Rallybio (RLYB) Q1 2026 earnings summary

Executive summary

• Lead program RLYB116 completed a confirmatory Phase 1 PK/PD study in 2025, showing improved tolerability and sustained complement inhibition; data reported in Q1 2026.

• RLYB212 program for FNAIT was discontinued in April 2025 due to failure to achieve target concentrations in Phase 2 PK data.

• In July 2025, interest in REV102 was sold to Recursion for $20M upfront and milestone payments, with potential for further milestones and royalties.

• On March 1, 2026, a merger agreement with Candid Therapeutics was signed but terminated in May 2026, resulting in a $50M termination fee and $0.4M expense reimbursement.

Financial highlights

• Net loss for Q1 2026 was $8.3M, compared to $9.4M in Q1 2025.

• Revenue was $0.2M for both Q1 2026 and Q1 2025, from collaboration and license agreements.

• Research and development expenses decreased to $2.9M in Q1 2026 from $5.7M in Q1 2025, mainly due to the discontinuation of RLYB212.

• General and administrative expenses increased to $6.1M in Q1 2026 from $4.2M in Q1 2025, primarily due to legal and professional fees related to the terminated merger.

• Cash, cash equivalents, and marketable securities totaled $46.8M as of March 31, 2026.

Outlook and guidance

• Current cash and equivalents are expected to fund operations for more than 12 months from the reporting date.

• Additional capital will be required to fund product candidates through regulatory approval and commercialization.

• Near-term focus is on advancing RLYB116 and preparing programs for potential transactions or sale.