Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Market Information
Our common stock began trade on the Nasdaq Global Select Market under the symbol “RLYB.” Trading of our common stock commenced on July 29, 2021 in connection with our IPO. Prior to that time, there was no established public trading market for our common stock.
Stockholders
As of December 31, 2024, there were 13 holders of record of our common stock. The actual number of stockholders is greater than this number of record holders and includes stockholders who are beneficial owners but whose shares are held in street name by brokers and other nominees. This number of holders of record also does not include stockholders whose shares may be held in trust by other entities.
Dividend Policy
We have never declared or paid any dividends on our capital stock. We intend to retain future earnings, if any, to finance the operation and expansion of our business and do not anticipate paying any cash dividends in the foreseeable future. Any future determination related to our dividend policy will be made at the discretion of our
90
Table of Contents
board of directors after considering our financial condition, results of operations, capital requirements, business prospects and other factors our board of directors deems relevant, and subject to the restrictions contained in any future financing instruments. Our ability to pay cash dividends on our capital stock in the future may also be limited by the terms of any preferred securities we may issue or agreements governing any indebtedness we may incur.
Securities Authorized for Issuance Under Equity Compensation Plans
The information provided in the following table is as of December 31, 2024:
Plan category Number of securities to be issued upon exercise of outstanding options,
warrants and rights and outstanding nonvested restricted stock units
(1) Weighted-average exercise price of outstanding options, warrants and
rights
(2) Number of securities remaining available for future issuance under equity
compensation plans
(3)
Equity compensation plans approved by security holders 5,299,924 $ 7.85 4,195,223
Equity compensation plans not approved by security holders — — —
(1) Reflects 4,235,183 shares of common stock to be issued upon exercise of outstanding options under our 2021 Equity Incentive Plan and 1,064,741 outstanding restricted stock units that were issued under the 2021 Equity Incentive Plan. This figure does not include 21,950 outstanding restricted stock awards that were issued under the 2021 Equity Incentive Plan.
(2) The weighted-average exercise price is calculated based on the exercise prices of outstanding options and does not include outstanding restricted stock units (which have no exercise price).
(3) Includes 3,383,211 shares available for future issuance under the 2021 Equity Incentive Plan and 812,012 shares available for future issuance under the 2021 Employee Stock Purchase Plan. The number of shares of our common stock delivered in satisfaction of awards under the 2021 Equity Incentive Plan will not be reduced by (i) any shares withheld by us in payment of the exercise price or purchase price of an award or in satisfaction of tax withholding requirements or (ii) any shares underlying any portion of an award that is settled in cash or that expires, becomes unexercisable, terminates or is forfeited to or repurchased by us without the delivery (or retention, in the case of restricted or unrestricted stock) of shares of our common stock. The number of shares available for delivery under the 2021 Equity Incentive Plan will not be increased by any shares that have been delivered under the 2021 Equity Incentive Plan and are subsequently repurchased using proceeds directly attributable to stock option exercises. In addition, the number of shares reserved for issuance under the 2021 Equity Incentive Plan automatically increases on January 1st of each year from 2022 to 2031 by the lesser of (i) five percent of the number of shares of the Company's common stock outstanding as of such date and (ii) the number of shares of the Company's common stock determined by the board of directors on or prior to such date. The number of shares reserved for issuance under the 2021 Employee Stock Purchase Plan automatically increases on January 1st of each year from 2022 to 2031 by the lesser of (i) one percent of the number of shares of the Company's common stock outstanding as of such date (ii) 582,648 shares of the Company's common stock, and (iii) the number of shares of the Company's common stock determined by the board of directors on or prior to such date (up to a maximum of 6,117,804 in the aggregate).
Use of Proceeds from Registered Securities
In August, 2021, we completed the IPO of our common stock pursuant to which we issued and sold 7,130,000 shares of our common stock, inclusive of 930,000 shares sold pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $13.00 per share. The aggregate offering price of our IPO was $92.7 million.
The offer and sale of all of the shares of our common stock in our IPO were registered under the Securities Act pursuant to a registration statement on Form S-1, as amended (File No. 333-257655), which was declared effective by the SEC on July 28, 2021 and a registration statement on Form S-1MEF (File No. 333-258244), which was automatically effective upon filing with the SEC on July 28, 2021. Following the sale of all of the shares offered in connection with the closing of our IPO, the offering terminated. Jefferies LLC, Cowen and Company, LLC and Evercore Group L.L.C. acted as co-managers for the offering.
We received aggregate gross proceeds from our IPO of $92.7 million, or aggregate net proceeds of $83.0 million after deducting underwriting discounts and commissions and other offering costs. None of the underwriting discounts and commissions or offering costs were incurred or paid, directly or indirectly, to directors or officers of ours or their associates or to persons owning 10% or more of our common stock or to any of our affiliates.
We intend to use any remaining proceeds from our IPO primarily to support the development of our pipeline programs, working capital needs and general corporate purposes.
Item 6. Reserved
91
Table of Contents