Rallybio Corporation — amended Schedule 13G/A discloses that Viking Global-related reporting persons beneficially own 528,954 shares of Common Stock, representing 9.99% of the class. The filing states 5,290,236 shares outstanding as of March 31, 2026.
The stake combines 524,347 directly owned shares and Warrants exercisable for 416,673 shares subject to a 9.99% ownership blocker; 4,607 Warrant shares are currently exercisable and included in the reported total. The amendment removes David C. Ott as a reporting person effective March 31, 2026.
Positive
None.
Negative
None.
Insights
Viking Global reports a near-10% passive stake with warrant limitations.
The filing shows multiple affiliated entities and individuals collectively reported as beneficial owners of 528,954 shares or 9.99% as of March 31, 2026. Ownership derives from shares directly held by VGOP plus limited exercisable Warrants.
Key governance signals: the Blocker limits immediate additional exercise above 9.99%, and the amendment documents a change in reporting persons with Mr. Ott removed effective March 31, 2026. Subsequent filings may show conversions or voting updates tied to any Blocker changes.
A single institutional group holds just under a 10% position; market impact depends on holder actions.
The stake is sizeable relative to the 5,290,236 shares outstanding cited. The report clarifies that Warrants exist for 416,673 shares, but exercise is constrained by the stated Blocker provision unless amended.
Trading or conversion activity will depend on any notice to increase the Blocker (effective on the 61st day after notice) and on whether the holders elect to exercise Warrants. Cash‑flow treatment and planned disposition methods are not stated in the excerpt.
Key Figures
Reported beneficial ownership:528,954 sharesPercent of class:9.99%Shares outstanding:5,290,236 shares+3 more
6 metrics
Reported beneficial ownership528,954 sharesAggregate reported by Viking Global-related reporting persons
Percent of class9.99%Based on shares outstanding as of March 31, 2026
Shares outstanding5,290,236 sharesAs of March 31, 2026 per Rallybio Form 10-Q
Directly owned shares by VGOP524,347 sharesShares directly owned by VGOP
Warrants (total exercisable)416,673 sharesWarrants held by VGOP exercisable at $0.0001 per share
Warrant shares currently included4,607 sharesWarrant shares currently exercisable and included in reported amount
Key Terms
Blocker, Beneficially own, Warrants
3 terms
Blockerregulatory
"terms of the Warrants provide that no holder of Warrants shall have the right to exercise any portion of the Warrants to the extent that, after giving effect to such issuance after exercise, such holder ... would beneficially own more than 9.99%"
Beneficially ownregulatory
"Based on Rule 13d-3 under the Act, VGI may be deemed to beneficially own the shares"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
Warrantsfinancial
"Warrants with the right to purchase 416,673 shares of Common Stock"
Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
Rallybio Corporation
(Name of Issuer)
Common Stock, par value $0.0001 per share
(Title of Class of Securities)
75120L209
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
75120L209
1
Names of Reporting Persons
VIKING GLOBAL INVESTORS LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
528,954.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
528,954.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
528,954.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.99 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: See Item 4
SCHEDULE 13G
CUSIP Number(s):
75120L209
1
Names of Reporting Persons
Viking Global Opportunities Parent GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
528,954.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
528,954.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
528,954.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.99 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: See Item 4
SCHEDULE 13G
CUSIP Number(s):
75120L209
1
Names of Reporting Persons
Viking Global Opportunities GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
528,954.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
528,954.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
528,954.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.99 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: See Item 4
SCHEDULE 13G
CUSIP Number(s):
75120L209
1
Names of Reporting Persons
Viking Global Opportunities Portfolio GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
528,954.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
528,954.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
528,954.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.99 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: See Item 4
SCHEDULE 13G
CUSIP Number(s):
75120L209
1
Names of Reporting Persons
Viking Global Opportunities Illiquid Investments Sub-Master LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
528,954.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
528,954.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
528,954.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.99 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: See Item 4
SCHEDULE 13G
CUSIP Number(s):
75120L209
1
Names of Reporting Persons
HALVORSEN OLE ANDREAS
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
NORWAY
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
528,954.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
528,954.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
528,954.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.99 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: See Item 4
SCHEDULE 13G
CUSIP Number(s):
75120L209
1
Names of Reporting Persons
Shabet Rose Sharon
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
528,954.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
528,954.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
528,954.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.99 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: See Item 4
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Rallybio Corporation
(b)
Address of issuer's principal executive offices:
234 Church Street, New Haven, Connecticut, 06510
Item 2.
(a)
Name of person filing:
Viking Global Investors LP ("VGI"),
Viking Global Opportunities Parent GP LLC ("Opportunities Parent"),
Viking Global Opportunities GP LLC ("Opportunities GP"),
Viking Global Opportunities Portfolio GP LLC ("Opportunities Portfolio GP"),
Viking Global Opportunities Illiquid Investments Sub-Master LP ("VGOP"),
O. Andreas Halvorsen and Rose S. Shabet (collectively, the "Reporting Persons")
Effective March 31, 2026, David C. Ott ("Mr. Ott") retired from his roles as Advisory Director of VGI and Executive Committee Member of each of Viking Global Partners LLC (the general partner of VGI) and Opportunities Parent. Accordingly, Mr. Ott has been removed as a Reporting Person from this Schedule 13G, as Mr. Ott is no longer a beneficial owner of any of the shares of Common Stock reported herein.
(b)
Address or principal business office or, if none, residence:
The business address of each of the Reporting Persons is: 600 Washington Boulevard, Floor 11, Stamford, Connecticut 06901.
(c)
Citizenship:
VGI is a Delaware limited partnership; Opportunities Parent, Opportunities GP and Opportunities Portfolio GP are Delaware limited liability companies; VGOP is a Cayman Islands exempted limited partnership; O. Andreas Halvorsen is a citizen of Norway; and Rose S. Shabet is a citizen of the United States.
(d)
Title of class of securities:
Common Stock, par value $0.0001 per share
(e)
CUSIP No.:
75120L209
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
This Statement on Schedule 13G relates to shares of Common Stock and pre-funded warrants to purchase shares of Common Stock with an exercise price of $0.0001 per share (the "Warrants") held directly by VGOP. VGOP directly owns 524,347 shares of Common Stock and Warrants with the right to purchase 416,673 shares of Common Stock. However, the terms of the Warrants provide that no holder of Warrants shall have the right to exercise any portion of the Warrants to the extent that, after giving effect to such issuance after exercise, such holder of Warrants (together with its affiliates, any "group" or any other persons whose beneficial ownership could be aggregated with the holders) would beneficially own more than 9.99% of the number of shares of Common Stock outstanding immediately following exercise (the "Blocker"). Any holder of Warrants, upon notice to the Issuer, may increase or decrease the Blocker, subject to a maximum of 19.99%, but any such increase or decrease will not be effective until the 61st day after such notice is delivered to the Issuer. Accordingly, the amount of shares of Common Stock reported as beneficially owned by the Reporting Persons set forth herein excludes shares of Common Stock that the Reporting Persons do not currently have the right to purchase upon exercise of the Warrants held directly by VGOP due to the Blocker.
VGI: 528,954
VGI provides managerial services to VGOP. VGI has the authority to dispose of and vote the shares of Common Stock that VGOP directly owns or has the right to purchase upon exercise of the Warrants. VGI does not directly own any shares of Common Stock or Warrants.
Based on Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Act"), VGI may be deemed to beneficially own the shares of Common Stock that VGOP directly owns or has the right to purchase upon exercise of the Warrants.
VGI beneficially owns 528,954 shares of Common Stock consisting of 524,347 shares of Common Stock directly owned by VGOP and 4,607 shares of Common Stock beneficially owned by VGOP, which VGOP has the right to purchase upon exercise of the Warrants, subject to the Blocker.
Opportunities Parent: 528,954
Opportunities Parent is the sole member of Opportunities GP, which has the authority to dispose of and vote the shares of Common Stock controlled by Opportunities Portfolio GP, which consists of the shares of Common Stock that VGOP directly owns or has the right to purchase upon exercise of the Warrants. Opportunities Parent does not directly own any shares of Common Stock or Warrants.
Based on Rule 13d-3 under the Act, Opportunities Parent may be deemed to beneficially own the shares of Common Stock that VGOP directly owns or has the right to purchase upon exercise of the Warrants.
Opportunities GP: 528,954
Opportunities GP serves as the sole member of Opportunities Portfolio GP and has the authority to dispose of and vote the shares of Common Stock controlled by Opportunities Portfolio GP, which consists of the shares of Common Stock that VGOP directly owns or has the right to purchase upon exercise of the Warrants. Opportunities GP does not directly own any shares of Common Stock or Warrants.
Based on Rule 13d-3 under the Act, Opportunities GP may be deemed to beneficially own the shares of Common Stock that VGOP directly owns or has the right to purchase upon exercise of the Warrants.
Opportunities Portfolio GP: 528,954
Opportunities Portfolio GP serves as the general partner of VGOP and has the authority to dispose of and vote the shares of Common Stock that VGOP directly owns or has the right to purchase upon exercise of the Warrants. Opportunities Portfolio GP does not directly own any shares of Common Stock or Warrants.
Based on Rule 13d-3 under the Act, Opportunities Portfolio GP may be deemed to beneficially own the shares of Common Stock that VGOP directly owns or has the right to purchase upon exercise of the Warrants.
VGOP: 528,954
VGOP has the authority to dispose of and vote the shares of Common Stock that it directly owns or has the right to purchase upon exercise of the Warrants directly owned by it, subject to the Blocker, which power may be exercised by its general partner, Opportunities Portfolio GP, and by VGI, an affiliate of Opportunities Portfolio GP, which provides managerial services to VGOP.
Viking Global Opportunities LP (a Delaware limited partnership) and Viking Global Opportunities III LP (a Cayman Islands exempted limited partnership), through its investment in Viking Global Opportunities Intermediate LP (a Cayman Islands exempted limited partnership), invest substantially all of their assets in Viking Global Opportunities Master LP (a Cayman Islands exempted limited partnership), which in turn invests through VGOP.
O. Andreas Halvorsen and Rose S. Shabet: 528,954
Mr. Halvorsen and Ms. Shabet, as Executive Committee Members of Viking Global Partners LLC (general partner of VGI) and Opportunities Parent, have shared authority to dispose of and vote the shares of Common Stock beneficially owned by VGI and Opportunities Parent. Neither Mr. Halvorsen nor Ms. Shabet directly owns any shares of Common Stock or Warrants.
Based on Rule 13d-3 under the Act, each may be deemed to beneficially own the shares of Common Stock that VGOP directly owns or has the right to purchase upon exercise of the Warrants.
Mr. Halvorsen and Ms. Shabet each beneficially own 528,954 shares of Common Stock consisting of 524,347 shares of Common Stock directly owned by VGOP and 4,607 shares of Common Stock beneficially owned by VGOP, which VGOP has the right to purchase upon exercise of the Warrants, subject to the Blocker.
(b)
Percent of class:
The percentages set forth herein are based on (i) 5,290,236 shares of Common Stock outstanding as of March 31, 2026, as reported by the Issuer in its quarterly report on Form 10-Q, filed with the U.S. Securities and Exchange Commission (the "Commission") on May 13, 2026, and (ii) 4,607 shares of Common Stock that the Reporting Persons currently have the right to purchase upon exercise of the Warrants, subject to the Blocker.
VGI: 9.99%
Opportunities Parent: 9.99%
Opportunities GP: 9.99%
Opportunities Portfolio GP: 9.99%
VGOP: 9.99%
O. Andreas Halvorsen and Rose S. Shabet: 9.99%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
VGI: 0
Opportunities Parent: 0
Opportunities GP: 0
Opportunities Portfolio GP: 0
VGOP: 0
O. Andreas Halvorsen and Rose S. Shabet: 0
(ii) Shared power to vote or to direct the vote:
VGI: 528,954
Opportunities Parent: 528,954
Opportunities GP: 528,954
Opportunities Portfolio GP: 528,954
VGOP: 528,954
O. Andreas Halvorsen and Rose S. Shabet: 528,954
(iii) Sole power to dispose or to direct the disposition of:
VGI: 0
Opportunities Parent: 0
Opportunities GP: 0
Opportunities Portfolio GP: 0
VGOP: 0
O. Andreas Halvorsen and Rose S. Shabet: 0
(iv) Shared power to dispose or to direct the disposition of:
VGI: 528,954
Opportunities Parent: 528,954
Opportunities GP: 528,954
Opportunities Portfolio GP: 528,954
VGOP: 528,954
O. Andreas Halvorsen and Rose S. Shabet: 528,954
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The response to Item 4 is incorporated by reference herein.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
VIKING GLOBAL INVESTORS LP
Signature:
/s/ Scott M. Hendler
Name/Title:
Scott M. Hendler on behalf of VIKING GLOBAL INVESTORS LP (1)(2)
Date:
05/15/2026
Viking Global Opportunities Parent GP LLC
Signature:
/s/ Scott M. Hendler
Name/Title:
Scott M. Hendler on behalf of Viking Global Opportunities Parent GP LLC (1)(2)
Date:
05/15/2026
Viking Global Opportunities GP LLC
Signature:
/s/ Scott M. Hendler
Name/Title:
Scott M. Hendler on behalf of Viking Global Opportunities GP LLC (1)(2)
Date:
05/15/2026
Viking Global Opportunities Portfolio GP LLC
Signature:
/s/ Scott M. Hendler
Name/Title:
Scott M. Hendler on behalf of Viking Global Opportunities Portfolio GP LLC (1)(2)
Date:
05/15/2026
Viking Global Opportunities Illiquid Investments Sub-Master LP
Signature:
/s/ Scott M. Hendler
Name/Title:
Scott M. Hendler on behalf of Viking Global Opportunities Illiquid Investments Sub-Master LP (1)(2)
Date:
05/15/2026
HALVORSEN OLE ANDREAS
Signature:
/s/ Scott M. Hendler
Name/Title:
Scott M. Hendler on behalf of O. Andreas Halvorsen (1)
Date:
05/15/2026
Shabet Rose Sharon
Signature:
/s/ Scott M. Hendler
Name/Title:
Scott M. Hendler on behalf of Rose S. Shabet (2)
Date:
05/15/2026
Comments accompanying signature: (1) Scott M. Hendler is signing on behalf of O. Andreas Halvorsen, individually and as an Executive Committee Member of VIKING GLOBAL PARTNERS LLC, on behalf of VIKING GLOBAL INVESTORS LP, and as an Executive Committee Member of VIKING GLOBAL OPPORTUNITIES PARENT GP LLC, on behalf of itself and VIKING GLOBAL OPPORTUNITIES GP LLC, VIKING GLOBAL OPPORTUNITIES PORTFOLIO GP LLC, and VIKING GLOBAL OPPORTUNITIES ILLIQUID INVESTMENTS SUB-MASTER LP, pursuant to an authorization and designation letter dated February 9, 2021, which was previously filed with the Commission as an exhibit to a Form 13G filed by Mr. Halvorsen on February 12, 2021 (SEC File No. 005-49737).
(2) Scott M. Hendler is signing on behalf of Rose S. Shabet, individually and as an Executive Committee Member of VIKING GLOBAL PARTNERS LLC, on behalf of VIKING GLOBAL INVESTORS LP, and as an Executive Committee Member of VIKING GLOBAL OPPORTUNITIES PARENT GP LLC, on behalf of itself and VIKING GLOBAL OPPORTUNITIES GP LLC, VIKING GLOBAL OPPORTUNITIES PORTFOLIO GP LLC, and VIKING GLOBAL OPPORTUNITIES ILLIQUID INVESTMENTS SUB-MASTER LP, pursuant to an authorization and designation letter dated February 9, 2021, which was previously filed with the Commission as an exhibit to a Form 13G filed by Ms. Shabet on February 12, 2021 (SEC File No. 005-49737).
What stake does Viking Global report in Rallybio (RLYB)?
Viking Global-related entities report beneficial ownership of 528,954 shares, representing 9.99% of the class. This combines 524,347 directly owned shares and 4,607 Warrant shares currently exercisable under the Blocker rules.
How many Rallybio shares were outstanding used to calculate the 9.99%?
The percentage is based on 5,290,236 shares outstanding as of March 31, 2026, per Rallybio's Form 10-Q referenced in the filing. The calculation also includes 4,607 Warrant shares currently exercisable subject to the Blocker.
What are the Warrants disclosed in the filing and how do they work?
VGOP holds Warrants exercisable for 416,673 shares with an exercise price of $0.0001 per share. A contractual Blocker prevents exercise to the extent it would raise beneficial ownership above 9.99% unless adjusted by notice.
Did the Schedule 13G/A change the list of reporting persons?
Yes. The amendment states that David C. Ott retired effective March 31, 2026 and was removed as a reporting person. Remaining reporting persons include Viking Global Investors LP, affiliated entities, O. Andreas Halvorsen, and Rose S. Shabet.
Can Viking Global immediately exercise all Warrants to buy Rallybio shares?
No. Although Warrants cover 416,673 shares, exercise is limited by the contractual Blocker that prevents ownership above 9.99%. Holders may change the Blocker up to 19.99%, but any change becomes effective on the 61st day after notice to the issuer.
