v3.26.1
SEGMENTS
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Segment Reporting [Abstract]    
SEGMENTS
9. SEGMENTS
The Company defines its segments on the basis of the way in which internally reported financial information is regularly reviewed by the chief operating decision maker (“CODM”) to analyze financial performance, make decisions, and allocate resources. The Company’s CODM consists of its Chief Executive Officer and Chief Financial Officer. The Company manages its operations as a single operating and reportable segment and the measure of segment profit or loss is net loss. The CODM uses net loss in the budget and forecasting process and considers
budget-to-actual
variances on a quarterly basis when making decisions about the allocation of operating and capital resources.
 
 
The following table summarizes the information about reported segment revenues and significant segment expenses presented on the Company’s condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025:
 
    
FOR THE THREE MONTHS

ENDED
MARCH 31,
  
(in thousands)
   
2026
     
2025
  
Revenue
    $ 212      $ 212  
Less:
      
Research and development:
      
RLYB212
      56        2,438  
RLYB116
      396        619  
Other program candidates
      2        (163 ) 
Personnel expenses (including share-based compensation)
      2,280        2,589  
Other expenses
      137        242  
General and administrative, excluding personnel expenses
      4,223        1,525  
General and administrative, personnel expenses (including share-based compensation)
      1,851        2,632  
Other segment items*
      (455 )       (231 ) 
  
 
 
     
 
 
  
Segment net loss
    $ (8,278 )     $ (9,439 ) 
  
 
 
     
 
 
  
 
 
*
Other segment items include total other income, net and loss on investment in joint venture.
12. SEGMENTS
The Company defines its segments on the basis of the way in which internally reported financial information is regularly reviewed by the CODM to analyze financial performance, make decisions, and allocate resources. The Company’s CODM consists of its Chief Executive Officer, Chief Financial Officer and Chief Medical Officer. The Company manages its operations as a single operating and reportable segment and the measure of segment profit or loss is net loss. The CODM uses net loss in the budget and forecasting process and considers
budget-to-actual
variances on a quarterly basis when making decisions about the allocation of operating and capital resources.
The following table summarizes the information about reported segment revenues and significant segment expenses presented on the Company’s consolidated statements of operations and comprehensive loss for the years ended December 31, 2025 and 2024:
 
    
FOR THE YEAR ENDED
DECEMBER 31,
  
(in thousands)
   
2025
    
2024
  
Revenue
    $ 858     $ 636  
Less:
     
Research and development:
     
RLYB212
      6,291       21,287  
RLYB116
      3,786       4,841  
Other program candidates
      (29 )      1,901  
Personnel (including share-based compensation)
      8,798       12,488  
Other
      751       990  
General and administrative, excluding personnel
      6,078       6,654  
General and administrative, personnel (including share-based compensation)
      8,247       12,971  
Other segment items*
      (24,086 )      (2,721 ) 
  
 
 
    
 
 
  
Segment net loss
    $ (8,978 )    $ (57,775 ) 
  
 
 
    
 
 
  
 
*   Other segment items includes total other income, net and gain and loss on investment in joint venture.