$RLYB
Rallybio Corp

2022 Q1 Form 10-K Financial Statement

#000095017022003767 Filed on March 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 2020 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.670M $18.74M
YoY Change 76.13% 144.22%
% of Gross Profit
Research & Development $7.648M $26.91M
YoY Change -15.37% 52.63%
% of Gross Profit
Depreciation & Amortization $42.00K $109.0K
YoY Change -321.05% 75.81%
% of Gross Profit
Operating Expenses $14.32M $45.65M
YoY Change 11.65% 80.41%
Operating Profit -$14.32M -$45.65M
YoY Change 11.65% 80.41%
Interest Expense $0.00 $10.00K
YoY Change -100.0% -79.59%
% of Operating Profit
Other Income/Expense, Net $210.0K $140.0K
YoY Change 577.42% -61.43%
Pretax Income -$14.11M -$45.51M
YoY Change 10.28% 82.47%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$14.50M -$47.01M
YoY Change 9.21% 77.76%
Net Earnings / Revenue
Basic Earnings Per Share -$0.48 -$1.84
Diluted Earnings Per Share -$478.2K -$1.842M
COMMON SHARES
Basic Shares Outstanding 32.13M 25.52M
Diluted Shares Outstanding 30.32M 25.52M

Balance Sheet

Concept 2022 Q1 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $161.4M $175.3M
YoY Change 26.36% 25.03%
Cash & Equivalents $81.43M $175.3M $140.2M
Short-Term Investments $79.98M
Other Short-Term Assets $6.373M $5.535M
YoY Change 559.05% 438.42%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $167.8M $180.9M $141.3M
YoY Change 30.36% 28.04%
LONG-TERM ASSETS
Property, Plant & Equipment $499.0K $511.0K $287.0K
YoY Change 59.94% 78.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $415.0K $805.0K
YoY Change 26.52% 159.68%
Other Assets
YoY Change
Total Long-Term Assets $1.571M $1.316M $597.0K
YoY Change 145.47% 120.44%
TOTAL ASSETS
Total Short-Term Assets $167.8M $180.9M $141.3M
Total Long-Term Assets $1.571M $1.316M $597.0K
Total Assets $169.4M $182.2M $141.9M
YoY Change 30.93% 28.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.057M $603.0K $1.579M
YoY Change -64.87% -61.81%
Accrued Expenses $4.595M $5.948M $4.264M
YoY Change 49.67% 39.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.800M $6.551M $5.843M
YoY Change -4.59% 12.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $517.0K $32.00K
YoY Change 2485.0% 166.67%
Total Long-Term Liabilities $517.0K $32.00K
YoY Change 2485.0% 166.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.800M $6.551M $5.843M
Total Long-Term Liabilities $517.0K $32.00K
Total Liabilities $6.317M $6.583M $5.855M
YoY Change 3.57% 12.43%
SHAREHOLDERS EQUITY
Retained Earnings -$108.5M -$47.01M
YoY Change
Common Stock $3.000K $2.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $163.0M $175.6M $136.0M
YoY Change
Total Liabilities & Shareholders Equity $169.4M $182.2M $141.9M
YoY Change 30.93% 28.43%

Cashflow Statement

Concept 2022 Q1 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$14.50M -$47.01M
YoY Change 9.21% 77.76%
Depreciation, Depletion And Amortization $42.00K $109.0K
YoY Change -321.05% 75.81%
Cash From Operating Activities -$13.73M -$45.53M
YoY Change 15.11% 106.6%
INVESTING ACTIVITIES
Capital Expenditures $36.00K $333.0K
YoY Change -41.94% 143.07%
Acquisitions
YoY Change
Other Investing Activities -$80.14M -$2.000M
YoY Change -7486.36% 3.36%
Cash From Investing Activities -$80.18M -$2.333M
YoY Change 14166.55% 12.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 82.97M
YoY Change -42.74%
NET CHANGE
Cash From Operating Activities -13.73M -45.53M
Cash From Investing Activities -80.18M -2.333M
Cash From Financing Activities 0.000 82.97M
Net Change In Cash -93.91M 35.10M
YoY Change 651.81% -70.94%
FREE CASH FLOW
Cash From Operating Activities -$13.73M -$45.53M
Capital Expenditures $36.00K $333.0K
Free Cash Flow -$13.77M -$45.87M
YoY Change 14.81% 106.83%

Facts In Submission

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;">Concentrations of Credit Risk—</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents. Periodically, the Company may maintain deposits in financial institutions in excess of government insured limits. Management believes that the Company is not exposed to significant credit risk as the Company’s deposits are held at financial institutions that management believes to be of high credit quality, and the Company has not experienced any losses on these deposits.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;"> </span></p>
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517000
CY2020Q4 us-gaap Other Accrued Liabilities Current
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112000
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
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0
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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97000
CY2021Q4 us-gaap Property Plant And Equipment Net
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511000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
287000
CY2021 us-gaap Depreciation
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109000
CY2020 us-gaap Depreciation
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62000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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700000
CY2021Q4 rlyb Accrued Asset Purchase Obligation Current
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0
CY2020Q4 rlyb Accrued Asset Purchase Obligation Current
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990000
CY2021Q4 us-gaap Accrued Liabilities Current
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5948000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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206000
CY2021 rlyb State Operating Loss Carryforwards Expiration Period
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2038
CY2021 rlyb Increasing Ownership Percent
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0.05
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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0
CY2020Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
0
CY2021Q4 rlyb Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
1937000
CY2020Q4 rlyb Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
1065000
CY2021Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
2955000
CY2020Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1912000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
539000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
185000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4264000
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
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0
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
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0
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
32129970
CY2021Q4 us-gaap Common Stock Shares Outstanding
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32129970
CY2020Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
23410348
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
23410348
CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
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0
CY2021 us-gaap Allocated Share Based Compensation Expense
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3645000
CY2020 us-gaap Allocated Share Based Compensation Expense
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704000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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0
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1357784
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
12.72
CY2021 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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0
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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0
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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0
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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1357784
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.72
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y8M12D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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0
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
25470
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
12.80
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P9Y8M12D
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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0
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.25
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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0
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
200000
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
11100000
CY2021 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y6M
CY2021 rlyb Schedule Of Share Based Payment Award Restricted Common Shares Valuation Assumptions Table Textblock
ScheduleOfShareBasedPaymentAwardRestrictedCommonSharesValuationAssumptionsTableTextblock
<span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">The assumptions that went into the option pricing models for determining the fair value of Rallybio Holdings incentive units granted during the years ended </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">December 31, 2021 and 2020, prior to the Liquidation, were as follows and do not include the retrospective adjustments described in </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;font-style:italic;">Note 2</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">:<br/></span> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:64.84%;"/> <td style="width:1.614%;"/> <td style="width:0.659%;"/> <td style="width:13.949%;"/> <td style="width:0.659%;"/> <td style="width:1.614%;"/> <td style="width:0.659%;"/> <td style="width:13.866%;"/> <td style="width:2.142%;"/> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Arial;"> </span></p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Arial;"> </span></p></td> <td colspan="6" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;"><p style="text-indent:0.0pt;font-size:8.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:8.0pt;font-family:Arial;">FOR THE YEAR ENDED<br/>DECEMBER 31,</span></p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:middle;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;"><p style="text-indent:0.0pt;font-size:8.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="white-space:pre-wrap;font-size:8.0pt;font-family:Arial;"> </span></p></td> </tr> <tr style="height:8.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:left;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;"> </span></p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;"> </span></p></td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;"><p style="text-indent:0.0pt;font-size:8.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:8.0pt;font-family:Times New Roman;">2021</span></p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;"><p style="text-indent:0.0pt;font-size:8.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="white-space:pre-wrap;font-size:8.0pt;font-family:Times New Roman;"> </span></p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(255,255,255,0.01);"><p style="text-indent:0.0pt;font-size:8.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:8.0pt;font-family:Times New Roman;"> </span></p></td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;"><p style="text-indent:0.0pt;font-size:8.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:8.0pt;font-family:Times New Roman;">2020</span></p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;border-bottom:0.500pt solid rgba(0,0,0,1);text-align:left;"><p style="text-indent:0.0pt;font-size:8.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="white-space:pre-wrap;font-size:8.0pt;font-family:Times New Roman;"> </span></p></td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">Expected volatility</span></p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Arial;"> </span></p></td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="font-size:10.0pt;font-family:Arial;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">71.7</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">% - </span><span style="font-size:10.0pt;font-family:Arial;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">99.5</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">%</span></p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Arial;"> </span></p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Arial;"> </span></p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Arial;"> </span></p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="font-size:10.0pt;font-family:Arial;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">95.0</span></p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">%</span></p></td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">Expected term (years)</span></p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Arial;"> </span></p></td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="font-size:10.0pt;font-family:Arial;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">0.58 </span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">- </span><span style="font-size:10.0pt;font-family:Arial;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">1.00</span></span></p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Arial;"> </span></p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Arial;"> </span></p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Arial;"> </span></p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="font-size:10.0pt;font-family:Arial;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">1.50</span></span></p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Arial;"> </span></p></td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:top;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">Risk free interest rate</span></p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Arial;"> </span></p></td> <td colspan="2" style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="font-size:10.0pt;font-family:Arial;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">0.04</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">% - </span><span style="font-size:10.0pt;font-family:Arial;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">0.10</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">%</span></p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Arial;"> </span></p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Arial;"> </span></p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Arial;"> </span></p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;text-align:center;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="font-size:10.0pt;font-family:Arial;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">0.16</span></p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">%</span></p></td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:top;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">Expected dividend yield</span></p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Arial;"> </span></p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Arial;"> </span></p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">—</span></p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Arial;"> </span></p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Arial;"> </span></p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Arial;"> </span></p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;text-align:center;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">—</span></p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Arial;"> </span></p></td> </tr> </table>
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2020 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
-15000
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2020 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-15000
CY2019Q4 rlyb Deferred Tax Assets Operating Loss Carried Back Domestic
DeferredTaxAssetsOperatingLossCarriedBackDomestic
74000
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-15000
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.067
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.049
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.068
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.080
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.010
CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.002
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.335
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.336
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.001
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
22789000
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
10675000
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Amortization
IncomeTaxReconciliationNondeductibleExpenseAmortization
1685000
CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense Amortization
IncomeTaxReconciliationNondeductibleExpenseAmortization
1823000
CY2021Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
6213000
CY2020Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
2687000
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
474000
CY2020Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
135000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
31161000
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
15320000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
31161000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
15320000
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2021 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
2000000.0
CY2020 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
1900000
CY2021 rlyb Termination Charges
TerminationCharges
0
CY2020 rlyb Termination Charges
TerminationCharges
0
CY2021 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
In June 2019, the Company entered into a six-year lease to occupy office space located in New Haven, Connecticut, with the option to extend the initial term of the lease for one additional five year term. Pursuant to the lease the Company was obligated to pay for its share of costs related to the build-out of new space. All costs associated with the build-out of the new space have been capitalized as leasehold improvements and are being amortized over the life of the lease. In 2021, the Company leased an additional 4,500 square feet of office space in our New Haven, Connecticut location with terms that coincide with the original lease term expiration date.
CY2021Q4 us-gaap Net Rentable Area
NetRentableArea
4500
CY2021 us-gaap Payments For Rent
PaymentsForRent
133000
CY2020 us-gaap Payments For Rent
PaymentsForRent
88000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
170000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
195000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
230000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
176000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
771000
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-47013000
CY2020 us-gaap Net Income Loss
NetIncomeLoss
-26447000
CY2021 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
25519114
CY2020 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
17388239
CY2021 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.84
CY2020 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.52

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