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Rallybio(RLYB) - 2024 Q2 - Quarterly Results
RLYBRallybio(RLYB)2024-08-08 12:05

Financial Performance - Rallybio reported revenue of 0.3 million for Q2 2024, compared to no revenue in the same period in 2023, attributed to a collaboration with Johnson & Johnson[8] - Total revenue for the three months ended June 30, 2024, was 299,000, compared to 0forthesameperiodin2023[14]−Rallybioreportedanetlossof0 for the same period in 2023[14] - Rallybio reported a net loss of 16.2 million, or 0.37percommonshare,forQ22024,comparedtoanetlossof0.37 per common share, for Q2 2024, compared to a net loss of 18.6 million, or 0.46percommonshare,inQ22023[10]−NetlossforthethreemonthsendedJune30,2024,was0.46 per common share, in Q2 2023[10] - Net loss for the three months ended June 30, 2024, was 16,236,000, compared to a net loss of 18,630,000forthesameperiodin2023,reflectinganimprovementofapproximately12.818,630,000 for the same period in 2023, reflecting an improvement of approximately 12.8%[14] - Net loss per common share for the three months ended June 30, 2024, was (0.37), compared to (0.46)forthesameperiodin2023[14]−InterestincomeforthethreemonthsendedJune30,2024,was(0.46) for the same period in 2023[14] - Interest income for the three months ended June 30, 2024, was 1,143,000, compared to 1,608,000forthesameperiodin2023,adecreaseofapproximately291,608,000 for the same period in 2023, a decrease of approximately 29%[14] Expenses - Research and Development (R&D) expenses were 12.9 million for Q2 2024, a slight decrease from 13.1millioninQ22023,primarilyduetoreducedpayrollcosts[9]−Researchanddevelopmentexpensesdecreasedto13.1 million in Q2 2023, primarily due to reduced payroll costs[9] - Research and development expenses decreased to 12,946,000 for the three months ended June 30, 2024, from 13,130,000inthesameperiodof2023,representingareductionofapproximately1.413,130,000 in the same period of 2023, representing a reduction of approximately 1.4%[14] - General and Administrative (G&A) expenses decreased to 4.4 million in Q2 2024 from 7.0millioninQ22023,mainlyduetolowerpayrollandconsultingfees[10]−Generalandadministrativeexpensesdecreasedto7.0 million in Q2 2023, mainly due to lower payroll and consulting fees[10] - General and administrative expenses decreased to 4,388,000 for the three months ended June 30, 2024, from 6,953,000inthesameperiodof2023,adecreaseofapproximately376,953,000 in the same period of 2023, a decrease of approximately 37%[14] Cash and Assets - As of June 30, 2024, Rallybio had cash, cash equivalents, and marketable securities totaling 88.6 million, providing a runway into mid-2026[1] - Cash, cash equivalents, and marketable securities totaled 88,614,000asofJune30,2024,downfrom88,614,000 as of June 30, 2024, down from 109,929,000 as of December 31, 2023[14] - Total assets decreased to 92,431,000asofJune30,2024,from92,431,000 as of June 30, 2024, from 115,620,000 as of December 31, 2023[14] - Total stockholders' equity decreased to 80,017,000asofJune30,2024,from80,017,000 as of June 30, 2024, from 106,184,000 as of December 31, 2023[14] Liabilities - Total liabilities increased to 12,414,000asofJune30,2024,comparedto12,414,000 as of June 30, 2024, compared to 9,436,000 as of December 31, 2023[14] Clinical Development - The company is on track to initiate a Phase 2 trial for RLYB212 in Q4 2024, targeting pregnant women at higher risk for fetal and neonatal alloimmune thrombocytopenia (FNAIT)[3] - An epidemiological analysis indicated that over 30,000 pregnancies each year in key geographies are at higher risk for FNAIT, representing a 40% increase from prior estimates[4] - RLYB116 manufacturing is progressing and expected to be completed in Q3 2024, with additional biomarker analysis data anticipated in Q4 2024[6] - The company is advancing preclinical programs and seeking partnerships and non-dilutive financing options to support these initiatives[7] Collaboration - Rallybio's collaboration with Johnson & Johnson included a 6.6millionequityinvestmentanda6.6 million equity investment and a 0.5 million upfront payment related to the collaboration[2]