Rallybio (RLYB) Q4 2025 earnings summary

Executive summary

• Entered into a merger agreement with Candid Therapeutics, with Rallybio shareholders to own 3.65% and Candid stakeholders 96.35% of the combined company post-merger, subject to adjustments.

• Concurrent financing of $505.5 million committed by investors in connection with the merger.

• Completed sale of interest in REV102 to Recursion for $20 million, with potential for additional milestone and royalty payments.

• Discontinued RLYB212 program after Phase 2 PK data failed to meet efficacy targets.

Financial highlights

• Net loss for 2025 was $9.0 million, a significant improvement from $57.8 million in 2024, aided by a $23.0 million gain from the JV Sale.

• Research and development expenses decreased to $19.6 million in 2025 from $41.5 million in 2024, mainly due to program discontinuations and workforce reductions.

• General and administrative expenses fell to $14.3 million from $19.6 million year-over-year.

• Cash, cash equivalents, and marketable securities totaled $54.7 million as of December 31, 2025.

• No product revenue; collaboration and license revenue was $0.9 million in 2025.

Outlook and guidance

• Existing cash and equivalents expected to fund operations for at least 12 months from the filing date, with the merger anticipated to close in 2026.

• Additional capital will be required to fund product candidates through regulatory approval if the merger does not close.