The company maintains a clean debt profile with a debt-to-equity ratio of 0.00, yet total assets have eroded from $115.6 million in 2023Q4 to $54.5 million in 2026Q1.
Rallybio Corporation (RLYB) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Current Assets | 97.25M | 61.25M | 67.84M | 114.79M | 179.5M | 180.87M | 141.26M | 20.92M |
| Cash & Short-Term Investments | 92.85M | 54.74M | 65.51M | 109.93M | 168.99M | 175.33M | 140.23M | 19.46M |
| Cash Only | 92.85M | 31.37M | 13.9M | 24.49M | 56.96M | 175.33M | 140.23M | 19.46M |
| Short-Term Investments | 0 | 23.36M | 51.61M | 85.44M | 112.04M | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 2.52M | 995K | 2.05M | 1.05M | 395K | 0 | 0 |
| Total Non-Current Assets | 810K | 1.01M | 267K | 831K | 939K | 1.32M | 597K | 687K |
| Property, Plant & Equipment | 0 | 198K | 267K | 592K | 909K | 511K | 287K | 199K |
| Fixed Asset Turnover | 4.35x | 4.33x | 2.38x | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 239K | 30K | 805K | 310K | 488K |
| Other Non-Current Assets | 810K | 810K | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 98.06M | 62.26M | 68.11M | 115.62M | 180.44M | 182.19M | 141.86M | 21.61M |
| Asset Turnover | 0.01x | 0.01x | 0.01x | - | - | - | - | - |
| Asset Growth % | 63.27% | -8.58% | -41.09% | -35.92% | -0.96% | 28.43% | 556.54% | - |
| Total Current Liabilities | 3.57M | 4.22M | 6.24M | 9.26M | 10.74M | 6.55M | 5.84M | 3.81M |
| Accounts Payable | 833K | 126K | 278K | 976K | 1.11M | 603K | 1.58M | 857K |
| Days Payables Outstanding | 25.36 | 499.89 | - | 2.37K | - | 2.02K | 9.29K | 11.87K |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 636K | 212K | 848K | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 1.46M | 3.1M | 3.17M | 4.7M | 2.99M | 0 | 1.59M |
| Current Ratio | 27.26x | 14.50x | 10.87x | 12.39x | 16.71x | 27.61x | 24.18x | 5.50x |
| Quick Ratio | 27.26x | 14.50x | 10.87x | 12.39x | 16.71x | 27.61x | 24.18x | 5.50x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 82K | 212K | 173K | 374K | 32K | 12K | 941K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 245K | 82K | 0 | 173K | 374K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 32K | 12K | 941K |
| Total Liabilities | 3.57M | 4.3M | 6.45M | 9.44M | 11.12M | 6.58M | 5.86M | 4.75M |
| Total Debt | 0 | 176K | 154K | 392K | 555K | 0 | 0 | 0 |
| Net Debt | -92.85M | -31.2M | -13.75M | -24.1M | -56.4M | -175.33M | -140.23M | -19.46M |
| Debt / Equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 3.92x | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | -4549.80x | -516.39x | -446.69x |
| Total Equity | 94.5M | 57.96M | 61.65M | 106.18M | 169.32M | 175.6M | 136M | 16.86M |
| Equity Growth % | 81.58% | -6% | -41.94% | -37.29% | -3.58% | 29.12% | 706.66% | - |
| Book Value per Share | 16.30 | 10.30 | 11.33 | 21.00 | 42.57 | 43.72 | 48.91 | 6.06 |
| Total Shareholders' Equity | 94.5M | 57.96M | 61.65M | 106.18M | 169.32M | 175.6M | 136M | 16.86M |
| Common Stock | 4K | 4K | 4K | 4K | 4K | 3K | 2K | 230K |
| Retained Earnings | -266.61M | -302M | -293.02M | -235.25M | -160.68M | -94.03M | -47.01M | -20.57M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 18K | 68K | 15K | -214K | 0 | 0 | 56K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying RLYB stock.
As of 2025, Rallybio Corporation (RLYB) had total assets of $62.3M including $61.3M in current assets.
Rallybio Corporation (RLYB) carries total debt of $0.2M, offset by $54.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Rallybio Corporation (RLYB) has total shareholders' equity (book value) of $58.0M ($10.30 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Rallybio Corporation (RLYB) reported a current ratio of 14.50x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Binary clinical trial outcomes
Metrics are mathematically derived from official filings.
Asset Base Erosion Reflects Burn
As reported in financial statements, RLYB's total assets have contracted from $115.6 million in 2023Q4 to $54.5 million in 2026Q1, signaling a steady depletion of resources as the company funds its clinical pipeline without the benefit of meaningful, recurring commercial revenue streams to replenish its capital base.
The consistent decline in total assets highlights the company's reliance on its initial capital reserves to sustain R&D activities. This trajectory suggests that without a significant external capital injection or a major partnership milestone, the company's ability to fund its long-term clinical objectives may become increasingly constrained.
Tightening Runway Amidst Cash Burn
Based on the provided balance sheet data, RLYB's cash position has fluctuated significantly, dropping to $31.37 million in 2025Q4, which indicates a precarious liquidity buffer that warrants close monitoring given the company's persistent, high-intensity cash burn required for ongoing clinical trial execution and operational overhead.
While the current ratio remains elevated, this metric is largely a function of the company's current asset composition rather than operational efficiency. Investors should interpret this liquidity profile as a signal that the company is approaching a critical juncture where additional financing will likely be required to maintain operations.
Equity Quality Dilution Risk High
According to recent SEC filings, RLYB's equity has declined from $106.2 million in 2023Q4 to $50.3 million in 2026Q1, a trend driven by the accumulation of significant retained losses that underscores the company's ongoing struggle to achieve a self-sustaining financial model through its current development pipeline.
The erosion of equity reflects the high cost of clinical development and the lack of offsetting commercial income. This trend suggests that future capital needs will likely be met through equity issuance, which may lead to further dilution for existing shareholders as the company seeks to extend its operational runway.
Hidden Risks in Asset Composition
As indicated by the balance sheet, the absence of significant PPE or intangible assets suggests that RLYB's value is almost entirely tied to its intellectual property and clinical trial progress, making the company's valuation highly sensitive to binary outcomes rather than tangible, recoverable asset values.
The lack of physical assets means that in a downside scenario, there is very little collateral to support the company's financial position. This structure reinforces the view that the balance sheet is primarily a vehicle for funding R&D, with little protection for investors should clinical milestones fail to materialize.