RLYB

MKT CAP:$45M

Rallybio Corporation

Market Cap

$45M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$8.50+$2.84 (+50.18%)

Apr 23, 2026

Company Details

Rallybio Corporation, a clinical-stage biotechnology company, engages in development and commercialization of life-transforming therapies for patients suffering from severe and rare diseases. Its lead product candidate is RLYB212, a monoclo...

CEO

Stephen Uden

IPO Date

Jul 29, 2021

Website

www.rallybio.com

Key Metrics TTM

Revenue

$858.0K

+34.9% YoY

Net Income

-$9M

EPS (Diluted)

-$1.71

Free Cash Flow

-$30M

Revenue / Share

$0.16

Gross Margin

99.7%

Operating Margin

-3853.6%

Net Margin

-1046.4%

FCF Margin

-3474.7%

P/S

52.4x

P/E

—

Earnings Reports

Q1 2026

May 12, 2026

PENDING

FY 2025

Mar 16, 2026

$858.0K+34.9%EPS -$1.59

Q4 2025

Mar 16, 2026

$222.0K+484.2%EPS -$1.11

Q3 2025

Nov 6, 2025

$212.0K-29.1%EPS $2.84

Q2 2025

Aug 7, 2025

$212.0K-29.1%EPS -$1.76

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	-$42.0K	-$14M
Q2 22	$0	-$44.0K	-$18M
Q3 22	$0	-$42.0K	-$19M
Q4 22	$0	-$39.0K	-$17M
Q1 23	$0	-$39.0K	-$18M
Q2 23	$0	-$38.0K	-$20M
Q3 23	$0	-$37.0K	-$19M
Q4 23	$228.0K	$114.0K	-$21M
Q1 24	$0	-$35.0K	-$20M
Q2 24	$299.0K	$265.0K	-$17M
Q3 24	$299.0K	$299.0K	-$12M
Q4 24	$38.0K	$8.0K	-$12M
Q1 25	$212.0K	$212.0K	-$10M
Q2 25	$212.0K	$212.0K	-$10M
Q3 25	$212.0K	$212.0K	-$7M
Q4 25	$222.0K	$219.0K	-$6M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	197.2x	—
Q1 24	197.2x	—
Q2 24	85.3x	—
Q3 24	54.4x	—
Q4 24	70.7x	—
Q1 25	53.0x	—
Q2 25	59.1x	—
Q3 25	66.7x	—
Q4 25	52.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$14M	-$14M
Q2 22	-$14M	-$14M
Q3 22	-$15M	-$15M
Q4 22	-$15M	-$15M
Q1 23	-$19M	-$19M
Q2 23	-$13M	-$13M
Q3 23	-$16M	-$16M
Q4 23	-$12M	-$12M
Q1 24	-$15M	-$15M
Q2 24	-$10M	-$10M
Q3 24	-$14M	-$14M
Q4 24	-$10M	-$10M
Q1 25	-$10M	-$10M
Q2 25	-$8M	-$8M
Q3 25	-$7M	-$7M
Q4 25	-$5M	-$5M

Capital Expenditures

Quarter	CapEx
Q1 22	$36.0K
Q2 22	$14.0K
Q3 22	$4.0K
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$3.1K
Q4 23	$12.0K
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+11.7%
Q2 22	—	+67.3%
Q3 22	—	+89.0%
Q4 22	—	+38.8%
Q1 23	—	+28.3%
Q2 23	—	+14.0%
Q3 23	—	+2.7%
Q4 23	—	+24.9%
Q1 24	—	+7.7%
Q2 24	—	-13.7%
Q3 24	—	-36.1%
Q4 24	-83.3%	-45.4%
Q1 25	—	-50.1%
Q2 25	-29.1%	-40.8%
Q3 25	-29.1%	-42.3%
Q4 25	+484.2%	-43.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	—
Q2 22	$3M	—
Q3 22	$3M	—
Q4 22	$2M	—
Q1 23	$3M	—
Q2 23	$3M	—
Q3 23	$3M	—
Q4 23	$3M	1118.0%
Q1 24	$2M	—
Q2 24	$2M	640.5%
Q3 24	$2M	677.9%
Q4 24	$2M	5165.8%
Q1 25	$2M	886.3%
Q2 25	$2M	761.3%
Q3 25	$1M	493.9%
Q4 25	$774.0K	348.6%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$8M	$7M	—
Q2 22	$10M	$7M	—
Q3 22	$12M	$7M	—
Q4 22	$11M	$6M	—
Q1 23	$11M	$7M	—
Q2 23	$13M	$7M	—
Q3 23	$13M	$6M	—
Q4 23	$16M	$5M	—
Q1 24	$13M	$7M	—
Q2 24	$13M	$4M	—
Q3 24	$8M	$4M	—
Q4 24	$7M	$4M	—
Q1 25	$6M	$4M	—
Q2 25	$6M	$4M	—
Q3 25	$4M	$3M	—
Q4 25	$4M	—	$3M

Revenue Segments

Quarter	Collaboration And License Revenue
Q2 24	$299.0K
Q3 24	$299.0K
Q1 25	$212.0K
Q2 25	$212.0K
Q3 25	$212.0K
Q4 25	$222.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$81M	$80M	$161M
Q2 22	$61M	$87M	$147M
Q3 22	$52M	$81M	$132M
Q4 22	$57M	$112M	$169M
Q1 23	$40M	$111M	$150M
Q2 23	$33M	$105M	$138M
Q3 23	$19M	$102M	$121M
Q4 23	$24M	$85M	$110M
Q1 24	$19M	$75M	$94M
Q2 24	$17M	$72M	$89M
Q3 24	$25M	$50M	$75M
Q4 24	$14M	$52M	$66M
Q1 25	$15M	$40M	$54M
Q2 25	$9M	$36M	$46M
Q3 25	$32M	$27M	$59M
Q4 25	$31M	$23M	$55M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	4M	+1.8%	+36.3%
Q2 22	4M	+0.9%	-0.5%
Q3 22	4M	+0.6%	+11.8%
Q4 22	4M	+15.4%	+19.2%
Q1 23	5M	+13.3%	+32.8%
Q2 23	5M	+0.3%	+32.0%
Q3 23	5M	+0.4%	+31.7%
Q4 23	5M	+0.3%	+14.4%
Q1 24	5M	+0.3%	+1.3%
Q2 24	6M	+8.2%	+9.3%
Q3 24	6M	+1.1%	+10.0%
Q4 24	6M	+0.2%	+9.9%
Q1 25	6M	+0.3%	+9.8%
Q2 25	6M	+0.1%	+1.6%
Q3 25	6M	+0.5%	+1.0%
Q4 25	5M	-6.2%	-5.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	35
Q2 22	$0	35
Q3 22	$0	35
Q4 22	$0	41
Q1 23	$0	41
Q2 23	$0	41
Q3 23	$0	41
Q4 23	$5.3K	43
Q1 24	$0	43
Q2 24	$7.0K	43
Q3 24	$7.0K	43
Q4 24	$1.5K	25
Q1 25	$8.5K	25
Q2 25	$8.5K	25
Q3 25	$8.5K	25
Q4 25	$2	130K

Revenue / Employee