Relay Therapeutics (RLAY) Financials

$3.99 -0.13 (-3.16%)

Closing price 09/12/2025 04:00 PM Eastern

Extended Trading

$4.08 +0.09 (+2.38%)

As of 09/12/2025 07:29 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%

Key Financial Trends

Relay Therapeutics (NASDAQ: RLAY) has shown consistent operating losses over the past four years, with substantial research and development (R&D) and selling, general & administrative (SG&A) expenses reflecting its heavy investment in drug discovery and development. Despite generating minimal to no revenue historically, the company has been actively managing its cash position and financing activities to support its operations.

Positive factors:

Cash & Equivalents remain strong, ranging from approximately $134 million (Q2 2024) to $354 million (Q3 2022), indicating healthy liquidity despite continued losses.
Significant proceeds from sale and maturity of investments, for example, $203 million in Q1 2024 and $139 million in Q3 2024, helped to offset cash outflows from operations and investing activities.
Net cash from financing activities has been a major source of funds, including large issuances of common equity (e.g., $218 million in Q3 2024 and $285 million in Q3 2022), which supports funding for ongoing R&D and development programs.
Non-cash adjustments to net income, such as stock-based compensation or depreciation, partially offset net losses on a cash flow basis (e.g., $27 million in Q1 2024, $22 million in Q3 2024), reducing actual cash burn.
Decreases in total liabilities from $168 million in Q1 2023 to $91 million in Q3 2024 reflect some improvement in financial obligations management.

Neutral factors:

Operating revenues have remained minimal or effectively zero in recent years, with a slight uptick to $10 million in Q1 2024 from near-zero prior quarters, indicating early-stage commercial activity or milestone revenues.
R&D expenses, while high (e.g., $68 million in Q4 2024), have been slightly decreasing quarter-over-quarter from peaks over $90 million in mid-2024, showing prioritization and possible efficiency gains in development.
Weighted average shares outstanding have increased steadily from roughly 110 million in early 2022 to 143 million in Q4 2024, reflecting ongoing equity raises but diluting existing shareholders.
Capital lease obligations have remained significant (around $44 million to $54 million) throughout the period, which indicates ongoing lease commitments but no marked increase or decrease.

Negative factors:

Consistent net losses continuing for multiple quarters, such as a $76 million loss in Q4 2024 and similar magnitudes in prior quarters, impacting retained earnings and shareholder equity negatively.
Negative operating income each quarter ranging from roughly -$73 million to -$100 million, highlighting continued high operating expenses without offsetting revenue growth.
Operating cash flow remains negative, with continued net cash outflows from operating activities (e.g., -$57 million in Q4 2024, -$75 million in Q3 2024), underlining ongoing cash burn from core operations.
Total equity has decreased from nearly $1 billion in early 2022 to around $839 million by Q3 2024, reflecting accumulated losses and equity dilution effects.
Persistent high R&D and SG&A expenses with only minimal revenue increases, suggest the company has yet to reach profitability or sustainable revenue-generating operations.

In summary, Relay Therapeutics is heavily focused on research and development, which drives its significant losses and cash burn. The company has bolstered its liquidity through equity financing and managing investment portfolios, but profitability remains a distant goal. Investors should watch for revenue growth, operating expense management, and cash runway developments in upcoming quarters.

09/14/25 06:53 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

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. See where experts think Relay Therapeutics is headed by visiting Relay Therapeutics' forecast page.

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%.

Related Companies

This page (NASDAQ:RLAY) was last updated on 9/14/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Relay Therapeutics (RLAY) Financials

Key Financial Trends

Financials Breakdown Chart

Frequently Asked Questions About Relay Therapeutics' Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Relay Therapeutics (RLAY) Financials

Annual Income Statements for Relay Therapeutics

Quarterly Income Statements for Relay Therapeutics

Annual Cash Flow Statements for Relay Therapeutics

Quarterly Cash Flow Statements for Relay Therapeutics

Annual Balance Sheets for Relay Therapeutics

Quarterly Balance Sheets for Relay Therapeutics

Annual Metrics And Ratios for Relay Therapeutics

Quarterly Metrics And Ratios for Relay Therapeutics

Key Financial Trends

Financials Breakdown Chart

Frequently Asked Questions About Relay Therapeutics' Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools