How did Rallybio's expenses shift in Q4 2024?

**Rallybio's expenses in Q4 2024 were likely focused on research and development activities**, as evidenced by the company's announcements regarding its preclinical and clinical programs. 1. **Preclinical Data Presentations**: Rallybio announced the presentation of promising preclinical data for pipeline candidates RLYB212 and RLYB332 at the 66th American Society of Hematology (ASH) Annual Meeting in December 2024. This suggests that the company continued to invest in the development of these candidates, which includes expenses related to laboratory work, animal studies, and data analysis. |code|Ticker|Name|Date|R&D Expenses|R&D Expenses YoY|market_code| |---|---|---|---|---|---|---| |RLYB|RLYB.O|Rallybio|2024 Q1|1.2936E7|15.479378682378147|185| |RLYB|RLYB.O|Rallybio|2024 Q2|1.2946E7|-1.4013709063214013|185| |RLYB|RLYB.O|Rallybio|2024 Q3|8240000|-37.98916315472607|185| |RLYB|RLYB.O|Rallybio|2024 Q4|7385000|-53.62346144184878|185| 2. **Ongoing Clinical Trials**: The company mentioned the initiation of a Phase 2 trial evaluating RLYB212 in pregnant women at higher risk of maternal alloimmunization and FNAIT. Clinical trials involve significant expenses, including participant recruitment, trial management, and data monitoring. The fact that this trial was underway indicates that expenses related to clinical trials were a notable portion of the Q4 2024 expenses. 3. **Manufacturing Process Enhancements**: Rallybio announced results of new biomarker characterization analyses and data from manufacturing process enhancements for RLYB116. These enhancements are expected to improve the tolerability of RLYB116, which implies that there were expenses associated with manufacturing and process development. 4. **Biomarker Characterization and Manufacturing**: The company conducted biomarker characterization analyses and manufacturing process enhancements, which are costly activities. These analyses indicated that RLYB116 produced greater complement inhibition than initially reported, and the manufacturing process enhancements were expected to further improve the tolerability of the drug. In conclusion, Rallybio's expenses in Q4 2024 were primarily driven by the company's ongoing research and development efforts, including preclinical studies, clinical trials, and manufacturing process improvements. These activities are critical for the advancement of the company's pipeline and are reflected in the reported expenses.