Detailed financial statements for Rallybio Corporation (RLYB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Rallybio Corporation is a clinical-stage biotechnology firm dedicated to discovering and bringing to market transformative therapies for individuals facing severe and uncommon illnesses. Its most advanced therapeutic candidate, RLYB212, is a monoclonal anti-HPA-1a antibody currently undergoing Phase II clinical trials. This candidate, along with RLYB211, is aimed at preventing fetal and neonatal alloimmune thrombocytopenia (FNAIT).
Analysis Summary
Trailing-twelve-month margins: gross margin -11.1%, operating margin -36.7%, net margin 70.5%.
At the current price of $17.09, RLYB trades at a P/E of 2.14 and an ROE of 68.56%. Market capitalisation stands at $91M.
Balance sheet quality for RLYB: current ratio of 14.5, net cash position of $54.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | $636000 | $858000 |
| Cost of Revenue | $26344 | $62030 | $109000 | 0 | $150000 | $39.5M | $92000 |
| Gross Profit | -$26344 | -$62030 | -$109000 | 0 | -$150000 | -$38.9M | $766000 |
| Research & Development | $11.4M | $17.6M | $26.9M | $40.7M | $53.5M | $41.5M | $19.6M |
| Selling, General & Admin | $6.3M | $7.7M | $18.7M | $27.2M | $25.4M | $18.3M | $14.3M |
| Operating Expenses | $17.6M | $25.3M | $45.6M | $67.9M | $78.9M | $21.6M | $28.8M |
| Operating Income | -$17.6M | -$25.3M | -$45.6M | -$67.9M | -$78.9M | -$60.5M | -$28.1M |
| EBITDA | -$17.4M | -$25.2M | -$45.4M | -$67.7M | -$78.8M | -$60.4M | -$28.0M |
| Interest Expense | $39000 | $49000 | $10000 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$17.5M | -$26.5M | -$47.0M | -$66.7M | -$74.6M | -$57.8M | -$9.0M |
| Income Tax | 0 | -$15000 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$17.6M | -$26.4M | -$47.0M | -$66.7M | -$74.6M | -$57.8M | -$9.0M |
| EPS | $-4.40 | $-9.52 | $-11.68 | $-16.72 | $-14.72 | $-10.64 | $-1.59 |
| EPS (Diluted) | $-6.32 | $-9.52 | $-11.68 | $-16.72 | $-14.72 | $-10.64 | $-1.59 |
| Shares Outstanding (Diluted) | $2.8M | $2.8M | $4.0M | $4.0M | $5.1M | $5.4M | $5.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $212000 | $222000 | $212000 | 0 |
| Gross Profit | -$3.9M | -$3.4M | $209000 | 0 |
| Operating Income | -$6.9M | -$6.4M | -$4.7M | -$5.7M |
| EBITDA | -$6.9M | -$6.4M | -$4.7M | $45.0M |
| Net Income | $16.0M | -$5.9M | -$8.3M | $43.7M |
| EPS | $2.84 | $-1.11 | $-1.46 | $7.66 |
| EPS (Diluted) | $2.84 | $-1.11 | $-1.46 | $7.53 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $19.5M | $140.2M | $175.3M | $57.0M | $24.5M | $13.9M | $31.4M |
| Short-term Investments | 0 | 0 | 0 | $112.0M | $85.4M | $51.6M | $23.4M |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $20.9M | $141.3M | $180.9M | $179.5M | $114.8M | $67.8M | $61.3M |
| Property, Plant & Equipment | $199000 | $287000 | $511000 | $909000 | $592000 | $267000 | $198000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $21.6M | $141.9M | $182.2M | $180.4M | $115.6M | $68.1M | $62.3M |
| Accounts Payable | $857000 | $1.6M | $603000 | $1.1M | $976000 | $278000 | $126000 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $3.8M | $5.8M | $6.6M | $10.7M | $9.3M | $6.2M | $4.2M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $4.7M | $5.9M | $6.6M | $11.1M | $9.4M | $6.5M | $4.3M |
| Retained Earnings | -$20.6M | -$47.0M | -$94.0M | -$160.7M | -$235.2M | -$293.0M | -$302.0M |
| Total Equity | $16.9M | $136.0M | $175.6M | $169.3M | $106.2M | $61.7M | $58.0M |
| Total Debt | 0 | 0 | 0 | $555000 | $392000 | $154000 | $176000 |
| Net Debt | -$19.5M | -$140.2M | -$175.3M | -$168.4M | -$109.5M | -$65.4M | -$54.6M |
| Working Capital | $17.1M | $135.4M | $174.3M | $168.8M | $105.5M | $61.6M | $57.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $32.1M | $31.4M | $41.3M | $92.8M |
| Total Assets | $67.7M | $62.3M | $54.5M | $98.1M |
| Total Liabilities | $4.6M | $4.3M | $4.2M | $3.6M |
| Total Equity | $63.0M | $58.0M | $50.3M | $94.5M |
| Total Debt | $198000 | $176000 | $154000 | 0 |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$17.6M | -$26.4M | -$47.0M | -$66.7M | -$74.6M | -$57.8M | -$9.0M |
| Depreciation & Amortization | $26000 | $62000 | $109000 | $167000 | $150000 | $131000 | $92000 |
| Stock-based Compensation | $194000 | $704000 | $3.6M | $9.5M | $10.9M | $8.0M | $5.3M |
| Change in Working Capital | $2.1M | $2.1M | -$3.8M | -$936000 | $4.3M | -$258000 | -$4.2M |
| Operating Cash Flow | -$15.0M | -$22.0M | -$45.5M | -$57.3M | -$60.3M | -$49.3M | -$29.8M |
| Capital Expenditure | -$188000 | -$137000 | -$333000 | -$54000 | -$12000 | 0 | 0 |
| Acquisitions | 0 | -$1.9M | -$2.0M | -$300000 | -$2.2M | -$2.0M | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$15.2M | -$22.2M | -$45.9M | -$57.3M | -$60.3M | -$49.3M | -$29.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$6.5M | -$4.7M | -$8.0M | $45.5M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$6.5M | -$4.7M | -$8.0M | $45.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.0M | $774000 | $613000 | $424000 |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | | | | +34.9% |
| Net Income Growth (YoY) | | -50.0% | -77.8% | -41.8% | -11.9% | +22.5% | +84.5% |
| EPS Growth (YoY) | | -116.4% | -22.7% | -43.2% | +12.0% | +27.7% | +85.1% |
| Shares Change (YoY) | | +0.0% | +44.4% | -1.0% | +27.1% | +7.7% | +3.4% |
| FCF Growth (YoY) | | -45.8% | -106.8% | -25.0% | -5.1% | +18.2% | +39.5% |
| Gross Margin | | | | | | -6111.8% | 89.3% |
| Operating Margin | | | | | | -9511.9% | -3270.9% |
| EBITDA Margin | | | | | | -9491.4% | -3260.1% |
| Net Margin | | | | | | -9084.1% | -1046.4% |
| FCF Margin | | | | | | -7748.7% | -3474.7% |
| Effective Tax Rate | -0.0% | 0.1% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-5.47 | $-7.98 | $-11.42 | $-14.41 | $-11.92 | $-9.05 | $-5.30 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $2.8M | $2.8M | $4.0M | $4.0M | $5.1M | $5.4M | $5.6M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 68.56% |
| Return on Invested Capital | -24.40% |
| Return on Assets | 46.45% |
| Gross Margin | -1107.59% |
| Operating Margin | -3672.29% |
| Net Margin | 7051.24% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 27.26 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -2.86 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -25.64 | -11.85 | -6.53 | -3.14 | -1.30 | -0.72 | -3.45 |
| P/B | 18.60 | 2.31 | 1.75 | 1.23 | 0.91 | 0.68 | 0.53 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 65.73 | 36.02 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -6111.8% | 89.3% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -9511.9% | -3270.9% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -9084.1% | -1046.4% |