Rallybio CorpRLYB

Rallybio Corp Leases Disclosure

10-KFiled Mar 13, 20251 min read
LEASES
We have an operating lease for approximately nine thousand square feet of corporate office space. The weighted-average remaining lease term as of December 31, 2024 was 9 months. The weighted-average discount rate utilized on our operating lease liabilities as of December 31, 2024 was 4.00%.
Operating leases are included in operating lease ROU assets, operating lease liabilities, and operating lease liabilities, noncurrent in our consolidated balance sheets as of December 31, 2024 and 2023.
The following table summarizes the presentation of the Company's operating lease as presented on the consolidated balance sheets:
(in thousands)DECEMBER 31, 2024DECEMBER 31, 2023
Assets:
Operating lease right-of-use assets$152 $346 
Liabilities:
Operating lease liabilities$154 $219 
Operating lease liabilities, noncurrent— 173 
Total operating lease liabilities$154 $392 
Future minimum lease payments from December 31, 2024 until the expiration of the operating lease are as follows:
(in thousands)
2025$156 
Thereafter— 
Total lease payments156 
Less: imputed discount rate(2)
Carrying value of operating lease liabilities$154 
The Company incurred $0.2 million in operating lease rent expense for both years ended December 31, 2024 and 2023. Lease payments made were $0.3 million and $0.2 million for the years ended December 31, 2024 and 2023, respectively, with such amounts reflected on the consolidated statements of cash flows in operating activities.

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

Other Available Disclosures

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