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RLAY

Relay Therapeutics, Inc.

RLAY

Relay Therapeutics, Inc. • NASDAQ
$7.92 ▼ -1.37% (-0.11)
Market Cap $1.37 B
52w High $8.36
52w Low $1.77
Dividend Yield 0%
P/E -4.6
Volume 763.55K
Outstanding Shares 173.32M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 ▼ $79.643M ▲ $-74.149M ▼ 0% ▲ $-0.43 ▼ $-73.401M ▲
Q2-2025 $677K ▼ $77.524M ▼ $-70.375M ▲ -10.395K% ▼ $-0.41 ▲ $-75.845M ▲
Q1-2025 $7.679M ▲ $92.548M ▲ $-77.065M ▼ -1.004K% ▼ $-0.46 ▼ $-83.661M ▼
Q4-2024 $0 $84.979M ▼ $-76.004M ▲ 0% $-0.45 ▲ $-83.645M ▲
Q3-2024 $0 $96.369M $-88.105M 0% $-0.63 $-95.002M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $596.431M ▼ $670M ▼ $62.291M ▼ $607.709M ▼
Q2-2025 $656.775M ▼ $728.841M ▼ $63.183M ▼ $665.658M ▼
Q1-2025 $710.355M ▼ $799.362M ▼ $78.281M ▼ $721.081M ▼
Q4-2024 $781.323M ▼ $871.296M ▼ $93.504M ▲ $777.792M ▼
Q3-2024 $839.609M $930.115M $91.254M $838.861M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-74.149M ▼ $-62.119M ▼ $39.725M ▼ $17K ▼ $-22.377M ▼ $-62.118M ▼
Q2-2025 $-70.375M ▲ $-55.261M ▲ $75.146M ▲ $653K ▲ $20.538M ▲ $-55.287M ▲
Q1-2025 $-77.065M ▼ $-73.21M ▼ $42.465M ▲ $0 ▼ $-30.745M ▼ $-73.594M ▼
Q4-2024 $-76.004M ▲ $-57.868M ▲ $28.998M ▲ $800K ▼ $-28.07M ▼ $-57.868M ▲
Q3-2024 $-88.105M $-75.083M $-126.162M $218.889M $17.644M $-75.31M

Five-Year Company Overview

Income Statement

Income Statement Relay looks like a typical clinical‑stage biotech on the income side: almost no recurring product revenue yet and steady, sizable losses driven mainly by research and development and overhead, not by manufacturing costs. Losses have been fairly consistent over the last few years rather than exploding, which suggests controlled spending, but the business is still firmly in the “investment phase” with no clear line of sight yet to commercial-scale sales. Any past collaboration or milestone income appears small relative to the ongoing cost base, so the story here is still all about future potential, not current earnings power.

Balance Sheet

Balance Sheet The balance sheet is relatively clean and conservative. Assets are dominated by cash and investments, with very little debt, so financial leverage is low. Equity makes up most of the capital structure, which gives the company flexibility but also means existing shareholders bear most of the risk. Over time, total assets and cash have drifted down as funds are used to support the pipeline, while debt has stayed modest. Overall, the company still appears reasonably well-capitalized for a pre‑revenue biotech, but its resources are clearly being drawn down to fund development.

Cash Flow

Cash Flow Cash flow shows what you would expect from a company building a pipeline before having products on the market: cash consistently flowing out from operations, with very little offset from incoming cash. Free cash flow is negative and closely tracks operating cash outflow, because spending on equipment and facilities is modest; most of the burn is people, trials, and research. This pattern is normal for the sector but highlights that the company depends on past fundraising and, over time, likely future capital raises or deals to keep funding its programs.

Competitive Edge

Competitive Edge Relay’s edge comes from its Dynamo platform, which aims to design drugs based on how proteins move, not just how they look in a single snapshot. That creates a differentiated angle in a crowded field of AI and computational drug discovery. Partnerships with large pharma players and the acquisition of an AI/DEL company strengthen both validation and technical capabilities, while a growing patent portfolio helps protect what they create. The flip side is that oncology and precision medicine are highly competitive, many others are chasing similar targets, and the platform still needs to be fully proven in late‑stage trials. So there is a real moat on the technology and know‑how side, but also intense external pressure and execution risk.

Innovation and R&D

Innovation and R&D Relay is clearly an R&D‑heavy story. The company is pouring resources into its Dynamo platform and a broad pipeline, with lead programs in breast cancer and FGFR2‑driven tumors and newer pushes into genetic diseases and difficult oncogenic targets like NRAS. The approach emphasizes highly selective, often allosteric drugs that try to improve both efficacy and safety. If the platform keeps producing differentiated candidates and the ongoing and planned trials read out well, it could become a repeatable engine for new medicines. However, each program faces the usual clinical, regulatory, and safety hurdles, and setbacks in a few key assets could quickly change perceptions of the platform’s overall productivity.

Summary

Relay Therapeutics is a pre‑revenue, science‑driven biotech using a distinctive computational and protein‑motion‑based platform to go after hard drug targets. Financially, it has a history of steady losses and negative cash flow, funded largely by equity rather than debt, with cash levels gradually declining as development spending continues. Scientifically, it has a credible competitive position built on its platform, valuable partnerships, and a pipeline with several potentially best‑in‑class or first‑in‑class candidates. The opportunity is that success in late‑stage trials could validate both the lead assets and the broader platform; the main risks are ongoing cash burn, the need for future funding, intense competition, and the inherent uncertainty of clinical results and regulatory outcomes.

NEWS

November 6, 2025 · 4:05 PM UTC

Relay Therapeutics Reports Third Quarter 2025 Financial Results and Corporate Updates

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November 3, 2025 · 4:05 PM UTC

Relay Therapeutics to Participate in Two Upcoming Investor Conferences in November

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October 30, 2025 · 4:05 PM UTC

Relay Therapeutics to Announce Third Quarter 2025 Financial Results and Corporate Highlights on November 6, 2025

Read more