Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Rallybio Corp files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0.64
0.86
Research and development
17.6
26.9
40.7
53.5
41.5
19.6
General and administrative
7.67
18.7
27.2
25.4
19.6
14.3
Operating expenses
25.3
45.6
67.9
78.9
61.1
33.9
Operating income
-25.3
-45.6
-67.9
-78.9
-60.5
-33.1
Interest expense
0.05
0.01
0
Other non-operating income
0.36
0.14
2.31
6.41
4.96
25
Pre-tax income
-24.9
-45.5
-65.6
-72.5
-55.5
-8.98
Income tax
-0.02
0
0
0
0
0
Net income
-26.4
-47
-66.7
-74.6
-57.8
-8.98
EBITDA
-25.2
-45.5
-67.7
-78.8
-60.4
-33
EPS, basic
-12.13
-14.68
-16.67
-14.68
-10.61
-1.59
EPS, diluted
-12.13
-14.68
-16.67
-14.68
-10.61
-1.59
Shares, basic (weighted)
2.18
3.2
3.99
5.07
5.44
5.63
Shares, diluted (weighted)
2.18
3.2
3.99
5.07
5.44
5.63
Balance sheet
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
140
175
57
24.5
13.9
31.4
Short-term investments
0
112
85.4
51.6
23.4
Other current assets
1.03
0.4
1.05
2.05
1
2.52
Total current assets
141
181
179
115
67.8
61.3
Property, plant and equipment
0.29
0.51
0.39
0.25
0.12
0.02
Lease right-of-use assets
0
0.52
0.35
0.15
0.18
Other non-current assets
0
0.81
Total assets
142
182
180
116
68.1
62.3
Accounts payable
1.58
0.6
1.11
0.98
0.28
0.13
Accrued liabilities
4.26
5.95
9.45
8.07
4.96
3.79
Deferred revenue
0
0.85
0.21
Total current liabilities
5.84
6.55
10.7
9.26
6.24
4.22
Lease liabilities
0
0.37
0.17
0
0.08
Total liabilities
5.86
6.58
11.1
9.44
6.45
4.31
Paid-in capital
183
270
330
341
355
360
Retained earnings
-47
-94
-161
-235
-293
-302
Other comprehensive income
0
-0.21
0.02
0.07
0.02
Shareholders' equity
136
176
169
106
61.7
58
Total equity
136
176
169
106
61.7
58
Total liabilities and equity
142
182
180
116
68.1
62.3
Shares outstanding
2.93
4.03
4.74
4.74
5.19
5.28
Cash flow statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-26.4
-47
-66.7
-74.6
-57.8
-8.98
Depreciation and amortization
0.06
0.11
0.17
0.15
0.13
0.09
Stock-based compensation
0.7
3.65
9.5
10.9
7.99
5.31
Change in payables
0.72
-0.98
0.49
-0.1
-0.7
-0.15
Cash from operations
-22
-45.5
-57.3
-60.3
-49.3
-29.8
Capital expenditures
-0.14
-0.33
-0.05
-0.01
0
Purchases of investments
0
-201
-108
-48.9
-17.7
Sales and maturities of investments
0
89.5
138
84.4
46.5
Cash from investing
-2.07
-2.33
-112
27.7
33.5
47.3
Stock issued
145
0
0.02
0
5.41
0
Cash from financing
145
83
51.1
0.14
5.2
0.02
Net change in cash
121
35.1
-118
-32.5
-10.6
17.5
Free cash flow
-22.2
-45.9
-57.3
-60.3
-49.3
Income taxes paid
0
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $16.62 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-4,291.0%
Operating income / revenue.
EBITDA margin
-4,285.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
7,256.0%
Pre-tax income / revenue.
Net margin
7,051.0%
Net income / revenue.
Operating cash flow margin
4,135.0%
Cash from operations / revenue.
Return on equity (ROE)
48.2%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
46.5%
Net income / average total assets.
Return on invested capital (ROIC)
-1,330.0%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
1,769.0%
Research and development expense / revenue.
Stock-based pay / revenue
442.4%
Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue
6.7%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
34.9%
Revenue vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-6.0%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-30.0%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-15.7%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-8.6%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-29.9%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-15.2%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
3.4%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
12.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
20.9%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
27.3x
Current assets / current liabilities.
Quick ratio
26.0x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
26.0x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.11
Revenue / diluted weighted shares.
Operating cash flow per share
$4.61
Cash from operations / diluted weighted shares.
Book value per share
$17.81
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
1.94x
Market cap / net income. Only when net income is positive.
P/S
137x
Market cap / revenue.
P/B
0.93x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.93x
Market cap / tangible book value, when positive.
P/OCF
3.30x
Market cap / cash from operations, when positive.
Earnings yield
51.6%
Net income / market cap (the inverse of P/E).
What was Rallybio Corp's revenue in fiscal 2025?
Rallybio Corp reported revenue of $858.0K for fiscal 2025, 34.9% higher than the year before.
Was Rallybio Corp profitable in fiscal 2025?
No. It reported a net loss of $9.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.