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Rallybio Corp

rallybio.com

What Do They Do?

Develops drug candidates for severe and rare diseases, including an inhibitor for complement-related disorders and an antibody for iron-overload diseases.

How Do They Make Money?

Partners pay for licenses and related know-how, research and development work, and collaboration services. Payments may be upfront, tied to milestones, or based on product sales.

FY2025 revenue by product or service revenue
SegmentShareRevenue
License
Licensed

93%
Collaboration and license revenue
Licensed

100%

Who Are Their Customers?

Biopharma collaborators, including AbCellera, work with Rallybio through drug-development alliances; a Recursion subsidiary bought Rallybio’s interest in a preclinical program.

Do Revenues Turn Into Profits?

No. It lost $9M in FY2025.

Operating income, FY2025
−3854% of revenue
▼ −45% (Loss) vs FY2024 (−$60.5M, −9512%)
Net income, FY2025
−1046% of revenue
▼ −84% (Loss) vs FY2024 (−$57.8M, −9084%)

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q3 FY2026, the three months to Sep 30, 2026
Revenue
▼ −100%
vs $212K in Q3 FY2025
Net income
▼ Now a loss
vs $16M in Q3 FY2025
  • Jun 1, 2026 Agreed to merge with Avenzo and pursue oncology drug development If completed, Avenzo would become a wholly owned subsidiary, and the combined company is expected to focus on oncology therapies.
  • May 4, 2026 Candid ended its merger agreement with Rallybio Rallybio is entitled to a $50,000,000 termination fee.

A narrower drug-development portfolio The earlier report described candidates across maternal-fetal, complement, hematology and metabolic diseases; the latest centers on complement and iron-overload candidates, after ending its maternal-fetal program and selling its interest in a metabolic program.

Revenue over time
License Collaboration and license revenue
$1M$500K$0

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