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Rallybio to sell interest in REV102 to Recursion Pharmaceuticals for up to $25M

Rallybio (RLYB) announced that it has entered into a definitive agreement to sell its interest in REV102, an ENPP1 inhibitor in preclinical development for the treatment of patients with hypophosphatasia, to joint venture partner Recursion Pharmaceuticals (RXRX) for up to $25M, including an upfront equity payment of $7.5M and near term milestones. With the upfront payment, Rallybio expects its cash runway to extend into mid-2027. The REV102 program originated from a joint venture between Rallybio and Recursion focused on the discovery and development of novel, orally available small molecule inhibitors of ENPP1 for the treatment of patients with HPP. The lead candidate from the joint venture, REV102, entered into IND-enabling studies in early 2025. Under the terms of the agreement, Rallybio is eligible to receive certain payments, including $7.5M in upfront equity, a contingent equity payment of $12.5M upon the initiation of additional preclinical studies, and a $5M milestone payment in connection with the initiation of dosing in a Phase 1 clinical study, as defined in the agreement. Rallybio is also eligible to receive low single-digit royalties on all future net sales by Recursion. In addition, Rallybio may be eligible to receive certain payments in the event of Recursion’s sale of the REV102 program.

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