Rallybio

Q2 FY2026 EarningsQ2 FY26 results were heavily distorted by a one-time $50.0M merger termination fee, leading to a massive EPS beat of $7.53 vs. ($1.28) expected. Total revenue was $0, in line with consensus for a clinical-stage biotech. Operating expenses fell 45% YoY to $5.7M as R&D spending was slashed following program discontinuations. The company has entered a new merger agreement with Avenzo Therapeutics, which will effectively pivot the business into oncology and result in existing stockholders owning only ~2.8% of the combined entity.