$RLYB
Rallybio Corp

2023 Q1 Form 10-K Financial Statement

#000095017023006264 Filed on March 06, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.172M $6.298M $27.20M
YoY Change 7.53% 1.27% 45.13%
% of Gross Profit
Research & Development $11.20M $10.79M $40.69M
YoY Change 46.47% 77.11% 51.21%
% of Gross Profit
Depreciation & Amortization $39.00K $39.00K $200.0K
YoY Change -7.14% 11.43% 83.49%
% of Gross Profit
Operating Expenses $18.37M $17.09M $67.88M
YoY Change 28.33% 38.8% 48.71%
Operating Profit -$18.37M -$67.88M
YoY Change 28.33% 48.71%
Interest Expense $1.546M $1.071M $0.00
YoY Change 8825.0% -100.0%
% of Operating Profit
Other Income/Expense, Net $1.619M $31.00K $2.305M
YoY Change 670.95% -71.56% 1546.43%
Pretax Income -$16.76M -$16.20M -$65.58M
YoY Change 18.76% 30.51% 44.1%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$17.32M -$16.20M -$66.65M
YoY Change 19.45% 30.51% 41.78%
Net Earnings / Revenue
Basic Earnings Per Share -$0.43 -$2.09
Diluted Earnings Per Share -$0.43 -$0.46 -$2.09
COMMON SHARES
Basic Shares Outstanding 38.08M 32.03M 31.82M
Diluted Shares Outstanding 40.25M 31.82M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $150.4M $169.0M $169.0M
YoY Change -6.83% -3.62% -3.62%
Cash & Equivalents $39.52M $56.96M $56.96M
Short-Term Investments $110.9M $112.0M $112.0M
Other Short-Term Assets $1.062M $1.050M $10.50M
YoY Change -83.34% -81.03% 89.74%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $161.3M $179.5M $179.5M
YoY Change -3.88% -0.76% -0.76%
LONG-TERM ASSETS
Property, Plant & Equipment $346.0K $385.0K $909.0K
YoY Change -30.66% -24.66% 77.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $217.0K $30.00K $30.00K
YoY Change -47.71% -96.27% -96.27%
Other Assets
YoY Change
Total Long-Term Assets $1.042M $939.0K $939.0K
YoY Change -33.67% -28.65% -28.65%
TOTAL ASSETS
Total Short-Term Assets $161.3M $179.5M $179.5M
Total Long-Term Assets $1.042M $939.0K $939.0K
Total Assets $162.3M $180.4M $180.4M
YoY Change -4.15% -0.96% -0.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $782.0K $1.114M $1.114M
YoY Change -26.02% 84.74% 84.74%
Accrued Expenses $5.821M $9.449M $9.630M
YoY Change 26.68% 58.86% 61.9%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.800M $10.74M $10.74M
YoY Change 17.24% 64.01% 64.01%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $321.0K $374.0K $374.0K
YoY Change -37.91% 1068.75% 1068.75%
Total Long-Term Liabilities $321.0K $374.0K $374.0K
YoY Change -37.91% 1068.75% 1068.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.800M $10.74M $10.74M
Total Long-Term Liabilities $321.0K $374.0K $374.0K
Total Liabilities $7.121M $11.12M $11.12M
YoY Change 12.73% 68.89% 68.89%
SHAREHOLDERS EQUITY
Retained Earnings -$178.0M -$160.7M
YoY Change 64.02% 70.91%
Common Stock $4.000K $4.000K
YoY Change 33.33% 33.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $155.2M $169.3M $169.3M
YoY Change
Total Liabilities & Shareholders Equity $162.3M $180.4M $180.4M
YoY Change -4.15% -0.96% -0.96%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$17.32M -$16.20M -$66.65M
YoY Change 19.45% 30.51% 41.78%
Depreciation, Depletion And Amortization $39.00K $39.00K $200.0K
YoY Change -7.14% 11.43% 83.49%
Cash From Operating Activities -$18.77M -$15.26M -$57.28M
YoY Change 36.66% 54.4% 25.81%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $54.00K
YoY Change -100.0% -100.0% -83.78%
Acquisitions
YoY Change
Other Investing Activities $1.465M -$30.65M -$112.1M
YoY Change -101.83% 5505.8%
Cash From Investing Activities $1.465M -$30.65M -$112.2M
YoY Change -101.83% 22269.34% 4707.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -139.0K 51.16M 51.08M
YoY Change -3255.89% -38.44%
NET CHANGE
Cash From Operating Activities -18.77M -15.26M -57.28M
Cash From Investing Activities 1.465M -30.65M -112.2M
Cash From Financing Activities -139.0K 51.16M 51.08M
Net Change In Cash -17.44M 5.247M -118.4M
YoY Change -81.43% -145.06% -437.24%
FREE CASH FLOW
Cash From Operating Activities -$18.77M -$15.26M -$57.28M
Capital Expenditures $0.00 $0.00 $54.00K
Free Cash Flow -$18.77M -$15.26M -$57.34M
YoY Change 36.3% 56.57% 25.01%

Facts In Submission

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<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:&quot;Arial&quot;, sans-serif;min-width:fit-content;">Use of Estimates</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:&quot;Arial&quot;, sans-serif;min-width:fit-content;">—The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. While management believes that estimates and assumptions used in the preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates. The most significant estimates are those used in the determination of the fair value of its common un</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:&quot;Arial&quot;, sans-serif;min-width:fit-content;">its and incentive units awarded to employees prior to the Company's IPO, for purposes of recording stock-based incentive compensation, the fair value of stock options, as well as contracted research and development expenses incurred.</span>
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Arial&quot;, sans-serif;min-width:fit-content;">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:&quot;Arial&quot;, sans-serif;min-width:fit-content;">Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company invests its excess cash in money market funds and marketable securities in government insured financial institutions that are subject to minimal credit and market risk. 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:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p>
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