MeritValue

Rallybio Corp

RLYBdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Rallybio Corp earns about -2729% on invested capital, and has bought back 78% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue———$636,0001$858,0001
Net income−$47M2−$66.7M3−$74.6M4−$57.8M5−$8.98M5
Operating cash flow−$45.5M6−$57.3M7−$60.3M8−$49.3M9−$29.8M9
Capital expenditure$333,00010$54,00011$12,00012$012—
Free cash flow (derived)−$45.9M6−$57.3M7−$60.3M8−$49.3M9—
Total debt—————
Cash & equivalents$175.3M13$57M14$24.5M15$13.9M16$31.4M16
Diluted shares25.5M31.8M40.4M5.4M5.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$102.95
your share of equity
Profit it earned you last year
−$15.95
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $102.95 of net worth that earned you −$15.95 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-2729% avg · 5y
FY21 -13412%FY22 -46%FY23 -70%FY24 -92%FY25 -27%

It earned an average -2729% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−78% shares · 5y

Share count is down 78% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2024-12-31 · accession 0001628280-26-018261 (Revenues)
  2. 10-K · period ending 2021-12-31 · accession 0000950170-23-006264 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001739410-24-000035 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001739410-25-000040 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001628280-26-018261 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0000950170-23-006264 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001739410-24-000035 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001739410-25-000040 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001628280-26-018261 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-23-006264 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001739410-24-000035 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001739410-25-000040 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-006264 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001739410-24-000035 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001739410-25-000040 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-018261 (CashAndCashEquivalentsAtCarryingValue)