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Rallybio Corp

RLYB · Health care (pharmaceutical preparations) · 7 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31

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Rallybio Corp reported revenue of $858,000 in fiscal 2025. On the accounting screens, it passes 3 of 7 Piotroski tests, its Altman Z'' of 0.76 is in the distress zone and its Beneish M-score is above the -1.78 line; 2 of the six cross-checks between its statements fire.

Revenue, fiscal 2025 858,000  
Operating margin -3853.6% gross margin —
Return on invested capital —  
Free cash flow —  
Net debt ÷ EBITDA — net debt —
Piotroski F-score 3/7 tests of improvement passed

Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units: 1-for-7 before fiscal 2024.

Is it growing?

Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.

RevenueOperating income
Compound growth a year
3 yrs5 yrs6 yrs
Shares+7.4%+11.0%—

Falling shares are buybacks: each remaining share owns more of the company.

Does it earn more than its capital costs?

Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.

GrossOperatingNetFree cash flow

Return on invested capital

Economic profit

Needs a cost of capital, which comes from the valuation below.

Return on equity
-15.5%
Return on assets
-14.4%
Asset turnover
0.01×
Research & development
2284.0% of revenue
Overheads (SG&A)
1669.6% of revenue

Is the profit cash, and where does the cash go?

Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.

Net incomeFree cash flowAfter stock-based pay

Per share

Earnings per shareFree cash flow per shareDividend per share

Shares outstanding

Diluted shares

Debt and liquidity

Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.

Net debt ÷ EBITDA
—
Interest coverage
— operating income ÷ interest
Current ratio
14.50 current assets ÷ current liabilities
Cash conversion cycle
—

Three classic screens of the accounts

Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.

Piotroski F-score

Is the business improving? Nine yes-or-no tests, this year against last.

3of 7 tests passed
  • ProfitableReturn on assets above zero failed
  • Cash from operationsOperating cash flow above zero failed
  • Profitability improvedReturn on assets higher than a year before passed
  • Profit backed by cashOperating cash flow above net income (low accruals) failed
  • Less long-term debtLong-term debt as a share of assets fell — not reported no data
  • More liquidCurrent ratio higher than a year before passed
  • No new sharesShare count did not grow failed
  • Better gross marginGross margin higher than a year before — not reported no data
  • Sells more per assetAsset turnover higher than a year before passed

Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.

Altman Z''-score

Does the balance sheet look like those of companies that went bankrupt?

0.76distress zone
  • Working capital ÷ assets 0.92 × 6.56+6.01
  • Retained earnings ÷ assets -4.85 × 3.26-15.81
  • Operating income ÷ assets -0.53 × 6.72-3.57
  • Equity ÷ liabilities 13.46 × 1.05+14.14

Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.

Beneish M-score

Do the accounts resemble those of companies that manipulated their earnings?

1.98above the -1.78 line
  • Receivables vs sales 1.00 (not reported, set to 1)+0.92
  • Gross margin slipping 1.00 (not reported, set to 1)+0.53
  • Soft assets 7.09+2.86
  • Sales growth 1.35+1.20
  • Slower depreciation 0.67+0.08
  • Overheads vs sales 0.54-0.09
  • Profit not in cash 0.33+1.57
  • Leverage rising 0.74-0.24

Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.

Where the statements disagree

Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.

Reported profit comfortably exceeds the cash generated (-9M against -30M).

Benign

Growth consuming working capital, or the seasonality of the year-end.

Worrying

Profit held up by accounting entries that do not turn into money.

The effective tax rate is -0.0%.

Benign

A favourable geographic mix, or legitimate tax credits.

Worrying

Not sustainable; projecting it forward inflates the valuation.

What is it worth, under which assumptions?

A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.

Revenue
M $

revenue of fiscal 2025

%

no revenue history: 3% assumed

yrs

ten years for growth to fade to the terminal rate

Cash from each sale
%

free cash flow to the firm after stock-based pay ÷ revenue, last 1 fiscal years together

%

the margin in year ten; by default the business keeps today's

The long run
%

growth forever after year ten, below the risk-free rate: no company outgrows the economy forever

The discount rate
%

10-year US Treasury par yield (U.S. Treasury), 2026-09-28

not measured on this public page, which uses only public filings: 1.0 assumes it moves like the market. Sign in to measure it from prices

%

the extra return demanded for holding shares; it cannot be measured, and 4–6% is the common range

%

no interest line: the risk-free rate + 1.5 points

%

effective rate in the last fiscal year, -0.0%, kept within 0–35%

The price
$

Type the price you see at your broker. It is used only for the reverse questions: what that price implies.

Back to the defaults

SEC from the filings Treasury the 10-year yield measured from prices assumption cannot be measured yours you changed it

With a free cash flow margin at or below zero in year ten, the business never generates cash for its owners and a DCF says nothing useful. Set a positive margin for year ten to see what it would take.

What it has filed lately

The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.

Event 2026-09-09
Changed a director or officer
Quarterly 2026-08-06
Quarterly report
Event 2026-06-01
Signed a material agreement; sold shares outside a registration; changed control; changed a director or officer; published information for investors
Quarterly 2026-05-13
Quarterly report
Event 2026-05-04
Terminated a material agreement
Event 2026-03-31
Changed a director or officer
Annual 2026-03-16
Annual report
Event 2026-03-02
Signed a material agreement; sold shares outside a registration; changed control; changed a director or officer; published information for investors
Estimatein 39d
Results for the period ending 2026-09-29

What its own directors and officers did

Every Form 4 filed in the last twelve months, read line by line: 6 filings by 4 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.

Bought on the open market$4.2M14 purchase(s) by 1 insider(s)
Sold on the open market—none in the period
Under pre-arranged plans—of the sales followed a 10b5-1 plan set months earlier
Other lines20 awards · 2 option exercises · 0 tax withholdings
DateWhoWhatSharesPriceValueHolds after
16 Sep 2026 Chung WendyDirector Exercised options 3,562 $2.38 $8,478 3,562
6 Jul 2026 Boudreau Helen MDirector Exercised options 3,562 $2.38 $8,478 6,542
19 May 2026 Adar1 Capital Management, LlcHolder of more than 10% Bought on the open market · indirect 10,000 $13.98 $139,822 926,152
19 May 2026 Adar1 Capital Management, LlcHolder of more than 10% Bought on the open market · indirect 200 $13.80 $2,760 926,352
18 May 2026 Adar1 Capital Management, LlcHolder of more than 10% Bought on the open market · indirect 6,009 $13.98 $83,981 916,152
15 May 2026 Adar1 Capital Management, LlcHolder of more than 10% Bought on the open market · indirect 100 $13.80 $1,380 909,943
15 May 2026 Adar1 Capital Management, LlcHolder of more than 10% Bought on the open market · indirect 200 $13.95 $2,790 910,143
13 May 2026 Adar1 Capital Management, LlcHolder of more than 10% Bought on the open market · indirect 4,081 $13.80 $56,315 834,665
13 May 2026 Adar1 Capital Management, LlcHolder of more than 10% Bought on the open market · indirect 75,178 $14.00 $1.1M 909,843
12 May 2026 Adar1 Capital Management, LlcHolder of more than 10% Bought on the open market · indirect 800 $13.83 $11,063 830,584
11 May 2026 Adar1 Capital Management, LlcHolder of more than 10% Bought on the open market · indirect 25,000 $14.00 $350,000 809,884
11 May 2026 Adar1 Capital Management, LlcHolder of more than 10% Bought on the open market · indirect 19,900 $14.00 $278,600 829,784
11 May 2026 Adar1 Capital Management, LlcHolder of more than 10% Bought on the open market · indirect 5,100 $14.00 $71,392 784,884
5 May 2026 Adar1 Capital Management, LlcHolder of more than 10% Bought on the open market · indirect 35,101 $14.00 $491,260 779,784
4 May 2026 Adar1 Capital Management, LlcHolder of more than 10% Bought on the open market · indirect 3,900 $13.90 $54,201 627,779
4 May 2026 Adar1 Capital Management, LlcHolder of more than 10% Bought on the open market · indirect 116,904 $13.97 $1.6M 744,683

A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.

Which large funds report holding it

From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.

FundSharesValueShare of the fundSince the quarter before
Viking Global 30 Jun 2026 524,347 $8.4M 0.0% Unchanged

All the funds and what they reported ›

Companies like this one

Same SEC industry (pharmaceutical preparations) first, then the rest of health care.

LLY ELI Lilly & CoJNJ Johnson & JohnsonABBV AbbVie Inc.MRK Merck & Co., Inc.ABT Abbott LaboratoriesPFE Pfizer IncVRTX Vertex Pharmaceuticals Inc / MABMY Bristol Myers Squibb Co

Every figure, year by year

7 fiscal years · 30 measures
2019202020212022202320242025
Size
Revenue—————636,000858,000
Revenue growth——————+34.9%
Operating income—-25.3M-45.6M-67.9M-78.9M-60.5M-33.1M
Net income—-26.4M-47.0M-66.7M-74.6M-57.8M-9.0M
Margins
Gross margin———————
Operating margin—————-9511.9%-3853.6%
Net margin—————-9084.1%-1046.4%
Free cash flow margin—————-7748.7%—
R&D ÷ revenue—————6526.3%2284.0%
SG&A ÷ revenue—————3085.7%1669.6%
Cash
Free cash flow—-22.2M-45.9M-57.3M-60.3M-49.3M—
Stock-based pay—704,0003.6M9.5M10.9M8.0M5.3M
Free cash flow after stock pay—-22.9M-49.5M-66.8M-71.2M-57.3M—
Free cash flow to the firm—-25.4M-45.9M-67.8M-78.8M-60.4M—
Free cash flow ÷ net income—0.8×1.0×0.9×0.8×0.9×—
Capex ÷ revenue—————0.0%—
Returns
Return on invested capital———————
Return on equity—-19.4%-26.8%-39.4%-70.2%-93.7%-15.5%
Return on assets—-18.6%-25.8%-36.9%-64.5%-84.8%-14.4%
Asset turnover—————0.0×0.0×
Economic profit———————
Per share
Earnings per share—$-7.91$-12.90$-14.66$-12.90$-10.61$-1.59
Free cash flow per share—$-6.63$-12.58$-12.61$-10.43$-9.05—
Dividend per share———————
Payout ratio———————
Book value per share—$40.67$38.26$31.32$19.65$11.88$10.97
Diluted shares—3.3M3.6M4.5M5.8M5.4M5.6M
Balance sheet
Net debt———————
Net debt ÷ EBITDA———————
Interest coverage—-516.4×-4564.8×————
Current ratio—24.2×27.6×16.7×12.4×10.9×14.5×
Cash conversion cycle (days)———————
Scores
Piotroski F-score—121123
Altman Z''—28.3730.9216.696.58-4.030.76
Beneish M——————1.98

Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.