Clinical-stage biotechnology company Rallybio Corporation (RLYB), Tuesday announced portfolio prioritization plan that reduces its workforce by 45% and extends its cash runway into mid-2026.
RLYB212 is a novel human monoclonal anti-HPA-1a antibody in development for the prevention of fetal and neonatal alloimmune thrombocytopenia (FNAIT), and RLYB116 is a once-weekly, low volume subcutaneously injected inhibitor of complement component 5 (C5) in development for patients with complement-mediated diseases. With these changes, Rallybio expects to extend its cash runway into mid-2026.
"Following a thorough review of our business, we have made the decision to prioritize our portfolio. We believe that these difficult but necessary decisions to streamline our operations and align resources are critical to extend our cash runway, support the advancement of our two clinical-stage programs, and put us on a path toward long-term success," said Stephen Uden, M.D. Chief Executive Officer of Rallybio.
"I would like to personally thank our departing employees for their countless contributions and tireless commitment to our mission," Dr. Uden continued. "It is incredibly difficult to part ways with these talented members of the Rallybio team who have demonstrated such dedication to bringing transformative therapies to patients in need."
The company will implement a 45% workforce reduction, representing 19 positions, which will be substantially complete by the end of the first quarter of 2024.
Rallybio estimates that the workforce reduction will result in aggregate charges of approximately $3.3 million, primarily for one-time employee severance and benefit costs and excluding share-based compensation expenses.
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