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Deep Value: cash covers more than 100% of the stock price

This company holds roughly $93M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Rallybio Corporation logo

Rallybio Corporation

RLYB
34
Biotechnology · Healthcare
Price
$16.83
+0.23 (+1.39%)
Market Cap
$89.3M
Exchange
NASDAQ
Winston Score
34
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Weak
Growth
Good
Cash Flow
Good
Stability
Data not available
Valuation
Good

Share count rising — dilution

+40.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 4.0M (2021) → 5.6M (2025)

Winston Score History

The full picture

Rallybio Corporation is a small biotechnology company focused on developing medicines for rare and serious diseases. Its main work involves finding treatments for conditions where the immune system attacks the body or where blood-related problems cause harm to patients. The company's lead program targets a condition called fetal and neonatal alloimmune thrombocytopenia, or FNAIT, a rare disorder where a mother's immune system destroys a developing baby's platelets.

Rallybio makes no product revenue yet and funds its operations through partnerships, grants, and capital raises. It is based in the United States and operates at a significant loss, which is normal for early-stage biotech companies that spend heavily on research before any drug reaches the market. The company's future depends almost entirely on whether its lead drug candidate succeeds in clinical trials and eventually wins regulatory approval, making clinical trial outcomes the single biggest risk investors face.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
N/A
Data not available
Profit after running costs
Operating Margin
N/A
Data not available
Return on the money invested
ROCE
-25.1%
Weak — -25.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
-15.1%
Shrinking sales (-15.1% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
58%
Weak — only 58% of profit becomes cash
Spare cash per sale
FCF Margin
4077.4%
Converts sales into free cash efficiently (4077.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
2.1x
Attractive valuation — P/E 2.1

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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