Rallybio (RLYB) Q3 2026 earnings summary

Executive summary

• Q3 2026 operating loss was $3.4M; 9M net income of $32.7M was driven by a $50.0M termination fee from Candid, not product sales.

• Strategic focus remained on the proposed Avenzo merger and preparing legacy programs for a potential transaction or sale.

Financial highlights

• Q3 revenue was $0, versus $0.2M YoY; 9M revenue was $0.2M, down from $0.6M, with all revenue recognized by September 30.

• Q3 operating expenses were $3.4M, down from $7.1M YoY; 9M expenses were $18.0M, down from $27.3M.

• Q3 net loss was $2.7M versus net income of $16.0M; 9M net income was $32.7M versus a $3.1M loss, including the $50.0M Candid termination fee.

• Cash and cash equivalents were $90.7M at September 30, 2026, versus $31.4M at December 31, 2025; accumulated deficit was $269.3M.

Outlook and guidance

• Existing cash was expected to fund operating expenses and capital needs for more than 12 months from filing; the Avenzo merger was anticipated to close before year-end 2026.

• Near-term R&D priorities were completing ongoing activities and preparing programs for a potential transaction or sale.

• Product development through regulatory approval would require substantial additional capital; available cash was not expected to fund any candidate through approval.