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Relay Therapeutics (RLAY) Financials

Relay Therapeutics logo
$13.62 -0.04 (-0.29%)
As of 01:58 PM Eastern
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Annual Income Statements for Relay Therapeutics

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 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -75 -52 -364 -291 -342 -338 -276
Consolidated Net Income / (Loss)		 -75 -52 -364 -291 -342 -338 -276
Net Income / (Loss) Continuing Operations		 -67 -52 -364 -291 -342 -338 -276
Total Pre-Tax Income 		-75 -52 -364 -291 -342 -338 -276
Total Operating Income		 -84 -56 -365 -299 -373 -372 -303
Total Gross Profit		 0.00 83 3.03 1.38 26 10 15
Total Revenue		 0.00 83 3.03 1.38 26 10 15
Operating Revenue		 0.00 83 3.03 1.38 26 10 15
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 84 138 368 301 399 382 318
Selling, General & Admin Expense		 14 39 57 66 75 77 57
Research & Development Expense		 70 100 296 246 330 319 261
Other Operating Expenses / (Income)		 0.00 0.00 2.84 -12 -6.42 -13 0.00
Total Other Income / (Expense), net		 8.74 3.38 0.83 8.77 31 35 26
Interest & Investment Income		 8.80 3.40 0.83 8.79 31 35 27
Other Income / (Expense), net		 -0.06 -0.02 -0.00 -0.02 -0.02 0.01 -0.78
Basic Earnings per Share		 ($21.82) ($5.40) ($3.82) ($2.59) ($2.79) ($2.36) ($1.61)
Weighted Average Basic Shares Outstanding		 3.45M 42.62M 95.14M 112.23M 122.58M 142.87M 171.59M
Diluted Earnings per Share		 ($21.82) ($5.40) ($3.82) ($2.59) ($2.79) ($2.36) ($1.61)
Weighted Average Diluted Shares Outstanding		 3.45M 42.62M 95.14M 112.23M 122.58M 142.87M 171.59M
Weighted Average Basic & Diluted Shares Outstanding		 3.45M 42.62M 95.14M 121.38M 131.18M 169.52M 178.73M

Quarterly Income Statements for Relay Therapeutics

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -66 -83 -81 -92 -88 -76 -77 -70 -74 -55 -73
Consolidated Net Income / (Loss)		 -66 -83 -81 -92 -88 -76 -77 -70 -74 -55 -73
Net Income / (Loss) Continuing Operations		 -66 -83 -81 -92 -88 -76 -77 -70 -74 -55 -73
Total Pre-Tax Income 		-66 -83 -81 -92 -88 -76 -77 -70 -74 -55 -73
Total Operating Income		 -74 -92 -90 -101 -96 -85 -85 -77 -80 -61 -79
Total Gross Profit		 25 -0.00 10 0.00 0.00 - 7.68 0.68 0.00 7.00 3.00
Total Revenue		 25 -0.00 10 0.00 0.00 - 7.68 0.68 0.00 7.00 3.00
Operating Revenue		 25 -0.00 10 0.00 0.00 - 7.68 0.68 0.00 7.00 3.00
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 99 92 100 101 96 85 93 78 80 68 82
Selling, General & Admin Expense		 18 17 20 20 20 17 19 14 12 12 11
Research & Development Expense		 81 77 82 92 77 68 74 64 68 55 71
Other Operating Expenses / (Income)		 -1.20 -2.07 -1.83 -11 0.00 - 0.00 0.00 0.00 - 0.00
Total Other Income / (Expense), net		 7.84 8.70 8.98 8.55 8.26 8.98 7.81 6.47 6.24 5.74 5.35
Interest & Investment Income		 7.85 8.70 8.95 8.55 8.27 8.97 7.81 7.11 6.41 5.71 5.35
Basic Earnings per Share		 ($0.54) ($0.66) ($0.62) ($0.69) ($0.63) ($0.42) ($0.46) ($0.41) ($0.43) ($0.31) ($0.41)
Weighted Average Basic Shares Outstanding		 122.23M 122.58M 130.84M 132.82M 140.23M 142.87M 169.23M 171.26M 172.39M 171.59M 179.85M
Diluted Earnings per Share		 ($0.54) ($0.66) ($0.62) ($0.69) ($0.63) ($0.42) ($0.46) ($0.41) ($0.43) ($0.31) ($0.41)
Weighted Average Diluted Shares Outstanding		 122.23M 122.58M 130.84M 132.82M 140.23M 142.87M 169.23M 171.26M 172.39M 171.59M 179.85M
Weighted Average Basic & Diluted Shares Outstanding		 123.27M 131.18M 132.74M 133.89M 167.38M 169.52M 171.44M 172.41M 173.32M 178.73M 191.59M

Annual Cash Flow Statements for Relay Therapeutics

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 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -380 406 -166 -128 -7.93 -20 -41
Net Cash From Operating Activities		 -66 -102 -74 -229 -300 -249 -235
Net Cash From Continuing Operating Activities		 -66 -102 -74 -229 -300 -249 -235
Net Income / (Loss) Continuing Operations		 -75 -52 -364 -291 -342 -338 -276
Consolidated Net Income / (Loss)		 -75 -52 -364 -291 -342 -338 -276
Depreciation Expense		 2.85 3.55 3.93 4.13 5.27 5.46 3.56
Amortization Expense		 -2.50 -0.42 2.05 1.18 -11 -12 -4.95
Non-Cash Adjustments To Reconcile Net Income		 4.40 32 184 56 86 94 66
Changes in Operating Assets and Liabilities, net		 4.31 -85 100 -0.43 -39 1.41 -23
Net Cash From Investing Activities		 -319 82 -480 -189 258 -41 193
Net Cash From Continuing Investing Activities		 -319 82 -480 -189 258 -41 193
Purchase of Property, Plant & Equipment		 -8.00 -1.93 -3.47 -9.06 -4.13 -2.02 -0.41
Purchase of Investments		 -554 -266 -981 -535 -386 -651 -123
Sale of Property, Plant & Equipment		 0.02 0.00 0.00 0.00 0.00 0.00 0.00
Sale and/or Maturity of Investments		 242 350 530 356 647 612 316
Net Cash From Financing Activities		 5.61 427 388 290 35 270 1.60
Net Cash From Continuing Financing Activities		 5.61 427 388 290 35 270 1.60
Issuance of Preferred Equity		 4.99 0.00 0.00 0.00 0.00 0.00 0.00
Issuance of Common Equity		 0.61 427 388 290 35 270 1.60

Quarterly Cash Flow Statements for Relay Therapeutics

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 5.43 -7.59 9.13 -19 18 -28 -31 21 -22 -8.47 121
Net Cash From Operating Activities		 -75 -89 -50 -66 -75 -58 -73 -55 -62 -45 -51
Net Cash From Continuing Operating Activities		 -75 -89 -50 -66 -75 -58 -73 -55 -62 -45 -51
Net Income / (Loss) Continuing Operations		 -66 -83 -81 -92 -88 -76 -77 -70 -74 -55 -73
Consolidated Net Income / (Loss)		 -66 -83 -81 -92 -88 -76 -77 -70 -74 -55 -73
Depreciation Expense		 1.36 1.38 1.40 1.37 1.37 1.33 1.21 1.00 0.75 0.60 0.50
Amortization Expense		 -2.88 -3.67 -3.67 -3.29 -3.18 -2.18 -1.60 -1.39 -1.10 -0.86 -0.78
Non-Cash Adjustments To Reconcile Net Income		 22 19 27 27 22 18 19 17 16 13 11
Changes in Operating Assets and Liabilities, net		 -30 -23 6.15 1.47 -7.65 1.45 -15 -1.91 -3.50 -2.82 12
Net Cash From Investing Activities		 71 60 11 46 -126 29 42 75 40 35 33
Net Cash From Continuing Investing Activities		 71 60 11 46 -126 29 42 75 40 35 33
Purchase of Property, Plant & Equipment		 -0.59 -0.12 -1.78 -0.01 -0.23 - -0.38 -0.03 0.00 -0.00 0.00
Purchase of Investments		 -85 -137 -191 -120 -265 -75 -22 -8.93 -58 -34 -51
Sale and/or Maturity of Investments		 157 197 203 165 139 104 65 84 98 69 84
Net Cash From Financing Activities		 9.46 22 49 1.54 219 0.80 0.00 0.65 0.02 0.93 139
Net Cash From Continuing Financing Activities		 9.46 22 49 1.54 219 0.80 0.00 0.65 0.02 0.93 139
Issuance of Common Equity		 9.46 22 49 1.54 219 0.80 0.00 0.65 0.02 0.93 139

Annual Balance Sheets for Relay Therapeutics

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 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 393 800 1,008 1,100 844 871 621
Total Current Assets		 361 770 976 1,020 770 809 578
Cash & Equivalents		 42 448 280 152 144 124 84
Short-Term Investments		 314 230 678 847 606 657 471
Prepaid Expenses		 4.72 9.39 11 12 17 17 18
Other Current Assets		 0.00 7.65 6.30 8.17 3.32 11 5.97
Plant, Property, & Equipment, net		 8.09 6.25 6.54 12 11 5.91 1.73
Total Noncurrent Assets		 24 23 26 69 63 56 41
Other Noncurrent Operating Assets		 24 23 23 66 61 54 41
Total Liabilities & Shareholders' Equity		 393 800 1,008 1,100 844 871 621
Total Liabilities		 36 37 111 150 92 94 54
Total Current Liabilities		 12 14 24 64 30 51 26
Accounts Payable		 6.99 6.35 8.28 11 9.21 14 7.71
Accrued Expenses		 3.75 5.76 14 23 15 21 14
Other Current Liabilities		 1.25 1.52 2.24 30 6.17 7.72 4.23
Total Noncurrent Liabilities		 24 23 86 86 62 43 29
Capital Lease Obligations		 - - - 53 49 43 29
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -180 763 898 950 752 778 567
Total Preferred & Common Equity		 -180 763 898 950 752 778 567
Preferred Stock		 0.00 - 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -180 763 898 950 752 778 567
Common Stock		 8.72 1,167 1,667 2,019 2,153 2,517 2,581
Retained Earnings		 -189 -404 -768 -1,059 -1,401 -1,738 -2,015
Accumulated Other Comprehensive Income / (Loss)		 0.33 0.06 -1.09 -10 -0.20 -0.99 0.73

Quarterly Balance Sheets for Relay Therapeutics

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 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 1,169 1,038 962 907 841 773 930 799 729 670 700
Total Current Assets		 1,087 958 884 832 770 704 865 740 680 624 658
Cash & Equivalents		 355 161 146 151 153 134 152 94 114 92 205
Short-Term Investments		 699 777 726 659 597 554 687 617 543 505 437
Prepaid Expenses		 17 11 9.31 17 13 10 19 22 16 24 12
Other Current Assets		 16 9.03 3.39 3.68 7.30 5.73 6.80 7.35 7.58 3.74 4.56
Plant, Property, & Equipment, net		 11 12 12 11 9.88 8.35 7.21 5.15 3.46 2.36 1.22
Total Noncurrent Assets		 70 67 66 64 61 60 58 55 45 44 40
Other Noncurrent Operating Assets		 68 65 64 62 59 58 55 52 45 44 40
Total Liabilities & Shareholders' Equity		 1,169 1,038 962 907 841 773 930 799 729 670 700
Total Liabilities		 169 154 152 129 96 91 91 78 63 62 57
Total Current Liabilities		 71 70 72 51 37 45 47 37 33 33 30
Accounts Payable		 9.49 12 15 13 7.97 11 6.87 8.45 5.18 2.75 4.10
Accrued Expenses		 29 28 27 31 22 28 33 21 23 25 21
Other Current Liabilities		 33 31 30 5.89 6.81 6.10 6.89 7.61 4.13 4.72 4.74
Total Noncurrent Liabilities		 98 84 80 78 59 46 44 41 31 30 28
Capital Lease Obligations		 55 - 51 50 47 46 44 - 31 30 28
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,000 883 810 778 746 682 839 721 666 608 642
Total Preferred & Common Equity		 1,000 883 810 778 746 682 839 721 666 608 642
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1,000 883 810 778 746 682 839 721 666 608 642
Common Stock		 2,004 2,042 2,068 2,099 2,229 2,257 2,499 2,536 2,552 2,567 2,730
Retained Earnings		 -991 -1,153 -1,251 -1,317 -1,482 -1,574 -1,662 -1,815 -1,886 -1,960 -2,088
Accumulated Other Comprehensive Income / (Loss)		 -13 -5.80 -6.08 -3.39 -1.16 -1.34 2.51 0.04 -0.16 0.49 -0.17

Annual Metrics And Ratios for Relay Therapeutics

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

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - -
Revenue Growth		 0.00% 0.00% -96.34% -54.41% 1,749.82% -60.83% 53.44%
EBITDA Growth		 0.00% 37.10% -580.96% 18.05% -28.75% -0.21% 19.61%
EBIT Growth		 0.00% 33.64% -553.45% 17.93% -24.63% 0.15% 18.51%
NOPAT Growth		 0.00% 33.61% -553.63% 17.94% -24.63% 0.14% 18.72%
Net Income Growth		 0.00% 30.40% -594.25% 20.16% -17.72% 1.25% 18.13%
EPS Growth		 0.00% 75.25% 29.26% 32.20% -7.72% 15.41% 31.78%
Operating Cash Flow Growth		 0.00% -54.97% 27.40% -208.43% -30.86% 17.05% 5.48%
Free Cash Flow Firm Growth		 0.00% 0.00% 10.57% -150.04% -11.74% 18.65% 14.28%
Invested Capital Growth		 0.00% 5,481.66% -170.71% 107.91% 957.67% -22.16% 5.07%
Revenue Q/Q Growth		 0.00% 0.00% -96.44% -18.53% -0.98% 0.01% 83.76%
EBITDA Q/Q Growth		 0.00% 0.00% -39.68% -2.11% -6.29% 2.23% 7.57%
EBIT Q/Q Growth		 0.00% 0.00% -39.20% -1.75% -5.46% 1.90% 7.43%
NOPAT Q/Q Growth		 0.00% 0.00% -39.20% -1.74% -5.47% 1.90% 7.44%
Net Income Q/Q Growth		 0.00% 0.00% -39.34% -0.02% -4.91% 2.17% 7.09%
EPS Q/Q Growth		 0.00% 0.00% -159.50% 1.52% -4.10% 9.23% 6.40%
Operating Cash Flow Q/Q Growth		 0.00% -13.90% -6.34% -8.19% -11.97% 11.17% 5.23%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% -19.17% -15.95% 14.46% 5.51%
Invested Capital Q/Q Growth		 0.00% 0.00% -152.42% 726.17% 186.91% -9.86% 0.66%
Profitability Metrics		 - - - - - - -
Gross Margin		 0.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 0.00% -63.73% -11,843.02% -21,287.69% -1,481.69% -3,790.40% -1,985.71%
Operating Margin		 0.00% -67.51% -12,040.21% -21,670.89% -1,460.11% -3,722.07% -1,971.59%
EBIT Margin		 0.00% -67.52% -12,040.34% -21,672.34% -1,460.18% -3,721.93% -1,976.65%
Profit (Net Income) Margin		 0.00% -63.41% -12,012.94% -21,036.13% -1,338.66% -3,374.72% -1,800.58%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 89.54% 93.91% 99.77% 97.06% 91.68% 90.67% 91.09%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% -90.04% -2,045.01% 0.00% -946.25% -581.57% -526.64%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -87.45% -2,031.74% 0.00% -936.43% -570.88% -516.43%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 80.68% 2,001.20% 0.00% 906.07% 537.42% 485.52%
Return on Equity (ROE)		 -21.07% -9.35% -43.81% -31.44% -40.18% -44.15% -41.12%
Cash Return on Invested Capital (CROIC)		 0.00% -283.00% 0.00% -5,758.85% -1,111.70% -556.65% -531.59%
Operating Return on Assets (OROA)		 0.00% -9.36% -40.34% -28.39% -38.38% -43.43% -40.67%
Return on Assets (ROA)		 0.00% -8.79% -40.25% -27.56% -35.19% -39.38% -37.05%
Return on Common Equity (ROCE)		 10.64% -4.86% -43.81% -31.44% -40.18% -44.15% -41.12%
Return on Equity Simple (ROE_SIMPLE)		 41.73% -6.87% -40.53% -30.57% -45.48% -43.42% 0.00%
Net Operating Profit after Tax (NOPAT)		 -59 -39 -255 -209 -261 -261 -212
NOPAT Margin		 0.00% -47.25% -8,428.15% -15,169.62% -1,022.08% -2,605.45% -1,380.11%
Net Nonoperating Expense Percent (NNEP)		 -4.63% -2.58% -13.27% -8.51% -9.82% -10.69% -10.21%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -20.87% -32.62% -31.77% -35.57%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 46.69% 1,894.55% 4,777.55% 293.39% 765.38% 369.33%
R&D to Revenue		 0.00% 120.82% 9,760.65% 17,838.88% 1,291.86% 3,188.66% 1,702.27%
Operating Expenses to Revenue		 0.00% 167.51% 12,140.21% 21,770.89% 1,560.11% 3,822.07% 2,071.59%
Earnings before Interest and Taxes (EBIT)		 -84 -56 -365 -299 -373 -372 -304
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -84 -53 -359 -294 -379 -379 -305
Valuation Ratios		 - - - - - - -
Price to Book Value (P/BV)		 0.00 4.90 3.70 1.90 1.80 0.89 2.59
Price to Tangible Book Value (P/TBV)		 0.00 4.90 3.71 1.91 1.81 0.89 2.59
Price to Revenue (P/Rev)		 0.00 45.25 1,095.42 1,307.87 53.13 68.91 95.49
Price to Earnings (P/E)		 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%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 311.70 35.92 0.00 180.56 13.00 0.00 22.81
Enterprise Value to Revenue (EV/Rev)		 0.00 37.04 779.12 623.26 25.66 0.00 61.25
Enterprise Value to EBITDA (EV/EBITDA)		 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
Enterprise Value to NOPAT (EV/NOPAT)		 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
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.06 0.06 0.06 0.05
Long-Term Debt to Equity		 0.00 0.00 0.00 0.06 0.06 0.06 0.05
Financial Leverage		 -1.00 -0.92 -0.99 -1.03 -0.97 -0.94 -0.94
Leverage Ratio		 1.10 1.06 1.09 1.14 1.14 1.12 1.11
Compound Leverage Factor		 0.98 1.00 1.09 1.11 1.05 1.02 1.01
Debt to Total Capital		 0.00% 0.00% 0.00% 5.33% 6.06% 5.21% 4.82%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 5.33% 6.06% 5.21% 4.82%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 150.49% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -50.49% 99.99% 100.00% 94.67% 93.94% 94.79% 95.18%
Debt to EBITDA		 0.00 0.00 0.00 -0.18 -0.13 -0.11 -0.09
Net Debt to EBITDA		 0.00 0.00 0.00 3.22 1.85 1.95 1.72
Long-Term Debt to EBITDA		 0.00 0.00 0.00 -0.18 -0.13 -0.11 -0.09
Debt to NOPAT		 0.00 0.00 0.00 -0.26 -0.19 -0.16 -0.14
Net Debt to NOPAT		 0.00 0.00 0.00 4.51 2.69 2.83 2.48
Long-Term Debt to NOPAT		 0.00 0.00 0.00 -0.26 -0.19 -0.16 -0.14
Altman Z-Score		 4.62 61.72 16.87 6.04 6.15 1.28 11.15
Noncontrolling Interest Sharing Ratio		 150.49% 48.00% 0.01% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - -
Current Ratio		 30.08 56.49 40.14 16.00 25.44 15.95 22.61
Quick Ratio		 29.69 55.24 39.41 15.68 24.78 15.40 21.68
Cash Flow Metrics		 - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -123 -110 -275 -307 -250 -214
Operating Cash Flow to CapEx		 -828.53% -5,307.56% -2,143.65% -2,532.44% -7,278.62% -12,344.25% -57,428.05%
Free Cash Flow to Firm to Interest Expense		 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
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - -
Asset Turnover		 0.00 0.14 0.00 0.00 0.03 0.01 0.02
Accounts Receivable Turnover		 0.00 0.00 0.08 3.90 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 11.52 0.47 0.15 2.27 1.19 4.02
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 4,543.10 93.69 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 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
Cash Conversion Cycle (CCC)		 0.00 0.00 4,543.10 93.69 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - -
Invested Capital		 1.53 85 -60 4.77 50 39 41
Invested Capital Turnover		 0.00 1.91 0.24 -0.05 0.93 0.22 0.38
Increase / (Decrease) in Invested Capital		 0.00 84 -145 65 46 -11 1.99
Enterprise Value (EV)		 476 3,062 2,360 861 656 -49 940
Market Capitalization		 294 3,740 3,318 1,806 1,357 690 1,466
Book Value per Share		 ($52.29) $8.48 $8.31 $7.86 $6.10 $4.65 $3.27
Tangible Book Value per Share		 ($52.29) $8.48 $8.29 $7.84 $6.08 $4.63 $3.27
Total Capital		 357 763 898 1,004 801 821 596
Total Debt		 0.00 0.00 0.00 53 49 43 29
Total Long-Term Debt		 0.00 0.00 0.00 53 49 43 29
Net Debt		 -356 -678 -958 -945 -702 -739 -526
Capital Expenditures (CapEx)		 7.98 1.93 3.47 9.06 4.13 2.02 0.41
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -7.27 78 -6.15 -43 -10 -23 -1.82
Debt-free Net Working Capital (DFNWC)		 349 756 952 956 740 758 553
Net Working Capital (NWC)		 349 756 952 956 740 758 553
Net Nonoperating Expense (NNE)		 16 13 109 81 81 77 65
Net Nonoperating Obligations (NNO)		 -356 -678 -958 -945 -702 -739 -526
Total Depreciation and Amortization (D&A)		 0.35 3.13 5.98 5.31 -5.49 -6.85 -1.39
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 94.86% -203.10% -3,122.45% -40.13% -228.32% -11.83%
Debt-free Net Working Capital to Revenue		 0.00% 915.22% 31,426.91% 69,210.43% 2,896.09% 7,579.44% 3,599.49%
Net Working Capital to Revenue		 0.00% 915.22% 31,426.91% 69,210.43% 2,896.09% 7,579.44% 3,599.49%
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($5.40) ($3.82) ($2.59) ($2.79) ($2.36) ($1.61)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 90.40M 108.28M 112.23M 122.58M 142.87M 171.59M
Adjusted Diluted Earnings per Share		 $0.00 ($5.40) ($3.82) ($2.59) ($2.79) ($2.36) ($1.61)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 90.40M 108.28M 121.38M 122.58M 142.87M 171.59M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($5.40) ($3.82) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 42.62M 95.14M 121.38M 131.18M 169.52M 178.73M
Normalized Net Operating Profit after Tax (NOPAT)		 -59 -39 -247 -209 -261 -261 -212
Normalized NOPAT Margin		 0.00% -47.25% -8,154.18% -15,169.62% -1,022.08% -2,605.45% -1,380.11%
Pre Tax Income Margin		 0.00% -63.41% -12,012.94% -21,036.13% -1,338.66% -3,374.72% -1,800.58%
Debt Service Ratios		 - - - - - - -
EBIT to Interest Expense		 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
EBIT Less CapEx to Interest Expense		 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
Payout Ratios		 - - - - - - -
Dividend Payout Ratio		 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%

Quarterly Metrics And Ratios for Relay Therapeutics

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - 169,521,849.00 171,444,966.00 172,411,410.00 - 178,725,809.00
DEI Adjusted Shares Outstanding		 - - - - - - 169,521,849.00 171,444,966.00 172,411,410.00 - 178,725,809.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - -0.45 -0.41 -0.43 - -0.41
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 7,226.16% -100.40% 4,327.88% -100.00% -100.00% 0.00% -23.26% 0.00% 0.00% 0.00% -60.93%
EBITDA Growth		 11.15% -31.06% 9.21% 3.97% -30.76% 9.17% 7.93% 24.16% 17.60% 29.09% 7.49%
EBIT Growth		 14.33% -26.51% 10.72% 5.00% -30.99% 7.83% 6.04% 23.10% 16.42% 28.69% 7.40%
NOPAT Growth		 14.34% -26.55% 10.69% 4.99% -30.98% 7.83% 6.08% 23.73% 16.58% 28.65% 7.40%
Net Income Growth		 21.91% -23.69% 13.64% 6.39% -34.03% 8.97% 5.31% 23.68% 15.84% 27.78% 4.90%
EPS Growth		 28.95% -20.00% 20.51% 14.81% -16.67% 36.36% 25.81% 40.58% 31.75% 26.19% 10.87%
Operating Cash Flow Growth		 -13.99% -56.25% 25.04% 4.03% 0.42% 35.12% -45.48% 16.06% 17.27% 22.47% 30.18%
Free Cash Flow Firm Growth		 19.01% 5.03% -209.04% -17.38% -36.38% 56.16% 83.34% 54.79% 42.52% 8.03% -168.78%
Invested Capital Growth		 2,945.58% 957.67% 179.63% 477.48% 147.76% -22.16% -75.24% 1.15% -5.91% 5.07% 159.16%
Revenue Q/Q Growth		 21,078.15% -100.00% 1,000,800.00% -100.00% 0.00% 0.00% 0.00% -91.18% -100.00% 0.00% -57.14%
EBITDA Q/Q Growth		 29.78% -25.83% 1.99% -10.88% 4.37% 12.59% 0.65% 8.67% -3.90% 24.78% -29.59%
EBIT Q/Q Growth		 30.63% -25.30% 2.01% -11.54% 4.35% 11.83% 0.12% 8.72% -3.97% 24.77% -29.69%
NOPAT Q/Q Growth		 30.62% -25.31% 1.99% -11.50% 4.36% 11.82% 0.13% 9.45% -4.61% 24.58% -29.62%
Net Income Q/Q Growth		 33.27% -27.02% 2.52% -13.30% 4.45% 13.73% -1.40% 8.68% -5.36% 25.97% -33.52%
EPS Q/Q Growth		 33.33% -22.22% 6.06% -11.29% 8.70% 33.33% -9.52% 10.87% -4.88% 27.91% -32.26%
Operating Cash Flow Q/Q Growth		 -9.91% -18.29% 43.58% -30.82% -14.05% 22.93% -26.51% 24.52% -12.41% 27.78% -13.92%
Free Cash Flow Firm Q/Q Growth		 32.98% -60.86% -46.08% 25.46% 22.13% 48.29% 44.49% -102.25% 1.00% 17.26% -62.23%
Invested Capital Q/Q Growth		 269.69% 186.91% -14.09% -9.75% 11.37% -9.86% -72.67% 268.65% 3.60% 0.66% -32.59%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 0.00% 100.00% 0.00% 0.00% 0.00% 100.00% 100.00% 0.00% 100.00% 100.00%
EBITDA Margin		 -297.96% 0.00% -925.43% 0.00% 0.00% 0.00% -1,110.39% -11,502.51% 0.00% -869.52% -2,628.93%
Operating Margin		 -291.95% 0.00% -903.00% 0.00% 0.00% 0.00% -1,105.21% -11,351.11% 0.00% -866.28% -2,619.67%
EBIT Margin		 -291.96% 0.00% -902.75% 0.00% 0.00% 0.00% -1,105.33% -11,444.61% 0.00% -865.84% -2,619.67%
Profit (Net Income) Margin		 -260.83% 0.00% -813.30% 0.00% 0.00% 0.00% -1,003.58% -10,395.13% 0.00% -784.25% -2,443.03%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.07%
Interest Burden Percent		 89.34% 90.56% 90.09% 91.52% 91.42% 89.44% 90.80% 90.83% 92.05% 90.58% 93.19%
Effective Tax Rate		 0.00% 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)		 -581.00% 0.00% 0.00% 0.00% 0.00% 0.00% -219.86% -1,688.73% 0.00% -231.40% -1,016.40%
ROIC Less NNEP Spread (ROIC-NNEP)		 -579.39% 0.00% 0.00% 0.00% 0.00% 0.00% -217.36% -1,686.11% 0.00% -229.43% -1,013.64%
Return on Net Nonoperating Assets (RNNOA)		 573.47% 0.00% 0.00% 0.00% 0.00% 0.00% 209.36% 1,587.71% 0.00% 215.70% 984.99%
Return on Equity (ROE)		 -7.53% 0.00% -40.40% 0.00% 0.00% 0.00% -10.51% -101.01% 0.00% -15.70% -31.40%
Cash Return on Invested Capital (CROIC)		 -2,915.20% -1,111.70% -810.89% -765.56% -954.80% -556.65% -830.08% -611.94% -535.81% -531.59% -1,166.02%
Operating Return on Assets (OROA)		 -7.26% 0.00% -33.95% 0.00% 0.00% 0.00% -10.35% -127.39% 0.00% -17.81% -37.32%
Return on Assets (ROA)		 -6.48% 0.00% -30.58% 0.00% 0.00% 0.00% -9.39% -115.71% 0.00% -16.14% -34.80%
Return on Common Equity (ROCE)		 -7.53% 0.00% -40.40% 0.00% 0.00% 0.00% -10.51% -101.01% 0.00% -15.70% -31.40%
Return on Equity Simple (ROE_SIMPLE)		 -41.88% 0.00% -44.13% -47.35% -41.15% 0.00% -46.23% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -52 -65 -63 -71 -67 -59 -59 -54 -56 -42 -55
NOPAT Margin		 -204.36% 0.00% -632.10% 0.00% 0.00% 0.00% -773.65% -7,945.78% 0.00% -606.40% -1,833.77%
Net Nonoperating Expense Percent (NNEP)		 -1.62% -2.30% -2.21% -2.96% -2.65% -2.29% -2.50% -2.61% -2.62% -1.97% -2.76%
Return On Investment Capital (ROIC_SIMPLE)		 - -8.06% - - - -7.25% -8.24% -7.73% -8.83% -7.12% -8.21%
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% 0.00%
SG&A Expenses to Revenue		 73.35% 0.00% 197.85% 0.00% 0.00% 0.00% 244.03% 2,012.85% 0.00% 174.52% 369.33%
R&D to Revenue		 323.36% 0.00% 823.45% 0.00% 0.00% 0.00% 961.18% 9,438.26% 0.00% 791.76% 2,352.10%
Operating Expenses to Revenue		 391.95% 0.00% 1,003.00% 0.00% 0.00% 0.00% 1,205.21% 11,451.11% 0.00% 966.28% 2,721.43%
Earnings before Interest and Taxes (EBIT)		 -74 -92 -90 -101 -96 -85 -85 -77 -81 -61 -79
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -75 -94 -93 -103 -98 -86 -85 -78 -81 -61 -79
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.32 1.80 1.37 1.27 1.13 0.89 0.62 0.89 1.48 2.59 2.77
Price to Tangible Book Value (P/TBV)		 1.32 1.81 1.38 1.27 1.13 0.89 0.62 0.89 1.48 2.59 2.77
Price to Revenue (P/Rev)		 39.81 53.13 28.96 24.58 94.74 68.91 57.84 70.99 107.71 95.49 166.57
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 0.00
Dividend Yield		 0.00% 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% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 15.16 13.00 7.40 5.70 3.51 0.00 0.00 0.00 8.14 22.81 41.87
Enterprise Value to Revenue (EV/Rev)		 10.32 25.66 9.08 6.33 15.25 0.00 0.00 0.00 39.88 61.25 109.02
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 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 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 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 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 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.06 0.06 0.06 0.07 0.05 0.06 0.00 0.05 0.05 0.05 0.04
Long-Term Debt to Equity		 0.06 0.06 0.06 0.07 0.05 0.06 0.00 0.05 0.05 0.05 0.04
Financial Leverage		 -0.99 -0.97 -1.01 -0.98 -0.96 -0.94 -0.96 -0.94 -0.94 -0.94 -0.97
Leverage Ratio		 1.17 1.14 1.15 1.16 1.14 1.12 1.12 1.11 1.11 1.11 1.10
Compound Leverage Factor		 1.04 1.03 1.04 1.06 1.04 1.00 1.02 1.01 1.02 1.01 1.02
Debt to Total Capital		 6.01% 6.06% 5.95% 6.29% 5.01% 5.21% 0.00% 4.40% 4.66% 4.82% 4.13%
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% 0.00%
Long-Term Debt to Total Capital		 6.01% 6.06% 5.95% 6.29% 5.01% 5.21% 0.00% 4.40% 4.66% 4.82% 4.13%
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% 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% 0.00%
Common Equity to Total Capital		 93.99% 93.94% 94.05% 93.71% 94.99% 94.79% 100.00% 95.60% 95.34% 95.18% 95.87%
Debt to EBITDA		 -0.14 -0.13 -0.13 -0.13 -0.11 -0.11 0.00 -0.09 -0.09 -0.09 -0.09
Net Debt to EBITDA		 2.14 1.85 1.90 1.76 2.05 1.95 0.00 1.80 1.72 1.72 2.06
Long-Term Debt to EBITDA		 -0.14 -0.13 -0.13 -0.13 -0.11 -0.11 0.00 -0.09 -0.09 -0.09 -0.09
Debt to NOPAT		 -0.20 -0.19 -0.19 -0.18 -0.17 -0.16 0.00 -0.13 -0.13 -0.14 -0.13
Net Debt to NOPAT		 3.07 2.69 2.77 2.57 2.99 2.83 0.00 2.61 2.48 2.48 2.96
Long-Term Debt to NOPAT		 -0.20 -0.19 -0.19 -0.18 -0.17 -0.16 0.00 -0.13 -0.13 -0.14 -0.13
Altman Z-Score		 3.55 7.25 4.68 3.51 4.46 2.37 0.94 2.74 5.25 12.44 15.12
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 16.39 25.44 20.73 15.64 18.42 15.95 19.96 20.92 19.14 22.61 22.13
Quick Ratio		 15.98 24.78 20.18 15.28 17.88 15.40 19.17 20.19 18.29 21.68 21.58
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -68 -110 -161 -120 -93 -48 -27 -54 -54 -44 -72
Operating Cash Flow to CapEx		 -12,779.15% -75,583.05% -2,827.13% -598,481.82% -33,076.21% 0.00% -19,065.10% -212,542.31% 0.00% -4,486,500.00% 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 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 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 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.02 0.03 0.04 0.04 0.01 0.01 0.01 0.01 0.01 0.02 0.01
Accounts Receivable Turnover		 114.16 0.00 0.00 0.00 0.00 0.00 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 0.00
Fixed Asset Turnover		 2.34 2.27 3.24 3.50 1.12 1.19 1.02 1.42 1.75 4.02 3.35
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 3.20 0.00 0.00 0.00 0.00 0.00 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 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 0.00
Cash Conversion Cycle (CCC)		 3.20 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 18 50 43 39 44 39 11 40 41 41 28
Invested Capital Turnover		 2.84 0.93 -6.38 2.45 0.33 0.22 0.28 0.21 0.20 0.38 0.55
Increase / (Decrease) in Invested Capital		 17 46 98 49 26 -11 -33 0.45 -2.57 1.99 17
Enterprise Value (EV)		 266 656 321 223 153 -49 -266 -33 333 940 1,164
Market Capitalization		 1,027 1,357 1,023 865 948 690 444 593 900 1,466 1,778
Book Value per Share		 $6.37 $6.10 $5.70 $5.14 $6.27 $4.65 $4.25 $3.88 $3.52 $3.27 $3.59
Tangible Book Value per Share		 $6.35 $6.08 $5.68 $5.12 $6.25 $4.63 $4.24 $3.88 $3.52 $3.27 $3.59
Total Capital		 828 801 793 728 883 821 721 696 637 596 670
Total Debt		 50 49 47 46 44 43 0.00 31 30 29 28
Total Long-Term Debt		 50 49 47 46 44 43 0.00 31 30 29 28
Net Debt		 -761 -702 -702 -643 -795 -739 -710 -626 -567 -526 -614
Capital Expenditures (CapEx)		 0.59 0.12 1.78 0.01 0.23 0.00 0.38 0.03 -0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -30 -10 -17 -29 -21 -23 -7.75 -8.91 -5.02 -1.82 -13
Debt-free Net Working Capital (DFNWC)		 781 740 733 659 818 758 703 648 591 553 629
Net Working Capital (NWC)		 781 740 733 659 818 758 703 648 591 553 629
Net Nonoperating Expense (NNE)		 14 19 18 22 21 17 18 17 18 12 18
Net Nonoperating Obligations (NNO)		 -761 -702 -702 -643 -795 -739 -710 -626 -567 -526 -614
Total Depreciation and Amortization (D&A)		 -1.51 -2.29 -2.27 -1.92 -1.81 -0.85 -0.39 -0.39 -0.35 -0.26 -0.28
Debt-free, Cash-free Net Working Capital to Revenue		 -114.59% -40.13% -47.14% -82.90% -214.35% -228.32% -100.90% -106.61% -60.10% -11.83% -125.08%
Debt-free Net Working Capital to Revenue		 3,027.33% 2,896.09% 2,074.78% 1,872.38% 8,176.70% 7,579.44% 9,149.72% 7,753.32% 7,077.66% 3,599.49% 5,889.01%
Net Working Capital to Revenue		 3,027.33% 2,896.09% 2,074.78% 1,872.38% 8,176.70% 7,579.44% 9,149.72% 7,753.32% 7,077.66% 3,599.49% 5,889.01%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.54) ($0.66) ($0.62) ($0.69) ($0.63) ($0.42) ($0.46) ($0.41) ($0.43) ($0.31) ($0.41)
Adjusted Weighted Average Basic Shares Outstanding		 122.23M 122.58M 130.84M 132.82M 140.23M 142.87M 169.23M 171.26M 172.39M 171.59M 179.85M
Adjusted Diluted Earnings per Share		 ($0.54) ($0.66) ($0.62) ($0.69) ($0.63) ($0.42) ($0.46) ($0.41) ($0.43) ($0.31) ($0.41)
Adjusted Weighted Average Diluted Shares Outstanding		 122.23M 122.58M 130.84M 132.82M 140.23M 142.87M 169.23M 171.26M 172.39M 171.59M 179.85M
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 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 123.27M 131.18M 132.74M 133.89M 167.38M 169.52M 171.44M 172.41M 173.32M 178.73M 191.59M
Normalized Net Operating Profit after Tax (NOPAT)		 -52 -65 -63 -71 -67 -59 -59 -54 -56 -42 -55
Normalized NOPAT Margin		 -204.36% 0.00% -632.10% 0.00% 0.00% 0.00% -773.65% -7,945.78% 0.00% -606.40% -1,833.77%
Pre Tax Income Margin		 -260.83% 0.00% -813.30% 0.00% 0.00% 0.00% -1,003.58% -10,395.13% 0.00% -784.25% -2,441.27%
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 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 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 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 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% 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% 0.00%

Financials Breakdown Chart

Key Financial Trends

Below are the top takeaways from Relay Therapeutics (RLAY) based on the quarterly cash flow, income statement, and balance sheet data across the last four years. The focus is on trends a retail investor should know about cash flow health, profitability, and liquidity.

  • Q4 2025 quarterly revenue turned positive at $6.999 million, marking a rare positive step in top-line activity after several quarters with little to no revenue.
  • Relay has shown sizable cash inflows from the sale/maturity of investments in multiple quarters, supporting liquidity (examples: Q3 2025 +$97.8 million; Q4 2024 +$104.07 million; Q4 2025 +$69.46 million).
  • Operating cash burn narrowed in Q4 2025 versus Q3 2025, with net cash from continuing operating activities around -$44.9 million in Q4 2025, an improvement from -$62.1 million in Q3 2025.
  • Balance-sheet liquidity in mid-2025 remained solid, with cash & equivalents around $113.9 million at 2025-Q2 and around $91.6 million at 2025-Q3, providing runway for ongoing R&D outlays.
  • Revenue remains volatile and modest overall, including quarters with $0 revenue (e.g., Q3 2025) and other quarters with small positive revenue (e.g., Q4 2025).
  • R&D is the dominant expense driver, contributing heavily to losses (for example, Q4 2025 RD expense about $55.4 million alongside SGA of ~$12.2 million).
  • Equity financings have been modest and episodic, providing occasional liquidity but with dilution risk to existing holders over time (examples include small common equity issuances in 2024–2025).
  • Relay reports persistent quarterly net losses, with Q4 2025 net income of -$54.9 million and multi-quarter negative results across 2025 (e.g., Q3 2025 -$74.1 million; Q2 2025 -$70.4 million; Q1 2025 -$77.1 million).
  • Operating cash flow is consistently negative across the period, reflecting ongoing cash burn (e.g., Q4 2025 -$44.9 million; Q3 2025 -$62.1 million; Q2 2025 -$55.3 million; Q1 2025 -$73.2 million).
  • Despite positive top-line noise in some quarters, the company’s large R&D outlays relative to revenue keep profitability distant and cash burn persistent, underscoring high near-term liquidity risk without sustained revenue growth.
05/22/26 01:44 PM ETAI Generated. May Contain Errors.

Relay Therapeutics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Relay Therapeutics' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Relay Therapeutics' net income appears to be on an upward trend, with a most recent value of -$276.48 million in 2025, rising from -$75.31 million in 2019. The previous period was -$337.71 million in 2024. Find out what analysts predict for Relay Therapeutics in the coming months.

Relay Therapeutics' total operating income in 2025 was -$302.74 million, based on the following breakdown:
  • Total Gross Profit: $15.36 million
  • Total Operating Expenses: $318.09 million

Over the last 6 years, Relay Therapeutics' total revenue changed from $0.00 in 2019 to $15.36 million in 2025, a change of 1,535,500,000.0%.

Relay Therapeutics' total liabilities were at $54.27 million at the end of 2025, a 42.0% decrease from 2024, and a 51.9% increase since 2019.

In the past 6 years, Relay Therapeutics' cash and equivalents has ranged from $41.95 million in 2019 to $447.65 million in 2020, and is currently $84.02 million as of their latest financial filing in 2025.

Over the last 6 years, Relay Therapeutics' book value per share changed from -52.29 in 2019 to 3.27 in 2025, a change of -106.3%.


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Financial statements for NASDAQ:RLAY last updated on 5/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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