Rallybio Corporation · NASDAQ:RLYB
Rallybio — Merger or Acquisition (March 2026)
36 slides from Rallybio's merger presentation, Mar 2, 2026
Slide 1: Transaction and Company Overview
Transaction and Company Overview March 2, 2026 Exhibit 99.2
Slide 2: Disclaimer
Disclaimer This presentation and the accompanying slides and oral commentary (this “Presentation”), which have been prepared by Candid Therapeutics, Inc. (the “Company”), are for informational purposes only, and shall not form the basis for or be relied on in connection with any investment decision
Slide 3: Disclaimer (cont.)
Disclaimer (cont.) This Presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this Presentation may
Slide 4: Transaction Highlights
The proceeds from the private financing are expected to be primarily used to advance Candid’s pipeline programs through various milestones Transaction Highlights Rallybio to acquire 100% of Candid equity interests in reverse-triangular merger with Candid surviving the merger as a wholly owned subsid
Slide 5: Pro Forma Capitalization Table
Pro Forma Capitalization Table Calculations above are based on (i) Rallybio’s and Candid’s outstanding shares of common stock as of February 26, 2026, in each case, calculated on a fully-diluted basis, using the treasury stock method and (ii) an assumed Rallybio net cash amount of $37.5 million, and
Slide 6: Candid Therapeutics – TCEs for Autoimmune Diseases
Entrepreneurial team with proven development track record and recent exits Wholly-owned China entity for early clinical development Candid Therapeutics – TCEs for Autoimmune Diseases (AIDs) Broad pipeline with deep clinical experience in TCEs B-cell and plasma cell depletion has demonstrated substan
Slide 7: TCEs Have Attractive Profile for Deep B-cell Depletion
TCEs Have Attractive Profile for Deep B-cell Depletion Deep B-cell tissue depletion Predictable depletion Avoid Lymphodepletion Scalable Subcutaneous Auto CAR-T Y Y N N N Allo CAR-T Y Y N TBD N Allo NK TBD TBD N TBD N In vivo CAR TBD N Y Y N NK/myeloid engagers N N Y Y Y mRNA TCE TBD N Y Y N TCE Ab
Slide 8: Immune Reset and Immune Dimming with TCEs
Immune Reset and Immune Dimming with TCEs Flexibility with different dosing regimens with aim to achieve desired outcome Immune Reset Dosing Approach Full B or plasma cell depletion in tissues Drug free remission One treatment cycle Short term infection risk management Examples: Autologous CAR-T, hi
Slide 9: Immune Reset and Immune Dimming Can Offer Clinical Benefit Over Standard of Care
Immune Reset and Immune Dimming Can Offer Clinical Benefit Over Standard of Care for Patients Immune dimming TCE monotherapy (no steroids) Months Years Polypharmacy and long-term steroids Infection risk Standard of care Immune reset Drug free remission revaccinate TCE IVIG Infection risk
Slide 10: BCMA is Expressed on B-cells and Plasma cells
BCMA is Expressed on B-cells à Plasma cells Surface antigens are expressed differentially during B-cell and plasma cell development BCMA is expressed broadly across B-cells and plasma cells BCMA is highly expressed on plasma cells BCMA is also expressed at lower levels on B cells BCMA also found on
Slide 11: BCMA Targeting is Likely Needed to Effectively Reduce Autoantibodies
BCMA Targeting is Likely Needed to Effectively Reduce Autoantibodies CD19 and CD20 approaches likely insufficient Targeting BCMA (CAR-T) dramatically reduced “autoreactome” in cancer patients compared to targeting with CD19 (CAR-T) or CD20 (Rituximab) BCMA targeting likely needed to demonstrate maxi
Slide 12: Teclistamab (BCMA TCE) Shows Durable Disease Remission in Autoimmune Diseases
Teclistamab (BCMA TCE) Shows Durable Disease Remission in Autoimmune Diseases Clinical experience from FAU Erlangen (Drs. Ricardo Grieshaber Bouyer and Georg Schett) Treatment with 1-2 cycles of teclistamab (variable dosing regimens) Reference: Bucci et al NEJM 2025
Slide 13: Candid Pipeline
Candid Pipeline Drug Candidate Clinical Focus Discovery IND-enabling Phase 1 Phase 2 Phase 3 Anticipated Near-Term Milestones Cizutamig (BCMA/CD3) Autoantibody driven autoimmune diseases1 1H ‘26: Complete subcutaneous Ph1 study Mid ’26: Start Ph2 studies CND261 (CD20/CD3) Autoimmune diseases2 1H ‘26
Slide 14: Development Programs – Phase Gates to Development
Development Programs – Phase Gates to Development Cizutamig (BCMA) CND261 (CD20) CND319 (CD19, CD20) CND460 (BCMA, CD19) Design 2+2 format Fc silenced, optimized CD3 1+1 format Fc effector, very weak CD3 1+1+1 format Fc silenced, optimized CD3 1+1+1 format Fc silenced, optimized CD3 In vitro data sh
Slide 15: First-in-Human (multiple autoimmune diseases)
First-in-Human (multiple autoimmune diseases) Rapidly enrolling patients across multiple indications to allow clinical data-driven prioritization for Phase 2 Establish robust safety profile of Candid TCEs across multiple indications Assess biomarker and tissue depletion data to establish deep B-cell
Slide 16: Clinical Development Focused on Large Market Indications
Clinical Development Focused on Large Market Indications Myasthenia gravis Graves’ disease Thyroid eye disease Ulcerative colitis IgA nephropathy Allergy Rheumatoid arthritis Interstitial lung disease Systemic sclerosis Sjogren’s disease Systemic lupus Strong clinical rationale, market expansion Aut
Slide 17: Cizutamig – BCMA/CD3 Clinical Stage Antibody
Cizutamig – BCMA/CD3 Clinical Stage Antibody Design elements High affinity binding to BCMA which is expressed on B and plasma cells Optimized CD3 binding to maximize direct cell killing and minimize release of cytokines which can cause side effects In vitro data à reduced cytokine release while main
Slide 18: Cizutamig Shows Improved Therapeutic Index Over Teclistamab
Cizutamig Shows Improved Therapeutic Index Over Teclistamab Based on In Vitro Studies IL-6 TNFa IFNg Cytolytic Killing Similar cytotoxicity Lower cytokine release
Slide 19: Cizutamig Clinical Data in Multiple Myeloma
Cizutamig Clinical Data in Multiple Myeloma (MM) Improved CRS Profile with Comparable Efficacy Compared to Other BCMA TCEs 1Cizutamig at 60mg to 200mg target dose with step-up dosing (n=13) 2Cizutamig at all doses tested (n=40) Note: Information provided is for illustrative purposes only. No head-to
Slide 20: Cizutamig (BCMA TCE) Showed “Immune Reset” Profile
Cizutamig (BCMA TCE) Showed “Immune Reset” Profile Deep tissue B cell and plasma cell depletion in first AID patient treated with cizutamig CD19+ B cells Plasma cells Lymph node Bone marrow Deep tissue B cell depletion 40 yr refractory rheumatoid arthritis patient No CRS/ICANS Lymph node and bone ma
Slide 21: “Immune Reset” Profile Was Consistently Demonstrated
“Immune Reset” Profile Was Consistently Demonstrated Bone marrow and/or lymph node biopsies available in 4 patients Patient disease Timing of Biopsy Bone Marrow (Flow cytometry) % reduction Lymph Node (IHC) % reduction RA (previous slide) 4 wks (after 3 doses) Minimal/no B-cells and plasma cells No
Slide 22: Cizutamig Phase 1 Myasthenia Gravis Study – Emerging Data
Dose group 1 Dose group 2 Dose group 3a Timepoint (wks)b 16 4 <2 Average ∆QMG (min, max) -19.3 (-7, -29) -9.3 (-7, -11) n/a Average ∆MG-ADL (min, max) -6.7 (-4, -8) -7.3 (-6, -9) n/a MG-ADL2 QMG1 cizutamig Phase 1 Myasthenia Gravis (MG) Study – Emerging Data Early cohorts show robust and consistent
Slide 23: Interstitial Lung Disease Overview
Debilitating and progressive lung disease leading to mortality Certain rheumatological diseases have high prevalence of ILD leading to >100K patients in U.S. alone Approved therapies at best stabilize FVC… Disease Prevalence % with ILD ILD Patients Systemic sclerosis 100K 40% – 75% 40K – 75K Idiopat
Slide 24: Cizutamig Improved Lung Function in ILD
Cizutamig Improved Lung Function in ILD Illustration of two highly refractory and advanced patients treated. Follow-up ongoing. Patient 1 Patient 2 Rapidly progressive SSc over 6 months with multi-organ involvement Prior meds: Methotrexate, steroids cyclophosphamide Chronic SSc with ILD progression
Slide 25: Cizutamig Upcoming Planned Phase Studies
Cizutamig Upcoming Planned Phase 2 Studies Indication Treatment arms Key endpoints Geography Expected Study Start MG Cizutamig (dimming and reset doses) VYVGART® Change in QMG and MG-ADL China Mid 2026 MG Cizutamig - multiple low doses Placebo Change in QMG and MG-ADL Global Mid 2026 MG Cizutamig –
Slide 26: Systemic Lupus Erythematosus (SLE) Study – Emerging Data
Phase 1 Systemic Lupus Erythematosus (SLE) Study – Emerging Data Disease improvement with corroborative pharmacodynamic (PD) effects SLEDAI-2K is a disease activity index for SLE with lower scores representing lower disease activity C3 and C4 are complement proteins which are low during SLE disease
Slide 27: Consistent Reduction in AutoAb Across Autoimmune Diseases
Consistent Reduction in AutoAb Across Autoimmune Diseases SLE SLE SSc RA RA IgAN Low to higher dose
Slide 28: Cizutamig – Potential Best-in-Class BCMA TCE Safety Data
Cizutamig – Potential Best-in-Class BCMA TCE Safety Data Low CRS rates and no ICANS Mild CRS in <15% of patients with no Grade 3 or higher events1. No ICANS. Other treatment emergent adverse events (TEAEs) were equally manageable >92% of all patients with TEAEs were of Grade 1 or 2 Most common treat
Slide 29: Minimal Cytokine Release with Cizutamig
Phase 1 – Minimal Cytokine Release with Cizutamig Minimal cytokine changes Priming dose is effective in mitigating subsequent cytokine release with additional doses MG SLE cizutamig Note: Data as of Feb 2, 2026
Slide 30: CND261 – CD20/CD3 Clinical Stage Antibody
CND261– CD20/CD3 Clinical Stage Antibody Design elements High affinity binding to CD20 which is expressed broadly on B-cells Retained Fc effector function with very weak CD3 affinity In vitro data à reduced cytokine release while maintaining B-cell cytotoxicity as compared to other CD20 TCEs Clinica
Slide 31: CND261 Clinical Data in Non-Hodgkin’s Lymphoma
CND261 Clinical Data in Non-Hodgkin’s Lymphoma Improved CRS Profile with Comparable Efficacy Compared to Other CD20 TCEs References: Kim S et al. Nature Cancer 2025; Dickinson M et al NEJM 2022 Hutchings M et al. Lancet 2021 Note: Information provided is for illustrative purposes only. No head-to-he
Slide 32: CND261 – Tissue B-cell Depletion Observed and Well Tolerated
CND261 – Tissue B-cell Depletion Observed and Well Tolerated Biopsy data available in four patients – deep CD20+ B-cell depletion observed CRS limited to Grade 1 only (19%) with No ICANS CND261 (autoimmune, n=26) CRS (total) 5 (19%) Grade 1 5 (19%) Grade 2 0 (0%) Grade 3+ 0 (0%) ICANS 0 (0%) Patient
Slide 33: CND319 – CD19/CD20/CD3 Trispecific
CND319 – CD19/CD20/CD3 Trispecific Optimized design for deep B cell depletion with minimal cytokine release Optimized design to facilitate dual targeting immune synapse formation CD19 on top of CD3 on one arm and CD20 on the other arm Leverages robust CD20 expression to minimize dose and mitigate ri
Slide 34: CND319 Shows Encouraging Data in Non-Human Primates
CND319 Shows Encouraging Data in Non-Human Primates Single dose CND319 showed deep tissue B-cell depletion and minimal cytokine release Spleen Bone Marrow Lymph Node Tissue B-cells (7 days after single dose) 40 30 20 10 0 15 10 5 0 40 30 20 10 0 50 % CD20 B Cells % CD20 B Cells % CD20 B Cells Additi
Slide 35: Intellectual Property (IP) Summary
Intellectual Property (IP) Summary Licensor Territory IP Cizutamig (BCMA TCE) Shanghai EpimAb Biotherapeutics Worldwide except Greater China1 Composition of matter patent family expires 20402 Additional patient applications filed CND261 (CD20 TCE) Edding Genor Group Worldwide except Greater China1 C
Slide 36: Candid’s Strategic Playbook to Win
Candid’s Strategic Playbook to Win Playbook Elements T-cell engager (TCE) antibodies Emerging clinical data show TCEs can match auto CAR-T on deep B cell depletion for immune reset We believe TCEs have an attractive profile for broad outpatient adoption – scalable and subcutaneous Portfolio approach