Rallybio Corporation
RLYBHealthcare|Biotechnology|US
$15.75
+0.06 (+0.38%)
DCF Value
$10.28
Tangible Book / Share
$16.15
Graham Number
$41.29
Cash / Share
$15.87
Financials
Financial Snapshot
Market Cap
$84.8M
Enterprise Value
-$5.9M
Revenue (TTM)
$434.0K
Net Income (TTM)
$26.8M
Cash & Investments
$90.7M
Net Cash
$90.7M
Free Cash Flow (TTM)
$30.6M
Operating CF (TTM)
$30.6M
Debt/Equity
0.00
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $19.5M | $140.2M | $175.3M | $169.0M | $109.9M | $65.5M | $54.7M | $90.7M | |
| Operating Cash Flow | -$15.0M | -$22.0M | -$45.5M | -$57.3M | -$60.3M | -$49.3M | -$29.8M | $30.6M | |
| Free Cash Flow | -$15.2M | -$22.2M | -$45.9M | -$57.3M | -$60.3M | -$49.3M | -$29.8M | $30.6M | |
| Capital Expenditure | -$188.0K | -$137.0K | -$333.0K | -$54.0K | -$12.0K | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $31.6M | $144.9M | $83.0M | $51.1M | $143.0K | $5.2M | $16.0K | $270.0K |
R&D Spending
R&D (TTM)
$5.1M
R&D Intensity
1167.1%
R&D Growth vs Prior
-74.2%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $636.0K | $858.0K | $434.0K | |
| R&D Expense | $11.4M | $17.6M | $26.9M | $40.7M | $53.5M | $41.5M | $19.6M | $5.1M | |
| R&D % of Revenue | — | — | — | — | — | 6526.3% | 2284.0% | 1167.1% | |
| SG&A | $6.3M | $7.7M | $18.7M | $27.2M | $25.4M | $18.3M | $14.3M | $16.8M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $636.0K | $858.0K | $434.0K | |
| Cost of Revenue | $26.3K | $62.0K | $109.0K | $0.00 | $150.0K | $39.5M | $92.0K | $3.7M | |
| Gross Profit | -$26.3K | -$62.0K | -$109.0K | $0.00 | -$150.0K | -$38.9M | $766.0K | -$3.2M | |
| R&D | $11.4M | $17.6M | $26.9M | $40.7M | $53.5M | $41.5M | $19.6M | $5.1M | |
| SG&A | $6.3M | $7.7M | $18.7M | $27.2M | $25.4M | $18.3M | $14.3M | $16.8M | |
| Operating Income | -$17.6M | -$25.3M | -$45.6M | -$67.9M | -$78.9M | -$60.5M | -$28.1M | -$20.2M | |
| Interest Expense | $39.0K | $49.0K | $10.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$17.5M | -$26.5M | -$47.0M | -$66.7M | -$74.6M | -$57.8M | -$9.0M | $28.2M | |
| Net Income | -$17.6M | -$26.4M | -$47.0M | -$66.7M | -$74.6M | -$57.8M | -$9.0M | $26.8M | |
| EPS (Diluted) | -6.32 | -9.52 | -11.68 | -16.72 | -14.72 | -10.64 | -1.59 | 4.48 | |
| EBITDA | -$17.4M | -$25.2M | -$45.4M | -$67.7M | -$78.8M | -$60.4M | -$28.0M | $31.2M | |
| Shares Out. (M) | 2.78 | 2.78 | 4.02 | 3.98 | 5.06 | 5.44 | 5.63 | 5.72 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $19.5M | $140.2M | $175.3M | $57.0M | $24.5M | $13.9M | $31.4M | $90.7M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $112.0M | $85.4M | $51.6M | $23.4M | $0.00 | |
| Total Current Assets | $20.9M | $141.3M | $180.9M | $179.5M | $114.8M | $67.8M | $61.3M | $94.8M | |
| Total Assets | $21.6M | $141.9M | $182.2M | $180.4M | $115.6M | $68.1M | $62.3M | $95.6M | |
| Total Current Liabilities | $3.8M | $5.8M | $6.6M | $10.7M | $9.3M | $6.2M | $4.2M | $3.3M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $4.7M | $5.9M | $6.6M | $11.1M | $9.4M | $6.5M | $4.3M | $3.3M | |
| Stockholders' Equity | $16.9M | $136.0M | $175.6M | $169.3M | $106.2M | $61.7M | $58.0M | $92.3M | |
| Retained Earnings | -$20.6M | -$47.0M | -$94.0M | -$160.7M | -$235.2M | -$293.0M | -$302.0M | -$269.3M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$15.0M | -$22.0M | -$45.5M | -$57.3M | -$60.3M | -$49.3M | -$29.8M | $30.6M | |
| Capital Expenditure | -$188.0K | -$137.0K | -$333.0K | -$54.0K | -$12.0K | $0.00 | $0.00 | $0.00 | |
| Free Cash Flow | -$15.2M | -$22.2M | -$45.9M | -$57.3M | -$60.3M | -$49.3M | -$29.8M | $30.6M | |
| Investing Cash Flow | -$188.0K | -$2.1M | -$2.3M | -$112.2M | $27.7M | $33.5M | $47.3M | $27.3M | |
| Financing Cash Flow | $31.6M | $144.9M | $83.0M | $51.1M | $143.0K | $5.2M | $16.0K | $270.0K | |
| Issuance of Stock | $31.6M | $145.2M | $86.2M | $51.5M | $143.0K | $5.4M | $16.0K | $126.0K | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $13.0K | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $194.0K | $704.0K | $3.6M | $9.5M | $10.9M | $8.0M | $5.3M | $2.2M | |
| Net Change in Cash | $16.4M | $120.8M | $35.1M | -$118.4M | -$32.5M | -$10.6M | $17.5M | $58.2M |
Dilution Tracker
Shares outstanding grew 102.5% over 5 years — significant dilution
Shares Outstanding
5M
5-Year Share Growth
+102.5%
Stock Issuance (TTM)
$126.0K
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 2.78 | 2.78 | 4.02 | 3.98 | 5.06 | 5.44 | 5.63 | 5.72 | |
| Change vs Prior % | — | 0.0% | 44.4% | -1.0% | 27.1% | 7.7% | 3.4% | 1.5% | |
| Stock Issuance | $31.6M | $145.2M | $86.2M | $51.5M | $143.0K | $5.4M | $16.0K | $126.0K | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $13.0K | |
| Stock Based Comp. | $194.0K | $704.0K | $3.6M | $9.5M | $10.9M | $8.0M | $5.3M | $2.2M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | — | -6111.8% | 89.3% | -742.9% | |
| Operating Margin % | — | — | — | — | — | -9511.9% | -3270.9% | -4659.2% | |
| Net Margin % | — | — | — | — | — | -9084.1% | -1046.4% | 6177.4% | |
| EBITDA Margin % | — | — | — | — | — | -9491.4% | -3260.1% | 7190.6% | |
| FCF Margin % | — | — | — | — | — | -7748.7% | -3474.7% | 7053.9% | |
| ROE % | -104.5% | -19.4% | -26.8% | -39.4% | -70.2% | -93.7% | -15.5% | 36.3% | |
| ROA % | -81.6% | -18.6% | -25.8% | -36.9% | -64.5% | -84.8% | -14.4% | 28.1% | |
| ROIC % | -99.1% | -18.6% | -26.0% | -40.0% | -74.1% | -97.5% | -48.3% | -20.8% | |
| R&D / Revenue % | — | — | — | — | — | 6526.3% | 2284.0% | 1167.1% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 34.9% | |
| Gross Profit | 0.0% | -135.5% | -75.7% | 100.0% | 0.0% | -25814.0% | 102.0% | |
| Operating Income | 0.0% | -43.4% | -80.4% | -48.7% | -16.3% | 23.4% | 53.6% | |
| Net Income | 0.0% | -50.0% | -77.8% | -41.8% | -11.9% | 22.5% | 84.5% | |
| EPS (Diluted) | 0.0% | -50.6% | -22.7% | -43.2% | 12.0% | 27.7% | 85.1% | |
| Operating Cash Flow | 0.0% | -46.7% | -106.6% | -25.8% | -5.2% | 18.2% | 39.5% | |
| Free Cash Flow | 0.0% | -45.8% | -106.8% | -25.0% | -5.1% | 18.2% | 39.5% | |
| R&D Expense | 0.0% | 55.1% | 52.6% | 51.2% | 31.6% | -22.5% | -52.8% | |
| SG&A Expense | 0.0% | 22.3% | 144.2% | 45.1% | -6.6% | -27.8% | -21.8% | |
| Total Assets | 0.0% | 556.5% | 28.4% | -1.0% | -35.9% | -41.1% | -8.6% | |
| Book Value / Share | 0.0% | 706.7% | -10.6% | -2.6% | -50.7% | -46.1% | -9.1% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | -29.4% | -60.7% | 14.3% | |
| Diluted Shares | 0.0% | 0.0% | 44.4% | -1.0% | 27.1% | 7.7% | 3.4% |
Valuation
P/E (TTM)3.42
P/S195.38
P/B0.98
10Y Low / Med / High0.53 / 1.23 / 18.60
EV/EBITDAAt Loss
EV/Revenue-13.59
P/FCF2.77
Intrinsic Value Models (per share)
DCF Value
$10.28
Tangible Book / Share
$16.15
Net Current Assets / Share
$16.99
Graham Number
$41.29
Graham Net-Net
$15.29
Cash / Share
$15.87
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -25.64 | -11.85 | -6.53 | -3.14 | -1.30 | -0.72 | -3.45 | 3.42 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 65.73 | 36.02 | 195.38 | |
| P/B Ratio | 18.60 | 2.31 | 1.75 | 1.23 | 0.91 | 0.68 | 0.53 | 0.98 | |
| EV/EBITDA | -16.91 | -6.87 | -2.89 | -2.25 | -0.92 | -0.46 | 0.01 | -0.19 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 44.11 | -0.34 | -13.59 |
Analyst Estimates & Quality
Altman Z-Score
13.78
Safe
Piotroski F-Score
6
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $80.0K | $87.9M | $87.5M |
| Net Income | -$31.1M | -$64.9M | -$17.6M |
| EPS | $-5.52 | $-11.52 | $-3.12 |
| # Analysts (EPS) | 1 | 1 | 1 |
Dividends
Dividend/Share (TTM)
$13.56
Dividend Yield
86.09%
Frequency
Irregular
Next Payment
Nov 13, 2026
Recent Payments
| Ex-Date | Pay Date | Amount | Frequency |
|---|---|---|---|
| Nov 6, 2026 | Nov 13, 2026 | $13.56 | Irregular |
Revenue Segments
By Product
| Segment | 2024 | 2025 |
|---|---|---|
| Collaboration And License Revenue | $636.0K | $858.0K |
| License | — | $800.0K |