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SEGMENTS | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
SEGMENTS | 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.

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