50.28 | 57.96 | 61.65 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (8.28) | (5.85) | 16.02 | (9.70) |
| D&A | 0.00 | 0.00 | 0.04 | 0.03 |
| Stock-Based Comp | 0.61 | 0.77 | 1.05 | 1.61 |
| Operating Cash Flow | (7.98) | (4.68) | (6.55) | (8.38) |
| Investing Cash Flow | 17.90 | 3.92 | 29.23 | 3.04 |
| Stock Issuance | 0.00 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | 0.00 | 0.01 | 0.00 | 0.01 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (7.82) | (8.98) | (57.77) | (74.56) | (66.65) |
| D&A | 0.07 | 0.09 | 0.13 | 0.15 | 0.17 |
| Stock-Based Comp | 4.05 | 5.31 | 7.99 | 10.92 | 9.50 |
| Operating Cash Flow | (27.59) | (29.81) | (49.28) | (60.27) | (57.28) |
| CapEx | — | — | 0.00 | (0.01) | (0.05) |
| Investing Cash Flow | 54.09 | 47.27 | 33.49 | 27.66 | (112.17) |
| Stock Issuance | 0.00 | 0.00 | 5.41 | 0.00 | — |
| Financing Cash Flow | 0.02 | 0.02 | 5.20 | 0.14 | 51.08 |
| Free Cash Flow | — | — | (49.28) | (60.28) | (57.34) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 12.92 | 14.50 | 14.74 | 9.98 |
| Quick Ratio | — | — | — | — |
| Debt / Equity | 0.08 | 0.07 | 0.07 | 0.11 |
| EBITDA Margin % | (4117.9%) | (2886.9%) | (3250.0%) | (4731.6%) |
| Working Capital | 49.35 | 57.03 | 62.11 | 45.23 |
| Net Debt | — | — | — | — |
| ROE % | (16.5%) | (10.1%) | 25.4% | (21.1%) |
| ROA % | (15.2%) | (9.4%) | 23.7% | (19.0%) |
| LTM | 12/31/25 | 12/31/24 | |
|---|---|---|---|
| Current Ratio | 12.92 | 14.50 | 10.87 |
| Quick Ratio | — | — | — |
| Debt / Equity | 0.08 | 0.07 | 0.10 |
| EBITDA Margin % | (3736.6%) | (3842.9%) | (10060.8%) |
| Working Capital | 49.35 | 57.03 | 61.60 |
| Net Debt | — | — | — |
| ROE % | (15.5%) | (15.5%) | (93.7%) |
| ROA % | (14.4%) | (14.4%) | (84.8%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-05-15 | ADAR1 Capital Management, LLC | 10% Owner | 2026-05-15 | P | 100 | $13.80 | $1,380 |
| 2026-05-15 | ADAR1 Capital Management, LLC | 10% Owner | 2026-05-15 | P | 200 | $13.95 | $2,790 |
| 2026-05-15 | ADAR1 Capital Management, LLC | 10% Owner | 2026-05-13 | P | 4,081 | $13.80 | $56,315 |
| 2026-05-15 | ADAR1 Capital Management, LLC | 10% Owner | 2026-05-13 | P | 75,178 | $14.00 | $1,052,492 |
| 2026-05-13 | ADAR1 Capital Management, LLC | 10% Owner | 2026-05-12 | P | 800 | $13.83 | $11,063 |
| 2026-05-13 | ADAR1 Capital Management, LLC | 10% Owner | 2026-05-11 | P | 5,100 | $14.00 | $71,392 |
| 2026-05-13 | ADAR1 Capital Management, LLC | 10% Owner | 2026-05-11 | P | 25,000 | $14.00 | $350,000 |
| 2026-05-13 | ADAR1 Capital Management, LLC | 10% Owner | 2026-05-11 | P | 19,900 | $14.00 | $278,600 |
| 2026-05-06 | ADAR1 Capital Management, LLC | 10% Owner | 2026-05-05 | P | 35,101 | $14.00 | $491,260 |
| 2026-05-06 | ADAR1 Capital Management, LLC | 10% Owner | 2026-05-04 | P | 3,900 | $13.90 | $54,201 |
| 2026-05-06 | ADAR1 Capital Management, LLC | 10% Owner | 2026-05-04 | P | 116,904 | $13.97 | $1,633,207 |
| 2026-02-23 | Lieber Jonathan I | Officer (Chief Financial Officer) | 2026-02-23 | S | (789) | $5.06 | -$3,992 |
| 2026-02-23 | Lieber Jonathan I | Officer (Chief Financial Officer) | 2026-02-18 | A | 2,500 | — | $0 |
| 2026-02-20 | MACKAY MARTIN | Director | 2026-02-18 | A | 18,055 | $3.60 | $64,998 |
| 2026-02-20 | HUNT RONALD | Director | 2026-02-18 | A | 14,305 | $3.60 | $51,498 |
| 2025-05-15 | Boudreau Helen M | Director | 2025-05-13 | A | 28,500 | — | $0 |
| 2025-05-15 | Chung Wendy | Director | 2025-05-13 | A | 28,500 | — | $0 |
| 2025-05-15 | HUNT RONALD | Director | 2025-05-13 | A | 28,500 | — | $0 |
| 2025-05-15 | Nash Christine A | Director | 2025-05-13 | A | 28,500 | — | $0 |
| 2025-05-15 | Hopfner Robert Lorne | Director | 2025-05-13 | A | 28,500 | — | $0 |
| 2025-05-15 | Soteropoulos Paula | Director | 2025-05-13 | A | 28,500 | — | $0 |
| 2025-05-15 | Liu Hui | Director | 2025-05-13 | A | 28,500 | — | $0 |
| 2025-05-15 | MACKAY MARTIN | Director | 2025-05-13 | A | 28,500 | — | $0 |
| 2025-02-19 | Uden Stephen | Director, Officer (Chief Executive Officer) | 2025-02-14 | A | 453,700 | — | $0 |
| 2025-02-19 | Ryder Steven | Officer (Chief Medical Officer) | 2025-02-14 | A | 180,000 | — | $0 |
| 2025-02-19 | Lieber Jonathan I | Officer (Chief Financial Officer) | 2025-02-14 | A | 180,000 | — | $0 |
| 2025-01-06 | MACKAY MARTIN | Director | 2025-01-02 | A | 92,857 | $0.70 | $65,000 |
| 2025-01-06 | HUNT RONALD | Director | 2025-01-02 | A | 73,571 | $0.70 | $51,500 |
| 2025-01-06 | Hopfner Robert Lorne | Director | 2025-01-02 | A | 73,571 | $0.70 | $51,500 |
| 2025-01-06 | Liu Hui | Director | 2025-01-02 | A | 67,857 | $0.70 | $47,500 |