Rallybio Corp., a clinical-stage biotechnology company focused on developing therapies for rare diseases, reported a net loss of $57.8 million for the year ended December 31, 2024, a significant improvement compared to the $74.6 million net loss in 2023. This improvement stems from a decrease in both research and development expenses ($12.0 million) and general and administrative expenses ($5.8 million). The company generated $0.6 million in collaboration and license revenue in 2024, primarily from the J&J Collaboration Agreement, while 2023 saw no such revenue. The company also received a $6.6 million equity investment from JJDC in April 2024.
The decrease in research and development expenses was primarily attributed to lower costs associated with RLYB212 and RLYB116 development, partially offset by increased clinical trial costs for RLYB212 and increased manufacturing costs for RLYB116. The reduction in general and administrative expenses resulted from lower consulting fees and personnel costs, reflecting a workforce reduction implemented in March 2024. The company's cash, cash equivalents, and marketable securities totaled $65.5 million as of December 31, 2024, which the company projects will fund operations into the second half of 2026.
Key operational developments include the ongoing Phase 2 clinical trial for RLYB212 (anti-HPA-1a antibody for FNAIT prevention) in pregnant women across Europe, with a target enrollment of eight participants. The company also completed a Phase 1 clinical trial for RLYB116 (C5 inhibitor), reporting data demonstrating significant complement inhibition. A confirmatory PK/PD trial for RLYB116 is planned for the second quarter of 2025. Furthermore, preclinical data for RLYB332 (long-acting version of RLYB331, an MTP-2 inhibitor) were presented at the ASH annual meeting in 2024. The company also advanced REV102, an ENPP1 inhibitor for HPP, to preclinical development activities in 2025. As of January 31, 2025, over 14,300 women had been screened in the FNAIT natural history study. The company employed 25 full-time employees as of December 31, 2024.
The company's strategy focuses on advancing RLYB212 and RLYB116, leveraging preclinical candidates, and pursuing business development activities. The estimated market opportunity for RLYB212 exceeds $1.6 billion. The company plans to evaluate future development plans for RLYB116 based on the results of the planned confirmatory PK/PD trial. The company anticipates seeking a partner for RLYB212 development and exploring non-dilutive financing for RLYB116. The company also plans to conduct IND-enabling studies for REV102 in 2025.
The company acknowledges significant risks, including the need for additional capital, the uncertainties of clinical development and regulatory approval, competition, reliance on third parties, and the complexities of healthcare laws and regulations. The company's financial statements and supplementary data are available in the filing. The company is currently not involved in any material legal proceedings. The company's common stock trades on the Nasdaq Global Select Market under the symbol "RLYB," and the company does not currently anticipate paying cash dividends.
About Rallybio Corp
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