Relay Therapeutics Inc
RLAYHealthcare|Biotechnology|USA
$20.00
-0.74 (-3.59%)
Tangible Book
$3.39
Earnings Power
$3247.43
Financials
Financial Snapshot
Market Cap
$4.36B
Enterprise Value
$610.5M
Revenue (TTM)
$10.7M
Net Income (TTM)
$-272.7M
Cash & Equivalents
—
Net Cash/Share
$3.09
Free Cash Flow (TTM)
$-213.4M
Operating CF (TTM)
$-213.4M
Debt/Equity
0.05
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$53.3M
Monthly Burn
$17.8M
Est. Runway
—
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $421.5M | $355.8M | $678.1M | $958.1M | $998.9M | $750.1M | $781.3M | $554.5M | $642.1M | |
| Operating Cash Flow | $-44.1M | $-66.1M | $-102.5M | $-74.4M | $-229.5M | $-300.3M | $-249.1M | $-235.5M | $-213.4M | |
| Free Cash Flow | $-45.8M | $-74.1M | $-104.4M | $-77.9M | $-238.6M | $-304.4M | $-251.1M | $-235.9M | $-213.4M | |
| Capital Expenditure | $-1.7M | $-8.0M | $-1.9M | $-3.5M | $-9.1M | $-4.1M | $-2.0M | $-410.0K | $-26.0K | |
| Financing Cash Flow | $395.0M | $5.6M | $426.5M | $388.1M | $289.9M | $34.8M | $270.2M | $1.6M | $140.4M |
R&D Spending
R&D (TTM)
$258.1M
R&D Intensity
2417.7%
R&D Growth YoY
-1.2%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $82.7M | $3.0M | $1.4M | $25.5M | $10.0M | $15.4M | $10.7M | |
| R&D Expense | $41.0M | $70.3M | $99.9M | $172.7M | $246.4M | $330.0M | $319.1M | $261.4M | $258.1M | |
| R&D % of Revenue | — | — | 120.8% | 5699.9% | 17838.9% | 1291.9% | 3188.7% | 1702.3% | 2417.7% | |
| SG&A | $8.9M | $13.7M | $38.6M | $57.4M | $66.0M | $75.0M | $76.6M | $56.7M | $49.0M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $82.7M | $3.0M | $1.4M | $25.5M | $10.0M | $15.4M | $10.7M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $0.00 | $0.00 | $82.7M | $3.0M | $1.4M | $25.5M | $10.0M | $15.4M | $10.7M | |
| R&D | $41.0M | $70.3M | $99.9M | $172.7M | $246.4M | $330.0M | $319.1M | $261.4M | $258.1M | |
| SG&A | $8.9M | $13.7M | $38.6M | $57.4M | $66.0M | $75.0M | $76.6M | $56.7M | $49.0M | |
| Operating Income | $-49.9M | $-84.0M | $-55.8M | $-227.0M | $-311.0M | $-379.4M | $-385.7M | $-302.7M | $-296.5M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | $-48.8M | $-75.3M | $-52.4M | $-363.9M | $-290.5M | $-342.0M | $-337.7M | $-276.5M | $-272.7M | |
| Net Income | $-48.8M | $-75.3M | $-52.4M | $-363.9M | $-290.5M | $-342.0M | $-337.7M | $-276.5M | $-272.7M | |
| EPS (Diluted) | -0.75 | -17.59 | -5.40 | -3.82 | -2.59 | -2.79 | -2.36 | -1.61 | -1.57 | |
| EBITDA | $-47.7M | $-81.2M | $-52.2M | $-223.1M | $-306.8M | $-374.2M | $-380.2M | $-299.2M | $-293.6M | |
| Shares Out. (M) | 65.43 | 4.28 | 42.62 | 95.14 | 112.23 | 122.58 | 142.87 | 171.59 | 179.85 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $421.5M | $42.0M | $447.6M | $280.1M | $151.8M | $143.7M | $124.3M | $84.0M | $204.6M | |
| Marketable Securities | $0.00 | $313.9M | $230.4M | $678.0M | $847.1M | $606.4M | $657.0M | $470.5M | $437.5M | |
| Total Current Assets | $424.1M | $360.5M | $770.1M | $976.2M | $1.02B | $770.1M | $809.2M | $578.3M | $658.5M | |
| Total Assets | $428.6M | $393.1M | $799.8M | $1.01B | $1.10B | $844.0M | $871.3M | $621.3M | $699.6M | |
| Total Current Liabilities | $6.9M | $12.0M | $13.6M | $24.3M | $63.7M | $30.3M | $50.7M | $25.6M | $29.8M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $539.5M | $573.5M | $36.5M | $110.6M | $149.6M | $92.0M | $93.5M | $54.3M | $57.4M | |
| Stockholders' Equity | $-110.9M | $-180.4M | $763.3M | $897.8M | $950.2M | $752.0M | $777.8M | $567.1M | $642.2M | |
| Retained Earnings | $-114.2M | $-189.5M | $-404.2M | $-768.1M | $-1.06B | $-1.40B | $-1.74B | $-2.01B | $-2.09B |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-44.1M | $-66.1M | $-102.5M | $-74.4M | $-229.5M | $-300.3M | $-249.1M | $-235.5M | $-213.4M | |
| Capital Expenditure | $-1.7M | $-8.0M | $-1.9M | $-3.5M | $-9.1M | $-4.1M | $-2.0M | $-410.0K | $-26.0K | |
| Free Cash Flow | $-45.8M | $-74.1M | $-104.4M | $-77.9M | $-238.6M | $-304.4M | $-251.1M | $-235.9M | $-213.4M | |
| Investing Cash Flow | $-1.7M | $-319.0M | $81.7M | $-479.5M | $-188.7M | $257.6M | $-41.1M | $192.8M | $183.2M | |
| Financing Cash Flow | $395.0M | $5.6M | $426.5M | $388.1M | $289.9M | $34.8M | $270.2M | $1.6M | $140.4M | |
| Issuance of Stock | $0.00 | $0.00 | $425.3M | $382.2M | $284.7M | $30.3M | $265.9M | $0.00 | $137.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $2.9M | $4.5M | $32.0M | $48.5M | $56.1M | $86.0M | $94.1M | $62.4M | $53.6M | |
| Net Change in Cash | $349.2M | $-379.6M | $405.7M | $-165.8M | $-128.3M | $-7.9M | $-20.0M | $-41.1M | $110.3M |
Dilution Tracker
Shares outstanding grew 89.0% over 5 years — significant dilution
Shares Outstanding
180M
5-Year Share Growth
+89.0%
Stock Issuance (TTM)
$137.1M
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 65.43 | 4.28 | 42.62 | 95.14 | 112.23 | 122.58 | 142.87 | 171.59 | 179.85 | |
| YoY Change % | — | -93.5% | 895.6% | 123.2% | 18.0% | 9.2% | 16.6% | 20.1% | 4.8% | |
| Stock Issuance | $0.00 | $0.00 | $425.3M | $382.2M | $284.7M | $30.3M | $265.9M | $0.00 | $137.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $2.9M | $4.5M | $32.0M | $48.5M | $56.1M | $86.0M | $94.1M | $62.4M | $53.6M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | 0.0% | 0.0% | -67.5% | -7494.5% | -22516.4% | -1485.3% | -3854.0% | -1971.6% | -2776.6% | |
| Net Margin % | 0.0% | 0.0% | -63.4% | -12012.9% | -21036.1% | -1338.7% | -3374.7% | -1800.6% | -2554.1% | |
| EBITDA Margin % | 0.0% | 0.0% | -63.2% | -7364.9% | -22217.4% | -1464.6% | -3799.4% | -1948.4% | -2749.9% | |
| FCF Margin % | 0.0% | 0.0% | -126.3% | -2571.0% | -17273.9% | -1191.7% | -2509.5% | -1536.1% | -1998.5% | |
| ROE % | 0.0% | 0.0% | -18.0% | -43.8% | -31.4% | -40.2% | -44.2% | -41.1% | -42.6% | |
| ROA % | -11.4% | -18.3% | -8.8% | -40.2% | -27.6% | -35.2% | -39.4% | -37.0% | -38.8% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.41
P/S327.87
Historical21.06 / 75.31 / 1839.17
Industry Med.9.51
P/B5.89
Historical0.47 / 2.06 / 7.25
Industry Med.2.93
EV/EBITDA-12.77
Historical-93.37 / -2.72 / 0.87
Industry Med.13.14
EV/Revenue351.06
Historical-42.29 / 32.76 / 1253.20
Industry Med.8.71
P/FCF—
Historical— / — / —
Industry Med.27.54
Intrinsic Value Models
Tangible Book
$3.39
Net Current Assets
$3.180
Net-Net Working Capital
$3.09
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | - | - | 21.43 | 959.69 | 1245.00 | 52.93 | 58.86 | 95.06 | 327.87 | |
| PB Ratio | 0.00 | 0.00 | 4.90 | 3.70 | 1.90 | 1.87 | 0.89 | 2.59 | 5.89 | |
| EV/EBITDA | 0.00 | 0.00 | -59.01 | -10.70 | -2.83 | -1.89 | 0.11 | -3.17 | -12.77 | |
| EV/Revenue | 0.00 | 0.00 | 37.30 | 788.36 | 628.70 | 27.67 | -4.16 | 61.80 | 351.06 |
Analyst Estimates & Quality
Altman Z-Score
41.17
Safe
Piotroski F-Score
5
Moderate
Beneish M-Score
-2.61
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $12.51M | $16.02M | $33.61M |
| Net Income | $-290.96M | $-301.82M | $-324.86M |
| EPS | -1.56 | -1.62 | -1.56 |
| Book Value per Share | 3.63 | 1.91 | 1.48 |
| Operating Cash Flow per Share | -1.37 | -1.32 | -1.24 |
| Operating CF | $-245.49M | $-236.50M | $-223.01M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Using innovative experimental and computational approaches on protein motion for making medicines | $15.4M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $15.4M |