$RLYB
Rallybio Corp

2024 Q1 Form 10-K Financial Statement

#000173941024000035 Filed on March 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.851M $5.188M $25.39M
YoY Change -4.48% -17.62% -6.64%
% of Gross Profit
Research & Development $12.94M $15.92M $53.54M
YoY Change 15.48% 47.54% 31.59%
% of Gross Profit
Depreciation & Amortization $35.00K $36.00K $100.0K
YoY Change -10.26% -7.69% -50.0%
% of Gross Profit
Operating Expenses $19.79M $21.11M $78.93M
YoY Change 7.69% 23.53% 16.27%
Operating Profit -$19.79M -$78.93M
YoY Change 7.69% 16.27%
Interest Expense $1.276M $1.448M $6.147M
YoY Change -17.46% 35.2%
% of Operating Profit
Other Income/Expense, Net $1.443M $35.00K $6.409M
YoY Change -10.87% 12.9% 178.05%
Pretax Income -$18.34M -$20.24M -$72.52M
YoY Change 9.48% 24.93% 10.59%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$19.03M -$20.24M -$74.56M
YoY Change 9.88% 24.93% 11.87%
Net Earnings / Revenue
Basic Earnings Per Share -$0.47 -$1.84
Diluted Earnings Per Share -$0.47 -$0.50 -$1.84
COMMON SHARES
Basic Shares Outstanding 37.81M shares 37.79M shares 40.45M shares
Diluted Shares Outstanding 40.77M shares 40.45M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $94.18M $109.9M $109.9M
YoY Change -37.38% -34.95% -34.95%
Cash & Equivalents $19.30M $24.49M $24.49M
Short-Term Investments $74.87M $85.44M $85.44M
Other Short-Term Assets $768.0K $2.054M $4.860M
YoY Change -27.68% 95.62% -53.72%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $98.55M $114.8M $114.8M
YoY Change -38.9% -36.05% -36.05%
LONG-TERM ASSETS
Property, Plant & Equipment $211.0K $246.0K $592.0K
YoY Change -39.02% -36.1% -34.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $304.0K $239.0K $239.0K
YoY Change 40.09% 696.67% 696.67%
Other Assets
YoY Change
Total Long-Term Assets $814.0K $831.0K $831.0K
YoY Change -21.88% -11.5% -11.5%
TOTAL ASSETS
Total Short-Term Assets $98.55M $114.8M $114.8M
Total Long-Term Assets $814.0K $831.0K $831.0K
Total Assets $99.36M $115.6M $115.6M
YoY Change -38.79% -35.92% -35.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $470.0K $976.0K $976.0K
YoY Change -39.9% -12.39% -12.39%
Accrued Expenses $9.393M $8.068M $8.287M
YoY Change 61.36% -14.62% -13.95%
Deferred Revenue $0.00
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.09M $9.263M $9.263M
YoY Change 48.32% -13.78% -13.78%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $116.0K $173.0K $173.0K
YoY Change -63.86% -53.74% -53.74%
Total Long-Term Liabilities $116.0K $173.0K $173.0K
YoY Change -63.86% -53.74% -53.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.09M $9.263M $9.263M
Total Long-Term Liabilities $116.0K $173.0K $173.0K
Total Liabilities $10.20M $9.436M $9.436M
YoY Change 43.27% -15.13% -15.13%
SHAREHOLDERS EQUITY
Retained Earnings -$254.3M -$235.2M
YoY Change 42.85% 46.36%
Common Stock $4.000K $4.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $89.16M $106.2M $106.2M
YoY Change
Total Liabilities & Shareholders Equity $99.36M $115.6M $115.6M
YoY Change -38.79% -35.92% -35.92%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$19.03M -$20.24M -$74.56M
YoY Change 9.88% 24.93% 11.87%
Depreciation, Depletion And Amortization $35.00K $36.00K $100.0K
YoY Change -10.26% -7.69% -50.0%
Cash From Operating Activities -$15.46M -$11.65M -$60.27M
YoY Change -17.63% -23.71% 5.2%
INVESTING ACTIVITIES
Capital Expenditures $12.00K $12.00K
YoY Change -77.78%
Acquisitions
YoY Change
Other Investing Activities $10.26M $16.92M $27.67M
YoY Change 600.61% -155.21% -124.68%
Cash From Investing Activities $10.26M $16.91M $27.66M
YoY Change 600.61% -155.18% -124.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 72.00K $143.0K
YoY Change -100.0% -99.86% -99.72%
NET CHANGE
Cash From Operating Activities -$15.46M -11.65M -$60.27M
Cash From Investing Activities $10.26M 16.91M $27.66M
Cash From Financing Activities $0.00 72.00K $143.0K
Net Change In Cash -$5.193M 5.336M -$32.46M
YoY Change -70.22% 1.7% -72.58%
FREE CASH FLOW
Cash From Operating Activities -$15.46M -$11.65M -$60.27M
Capital Expenditures $12.00K $12.00K
Free Cash Flow -$11.66M -$60.28M
YoY Change -23.63% 5.13%

Facts In Submission

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<span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span>—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 units 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.
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<span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Concentrations of Credit Risk—</span>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.
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