Relay Therapeutics (RLAY) Financials

$4.55 +0.46 (+11.25%)

Closing price 04:00 PM Eastern

Extended Trading

$4.55 0.00 (0.00%)

As of 04:34 PM Eastern

Annual Income Statements for Relay Therapeutics

This table shows Relay Therapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-291	-342	-338
Consolidated Net Income / (Loss)	-291	-342	-338
Net Income / (Loss) Continuing Operations	-291	-342	-338
Total Pre-Tax Income	-291	-342	-338
Total Operating Income	-299	-373	-372
Total Gross Profit	1.38	26	10
Total Revenue	1.38	26	10
Operating Revenue	1.38	26	10
Total Cost of Revenue	0.00	0.00	0.00
Total Operating Expenses	301	399	382
Selling, General & Admin Expense	66	75	77
Research & Development Expense	246	330	319
Other Operating Expenses / (Income)	-12	-6.42	-13
Total Other Income / (Expense), net	8.77	31	35
Interest & Investment Income	8.79	31	35
Other Income / (Expense), net	-0.02	-0.02	0.01
Basic Earnings per Share	($2.59)	($2.79)	($2.36)
Weighted Average Basic Shares Outstanding	112.23M	122.58M	142.87M
Diluted Earnings per Share	($2.59)	($2.79)	($2.36)
Weighted Average Diluted Shares Outstanding	112.23M	122.58M	142.87M
Weighted Average Basic & Diluted Shares Outstanding	121.38M	131.18M	169.52M

This table shows Relay Therapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-84	-68	-94	-99	-66	-83	-81	-92	-88	-76
Consolidated Net Income / (Loss)	-84	-68	-94	-99	-66	-83	-81	-92	-88	-76
Net Income / (Loss) Continuing Operations	-84	-68	-94	-99	-66	-83	-81	-92	-88	-76
Total Pre-Tax Income	-84	-68	-94	-99	-66	-83	-81	-92	-88	-76
Total Operating Income	-86	-73	-101	-106	-74	-92	-90	-101	-96	-85
Total Operating Expenses	86	73	101	106	99	92	100	101	96	85
Selling, General & Admin Expense	16	16	20	20	18	17	20	20	20	17
Research & Development Expense	67	67	83	88	81	77	82	92	77	68
Total Other Income / (Expense), net	1.72	5.35	6.94	7.55	7.84	8.70	8.98	8.55	8.26	8.98
Interest & Investment Income	1.71	5.37	6.94	7.56	7.85	8.70	8.95	8.55	8.27	8.97
Other Income / (Expense), net	0.01	-0.02	-0.00	-0.01	-0.00	0.00	0.03	-0.00	-0.01	0.00
Basic Earnings per Share	($0.76)	($0.55)	($0.78)	($0.81)	($0.54)	($0.66)	($0.62)	($0.69)	($0.63)	($0.42)
Weighted Average Basic Shares Outstanding	110.91M	112.23M	121.32M	121.68M	122.23M	122.58M	130.84M	132.82M	140.23M	142.87M
Diluted Earnings per Share	($0.76)	($0.55)	($0.78)	($0.81)	($0.54)	($0.66)	($0.62)	($0.69)	($0.63)	($0.42)
Weighted Average Diluted Shares Outstanding	110.91M	112.23M	121.32M	121.68M	122.23M	122.58M	130.84M	132.82M	140.23M	142.87M
Weighted Average Basic & Diluted Shares Outstanding	120.89M	121.38M	121.61M	122.13M	123.27M	131.18M	132.74M	133.89M	167.38M	169.52M

This table details how cash moves in and out of Relay Therapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-128	-7.93	-20
Net Cash From Operating Activities	-229	-300	-249
Net Cash From Continuing Operating Activities	-229	-300	-249
Net Income / (Loss) Continuing Operations	-291	-342	-338
Consolidated Net Income / (Loss)	-291	-342	-338
Depreciation Expense	4.13	5.27	5.46
Amortization Expense	1.18	-11	-12
Non-Cash Adjustments To Reconcile Net Income	56	86	94
Changes in Operating Assets and Liabilities, net	-0.43	-39	1.41
Net Cash From Investing Activities	-189	258	-41
Net Cash From Continuing Investing Activities	-189	258	-41
Purchase of Property, Plant & Equipment	-9.06	-4.13	-2.02
Purchase of Investments	-535	-386	-651
Sale of Property, Plant & Equipment	0.00	0.00	0.00
Sale and/or Maturity of Investments	356	647	612
Net Cash From Financing Activities	290	35	270
Net Cash From Continuing Financing Activities	290	35	270
Issuance of Preferred Equity	0.00	0.00	0.00
Issuance of Common Equity	290	35	270

This table details how cash moves in and out of Relay Therapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	247	-203	9.48	-15	5.43	-7.59	9.13	-19	18	-28
Net Cash From Operating Activities	-66	-57	-67	-69	-75	-89	-50	-66	-75	-58
Net Cash From Continuing Operating Activities	-66	-57	-67	-69	-75	-89	-50	-66	-75	-58
Net Income / (Loss) Continuing Operations	-84	-68	-94	-99	-66	-83	-81	-92	-88	-76
Consolidated Net Income / (Loss)	-84	-68	-94	-99	-66	-83	-81	-92	-88	-76
Depreciation Expense	1.03	1.17	1.20	1.33	1.36	1.38	1.40	1.37	1.37	1.33
Amortization Expense	0.34	-0.39	-2.02	-2.20	-2.88	-3.67	-3.67	-3.29	-3.18	-2.18
Non-Cash Adjustments To Reconcile Net Income	14	14	22	23	22	19	27	27	22	18
Changes in Operating Assets and Liabilities, net	2.94	-4.17	6.41	7.36	-30	-23	6.15	1.47	-7.65	1.45
Net Cash From Investing Activities	27	-147	75	51	71	60	11	46	-126	29
Net Cash From Continuing Investing Activities	27	-147	75	51	71	60	11	46	-126	29
Purchase of Investments	-56	-328	-98	-66	-85	-137	-191	-120	-265	-75
Sale and/or Maturity of Investments	85	183	175	119	157	197	203	165	139	104
Net Cash From Financing Activities	286	1.17	1.30	2.08	9.46	22	49	1.54	219	0.80
Net Cash From Continuing Financing Activities	286	1.17	1.30	2.08	9.46	22	49	1.54	219	0.80
Issuance of Common Equity	286	2.30	1.30	2.08	9.46	22	49	1.54	219	0.80

This table presents Relay Therapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Total Assets	1,100	844	871
Total Current Assets	1,020	770	809
Cash & Equivalents	152	144	124
Short-Term Investments	847	606	657
Prepaid Expenses	12	17	17
Other Current Assets	8.17	3.32	11
Plant, Property, & Equipment, net	12	11	5.91
Total Noncurrent Assets	69	63	56
Intangible Assets	2.30	2.30	2.30
Other Noncurrent Operating Assets	66	61	54
Total Liabilities & Shareholders' Equity	1,100	844	871
Total Liabilities	150	92	94
Total Current Liabilities	64	30	51
Accounts Payable	11	9.21	14
Accrued Expenses	23	15	21
Current Deferred Revenue	-	0.00	7.68
Other Current Liabilities	30	6.17	7.72
Total Noncurrent Liabilities	86	62	43
Capital Lease Obligations	53	49	43
Other Noncurrent Operating Liabilities	32	13	0.00
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	950	752	778
Total Preferred & Common Equity	950	752	778
Preferred Stock	0.00	0.00	0.00
Total Common Equity	950	752	778
Common Stock	2,019	2,153	2,517
Retained Earnings	-1,059	-1,401	-1,738
Accumulated Other Comprehensive Income / (Loss)	-10	-0.20	-0.99

This table presents Relay Therapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	1,169	1,038	962	907	841	773	930
Total Current Assets	1,087	958	884	832	770	704	865
Cash & Equivalents	355	161	146	151	153	134	152
Short-Term Investments	699	777	726	659	597	554	687
Prepaid Expenses	17	11	9.31	17	13	10	19
Other Current Assets	16	9.03	3.39	3.68	7.30	5.73	6.80
Plant, Property, & Equipment, net	11	12	12	11	9.88	8.35	7.21
Total Noncurrent Assets	70	67	66	64	61	60	58
Intangible Assets	2.30	2.30	2.30	2.30	2.30	2.30	2.30
Other Noncurrent Operating Assets	68	65	64	62	59	58	55
Total Liabilities & Shareholders' Equity	1,169	1,038	962	907	841	773	930
Total Liabilities	169	154	152	129	96	91	91
Total Current Liabilities	71	70	72	51	37	45	47
Accounts Payable	9.49	12	15	13	7.97	11	6.87
Accrued Expenses	29	28	27	31	22	28	33
Other Current Liabilities	33	31	30	5.89	6.81	6.10	6.89
Total Noncurrent Liabilities	98	84	80	78	59	46	44
Capital Lease Obligations	55	-	51	50	47	46	44
Other Noncurrent Operating Liabilities	43	84	29	28	11	0.00	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,000	883	810	778	746	682	839
Total Preferred & Common Equity	1,000	883	810	778	746	682	839
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,000	883	810	778	746	682	839
Common Stock	2,004	2,042	2,068	2,099	2,229	2,257	2,499
Retained Earnings	-991	-1,153	-1,251	-1,317	-1,482	-1,574	-1,662
Accumulated Other Comprehensive Income / (Loss)	-13	-5.80	-6.08	-3.39	-1.16	-1.34	2.51

This table displays calculated financial ratios and metrics derived from Relay Therapeutics' official financial filings.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-
Revenue Growth	-54.41%	1,749.82%	-60.83%
EBITDA Growth	18.05%	-28.75%	-0.21%
EBIT Growth	17.93%	-24.63%	0.15%
NOPAT Growth	17.94%	-24.63%	0.14%
Net Income Growth	20.16%	-17.72%	1.25%
EPS Growth	32.20%	-7.72%	15.41%
Operating Cash Flow Growth	-208.43%	-30.86%	17.05%
Free Cash Flow Firm Growth	-150.04%	-11.74%	18.65%
Invested Capital Growth	107.91%	957.67%	-22.16%
Revenue Q/Q Growth	-18.53%	-0.98%	0.01%
EBITDA Q/Q Growth	-2.11%	-6.29%	2.23%
EBIT Q/Q Growth	-1.75%	-5.46%	1.90%
NOPAT Q/Q Growth	-1.74%	-5.47%	1.90%
Net Income Q/Q Growth	-0.02%	-4.91%	2.17%
EPS Q/Q Growth	1.52%	-4.10%	9.23%
Operating Cash Flow Q/Q Growth	-8.19%	-11.97%	11.17%
Free Cash Flow Firm Q/Q Growth	-19.17%	-15.95%	14.46%
Invested Capital Q/Q Growth	726.17%	186.91%	-9.86%
Profitability Metrics	-	-	-
Gross Margin	100.00%	100.00%	100.00%
EBITDA Margin	-21,287.69%	-1,481.69%	-3,790.40%
Operating Margin	-21,670.89%	-1,460.11%	-3,722.07%
EBIT Margin	-21,672.34%	-1,460.18%	-3,721.93%
Profit (Net Income) Margin	-21,036.13%	-1,338.66%	-3,374.72%
Tax Burden Percent	100.00%	100.00%	100.00%
Interest Burden Percent	97.06%	91.68%	90.67%
Effective Tax Rate	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-946.25%	-581.57%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-936.43%	-570.88%
Return on Net Nonoperating Assets (RNNOA)	0.00%	906.07%	537.42%
Return on Equity (ROE)	-31.44%	-40.18%	-44.15%
Cash Return on Invested Capital (CROIC)	-5,758.85%	-1,111.70%	-556.65%
Operating Return on Assets (OROA)	-28.39%	-38.38%	-43.43%
Return on Assets (ROA)	-27.56%	-35.19%	-39.38%
Return on Common Equity (ROCE)	-31.44%	-40.18%	-44.15%
Return on Equity Simple (ROE_SIMPLE)	-30.57%	-45.48%	-43.42%
Net Operating Profit after Tax (NOPAT)	-209	-261	-261
NOPAT Margin	-15,169.62%	-1,022.08%	-2,605.45%
Net Nonoperating Expense Percent (NNEP)	-8.51%	-9.82%	-10.69%
Return On Investment Capital (ROIC_SIMPLE)	-20.87%	-32.62%	-31.77%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	4,777.55%	293.39%	765.38%
R&D to Revenue	17,838.88%	1,291.86%	3,188.66%
Operating Expenses to Revenue	21,770.89%	1,560.11%	3,822.07%
Earnings before Interest and Taxes (EBIT)	-299	-373	-372
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-294	-379	-379
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	1.90	1.80	0.89
Price to Tangible Book Value (P/TBV)	1.91	1.81	0.89
Price to Revenue (P/Rev)	1,307.87	53.13	68.91
Price to Earnings (P/E)	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	180.56	13.00	0.00
Enterprise Value to Revenue (EV/Rev)	623.26	25.66	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00
Leverage & Solvency	-	-	-
Debt to Equity	0.06	0.06	0.06
Long-Term Debt to Equity	0.06	0.06	0.06
Financial Leverage	-1.03	-0.97	-0.94
Leverage Ratio	1.14	1.14	1.12
Compound Leverage Factor	1.11	1.05	1.02
Debt to Total Capital	5.33%	6.06%	5.21%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	5.33%	6.06%	5.21%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%
Common Equity to Total Capital	94.67%	93.94%	94.79%
Debt to EBITDA	-0.18	-0.13	-0.11
Net Debt to EBITDA	3.22	1.85	1.95
Long-Term Debt to EBITDA	-0.18	-0.13	-0.11
Debt to NOPAT	-0.26	-0.19	-0.16
Net Debt to NOPAT	4.51	2.69	2.83
Long-Term Debt to NOPAT	-0.26	-0.19	-0.16
Altman Z-Score	6.04	6.15	1.28
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-
Current Ratio	16.00	25.44	15.95
Quick Ratio	15.68	24.78	15.40
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	-275	-307	-250
Operating Cash Flow to CapEx	-2,532.44%	-7,278.62%	-12,344.25%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00
Efficiency Ratios	-	-	-
Asset Turnover	0.00	0.03	0.01
Accounts Receivable Turnover	3.90	0.00	0.00
Inventory Turnover	0.00	0.00	0.00
Fixed Asset Turnover	0.15	2.27	1.19
Accounts Payable Turnover	0.00	0.00	0.00
Days Sales Outstanding (DSO)	93.69	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	93.69	0.00	0.00
Capital & Investment Metrics	-	-	-
Invested Capital	4.77	50	39
Invested Capital Turnover	-0.05	0.93	0.22
Increase / (Decrease) in Invested Capital	65	46	-11
Enterprise Value (EV)	861	656	-49
Market Capitalization	1,806	1,357	690
Book Value per Share	$7.86	$6.10	$4.65
Tangible Book Value per Share	$7.84	$6.08	$4.63
Total Capital	1,004	801	821
Total Debt	53	49	43
Total Long-Term Debt	53	49	43
Net Debt	-945	-702	-739
Capital Expenditures (CapEx)	9.06	4.13	2.02
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-43	-10	-23
Debt-free Net Working Capital (DFNWC)	956	740	758
Net Working Capital (NWC)	956	740	758
Net Nonoperating Expense (NNE)	81	81	77
Net Nonoperating Obligations (NNO)	-945	-702	-739
Total Depreciation and Amortization (D&A)	5.31	-5.49	-6.85
Debt-free, Cash-free Net Working Capital to Revenue	-3,122.45%	-40.13%	-228.32%
Debt-free Net Working Capital to Revenue	69,210.43%	2,896.09%	7,579.44%
Net Working Capital to Revenue	69,210.43%	2,896.09%	7,579.44%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	($2.59)	($2.79)	($2.36)
Adjusted Weighted Average Basic Shares Outstanding	112.23M	122.58M	142.87M
Adjusted Diluted Earnings per Share	($2.59)	($2.79)	($2.36)
Adjusted Weighted Average Diluted Shares Outstanding	121.38M	122.58M	142.87M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	121.38M	131.18M	169.52M
Normalized Net Operating Profit after Tax (NOPAT)	-209	-261	-261
Normalized NOPAT Margin	-15,169.62%	-1,022.08%	-2,605.45%
Pre Tax Income Margin	-21,036.13%	-1,338.66%	-3,374.72%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00
Payout Ratios	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Relay Therapeutics' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-48.35%	-55.38%	-46.06%	-67.40%	7,226.16%	-100.40%	4,327.88%	-100.00%	-100.00%	0.00%
EBITDA Growth	-42.50%	-9.22%	-66.98%	-40.16%	11.15%	-31.06%	9.21%	3.97%	-30.76%	9.17%
EBIT Growth	-40.82%	-7.61%	-61.26%	-36.34%	14.33%	-26.51%	10.72%	5.00%	-30.99%	7.83%
NOPAT Growth	-40.83%	-7.57%	-61.31%	-36.29%	14.34%	-26.55%	10.69%	4.99%	-30.98%	7.83%
Net Income Growth	-38.37%	-0.07%	-51.89%	-28.28%	21.91%	-23.69%	13.64%	6.39%	-34.03%	8.97%
EPS Growth	-15.15%	6.78%	-36.84%	-14.08%	28.95%	-20.00%	20.51%	14.81%	-16.67%	36.36%
Operating Cash Flow Growth	-24.34%	-43.75%	-36.52%	-20.16%	-13.99%	-56.25%	25.04%	4.03%	0.42%	35.12%
Free Cash Flow Firm Growth	-350.86%	-218.29%	-3,280.60%	-118.39%	19.01%	5.03%	-209.04%	-17.38%	-36.38%	56.16%
Invested Capital Growth	102.42%	107.91%	-52.56%	72.98%	2,945.58%	957.67%	179.63%	477.48%	147.76%	-22.16%
Revenue Q/Q Growth	-5.75%	-26.45%	-10.67%	-47.35%	21,078.15%	-100.00%	1,000,800.00%	-100.00%	0.00%	0.00%
EBITDA Q/Q Growth	-10.78%	14.69%	-41.48%	-4.83%	29.78%	-25.83%	1.99%	-10.88%	4.37%	12.59%
EBIT Q/Q Growth	-10.40%	15.15%	-38.84%	-4.83%	30.63%	-25.30%	2.01%	-11.54%	4.35%	11.83%
NOPAT Q/Q Growth	-10.39%	15.18%	-38.88%	-4.82%	30.62%	-25.31%	1.99%	-11.50%	4.36%	11.82%
Net Income Q/Q Growth	-9.62%	19.80%	-39.61%	-4.53%	33.27%	-27.02%	2.52%	-13.30%	4.45%	13.73%
EPS Q/Q Growth	-7.04%	27.63%	-41.82%	-3.85%	33.33%	-22.22%	6.06%	-11.29%	8.70%	33.33%
Operating Cash Flow Q/Q Growth	-15.85%	13.71%	-17.61%	-2.19%	-9.91%	-18.29%	43.58%	-30.82%	-14.05%	22.93%
Free Cash Flow Firm Q/Q Growth	-80.71%	-37.19%	55.11%	-96.24%	32.98%	-60.86%	-46.08%	25.46%	22.13%	48.29%
Invested Capital Q/Q Growth	101.51%	726.17%	-1,241.01%	80.96%	269.69%	186.91%	-14.09%	-9.75%	11.37%	-9.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	0.00%	100.00%	0.00%	0.00%	0.00%
EBITDA Margin	-24,567.44%	-28,495.65%	-45,132.74%	-89,857.98%	-297.96%	0.00%	-925.43%	0.00%	0.00%	0.00%
Operating Margin	-24,968.60%	-28,794.86%	-44,768.58%	-89,117.65%	-291.95%	0.00%	-903.00%	0.00%	0.00%	0.00%
EBIT Margin	-24,966.57%	-28,804.35%	-44,769.91%	-89,129.41%	-291.96%	0.00%	-902.75%	0.00%	0.00%	0.00%
Profit (Net Income) Margin	-24,468.60%	-26,681.03%	-41,698.67%	-82,777.31%	-260.83%	0.00%	-813.30%	0.00%	0.00%	0.00%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	98.01%	92.63%	93.14%	92.87%	89.34%	90.56%	90.09%	91.52%	91.42%	89.44%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	-581.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	-579.39%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	573.47%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-36.98%	-31.44%	-37.41%	-43.33%	-7.53%	0.00%	-40.40%	0.00%	0.00%	0.00%
Cash Return on Invested Capital (CROIC)	-39,922.86%	-5,758.85%	0.00%	0.00%	-2,915.20%	-1,111.70%	-810.89%	-765.56%	-954.80%	-556.65%
Operating Return on Assets (OROA)	-45.99%	-37.74%	-53.52%	-90.70%	-7.26%	0.00%	-33.95%	0.00%	0.00%	0.00%
Return on Assets (ROA)	-45.07%	-34.96%	-49.85%	-84.23%	-6.48%	0.00%	-30.58%	0.00%	0.00%	0.00%
Return on Common Equity (ROCE)	-36.98%	-31.44%	-37.41%	-43.33%	-7.53%	0.00%	-40.40%	0.00%	0.00%	0.00%
Return on Equity Simple (ROE_SIMPLE)	-29.05%	0.00%	-36.53%	-42.51%	-41.88%	0.00%	-44.13%	-47.35%	-41.15%	0.00%
Net Operating Profit after Tax (NOPAT)	-60	-51	-71	-74	-52	-65	-63	-71	-67	-59
NOPAT Margin	-17,478.02%	-20,156.40%	-31,338.01%	-62,382.35%	-204.36%	0.00%	-632.10%	0.00%	0.00%	0.00%
Net Nonoperating Expense Percent (NNEP)	-3.02%	-1.73%	-2.58%	-2.96%	-1.62%	-2.30%	-2.21%	-2.96%	-2.65%	-2.29%
Return On Investment Capital (ROIC_SIMPLE)	-	-5.08%	-	-	-	-8.06%	-	-	-	-7.25%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	4,672.67%	6,470.75%	8,663.27%	16,907.56%	73.35%	0.00%	197.85%	0.00%	0.00%	0.00%
R&D to Revenue	19,447.67%	26,591.70%	36,649.12%	74,118.49%	323.36%	0.00%	823.45%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	25,068.60%	28,894.86%	44,868.58%	89,217.65%	391.95%	0.00%	1,003.00%	0.00%	0.00%	0.00%
Earnings before Interest and Taxes (EBIT)	-86	-73	-101	-106	-74	-92	-90	-101	-96	-85
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-85	-72	-102	-107	-75	-94	-93	-103	-98	-86
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.44	1.90	2.26	1.89	1.32	1.80	1.37	1.27	1.13	0.89
Price to Tangible Book Value (P/TBV)	2.44	1.91	2.27	1.89	1.32	1.81	1.38	1.27	1.13	0.89
Price to Revenue (P/Rev)	1,437.20	1,307.87	1,682.83	1,621.51	39.81	53.13	28.96	24.58	94.74	68.91
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2,490.22	180.56	0.00	0.00	15.16	13.00	7.40	5.70	3.51	0.00
Enterprise Value to Revenue (EV/Rev)	847.70	623.26	893.44	750.52	10.32	25.66	9.08	6.33	15.25	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.05	0.06	0.00	0.06	0.06	0.06	0.06	0.07	0.05	0.06
Long-Term Debt to Equity	0.05	0.06	0.00	0.06	0.06	0.06	0.06	0.07	0.05	0.06
Financial Leverage	-1.01	-1.03	-1.05	-1.03	-0.99	-0.97	-1.01	-0.98	-0.96	-0.94
Leverage Ratio	1.17	1.14	1.15	1.16	1.17	1.14	1.15	1.16	1.14	1.12
Compound Leverage Factor	1.15	1.06	1.07	1.08	1.04	1.03	1.04	1.06	1.04	1.00
Debt to Total Capital	5.18%	5.33%	0.00%	5.93%	6.01%	6.06%	5.95%	6.29%	5.01%	5.21%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	5.18%	5.33%	0.00%	5.93%	6.01%	6.06%	5.95%	6.29%	5.01%	5.21%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	94.82%	94.67%	100.00%	94.07%	93.99%	93.94%	94.05%	93.71%	94.99%	94.79%
Debt to EBITDA	-0.19	-0.18	0.00	-0.14	-0.14	-0.13	-0.13	-0.13	-0.11	-0.11
Net Debt to EBITDA	3.47	3.22	0.00	2.24	2.14	1.85	1.90	1.76	2.05	1.95
Long-Term Debt to EBITDA	-0.19	-0.18	0.00	-0.14	-0.14	-0.13	-0.13	-0.13	-0.11	-0.11
Debt to NOPAT	-0.27	-0.26	0.00	-0.20	-0.20	-0.19	-0.19	-0.18	-0.17	-0.16
Net Debt to NOPAT	4.85	4.51	0.00	3.20	3.07	2.69	2.77	2.57	2.99	2.83
Long-Term Debt to NOPAT	-0.27	-0.26	0.00	-0.20	-0.20	-0.19	-0.19	-0.18	-0.17	-0.16
Altman Z-Score	8.27	6.72	6.93	4.86	3.55	7.25	4.68	3.51	4.46	2.37
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	15.22	16.00	13.60	12.36	16.39	25.44	20.73	15.64	18.42	15.95
Quick Ratio	14.76	15.68	13.31	12.18	15.98	24.78	20.18	15.28	17.88	15.40
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-85	-116	-52	-102	-68	-110	-161	-120	-93	-48
Operating Cash Flow to CapEx	-3,157.28%	-2,464.55%	-3,505.48%	-4,564.27%	-12,779.15%	-75,583.05%	-2,827.13%	-598,481.82%	-33,076.21%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.02	0.03	0.04	0.04	0.01	0.01
Accounts Receivable Turnover	3.24	3.90	4.28	5.15	114.16	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.19	0.15	0.11	0.09	2.34	2.27	3.24	3.50	1.12	1.19
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	112.51	93.69	85.26	70.91	3.20	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	112.51	93.69	85.26	70.91	3.20	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.58	4.77	-54	-10	18	50	43	39	44	39
Invested Capital Turnover	-0.15	-0.05	-0.03	-0.04	2.84	0.93	-6.38	2.45	0.33	0.22
Increase / (Decrease) in Invested Capital	24	65	-19	28	17	46	98	49	26	-11
Enterprise Value (EV)	1,437	861	1,061	707	266	656	321	223	153	-49
Market Capitalization	2,436	1,806	1,999	1,527	1,027	1,357	1,023	865	948	690
Book Value per Share	$9.18	$7.86	$7.28	$6.66	$6.37	$6.10	$5.70	$5.14	$6.27	$4.65
Tangible Book Value per Share	$9.16	$7.84	$7.26	$6.64	$6.35	$6.08	$5.68	$5.12	$6.25	$4.63
Total Capital	1,054	1,004	883	861	828	801	793	728	883	821
Total Debt	55	53	0.00	51	50	49	47	46	44	43
Total Long-Term Debt	55	53	0.00	51	50	49	47	46	44	43
Net Debt	-999	-945	-938	-820	-761	-702	-702	-643	-795	-739
Capital Expenditures (CapEx)	2.10	2.32	1.92	1.50	0.59	0.12	1.78	0.01	0.23	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-38	-43	-50	-59	-30	-10	-17	-29	-21	-23
Debt-free Net Working Capital (DFNWC)	1,016	956	888	813	781	740	733	659	818	758
Net Working Capital (NWC)	1,016	956	888	813	781	740	733	659	818	758
Net Nonoperating Expense (NNE)	24	17	23	24	14	19	18	22	21	17
Net Nonoperating Obligations (NNO)	-999	-945	-938	-820	-761	-702	-702	-643	-795	-739
Total Depreciation and Amortization (D&A)	1.37	0.78	-0.82	-0.87	-1.51	-2.29	-2.27	-1.92	-1.81	-0.85
Debt-free, Cash-free Net Working Capital to Revenue	-2,237.29%	-3,122.45%	-4,198.91%	-6,242.04%	-114.59%	-40.13%	-47.14%	-82.90%	-214.35%	-228.32%
Debt-free Net Working Capital to Revenue	59,933.33%	69,210.43%	74,740.82%	86,281.63%	3,027.33%	2,896.09%	2,074.78%	1,872.38%	8,176.70%	7,579.44%
Net Working Capital to Revenue	59,933.33%	69,210.43%	74,740.82%	86,281.63%	3,027.33%	2,896.09%	2,074.78%	1,872.38%	8,176.70%	7,579.44%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.76)	($0.55)	($0.78)	($0.81)	($0.54)	($0.66)	($0.62)	($0.69)	($0.63)	($0.42)
Adjusted Weighted Average Basic Shares Outstanding	110.91M	112.23M	121.32M	121.68M	122.23M	122.58M	130.84M	132.82M	140.23M	142.87M
Adjusted Diluted Earnings per Share	($0.76)	($0.55)	($0.78)	($0.81)	($0.54)	($0.66)	($0.62)	($0.69)	($0.63)	($0.42)
Adjusted Weighted Average Diluted Shares Outstanding	110.91M	112.23M	121.32M	121.68M	122.23M	122.58M	130.84M	132.82M	140.23M	142.87M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	120.89M	121.38M	121.61M	122.13M	123.27M	131.18M	132.74M	133.89M	167.38M	169.52M
Normalized Net Operating Profit after Tax (NOPAT)	-60	-51	-71	-74	-52	-65	-63	-71	-67	-59
Normalized NOPAT Margin	-17,478.02%	-20,156.40%	-31,338.01%	-62,382.35%	-204.36%	0.00%	-632.10%	0.00%	0.00%	0.00%
Pre Tax Income Margin	-24,468.60%	-26,681.03%	-41,698.67%	-82,777.31%	-260.83%	0.00%	-813.30%	0.00%	0.00%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Relay Therapeutics (NASDAQ: RLAY) has reported consistent net losses over the past several quarters, reflecting the typical financial profile of a clinical-stage biopharmaceutical company heavily investing in research and development. The company has not generated meaningful revenue since early 2024 and continues to rely primarily on financing activities to fund operations.

Operational and Income Statement Highlights:

Relay reported a net loss of approximately $76.0 million in Q4 2024, slightly improving from the $88.1 million loss in Q3 2024.
Total operating expenses remain high, with research and development expenses consistently above $68 million in the most recent quarter and peaking near $92 million in Q2 2024, showing the company’s continued heavy investment into its pipeline.
Selling, general, and administrative expenses have remained relatively stable around $16-20 million per quarter over the last year.
Operating income remains negative each quarter, with losses closely in line with total operating expenses due to lack of meaningful revenue.
Interest and investment income provides a positive offset of around $8-9 million per quarter, reflecting income from cash and investment holdings.

Cash Flow Analysis:

Net cash used in operating activities was substantial, with $57.8 million consumed in Q4 2024 and even higher consumption in earlier quarters ($75 million+ in Q3 and Q2 2024), which underscores ongoing cash burn.
The company has generated positive net cash from investing activities in Q4 2024 (+$29.0 million), mainly due to sales and maturities of investments exceeding purchases, signaling some portfolio management of its investment assets.
Fundraising through financing activities continues to provide liquidity, though it slowed in Q4 2024 with only $0.8 million raised compared to $218.9 million in Q3 2024; this decrease may warrant monitoring for cash runway.
Overall, Relay’s cash and cash equivalents declined by approximately $28.1 million in Q4 2024, continuing a trend of cash burn despite intermittent financing inflows.

Balance Sheet Key Points:

As of Q3 2024, the company held significant cash and short-term investments, totaling approximately $839 million, which supports operations but has decreased from prior quarters (e.g., over $1 billion in Q1 2023), reflecting cash burn over time.
Total liabilities increased somewhat over 2023 and into 2024, but the balance sheet remains heavily weighted towards equity, with shareholder equity exceeding $800 million as of Q3 2024.
Capital lease obligations represent a significant portion of long-term liabilities (around $44 million in Q3 2024), which may relate to leased research or office facilities.

Summary and Trends:

RLAY continues to report large quarterly net losses, driven by substantial investment in research and development without product revenues.
Operating cash burn remains significant but slightly improved in Q4 2024 compared to earlier quarters.
Strong cash and investment balances provide a buffer to fund operations for the near future, supported historically by large equity raises.
The reduced financing activity in Q4 2024 compared to a very strong Q3 2024 quarter could reduce liquidity runway unless operating cash burn decreases or new capital raises occur.
Investors should be aware of ongoing net losses, cash burn, and dilution risks common to biotech companies in the clinical stage like Relay.

In conclusion, Relay Therapeutics is maintaining high R&D spend to advance its drug discovery pipeline, supported by a solid cash position from past financings. However, the company remains unprofitable and continues to burn cash, with limited revenues so far. The company’s future value to investors will largely depend on its clinical results and ability to manage cash runway through operating efficiencies or additional financing.

09/18/25 04:55 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Relay Therapeutics' Financials

When does Relay Therapeutics' financial year end?

According to the most recent income statement we have on file, Relay Therapeutics' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Relay Therapeutics' net income changed over the last 2 years?

Relay Therapeutics' net income appears to be on an upward trend, with a most recent value of -$337.71 million in 2024, rising from -$290.51 million in 2022. The previous period was -$341.97 million in 2023. Find out what analysts predict for Relay Therapeutics in the coming months.

What is Relay Therapeutics' operating income?

Relay Therapeutics' total operating income in 2024 was -$372.47 million, based on the following breakdown:

Total Gross Profit: $10.01 million
Total Operating Expenses: $382.48 million

How has Relay Therapeutics' revenue changed over the last 2 years?

Over the last 2 years, Relay Therapeutics' total revenue changed from $1.38 million in 2022 to $10.01 million in 2024, a change of 624.6%.

How much debt does Relay Therapeutics have?

Relay Therapeutics' total liabilities were at $93.50 million at the end of 2024, a 1.7% increase from 2023, and a 37.5% decrease since 2022.

How much cash does Relay Therapeutics have?

In the past 2 years, Relay Therapeutics' cash and equivalents has ranged from $124.29 million in 2024 to $151.79 million in 2022, and is currently $124.29 million as of their latest financial filing in 2024.

How has Relay Therapeutics' book value per share changed over the last 2 years?

Over the last 2 years, Relay Therapeutics' book value per share changed from 7.86 in 2022 to 4.65 in 2024, a change of -40.9%.

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This page (NASDAQ:RLAY) was last updated on 9/18/2025 by MarketBeat.com Staff

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Relay Therapeutics (RLAY) Financials

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