Rallybio (RLYB) 10-Q 8 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 04, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-40693
Entity Registrant Name	RALLYBIO CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-1083789
Entity Address, Address Line One	234 Church Street
Entity Address, Address Line Two	Suite 1020
Entity Address, City or Town	New Haven
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06510
City Area Code	203
Local Phone Number	859-3820
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	RLYB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		37,800,856
Entity Central Index Key	0001739410
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
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	0	30
Total assets	147,576	180,435
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	0	0
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

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value per share (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	37,790,856	37,837,369
Common stock, shares outstanding (in shares)	37,790,856	37,837,369
Preferred stock, par value per share (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 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 (in dollars per share)	$ (0.46)	$ (0.57)	$ (0.89)	$ (1.05)
Net loss per common share, diluted (in dollars per share)	$ (0.46)	$ (0.57)	$ (0.89)	$ (1.05)
Weighted average number of common shares outstanding, basic (in shares)	40,363,902	30,588,931	40,306,715	30,453,913
Weighted average number of common shares outstanding, diluted (in shares)	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)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	COMMON	ADDITIONAL PAID-IN CAPITAL	ACCUMULATED DEFICIT	ACCUMULATED OTHER COMPREHENSIVE LOSS
Beginning balance at Dec. 31, 2021	$ 175,602	$ 3	$ 269,626	$ (94,027)	$ 0
Beginning Balance (in shares) at Dec. 31, 2021		32,129,970
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	4,701		4,701
Issuance of common stock under the stock purchase plan (in shares)		0
Issuance of common stock under the stock award plan (in shares)		1,000
Net loss	(32,081)			(32,081)
Other comprehensive loss	(371)				(371)
Ending Balance (in shares) at Jun. 30, 2022		32,130,970
Ending balance at Jun. 30, 2022	147,851	$ 3	274,327	(126,108)	(371)
Beginning balance at Mar. 31, 2022	163,036	$ 3	271,680	(108,525)	(122)
Beginning Balance (in shares) at Mar. 31, 2022		32,130,970
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	2,647		2,647
Net loss	(17,583)			(17,583)
Other comprehensive loss	(249)				(249)
Ending Balance (in shares) at Jun. 30, 2022		32,130,970
Ending balance at Jun. 30, 2022	147,851	$ 3	274,327	(126,108)	(371)
Beginning balance at Dec. 31, 2022	169,317	$ 4	330,208	(160,681)	(214)
Beginning Balance (in shares) at Dec. 31, 2022		37,837,369
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	5,737		5,737
Issuance of common stock under the stock purchase plan (in shares)		43,423
Issuance of common stock under the stock purchase plan	209		209
Issuance of common stock under the stock award plan (in shares)		1,219
Forfeiture of restricted common stock (in shares)		(91,155)
Net loss	(35,948)			(35,948)
Other comprehensive loss	(58)				(58)
Ending Balance (in shares) at Jun. 30, 2023		37,790,856
Ending balance at Jun. 30, 2023	139,257	$ 4	336,154	(196,629)	(272)
Beginning balance at Mar. 31, 2023	155,197	$ 4	333,253	(177,999)	(61)
Beginning Balance (in shares) at Mar. 31, 2023		37,746,214
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	2,692		2,692
Issuance of common stock under the stock purchase plan (in shares)		43,423
Issuance of common stock under the stock purchase plan	209		209
Issuance of common stock under the stock award plan (in shares)		1,219
Net loss	(18,630)			(18,630)
Other comprehensive loss	(211)				(211)
Ending Balance (in shares) at Jun. 30, 2023		37,790,856
Ending balance at Jun. 30, 2023	$ 139,257	$ 4	$ 336,154	$ (196,629)	$ (272)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 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	0	(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	0
Payments of offering costs	(138)	0
Net cash provided by financing activities	71	0
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	$ 0	$ 6

BUSINESS AND LIQUIDITY

BUSINESS AND LIQUIDITY	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS AND LIQUIDITY	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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION	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.

MARKETABLE SECURITIES

MARKETABLE SECURITIES	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	MARKETABLE SECURITIES 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 $ 128,665 The aggregate fair value of available-for-sale debt securities in an unrealized loss position as of June 30, 2023 and December 31, 2022 was $78.1 million and $70.0 million, respectively. As of June 30, 2023, we believe that the cost basis of our available-for-sale debt securities is recoverable. No allowance for credit losses was recorded as of June 30, 2023.

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS	6 Months Ended
	Jun. 30, 2023
Balance Sheet Related Disclosures [Abstract]
BALANCE SHEET COMPONENTS	BALANCE SHEET COMPONENTS Prepaid expenses and other assets consisted of the following as of June 30, 2023 and December 31, 2022: (in thousands) JUNE 30, DECEMBER 31, Research and development $ 7,321 $ 7,904 Insurance 150 933 Other prepaids 430 615 Other assets 1,095 1,050 $ 8,996 $ 10,502 Accrued Expenses— Accrued expenses consisted of the following as of June 30, 2023 and December 31, 2022: (in thousands) JUNE 30, DECEMBER 31, Research and development $ 4,165 $ 3,582 Compensation and related expenses 2,234 4,703 Professional fees 268 510 Other 484 654 $ 7,151 $ 9,449

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY In August 2021, the Company completed its initial public offering ("IPO"), pursuant to which it issued and sold 7,130,000 shares of the Company’s common stock, inclusive of 930,000 shares sold pursuant to the full exercise of the underwriters’ option to purchase additional shares at a public offering price of $13.00 per share. The gross proceeds from the IPO, including the exercise of the underwriters' option to purchase additional shares were $92.7 million and the net proceeds were approximately $83.0 million, after deducting underwriting discounts and commissions and other offering costs. In November 2022, the Company completed a follow-on offering in which it raised gross proceeds of $54.8 million from the sale of 5,803,655 shares of common stock, inclusive of 803,654 shares of common stock sold pursuant to the partial exercise of the underwriters' option to purchase additional shares at the price of $6.00 per share and we issued to certain investors in lieu of common stock, pre-funded warrants to purchase up to an aggregate of 3,333,388 shares of common stock at a price of $5.9999, which represents the per share public offering price for the shares less the $0.0001 per share exercise price for each pre-funded warrant. The net proceeds from the November 2022 follow-on offering were approximately $50.8 million, after deducting underwriting discounts and commissions and other offering costs. The Company had 200,000,000 shares of common stock authorized as of June 30, 2023 and December 31, 2022, respectively, of which 37,790,856 and 37,837,369 shares were issued and outstanding as of June 30, 2023 and December 31, 2022. Preferred Stock The Company had 50,000,000 shares of preferred stock authorized as of June 30, 2023 and December 31, 2022, respectively, of which no shares were outstanding as of June 30, 2023 and December 31, 2022. Pre-Funded Warrants In connection with the November 2022 follow-on offering, the Company entered into an agreement with certain investors for pre-funded warrants in lieu of common stock to purchase up to an aggregate of 3,333,388 shares of common stock at a price of $5.9999, which represents the per share public offering price at the November 2022 follow-on offering for common stock less a $0.0001 per share exercise price for each pre-funded warrant. The Company may not effect the exercise of any pre-funded warrant, and a holder will not be entitled to exercise any portion of any pre-funded warrant if, upon giving effect to such exercise, the aggregate number of shares of common stock beneficially owned by the holder (together with its affiliates) would exceed 9.99% of the number of shares of common stock outstanding immediately after giving effect to the exercise, which percentage may be increased or decreased at the holder’s election upon 61 days’ notice to the Company subject to the terms of such pre-funded warrants, provided that such percentage may in no event exceed 19.99%. The Company has assessed the pre-funded warrant for appropriate equity or liability classification. During this assessment, the Company determined the pre-funded warrant is a freestanding instrument that does not meet the definition of a liability pursuant to ASC 480 and does not meet the definition of a derivative pursuant to ASC 815. The pre-funded warrant is indexed to the Company’s common stock and meets all other conditions for equity classification under ASC 480 and ASC 815. Accordingly, the pre-funded warrant classified as equity and accounted for as a component of additional paid-in capital at the time of issuance. All of the pre-funded warrants related to our November 2022 follow-on offering remain outstanding and unexercised as of June 30, 2023. Share-based Compensation Share-based compensation, comprised of stock options, restricted stock awards, restricted stock units and shares issued pursuant to the employee stock purchase plan, is classified in the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2023 and 2022 as follows: FOR THE THREE MONTHS ENDED JUNE 30, FOR THE SIX MONTHS ENDED JUNE 30, (in thousands) 2023 2022 2023 2022 Research and development $ 1,180 $ 911 $ 2,243 $ 1,636 General and administrative 1,512 1,736 3,494 3,065 $ 2,692 $ 2,647 $ 5,737 $ 4,701 2021 Equity Incentive Plan In 2021, the board of directors adopted the Rallybio Corporation 2021 Equity Incentive Plan (the "2021 Plan"). The 2021 Plan initially reserved 5,440,344 shares of the Company's common stock that have been issued in respect of outstanding equity awards granted prior to the Company’s IPO, and for future issuances of shares to employees, directors and consultants in the form of stock options, SARs, restricted and unrestricted stock and stock units, performance awards and other awards that are convertible into or otherwise based on the Company's common stock. Dividend equivalents may also be provided in connection with awards under the 2021 Plan. The share pool will automatically increase on January 1st of each year until 2031, by the lesser of (i) five percent of the number of shares of the Company's common stock outstanding as of such date and (ii) the number of shares of the Company's common stock determined by the board of directors on or prior to such date. On January 1, 2023 and January 1, 2022, the 2021 Plan share pool was automatically increased by 1,891,868 shares and 1,606,549 shares, respectively. As of June 30, 2023, the total number of shares of common stock that were issuable under the 2021 Plan was 6,777,875 shares, of which 2,248,743 shares remained available for future issuance. The following table summarizes stock option activity for the six months ended June 30, 2023: Stock Options Number of Option Shares Weighted-Average Exercise Weighted-Average Contractual Aggregate Intrinsic Value Outstanding at December 31, 2022 2,609,314 $ 13.01 8.8 $ — Granted 2,009,233 $ 6.51 Forfeited (146,500) $ 13.65 Expired (107,990) $ 13.62 Exercised — $ — Outstanding at June 30, 2023 4,364,057 $ 9.98 9.0 $ 9.0 Options exercisable at June 30, 2023 1,128,852 $ 12.18 8.6 $ — The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company's common stock. Options outstanding and exercisable with an exercise price above the closing price as of June 30, 2023 are considered to have no intrinsic value. Using the Black-Scholes option pricing model, the weighted-average grant date fair value of stock options granted during the six months ended June 30, 2023 and 2022 was $4.93 per share and $10.17 per share, respectively. As of June 30, 2023, there was unrecognized share-based compensation expense related to unvested stock options of $21.5 million which the Company expects to recognize over a weighted-average period of approximately 2.8 years. The fair value of the stock options granted during the six months ended June 30, 2023 was determined using the Black-Scholes option pricing model with the following assumptions: FOR THE SIX MONTHS ENDED JUNE 30, 2023 Expected volatility 89.14% - 92.27% Expected term (years) 5.50 - 6.08 Risk free interest rate 3.58% - 4.52% Expected dividend yield — Exercise price $5.38 - $7.83 A summary of the status of the Company's nonvested restricted common stock awards at June 30, 2023 and changes during the six months ended June 30, 2023 was as follows: Restricted Stock Awards Shares Weighted-Average Grant Date Fair Value Per Share Nonvested restricted stock awards at December 31, 2022 1,006,368 $ 3.48 Granted — $ — Vested (329,883) $ 3.05 Forfeited (91,155) $ 2.77 Outstanding nonvested restricted stock awards at June 30, 2023 585,330 $ 3.83 As of June 30, 2023, there was unrecognized share-based compensation expense related to unvested restricted stock awards of $2.1 million, which the Company expects to recognize over a weighted-average period of approximately 1.7 years. A summary of the status of the Company's nonvested restricted common stock units at June 30, 2023 and changes during the six months ended June 30, 2023 was as follows: Restricted Stock Units Shares Weighted-Average Grant Date Fair Value Per Share Nonvested restricted stock units at December 31, 2022 128,600 $ 11.12 Granted 38,400 $ 5.66 Forfeited — $ — Vested (1,925) $ 7.68 Outstanding nonvested restricted stock units at June 30, 2023 165,075 $ 9.89 As of June 30, 2023, there was unrecognized share-based compensation expense related to unvested restricted stock units of $1.0 million, which the Company expects to recognize over a weighted-average period of approximately 2.0 years. 2021 Employee Stock Purchase Plan In connection with the Company's IPO, the board of directors adopted the Rallybio Corporation 2021 Employee Stock Purchase Plan (the "2021 ESPP"), which initially reserved 291,324 shares of the Company's common stock for future issuances. The share pool will automatically increase on January 1st of each year until 2031, by the lesser of (i) one percent of the number of shares of the Company's common stock outstanding as of such date, (ii) 582,648 shares of the Company’s common stock and (iii) the number of shares of the Company's common stock determined by the board of directors on or prior to such date. On January 1, 2023 and January 1, 2022, the 2021 ESPP share pool was automatically increased by 378,373 shares and 321,309 shares, respectively. As of June 30, 2023, the total number of shares of the Company's common stock that were available for future issuance under the 2021 ESPP was 908,738 shares. During the six months ended June 30, 2023, the Company issued 43,423 shares under the 2021 ESPP. The Company did not issue any shares during the six months ended June 30, 2022 under the 2021 ESPP. For the three and six months ended June 30, 2023, the total share-based compensation for the 2021 ESPP was $60 thousand and $122 thousand, respectively. There was no share-based compensation for the 2021 ESPP for the three and six months ended June 30, 2022.

INVESTMENT IN JOINT VENTURE

INVESTMENT IN JOINT VENTURE	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN JOINT VENTURE	INVESTMENT IN JOINT VENTURE For the three and six months ended June 30, 2023, the Company recorded its allocable share of REV-I’s losses, which totaled $0.2 million and $0.8 million, respectively, and $0.3 million and $0.7 million, respectively, for the three and six months ended June 30, 2022, as a loss on investment in joint venture within the condensed consolidated statements of operations and comprehensive loss. After recognition of its share of losses for the period, the carrying value and maximum exposure to risk of the REV-I investment as of December 31, 2022 was $30 thousand, which was recorded in investment in joint venture in the accompanying condensed consolidated balance sheets. There was no carrying value remaining of the REV-I investment as of June 30, 2023. During the period subsequent to June 30, 2023 and through the date of these condensed consolidated financial statements, the Company funded the joint venture an additional $0.8 million.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Purchase Commitments—The Company enters contracts in the normal course of business with contract research organizations and other third-party vendors for clinical trials and testing and manufacturing services. These contracts generally do not contain minimum purchase commitments and are cancellable by us upon written notice. Payments that may be due upon cancellation consist of payments for services provided or expenses incurred prior to cancellation. As of June 30, 2023 and December 31, 2022 there were no amounts accrued related to termination charges.

NET LOSS PER COMMON SHARE

NET LOSS PER COMMON SHARE	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
NET LOSS PER COMMON SHARE	NET LOSS PER COMMON SHARE FOR THE THREE MONTHS ENDED FOR THE SIX MONTHS ENDED JUNE 30, (in thousands except share and per share amounts) 2023 2022 2023 2022 Net loss $ (18,630) $ (17,583) $ (35,948) $ (32,081) Weighted-average number of common shares outstanding, basic and diluted 40,363,902 30,588,931 40,306,715 30,453,913 Net loss per common share, basic and diluted $ (0.46) $ (0.57) $ (0.89) $ (1.05) Basic net loss per share of common stock is based on the weighted-average number of shares of common stock outstanding during the period. Pre-funded warrants to purchase 3,333,388 shares of common stock that were issued in connection with the November 2022 follow-on offering were included in the weighted-average number of common shares outstanding for the three and six months ended June 30, 2023. The weighted average number of common shares outstanding diluted for the three and six months ended June 30, 2023 excludes approximately 5.1 million stock options and unvested restricted stock awards and units, which were not dilutive and not included in the computation of net loss per common share. The weighted-average number of common shares outstanding diluted for three and six months ended June 30, 2022 excludes approximately 4.3 million stock options and unvested restricted stock awards and units, which were not dilutive and not included in the computation of net loss per common share.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Unaudited Financial Information	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.

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Summary of Fair Value of Marketable Securities by Type of Marketable Securities	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
Schedule of Marketable Securities by Balance Sheet Location Classification	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
Schedule of Fair Values of Available-for-Sale Debt Securities by Contractual Maturity	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 $ 128,665

BALANCE SHEET COMPONENTS (Table

BALANCE SHEET COMPONENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Schedule of Prepaid Expenses and Other Assets	Prepaid expenses and other assets consisted of the following as of June 30, 2023 and December 31, 2022: (in thousands) JUNE 30, DECEMBER 31, Research and development $ 7,321 $ 7,904 Insurance 150 933 Other prepaids 430 615 Other assets 1,095 1,050 $ 8,996 $ 10,502
Schedule of Accrued Expenses	Accrued expenses consisted of the following as of June 30, 2023 and December 31, 2022: (in thousands) JUNE 30, DECEMBER 31, Research and development $ 4,165 $ 3,582 Compensation and related expenses 2,234 4,703 Professional fees 268 510 Other 484 654 $ 7,151 $ 9,449

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Share-Based Compensation for Stock Options, Restricted Stock Awards and Restricted Stock Units and the Employee Stock Purchase Plan	Share-based compensation, comprised of stock options, restricted stock awards, restricted stock units and shares issued pursuant to the employee stock purchase plan, is classified in the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2023 and 2022 as follows: FOR THE THREE MONTHS ENDED JUNE 30, FOR THE SIX MONTHS ENDED JUNE 30, (in thousands) 2023 2022 2023 2022 Research and development $ 1,180 $ 911 $ 2,243 $ 1,636 General and administrative 1,512 1,736 3,494 3,065 $ 2,692 $ 2,647 $ 5,737 $ 4,701
Summary of Stock Option Activity	The following table summarizes stock option activity for the six months ended June 30, 2023: Stock Options Number of Option Shares Weighted-Average Exercise Weighted-Average Contractual Aggregate Intrinsic Value Outstanding at December 31, 2022 2,609,314 $ 13.01 8.8 $ — Granted 2,009,233 $ 6.51 Forfeited (146,500) $ 13.65 Expired (107,990) $ 13.62 Exercised — $ — Outstanding at June 30, 2023 4,364,057 $ 9.98 9.0 $ 9.0 Options exercisable at June 30, 2023 1,128,852 $ 12.18 8.6 $ —
Summary of Assumptions of Fair Value of Option Pricing Granted	The fair value of the stock options granted during the six months ended June 30, 2023 was determined using the Black-Scholes option pricing model with the following assumptions: FOR THE SIX MONTHS ENDED JUNE 30, 2023 Expected volatility 89.14% - 92.27% Expected term (years) 5.50 - 6.08 Risk free interest rate 3.58% - 4.52% Expected dividend yield — Exercise price $5.38 - $7.83
Summary of Nonvested Restricted Common Stock Awards	A summary of the status of the Company's nonvested restricted common stock awards at June 30, 2023 and changes during the six months ended June 30, 2023 was as follows: Restricted Stock Awards Shares Weighted-Average Grant Date Fair Value Per Share Nonvested restricted stock awards at December 31, 2022 1,006,368 $ 3.48 Granted — $ — Vested (329,883) $ 3.05 Forfeited (91,155) $ 2.77 Outstanding nonvested restricted stock awards at June 30, 2023 585,330 $ 3.83
Summary of Nonvested Restricted Common Stock Units	A summary of the status of the Company's nonvested restricted common stock units at June 30, 2023 and changes during the six months ended June 30, 2023 was as follows: Restricted Stock Units Shares Weighted-Average Grant Date Fair Value Per Share Nonvested restricted stock units at December 31, 2022 128,600 $ 11.12 Granted 38,400 $ 5.66 Forfeited — $ — Vested (1,925) $ 7.68 Outstanding nonvested restricted stock units at June 30, 2023 165,075 $ 9.89

NET LOSS PER COMMON SHARE (Tabl

NET LOSS PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Summary of Basic and Diluted Loss Per Common Share	FOR THE THREE MONTHS ENDED FOR THE SIX MONTHS ENDED JUNE 30, (in thousands except share and per share amounts) 2023 2022 2023 2022 Net loss $ (18,630) $ (17,583) $ (35,948) $ (32,081) Weighted-average number of common shares outstanding, basic and diluted 40,363,902 30,588,931 40,306,715 30,453,913 Net loss per common share, basic and diluted $ (0.46) $ (0.57) $ (0.89) $ (1.05)

BUSINESS AND LIQUIDITY - Additi

BUSINESS AND LIQUIDITY - Additional Information (Details) $ in Millions	Jun. 30, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash, cash equivalents and marketable securities	$ 137.8

MARKETABLE SECURITIES - Summary

MARKETABLE SECURITIES - Summary of Available-for-Sale Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 119,929	$ 128,879
Gross Unrealized Holding Gains	8	37
Gross Unrealized Holding Losses	(280)	(251)
Fair Value	119,657	128,665
Level 1 | Money market funds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	14,378	12,647
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	0	0
Fair Value	14,378	12,647
Level 1 | U.S. treasury securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	9,901	39,372
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	(26)	(169)
Fair Value	9,875	39,203
Level 2 | U.S. government agency securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	95,650	76,860
Gross Unrealized Holding Gains	8	37
Gross Unrealized Holding Losses	(254)	(82)
Fair Value	$ 95,404	$ 76,815

MARKETABLE SECURITIES - Schedul

MARKETABLE SECURITIES - Schedule of Available-for-Sale Securities by Balance Sheet Location Classification (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Debt securities available-for-sale	$ 119,657	$ 128,665
Cash and cash equivalents
Debt Securities, Available-for-Sale [Line Items]
Debt securities available-for-sale	14,378	16,629
Marketable securities
Debt Securities, Available-for-Sale [Line Items]
Debt securities available-for-sale	$ 105,279	$ 112,036

MARKETABLE SECURITIES- Schedule

MARKETABLE SECURITIES- Schedule of Fair Values of Available-for-Sale Debt Securities By Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Due in one year or less	$ 99,008	$ 127,667
Due after one year through two years	20,649	998
Total available-for-sale debt securities by contractual maturity	$ 119,657	$ 128,665

MARKETABLE SECURITIES - Additio

MARKETABLE SECURITIES - Additional Information (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Aggregate fair value of available-for-sale debt securities in an unrealized loss position	$ 78,100,000	$ 70,000,000
Allowance for credit losses	$ 0

BALANCE SHEET COMPONENTS - Sche

BALANCE SHEET COMPONENTS - Schedule of Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Research and development	$ 7,321	$ 7,904
Insurance	150	933
Other prepaids	430	615
Other assets	1,095	1,050
Prepaid expenses and other assets	$ 8,996	$ 10,502

BALANCE SHEET COMPONENTS - Sc_2

BALANCE SHEET COMPONENTS - Schedule Of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Research and development	$ 4,165	$ 3,582
Compensation and related expenses	2,234	4,703
Professional fees	268	510
Other	484	654
Accrued expenses	$ 7,151	$ 9,449

STOCKHOLDERS' EQUITY - Addition

STOCKHOLDERS' EQUITY - Additional Information (Details) - USD ($)			1 Months Ended		3 Months Ended		6 Months Ended
	Jan. 01, 2023	Jan. 01, 2022	Nov. 30, 2022	Aug. 31, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Proceeds from issuance of common stock							$ 209,000	$ 0
Common stock, shares authorized (in shares)					200,000,000		200,000,000		200,000,000
Common stock, shares issued (in shares)					37,790,856		37,790,856		37,837,369
Common stock, shares outstanding (in shares)					37,790,856		37,790,856		37,837,369
Preferred stock, shares authorized (in shares)					50,000,000		50,000,000		50,000,000
Preferred stock, shares outstanding (in shares)					0		0		0
Weighted average grant date fair value (in dollars per share)							$ 4.93	$ 10.17
Unrecognized share-based compensation expense					$ 21,500,000		$ 21,500,000
Total unrecognized compensation costs, weighted average period for recognition							2 years 9 months 18 days
Pre-Funded Warrants
Class of Stock [Line Items]
Offering price (in dollars per share)			$ 5.9999
Number of securities called by warrants or rights (in shares)			3,333,388
Pre-funded warrants exercise price (in dollars per share)			$ 0.0001
Restricted Stock Awards
Class of Stock [Line Items]
Total unrecognized compensation costs, weighted average period for recognition							1 year 8 months 12 days
Unrecognized share-based compensation expense, restricted stock awards					2,100,000		$ 2,100,000
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Total unrecognized compensation costs, weighted average period for recognition							2 years
Unrecognized share-based compensation expense, restricted stock units					$ 1,000,000		$ 1,000,000
2021 Equity Incentive Plan
Class of Stock [Line Items]
Shares reserved for future issuance (in shares)					6,777,875		6,777,875			5,440,344
Additional shares authorized (in share)	1,891,868	1,606,549
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares)					2,248,743		2,248,743
2021 Employee Stock Purchase Plan
Class of Stock [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)					291,324		291,324
Additional shares authorized (in share)	378,373	321,309
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares)					908,738		908,738
Common stock shares outstanding (in shares)					582,648		582,648
Total share based compensation					$ 60,000	$ 0	$ 122,000	$ 0
IPO
Class of Stock [Line Items]
Stock issued during period (in shares)				7,130,000
Offering price (in dollars per share)				$ 13
Proceeds from issuance of common stock				$ 92,700,000
Net proceeds				$ 83,000,000
Over Allotment On Initial Public Offering
Class of Stock [Line Items]
Stock issued during period (in shares)				930,000
Follow On Offering
Class of Stock [Line Items]
Stock issued during period (in shares)			5,803,655
Offering price (in dollars per share)			$ 6
Proceeds from issuance of common stock			$ 54,800,000
Net proceeds			$ 50,800,000
Follow On Offering | Pre-Funded Warrants
Class of Stock [Line Items]
Number of securities called by warrants or rights (in shares)			3,333,388		3,333,388		3,333,388
Pre-funded warrants exercise price (in dollars per share)			$ 0.0001
Exceed limit percentage with exercise to aggregate share of common stock beneficially owned							9.99%
Days of notice							61 days
Percentage of common stock beneficially owned not exceed							19.99%
Over Allotment On Follow On Offering
Class of Stock [Line Items]
Stock issued during period (in shares)			803,654

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Equity-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 2,692	$ 2,647	$ 5,737	$ 4,701
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,180	911	2,243	1,636
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 1,512	$ 1,736	$ 3,494	$ 3,065

STOCKHOLDERS' EQUITY - Summar_2

STOCKHOLDERS' EQUITY - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Number of Option Shares
Outstanding at beginning of period (in shares)	2,609,314
Granted (in shares)	2,009,233
Forfeited (in shares)	(146,500)
Expired (in shares)	(107,990)
Exercised (in shares)	0
Outstanding at end of period (in shares)	4,364,057	2,609,314
Exercisable at end of period (in shares)	1,128,852
Weighted-Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 13.01
Granted (in dollars per share)	6.51
Forfeited (in dollars per share)	13.65
Expired (in dollars per share)	13.62
Exercised (in dollars per share)	0
Outstanding at end of period (in dollars per share)	9.98	$ 13.01
Exercisable at end of period (in dollars per share)	$ 12.18
Share-Based Payment Arrangement, Disclosure [Abstract]
Outstanding, Weighted-Average Contractual Term (in years)	9 years	8 years 9 months 18 days
Exercisable, Weighted Average Remaining Contractual Term (in years)	8 years 7 months 6 days
Outstanding, Aggregate Intrinsic Value	$ 9	$ 0
Exercisable, Aggregate Intrinsic Value	$ 0

STOCKHOLDERS' EQUITY - Summar_3

STOCKHOLDERS' EQUITY - Summary of Assumptions of Fair Value of Option Pricing Granted (Details) - Employee Stock Options	6 Months Ended
	Jun. 30, 2023 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, minimum	89.14%
Expected volatility, maximum	92.27%
Risk-free interest rate, minimum	3.58%
Risk-free interest rate, maximum	4.52%
Expected dividend yield	0%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years)	5 years 6 months
Exercise price (in dollars per share)	$ 5.38
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years)	6 years 29 days
Exercise price (in dollars per share)	$ 7.83

STOCKHOLDERS' EQUITY - Summar_4

STOCKHOLDERS' EQUITY - Summary of Nonvested Restricted Common Stock Awards (Details) - Restricted Stock Awards	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Shares
Outstanding, beginning balance (in shares) | shares	1,006,368
Granted (in shares) | shares	0
Vested (in shares) | shares	(329,883)
Forfeited (in shares) | shares	(91,155)
Outstanding, ending balance (in shares) | shares	585,330
Weighted-Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) | $ / shares	$ 3.48
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	3.05
Forfeited (in dollars per share) | $ / shares	2.77
Ending balance (in dollars per share) | $ / shares	$ 3.83

STOCKHOLDERS' EQUITY - Summar_5

STOCKHOLDERS' EQUITY - Summary of Nonvested Restricted Common Stock Units (Details) - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Shares
Outstanding, beginning balance (in shares) | shares	128,600
Granted (in shares) | shares	38,400
Forfeited (in shares) | shares	0
Vested (in shares) | shares	(1,925)
Outstanding, ending balance (in shares) | shares	165,075
Weighted-Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) | $ / shares	$ 11.12
Granted (in dollars per share) | $ / shares	5.66
Forfeited (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	7.68
Ending balance (in dollars per share) | $ / shares	$ 9.89

INVESTMENT IN JOINT VENTURE - A

INVESTMENT IN JOINT VENTURE - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 08, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Investment in joint venture				$ 750	$ 150
Allocable share of losses recorded		$ 217	$ 338	780	728
Investment in joint venture		0		$ 0		$ 30
RE Ventures I, LLC
Schedule of Equity Method Investments [Line Items]
Percentage of interest of joint venture entity				50%
Investment in joint venture				$ 800	200
Allocable share of losses recorded		$ 200	$ 300	$ 800	$ 700
Investment in joint venture						$ 30
RE Ventures I, LLC | Subsequent Event [Member]
Schedule of Equity Method Investments [Line Items]
Investment in joint venture	$ 800

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Termination charges	$ 0	$ 0

NET LOSS PER COMMON SHARE - Sum

NET LOSS PER COMMON SHARE - Summary of Basic and Diluted Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net loss	$ (18,630)	$ (17,583)	$ (35,948)	$ (32,081)
Weighted average number of common shares outstanding, basic (in shares)	40,363,902	30,588,931	40,306,715	30,453,913
Weighted average number of common shares outstanding, diluted (in shares)	40,363,902	30,588,931	40,306,715	30,453,913
Net loss per common share, basic (in dollars per share)	$ (0.46)	$ (0.57)	$ (0.89)	$ (1.05)
Net loss per common share, diluted (in dollars per share)	$ (0.46)	$ (0.57)	$ (0.89)	$ (1.05)

NET LOSS PER COMMON SHARE- Addi

NET LOSS PER COMMON SHARE- Additional Information (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Nov. 30, 2022
Pre-Funded Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of securities called by warrants or rights (in shares)					3,333,388
Follow On Offering | Pre-Funded Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of securities called by warrants or rights (in shares)	3,333,388		3,333,388		3,333,388
Stock Options And Unvested Restricted Share
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	5,100,000	4,300,000	5,100,000	4,300,000