rlyb-20230630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

_____________________________________

FORM 10-Q

_____________________________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to ______________

Commission File Number: 001-40693

_____________________________________

RALLYBIO CORPORATION

(Exact Name of Registrant as Specified in its Charter)

_____________________________________


Delaware			85-1083789
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
234 Church Street, Suite 1020 New Haven, CT			06510
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (203) 859-3820

_____________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

RLYB

The NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	x	Smaller reporting company	x
		Emerging growth company	x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes x No o

As of August 4, 2023, the registrant had 37,800,856 shares of common stock, $0.0001 par value per share, outstanding.

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		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements	6
	Unaudited Condensed Consolidated Balance Sheets	6
	Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss	7
	Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity	8
	Unaudited Condensed Consolidated Statements of Cash Flows	9
	Notes to Unaudited Condensed Consolidated Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29
Item 4.	Controls and Procedures	29

PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	86
Item 6.	Exhibits	87
Signatures		88

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Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements that are based on management’s beliefs and assumptions and on information currently available to management. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements include, but are not limited to, statements concerning:

•the initiation, timing, progress, results, and cost of our research and development programs, and our current and future preclinical and clinical studies, including statements regarding the timing of initiation and completion of our clinical trials for RLYB212, RLYB116 and RLYB331, our toxicology program for RLYB212, and the natural history study for our fetal and neonatal alloimmune thrombocytopenia prevention program, and related preparatory work, and the period during which the results of the trials will become available;

•the success, cost and timing of our clinical development of our product candidates, including RLYB212, RLYB116, RLYB114 and RLYB331;

•our ability to initiate, recruit and enroll patients in and conduct our clinical trials at the pace that we project;

•our ability to obtain and maintain regulatory approval of our product candidates, and any related restrictions, limitations or warnings in the label of any of our product candidates, if approved;

•our ability to compete with companies currently marketing or engaged in the development of treatments for diseases that our product candidates are designed to target, including paroxysmal nocturnal hemoglobinuria and generalized myasthenia gravis;

•our reliance on third parties to conduct our clinical trials;

•our reliance on third parties to manufacture drug substance for use in our clinical trials;

•the size and growth potential of the markets for RLYB212, RLYB116, RLYB114, RLYB331 and any of our current product candidates or other product candidates we may identify and pursue, and our ability to serve those markets;

•our ability to enter into collaborations, partnerships and other transactions with third parties;

•our ability to identify and advance through clinical development any additional product candidates;

•the commercialization of our current product candidates and any other product candidates we may identify and pursue, if approved, including our ability to successfully build commercial infrastructure or enter into collaborations with third parties to market our current product candidates and any other product candidates we may identify and pursue;

•our ability to retain and recruit key personnel;

•our ability to obtain and maintain adequate intellectual property rights;

•our expectations regarding government and third-party payor coverage and reimbursement;

•our estimates of our expenses, ongoing losses, capital requirements and our needs for or ability to obtain additional financing;

•our expected uses of the net proceeds from our initial public offering and any subsequent offerings;

•the potential benefits of strategic collaboration agreements and arrangements, including our agreements with Exscientia Limited and AbCellera Biologics Inc. and our research collaboration with EyePoint Pharmaceuticals, Inc., our ability to enter into strategic collaborations or arrangements, including potential business development opportunities and potential licensing partnerships, and our ability to attract collaborators with development, regulatory and commercialization expertise;

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•our expectations regarding the time during which we will be an emerging growth company under the Jumpstart Our Business Startups Act of 2012;

•our financial performance;

•developments and projections relating to our competitors or our industry; and

•other risks and uncertainties, including those listed under the section titled “Risk Factors.”

The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions and are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of known and unknown risks, uncertainties and assumptions, including those described under the sections in this Quarterly Report on Form 10-Q entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Quarterly Report on Form 10-Q. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as guarantees of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual future results, levels of activity, performance and events and circumstances could differ materially from those projected in the forward-looking statements. Moreover, we operate in an evolving environment. New risks and uncertainties may emerge from time to time, and it is not possible for management to predict all risks and uncertainties. Except as required by applicable law, we are not obligated to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

Trademarks

We use Rallybio as a trademark in the United States ("U.S.") and/or in other countries. This Quarterly Report on Form 10-Q contains references to our trademark and to those belonging to other entities, including Affibody® . Solely for convenience, trademarks and trade names referred to in this Quarterly Report on Form 10-Q, including logos, artwork and other visual displays, may appear without the ® or TM symbols, but such references are not intended to indicate in any way that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other entities’ trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other entity.

Risk Factor Summary

Our business is subject to a number of risks that are discussed more fully in the “Risk Factors” section of this Quarterly Report on Form 10-Q. These risks include the following:

•We have incurred significant losses since our inception and anticipate that we will continue to incur losses in the foreseeable future. We have not commercialized any products and have never generated revenue from the commercialization of any product. We are not currently profitable, and we may never achieve or sustain profitability;

•We will require significant additional capital to fund our operations, and if we fail to obtain necessary financing, we may not be able to complete the development and commercialization of RLYB212, RLYB116 or any additional product candidates we may develop;

•Raising additional capital may cause dilution to our stockholders, restrict our operations or require us to relinquish rights to our technologies or product candidates;

•We are heavily dependent on the success of RLYB212 and RLYB116, which are in early-stage clinical development. If we are not able to develop, obtain regulatory approval for, or successfully commercialize our product candidates, or if we experience significant delays in doing so, our business will be materially harmed;

•We may not be successful in our efforts to identify additional product candidates. Due to our limited resources and access to capital, we must prioritize development of certain product candidates, the choice of which may prove to be wrong and adversely affect our business;

•Preclinical studies and clinical trials are expensive, time consuming and difficult to design and implement, and involve uncertain outcomes. Any product candidates that we advance into

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clinical trials may not achieve favorable results in later clinical trials, if any, or receive marketing approval. We may incur additional costs or experience delays in completing, or ultimately be unable to complete, the development and commercialization of our product candidates;

•Enrollment and retention of patients in clinical trials is an expensive and time-consuming process and could be made more difficult or rendered impossible by multiple factors outside our control, including our focus on rare diseases;

•Results of preclinical studies, clinical trials or analyses that we may announce or publish from time to time, may not be indicative of results obtained in later trials, and any interim results we may publish could be different than final results;

•Any product candidates that we develop or the administration thereof, may cause serious adverse events or undesirable side effects, which may halt their clinical development, delay or prevent marketing approval, or, if approved, require them to be taken off the market, include safety warnings, or otherwise limit their sales;

•The regulatory approval processes of the U.S. Food and Drug Administration (the "FDA"), the European Medicines Agency (the "EMA"), and comparable foreign regulatory authorities, including the Medicines and Healthcare products Regulatory Agency in the United Kingdom (the “MHRA”), are lengthy, time-consuming, and inherently unpredictable, and if we are ultimately unable to obtain regulatory approval for RLYB212, RLYB116 or any of our other product candidates, our business will be substantially harmed;

•Our product candidates target rare diseases and conditions, and the market opportunities for RLYB212, RLYB116 or any of our other product candidates, if approved, may be smaller than we anticipate. As a result, our commercial opportunity may be limited and because the target populations of our product candidates are for rare diseases, we must be able to successfully identify patients and capture a significant market share to achieve profitability and growth;

•The FDA, EMA or other comparable foreign regulatory authorities, including the MHRA, could require the clearance or approval of an in vitro diagnostic or companion diagnostic device as a condition of approval for any product candidate that requires or would commercially benefit from such tests, including RLYB212. Failure to successfully validate, develop and obtain regulatory clearance or approval for companion diagnostics on a timely basis or at all could harm our drug development strategy and we may not realize the commercial potential of any such product candidate;

•We face significant competition from biotechnology and pharmaceutical companies, and our operating results will suffer if we fail to compete effectively;

•We intend to continue to pursue business development transactions focused on the in-license of additional product candidates or the out-license of rights to product candidates in our pipeline and collaborate with third parties for the development and commercialization of our product candidates. We may not succeed in identifying and acquiring businesses or assets, in-licensing intellectual property rights or establishing and maintaining collaborations, which may significantly limit our ability to successfully develop and commercialize our other product candidates, if at all, and these transactions could disrupt our business, cause dilution to our stockholders or reduce our financial resources; and

•If we are unable to obtain, maintain and enforce patent protection for our technology and product candidates, or if the scope of the patent protection obtained is not sufficiently broad, our competitors could develop and commercialize technology and products similar or identical to ours, and our ability to successfully develop and commercialize our technology and product candidates may be adversely affected.

The foregoing is only a summary of some of our risks. For a more detailed discussion of these and other risks you should consider before making an investment in our common stock, see “Risk Factors.”

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PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

RALLYBIO CORPORATION

Condensed Consolidated Balance Sheets

(Unaudited)


(in thousands, except share and per share amounts)	JUNE 30, 2023		DECEMBER 31, 2022
Assets
Current assets:
Cash and cash equivalents	$	32,559	$	56,958
Marketable securities	105,279		112,036
Prepaid expenses and other assets	8,996		10,502
Total current assets	146,834		179,496
Property and equipment, net	308		385
Operating lease right-of-use assets	434		524
Investment in joint venture	—		30
Total assets	$	147,576	$	180,435
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	689	$	1,114
Accrued expenses	7,151		9,449
Operating lease liabilities	213		181
Total current liabilities	8,053		10,744
Operating lease liabilities, noncurrent	266		374
Total liabilities	8,319		11,118
Commitments and contingencies (Note 7)
Stockholders' equity
Common stock, $0.0001 par value per share; 200,000,000 shares authorized as of June 30, 2023 and December 31, 2022, respectively; and 37,790,856 and 37,837,369 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	4		4
Preferred stock, $0.0001 par value per share; 50,000,000 shares authorized as of June 30, 2023 and December 31, 2022, respectively; no shares issued or outstanding as of June 30, 2023 and December 31, 2022, respectively	—		—
Additional paid-in capital	336,154		330,208
Accumulated other comprehensive loss	(272)		(214)
Accumulated deficit	(196,629)		(160,681)
Total stockholders' equity	139,257		169,317
Total liabilities and stockholders' equity	$	147,576	$	180,435

See accompanying notes of the condensed consolidated financial statements

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RALLYBIO CORPORATION

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)


	FOR THE THREE MONTHS ENDED JUNE 30,				FOR THE SIX MONTHS ENDED JUNE 30,
(in thousands, except share and per share amounts)	2023		2022		2023		2022
Operating expenses:
Research and development	$	13,130	$	10,138	$	24,332	$	17,786
General and administrative	6,953		7,477		14,125		14,147
Total operating expenses	20,083		17,615		38,457		31,933
Loss from operations	(20,083)		(17,615)		(38,457)		(31,933)
Other income:
Interest income	1,608		270		3,154		367
Other income	62		100		135		213
Total other income, net	1,670		370		3,289		580
Loss from continuing operations	(18,413)		(17,245)		(35,168)		(31,353)
Loss on investment in joint venture	217		338		780		728
Net loss	$	(18,630)	$	(17,583)	$	(35,948)	$	(32,081)

Net loss per common share, basic and diluted	$	(0.46)	$	(0.57)	$	(0.89)	$	(1.05)
Weighted-average common shares outstanding, basic and diluted	40,363,902		30,588,931		40,306,715		30,453,913

Other comprehensive loss:
Net unrealized loss on marketable securities	(211)		(249)		(58)		(371)
Other comprehensive loss	(211)		(249)		(58)		(371)
Comprehensive loss	$	(18,841)	$	(17,832)	$	(36,006)	$	(32,452)

See accompanying notes of the condensed consolidated financial statements

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RALLYBIO CORPORATION

Condensed Consolidated Statements of Changes in Stockholders' Equity

(Unaudited)


FOR THE THREE MONTHS ENDED JUNE 30, 2023 and 2022	COMMON			ADDITIONAL PAID-IN CAPITAL		ACCUMULATED DEFICIT		ACCUMULATED OTHER COMPREHENSIVE LOSS		STOCKHOLDERS' EQUITY
(in thousands, except share amounts)	SHARES	AMOUNT
March 31, 2022	32,130,970	$	3	$	271,680	$	(108,525)	$	(122)	$	163,036
Share-based compensation expense	—	—		2,647		—		—		2,647
Net loss	—	—		—		(17,583)		—		(17,583)
Other comprehensive loss	—	—		—		—		(249)		(249)
Balance, June 30, 2022	32,130,970	$	3	$	274,327	$	(126,108)	$	(371)	$	147,851

March 31, 2023	37,746,214	$	4	$	333,253	$	(177,999)	$	(61)	$	155,197
Share-based compensation expense	—	—		2,692		—		—		2,692
Issuance of common stock under the stock purchase plan	43,423	—		209		—		—		209
Issuance of common stock under the stock award plan	1,219	—		—		—		—		—
Forfeiture of restricted common stock	—	—		—		—		—		—
Net loss	—	—		—		(18,630)		—		(18,630)
Other comprehensive loss	—	—		—		—		(211)		(211)
Balance, June 30, 2023	37,790,856	$	4	$	336,154	$	(196,629)	$	(272)	$	139,257



FOR THE SIX MONTHS ENDED JUNE 30, 2023 and 2022	COMMON			ADDITIONAL PAID-IN CAPITAL		ACCUMULATED DEFICIT		ACCUMULATED OTHER COMPREHENSIVE LOSS		STOCKHOLDERS' EQUITY
(in thousands, except share amounts)	SHARES	AMOUNT
December 31, 2021	32,129,970	$	3	$	269,626	$	(94,027)	$	—	$	175,602
Share-based compensation expense	—	—		4,701		—		—		4,701
Issuance of common stock under the stock award plan	1,000	—		—		—		—		—
Net loss	—	—		—		(32,081)		—		(32,081)
Other comprehensive loss	—	—		—		—		(371)		(371)
Balance, June 30, 2022	32,130,970	$	3	$	274,327	$	(126,108)	$	(371)	$	147,851

December 31, 2022	37,837,369	$	4	$	330,208	$	(160,681)	$	(214)	$	169,317
Share-based compensation expense	—	—		5,737		—		—		5,737
Issuance of common stock under the stock purchase plan	43,423	—		209		—		—		209
Issuance of common stock under the stock award plan	1,219	—		—		—		—		—
Forfeiture of restricted common stock	(91,155)	—		—		—		—		—
Net loss	—	—		—		(35,948)		—		(35,948)
Other comprehensive loss	—	—		—		—		(58)		(58)
Balance, June 30, 2023	37,790,856	$	4	$	336,154	$	(196,629)	$	(272)	$	139,257

See accompanying notes of the condensed consolidated financial statements

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RALLYBIO CORPORATION

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	FOR THE SIX MONTHS ENDED JUNE 30,
(in thousands)	2023		2022
Cash Flows Used in Operating Activities:
Net loss	$	(35,948)	$	(32,081)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	77		86
Net accretion of discounts/premiums on debt securities	(1,729)		109
Stock-based compensation	5,737		4,701
Loss on investment in joint venture	780		728
Changes in operating assets and liabilities:
Prepaid expenses, right-of-use assets and other assets	1,595		(1,308)
Accounts payable	(387)		23
Accrued expenses and operating lease liabilities	(2,274)		457
Net cash used in operating activities	(32,149)		(27,285)
Cash Flows Provided By (Used In) Investing Activities:
Purchases of marketable securities	(61,603)		(109,096)
Proceeds from maturities of marketable securities	70,032		22,000
Purchase of property and equipment	—		(50)
Investment in joint venture	(750)		(150)
Net cash provided by (used in) investing activities	7,679		(87,296)
Cash Flows Provided By (Used In) Financing Activities:
Proceeds from the issuance of common stock under the stock purchase plan	209		—
Payments of offering costs	(138)		—
Net cash provided by financing activities	71		—
Net decrease in cash and cash equivalents	(24,399)		(114,581)
Cash and cash equivalents—beginning of period	56,958		175,334
Cash and cash equivalents—end of period	$	32,559	$	60,753

Supplemental Disclosures of Noncash Investing and Financing Activities:
Property and equipment in accounts payable and accrued expenses	$	—	$	6

See accompanying notes of the condensed consolidated financial statements

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RALLYBIO CORPORATION

Notes to Unaudited Condensed Consolidated Financial Statements

1. 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") complement 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 $137.8 million as of June 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 the condensed consolidated financial statements are issued. However, we do not anticipate that the current cash, cash equivalents and marketable securities as of June 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.

2. 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 six months ended June 30, 2023, which could be expected to materially impact the Company's unaudited condensed consolidated financial statements.

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3. 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 June 30, 2023 and December 31, 2022 was as follows:


		JUNE 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	$	14,378	$	—	$	—	$	14,378
U.S. treasury securities	Level 1	9,901		—		(26)		9,875
U.S. government agency securities	Level 2	95,650		8		(254)		95,404
		$	119,929	$	8	$	(280)	$	119,657


		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 June 30, 2023 and December 31, 2022:


(in thousands)	JUNE 30, 2023		DECEMBER 31, 2022
Cash and cash equivalents	$	14,378	$	16,629
Marketable securities	105,279		112,036
	$	119,657	$	128,665

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


(in thousands)	JUNE 30, 2023		DECEMBER 31, 2022
Due in one year or less	$	99,008	$	127,667
Due after one year through two years	20,649		998
	$	119,657

SEC Form 10-Q filed by Rallybio Corporation