On March 31, 2026, Rallybio Corporation disclosed in an 8-K filing that Dr. Steven Ryder, who has been serving as the Chief Medical Officer since January 2019, will be leaving the company effective immediately. This announcement comes as part of a broader transition within the company as it prepares for a pending business combination with Candid Therapeutics, Inc. The separation agreement between Dr. Ryder and Rallybio stipulates that he will receive severance payments and benefits as outlined in his previous employment agreement, particularly in the event of a termination without cause. Furthermore, upon the completion of the merger with Candid, Dr. Ryder will be entitled to additional severance benefits, adjusted for any amounts previously paid. The agreement also ensures that any equity awards granted to Dr. Ryder will remain active and eligible to vest according to the terms of the merger agreement, allowing him to exercise these options for a limited period post-merger. This leadership change may raise concerns among investors regarding the continuity of the company's strategic direction, especially as it navigates the complexities of a merger. The company plans to file the complete text of the separation agreement with its upcoming Quarterly Report on Form 10-Q for the quarter ending March 31, 2026.

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