What is Relay Therapeutics, Inc.'s earnings per share (EPS)?

Relay Therapeutics, Inc. (RLAY) reported diluted earnings per share of $-1.61 for fiscal year 2025. This represents a 31.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Relay Therapeutics, Inc. Financials

RLAY

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Relay Therapeutics, Inc. (RLAY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 50/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Relay Therapeutics, Inc. has an operating margin of -1971.6%, meaning the company retains $-1972 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -3722.1% the prior year.

Growth

100

Relay Therapeutics, Inc.'s revenue surged 53.4% year-over-year to $15.4M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

100

Relay Therapeutics, Inc. carries a low D/E ratio of 0.10, meaning only $0.10 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 22.61, Relay Therapeutics, Inc. holds $22.61 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Relay Therapeutics, Inc. generated -$235.5M in operating cash flow, capex of $410K consumed most of it, leaving -$235.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Relay Therapeutics, Inc. generates a -48.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -43.4% the prior year.

Piotroski F-Score Weak

3/9

Relay Therapeutics, Inc. passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.85x

For every $1 of reported earnings, Relay Therapeutics, Inc. generates $0.85 in operating cash flow (-$235.5M OCF vs -$276.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$15.4M

YoY+53.4%

5Y CAGR-28.6%

Relay Therapeutics, Inc. generated $15.4M in revenue in fiscal year 2025. This represents an increase of 53.4% from the prior year.

EBITDA

-$299.2M

YoY+18.5%

Relay Therapeutics, Inc.'s EBITDA was -$299.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 18.5% from the prior year.

Net Income

-$276.5M

YoY+18.1%

Relay Therapeutics, Inc. reported -$276.5M in net income in fiscal year 2025. This represents an increase of 18.1% from the prior year.

EPS (Diluted)

$-1.61

YoY+31.8%

Relay Therapeutics, Inc. earned $-1.61 per diluted share (EPS) in fiscal year 2025. This represents an increase of 31.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$235.9M

YoY+6.1%

Relay Therapeutics, Inc. generated -$235.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 6.1% from the prior year.

Cash & Debt

$84.0M

YoY-32.4%

5Y CAGR-28.4%

Relay Therapeutics, Inc. held $84.0M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

174M

YoY+3.6%

5Y CAGR+14.1%

Relay Therapeutics, Inc. had 174M shares outstanding in fiscal year 2025. This represents an increase of 3.6% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

-1971.6%

YoY+1750.5pp

5Y CAGR-1904.1pp

Relay Therapeutics, Inc.'s operating margin was -1971.6% in fiscal year 2025, reflecting core business profitability. This is up 1750.5 percentage points from the prior year.

Net Margin

-1800.6%

YoY+1574.1pp

5Y CAGR-1737.2pp

Relay Therapeutics, Inc.'s net profit margin was -1800.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1574.1 percentage points from the prior year.

Return on Equity

-48.8%

YoY-5.3pp

5Y CAGR-41.9pp

Relay Therapeutics, Inc.'s ROE was -48.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 5.3 percentage points from the prior year.

Capital Allocation

R&D Spending

$261.4M

YoY-18.1%

5Y CAGR+21.2%

Relay Therapeutics, Inc. invested $261.4M in research and development in fiscal year 2025. This represents a decrease of 18.1% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$410K

YoY-79.7%

5Y CAGR-26.6%

Relay Therapeutics, Inc. invested $410K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 79.7% from the prior year.

RLAY Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$15.4M+53.4%	$10.0M-60.8%	$25.5M+1749.8%	$1.4M-54.4%	$3.0M-96.3%	$82.7M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$261.4M-18.1%	$319.1M-3.3%	$330.0M+34.0%	$246.4M+42.7%	$172.7M+72.9%	$99.9M
SG&A Expenses	$56.7M-26.0%	$76.6M+2.2%	$75.0M+13.6%	$66.0M+15.0%	$57.4M+48.7%	$38.6M
Operating Income	-$302.7M+18.7%	-$372.5M+0.1%	-$373.0M-24.6%	-$299.3M+17.9%	-$364.7M-553.6%	-$55.8M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$276.5M+18.1%	-$337.7M+1.2%	-$342.0M-17.7%	-$290.5M+20.2%	-$363.9M-594.3%	-$52.4M
EPS (Diluted)	$-1.61+31.8%	$-2.36+15.4%	$-2.79-7.7%	$-2.59+32.2%	$-3.82+29.3%	$-5.40

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	N/A	$0-100.0%	$677K-91.2%	$7.7M	N/A	$0	$0-100.0%	$10.0M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	$68.3M+6.8%	$63.9M-13.4%	$73.8M	N/A	$76.6M-16.7%	$92.0M+11.6%	$82.4M
SG&A Expenses	N/A	$12.1M-11.0%	$13.6M-27.3%	$18.7M	N/A	$19.8M-1.9%	$20.1M+1.7%	$19.8M
Operating Income	N/A	-$80.4M-4.6%	-$76.8M+9.5%	-$84.9M	N/A	-$96.4M+4.4%	-$100.8M-11.5%	-$90.4M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	-$74.1M-5.4%	-$70.4M+8.7%	-$77.1M	N/A	-$88.1M+4.5%	-$92.2M-13.3%	-$81.4M
EPS (Diluted)	N/A	$-0.43-4.9%	$-0.41+10.9%	$-0.46	N/A	$-0.63+8.7%	$-0.69-11.3%	$-0.62

RLAY Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$621.3M-28.7%	$871.3M+3.2%	$844.0M-23.3%	$1.1B+9.1%	$1.0B+26.1%	$799.8M
Current Assets	$578.3M-28.5%	$809.2M+5.1%	$770.1M-24.5%	$1.0B+4.4%	$976.2M+26.8%	$770.1M
Cash & Equivalents	$84.0M-32.4%	$124.3M-13.5%	$143.7M-5.3%	$151.8M-45.8%	$280.1M-37.4%	$447.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	$306K-24.1%	$403K-99.5%	$75.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$54.3M-42.0%	$93.5M+1.7%	$92.0M-38.5%	$149.6M+35.2%	$110.6M+202.8%	$36.5M
Current Liabilities	$25.6M-49.6%	$50.7M+67.6%	$30.3M-52.5%	$63.7M+162.0%	$24.3M+78.4%	$13.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$567.1M-27.1%	$777.8M+3.4%	$752.0M-20.9%	$950.2M+5.8%	$897.8M+17.6%	$763.3M
Retained Earnings	-$2.0B-15.9%	-$1.7B-24.1%	-$1.4B-32.3%	-$1.1B-37.8%	-$768.1M-90.0%	-$404.2M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$621.3M-7.3%	$670.0M-8.1%	$728.8M-8.8%	$799.4M-8.3%	$871.3M-6.3%	$930.1M+20.4%	$772.5M-8.2%	$841.4M
Current Assets	$578.3M-7.3%	$624.0M-8.3%	$680.4M-8.0%	$739.7M-8.6%	$809.2M-6.5%	$865.1M+22.8%	$704.3M-8.5%	$770.1M
Cash & Equivalents	$84.0M-8.2%	$91.6M-19.6%	$113.9M+21.8%	$93.5M-24.7%	$124.3M-18.4%	$152.4M+13.6%	$134.1M-12.3%	$152.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$54.3M-12.9%	$62.3M-1.4%	$63.2M-19.3%	$78.3M-16.3%	$93.5M+2.5%	$91.3M+0.5%	$90.8M-5.1%	$95.7M
Current Liabilities	$25.6M-21.6%	$32.6M+0.2%	$32.5M-12.2%	$37.1M-27.0%	$50.7M+8.0%	$47.0M+4.3%	$45.0M+21.3%	$37.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$567.1M-6.7%	$607.7M-8.7%	$665.7M-7.7%	$721.1M-7.3%	$777.8M-7.3%	$838.9M+23.0%	$681.7M-8.6%	$745.8M
Retained Earnings	-$2.0B-2.8%	-$2.0B-3.9%	-$1.9B-3.9%	-$1.8B-4.4%	-$1.7B-4.6%	-$1.7B-5.6%	-$1.6B-6.2%	-$1.5B

RLAY Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$235.5M+5.5%	-$249.1M+17.1%	-$300.3M-30.9%	-$229.5M-208.4%	-$74.4M+27.4%	-$102.5M
Capital Expenditures	$410K-79.7%	$2.0M-51.1%	$4.1M-54.5%	$9.1M+161.1%	$3.5M+79.8%	$1.9M
Free Cash Flow	-$235.9M+6.1%	-$251.1M+17.5%	-$304.4M-27.6%	-$238.6M-206.3%	-$77.9M+25.4%	-$104.4M
Investing Cash Flow	$192.8M+569.3%	-$41.1M-115.9%	$257.6M+236.5%	-$188.7M+60.6%	-$479.5M-687.1%	$81.7M
Financing Cash Flow	$1.6M-99.4%	$270.2M+677.4%	$34.8M-88.0%	$289.9M-25.3%	$388.1M-9.0%	$426.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$44.9M+27.8%	-$62.1M-12.4%	-$55.3M+24.5%	-$73.2M-26.5%	-$57.9M+22.9%	-$75.1M-14.1%	-$65.8M-30.8%	-$50.3M
Capital Expenditures	$1K+200.0%	-$1K-103.8%	$26K-93.2%	$384K	$0-100.0%	$227K+1963.6%	$11K-99.4%	$1.8M
Free Cash Flow	-$44.9M+27.8%	-$62.1M-12.4%	-$55.3M+24.9%	-$73.6M-27.2%	-$57.9M+23.2%	-$75.3M-14.4%	-$65.8M-26.4%	-$52.1M
Investing Cash Flow	$35.5M-10.7%	$39.7M-47.1%	$75.1M+77.0%	$42.5M+46.4%	$29.0M+123.0%	-$126.2M-377.0%	$45.5M+332.5%	$10.5M
Financing Cash Flow	$934K+5394.1%	$17K	N/A	N/A	$800K-99.6%	$218.9M+14095.1%	$1.5M-96.8%	$48.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

RLAY Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-1971.6%+1750.5pp	-3722.1%-2262.0pp	-1460.1%+20210.8pp	-21670.9%-9630.7pp	-12040.2%-11972.7pp	-67.5%
Net Margin	-1800.6%+1574.1pp	-3374.7%-2036.1pp	-1338.7%+19697.5pp	-21036.1%-9023.2pp	-12012.9%-11949.5pp	-63.4%
Return on Equity	-48.8%-5.3pp	-43.4%+2.1pp	-45.5%-14.9pp	-30.6%+10.0pp	-40.5%-33.7pp	-6.9%
Return on Assets	-44.5%-5.7pp	-38.8%+1.8pp	-40.5%-14.1pp	-26.4%+9.7pp	-36.1%-29.5pp	-6.6%
Current Ratio	22.61+6.7	15.95-9.5	25.44+9.4	16.00-24.1	40.14-16.4	56.49
Debt-to-Equity	0.10-0.0	0.120.0	0.12-0.0	0.16+0.0	0.12+0.1	0.05
FCF Margin	-1536.1%+973.4pp	-2509.5%-1317.7pp	-1191.7%+16082.1pp	-17273.9%-14702.8pp	-2571.1%-2444.7pp	-126.3%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	-11351.1%-10245.9pp	-1105.2%	N/A	N/A	N/A	-903.0%
Net Margin	N/A	N/A	-10395.1%-9391.6pp	-1003.6%	N/A	N/A	N/A	-813.3%
Return on Equity	N/A	-12.2%-1.6pp	-10.6%+0.1pp	-10.7%	N/A	-10.5%+3.0pp	-13.5%-2.6pp	-10.9%
Return on Assets	N/A	-11.1%-1.4pp	-9.7%-0.0pp	-9.6%	N/A	-9.5%+2.5pp	-11.9%-2.3pp	-9.7%
Current Ratio	22.61+3.5	19.14-1.8	20.92+1.0	19.96+4.0	15.95-2.5	18.42+2.8	15.64-5.1	20.73
Debt-to-Equity	0.100.0	0.100.0	0.09-0.0	0.11-0.0	0.12+0.0	0.11-0.0	0.130.0	0.13
FCF Margin	N/A	N/A	-8166.5%-7208.1pp	-958.4%	N/A	N/A	N/A	-520.7%

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Frequently Asked Questions

What is Relay Therapeutics, Inc.'s annual revenue?

Relay Therapeutics, Inc. (RLAY) reported $15.4M in total revenue for fiscal year 2025. This represents a 53.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Relay Therapeutics, Inc.'s revenue growing?

Relay Therapeutics, Inc. (RLAY) revenue grew by 53.4% year-over-year, from $10.0M to $15.4M in fiscal year 2025.

Is Relay Therapeutics, Inc. profitable?

No, Relay Therapeutics, Inc. (RLAY) reported a net income of -$276.5M in fiscal year 2025, with a net profit margin of -1800.6%.

What is Relay Therapeutics, Inc.'s EBITDA?

Relay Therapeutics, Inc. (RLAY) had EBITDA of -$299.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Relay Therapeutics, Inc.'s operating margin?

Relay Therapeutics, Inc. (RLAY) had an operating margin of -1971.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Relay Therapeutics, Inc.'s net profit margin?

Relay Therapeutics, Inc. (RLAY) had a net profit margin of -1800.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Relay Therapeutics, Inc.'s return on equity (ROE)?

Relay Therapeutics, Inc. (RLAY) has a return on equity of -48.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Relay Therapeutics, Inc.'s free cash flow?

Relay Therapeutics, Inc. (RLAY) generated -$235.9M in free cash flow during fiscal year 2025. This represents a 6.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Relay Therapeutics, Inc.'s operating cash flow?

Relay Therapeutics, Inc. (RLAY) generated -$235.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Relay Therapeutics, Inc.'s total assets?

Relay Therapeutics, Inc. (RLAY) had $621.3M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Relay Therapeutics, Inc.'s capital expenditures?

Relay Therapeutics, Inc. (RLAY) invested $410K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Relay Therapeutics, Inc. spend on research and development?

Relay Therapeutics, Inc. (RLAY) invested $261.4M in research and development during fiscal year 2025.

How many shares does Relay Therapeutics, Inc. have outstanding?

Relay Therapeutics, Inc. (RLAY) had 174M shares outstanding as of fiscal year 2025.

What is Relay Therapeutics, Inc.'s current ratio?

Relay Therapeutics, Inc. (RLAY) had a current ratio of 22.61 as of fiscal year 2025, which is generally considered healthy.

What is Relay Therapeutics, Inc.'s debt-to-equity ratio?

Relay Therapeutics, Inc. (RLAY) had a debt-to-equity ratio of 0.10 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Relay Therapeutics, Inc.'s return on assets (ROA)?

Relay Therapeutics, Inc. (RLAY) had a return on assets of -44.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Relay Therapeutics, Inc.'s cash runway?

Based on fiscal year 2025 data, Relay Therapeutics, Inc. (RLAY) had $84.0M in cash against an annual operating cash burn of $235.5M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Relay Therapeutics, Inc.'s Piotroski F-Score?

Relay Therapeutics, Inc. (RLAY) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Relay Therapeutics, Inc.'s earnings high quality?

Relay Therapeutics, Inc. (RLAY) has an earnings quality ratio of 0.85x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Relay Therapeutics, Inc.?

Relay Therapeutics, Inc. (RLAY) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.