0001739410-23-000014 | 10-Q | XBRL Viewer

BALANCE SHEET COMPONENTS

9 Months Ended

Sep. 30, 2023

Balance Sheet Related Disclosures [Abstract]

Prepaid expenses and other current assets—

Prepaid expenses and other current assets consisted of the following as of September 30, 2023 and December 31, 2022:


(in thousands)	SEPTEMBER 30, 2023		DECEMBER 31, 2022
Research and development	$	6,420	$	7,904
Insurance	645		933
Other prepaids	381		615
Other current assets	3,592		1,050
	$	11,038	$	10,502

Accrued Expenses—

Accrued expenses consisted of the following as of September 30, 2023 and December 31, 2022:


(in thousands)	SEPTEMBER 30, 2023		DECEMBER 31, 2022
Research and development	$	4,679	$	3,582
Compensation and related expenses	3,328		4,703
Professional fees	396		510
Other	318		654
	$	8,721	$	9,449

INVESTMENT IN JOINT VENTURE	9 Months Ended
INVESTMENT IN JOINT VENTURE	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN JOINT VENTURE	INVESTMENT IN JOINT VENTURE The Company, through one of its wholly-owned subsidiaries, has a 50% interest of the joint venture entity, RE Ventures I, LLC, a limited liability company (“REV-I”). For the nine months ended September 30, 2023 and 2022, the Company funded $1.5 million and $0.3 million, respectively, associated with the Company's commitment and its share of REV-I development. For the three months ended September 30, 2023, the Company funded $0.8 million associated with the Company's commitment and its share of REV-I development. The Company did not provide funding to REV-I during the three months ended September 30, 2022. The Company did not provide any additional financial support outside of capital contributions to REV-I during the three and nine months ended September 30, 2023 and 2022. While the Company held a 50% interest in the joint venture as of September 30, 2023, based on management’s analysis, the Company is not the primary beneficiary of REV-I and accordingly, the entity is not consolidated in the Company's condensed consolidated financial statements. For the three and nine months ended September 30, 2023, the Company recorded its allocable share of REV-I’s losses, which totaled $0.6 million and $1.4 million, respectively, and $0.1 million and $0.9 million, respectively, for the three and nine months ended September 30, 2022, as a loss on investment in joint venture within the condensed consolidated statements of operations and comprehensive loss. After recognition of its share of losses for the period, the carrying value and maximum exposure to risk of the REV-I investment as of September 30, 2023 and December 31, 2022 was $102 thousand and $30 thousand, respectively, which was recorded in investment in joint venture in the accompanying condensed consolidated balance sheets.

MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

MARKETABLE SECURITIES

The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of our marketable securities by type of security as of September 30, 2023 and December 31, 2022 was as follows:


		SEPTEMBER 30, 2023
(in thousands)	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
Money market funds	Level 1	$	5,166	$	—	$	—	$	5,166
U.S. treasury securities	Level 1	31,807		—		(46)		31,761
U.S. government agency securities	Level 2	71,625		14		(176)		71,463
		$	108,598	$	14	$	(222)	$	108,390


		DECEMBER 31, 2022
(in thousands)	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
Money market funds	Level 1	$	12,647	$	—	$	—	$	12,647
U.S. treasury securities	Level 1	39,372		—		(169)		39,203
U.S. government agency securities	Level 2	76,860		37		(82)		76,815
		$	128,879	$	37	$	(251)	$	128,665

The fair values of marketable securities by classification in the condensed consolidated balance sheets was as follows as of September 30, 2023 and December 31, 2022:


(in thousands)	SEPTEMBER 30, 2023		DECEMBER 31, 2022
Cash and cash equivalents	$	6,164	$	16,629
Marketable securities	102,226		112,036
	$	108,390	$	128,665

The fair values of available-for-sale debt securities as of September 30, 2023 and December 31, 2022, by contractual maturity, are summarized as follows:


(in thousands)	SEPTEMBER 30, 2023		DECEMBER 31, 2022
Due in one year or less	$	92,138	$	127,667
Due after one year through two years	16,252		998
	$	108,390	$	128,665

The aggregate fair value of available-for-sale debt securities in an unrealized loss position as of September 30, 2023 and December 31, 2022 was $81.0 million and $70.0 million, respectively. As of September 30, 2023, we believe that the cost basis of our available-for-sale debt securities is recoverable. No allowance for credit losses was recorded as of September 30, 2023 and December 31, 2022.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows Used in Operating Activities:
Net loss	$ (54,322)	$ (50,451)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	114	128
Net accretion of discounts/premiums on debt securities	(2,432)	27
Stock-based compensation	8,371	7,205
Loss on investment in joint venture	1,428	861
Changes in operating assets and liabilities:
Prepaid expenses, right-of-use assets and other assets	(400)	(3,948)
Accounts payable	(623)	95
Accrued expenses and operating lease liabilities	(756)	4,063
Net cash used in operating activities	(48,620)	(42,020)
Cash Flows Provided By (Used In) Investing Activities:
Purchases of marketable securities	(95,675)	(136,670)
Proceeds from maturities of marketable securities	107,924	55,500
Purchase of property and equipment	0	(54)
Investment in joint venture	(1,500)	(300)
Net cash provided by (used in) investing activities	10,749	(81,524)
Cash Flows Provided By (Used In) Financing Activities:
Proceeds from the issuance of common stock from exercise of stock options	209	21
Payments of offering costs	(138)	(100)
Net cash provided by (used in) financing activities	71	(79)
Net decrease in cash and cash equivalents	(37,800)	(123,623)
Cash and cash equivalents —beginning of period	56,958	175,334
Cash and cash equivalents —end of period	19,158	51,711
Supplemental Disclosures of Noncash Investing and Financing Activities:
Offering costs in accounts payable and accrued expenses	0	294
Property and equipment in accounts payable and accrued expenses	$ 12	$ 0

STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

STOCKHOLDERS' EQUITY

Common Stock

In August 2021, the Company completed its initial public offering ("IPO"), pursuant to which it issued and sold 7,130,000 shares of the Company’s common stock, inclusive of 930,000 shares sold pursuant to the full exercise of the underwriters’ option to purchase additional shares at a public offering price of $13.00 per share. The gross proceeds from the IPO, including the exercise of the underwriters' option to purchase additional shares were $92.7 million and the net proceeds were approximately $83.0 million, after deducting underwriting discounts and commissions and other offering costs.

In November 2022, the Company completed a follow-on offering in which it raised gross proceeds of $54.8 million from the sale of 5,803,655 shares of common stock, inclusive of 803,654 shares of common stock sold pursuant to the partial exercise of the underwriters' option to purchase additional shares, at the price of $6.00 per share, and issued to certain investors in lieu of common stock, pre-funded warrants to purchase up to an aggregate of 3,333,388 shares of common stock at a price of $5.9999, which represents the per share public offering price for the shares less the $0.0001 per share exercise price for each pre-funded warrant. The net proceeds from the November 2022 follow-on offering were approximately $50.8 million, after deducting underwriting discounts and commissions and other offering costs.

The Company had 200,000,000 shares of common stock authorized as of September 30, 2023 and December 31, 2022, respectively, of which 37,800,856 and 37,837,369 shares were issued and outstanding as of September 30, 2023 and December 31, 2022.

Preferred Stock

The Company had 50,000,000 shares of preferred stock authorized as of September 30, 2023 and December 31, 2022, respectively, of which no shares were outstanding as of September 30, 2023 and December 31, 2022.

Pre-Funded Warrants

In connection with the November 2022 follow-on offering, the Company entered into an agreement with certain investors for pre-funded warrants in lieu of common stock to purchase up to an aggregate of 3,333,388 shares of common stock at a price of $5.9999, which represents the per share public offering price at the November 2022 follow-on offering for common stock less a $0.0001 per share exercise price for each pre-funded warrant.

The Company may not effect the exercise of any pre-funded warrant, and a holder will not be entitled to exercise any portion of any pre-funded warrant if, upon giving effect to such exercise, the aggregate number of shares of common stock beneficially owned by the holder (together with its affiliates) would exceed 9.99% of the number of shares of common stock outstanding immediately after giving effect to the exercise, which percentage may be increased or decreased at the holder’s election upon 61 days’ notice to the Company subject to the terms of such pre-funded warrants, provided that such percentage may in no event exceed 19.99%.

The Company's pre-funded warrant is a freestanding instrument that does not meet the definition of a liability pursuant to ASC 480, Distinguishing Liabilities from Equity, and does not meet the definition of a derivative pursuant to ASC 815, Derivatives and Hedging. The pre-funded warrant is indexed to the Company’s common stock and meets all other conditions for equity classification under ASC 480 and ASC 815. Accordingly, the pre-funded warrant was classified as equity and accounted for as a component of additional paid-in capital at the time of issuance. All of the pre-funded warrants related to our November 2022 follow-on offering remain outstanding and unexercised as of September 30, 2023.

Share-based Compensation

Share-based compensation expense is comprised of the Company's stock options, restricted stock awards, restricted stock units and shares issued pursuant to the employee stock purchase plan, and is classified in the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2023 and 2022 as follows:


	FOR THE THREE MONTHS ENDED SEPTEMBER 30,				FOR THE NINE MONTHS ENDED SEPTEMBER 30,
(in thousands)	2023		2022		2023		2022
Research and development	$	1,182	$	984	$	3,425	$	2,620
General and administrative	1,452		1,520		4,946		4,585
	$	2,634	$	2,504	$	8,371	$	7,205

2021 Equity Incentive Plan

In 2021, the board of directors adopted the Rallybio Corporation 2021 Equity Incentive Plan (the "2021 Plan"). The 2021 Plan initially reserved 5,440,344 shares of the Company's common stock that have been issued in respect of outstanding equity awards granted prior to the Company’s IPO, and for future issuances of shares to employees, directors and consultants in the form of stock options, SARs, restricted and unrestricted stock and stock units, performance awards and other awards that are convertible into or otherwise based on the Company's common stock. Dividend equivalents may also be provided in connection with awards under the 2021 Plan. The share pool will automatically increase on January 1st of each year until 2031, by the lesser of (i) five percent of the number of shares of the Company's common stock outstanding as of such date and (ii) the number of shares of the Company's common stock determined by the board of directors on or prior to such date. On January 1, 2023 and January 1, 2022, the 2021 Plan share pool was automatically increased by 1,891,868 shares and 1,606,549 shares, respectively. As of September 30, 2023, the total number of shares of common stock that were issuable under the 2021 Plan was 6,767,875 shares, of which 2,224,983 shares remained available for future issuance.

The following table summarizes stock option activity for the nine months ended September 30, 2023:


Stock Options	Number of Option Shares	Weighted-Average Exercise Price		Weighted-Average Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022	2,609,314	$	13.01	8.8	$	—
Granted	2,017,183	$	6.51
Forfeited	(185,990)	$	12.69
Expired	(107,990)	$	13.62
Exercised	—	$	—
Outstanding at September 30, 2023	4,332,517	$	9.98	8.7	$	—
Options exercisable at September 30, 2023	1,380,083	$	11.80	8.3	$	—

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company's common stock. Options outstanding and exercisable with an exercise price above the closing price as of September 30, 2023 are considered to have no intrinsic value. Using the Black-Scholes option pricing model, the weighted-average grant date fair value of stock options granted during the nine months ended September 30, 2023 and 2022 was $4.93 per share and $9.99 per share, respectively. As of September 30, 2023, there was unrecognized share-based compensation expense related to unvested stock options of $19.2 million which the Company expects to recognize over a weighted-average period of approximately 2.6 years.

The fair value of the stock options granted during the nine months ended September 30, 2023 and 2022 was determined using the Black-Scholes option pricing model with the following assumptions:


	FOR THE NINE MONTHS ENDED SEPTEMBER 30,
	2023	2022
Expected volatility	88.38% - 92.27%	89.31% - 91.62%
Expected term (years)	5.50 - 6.08	5.50 - 6.08
Risk free interest rate	3.58% - 4.52%	1.42% - 2.94%
Expected dividend yield	—	—
Exercise price	$5.38 - $7.83	$7.54 - $15.04

A summary of the status of the Company's unvested restricted common stock awards at September 30, 2023 and changes during the nine months ended September 30, 2023 was as follows:


Restricted Stock Awards	Shares	Weighted-Average Grant Date Fair Value Per Share
Unvested restricted stock awards at December 31, 2022	1,006,368	$	3.48
Granted	—	$	—
Vested	(447,198)	$	3.13
Forfeited	(91,155)	$	2.77
Outstanding unvested restricted stock awards at September 30, 2023	468,015	$	3.94

As of September 30, 2023, there was unrecognized share-based compensation expense related to unvested restricted stock awards of $2.0 million, which the Company expects to recognize over a weighted-average period of approximately 1.4 years.

A summary of the status of the Company's unvested restricted common stock units at September 30, 2023 and changes during the nine months ended September 30, 2023 was as follows:


Restricted Stock Units	Shares	Weighted-Average Grant Date Fair Value Per Share
Unvested restricted stock units at December 31, 2022	128,600	$	11.12
Granted	93,700	$	5.85
Forfeited	—	$	—
Vested	(11,925)	$	8.88
Outstanding unvested restricted stock units at September 30, 2023	210,375	$	8.90

As of September 30, 2023, there was unrecognized share-based compensation expense related to unvested restricted stock units of $0.9 million, which the Company expects to recognize over a weighted-average period of approximately 2.1 years.

2021 Employee Stock Purchase Plan

In connection with the Company's IPO, the board of directors adopted the Rallybio Corporation 2021 Employee Stock Purchase Plan (the "2021 ESPP"), which initially reserved 291,324 shares of the Company's common stock for future issuances. The share pool will automatically increase on January 1st of each year until 2031, by the lesser of (i) one percent of the number of shares of the Company's common stock outstanding as of such date, (ii) 582,648 shares of the Company’s common stock and (iii) the number of shares of the Company's common stock determined by the board of directors on or prior to such date. On January 1, 2023 and January 1, 2022, the 2021 ESPP share pool was automatically increased by 378,373 shares and 321,309 shares, respectively. As of September 30, 2023, the total number of shares of the Company's common stock that were available for future issuance under the 2021 ESPP was 908,738 shares. During the nine months ended September 30, 2023, the Company issued 43,423 shares under the 2021 ESPP. The Company did not issue any shares during the nine months ended September 30, 2022 under the 2021 ESPP.

For the three and nine months ended September 30, 2023, the total share-based compensation for the 2021 ESPP was $33 thousand and $155 thousand, respectively. There was no share-based compensation for the 2021 ESPP for the three and nine months ended September 30, 2022.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Purchase Commitments—The Company enters contracts in the normal course of business with contract research organizations and other third-party vendors for clinical trials and testing and manufacturing services. These contracts generally do not contain minimum purchase commitments and are cancellable by us upon written notice. Payments that may be due upon cancellation consist of payments for services provided or expenses incurred prior to cancellation. As of September 30, 2023 and December 31, 2022 there were no amounts accrued related to termination charges.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, issued (in shares)	37,800,856	37,837,369
Common stock, outstanding (in shares)	37,800,856	37,837,369
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	50,000,000	50,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0

STOCKHOLDERS' EQUITY - Summary of Assumptions of Fair Value of Option Pricing Granted (Details) - Employee Stock Options - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, minimum	88.38%	89.31%
Expected volatility, maximum	92.27%	91.62%
Risk free interest rate, minimum	3.58%	1.42%
Risk free interest rate, maximum	4.52%	2.94%
Expected dividend yield	0.00%	0.00%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years)	5 years 6 months	5 years 6 months
Exercise price (in dollars per share)	$ 5.38	$ 7.54
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years)	6 years 29 days	6 years 29 days
Exercise price (in dollars per share)	$ 7.83	$ 15.04

INVESTMENT IN JOINT VENTURE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Investment in joint venture			$ 1,500	$ 300
Allocable share of losses recorded	$ 648	$ 133	1,428	861
Investment in joint venture	102		$ 102		$ 30
RE Ventures I, LLC
Schedule of Equity Method Investments [Line Items]
Percentage of interest of joint venture entity			50.00%
Investment in joint venture	800	0	$ 1,500	300
Allocable share of losses recorded	600	$ 100	1,400	$ 900
Investment in joint venture	$ 102		$ 102		$ 30

BUSINESS AND LIQUIDITY	9 Months Ended
BUSINESS AND LIQUIDITY	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS AND LIQUIDITY	BUSINESS AND LIQUIDITY Rallybio Corporation and subsidiaries ("Rallybio", the "Company", "we", "our", or "us") is a clinical-stage biotechnology company with a mission to develop and commercialize life-transforming therapies for patients with severe and rare diseases. Rallybio has built a broad pipeline of promising product candidates aimed at addressing diseases with unmet medical need in areas of maternal fetal health, complement dysregulation, hematology, and metabolic disorders. The Company has two clinical stage programs: RLYB212, an anti-HPA-1a antibody for the prevention of fetal and neonatal alloimmune thrombocytopenia ("FNAIT"), and RLYB116, a complement factor 5 ("C5") inhibitor with the potential to treat several diseases of complement dysregulation, as well as additional programs in preclinical development. The Company had cash, cash equivalents and marketable securities of $121.4 million as of September 30, 2023. The Company currently expects that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital requirements for more than 12 months from the date these condensed consolidated financial statements are issued. However, we do not anticipate that the current cash, cash equivalents and marketable securities as of September 30, 2023 will be sufficient for us to fund any of our product candidates through regulatory approval, and we will need to raise substantial additional capital to complete the development and commercialization of our product candidates, if approved. We may satisfy our future cash needs through the sale of equity securities, debt financings, corporate collaborations or license agreements, working capital lines of credit, grant funding, interest income earned on invested cash balances or a combination of one or more of these sources.

MARKETABLE SECURITIES (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Fair Value of Marketable Securities by Type of Security


		SEPTEMBER 30, 2023
(in thousands)	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
Money market funds	Level 1	$	5,166	$	—	$	—	$	5,166
U.S. treasury securities	Level 1	31,807		—		(46)		31,761
U.S. government agency securities	Level 2	71,625		14		(176)		71,463
		$	108,598	$	14	$	(222)	$	108,390


		DECEMBER 31, 2022
(in thousands)	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
Money market funds	Level 1	$	12,647	$	—	$	—	$	12,647
U.S. treasury securities	Level 1	39,372		—		(169)		39,203
U.S. government agency securities	Level 2	76,860		37		(82)		76,815
		$	128,879	$	37	$	(251)	$	128,665

Schedule of Marketable Securities by Balance Sheet Location Classification

The fair values of marketable securities by classification in the condensed consolidated balance sheets was as follows as of September 30, 2023 and December 31, 2022:


(in thousands)	SEPTEMBER 30, 2023		DECEMBER 31, 2022
Cash and cash equivalents	$	6,164	$	16,629
Marketable securities	102,226		112,036
	$	108,390	$	128,665

Schedule of Fair Values of Available-for-Sale Debt Securities by Contractual Maturity

The fair values of available-for-sale debt securities as of September 30, 2023 and December 31, 2022, by contractual maturity, are summarized as follows:


(in thousands)	SEPTEMBER 30, 2023		DECEMBER 31, 2022
Due in one year or less	$	92,138	$	127,667
Due after one year through two years	16,252		998
	$	108,390	$	128,665

STOCKHOLDERS' EQUITY - Summary of Unvested Restricted Common Stock Awards (Details) - Restricted Stock Awards	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Shares
Outstanding, beginning balance (in shares) \| shares	1,006,368
Granted (in shares) \| shares	0
Vested (in shares) \| shares	(447,198)
Forfeited (in shares) \| shares	(91,155)
Outstanding, ending balance (in shares) \| shares	468,015
Weighted-Average Grant Date Fair Value Per Share
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 3.48
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	3.13
Forfeited (in dollars per share) \| $ / shares	2.77
Outstanding, ending balance (in dollars per share) \| $ / shares	$ 3.94

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Termination charges	$ 0	$ 0

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Nov. 03, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-40693
Entity Registrant Name	RALLYBIO CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-1083789
Entity Address, Address Line One	234 Church Street
Entity Address, Address Line Two	Suite 1020
Entity Address, City or Town	New Haven
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06510
City Area Code	203
Local Phone Number	859-3820
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	RLYB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		37,793,705
Entity Central Index Key	0001739410
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Amendment Flag	false

MARKETABLE SECURITIES - Schedule of Fair Values of Available-for-Sale Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Due in one year or less	$ 92,138	$ 127,667
Due after one year through two years	16,252	998
Total available-for-sale debt securities by contractual maturity	$ 108,390	$ 128,665

BALANCE SHEET COMPONENTS (Tables)

9 Months Ended

Sep. 30, 2023

Balance Sheet Related Disclosures [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of September 30, 2023 and December 31, 2022:


(in thousands)	SEPTEMBER 30, 2023		DECEMBER 31, 2022
Research and development	$	6,420	$	7,904
Insurance	645		933
Other prepaids	381		615
Other current assets	3,592		1,050
	$	11,038	$	10,502

Schedule of Accrued Expenses

Accrued expenses consisted of the following as of September 30, 2023 and December 31, 2022:


(in thousands)	SEPTEMBER 30, 2023		DECEMBER 31, 2022
Research and development	$	4,679	$	3,582
Compensation and related expenses	3,328		4,703
Professional fees	396		510
Other	318		654
	$	8,721	$	9,449

NET LOSS PER COMMON SHARE (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Summary of Basic and Diluted Loss Per Common Share

Basic and diluted loss per common share was calculated as follows:


	FOR THE THREE MONTHS ENDED SEPTEMBER 30,				FOR THE NINE MONTHS ENDED SEPTEMBER 30,
(in thousands except share and per share amounts)	2023		2022		2023		2022
Net loss	$	(18,374)	$	(18,370)	$	(54,322)	$	(50,451)
Weighted-average number of common shares outstanding, basic and diluted	40,531,497		30,777,797		40,382,625		30,562,723
Net loss per common share, basic and diluted	$	(0.45)	$	(0.60)	$	(1.35)	$	(1.65)

STOCKHOLDERS' EQUITY - Summary of Unvested Restricted Common Stock Units (Details) - Restricted Stock Units (RSUs)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Shares
Outstanding, beginning balance (in shares) \| shares	128,600
Granted (in shares) \| shares	93,700
Forfeited (in shares) \| shares	0
Vested (in shares) \| shares	(11,925)
Outstanding, ending balance (in shares) \| shares	210,375
Weighted-Average Grant Date Fair Value Per Share
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 11.12
Granted (in dollars per share) \| $ / shares	5.85
Forfeited (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	8.88
Outstanding, ending balance (in dollars per share) \| $ / shares	$ 8.90

BALANCE SHEET COMPONENTS - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Research and development	$ 6,420	$ 7,904
Insurance	645	933
Other prepaids	381	615
Other current assets	3,592	1,050
Prepaid expenses and other assets	$ 11,038	$ 10,502

BALANCE SHEET COMPONENTS - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Research and development	$ 4,679	$ 3,582
Compensation and related expenses	3,328	4,703
Professional fees	396	510
Other	318	654
Accrued expenses	$ 8,721	$ 9,449

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Unaudited Financial Information	Unaudited Financial Information — The unaudited condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"), and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). In the opinion of the Company, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the financial position and results of operations for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. The accompanying unaudited condensed consolidated financial statements include the accounts of Rallybio Corporation and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. These accompanying unaudited condensed consolidated financial statements and notes should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022 (our "Annual Report"). Our significant accounting policies are described in Note 2 of the Notes to the consolidated financial statements included in our Annual Report. There have been no new accounting policies, including the adoption of new accounting standards during the three and nine months ended September 30, 2023, which could be expected to materially impact the Company's unaudited condensed consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION Unaudited Financial Information — The unaudited condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"), and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). In the opinion of the Company, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the financial position and results of operations for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. The accompanying unaudited condensed consolidated financial statements include the accounts of Rallybio Corporation and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. These accompanying unaudited condensed consolidated financial statements and notes should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022 (our "Annual Report"). Our significant accounting policies are described in Note 2 of the Notes to the consolidated financial statements included in our Annual Report. There have been no new accounting policies, including the adoption of new accounting standards during the three and nine months ended September 30, 2023, which could be expected to materially impact the Company's unaudited condensed consolidated financial statements.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 19,158	$ 56,958
Marketable securities	102,226	112,036
Prepaid expenses and other current assets	11,038	10,502
Total current assets	132,422	179,496
Property and equipment, net	282	385
Operating lease right-of-use assets	388	524
Investment in joint venture	102	30
Total assets	133,194	180,435
Current liabilities:
Accounts payable	464	1,114
Accrued expenses	8,721	9,449
Operating lease liabilities	217	181
Total current liabilities	9,402	10,744
Operating lease liabilities, noncurrent	211	374
Total liabilities	9,613	11,118
Commitments and contingencies (Note 7)
Stockholders' equity
Common stock, $0.0001 par value per share; 200,000,000 shares authorized as of September 30, 2023 and December 31, 2022, respectively; and 37,800,856 and 37,837,369 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	4	4
Preferred stock, $0.0001 par value per share; 50,000,000 shares authorized as of September 30, 2023 and December 31, 2022, respectively; no shares issued or outstanding as of September 30, 2023 and December 31, 2022, respectively	0	0
Additional paid-in capital	338,788	330,208
Accumulated other comprehensive loss	(208)	(214)
Accumulated deficit	(215,003)	(160,681)
Total stockholders' equity	123,581	169,317
Total liabilities and stockholders' equity	$ 133,194	$ 180,435

MARKETABLE SECURITIES - Schedule of Fair Value of Marketable Securities by Type of Security (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 108,598	$ 128,879
Gross Unrealized Holding Gains	14	37
Gross Unrealized Holding Losses	(222)	(251)
Fair Value	108,390	128,665
Level 1 \| Money market funds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	5,166	12,647
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	0	0
Fair Value	5,166	12,647
Level 1 \| U.S. treasury securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	31,807	39,372
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	(46)	(169)
Fair Value	31,761	39,203
Level 2 \| U.S. government agency securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	71,625	76,860
Gross Unrealized Holding Gains	14	37
Gross Unrealized Holding Losses	(176)	(82)
Fair Value	$ 71,463	$ 76,815

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	COMMON	ADDITIONAL PAID-IN CAPITAL	ACCUMULATED DEFICIT	ACCUMULATED OTHER COMPREHENSIVE GAIN (LOSS)
Beginning Balance (in shares) at Dec. 31, 2021		32,129,970
Beginning balance at Dec. 31, 2021	$ 175,602	$ 3	$ 269,626	$ (94,027)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	7,205		7,205
Issuance of common stock under the stock purchase plan (in shares)		0
Issuance of common stock under the stock award plan (in shares)		2,000
Forfeiture of restricted common stock (in shares)		(42,586)
Issuance of common stock from exercise of stock options (in shares)		2,014
Issuance of common stock from exercise of stock options	21		21
Net loss	(50,451)			(50,451)
Other comprehensive gain (loss)	(434)				(434)
Ending Balance (in shares) at Sep. 30, 2022		32,091,398
Ending balance at Sep. 30, 2022	131,943	$ 3	276,852	(144,478)	(434)
Beginning Balance (in shares) at Jun. 30, 2022		32,130,970
Beginning balance at Jun. 30, 2022	147,851	$ 3	274,327	(126,108)	(371)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	2,504		2,504
Issuance of common stock under the stock award plan (in shares)		1,000
Forfeiture of restricted common stock (in shares)		(42,586)
Issuance of common stock from exercise of stock options (in shares)		2,014
Issuance of common stock from exercise of stock options	21		21
Net loss	(18,370)			(18,370)
Other comprehensive gain (loss)	(63)				(63)
Ending Balance (in shares) at Sep. 30, 2022		32,091,398
Ending balance at Sep. 30, 2022	131,943	$ 3	276,852	(144,478)	(434)
Beginning Balance (in shares) at Dec. 31, 2022		37,837,369
Beginning balance at Dec. 31, 2022	169,317	$ 4	330,208	(160,681)	(214)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	8,371		8,371
Issuance of common stock under the stock purchase plan (in shares)		43,423
Issuance of common stock under the stock purchase plan	$ 209		209
Issuance of common stock under the stock award plan (in shares)		11,219
Forfeiture of restricted common stock (in shares)		(91,155)
Issuance of common stock from exercise of stock options (in shares)	0
Net loss	$ (54,322)			(54,322)
Other comprehensive gain (loss)	6				6
Ending Balance (in shares) at Sep. 30, 2023		37,800,856
Ending balance at Sep. 30, 2023	123,581	$ 4	338,788	(215,003)	(208)
Beginning Balance (in shares) at Jun. 30, 2023		37,790,856
Beginning balance at Jun. 30, 2023	139,257	$ 4	336,154	(196,629)	(272)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	2,634		2,634
Issuance of common stock under the stock award plan (in shares)		10,000
Net loss	(18,374)			(18,374)
Other comprehensive gain (loss)	64				64
Ending Balance (in shares) at Sep. 30, 2023		37,800,856
Ending balance at Sep. 30, 2023	$ 123,581	$ 4	$ 338,788	$ (215,003)	$ (208)

BUSINESS AND LIQUIDITY (Details) $ in Millions	Sep. 30, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash, cash equivalents and marketable securities	$ 121.4

MARKETABLE SECURITIES - Schedule of Marketable Securities by Balance Sheet Location Classification (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Debt securities, available-for-sale	$ 108,390	$ 128,665
Cash and cash equivalents
Debt Securities, Available-for-Sale [Line Items]
Debt securities, available-for-sale	6,164	16,629
Marketable securities
Debt Securities, Available-for-Sale [Line Items]
Debt securities, available-for-sale	$ 102,226	$ 112,036

STOCKHOLDERS' EQUITY - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Number of Option Shares
Outstanding at beginning of period (in shares)	2,609,314
Granted (in shares)	2,017,183
Forfeited (in shares)	(185,990)
Expired (in shares)	(107,990)
Exercised (in shares)	0
Outstanding at ending of period (in shares)	4,332,517	2,609,314
Options exercisable at ending of period (in shares)	1,380,083
Weighted-Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 13.01
Granted (in dollars per share)	6.51
Forfeited (in dollars per share)	12.69
Expired (in dollars per share)	13.62
Exercised (in dollars per share)	0
Outstanding at ending of period (in dollars per share)	9.98	$ 13.01
Options exercisable at ending of period (in dollars per share)	$ 11.80
Share-Based Payment Arrangement, Disclosure [Abstract]
Outstanding, Weighted-Average Contractual Term (in years)	8 years 8 months 12 days	8 years 9 months 18 days
Options exercisable, Outstanding, Weighted-Average Contractual Term (in years)	8 years 3 months 18 days
Outstanding, Aggregate Intrinsic Value	$ 0	$ 0
Options exercisable, Aggregate Intrinsic Value	$ 0

STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Summary of Share-based Compensation


	FOR THE THREE MONTHS ENDED SEPTEMBER 30,				FOR THE NINE MONTHS ENDED SEPTEMBER 30,
(in thousands)	2023		2022		2023		2022
Research and development	$	1,182	$	984	$	3,425	$	2,620
General and administrative	1,452		1,520		4,946		4,585
	$	2,634	$	2,504	$	8,371	$	7,205

Summary of Stock Option Activity

The following table summarizes stock option activity for the nine months ended September 30, 2023:


Stock Options	Number of Option Shares	Weighted-Average Exercise Price		Weighted-Average Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022	2,609,314	$	13.01	8.8	$	—
Granted	2,017,183	$	6.51
Forfeited	(185,990)	$	12.69
Expired	(107,990)	$	13.62
Exercised	—	$	—
Outstanding at September 30, 2023	4,332,517	$	9.98	8.7	$	—
Options exercisable at September 30, 2023	1,380,083	$	11.80	8.3	$	—

Summary of Assumptions of Fair Value of Option Pricing Granted

The fair value of the stock options granted during the nine months ended September 30, 2023 and 2022 was determined using the Black-Scholes option pricing model with the following assumptions:


	FOR THE NINE MONTHS ENDED SEPTEMBER 30,
	2023	2022
Expected volatility	88.38% - 92.27%	89.31% - 91.62%
Expected term (years)	5.50 - 6.08	5.50 - 6.08
Risk free interest rate	3.58% - 4.52%	1.42% - 2.94%
Expected dividend yield	—	—
Exercise price	$5.38 - $7.83	$7.54 - $15.04

Summary of Unvested Restricted Common Stock Awards

A summary of the status of the Company's unvested restricted common stock awards at September 30, 2023 and changes during the nine months ended September 30, 2023 was as follows:


Restricted Stock Awards	Shares	Weighted-Average Grant Date Fair Value Per Share
Unvested restricted stock awards at December 31, 2022	1,006,368	$	3.48
Granted	—	$	—
Vested	(447,198)	$	3.13
Forfeited	(91,155)	$	2.77
Outstanding unvested restricted stock awards at September 30, 2023	468,015	$	3.94

Summary of Unvested Restricted Common Stock Units

A summary of the status of the Company's unvested restricted common stock units at September 30, 2023 and changes during the nine months ended September 30, 2023 was as follows:


Restricted Stock Units	Shares	Weighted-Average Grant Date Fair Value Per Share
Unvested restricted stock units at December 31, 2022	128,600	$	11.12
Granted	93,700	$	5.85
Forfeited	—	$	—
Vested	(11,925)	$	8.88
Outstanding unvested restricted stock units at September 30, 2023	210,375	$	8.90

STOCKHOLDERS' EQUITY - Additional Information (Details) - USD ($)			1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 01, 2023	Jan. 01, 2022	Nov. 30, 2022	Aug. 31, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2022
Class of Stock [Line Items]
Proceeds from the issuance of common stock from exercise of stock options							$ 209,000	$ 21,000
Common stock, authorized (in shares)					200,000,000		200,000,000			200,000,000
Common stock, issued (in shares)					37,800,856		37,800,856			37,837,369
Common stock, outstanding (in shares)					37,800,856		37,800,856			37,837,369
Preferred stock, authorized (in shares)					50,000,000		50,000,000			50,000,000
Preferred stock, outstanding (in shares)					0		0			0
Weighted average grant date fair value (in dollars per share)							$ 4.93	$ 9.99
Unrecognized share-based compensation expense					$ 19,200,000		$ 19,200,000
Total unrecognized compensation costs, weighted average period for recognition							2 years 7 months 6 days
Restricted Stock Awards
Class of Stock [Line Items]
Total unrecognized compensation costs, weighted average period for recognition							1 year 4 months 24 days
Unrecognized share-based compensation expense, restricted stock awards					2,000,000		$ 2,000,000
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Total unrecognized compensation costs, weighted average period for recognition							2 years 1 month 6 days
Unrecognized share-based compensation expense, restricted stock units					$ 900,000		$ 900,000
2021 Equity Incentive Plan
Class of Stock [Line Items]
Shares reserved for future issuance (in shares)					6,767,875		6,767,875		5,440,344
Percentage of number of shares of common stock outstanding									5.00%
Additional shares authorized (in shares)	1,891,868	1,606,549
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares)					2,224,983		2,224,983
2021 Employee Stock Purchase Plan
Class of Stock [Line Items]
Percentage of number of shares of common stock outstanding									1.00%
Additional shares authorized (in shares)	378,373	321,309
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares)					908,738		908,738
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)					291,324		291,324
Common stock shares outstanding (in shares)					582,648		582,648
Total share based compensation					$ 33,000	$ 0	$ 155,000	$ 0
Pre-Funded Warrants
Class of Stock [Line Items]
Offering price (in dollars per share)			$ 5.9999
Number of securities called by warrants or rights (in shares)			3,333,388
Pre-funded warrants exercise price (in dollars per share)			$ 0.0001
COMMON
Class of Stock [Line Items]
Stock issued during period (in shares)					10,000	1,000	11,219	2,000
Shares issued (in shares)							43,423	0
IPO
Class of Stock [Line Items]
Stock issued during period (in shares)				7,130,000
Offering price (in dollars per share)				$ 13.00
Proceeds from the issuance of common stock from exercise of stock options				$ 92,700,000
Net proceeds				$ 83,000,000
Over Allotment on Initial Public Offering
Class of Stock [Line Items]
Stock issued during period (in shares)				930,000
Follow on Offering
Class of Stock [Line Items]
Stock issued during period (in shares)			5,803,655
Offering price (in dollars per share)			$ 6.00
Proceeds from the issuance of common stock from exercise of stock options			$ 54,800,000
Net proceeds			$ 50,800,000
Follow on Offering \| Pre-Funded Warrants
Class of Stock [Line Items]
Number of securities called by warrants or rights (in shares)			3,333,388		3,333,388		3,333,388
Pre-funded warrants exercise price (in dollars per share)			$ 0.0001
Exceed limit percentage with exercise to aggregate share of common stock beneficially owned							9.99%
Days of notice							61 days
Percentage of common stock beneficially owned not exceed							19.99%
Over Allotment on Follow on Offering
Class of Stock [Line Items]
Stock issued during period (in shares)			803,654

STOCKHOLDERS' EQUITY - Summary of Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 2,634	$ 2,504	$ 8,371	$ 7,205
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,182	984	3,425	2,620
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 1,452	$ 1,520	$ 4,946	$ 4,585

NET LOSS PER COMMON SHARE - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Nov. 30, 2022
Stock Options and Unvested Restricted Share
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	5,000,000	4,100,000	5,000,000	4,100,000
Pre-Funded Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of securities called by warrants or rights (in shares)					3,333,388
Pre-Funded Warrants \| Follow on Offering
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of securities called by warrants or rights (in shares)	3,333,388		3,333,388		3,333,388

MARKETABLE SECURITIES - Additional Information (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Aggregate fair value of available-for-sale debt securities in an unrealized loss position	$ 81,000,000	$ 70,000,000
Allowance for credit losses	$ 0	$ 0

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating expenses:
Research and development	$ 13,288	$ 12,110	$ 37,620	$ 29,896
General and administrative	6,075	6,750	20,200	20,897
Total operating expenses	19,363	18,860	57,820	50,793
Loss from operations	(19,363)	(18,860)	(57,820)	(50,793)
Other income:
Interest income	1,545	525	4,699	892
Other income	92	98	227	311
Total other income, net	1,637	623	4,926	1,203
Loss before equity in losses of joint venture	(17,726)	(18,237)	(52,894)	(49,590)
Loss on investment in joint venture	648	133	1,428	861
Net loss	$ (18,374)	$ (18,370)	$ (54,322)	$ (50,451)
Net loss per common share, basic (in dollars per share)	$ (0.45)	$ (0.60)	$ (1.35)	$ (1.65)
Net loss per common share, diluted (in dollars per share)	$ (0.45)	$ (0.60)	$ (1.35)	$ (1.65)
Weighted-average common shares outstanding, basic (in shares)	40,531,497	30,777,797	40,382,625	30,562,723
Weighted-average common shares outstanding, diluted (in shares)	40,531,497	30,777,797	40,382,625	30,562,723
Other comprehensive gain (loss):
Net unrealized gain (loss) on marketable securities	$ 64	$ (63)	$ 6	$ (434)
Other comprehensive gain (loss)	64	(63)	6	(434)
Comprehensive loss	$ (18,310)	$ (18,433)	$ (54,316)	$ (50,885)

NET LOSS PER COMMON SHARE

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

NET LOSS PER COMMON SHARE

Basic and diluted loss per common share was calculated as follows:


	FOR THE THREE MONTHS ENDED SEPTEMBER 30,				FOR THE NINE MONTHS ENDED SEPTEMBER 30,
(in thousands except share and per share amounts)	2023		2022		2023		2022
Net loss	$	(18,374)	$	(18,370)	$	(54,322)	$	(50,451)
Weighted-average number of common shares outstanding, basic and diluted	40,531,497		30,777,797		40,382,625		30,562,723
Net loss per common share, basic and diluted	$	(0.45)	$	(0.60)	$	(1.35)	$	(1.65)

Basic net loss per share of common stock is based on the weighted-average number of shares of common stock outstanding during the period. Pre-funded warrants to purchase 3,333,388 shares of common stock that were issued in connection with the November 2022 follow-on offering were included in the weighted-average number of common shares outstanding for the three and nine months ended September 30, 2023. The weighted average number of common shares outstanding diluted for the three and nine months ended September 30, 2023 excludes approximately 5.0 million stock options and unvested restricted stock awards and units, which were not dilutive. The weighted-average number of common shares outstanding diluted for three and nine months ended September 30, 2022 excludes approximately 4.1 million stock options and unvested restricted stock awards and units, which were not dilutive.

NET LOSS PER COMMON SHARE - Summary of Basic and Diluted Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net loss	$ (18,374)	$ (18,370)	$ (54,322)	$ (50,451)
Weighted-average number of common shares outstanding, basic (in shares)	40,531,497	30,777,797	40,382,625	30,562,723
Weighted-average number of common shares outstanding, diluted (in shares)	40,531,497	30,777,797	40,382,625	30,562,723
Net loss per common share, basic (in dollars per share)	$ (0.45)	$ (0.60)	$ (1.35)	$ (1.65)
Net loss per common share, diluted (in dollars per share)	$ (0.45)	$ (0.60)	$ (1.35)	$ (1.65)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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+ Details