Exhibit 99.2 ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ RLYB116

• • • AE preferred term RLYB116 Placebo N=10 n (%) All N=40 n (%) 2 mg N=6 n (%) 10 mg N=6 n (%) 30 mg N=6 n (%) 100 mg N=6 n (%) 300 mg N=6 n (%) Gastrointestinal disorders Abdominal pain/discomfort 2 (33.3) 2 (33.3) 4 (10.0) Diarrhea 1 (16.7) 1 (16.7) 3 (50.0) 1 (10.0) 6 (15.0) Nausea/Vomiting 2 (33.3) 2 (5.0) General disorders and administration Fatigue/Lethargy 1 (16.7) 1 (16.7) 2 (5.0) Infections and infestations COVID-19 1 (16.7) 1 (16.7) 1 (16.7) 3 (7.5) Upper respiratory tract infection 1 (16.7) 1 (16.7) 1 (10.0) 3 (7.5) Musculoskeletal and connective tissue disorders Back pain 2 (33.3) 2 (5.0) Myalgia 1 (16.7) 1 (10.0) 2 (5.0) Nervous system disorder Dizziness/dizziness postural 2 (33.3) 1 (10.0) 3 (7.5) Headache/migraine 1 (16.7) 1 (16.7) 2 (33.3) 1 (16.7) 2 (33.3) 2 (20.0) 9 (22.5) Presyncope 1 (16.7) 1 (16.7) 2 (5.0) 1RLYB116 DSUR 2023

RLYB116 • • • • ▪ ▪ ▪ ▪ Source: Rallybio IPC2001 data

Source: Rallybio IPC2001 data Source: Rallybio IPC2001 data Source: Rallybio IPC2001 data Source: Rallybio IPC2001 data

AE System Organ Class and Preferred Terms RLYB116 Placebo N=9 n (%) All N=49 n (%)100 mg QW N=10 n (%) 100 mg induction N=10 n (%) 150/125 mg QW N=10 n (%) 75/100 mg BIW N=10 n (%) Gastrointestinal disorders Abdominal pain/discomfort 2 (20.0) 2 (20.0) 2 (20.0) 6 (12.2) Diarrhea 1 (10.0) 2 (20.0) 3 (6.1) Nausea/Vomiting 1 (10.0) 2 (20.0) 4 (40.0) 2 (20.0) 9 (18.4) General disorders and administration Fatigue/Lethargy 1 (10.0) 1 (10.0) 1 (10.0) 2 (20.0) 5 (10.2) Injection site reaction (ISR) 6 (60.0) 5 (50.0) 8 (80.0) 10 (100.0) 29 (59.2) Pyrexia 3 (30.0) 1 (10.0) 4 (8.2) Infections and infestations Upper respiratory tract infection 2 (20.0) 1 (10.0) 1 (11.1) 4 (8.2) Nervous system disorder Dizziness/dizziness postural 2 (20.0) 2 (20.0) 1 (10.0) 1 (11.1) 6 (12.2) Headache/migraine 2 (20.0) 4 (40.0) 2 (20.0) 3 (30.0) 2 (22.2) 13 (26.5) Respiratory, thoracic, and mediastinal disorders Oropharyngeal pain 1 (10.0) 1 (10.0) 1 (11.1) 3 (6.1) 1RLYB116 DSUR 2023 • • • • • • Source: Rallybio Phase 1 IPC2001 data 1Tang 2023 • • • • •

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