Revenue remains nominal and non-recurring, while high R&D intensity continues to drive operating losses, evidenced by a 2026Q1 operating margin of -22.3%.
| Sales/Revenue | 858K | 858K | 636K | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 1.18% | 34.91% | - | - | - | - | - | - |
| Cost of Goods Sold | 3K | 92K | 0 | 150K | 167K | 109K | 62.03K | 26.34K |
| COGS % of Revenue | - | 10.72% | - | - | - | - | - | - |
| Gross Profit | 855K | 766K | 636K | -150K | -167K | -109K | -62.03K | -26.34K |
| Gross Margin % | 99.65% | 89.28% | 100% | - | - | - | - | - |
| Gross Profit Growth % | - | 20.44% | 524% | 10.18% | -53.21% | -75.72% | -135.46% | - |
| Operating Expenses | 28.98M | 28.83M | 61.13M | 78.93M | 67.88M | 45.65M | 25.3M | 17.64M |
| OpEx % of Revenue | - | 3360.14% | 9611.95% | - | - | - | - | - |
| Selling, General & Admin | 16.24M | 14.32M | 19.63M | 25.39M | 27.2M | 18.74M | 7.67M | 6.28M |
| SG&A % of Revenue | - | 1669.58% | 3085.69% | - | - | - | - | - |
| Research & Development | 13.94M | 19.6M | 41.51M | 53.54M | 40.69M | 26.91M | 17.63M | 11.37M |
| R&D % of Revenue | - | 2284.03% | 6526.26% | - | - | - | - | - |
| Other Operating Expenses | -1000K | -5.09M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -28.13M | -28.06M | -60.5M | -78.93M | -67.88M | -45.65M | -25.3M | -17.64M |
| Operating Margin % | -3278.21% | -3270.86% | -9511.95% | - | - | - | - | - |
| Operating Income Growth % | - | 53.61% | 23.36% | -16.27% | -48.71% | -80.41% | -43.42% | - |
| EBITDA | -28.06M | -27.97M | -60.37M | -78.78M | -67.72M | -45.54M | -25.24M | -17.62M |
| EBITDA Margin % | -3270.4% | -3260.14% | -9491.35% | - | - | - | - | - |
| EBITDA Growth % | 44.16% | 53.66% | 23.38% | -16.34% | -48.7% | -80.42% | -43.29% | - |
| D&A (Non-Cash Add-back) | 67K | 92K | 131K | 150K | 167K | 109K | 62K | 26.34K |
| EBIT | -28.13M | -28.06M | -60.5M | -78.93M | -67.88M | -45.5M | -25.3M | -17.42M |
| Net Interest Income | 1.75M | 2.19M | 4.22M | 6.15M | 1.96M | 44K | 122K | 158K |
| Interest Income | 1.75M | 2.19M | 4.22M | 6.15M | 1.96M | 54K | 171K | 197K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 10K | 49K | 39K |
| Other Income/Expense | 20.31M | 19.09M | 2.72M | 4.37M | 1.23M | -1.36M | -1.16M | 79K |
| Pretax Income | -7.82M | -8.98M | -57.77M | -74.56M | -67.73M | -47.01M | -26.46M | -17.46M |
| Pretax Margin % | -911.07% | -1046.39% | -9084.12% | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | -1.07M | 0 | -15K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 1.59% | 0% | 0.06% | 0% |
| Net Income | -7.82M | -8.98M | -57.77M | -74.56M | -66.65M | -47.01M | -26.45M | -17.63M |
| Net Margin % | -911.07% | -1046.39% | -9084.12% | - | - | - | - | - |
| Net Income Growth % | 83.78% | 84.46% | 22.52% | -11.87% | -41.78% | -77.76% | -50.05% | - |
| Net Income (Continuing) | -7.82M | -8.98M | -57.77M | -74.56M | -66.65M | -47.01M | -26.45M | -17.56M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.37 | -1.59 | -10.64 | -14.72 | -16.72 | -11.68 | -9.52 | -6.32 |
| EPS Growth % | 82.91% | 85.06% | 27.72% | 11.96% | -43.15% | -22.69% | -50.63% | - |
| EPS (Basic) | - | -1.59 | -10.64 | -14.72 | -16.72 | -11.68 | -9.52 | -4.40 |
| Diluted Shares Outstanding | 5.69M | 5.63M | 5.44M | 5.06M | 3.98M | 4.02M | 2.78M | 2.78M |
| Basic Shares Outstanding | 5.69M | 5.63M | 5.44M | 5.06M | 3.98M | 4.02M | 2.78M | 2.78M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Binary clinical trial outcomes
As reported in financial statements, RLYB's quarterly revenue remains nominal, fluctuating between $38,000 and $299,000 over the last ten quarters, which confirms the company's pre-commercial status and suggests that current top-line figures are driven by non-recurring collaboration milestones rather than sustainable product-based market adoption.
The absence of consistent revenue growth indicates that the company has yet to transition from a research-focused entity to a commercial enterprise. Investors should monitor future collaboration agreements, as these remain the sole, albeit unreliable, source of funding for ongoing clinical development.
Based on the provided income statement data, RLYB's operating expenses are dominated by high R&D spending, which peaked at $15.9 million in 2023Q4, reflecting the significant capital requirements necessary to advance its monoclonal antibody pipeline through early-stage clinical trials and complex manufacturing processes.
The company's cost structure is inherently rigid, with R&D outlays consistently dwarfing revenue. This expense profile suggests that management is prioritizing clinical data readouts over near-term operational efficiency, a common but high-risk strategy for early-stage biotechnology firms.
According to recent SEC filings, RLYB's net income has experienced extreme volatility, including a notable $16.0 million gain in 2025Q3, which appears to be an accounting anomaly rather than a reflection of core operational profitability or sustainable improvements in the company's underlying business model.
The disconnect between operating losses and periodic net income spikes warrants further investigation, as it likely obscures the true cash-burn rate. Analysts should focus on operating cash flow metrics to assess the company's actual runway, as GAAP net income is currently an unreliable indicator of financial health.
As indicated by the historical income statement trends, RLYB's persistent operating losses and reliance on equity-based compensation suggest a precarious financial position, where the company's survival is increasingly dependent on dilutive capital raises to bridge the gap until potential regulatory approval of its lead assets.
The lack of debt financing access implies that the market may be pricing in a significant liquidity discount, reflecting concerns over the company's ability to fund its pipeline to completion. Investors should be wary of the potential for substantial shareholder dilution if clinical milestones are not met in the near term.
Quick answers to the most common questions about buying RLYB stock.
For fiscal year 2025, Rallybio Corporation (RLYB) reported total revenue of $0.9M.
Rallybio Corporation (RLYB) reported a net loss of $9.0M for the fiscal year ending 2025.
Rallybio Corporation (RLYB) reported an operating income of $-28.1M, resulting in an operating profit margin of -3270.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Rallybio Corporation (RLYB) generated $0.8M in gross profit for the year, representing a gross profit margin of 89.3%. This demonstrates the company's core pricing power and production efficiency.