v3.26.1
SEGMENTS
 6 Months Ended 12 Months Ended
Jun. 30, 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 income (loss) for the three and six months ended June 30, 2026 and 2025:
 
 
  
FOR THE THREE MONTHS
ENDED
JUNE 30,
 
  
FOR THE SIX MONTHS
ENDED
JUNE 30,
 
(in thousands)
  
2026
 
  
2025
 
  
2026
 
  
2025
 
Revenue
  
$
— 
 
  
$
212
  
$
212
  
$
424
Less:
  
  
  
  
Research and development:
  
  
  
  
RLYB212
  
 
(48
) 
  
 
1,377
  
 
8
  
 
3,815
RLYB116
  
 
525
  
 
1,274
  
 
921
  
 
1,893
Other program candidates
  
 
5
  
 
95
  
 
7
  
 
(68
) 
Personnel expenses (including share-based compensation)
  
 
180
  
 
3,161
  
 
2,460
  
 
5,750
Other expenses
  
 
96
  
 
167
  
 
233
  
 
409
General and administrative, excluding personnel expenses
  
 
3,726
  
 
1,472
  
 
7,949
  
 
2,997
General and administrative, personnel expenses (including share-based compensation)
  
 
1,169
  
 
2,723
  
 
3,020
  
 
5,355
Other segment items*
  
 
(49,318
) 
  
 
(354
) 
  
 
(49,773
) 
  
 
(585
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Segment net income (loss)
  
$
43,665
  
$
(9,703
) 
  
$
35,387
  
$
(19,142
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
*
Other segment items include total other income, net, inclusive of the $50 million termination fee related to the Candid Merger Agreement, income tax expense, 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.