Rallybio Corp (RLYB): M&A transaction — Rallybio sells ENPP1 JV stake to Recursion for up to $25M; cash runway to mid-2027

Rallybio Corp

Upfront equity payment of $7.5M (1,457,952 Recursion shares); potential $12.5M contingent equity and $5M clinical milestone.
Rallybio eligible for low single-digit royalties on future net sales of REV102 (ENPP1 inhibitor for HPP).
Deal extends Rallybio's cash runway to mid-2027; company sharpens focus on RLYB116 confirmatory study topline data this year.
REV102 was in IND-enabling studies; Recursion gains full ownership to accelerate development.

item 1.01 item 2.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Rallybio Corp completed a disposition involving Recursion Pharmaceuticals, Inc. (closed 2025-07-08).

Action: disposition
Counterparty: Recursion Pharmaceuticals, Inc.
Closing: 2025-07-08

Exact text from the filing

On July 8, 2025, Rallybio Corporation (“Rallybio”) entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) with Recursion Pharmaceuticals, Inc., (“Recursion”), Exscientia Ventures I, Inc., an indirect wholly-owned subsidiary of Recursion (“Buyer”) and Rallybio IPB, LLC, a wholly-owned subsidiary of Rallybio (“Seller”), pursuant to which Buyer purchased 50% of the issued and outstanding membership interests (the “Membership Interests”) of RE Ventures I, LLC (the “ENPP1 JV”) from Seller in exchange for cash and the issuance of shares (“Shares”) of Class A Common Stock of Recursion (the “Sale”).

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Source: SEC EDGAR

accession 0001739410-25-000100

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