Rallybio(RLYB) - 2024 Q3 - Quarterly Results

Revenue Performance - Revenue for Q3 2024 was $0.3 million, compared to no revenue in Q3 2023, attributed to a collaboration agreement with Johnson & Johnson[14] - Total revenue for the three months ended September 30, 2024, was$ 299,000, compared to $0 for the same period in 2023[21] Expenses - R&D expenses decreased to$ 8.2 million in Q3 2024 from $13.3 million in Q3 2023, primarily due to reduced development costs for RLYB116 and RLYB212[15] - G&A expenses were$ 4.1 million in Q3 2024, down from $6.1 million in Q3 2023, mainly due to lower payroll and consulting fees[16] - Total operating expenses decreased to$ 12,365,000 for the three months ended September 30, 2024, from $19,363,000 in the same period of 2023, representing a reduction of approximately 36.5%[21] - Research and development expenses for the three months ended September 30, 2024, were$ 8,240,000, compared to $13,288,000 for the same period in 2023, reflecting a decrease of approximately 38.5%[21] - General and administrative expenses were$ 4,125,000 for the three months ended September 30, 2024, down from $6,075,000 in the same period of 2023, a reduction of approximately 32.2%[21] Net Loss - Net loss for Q3 2024 was$ 11.5 million, or $0.26 per share, compared to a net loss of$ 18.4 million, or $0.45 per share, in Q3 2023[17] - Net loss for the three months ended September 30, 2024, was$ 11,466,000, compared to a net loss of $18,374,000 for the same period in 2023, indicating an improvement of approximately 37.5%[21] Cash and Assets - As of September 30, 2024, cash, cash equivalents, and marketable securities totaled$ 75.1 million, providing a runway into mid-2026[17] - Cash, cash equivalents, and marketable securities totaled $75,139,000 as of September 30, 2024, down from$ 109,929,000 at the end of December 31, 2023[21] - Total assets decreased to $79,007,000 as of September 30, 2024, from$ 115,620,000 at December 31, 2023[21] - Total liabilities as of September 30, 2024, were $8,189,000, down from$ 9,436,000 at December 31, 2023[21] Clinical Trials and Research - RLYB212 Phase 2 trial is set to initiate screening in Q4 2024 after receiving CTA approvals from EMA and MHRA[3] - Over 13,000 pregnant women have been screened in the FNAIT natural history study as of November 1, 2024[4] - RLYB116 manufacturing enhancements completed in Q3 2024 are expected to improve tolerability[9] - More than 30,000 pregnancies annually in North America and major European countries are estimated to be at higher risk for FNAIT[8] Future Outlook - Rallybio aims to deliver multiple key value inflection points in 2025 through focused investments in its pipeline[2] - Weighted-average common shares outstanding increased to 44,593,221 for the three months ended September 30, 2024, compared to 40,531,497 for the same period in 2023[21] - The company reported a net unrealized gain on marketable securities of $240,000 for the three months ended September 30, 2024, compared to a gain of$ 64,000 for the same period in 2023[21]