Rallybio (RLYB) Q3 2025 earnings summary

Executive summary

• Achieved net income of $16.0 million for Q3 2025, driven by a $20.0 million gain from the sale of interest in REV102 to Recursion Pharmaceuticals.

• Discontinued the RLYB212 program for FNAIT prevention after Phase 2 PK data failed to meet efficacy targets.

• Advanced lead program RLYB116, completing dosing in Cohort 1 of the confirmatory PK/PD Phase 1 study, with data expected in Q4 2025.

• Implemented workforce reductions in 2024 and 2025, reducing headcount by approximately 40% and 45% respectively, contributing to lower operating expenses.

Financial highlights

• Q3 2025 revenue was $0.2 million, down from $0.3 million in Q3 2024, all from collaboration and license agreements.

• Operating expenses for Q3 2025 were $7.1 million, a decrease from $12.4 million in Q3 2024, reflecting lower R&D and G&A costs.

• Net income for Q3 2025 was $16.0 million ($0.36 per share), compared to a net loss of $11.5 million ($0.26 per share) in Q3 2024.

• Cash, cash equivalents, and marketable securities totaled $59.3 million as of September 30, 2025.

• For the nine months ended September 30, 2025, net loss was $3.1 million, a significant improvement from a $46.7 million loss in the same period of 2024.

Outlook and guidance

• Current cash position expected to fund operations through 2027, but not sufficient to bring any product candidate through regulatory approval.

• Additional capital will be required for late-stage development and commercialization.

• Top-line data from the RLYB116 confirmatory PK/PD trial anticipated in Q4 2025.