# Rallybio (RLYB.US)

Canonical: https://gigainvestors.com/s/RLYB

Analysis as of: 2026-10-16T07:31:36.623Z. Financial observations: FY2019–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $16.78 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- Financial history: 7 years

- Years with declining revenue: 0

- Years with a net loss: 7

Chart: Net income; fiscal year observations.

- FY2019: -$18M

- FY2020: -$26M

- FY2021: -$47M

- FY2022: -$67M

- FY2023: -$75M

- FY2024: -$58M

- FY2025: -$9.0M

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -82.7%

- ROIC, second-lowest year: -6108.0%

- Years with nonpositive capital: 4

- Capital spending / revenue: 0.0%

- ROIC including acquisitions, ten-year median: -7578.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: -82.7%

- FY2020: -14.7%

- FY2021: -13455.9%

- FY2022: -6108.0%

- FY2023: -58.5%

- FY2024: -77.3%

- FY2025: -652.8%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$255M

- Net income, five-year total: -$255M

- Return on incremental invested capital: -180.7%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$47M

- FY2022: -$67M

- FY2023: -$74M

- FY2024: -$58M

- FY2025: -$8.9M

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -82.7% vs -77.3%

- Per-share earnings: -12.17 to -10.61 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 21.0%

- Diluted shares, 5-year annual growth: 21.0%

- Per-share value change: $1.55

- Per-share value, starting three-year median: -$12.17

- Per-share value, ending three-year median: -$10.61

- Buyback history: 0 years

- Debt-funded buybacks: No

- ROIC, first three-year median: -82.7%

- ROIC, last three-year median: -77.3%

Chart: Earnings per share; fiscal year observations.

- FY2019: -$6.34

- FY2020: -$12.17

- FY2021: -$14.74

- FY2022: -$16.76

- FY2023: -$14.75

- FY2024: -$10.61

- FY2025: -$1.59

### accounting: pass

- Sloan accruals exceed 10%

- Sloan accruals: 33.5%

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -12.0%

- FY2020: -3.1%

- FY2021: -0.8%

- FY2022: -5.2%

- FY2023: -12.4%

- FY2024: -12.5%

- FY2025: 33.5%

## Holders

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 299% since Oct 2023 · sales +34.9%

Story as of 2026-10-16T09:59:30.643Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +34.9%; source https://www.sec.gov/Archives/edgar/data/1739410/000162828026018261/rlyb-20251231.htm; observed 2026-03-16.

- FY2019: $0 

- FY2020: $0 

- FY2021: $0 

- FY2022: $0 

- FY2023: $0 

- FY2024: $636K 

- FY2025: $858K 

### Gross margin · FY2025

gross margin 89.3%; source https://www.sec.gov/Archives/edgar/data/1739410/000162828026018261/rlyb-20251231.htm; observed 2026-03-16.

- FY2025: 89.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are USD 858000.

- Source: https://www.sec.gov/Archives/edgar/data/1739410/000162828026018261/rlyb-20251231.htm (filed 2026-03-16); FY2025: revenue 858000; grossProfit 766000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); RLYB.US: Rallybio Corporation, a clinical-stage biotechnology company, engages in the development and commercialization of life-transforming therapies for patients suffering from severe and rare diseases. Its lead product candidate is the RLYB116, an inhibitor of complement component 5 (C5) to treat several diseases of complement dysregulation which has completed phase 1 trial; and RLYB332, a preclinical antibody, for the treatment of severe anemia with ineffective erythropoiesis and iron overload. The company has a strategic alliance with AbCellera to discover, develop, and commercialize novel antibody-based therapeutics for rare diseases, as well as collaboration agreement with Johnson & Johnson to provide therapeutic solutions for pregnant individuals at risk of fetal and neonatal alloimmune thrombocytopenia. Rallybio Corporation was founded in 2018 and is headquartered in New Haven, Connecticut.

### Why customers stay

It lost 82.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); 7-year return on capital observations [[2019,-0.8266417556346382],[2020,-0.14697741961574376],[2021,-134.55940298507463],[2022,-61.080136674259684],[2023,-0.5850874493319321],[2024,-0.7732306497540772],[2025,-6.528433451118963]]; median -0.8266417556346382. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 7 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); Dividend observations: [[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 23.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); RLYB.US SharesStats.PercentInsiders = 23.793 percentage points; cache date 2026-10-05.

### What the price says

The price is 110.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); Closing price 16.775 USD; reporting-to-trading FX 1; FY2025 annual sales per share 0.15241492387247596; price multiple 110.06140064102563. FY2025 cash earnings/share -1.578507008777181. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2021-07: $17.00 per share

- 2021-08: $13.15 per share

- 2021-09: $17.58 per share

- 2021-10: $17.85 per share

- 2021-11: $12.87 per share

- 2021-12: $9.54 per share

- 2022-01: $12.16 per share

- 2022-02: $10.99 per share

- 2022-03: $6.98 per share

- 2022-04: $9.96 per share

- 2022-05: $13.60 per share

- 2022-06: $7.55 per share

- 2022-07: $9.33 per share

- 2022-08: $11.05 per share

- 2022-09: $14.47 per share

- 2022-10: $9.56 per share

- 2022-11: $5.76 per share

- 2022-12: $6.57 per share

- 2023-01: $6.94 per share

- 2023-02: $7.87 per share

- 2023-03: $5.71 per share

- 2023-04: $5.39 per share

- 2023-05: $7.16 per share

- 2023-06: $5.66 per share

- 2023-07: $5.98 per share

- 2023-08: $5.32 per share

- 2023-09: $3.37 per share

- 2023-10: $4.20 per share

- 2023-11: $1.91 per share

- 2023-12: $2.39 per share

- 2024-01: $1.35 per share

- 2024-02: $2.33 per share

- 2024-03: $1.85 per share

- 2024-04: $1.92 per share

- 2024-05: $1.67 per share

- 2024-06: $1.34 per share

- 2024-07: $1.39 per share

- 2024-08: $1.15 per share

- 2024-09: $1.17 per share

- 2024-10: $1.03 per share

- 2024-11: $1.17 per share

- 2024-12: $0.96 per share

- 2025-01: $0.86 per share

- 2025-02: $0.72 per share

- 2025-03: $0.65 per share

- 2025-04: $0.32 per share

- 2025-05: $0.31 per share

- 2025-06: $0.34 per share

- 2025-07: $0.47 per share

- 2025-08: $0.54 per share

- 2025-09: $0.50 per share

- 2025-10: $0.70 per share

- 2025-11: $0.65 per share

- 2025-12: $0.69 per share

- 2026-01: $0.64 per share

- 2026-02: $7.54 per share

- 2026-03: $8.97 per share

- 2026-04: $8.98 per share

- 2026-05: $14.46 per share

- 2026-06: $16.00 per share

- 2026-07: $15.93 per share

- 2026-08: $16.79 per share

- 2026-09: $17.20 per share

- 2026-10: $16.78 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1739410/000162828026018261/rlyb-20251231.htm); period 2025-12-31, filed 2026-03-16.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.