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November 8, 2024

Staff cuts help New Haven-based biotech Rallybio reduce 3Q loss

Contributed Rallybio co-founders Martin Mackay, Ph.D., left, and Dr. Stephen Uden.
By David Krechevsky

Rallybio, a New Haven-based biotechnology firm, released its third-quarter earnings report Thursday, posting a smaller net loss while producing revenue for the first time, in part due to significant job cuts.

The company, based at 234 Church St,, Suite 1020, in New Haven, reported a third quarter net loss of $11.5 million, or 26 cents per share, down from a net loss of $18.4 million, or 45 cents per share, for the same quarter last year.

For the first nine months of 2024, Rallybio reported a net loss of $46.7 million, or $1.08 per share, down from a net loss of $54.3 million, or $1.35 per share, a year earlier.

The company, which is developing therapies to addresses rare diseases in the areas of hematology, immuno-inflammation, maternal fetal health, ophthalmology and metabolic disorders, reported third-quarter revenue of about $299,000 and nine-month revenue of $598,000, the first time it has produced revenue since its founding in 2018.

The company reported general and administrative expenses of $4.1 million in the third quarter, down from $6.1 million in the same period last year. It said the decrease was primarily related to lower payroll and personnel-related costs due to cuts in its workforce.

In February, Rallybio announced plans to cut 45% of its then-43-member workforce, or about 19 people. At the time, it said all of the affected employees, who were expected to receive an unspecified severance package, would leave the company before the end of the second quarter on March 31.

A spokesperson for the company did not respond to a request for comment Friday. 

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