10-K · March 16, 2026
Rallybio is a clinical-stage biotech focused on RLYB116 (a once-weekly, subcutaneous C5 inhibitor) and preclinical RLYB332. The company reported confirmatory Phase 1 results in 2025 (improved tolerability and complete,…
Earnings analysis · 10-Q
RLYB earnings analysis
Filed May 13, 2026 · Our reading of the company's report
The latest report
Rallybio Corporation reported a significant revenue decline in Q4 2026, with revenue dropping to $38,000, missing estimates by 71.5%. Management indicated substantial operating losses of $8.3 million and a net loss per…
Read full summary
Rallybio Corporation reported a significant revenue decline in Q4 2026, with revenue dropping to $38,000, missing estimates by 71.5%. Management indicated substantial operating losses of $8.3 million and a net loss per diluted share of -1.97, reflecting ongoing financial challenges, including a impact from a $50 million fee related to a terminated merger agreement.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.97
What stood out
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Revenue Miss
Revenue of $38,000 fell short of estimates of $133,330 by 71.5%.
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Operating Loss
Operating loss of $8.3 million, improved from a loss of $9.4 million in 2025.
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Termination Fee Received
Received a $50 million termination fee from the canceled merger with Candid Therapeutics.
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Cash Position
Cash, cash equivalents, and marketable securities totaled $46.8 million.
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Decreased R&D Expenses
Research and development expenses decreased from $5.7 million in Q1 2025 to $2.9 million in Q1 2026.
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No Product Revenue
Continues to operate without any product revenue.
What to watch
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Loss of Merger Agreement
Termination of the merger with Candid Therapeutics resulted in a $50 million fee.
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Ongoing Financial Losses
Net losses for the period were $8.3 million, indicating ongoing financial instability.
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Cash Flow Risks
Net cash used in operating activities was $7.98 million, necessitating additional funding.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · November 6, 2025
Rallybio reported Q3 2025 revenue of $212,000 and GAAP net income of $16.0 million (EPS $0.36), driven primarily by a $22.48 million gain on the sale of its joint venture. Core operating results remain weak: Q3…
10-Q · August 7, 2025
Rallybio reported Q2 2025 collaboration revenue of $212,000 and a net loss of $(9,703) (per the condensed consolidated statements). Operating expenses fell materially year-over-year (R&D $6,074, G&A $4,195; amounts in…
10-Q · May 8, 2025
Rallybio reported $212,000 of revenue for Q1 2025 (first collaboration/license revenue) and a net loss of $9,439 (loss per share $(0.21)), an improvement versus Q1 2024 net loss of $19,029 (loss per share $(0.47)).…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.