--- title: "Rallybio cuts at-the-market stock program to $9,550,000 from $100,000,000" url: "https://aibio.space/news/rallybio-cuts-market-stock-program-9-550-000-100-000-000/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2025-03-13" section: "Financings" tickers: "NASDAQ:RLYB" source: "https://www.sec.gov/Archives/edgar/data/1739410/000119312525053960/d891875d424b5.htm" summary: "Rallybio cut its at-the-market stock program from $100,000,000 to $9,550,000 on March 13, 2025. The company says it has sold no shares under the agreement," --- By the aibio.space news desk. Sources - [Rallybio Corporation 424B5 (2025-03-13)](https://www.sec.gov/Archives/edgar/data/1739410/000119312525053960/d891875d424b5.htm) - [rlyb-20250313.htm](https://www.sec.gov/Archives/edgar/data/1739410/000173941025000041/rlyb-20250313.htm) - [Rallybio Corporation 10-K (2025-03-13): business](https://www.sec.gov/Archives/edgar/data/1739410/000173941025000040/rlyb-20241231.htm) [RLYB](https://aibio.space/companies/rallybio/) 2025-03-13 # Rallybio cuts at-the-market stock program to $9,550,000 from $100,000,000 Tickers [RLYB](https://aibio.space/companies/rallybio/) Rallybio cut its at-the-market stock program from $100,000,000 to $9,550,000 on March 13, 2025. The company says it has sold no shares under the agreement, and the cut follows an SEC rule that limits sales for companies with a public float below $75.0 million. ## Key facts - **Company**: Rallybio Corporation (NASDAQ: RLYB) - **News type**: Financings - **Primary source**: [Rallybio Corporation 424B5 (2025-03-13)](https://www.sec.gov/Archives/edgar/data/1739410/000119312525053960/d891875d424b5.htm) *Midtown Manhattan and a downtown tower in haze. CC0, via rawpixel. The picture shows the field, not the companies named.* ### The amendment Rallybio Corporation and TD Securities (USA) LLC, which the 8-K calls TD Cowen, entered into Amendment No. 1 to their sales agreement on March 13, 2025. The original agreement is dated August 8, 2022. The amendment reduces the aggregate offering price of common stock the company can sell under it from up to $100,000,000 to up to $9,550,000. Under the agreement, TD Cowen uses commercially reasonable efforts to sell shares on Rallybio's instructions. It earns a commission of up to 3.0% of the gross proceeds of shares it sells, and the company agreed to indemnification and contribution. The company also reimburses up to $75,000 of its outside legal costs and puts its own offering expenses at about $150,000. Rallybio has no obligation to sell any shares. The 8-K says the company had sold $0 of shares under the agreement as of the report date. Sales would be made under a shelf registration that is already effective. The company estimates net proceeds of about $9,113,500 if the full amount is sold. ### The float limit The lower cap follows General Instruction I.B.6 of Form S-3. That rule bars a company whose public float is below $75.0 million from selling more than one-third of its public float in any 12-month period under a shelf. Public float is the market value of shares held by investors who are not insiders. The prospectus supplement puts Rallybio's public float at about $28,655,118. That figure rests on 31,146,868 non-affiliate shares at $0.92, the last sale price on January 13, 2025. The stock's last reported sale price on Nasdaq on March 12, 2025 was $0.65 a share. The shares trade on The Nasdaq Global Select Market under RLYB. ### The counsel Ropes & Gray LLP of Boston, Massachusetts passes on the validity of the securities for Rallybio. TD Securities (USA) LLC is represented in the offering by Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. of New York. ### The dilution table The prospectus supplement shows net tangible book value of about $61.7 million, or $1.49 a share, on 41,510,163 shares at December 31, 2024. At an assumed price of $0.65, a full sale would be up to 14,692,308 shares, and as-adjusted book value would be $1.26 a share. The $0.65 price is below the $1.49 book value per share. ### The company's position The annual report for 2024, filed March 13, 2025, describes Rallybio as a company developing treatments for rare diseases, with a strategy built on its own clinical development team. Its lead programs are RLYB212, an anti-HPA-1a antibody for the prevention of fetal and neonatal alloimmune thrombocytopenia, and RLYB116, an inhibitor of complement component 5 with potential for several diseases of complement dysregulation. RLYB212 is in a Phase 2 trial in pregnant women. The company plans a confirmatory pharmacokinetic and pharmacodynamic study of RLYB116 in the second quarter of 2025. The annual report describes the team as having played roles in more than 30 drug approvals, but it does not say how many of those approvals came from the current team's work at Rallybio. ### What the cut means The program now offers $9,550,000 at most. The prospectus gives no cash runway, so the amount cannot be set against the company's spending plans. The cut also shows the limits a low share price imposes on the company's access to equity. Under the float rule, the company can sell only a limited amount through the program, and the program is now much smaller than the original $100 million. ### What comes next The next steps are the Phase 2 trial of RLYB212 and the confirmatory study of RLYB116 in the second quarter of 2025. The sales agreement can be suspended or ended at any time, and the filings give no timetable for any sales. Any shares sold would be made at market prices and would carry the 3.0% commission. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story RLYB Rallybio Corporation NASDAQ ยท United States Open the starter desk ## More in Financings Financings ### [INmune Bio raises $4.50 million in registered direct offering with warrants](https://aibio.space/news/inmune-bio-raises-4-50-million-registered-direct-offering-warrants/) Oct 29, 2026 Financings ### [Lexeo Therapeutics files $300 million shelf registration](https://aibio.space/news/lexeo-therapeutics-files-300-million-shelf-registration/) Oct 29, 2026 Financings ### [ProKidney files $650 million shelf with $200 million Jefferies sales program](https://aibio.space/news/prokidney-files-650-million-shelf-200-million-jefferies-sales-program/) Oct 29, 2026 --- Source page: https://aibio.space/news/rallybio-cuts-market-stock-program-9-550-000-100-000-000/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Rallybio cuts at-the-market stock program to $9,550,000 from $100,000,000", 2025-03-13, https://aibio.space/news/rallybio-cuts-market-stock-program-9-550-000-100-000-000/