0001628280-26-034580 | 10-Q | XBRL Viewer

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RESTRUCTURING AND SEVERANCE - Schedule of Restructuring and Related Costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 523
Severance costs	2,302
Severance paid and adjustments made during the period	1,449
Ending balance	$ 1,376

MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

MARKETABLE SECURITIES

The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of our marketable securities by type of security as of March 31, 2026 and December 31, 2025 was as follows:


		MARCH 31, 2026
(in thousands)	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
Cash and cash equivalents	Level 1	$	16,383	$	—	$	—	$	16,383
U.S. treasury securities	Level 1	5,495		1		—		5,496

		$	21,878	$	1	$	—	$	21,879


		DECEMBER 31, 2025
(in thousands)	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
Cash and cash equivalents	Level 1	$	6,695	$	—	$	—	$	6,695
U.S. treasury securities	Level 1	19,212		17		—		19,229
U.S. government agency securities	Level 2	4,630		1		—		4,631
		$	30,537	$	18	$	—	$	30,555

The fair values of marketable securities by classification in the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 was as follows:


(in thousands)	MARCH 31, 2026		DECEMBER 31, 2025
Cash and cash equivalents	$	16,383	$	7,193
Marketable securities	5,496		23,362
	$	21,879	$	30,555

The fair values of available-for-sale debt securities as of March 31, 2026 and December 31, 2025, by contractual maturity, are summarized as follows:


(in thousands)	MARCH 31, 2026		DECEMBER 31, 2025
Due in one year or less	$	21,879	$	30,555
Due after one year through two years	—		—
	$	21,879	$	30,555

The aggregate fair value of available-for-sale debt securities in an unrealized loss position as of December 31, 2025 was $0.7 million. There was no aggregate fair value of available-for-sale debt securities in an unrealized loss position as of March 31, 2026. As of March 31, 2026, the Company did not have any investments in a continuous unrealized loss position for more than twelve months. As of March 31, 2026, the Company believes that the cost basis of its available-for-sale debt securities is recoverable. No allowance for credit loss was recorded as of March 31, 2026 and December 31, 2025.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION Unaudited Financial Information — The unaudited condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"), and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates ("ASU") promulgated by the Financial Accounting Standards Board. In the opinion of the Company, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the financial position and results of operations for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. The accompanying unaudited condensed consolidated financial statements include the accounts of Rallybio Corporation and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. These accompanying unaudited condensed consolidated financial statements and notes should be read in conjunction with Rallybio's Annual Report on Form 10-K for the year ended December 31, 2025 (our "Annual Report"). The Company's significant accounting policies are described in Note 2 of the Notes to the consolidated financial statements included in our Annual Report. There have been no new accounting policies, including the adoption of new accounting standards during the three months ended March 31, 2026, unless otherwise noted below, which could be expected to materially impact the Company's unaudited condensed consolidated financial statements. Significant Accounting Policies — Future Milestone and Royalty Assets As part of the JV Sale, the Company received consideration including an estimated $3.0 million in future contingent milestones and royalty payments, which are recognized as a contingent consideration asset on the condensed consolidated balance sheets. The fair value of this contingent consideration was determined using a model that incorporates significant unobservable inputs based on Company estimates, external data, and management’s judgment and forecasts. Key assumptions in the model include the discount rate, the timing of expected cash flows, the probability of achieving the milestone and royalty payments, and projected future net revenues. The Company periodically reviews the carrying value of the contingent consideration when impairment indicators arise and records an impairment loss if the carrying amount materially exceeds the reassessed fair value. Increases in the carrying value are recognized only when contingent gains are realized. Since the contingent payments are tied to Phase 1 clinical study milestones and future royalty payments, the Company believes the likelihood of timely payment by Recursion is uncertain. Recently Issued Accounting Pronouncements—In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). This ASU requires public entities to disclose additional transparency on certain costs and expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company has chosen not to early adopt this standard and is currently evaluating the potential impact of adopting this standard on its financial statements.

COLLABORATION AND LICENSE AGREEMENTS (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2024	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Schedule of License and Collaboration Agreements [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001		$ 0.0001
Total revenue		$ 212	$ 212
Collaboration and license revenue
Schedule of License and Collaboration Agreements [Line Items]
Total revenue		$ 212	$ 212
Johnson & Johnson \| Securities Purchase Agreement
Schedule of License and Collaboration Agreements [Line Items]
Sale of common stock, number of shares issued in transaction (in shares)	454,545
Sale of common stock, price per share (in dollars per share)	$ 14.56
Sale of common stock, premium on stock price (as a percent)	10.00%
Gross proceeds	$ 6,600
Allocated amounts	1,200
Johnson & Johnson \| Securities Purchase Agreement \| Fair Value, Nonrecurring
Schedule of License and Collaboration Agreements [Line Items]
Fair value	5,400
Johnson & Johnson \| Securities Purchase Agreement \| Measurement Input, Premium
Schedule of License and Collaboration Agreements [Line Items]
Allocated amounts	700
Johnson & Johnson \| Securities Purchase Agreement \| Measurement Input, Discount for Lack of Marketability
Schedule of License and Collaboration Agreements [Line Items]
Allocated amounts	$ 500
Johnson & Johnson \| Securities Purchase Agreement \| Measurement Input, Price Volatility \| Fair Value, Nonrecurring
Schedule of License and Collaboration Agreements [Line Items]
Measurement input	1.132
Johnson & Johnson \| Securities Purchase Agreement \| Measurement Input, Risk Free Interest Rate \| Fair Value, Nonrecurring
Schedule of License and Collaboration Agreements [Line Items]
Measurement input	0.0528
Johnson & Johnson \| License
Schedule of License and Collaboration Agreements [Line Items]
Collaboration agreement term	2 years
Upfront payment	$ 500

NET LOSS PER COMMON SHARE

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

NET LOSS PER COMMON SHARE

Basic and diluted net loss per common share for the three months ended March 31, 2026 and 2025 was calculated as follows:


	FOR THE THREE MONTHS ENDED MARCH 31,
(in thousands except share and per share amounts)	2026		2025
Net loss	$	(8,278)	$	(9,439)
Weighted-average number of common shares outstanding, basic and diluted	5,688,584		5,597,528
Net loss per common share, basic and diluted	$	(1.46)	$	(1.69)

Basic net loss per share of common stock is based on the weighted-average number of shares of common stock outstanding during the period. Pre-funded warrants to purchase 416,673 shares of common stock that were issued in connection with the November 2022 follow-on offering are included in the weighted-average number of common shares outstanding for the three months ended March 31, 2026 and 2025. The weighted- average number of common shares outstanding diluted for the three months ended March 31, 2026 and 2025 excluded approximately 0.7 million and 0.9 million stock options and nonvested restricted stock awards and units, respectively, which were not dilutive.

SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table summarizes the information about reported segment revenues and significant segment expenses presented on the Company's condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025:


	FOR THE THREE MONTHS ENDED MARCH 31,
(in thousands)	2026		2025
Revenue	$	212	$	212
Less:
Research and development:
RLYB212	56		2,438
RLYB116	396		619
Other program candidates	2		(163)
Personnel expenses (including share-based compensation)	2,280		2,589
Other expenses	137		242

General and administrative, excluding personnel expenses	4,223		1,525
General and administrative, personnel expenses (including share-based compensation)	1,851		2,632
Other segment items*	(455)		(231)
Segment net loss	$	(8,278)	$	(9,439)

*Other segment items include total other income, net and loss on investment in joint venture.

MARKETABLE SECURITIES - Schedule of Marketable Securities by Balance Sheet Location Classification (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Debt securities, available-for-sale	$ 21,879	$ 30,555
Cash and cash equivalents
Debt Securities, Available-for-Sale [Line Items]
Debt securities, available-for-sale	16,383	7,193
Marketable securities
Debt Securities, Available-for-Sale [Line Items]
Debt securities, available-for-sale	$ 5,496	$ 23,362

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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NET LOSS PER COMMON SHARE - Schedule of Basic and Diluted Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net loss	$ (8,278)	$ (9,439)
Weighted-average number of common shares outstanding, basic (in shares)	5,688,584	5,597,528
Weighted-average number of common shares outstanding, diluted (in shares)	5,688,584	5,597,528
Net loss per common share, basic (in dollars per share)	$ (1.46)	$ (1.69)
Net loss per common share, diluted (in dollars per share)	$ (1.46)	$ (1.69)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

BALANCE SHEET COMPONENTS - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Compensation and related expenses	$ 1,407	$ 2,334
Professional fees	1,396	1,039
Research and development	94	394
Other accrued expenses	204	24
Accrued expenses	$ 3,101	$ 3,791

STOCKHOLDERS' EQUITY - Schedule of Nonvested Restricted Common Stock Units (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Shares
Nonvested restricted stock awards/units, at the beginning of the period (in shares) \| shares	38,603
Granted (in shares) \| shares	5,000
Forfeited (in shares) \| shares	(4,150)
Vested (in shares) \| shares	(6,354)
Nonvested restricted stock awards/units, at the end of the period (in shares) \| shares	33,099
Weighted-Average Grant Date Fair Value Per Share
Nonvested restricted stock awards/units, beginning balance (in dollars per share) \| $ / shares	$ 9.60
Granted (in dollars per share) \| $ / shares	4.45
Forfeited (in dollars per share) \| $ / shares	2.40
Vested (in dollars per share) \| $ / shares	7.79
Nonvested restricted stock awards/units, ending balance (in dollars per share) \| $ / shares	$ 10.07

STOCKHOLDERS' EQUITY - Schedule of Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation	$ 613	$ 1,879
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation	184	810
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation	$ 429	$ 1,069

STOCKHOLDERS' EQUITY - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 01, 2026	Jan. 01, 2025	Apr. 30, 2024	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2021	Dec. 31, 2025	Nov. 30, 2022
Class of Stock [Line Items]
Common stock, shares authorized (in shares)				200,000,000			200,000,000
Common stock, shares issued (in shares)				5,290,236			5,283,321
Common stock, shares outstanding (in shares)				5,290,236			5,283,321
Preferred stock, shares authorized (in shares)				50,000,000			50,000,000
Preferred stock, shares outstanding (in shares)				0			0
Outstanding stock options, aggregate intrinsic value				$ 749			$ 89
Share price (per share)				$ 8.97
Exercisable stock options, aggregate intrinsic value				$ 180
Weighted average grant date fair value (in dollars per share)				$ 3.60	$ 5.36
Unrecognized share-based compensation expense				$ 2,200
Total unrecognized share-based compensation expense, weighted average period for recognition				1 year 7 months 6 days
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Total unrecognized share-based compensation expense, weighted average period for recognition				2 years
Unrecognized share-based compensation expense, restricted stock units				$ 200
2021 Equity Incentive Plan
Class of Stock [Line Items]
Common stock issuable (in shares)				1,514,824		680,043
Share Pool Increase, Percentage of Common Shares Outstanding						5.00%
Additional shares authorized (in shares)	264,166	259,438
Shares available for future issuance (in shares)				834,331
2021 Employee Stock Purchase Plan
Class of Stock [Line Items]
Common stock issuable (in shares)						36,415
Share Pool Increase, Percentage of Common Shares Outstanding						1.00%
Additional shares authorized (in shares)	0	0
Shares available for future issuance (in shares)				94,281
Common stock shares outstanding (in shares)				72,831
Share-based compensation arrangement by share-based payment award, purchase price of common stock (as a percent)				85.00%
Shares issued during period (in shares)				0	0
Follow on Offering \| Pre-Funded Warrants
Class of Stock [Line Items]
Number of securities called by warrants or rights (in shares)				416,673	416,673			416,673
Offering price (in dollars per share)								$ 47.9992
Pre-funded warrants exercise price (in dollars per share)								$ 0.0008
Percent excess limit (as a percent)				9.99%
Days of notice				61 days
Percentage of common stock beneficially owned not exceed (as a percent)				19.99%
Johnson & Johnson \| Securities Purchase Agreement
Class of Stock [Line Items]
Sale of common stock, number of shares issued in transaction (in shares)			454,545
Sale of common stock, price per share (in dollars per share)			$ 14.56
Sale of common stock, premium on stock price (as a percent)			10.00%
Gross proceeds			$ 6,600

BALANCE SHEET COMPONENTS

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

BALANCE SHEET COMPONENTS

Prepaid expenses and other current assets —

Prepaid expenses and other current assets consisted of the following as of March 31, 2026 and December 31, 2025:


(in thousands)	MARCH 31, 2026		DECEMBER 31, 2025
Research and development	$	595	$	3,372
Insurance	231		409
Other prepaids	135		219
Other current assets	5,734		2,517
	$	6,695	$	6,517

Other current assets consists of approximately $3.4 million of accounts receivable related to clinical development costs expected to be returned to the Company in the second quarter of 2026, approximately $2.2 million related to a contingent payment receivable tied to a Phase 1 clinical study milestone in connection with the JV Sale, approximately $0.1 million of interest income and other current assets.

Accrued Expenses —

Accrued expenses consisted of the following as of March 31, 2026 and December 31, 2025:


(in thousands)	MARCH 31, 2026		DECEMBER 31, 2025
Compensation and related expenses	$	1,407	$	2,334
Professional fees	1,396		1,039
Research and development	94		394
Other accrued expenses	204		24
	$	3,101	$	3,791

MARKETABLE SECURITIES - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Aggregate fair value of available-for-sale debt securities in an unrealized loss position	$ 0.0	$ 0.7
Continuous unrealized loss position for more than twelve months	0.0
Allowance for credit losses	$ 0.0	$ 0.0

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

INVESTMENT IN JOINT VENTURE (Details)	3 Months Ended
INVESTMENT IN JOINT VENTURE (Details)	Mar. 31, 2026 USD ($)	Sep. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Schedule of Equity Method Investments [Line Items]
Future contingent milestone and royalty assets	$ 3,000,000.0
Investment in joint venture	0		$ 1,000,000
Allocable share of losses recorded	$ 0		(587,000)
RE Ventures I, LLC
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity method investments		$ 20,000,000.0
Upfront payment received		7,500,000
Milestone payment received		12,500,000
Future equity method investment, milestone, cash payment		5,000,000.0
Gain on sale of joint venture		22,400,000
Equity method investments		600,000
Equity method investment, net consideration		23,000,000.0
Future contingent milestone and royalty assets		$ 3,000,000.0
Discount rate used to estimated future contingent milestone and royalties		0.154
Interest of joint venture entity (as a percent)	50.00%
Investment in joint venture	$ 0		1,000,000.0
Additional financial support outside of capital contribution	0		0
Scientific and finance accounting support	0		200,000
Allocable share of losses recorded	0		$ 600,000
Investment in joint venture	$ 0			$ 0

RESTRUCTURING AND SEVERANCE - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	May 02, 2025	Mar. 31, 2026	Jun. 30, 2025
Restructuring Cost and Reserve [Line Items]
Severance costs		$ 2,302
Positions eliminated (as a percent)	40.00%
Restructuring costs incurred			$ 1,700
Research and development
Restructuring Cost and Reserve [Line Items]
Severance costs		1,600
Restructuring costs incurred			1,200
General and administrative
Restructuring Cost and Reserve [Line Items]
Severance costs		$ 700
Restructuring costs incurred			$ 500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

MARKETABLE SECURITIES - Schedule of Fair Value of Marketable Securities by Type of Security (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 21,878	$ 30,537
Gross Unrealized Holding Gains	1	18
Gross Unrealized Holding Losses	0	0
Fair Value	21,879	30,555
Level 1 \| Cash and cash equivalents
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	16,383	6,695
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	0	0
Fair Value	16,383	6,695
Level 1 \| U.S. treasury securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	5,495	19,212
Gross Unrealized Holding Gains	1	17
Gross Unrealized Holding Losses	0	0
Fair Value	$ 5,496	19,229
Level 2 \| U.S. government agency securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost		4,630
Gross Unrealized Holding Gains		1
Gross Unrealized Holding Losses		0
Fair Value		$ 4,631

NET LOSS PER COMMON SHARE (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Common Share

Basic and diluted net loss per common share for the three months ended March 31, 2026 and 2025 was calculated as follows:


	FOR THE THREE MONTHS ENDED MARCH 31,
(in thousands except share and per share amounts)	2026		2025
Net loss	$	(8,278)	$	(9,439)
Weighted-average number of common shares outstanding, basic and diluted	5,688,584		5,597,528
Net loss per common share, basic and diluted	$	(1.46)	$	(1.69)

STOCKHOLDERS' EQUITY - Schedule of Assumptions of Fair Value of Option Pricing Granted (Details) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%
Employee Stock Options \| 2021 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	109.21%
Expected volatility, minimum		91.88%
Expected volatility, maximum		119.61%
Expected term (years)	5 years 3 months
Risk free interest rate	3.68%
Risk free interest rate, minimum		4.36%
Risk free interest rate, maximum		4.39%
Exercise price (in dollars per share)	$ 4.45
Employee Stock Options \| 2021 Equity Incentive Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years)		5 years 3 months 7 days
Exercise price (in dollars per share)		$ 6.08
Employee Stock Options \| 2021 Equity Incentive Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years)		6 years 7 days
Exercise price (in dollars per share)		$ 7.60

COLLABORATION AND LICENSE AGREEMENTS	3 Months Ended
COLLABORATION AND LICENSE AGREEMENTS	Mar. 31, 2026
License and Collaboration Agreements [Abstract]
COLLABORATION AND LICENSE AGREEMENTS	COLLABORATION AND LICENSE AGREEMENTS` In April 2024, the Company entered into a two-year collaboration agreement (the "J&J Collaboration Agreement"), with Johnson & Johnson ("J&J") through its wholly-owned subsidiary, Momenta Pharmaceuticals, Inc. to facilitate the advancement of research into products to address unmet needs relating to FNAIT. In April 2025, the Company announced that RLYB212 Phase 2 PK results did not achieve target concentrations, including the minimum target concentration required for efficacy, and that the Company would discontinue its RLYB212 program for the prevention of FNAIT. Pursuant to the J&J Collaboration Agreement, the Company received an upfront payment of $0.5 million from J&J for the information dissemination and data provision services under the agreement. The J&J Collaboration Agreement provides that the Company is eligible for payments upon the achievement of certain screening-related events, however, the Company has discontinued screening and enrollment in both the FNAIT natural history study and the RLYB212 Phase 2 clinical trial. The Company evaluated the agreement and determined it was within the scope of ASC 606, Revenue Recognition ("ASC 606"). The Company determined there were performance obligations as follows: (1) Data collection and submission revenue – derived from Rallybio’s ongoing management of the studies including the maintenance of a minimum site footprint, the license to utilize, and timely, semi-annual submission of the anonymized data, in the required formats. (2) Dissemination of J&J materials & participant revenue – derived from Rallybio’s dissemination of content, information or materials related to the J&J-Sponsored Studies that are developed by J&J and are provided by Rallybio for the purpose of disseminating such content, information, or materials to staff at Rallybio study sites to provide to potential eligible participants regarding J&J’s independent study. In April 2024, the Company also entered into the JJDC Securities Purchase Agreement. Under the terms of the JJDC Securities Purchase Agreement, JJDC purchased 454,545 shares of the Company's common stock with a par value of $0.0001 per share for a share purchase price of $14.56 per share which included a 10% premium on the then-current market price, for an aggregate purchase price of $6.6 million. The JJDC Securities Purchase Agreement contains provisions related to the registration of the shares and the restriction on the sale or transfer of the shares for a period of time. The Company determined the J&J Collaboration Agreement and the JJDC Securities Purchase Agreement represented combined agreements. In accordance with ASC 606 and ASC Topic 820, Fair Value Measurement, total consideration of $1.2 million for the shares of common stock from the JJDC Securities Purchase Agreement, which represents the premium of $0.7 million and discount for lack of marketability of $0.5 million, has been allocated to revenue and will be recognized over the two-year expected performance period. The Company valued the common stock issued to JJDC, in connection with the JJDC Securities Purchase Agreement at fair value. The resulting fair value of $5.4 million was determined by applying the discount due to lack of marketability during the registration and lock-up period to the public trading price of the common stock, which is a Level 1 input, on the date of sale. The Company determined the value of the lack of marketability during the registration and lock-up period by utilizing put option models, which are considered Level 3 inputs. Such option models included the Company’s historical volatility of 113.2% and the risk-free rate of 5.28% based on U.S. Treasury bond rates, as key inputs. The Company recognized revenue of $0.2 million for both the three months ended March 31, 2026 and 2025, related to data collection and data submission with the identified performance obligations, and the premium and discount allocated to revenue from the sale of the common stock to JJDC. As of March 31, 2026, all revenue was recognized due to the performance obligations being satisfied. On April 9, 2026, the J&J Collaboration Agreement terminated upon completion of the initial term of the agreement. The Company determined that the J&J Collaboration Agreement is not in the scope of ASC 808, Collaborative Arrangements.

NET LOSS PER COMMON SHARE - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Nov. 30, 2022
Stock Options and Nonvested Restricted Share
Antidilutive Units
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	700,000	900,000
Pre-Funded Warrants \| Follow on Offering
Antidilutive Units
Number of securities called by warrants or rights (in shares)	416,673	416,673	416,673

RESTRUCTURING AND SEVERANCE

3 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

RESTRUCTURING AND SEVERANCE

In connection with entering into the Merger Agreement and the potential Merger, the Company incurred severance charges of approximately $2.3 million of which $1.6 million was included in research and development expenses and $0.7 million was included in general and administrative expenses, with such amounts reflected in the condensed consolidated statements of operations and comprehensive loss. The charges related to the Merger Agreement were cash-based expenditures related primarily to severance and benefit payments. The Company recognized all such charges during the first quarter of 2026, with such amounts reflected in the condensed consolidated statements of operations and comprehensive loss. The accrued severance liability is included in accrued expenses in the condensed consolidated balance sheets as of March 31, 2026.

On May 2, 2025, the Company approved a workforce reduction to focus resources on the Company’s lead program, RLYB116, and its preclinical development programs.

As part of this effort, the Company eliminated approximately 40% of its positions. As a result of these actions, the Company incurred charges of approximately $1.7 million of which $1.2 million was included in research and development expenses and $0.5 million was included in general and administrative expenses, with such amounts reflected in the condensed consolidated statements of operations and comprehensive loss. The charges related to the workforce reduction were cash-based expenditures related primarily to severance and benefit payments. The Company recognized all such charges during the second quarter of 2025, with such amounts reflected in the condensed consolidated statements of operations and comprehensive loss. The accrued restructuring liability is included in accrued expenses in the condensed consolidated balance sheets as of March 31, 2026.

All restructuring and severance payments related to the terminated Merger are expected to be paid within the next 12 months.

The following table summarizes the restructuring accrual activity as of March 31, 2026:


(in thousands)	MARCH 31, 2026
Beginning accrued severance as of January 1, 2026	$	523
Severance incurred during the period	2,302
Severance paid and adjustments made during the period	(1,449)
Ending accrued severance as of March 31, 2026	$	1,376

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 08, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-40693
Entity Registrant Name	RALLYBIO CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-1083789
Entity Address, Address Line One	234 Church Street
Entity Address, City or Town	New Haven
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06510
City Area Code	203
Local Phone Number	859-3820
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	RLYB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding (in shares)		5,298,137
Entity Central Index Key	0001739410
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Amendment Flag	false

SUBSEQUENT EVENTS (Details) - Rallybio - Subsequent Event $ in Millions	May 04, 2026 USD ($)
Subsequent Event [Line Items]
Business combination termination fee received	$ 50.0
Reimbursement of transaction costs	$ 0.4

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Share-based Compensation

Share-based compensation is comprised of the Company's stock options, restricted stock awards, restricted stock units and shares issued pursuant to the employee stock purchase plan, and is classified in the condensed

consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025 was as follows:


	FOR THE THREE MONTHS ENDED MARCH 31,
(in thousands)	2026		2025
Research and development	$	184	$	810
General and administrative	429		1,069
	$	613	$	1,879

Schedule of Stock Option Activity

The following table summarizes stock option activity for the three months ended March 31, 2026:


Stock Options	Number of Option Shares	Weighted-Average Exercise Price		Weighted-Average Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding stock options at December 31, 2025	628,280	$	43.42	7.6	$	89
Granted	32,360	$	4.45
Forfeited	(11,404)	$	15.70
Expired	(1,281)	$	88.75
Exercised	(561)	$	6.08
Outstanding stock options at March 31, 2026	647,394	$	41.90	6.2	$	749
Exercisable stock options at March 31, 2026	427,642	$	56.52	5.6	$	180

Schedule of Assumptions of Fair Value of Stock Option Pricing Granted

The fair value of the stock options granted during the three months ended March 31, 2026 and 2025 was determined using the Black-Scholes option pricing model with the following assumptions:


	FOR THE THREE MONTHS ENDED MARCH 31,
	2026	2025
Expected volatility	109.21%	91.88% - 119.61%
Expected term (years)	5.25	5.27 - 6.02
Risk free interest rate	3.68%	4.36% - 4.39%
Expected dividend yield	—	—
Exercise price	$4.45	$6.08 - $7.60

Schedule of Nonvested Restricted Common Stock Units

A summary of the status of the Company's nonvested restricted common stock units at March 31, 2026 and changes during the three months ended March 31, 2026 was as follows:


Restricted Stock Units	Shares	Weighted-Average Grant Date Fair Value Per Share
Nonvested restricted stock units at December 31, 2025	38,603	$	9.60
Granted	5,000	$	4.45
Forfeited	(4,150)	$	2.40
Vested	(6,354)	$	7.79
Nonvested restricted stock units at March 31, 2026	33,099	$	10.07

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Termination charges	$ 0	$ 0

SEGMENTS (Details) $ in Thousands	3 Months Ended
SEGMENTS (Details) $ in Thousands	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Segment Reporting Information [Line Items]
Revenue	$ 212	$ 212
Research and development:	2,871	5,725
Net loss	(8,278)	(9,439)
Reporting Segment
Segment Reporting Information [Line Items]
Revenue	212	212
General and administrative, excluding personnel expenses	4,223	1,525
General and administrative, personnel expenses (including share-based compensation)	1,851	2,632
Other segment items	(455)	(231)
Net loss	(8,278)	(9,439)
Reporting Segment \| RLYB212
Segment Reporting Information [Line Items]
Research and development:	56	2,438
Reporting Segment \| RLYB116
Segment Reporting Information [Line Items]
Research and development:	396	619
Reporting Segment \| Other program candidates
Segment Reporting Information [Line Items]
Research and development:	2	(163)
Reporting Segment \| Personnel expenses (including share-based compensation)
Segment Reporting Information [Line Items]
Research and development:	2,280	2,589
Reporting Segment \| Other expenses
Segment Reporting Information [Line Items]
Research and development:	$ 137	$ 242

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Unaudited Financial Information	Unaudited Financial Information — The unaudited condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"), and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates ("ASU") promulgated by the Financial Accounting Standards Board. In the opinion of the Company, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the financial position and results of operations for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. The accompanying unaudited condensed consolidated financial statements include the accounts of Rallybio Corporation and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. These accompanying unaudited condensed consolidated financial statements and notes should be read in conjunction with Rallybio's Annual Report on Form 10-K for the year ended December 31, 2025 (our "Annual Report"). The Company's significant accounting policies are described in Note 2 of the Notes to the consolidated financial statements included in our Annual Report. There have been no new accounting policies, including the adoption of new accounting standards during the three months ended March 31, 2026, unless otherwise noted below, which could be expected to materially impact the Company's unaudited condensed consolidated financial statements.
Future Milestone and Royalty Assets	Future Milestone and Royalty Assets As part of the JV Sale, the Company received consideration including an estimated $3.0 million in future contingent milestones and royalty payments, which are recognized as a contingent consideration asset on the condensed consolidated balance sheets. The fair value of this contingent consideration was determined using a model that incorporates significant unobservable inputs based on Company estimates, external data, and management’s judgment and forecasts. Key assumptions in the model include the discount rate, the timing of expected cash flows, the probability of achieving the milestone and royalty payments, and projected future net revenues. The Company periodically reviews the carrying value of the contingent consideration when impairment indicators arise and records an impairment loss if the carrying amount materially exceeds the reassessed fair value. Increases in the carrying value are recognized only when contingent gains are realized. Since the contingent payments are tied to Phase 1 clinical study milestones and future royalty payments, the Company believes the likelihood of timely payment by Recursion is uncertain.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements—In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). This ASU requires public entities to disclose additional transparency on certain costs and expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company has chosen not to early adopt this standard and is currently evaluating the potential impact of adopting this standard on its financial statements.

MARKETABLE SECURITIES - Schedule of Fair Values of Available-for-Sale Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Due in one year or less	$ 21,879	$ 30,555
Due after one year through two years	0	0
Total available-for-sale debt securities by contractual maturity	$ 21,879	$ 30,555

INVESTMENT IN JOINT VENTURE	3 Months Ended
INVESTMENT IN JOINT VENTURE	Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN JOINT VENTURE	INVESTMENT IN JOINT VENTURE In July 2025, the Company entered into a Membership Interest Purchase Agreement (the "ENPP1 Purchase Agreement") to sell its interest in REV102, an ENPP1 inhibitor in preclinical development for the treatment of patients with HPP, to Recursion Exscientia Ventures I, Inc, an indirect wholly-owned subsidiary of Recursion ("Buyer"). In connection with the JV Sale, the Company received compensation in the form of Recursion common stock (which is a non-cash investing activity). The Company subsequently sold the Recursion common stock for cash proceeds of $20.0 million in the third quarter of 2025 which included $7.5 million from an upfront payment and $12.5 million from a milestone payment related to the initiation of additional preclinical studies. The Company is eligible to receive a $5.0 million milestone cash payment in connection with the initiation of dosing in a Phase 1 clinical study, as defined in the ENPP1 Purchase Agreement and low single-digit royalties on all future net sales by Recursion of products comprising or incorporating certain compounds developed by RE Ventures I, LLC, a limited liability company (“REV-I”). The Company may also be eligible to receive certain payments in the event of Recursion’s sale of the REV102 program. The Company evaluated the JV Sale under ASC 860, Transfers and Servicing of Financial Assets (“ASC 860”). Based on the Company’s evaluation of the JV Sale under ASC 860, the Company recognized a gain from the sale of its equity interests in REV102 of $22.4 million, based on the excess of the total net consideration allocated to the sale of the Company’s equity interests (based on relative fair value) of $23.0 million over the carrying value of the equity interests sold of $0.6 million. The total net consideration of $23.0 million included cash received of $20.0 million, plus an estimated $3.0 million representing the fair value of the future milestone payments and future royalties (which is a non-cash investing activity). The contingent consideration was initially measured at fair value using a probability based present value model of the risk-adjusted estimated cash flows, with a discount rate of 15.4%. This valuation model relied on significant unobservable inputs (level 3 inputs) based on management’s estimates, which were informed by external data, judgment, and forecasts. Key assumptions included the probability of achieving the milestone and royalties, timing of cash flows, discount rate, and forecasted net revenues. The fair value of the contingent consideration is a non-recurring fair value measurement and is recorded as other assets and other assets, non-current on the Company's condensed consolidated balance sheets and as gain on sale of joint venture and other income within the Company's condensed consolidated statements of operations and comprehensive loss. Prior to the JV Sale, the Company, through one of its wholly-owned subsidiaries, had a 50% interest of the joint venture entity, REV-I. For the three months ended March 31, 2026, the Company did not fund REV-I due to the JV Sale. For the three months ended March 31, 2025, the Company funded $1.0 million, associated with the Company's commitment and its share of REV-I development costs. The Company did not provide any additional financial support outside of capital contributions to REV-I during the three months ended March 31, 2026 and 2025. However, in connection with the joint venture, the Company provided certain scientific and finance and accounting related support which was reimbursed by REV-I to the Company and included in other income on the condensed consolidated statements of operations and comprehensive loss. For the three months ended March 31, 2026 the Company did not provide such support due to the JV Sale. For the three months ended March 31, 2025, the Company recorded $0.2 million related to such support. Prior to the JV Sale, the Company held a 50% interest in the joint venture and based on management’s analysis, the Company was not the primary beneficiary of REV-I and accordingly, the entity was not consolidated in the Company's condensed consolidated financial statements. For the three months ended March 31, 2026, the Company did not have allocable share of REV-I losses due to the JV Sale. For the three months ended March 31, 2025, the Company recorded its allocable share of REV-I's losses which totaled $0.6 million. These losses were recorded as a loss on investment in joint venture within the condensed consolidated statements of operations and comprehensive loss. After recognition of its share of losses for the period, there was no carrying value remaining of the REV-I investment as of March 31, 2026 and December 31, 2025.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 41,299	$ 31,374
Marketable securities	5,496	23,362
Prepaid expenses and other current assets	6,695	6,517
Total current assets	53,490	61,253
Property and equipment, net	20	23
Operating lease right-of-use assets	152	175
Other assets, noncurrent	810	810
Total assets	54,472	62,261
Current liabilities:
Accounts payable	940	126
Accrued expenses	3,101	3,791
Operating lease liabilities	99	94
Deferred revenue	0	212
Total current liabilities	4,140	4,223
Operating lease liabilities, noncurrent	55	82
Total liabilities	4,195	4,305
Commitments and contingencies (Note 7)
Stockholders' equity
Common stock, $0.0001 par value per share; 200,000,000 shares authorized as of March 31, 2026 and December 31, 2025; and 5,290,236 and 5,283,321 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	4	4
Preferred stock, $0.0001 par value per share; 50,000,000 shares authorized as of March 31, 2026 and December 31, 2025; no shares issued or outstanding as of March 31, 2026 and December 31, 2025	0	0
Additional paid-in capital	360,548	359,932
Accumulated other comprehensive gain	1	18
Accumulated deficit	(310,276)	(301,998)
Total stockholders' equity	50,277	57,956
Total liabilities and stockholders' equity	$ 54,472	$ 62,261

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue:
Total revenue	$ 212	$ 212
Operating expenses:
Research and development	2,871	5,725
General and administrative	6,074	4,157
Total operating expenses	8,945	9,882
Loss from operations	(8,733)	(9,670)
Other income:
Interest income	201	644
Other income	254	174
Total other income, net	455	818
Loss before equity in losses of joint venture	(8,278)	(8,852)
Loss on investment in joint venture	0	587
Net loss	$ (8,278)	$ (9,439)
Net loss per common share, basic (in dollars per share)	$ (1.46)	$ (1.69)
Net loss per common share, diluted (in dollars per share)	$ (1.46)	$ (1.69)
Weighted-average common shares outstanding, basic (in shares)	5,688,584	5,597,528
Weighted-average common shares outstanding, diluted (in shares)	5,688,584	5,597,528
Other comprehensive loss:
Net unrealized loss on marketable securities	$ (17)	$ (21)
Other comprehensive loss	(17)	(21)
Comprehensive loss	(8,295)	(9,460)
Collaboration and license revenue
Revenue:
Total revenue	$ 212	$ 212

SEGMENTS

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENTS

The Company defines its segments on the basis of the way in which internally reported financial information is regularly reviewed by the chief operating decision maker ("CODM") to analyze financial performance, make decisions, and allocate resources. The Company’s CODM consists of its Chief Executive Officer and Chief Financial Officer. The Company manages its operations as a single operating and reportable segment and the measure of segment profit or loss is net loss. The CODM uses net loss in the budget and forecasting process and considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources.


	FOR THE THREE MONTHS ENDED MARCH 31,
(in thousands)	2026		2025
Revenue	$	212	$	212
Less:
Research and development:
RLYB212	56		2,438
RLYB116	396		619
Other program candidates	2		(163)
Personnel expenses (including share-based compensation)	2,280		2,589
Other expenses	137		242

General and administrative, excluding personnel expenses	4,223		1,525
General and administrative, personnel expenses (including share-based compensation)	1,851		2,632
Other segment items*	(455)		(231)
Segment net loss	$	(8,278)	$	(9,439)

*Other segment items include total other income, net and loss on investment in joint venture.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Purchase Commitments — The Company enters contracts in the normal course of business with contract research organizations and other third-party vendors for clinical trials and testing and manufacturing services. These contracts generally do not contain minimum purchase commitments and are cancellable by the Company upon written notice. Payments that may be due upon cancellation consist of payments for services provided or expenses incurred prior to cancellation. As of March 31, 2026 and December 31, 2025, there were no amounts accrued related to termination charges.

BALANCE SHEET COMPONENTS (Tables)

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of March 31, 2026 and December 31, 2025:


(in thousands)	MARCH 31, 2026		DECEMBER 31, 2025
Research and development	$	595	$	3,372
Insurance	231		409
Other prepaids	135		219
Other current assets	5,734		2,517
	$	6,695	$	6,517

Schedule of Accrued Expenses

Accrued expenses consisted of the following as of March 31, 2026 and December 31, 2025:


(in thousands)	MARCH 31, 2026		DECEMBER 31, 2025
Compensation and related expenses	$	1,407	$	2,334
Professional fees	1,396		1,039
Research and development	94		394
Other accrued expenses	204		24
	$	3,101	$	3,791

STOCKHOLDERS' EQUITY - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Number of Option Shares
Outstanding stock options at beginning of period (in shares)	628,280
Granted (in shares)	32,360
Forfeited (in shares)	(11,404)
Expired (in shares)	(1,281)
Exercised (in shares)	(561)
Outstanding stock options at end of period (in shares)	647,394	628,280
Exercisable stock options at end of period (in shares)	427,642
Weighted-Average Exercise Price
Outstanding stock options at beginning of period (in dollars per share)	$ 43.42
Granted (in dollars per share)	4.45
Forfeited (in dollars per share)	15.70
Expired (in dollars per share)	88.75
Exercised (in dollars per share)	6.08
Outstanding stock options at end of period (in dollars per share)	41.90	$ 43.42
Exercisable stock options at end of period (in dollars per share)	$ 56.52
Weighted-Average Contractual Term (in years) and Aggregate Intrinsic Value
Outstanding stock options, weighted-average contractual term (in years)	6 years 2 months 12 days	7 years 7 months 6 days
Exercisable stock options, weighted-average contractual term (in years)	5 years 7 months 6 days
Outstanding stock options, aggregate intrinsic value	$ 749	$ 89
Exercisable stock options, aggregate intrinsic value	$ 180

BALANCE SHEET COMPONENTS - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($)
Balance Sheet Related Disclosures [Abstract]
Other receivables, gross, current	$ 3.4
Future contingent milestone and royalty assets, current	2.2
Other assets, miscellaneous, current	$ 0.1

STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

STOCKHOLDERS' EQUITY

Common Stock

In April 2024, the Company entered into a securities purchase agreement (the "JJDC Securities Purchase Agreement") with Johnson & Johnson Innovation – JJDC, Inc. ("JJDC"), pursuant to which the Company sold to JJDC, in an unregistered offering, 454,545 shares of its common stock, at a price of $14.56 per share, which represented a 10% premium on the Company’s closing stock price on April 9, 2024, for aggregate gross proceeds of approximately $6.6 million, before deducting offering expenses.

The Company had 200,000,000 shares of common stock authorized as of March 31, 2026 and December 31, 2025, of which 5,290,236 and 5,283,321 shares were issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.

Preferred Stock

The Company had 50,000,000 shares of preferred stock authorized as of March 31, 2026 and December 31, 2025, of which no shares were issued or outstanding as of March 31, 2026 and December 31, 2025.

Pre-Funded Warrants

In connection with a follow-on offering, the Company entered into an agreement with certain investors to issue pre-funded warrants in lieu of common stock to purchase up to an aggregate of 416,673 shares of common stock at a price of $47.9992, which represents the per share public offering price of the November 2022 follow-on offering for common stock less a $0.0008 per share exercise price for each pre-funded warrant.

The Company may not effect the exercise of any pre-funded warrant, and a holder will not be entitled to exercise any portion of any pre-funded warrant if, upon giving effect to such exercise, the aggregate number of shares of common stock beneficially owned by the holder (together with its affiliates) would exceed 9.99% of the number of shares of common stock outstanding immediately after giving effect to the exercise, which percentage may be increased or decreased at the holder’s election upon 61 days’ notice to the Company subject to the terms of such pre-funded warrants, provided that such percentage may in no event exceed 19.99%.

The Company's pre-funded warrant is a freestanding instrument that does not meet the definition of a liability pursuant to ASC 480, Distinguishing Liabilities from Equity ("ASC 480"), and does not meet the definition of a derivative pursuant to ASC 815, Derivatives and Hedging ("ASC 815"). The pre-funded warrant is indexed to the Company’s common stock and meets all other conditions for equity classification under ASC 480 and ASC 815. Accordingly, the pre-funded warrant was classified as equity and accounted for as a component of additional paid-in capital at the time of issuance. All of the pre-funded warrants related to the November 2022 follow-on offering remain outstanding and unexercised as of March 31, 2026.

Share-based Compensation

consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025 was as follows:


	FOR THE THREE MONTHS ENDED MARCH 31,
(in thousands)	2026		2025
Research and development	$	184	$	810
General and administrative	429		1,069
	$	613	$	1,879

2021 Equity Incentive Plan

In 2021, the board of directors adopted the Rallybio Corporation 2021 Equity Incentive Plan (the "2021 Plan"). The 2021 Plan initially reserved 680,043 shares of the Company's common stock that have been issued in respect of outstanding equity awards granted prior to the Company's initial public offering ("IPO"), and for future issuances of shares to employees, directors and consultants in the form of stock options, SARs, restricted and unrestricted stock and stock units, performance awards and other awards that are convertible into or otherwise based on the Company's common stock. Dividend equivalents may also be provided in connection with awards under the 2021 Plan. The share pool will automatically increase on January 1st of each year until 2031, by the lesser of (i) five percent of the number of shares of the Company's common stock outstanding as of such date and (ii) the number of shares of the Company's common stock determined by the board of directors on or prior to such date. On January 1, 2026 and January 1, 2025, the 2021 Plan share pool was automatically increased by 264,166 and 259,438 shares, respectively. As of March 31, 2026, the total number of shares of the Company's common stock that were issuable under the 2021 Plan was 1,514,824 shares, of which 834,331 shares remained available for future issuance.

The following table summarizes stock option activity for the three months ended March 31, 2026:


Stock Options	Number of Option Shares	Weighted-Average Exercise Price		Weighted-Average Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding stock options at December 31, 2025	628,280	$	43.42	7.6	$	89
Granted	32,360	$	4.45
Forfeited	(11,404)	$	15.70
Expired	(1,281)	$	88.75
Exercised	(561)	$	6.08
Outstanding stock options at March 31, 2026	647,394	$	41.90	6.2	$	749
Exercisable stock options at March 31, 2026	427,642	$	56.52	5.6	$	180

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company's common stock. Stock options outstanding with an exercise price below the closing price as of March 31, 2026 had an intrinsic value of approximately $749 thousand. Stock options outstanding and exercisable with an exercise price below the closing price as of March 31, 2026 had an intrinsic value of $180 thousand. These values are based on a common stock fair value of $8.97 per share, which was the closing price of the Company's common stock on March 31, 2026. Using the Black-Scholes option pricing model, the weighted-average grant date fair value of stock options granted during the three months ended March 31, 2026 and 2025 was $3.60 per share and $5.36 per share, respectively. As of March 31, 2026, there was unrecognized share-based compensation expense related to nonvested stock options of $2.2 million, which the Company expects to recognize over a weighted-average period of approximately 1.6 years. As of March 31, 2026, in connection with the consummation of the now-terminated proposed Merger, all nonvested stock options were expected to vest and the remaining expense would have been recognized.

The fair value of the stock options granted during the three months ended March 31, 2026 and 2025 was determined using the Black-Scholes option pricing model with the following assumptions:


	FOR THE THREE MONTHS ENDED MARCH 31,
	2026	2025
Expected volatility	109.21%	91.88% - 119.61%
Expected term (years)	5.25	5.27 - 6.02
Risk free interest rate	3.68%	4.36% - 4.39%
Expected dividend yield	—	—
Exercise price	$4.45	$6.08 - $7.60

A summary of the status of the Company's nonvested restricted common stock units at March 31, 2026 and changes during the three months ended March 31, 2026 was as follows:


Restricted Stock Units	Shares	Weighted-Average Grant Date Fair Value Per Share
Nonvested restricted stock units at December 31, 2025	38,603	$	9.60
Granted	5,000	$	4.45
Forfeited	(4,150)	$	2.40
Vested	(6,354)	$	7.79
Nonvested restricted stock units at March 31, 2026	33,099	$	10.07

As of March 31, 2026, there was unrecognized share-based compensation expense related to nonvested restricted stock units of $0.2 million, which the Company expects to recognize over a weighted-average period of approximately 2.0 years. As of March 31, 2026, in connection with the consummation of the now-terminated proposed Merger, all nonvested restricted stock units were expected to vest and the remaining expense would have been recognized.

2021 Employee Stock Purchase Plan

In connection with the Company's IPO, the board of directors adopted the Rallybio Corporation 2021 Employee Stock Purchase Plan (the "2021 ESPP"), which initially reserved 36,415 shares of the Company's common stock for future issuances under this plan. The share pool will automatically increase on January 1st of each year from 2022 to 2031, by the lesser of (i) one percent of the number of shares of the Company's common stock outstanding as of such date, (ii) 72,831 shares of the Company’s common stock and (iii) the number of shares of the Company's common stock determined by the board of directors on or prior to such date. The 2021 ESPP share pool did not increase on January 1, 2026 or January 1, 2025. As of March 31, 2026, the total number of shares of the Company's common stock available for future issuance under the 2021 ESPP was 94,281 shares. During the three months ended March 31, 2026 and 2025, the Company did not issue any of the Company's common stock under the 2021 ESPP.

The 2021 ESPP allows eligible participants to purchase shares of the Company's common stock through authorized payroll deductions. The purchase price of the shares will not be less than 85% of the lower of the fair market value of the Company's common stock on the first day of an offering or on the date of the purchase.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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+ Details

BUSINESS AND LIQUIDITY	3 Months Ended
BUSINESS AND LIQUIDITY	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS AND LIQUIDITY	BUSINESS AND LIQUIDITY Rallybio Corporation and subsidiaries ("Rallybio", the "Company", "we", "our", or "us") is 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. The Company's 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. In 2025, the Company completed a confirmatory pharmacokinetic ("PK") and pharmacodynamic ("PD") study of RLYB116 in healthy volunteers and reported data in the first quarter of 2026. In April 2025, the Company announced the discontinuation of its RLYB212 program for the prevention of fetal and neonatal alloimmune thrombocytopenia ("FNAIT") based on PK data from the Phase 2 clinical trial that demonstrated an inability of the RLYB212 dose regimen to achieve predicted target concentrations, as well as the minimum target concentration required for efficacy. In July 2025, the Company entered into a definitive agreement to sell its interest in REV102, an Ectonucleotide Pyrophosphatase/Phosphodiesterase 1 ("ENPP1") inhibitor in preclinical development for the treatment of patients with hypophosphatasia ("HPP"), to a subsidiary of its joint venture partner Recursion Pharmaceuticals, Inc. ("Recursion") (the "JV Sale"). On March 1, 2026, Rallybio entered into an Agreement and Plan of Merger and Reorganization with Candid Therapeutics, Inc. (“Candid”) (the “Merger Agreement”) pursuant to which the parties intended to undertake a business combination (the “Merger”). On May 3, 2026, Candid terminated the Merger Agreement concurrently with entering into a Permitted Alternative Agreement (as defined in the Merger Agreement) with UCB S.A. (“UCB”). As a result of the termination of the Merger Agreement, Rallybio was paid on May 4, 2026 a $50.0 million Parent Termination Fee (as defined in the Merger Agreement) and was reimbursed $0.4 million for certain expenses. The Company had cash, cash equivalents and marketable securities of $46.8 million as of March 31, 2026. The Company currently expects that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital requirements for more than 12 months from the date these unaudited condensed consolidated financial statements are issued. However, the Company does not anticipate that its current cash, cash equivalents and marketable securities as of March 31, 2026 will be sufficient to fund any of its product candidates through regulatory approval, and it will need to raise substantial additional capital to complete the development and commercialization of its product candidates, if approved. Rallybio may satisfy its future cash needs through the sale of equity securities, debt financings, corporate collaborations or license agreements, working capital lines of credit, grant funding, interest income earned on invested cash balances or a combination of one or more of these sources.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash Flows Used in Operating Activities:
Net loss	$ (8,278)	$ (9,439)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3	28
Net accretion of discounts/premiums on debt securities	(51)	(210)
Share-based compensation	613	1,879
Loss on investment in joint venture	0	587
Changes in operating assets and liabilities:
Prepaid expenses, operating lease right-of-use assets and other current assets	(155)	(506)
Accounts payable	814	122
Accrued expenses and operating lease liabilities	(712)	(2,454)
Deferred revenue	(212)	(212)
Net cash used in operating activities	(7,978)	(10,205)
Cash Flows Provided by Investing Activities:
Purchases of marketable securities	0	(5,919)
Proceeds from maturities of marketable securities	17,900	18,000
Investment in joint venture	0	(1,000)
Net cash provided by investing activities	17,900	11,081
Cash Flows Provided by Financing Activities:
Proceeds from the issuance of common stock from exercise of stock options	3	0
Net cash provided by financing activities	3	0
Net increase in cash and cash equivalents	9,925	876
Cash and cash equivalents — beginning of period	31,374	13,903
Cash and cash equivalents — end of period	$ 41,299	$ 14,779

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	5,290,236	5,283,321
Common stock, shares outstanding (in shares)	5,290,236	5,283,321
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION (Details) $ in Millions	Mar. 31, 2026 USD ($)
Accounting Policies [Abstract]
Future contingent milestone and royalty assets	$ 3.0

RESTRUCTURING AND SEVERANCE (Tables)

3 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

The following table summarizes the restructuring accrual activity as of March 31, 2026:


(in thousands)	MARCH 31, 2026
Beginning accrued severance as of January 1, 2026	$	523
Severance incurred during the period	2,302
Severance paid and adjustments made during the period	(1,449)
Ending accrued severance as of March 31, 2026	$	1,376

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On March 1, 2026, Rallybio entered into an Agreement and Plan of Merger and Reorganization with Candid pursuant to which the parties intended to undertake a business combination. On May 3, 2026, Candid terminated the Merger Agreement concurrently with entering into a Permitted Alternative Agreement (as defined in the Merger Agreement) with UCB. As a result of the termination of the Merger Agreement, Rallybio was paid on May 4, 2026 a $50.0 million Parent Termination Fee (as defined in the Merger Agreement) and was reimbursed $0.4 million for certain expenses.

BUSINESS AND LIQUIDITY (Details) - USD ($) $ in Millions	May 04, 2026	Mar. 31, 2026
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash, cash equivalents and marketable securities		$ 46.8
Rallybio \| Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Business combination termination fee received	$ 50.0
Reimbursement of transaction costs	$ 0.4

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	COMMON	ADDITIONAL PAID-IN CAPITAL	ACCUMULATED DEFICIT	ACCUMULATED OTHER COMPREHENSIVE GAIN (LOSS)
Beginning balance (in shares) at Dec. 31, 2024		5,188,743
Beginning balance at Dec. 31, 2024	$ 61,654	$ 4	$ 354,602	$ (293,020)	$ 68
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,879		1,879
Issuance of common stock under the stock award plan (in shares)		12,736
Net loss	(9,439)			(9,439)
Other comprehensive loss	(21)				(21)
Ending balance (in shares) at Mar. 31, 2025		5,201,479
Ending balance at Mar. 31, 2025	54,073	$ 4	356,481	(302,459)	47
Beginning balance (in shares) at Dec. 31, 2025		5,283,321
Beginning balance at Dec. 31, 2025	57,956	$ 4	359,932	(301,998)	18
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	$ 613		613
Issuance of common stock under the stock award plan (in shares)		6,354
Issuance of common stock from exercise of stock options (in shares)	561
Issuance of common stock from exercise of stock options	$ 3		3
Net loss	(8,278)			(8,278)
Other comprehensive loss	(17)				(17)
Ending balance (in shares) at Mar. 31, 2026		5,290,236
Ending balance at Mar. 31, 2026	$ 50,277	$ 4	$ 360,548	$ (310,276)	$ 1

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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BALANCE SHEET COMPONENTS - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Research and development	$ 595	$ 3,372
Insurance	231	409
Other prepaids	135	219
Other current assets	5,734	2,517
Prepaid expenses and other assets	$ 6,695	$ 6,517

MARKETABLE SECURITIES (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Fair Value of Marketable Securities by Type of Security


		MARCH 31, 2026
(in thousands)	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
Cash and cash equivalents	Level 1	$	16,383	$	—	$	—	$	16,383
U.S. treasury securities	Level 1	5,495		1		—		5,496

		$	21,878	$	1	$	—	$	21,879


		DECEMBER 31, 2025
(in thousands)	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
Cash and cash equivalents	Level 1	$	6,695	$	—	$	—	$	6,695
U.S. treasury securities	Level 1	19,212		17		—		19,229
U.S. government agency securities	Level 2	4,630		1		—		4,631
		$	30,537	$	18	$	—	$	30,555

Schedule of Marketable Securities by Balance Sheet Location Classification

The fair values of marketable securities by classification in the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 was as follows:


(in thousands)	MARCH 31, 2026		DECEMBER 31, 2025
Cash and cash equivalents	$	16,383	$	7,193
Marketable securities	5,496		23,362
	$	21,879	$	30,555

Schedule of Fair Values of Available-for-Sale Debt Securities by Contractual Maturity

The fair values of available-for-sale debt securities as of March 31, 2026 and December 31, 2025, by contractual maturity, are summarized as follows:


(in thousands)	MARCH 31, 2026		DECEMBER 31, 2025
Due in one year or less	$	21,879	$	30,555
Due after one year through two years	—		—
	$	21,879	$	30,555

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Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details