Relay Therapeutics, Inc. (RLAY) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 8, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the RLAY SEC filings page.
Relay Therapeutics, Inc. (RLAY) reported $15.4M in revenue for fiscal year 2025, up 53.4% from the prior fiscal year. This page shows its 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).
Relay remains a development-stage business: research spending dominates revenue, losses consume cash, and FY2025 financing provided little offset.
R&D-heavy economics persisted in FY2025: research spending was$261M against revenue of$15.4M , showing the business is still funded primarily for development rather than commercial scale. Operating cash flow was-$235M versus a net loss of$276M , so accounting losses are translating into cash use with little offset from noncash items.
The smaller loss reflects spending control more than operating leverage. Net loss narrowed from
The balance sheet is lightly debt-funded, with total liabilities of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Relay Therapeutics, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Relay Therapeutics, Inc. held $84.0M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $235.5M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Relay Therapeutics, Inc. scores 17/100 among other emerging companies.
Relay Therapeutics, Inc. had 179M shares outstanding at the end of fiscal year 2025, against 170M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Relay Therapeutics, Inc. scores 39/100 among other emerging companies.
Relay Therapeutics, Inc. spent $261.4M on research and development in fiscal year 2025, which was 82.2% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Relay Therapeutics, Inc. scores 98/100 among other emerging companies.
Relay Therapeutics, Inc. reported revenue of $15.4M in fiscal year 2025, against $10.0M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Relay Therapeutics, Inc. scores 17/100 among other emerging companies.
Relay Therapeutics, Inc.'s operations used $235.5M of cash in fiscal year 2025, against $249.1M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Relay Therapeutics, Inc. scores 57/100 among other emerging companies.
Relay Therapeutics, Inc.'s cash, cash equivalents and investments came to $84.0M at the end of fiscal year 2025, against $54.3M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Relay Therapeutics, Inc. scores 69/100 among other emerging companies.
Relay Therapeutics, Inc. scores 38.43, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($3.9B) relative to total liabilities ($54.3M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Relay Therapeutics, Inc. passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
Relay Therapeutics, Inc. reported a net loss of $276.5M while operations used $235.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Relay Therapeutics, Inc. generated $350K in revenue in Q2 2026. This represents a decrease of 48.3% from the same quarter a year earlier. Against the prior quarter it is down 88.3%.
Relay Therapeutics, Inc.'s EBITDA was -$90.5M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 19.3% from the same quarter a year earlier. Against the prior quarter it is down 15.9%.
Relay Therapeutics, Inc. reported -$83.7M in net income in Q2 2026. This represents a decrease of 18.9% from the same quarter a year earlier. Against the prior quarter it is down 14.2%.
Relay Therapeutics, Inc. earned -$0.41 per diluted share (EPS) in Q2 2026. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.
Cash & Balance Sheet
Relay Therapeutics, Inc. held $121.2M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Relay Therapeutics, Inc.'s ROE was -9.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 1.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.0 percentage points.
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Relay Therapeutics, Inc. invested $76.5M in research and development in Q2 2026. This represents an increase of 19.7% from the same quarter a year earlier. Against the prior quarter it is up 8.4%.
Not reported for Q2 2026.
Not reported for Q2 2026.
RLAY Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $350K-48.3% | $3.0M-60.9% | N/A | $0 | $677K | $7.7M-23.3% | N/A | $0-100.0% |
| R&D Expenses | $76.5M+19.7% | $70.6M-4.4% | N/A | $68.3M-10.9% | $63.9M-30.5% | $73.8M-10.4% | N/A | $76.6M-6.0% |
| SG&A Expenses | $14.7M+7.8% | $11.0M-41.2% | N/A | $12.1M-38.6% | $13.6M-32.3% | $18.7M-5.4% | N/A | $19.8M+6.8% |
| Operating Income | -$90.8M-18.2% | -$78.6M+7.4% | N/A | -$80.4M+16.6% | -$76.8M+23.7% | -$84.9M+6.1% | N/A | -$96.4M-31.0% |
| EBITDA | -$90.5M-19.3% | -$78.1M+6.7% | N/A | -$79.6M+16.2% | -$75.8M+23.7% | -$83.7M+6.0% | N/A | -$95.0M-31.6% |
| Net Income | -$83.7M-18.9% | -$73.3M+4.9% | N/A | -$74.1M+15.8% | -$70.4M+23.7% | -$77.1M+5.3% | N/A | -$88.1M-34.0% |
| EPS (Basic) | -$0.410.0% | -$0.41+10.9% | -$0.31+26.2% | -$0.43+31.7% | -$0.41+40.6% | -$0.46+25.8% | -$0.42+37.3% | -$0.63-16.7% |
| EPS (Diluted) | -$0.410.0% | -$0.41+10.9% | -$0.31+26.2% | -$0.43+31.7% | -$0.41+40.6% | -$0.46+25.8% | -$0.42+37.3% | -$0.63-16.7% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense, Income Tax, Diluted Shares (Avg).
RLAY Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $967.5M+32.7% | $699.6M-12.5% | $621.3M-28.7% | $670.0M-28.0% | $728.8M-5.7% | $799.4M-5.0% | $871.3M+3.2% | $930.1M+2.6% |
| Current Assets | $928.1M+36.4% | $658.5M-11.0% | $578.3M-28.5% | $624.0M-27.9% | $680.4M-3.4% | $739.7M-4.0% | $809.2M+5.1% | $865.1M+4.0% |
| Cash & Equivalents | $121.2M+6.4% | $204.6M+118.7% | $84.0M-32.4% | $91.6M-39.9% | $113.9M-15.0% | $93.5M-38.8% | $124.3M-13.5% | $152.4M+0.7% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $77.4M+22.6% | $57.4M-26.6% | $54.3M-42.0% | $62.3M-31.7% | $63.2M-30.4% | $78.3M-18.2% | $93.5M+1.7% | $91.3M-29.0% |
| Current Liabilities | $50.8M+56.2% | $29.8M-19.7% | $25.6M-49.6% | $32.6M-30.6% | $32.5M-27.8% | $37.1M-0.2% | $50.7M+67.6% | $47.0M-7.4% |
| Non-Current Liabilities | $26.6M-13.1% | $27.7M-32.9% | $28.7M-32.9% | $29.7M-33.0% | $30.7M-33.0% | $41.2M-29.6% | $42.8M-30.7% | $44.3M-43.1% |
| Total Equity | $890.0M+33.7% | $642.2M-10.9% | $567.1M-27.1% | $607.7M-27.6% | $665.7M-2.4% | $721.1M-3.3% | $777.8M+3.4% | $838.9M+7.8% |
| Retained Earnings | -$2.2B-15.2% | -$2.1B-15.0% | -$2.0B-15.9% | -$2.0B-17.9% | -$1.9B-19.8% | -$1.8B-22.5% | -$1.7B-24.1% | -$1.7B-26.2% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
RLAY Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$54.1M+2.1% | -$51.1M+30.2% | -$44.9M+22.5% | -$62.1M+17.3% | -$55.3M+16.1% | -$73.2M-45.5% | -$57.9M | -$75.1M+0.4% |
| Depreciation & Amortization | $360K-64.1% | $504K-58.3% | $599K-55.1% | $748K-45.3% | $1.0M-26.8% | $1.2M-13.4% | $1.3M | $1.4M+0.3% |
| Stock-Based Compensation | N/A | $10.5M-45.5% | N/A | N/A | N/A | $19.3M-28.9% | N/A | $22.5M+3.0% |
| Capital Expenditures | N/A | N/A | $1K | -$1K-99.6% | $26K+136.4% | $384K-78.4% | $0 | $227K-61.5% |
| Free Cash Flow | N/A | N/A | -$44.9M+22.5% | -$62.1M+17.5% | -$55.3M+16.0% | -$73.6M-41.2% | -$57.9M | -$75.3M+0.9% |
| Investing Cash Flow | -$353.0M-569.8% | $32.9M-22.5% | $35.5M+22.3% | $39.7M+131.5% | $75.1M+65.0% | $42.5M+303.2% | $29.0M | -$126.2M-276.8% |
| Financing Cash Flow | $323.7M | $138.8M | $934K+16.8% | $17K-100.0% | N/A | N/A | $800K | $218.9M+2214.3% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
RLAY Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -25949.7% | -2619.7% | N/A | N/A | -11351.1% | -1105.2% | N/A | N/A |
| Net Margin | -23916.3% | -2443.0% | N/A | N/A | -10395.1% | -1003.6% | N/A | N/A |
| Return on Equity | -9.4%+1.2pp | -11.4%-0.7pp | N/A | -12.2%-1.7pp | -10.6%+3.0pp | -10.7%+0.2pp | N/A | -10.5%-2.0pp |
| Return on Assets | -8.6%+1.0pp | -10.5%-0.8pp | N/A | -11.1%-1.6pp | -9.7%+2.3pp | -9.6%0.0pp | N/A | -9.5%-2.2pp |
| Current Ratio | 18.27-2.7x | 22.13+2.2x | 22.61+6.7x | 19.14+0.7x | 20.92+5.3x | 19.96-0.8x | 15.95-9.5x | 18.42+2.0x |
| Debt-to-Equity | 0.090.0x | 0.090.0x | 0.100.0x | 0.100.0x | 0.090.0x | 0.110.0x | 0.120.0x | 0.11-0.1x |
| Asset Turnover | 0.000.0x | 0.000.0x | N/A | 0.000.0x | 0.000.0x | 0.010.0x | N/A | 0.000.0x |
| FCF Margin | N/A | N/A | N/A | N/A | -8166.5% | -958.4% | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Relay Therapeutics, Inc. RLAY | FY2025 | $15.4M | -$276.5M | N/A | $3.9B | 50/100 |
| Nurix Therapeutics, Inc. NRIX | FY2025 | $84.0M | -$264.5M | N/A | $2.4B | 54/100 |
| ArriVent BioPharma, Inc. AVBP | FY2025 | N/A | -$166.3M | N/A | $832.8M | — |
| Tango Therapeutics, Inc. TNGX | FY2025 | $62.4M | -$101.6M | N/A | $3.7B | 65/100 |
| Vir Biotechnology, Inc. VIR | FY2025 | $68.6M | -$438.0M | N/A | $1.9B | 66/100 |
Where Relay Therapeutics, Inc. Ranks
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.
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 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) recorded an outflow of $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) recorded an outflow of $235.5M in operating cash flow during fiscal year 2025, representing cash used by 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.
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 P/E ratio?
Relay Therapeutics, Inc. (RLAY) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $3.9B as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Relay Therapeutics, Inc.'s price-to-sales ratio?
Relay Therapeutics, Inc. (RLAY) trades at 256x sales, its market capitalization divided by revenue of $15.4M revenue, FY2025. The market capitalization is $3.9B as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Relay Therapeutics, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Relay Therapeutics, Inc. (RLAY) held $84.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $235.5M over that year. Dividing the one by the other, the reported balance equals about 4 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Relay Therapeutics, Inc.'s Altman Z-Score?
Relay Therapeutics, Inc. (RLAY) has an Altman Z-Score of 38.43, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Relay Therapeutics, Inc.'s Piotroski F-Score?
Relay Therapeutics, Inc. (RLAY) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $276.5M while operations used $235.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.