Relay Therapeutics, Inc. (RLAY) 10-Year Financial Performance & Capital Metrics

RLAY •

HealthcareBiotechnologyOncology Therapeutics Developers

AboutRelay Therapeutics, Inc. operates as a clinical-stage precision medicines company. It engages in transforming the drug discovery process with an initial focus on enhancing small molecule therapeutic discovery in targeted oncology and genetic disease indications. The company's lead product candidates include RLY-4008, an oral small molecule inhibitor of fibroblast growth factor receptor 2 (FGFR2), which is in a first-in-human clinical trial for patients with advanced or metastatic FGFR2-altered solid tumors; RLY-2608, a lead mutant-PI3Ka inhibitor program that targets phosphoinostide 3 kinase alpha; and RLY-1971, an oral small molecule inhibitor of protein tyrosine phosphatase Src homology region 2 domain-containing phosphatase-2 that is in Phase 1 trial in patients with advanced solid tumors. It has collaboration and license agreements with D. E. Shaw Research, LLC to research certain biological targets through the use of D. E. Shaw Research computational modeling capabilities focused on analysis of protein motion to develop and commercialize compounds and products directed to such targets; and Genentech, Inc. for the development and commercialization of RLY-1971. The company was formerly known as Allostery, Inc. and changed its name to Relay Therapeutics, Inc. in December 2015. Relay Therapeutics, Inc. was incorporated in 2015 and is headquartered in Cambridge, Massachusetts.Show more

Revenue $15M +53.4%
EBITDA -$303M +17.5%
Net Income -$276M +18.1%
EPS (Diluted) -1.61 +31.8%
Gross Margin -
EBITDA Margin -1971.59% +46.2%
Operating Margin -1971.59% +47.0%
Net Margin -1800.58% +46.6%
ROE -41.12% +6.9%
ROIC -37.3% +9.0%
Debt/Equity 0.06 -8.2%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Momentum leader: RS Rating 95 (top 5%)

✗Weaknesses

✗Negative free cash flow
✗Sales declining 28.6% over 5 years
✗Shares diluted 20.1% in last year
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-28.58%

3Y123.2%

TTM53.44%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM18.13%

EPS CAGR

10Y-

5Y-

3Y-

TTM32.64%

ROCE

10Y Avg-30.23%

5Y Avg-39.9%

3Y Avg-42.89%

Latest-42.75%

Peer Comparison

Oncology Therapeutics Developers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EXELExelixis, Inc.	11.81B	44.06	15.85	6.98%	29.63%	31.37%	7.49%	0.08
INCYIncyte Corporation	20.1B	101.27	15.80	21.22%	25.03%	24.9%	6.74%	0.01
GMABGenmab A/S	18.13B	29.44	15.36	30.67%	46.8%	114.25%	6.6%	0.03
SNDXSyndax Pharmaceuticals, Inc.	1.89B	21.71	-5.82		-279.31%	-269.93%		1.20
RCUSArcus Biosciences, Inc.	2.55B	20.37	-6.19	-4.26%	-142.91%	-55.94%		0.16
RLAYRelay Therapeutics, Inc.	1.78B	10.26	-6.37	53.44%	-18.01%	-48.76%		0.06
STROSutro Biopharma, Inc.	1.74B	20.47	-6.92	-59.64%	-205.18%	-234.19%		4.57
OLMAOlema Pharmaceuticals, Inc.	1.66B	24.20	-11			-48.77%		0.00

Profit & Loss

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	0	0	82.65M	3.03M	1.38M	25.55M	10.01M	15.36M
Revenue Growth %	-	-	-	-96.34%	-54.41%	1749.82%	-60.83%	53.44%
Cost of Goods Sold+	2.15M	2.85M	3.55M	0	0	0	0	0
COGS % of Revenue	-	-	4.29%	-	-	-	-	-
Gross Profit+	-2.15M	-2.85M	79.11M	3.03M	1.38M	25.55M	10.01M	0
Gross Margin %	-	-	95.71%	100%	100%	100%	100%	-
Gross Profit Growth %	-	-32.08%	2880.49%	-96.17%	-54.41%	1749.82%	-60.83%	-100%
Operating Expenses+	49.89M	84.05M	134.9M	367.73M	300.66M	398.55M	382.48M	318.09M
OpEx % of Revenue	-	-	163.21%	12140.21%	21770.89%	1560.11%	3822.07%	2071.59%
Selling, General & Admin	8.86M	13.74M	38.59M	57.39M	65.98M	74.95M	76.59M	56.71M
SG&A % of Revenue	-	-	46.69%	1894.55%	4777.55%	293.39%	765.38%	369.33%
Research & Development	41.03M	70.31M	99.86M	172.65M	246.35M	330.02M	319.09M	261.38M
R&D % of Revenue	-	-	120.82%	5699.9%	17838.88%	1291.86%	3188.66%	1702.27%
Other Operating Expenses	-9K	0	-3.55M	137.69M	-11.68M	-6.42M	-13.21M	0
Operating Income+	-49.89M	-84.05M	-55.8M	-364.7M	-299.27M	-373M	-372.47M	-302.74M
Operating Margin %	-	-	-67.51%	-12040.21%	-21670.89%	-1460.11%	-3722.07%	-1971.59%
Operating Income Growth %	-	-68.47%	33.61%	-553.63%	17.94%	-24.63%	0.14%	18.72%
EBITDA+	-47.73M	-81.2M	-52.25M	-360.77M	-295.14M	-367.73M	-367M	-302.74M
EBITDA Margin %	-	-	-63.21%	-11910.63%	-21371.83%	-1439.49%	-3667.47%	-1971.59%
EBITDA Growth %	-	-70.11%	35.66%	-590.51%	18.19%	-24.59%	0.2%	17.51%
D&A (Non-Cash Add-back)	2.15M	2.85M	3.55M	3.92M	4.13M	5.27M	5.46M	0
EBIT	-48.78M	-84.05M	-55.8M	-227.01M	-310.95M	-379.42M	-385.67M	0
Net Interest Income+	0	8.8M	3.4M	830K	8.79M	31.05M	34.75M	0
Interest Income	1.11M	8.8M	3.4M	830K	8.79M	31.05M	34.75M	27.04M
Interest Expense	0	0	0	0	0	0	0	0
Other Income/Expense	1.1M	8.74M	3.38M	826K	8.77M	31.03M	34.76M	26.26M
Pretax Income+	-48.78M	-75.31M	-52.41M	-363.87M	-290.51M	-341.97M	-337.71M	-276.48M
Pretax Margin %	-	-	-63.41%	-12012.94%	-21036.13%	-1338.66%	-3374.72%	-1800.58%
Income Tax+	0	0	0	0	0	0	0	0
Effective Tax Rate %	100%	88.31%	100%	100%	100%	100%	100%	100%
Net Income+	-48.78M	-66.5M	-52.41M	-363.87M	-290.51M	-341.97M	-337.71M	-276.48M
Net Margin %	-	-	-63.41%	-12012.94%	-21036.13%	-1338.66%	-3374.72%	-1800.58%
Net Income Growth %	-	-36.32%	21.19%	-594.25%	20.16%	-17.72%	1.25%	18.13%
Net Income (Continuing)	-48.78M	-75.31M	-52.41M	-363.87M	-290.51M	-341.97M	-337.71M	-276.48M
Discontinued Operations	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0
EPS (Diluted)+	-19.63	-15.53	-2.56	-3.82	-2.59	-2.79	-2.36	-1.61
EPS Growth %	-	20.89%	83.52%	-49.22%	32.2%	-7.72%	15.41%	31.78%
EPS (Basic)	-19.63	-15.53	-2.56	-3.82	-2.59	-2.79	-2.36	-1.61
Diluted Shares Outstanding	2.49M	4.28M	90.19M	95.14M	112.23M	122.58M	142.87M	171.59M
Basic Shares Outstanding	2.49M	4.28M	90.05M	95.14M	112.23M	122.58M	142.87M	171.59M
Dividend Payout Ratio	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	424.1M	360.54M	770.1M	976.24M	1.02B	770.1M	809.2M	578.28M
Cash & Short-Term Investments	421.5M	355.82M	678.06M	958.07M	998.92M	750.09M	781.32M	84.02M
Cash Only	421.5M	41.95M	447.65M	280.12M	998.92M	143.74M	124.29M	84.02M
Short-Term Investments	0	313.86M	230.41M	677.95M	0	606.35M	657.04M	0
Accounts Receivable	0	0	82.65M	4.94M	5.22M	0	0	0
Days Sales Outstanding	-	-	365	595.28	1.38K	-	-	-
Inventory	0	0	0	0	12.11M	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	1.76M	3.26M	3.31M	10.53M	494.26M
Total Non-Current Assets+	4.51M	32.53M	29.73M	32.2M	80.27M	73.88M	62.09M	43.05M
Property, Plant & Equipment	3.63M	31.65M	28.83M	27.32M	75.39M	68.87M	57.67M	41.72M
Fixed Asset Turnover	-	-	2.87x	0.11x	0.02x	0.37x	0.17x	0.37x
Goodwill	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	2.3M	2.3M	2.3M	2.3M	0
Long-Term Investments	878K	0	0	0	2.58M	2.71M	0	0
Other Non-Current Assets	0	878K	900K	2.58M	2.58M	0	2.12M	1.34M
Total Assets+	428.61M	393.07M	799.83M	1.01B	1.1B	843.98M	871.3M	621.33M
Asset Turnover	-	-	0.10x	0.00x	0.00x	0.03x	0.01x	0.02x
Asset Growth %	-	-8.29%	103.48%	26.08%	9.06%	-23.26%	3.24%	-28.69%
Total Current Liabilities+	6.87M	11.99M	13.63M	24.32M	63.71M	30.27M	50.73M	25.58M
Accounts Payable	4.71M	6.99M	6.35M	8.28M	10.58M	9.21M	14.1M	7.71M
Days Payables Outstanding	797.27	896.91	653.17	-	-	-	-	-
Short-Term Debt	0	0	0	0	0	0	0	3.77M
Deferred Revenue (Current)	1.86M	0	0	248K	0	0	7.68M	0
Other Current Liabilities	118K	333K	197K	989K	26.15M	1.91M	2.1M	21.81M
Current Ratio	61.78x	30.08x	56.49x	40.14x	16.00x	25.44x	15.95x	22.61x
Quick Ratio	61.78x	30.08x	56.49x	40.14x	15.81x	25.44x	15.95x	22.61x
Cash Conversion Cycle	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	532.67M	561.52M	22.9M	86.31M	85.84M	61.71M	42.77M	28.69M
Long-Term Debt	0	0	0	0	0	0	0	28.69M
Capital Lease Obligations	0	23.58M	22.9M	21.06M	53.47M	48.5M	42.77M	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	532.67M	537.94M	3K	65.26M	32.38M	13.21M	0	0
Total Liabilities	539.54M	573.51M	36.54M	110.64M	149.55M	91.98M	93.5M	54.27M
Total Debt+	178K	24.83M	24.42M	22.9M	57.74M	53.47M	48.5M	32.46M
Net Debt	-421.33M	-17.12M	-423.22M	-257.22M	-941.17M	-90.27M	-75.78M	-51.56M
Debt / Equity	-	-	0.03x	0.03x	0.06x	0.07x	0.06x	0.06x
Debt / EBITDA	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-
Interest Coverage	-	-	-	-	-	-	-	-
Total Equity+	-110.93M	-180.44M	763.29M	897.81M	950.22M	752M	777.79M	567.06M
Equity Growth %	-	-62.66%	523.02%	17.62%	5.84%	-20.86%	3.43%	-27.09%
Book Value per Share	-44.64	-42.15	8.46	9.44	8.47	6.13	5.44	3.30
Total Shareholders' Equity	-110.93M	-180.44M	763.29M	897.81M	950.22M	752M	777.79M	567.06M
Common Stock	3K	4K	90K	109K	121K	127K	168K	168K
Retained Earnings	-114.18M	-189.48M	-404.23M	-768.1M	-1.06B	-1.4B	-1.74B	-2.01B
Treasury Stock	0	0	0	0	0	0	0	0
Accumulated OCI	-4.65M	325K	64K	-1.09M	-10.42M	-196K	-991K	733K
Minority Interest	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	-44.13M	-66.13M	-102.49M	-74.41M	-229.49M	-300.32M	-249.11M	-235.46M
Operating CF Margin %	-	-	-124%	-2456.45%	-16617.67%	-1175.59%	-2489.33%	-1533.41%
Operating CF Growth %	-	-49.84%	-54.97%	27.4%	-208.43%	-30.86%	17.05%	5.48%
Net Income	-48.78M	-75.31M	-52.41M	-363.87M	-290.51M	-341.97M	-337.71M	-276.48M
Depreciation & Amortization	2.15M	2.85M	3.55M	3.92M	4.13M	5.27M	5.46M	-1.39M
Stock-Based Compensation	2.89M	4.46M	31.96M	48.45M	56.14M	86.03M	94.14M	62.42M
Deferred Taxes	0	0	0	0	0	0	0	0
Other Non-Cash Items	9K	-2.44M	-416K	139.74M	-10.49M	-17.18M	-25.62M	-20M
Working Capital Changes	-400K	4.31M	-85.17M	97.34M	11.25M	-32.46M	14.62M	0
Change in Receivables	0	0	-75M	77.79M	97K	5.22M	0	0
Change in Inventory	0	0	-10.33M	0	0	0	0	0
Change in Payables	1.23M	3M	-410K	930K	1.99M	-2.39M	0	-11.44M
Cash from Investing+	-1.68M	-319.02M	81.67M	-479.51M	-188.75M	257.63M	-41.08M	192.8M
Capital Expenditures	-1.69M	-8M	-1.93M	-3.47M	-9.06M	-4.13M	-2.02M	-410K
CapEx % of Revenue	-	-	2.34%	114.59%	656.19%	16.15%	20.17%	2.67%
Acquisitions	7K	0	-83.6M	-25.3M	179.68M	0	0	0
Investments	-	-	-	-	-	-	-	-
Other Investing	7K	20K	83.6M	0	-179.68M	0	0	0
Cash from Financing+	394.97M	5.61M	426.51M	388.09M	289.91M	34.75M	270.15M	1.6M
Debt Issued (Net)	0	0	0	0	0	0	0	0
Equity Issued (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Dividends Paid	0	0	0	0	0	0	0	0
Share Repurchases	-82K	0	0	0	0	0	0	1.08M
Other Financing	717K	613K	1.22M	5.88M	5.17M	4.47M	4.26M	1.6M
Net Change in Cash	349.16M	-379.55M	405.69M	-165.83M	-128.32M	-7.93M	-20.04M	-41.05M
Free Cash Flow+	-45.82M	-74.14M	-104.42M	-77.88M	-238.55M	-304.44M	-251.13M	-235.87M
FCF Margin %	-	-	-126.33%	-2571.05%	-17273.86%	-1191.74%	-2509.49%	-1536.08%
FCF Growth %	-	-61.79%	-40.85%	25.42%	-206.32%	-27.62%	17.51%	6.08%
FCF per Share	-18.44	-17.32	-1.16	-0.82	-2.13	-2.48	-1.76	-1.37
FCF Conversion (FCF/Net Income)	0.90x	0.99x	1.96x	0.20x	0.79x	0.88x	0.74x	0.85x
Interest Paid	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0

Key Ratios

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	-	-17.98%	-43.81%	-31.44%	-40.18%	-44.15%	-41.12%
Return on Invested Capital (ROIC)	-	-	-58.73%	-55.78%	-69.1%	-83.41%	-40.97%	-37.3%
Gross Margin	-	-	95.71%	100%	100%	100%	100%	-
Net Margin	-	-	-63.41%	-12012.94%	-21036.13%	-1338.66%	-3374.72%	-1800.58%
Debt / Equity	-	-	0.03x	0.03x	0.06x	0.07x	0.06x	0.06x
FCF Conversion	0.90x	0.99x	1.96x	0.20x	0.79x	0.88x	0.74x	0.85x
Revenue Growth	-	-	-	-96.34%	-54.41%	1749.82%	-60.83%	53.44%

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Relay Therapeutics, Inc. (RLAY) 10-Year Financial Performance & Capital Metrics

RLAY •

HealthcareBiotechnologyOncology Therapeutics Developers

Revenue $15M +53.4%
EBITDA -$303M +17.5%
Net Income -$276M +18.1%
EPS (Diluted) -1.61 +31.8%
Gross Margin -
EBITDA Margin -1971.59% +46.2%
Operating Margin -1971.59% +47.0%
Net Margin -1800.58% +46.6%
ROE -41.12% +6.9%
ROIC -37.3% +9.0%
Debt/Equity 0.06 -8.2%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Momentum leader: RS Rating 95 (top 5%)

✗Weaknesses

✗Negative free cash flow
✗Sales declining 28.6% over 5 years
✗Shares diluted 20.1% in last year
✗Low asset turnover indicates capital-intensive operations

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y-28.58%

3Y123.2%

TTM53.44%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM18.13%

EPS CAGR

10Y-

5Y-

3Y-

TTM32.64%

ROCE

10Y Avg-30.23%

5Y Avg-39.9%

3Y Avg-42.89%

Latest-42.75%

Peer Comparison

Oncology Therapeutics Developers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EXELExelixis, Inc.	11.81B	44.06	15.85	6.98%	29.63%	31.37%	7.49%	0.08
INCYIncyte Corporation	20.1B	101.27	15.80	21.22%	25.03%	24.9%	6.74%	0.01
GMABGenmab A/S	18.13B	29.44	15.36	30.67%	46.8%	114.25%	6.6%	0.03
SNDXSyndax Pharmaceuticals, Inc.	1.89B	21.71	-5.82		-279.31%	-269.93%		1.20
RCUSArcus Biosciences, Inc.	2.55B	20.37	-6.19	-4.26%	-142.91%	-55.94%		0.16
RLAYRelay Therapeutics, Inc.	1.78B	10.26	-6.37	53.44%	-18.01%	-48.76%		0.06
STROSutro Biopharma, Inc.	1.74B	20.47	-6.92	-59.64%	-205.18%	-234.19%		4.57
OLMAOlema Pharmaceuticals, Inc.	1.66B	24.20	-11			-48.77%		0.00

Profit & Loss

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	0	0	82.65M	3.03M	1.38M	25.55M	10.01M	15.36M
Revenue Growth %	-	-	-	-96.34%	-54.41%	1749.82%	-60.83%	53.44%
Cost of Goods Sold+	2.15M	2.85M	3.55M	0	0	0	0	0
COGS % of Revenue	-	-	4.29%	-	-	-	-	-
Gross Profit+	-2.15M	-2.85M	79.11M	3.03M	1.38M	25.55M	10.01M	0
Gross Margin %	-	-	95.71%	100%	100%	100%	100%	-
Gross Profit Growth %	-	-32.08%	2880.49%	-96.17%	-54.41%	1749.82%	-60.83%	-100%
Operating Expenses+	49.89M	84.05M	134.9M	367.73M	300.66M	398.55M	382.48M	318.09M
OpEx % of Revenue	-	-	163.21%	12140.21%	21770.89%	1560.11%	3822.07%	2071.59%
Selling, General & Admin	8.86M	13.74M	38.59M	57.39M	65.98M	74.95M	76.59M	56.71M
SG&A % of Revenue	-	-	46.69%	1894.55%	4777.55%	293.39%	765.38%	369.33%
Research & Development	41.03M	70.31M	99.86M	172.65M	246.35M	330.02M	319.09M	261.38M
R&D % of Revenue	-	-	120.82%	5699.9%	17838.88%	1291.86%	3188.66%	1702.27%
Other Operating Expenses	-9K	0	-3.55M	137.69M	-11.68M	-6.42M	-13.21M	0
Operating Income+	-49.89M	-84.05M	-55.8M	-364.7M	-299.27M	-373M	-372.47M	-302.74M
Operating Margin %	-	-	-67.51%	-12040.21%	-21670.89%	-1460.11%	-3722.07%	-1971.59%
Operating Income Growth %	-	-68.47%	33.61%	-553.63%	17.94%	-24.63%	0.14%	18.72%
EBITDA+	-47.73M	-81.2M	-52.25M	-360.77M	-295.14M	-367.73M	-367M	-302.74M
EBITDA Margin %	-	-	-63.21%	-11910.63%	-21371.83%	-1439.49%	-3667.47%	-1971.59%
EBITDA Growth %	-	-70.11%	35.66%	-590.51%	18.19%	-24.59%	0.2%	17.51%
D&A (Non-Cash Add-back)	2.15M	2.85M	3.55M	3.92M	4.13M	5.27M	5.46M	0
EBIT	-48.78M	-84.05M	-55.8M	-227.01M	-310.95M	-379.42M	-385.67M	0
Net Interest Income+	0	8.8M	3.4M	830K	8.79M	31.05M	34.75M	0
Interest Income	1.11M	8.8M	3.4M	830K	8.79M	31.05M	34.75M	27.04M
Interest Expense	0	0	0	0	0	0	0	0
Other Income/Expense	1.1M	8.74M	3.38M	826K	8.77M	31.03M	34.76M	26.26M
Pretax Income+	-48.78M	-75.31M	-52.41M	-363.87M	-290.51M	-341.97M	-337.71M	-276.48M
Pretax Margin %	-	-	-63.41%	-12012.94%	-21036.13%	-1338.66%	-3374.72%	-1800.58%
Income Tax+	0	0	0	0	0	0	0	0
Effective Tax Rate %	100%	88.31%	100%	100%	100%	100%	100%	100%
Net Income+	-48.78M	-66.5M	-52.41M	-363.87M	-290.51M	-341.97M	-337.71M	-276.48M
Net Margin %	-	-	-63.41%	-12012.94%	-21036.13%	-1338.66%	-3374.72%	-1800.58%
Net Income Growth %	-	-36.32%	21.19%	-594.25%	20.16%	-17.72%	1.25%	18.13%
Net Income (Continuing)	-48.78M	-75.31M	-52.41M	-363.87M	-290.51M	-341.97M	-337.71M	-276.48M
Discontinued Operations	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0
EPS (Diluted)+	-19.63	-15.53	-2.56	-3.82	-2.59	-2.79	-2.36	-1.61
EPS Growth %	-	20.89%	83.52%	-49.22%	32.2%	-7.72%	15.41%	31.78%
EPS (Basic)	-19.63	-15.53	-2.56	-3.82	-2.59	-2.79	-2.36	-1.61
Diluted Shares Outstanding	2.49M	4.28M	90.19M	95.14M	112.23M	122.58M	142.87M	171.59M
Basic Shares Outstanding	2.49M	4.28M	90.05M	95.14M	112.23M	122.58M	142.87M	171.59M
Dividend Payout Ratio	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	424.1M	360.54M	770.1M	976.24M	1.02B	770.1M	809.2M	578.28M
Cash & Short-Term Investments	421.5M	355.82M	678.06M	958.07M	998.92M	750.09M	781.32M	84.02M
Cash Only	421.5M	41.95M	447.65M	280.12M	998.92M	143.74M	124.29M	84.02M
Short-Term Investments	0	313.86M	230.41M	677.95M	0	606.35M	657.04M	0
Accounts Receivable	0	0	82.65M	4.94M	5.22M	0	0	0
Days Sales Outstanding	-	-	365	595.28	1.38K	-	-	-
Inventory	0	0	0	0	12.11M	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	1.76M	3.26M	3.31M	10.53M	494.26M
Total Non-Current Assets+	4.51M	32.53M	29.73M	32.2M	80.27M	73.88M	62.09M	43.05M
Property, Plant & Equipment	3.63M	31.65M	28.83M	27.32M	75.39M	68.87M	57.67M	41.72M
Fixed Asset Turnover	-	-	2.87x	0.11x	0.02x	0.37x	0.17x	0.37x
Goodwill	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	2.3M	2.3M	2.3M	2.3M	0
Long-Term Investments	878K	0	0	0	2.58M	2.71M	0	0
Other Non-Current Assets	0	878K	900K	2.58M	2.58M	0	2.12M	1.34M
Total Assets+	428.61M	393.07M	799.83M	1.01B	1.1B	843.98M	871.3M	621.33M
Asset Turnover	-	-	0.10x	0.00x	0.00x	0.03x	0.01x	0.02x
Asset Growth %	-	-8.29%	103.48%	26.08%	9.06%	-23.26%	3.24%	-28.69%
Total Current Liabilities+	6.87M	11.99M	13.63M	24.32M	63.71M	30.27M	50.73M	25.58M
Accounts Payable	4.71M	6.99M	6.35M	8.28M	10.58M	9.21M	14.1M	7.71M
Days Payables Outstanding	797.27	896.91	653.17	-	-	-	-	-
Short-Term Debt	0	0	0	0	0	0	0	3.77M
Deferred Revenue (Current)	1.86M	0	0	248K	0	0	7.68M	0
Other Current Liabilities	118K	333K	197K	989K	26.15M	1.91M	2.1M	21.81M
Current Ratio	61.78x	30.08x	56.49x	40.14x	16.00x	25.44x	15.95x	22.61x
Quick Ratio	61.78x	30.08x	56.49x	40.14x	15.81x	25.44x	15.95x	22.61x
Cash Conversion Cycle	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	532.67M	561.52M	22.9M	86.31M	85.84M	61.71M	42.77M	28.69M
Long-Term Debt	0	0	0	0	0	0	0	28.69M
Capital Lease Obligations	0	23.58M	22.9M	21.06M	53.47M	48.5M	42.77M	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	532.67M	537.94M	3K	65.26M	32.38M	13.21M	0	0
Total Liabilities	539.54M	573.51M	36.54M	110.64M	149.55M	91.98M	93.5M	54.27M
Total Debt+	178K	24.83M	24.42M	22.9M	57.74M	53.47M	48.5M	32.46M
Net Debt	-421.33M	-17.12M	-423.22M	-257.22M	-941.17M	-90.27M	-75.78M	-51.56M
Debt / Equity	-	-	0.03x	0.03x	0.06x	0.07x	0.06x	0.06x
Debt / EBITDA	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-
Interest Coverage	-	-	-	-	-	-	-	-
Total Equity+	-110.93M	-180.44M	763.29M	897.81M	950.22M	752M	777.79M	567.06M
Equity Growth %	-	-62.66%	523.02%	17.62%	5.84%	-20.86%	3.43%	-27.09%
Book Value per Share	-44.64	-42.15	8.46	9.44	8.47	6.13	5.44	3.30
Total Shareholders' Equity	-110.93M	-180.44M	763.29M	897.81M	950.22M	752M	777.79M	567.06M
Common Stock	3K	4K	90K	109K	121K	127K	168K	168K
Retained Earnings	-114.18M	-189.48M	-404.23M	-768.1M	-1.06B	-1.4B	-1.74B	-2.01B
Treasury Stock	0	0	0	0	0	0	0	0
Accumulated OCI	-4.65M	325K	64K	-1.09M	-10.42M	-196K	-991K	733K
Minority Interest	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	-44.13M	-66.13M	-102.49M	-74.41M	-229.49M	-300.32M	-249.11M	-235.46M
Operating CF Margin %	-	-	-124%	-2456.45%	-16617.67%	-1175.59%	-2489.33%	-1533.41%
Operating CF Growth %	-	-49.84%	-54.97%	27.4%	-208.43%	-30.86%	17.05%	5.48%
Net Income	-48.78M	-75.31M	-52.41M	-363.87M	-290.51M	-341.97M	-337.71M	-276.48M
Depreciation & Amortization	2.15M	2.85M	3.55M	3.92M	4.13M	5.27M	5.46M	-1.39M
Stock-Based Compensation	2.89M	4.46M	31.96M	48.45M	56.14M	86.03M	94.14M	62.42M
Deferred Taxes	0	0	0	0	0	0	0	0
Other Non-Cash Items	9K	-2.44M	-416K	139.74M	-10.49M	-17.18M	-25.62M	-20M
Working Capital Changes	-400K	4.31M	-85.17M	97.34M	11.25M	-32.46M	14.62M	0
Change in Receivables	0	0	-75M	77.79M	97K	5.22M	0	0
Change in Inventory	0	0	-10.33M	0	0	0	0	0
Change in Payables	1.23M	3M	-410K	930K	1.99M	-2.39M	0	-11.44M
Cash from Investing+	-1.68M	-319.02M	81.67M	-479.51M	-188.75M	257.63M	-41.08M	192.8M
Capital Expenditures	-1.69M	-8M	-1.93M	-3.47M	-9.06M	-4.13M	-2.02M	-410K
CapEx % of Revenue	-	-	2.34%	114.59%	656.19%	16.15%	20.17%	2.67%
Acquisitions	7K	0	-83.6M	-25.3M	179.68M	0	0	0
Investments	-	-	-	-	-	-	-	-
Other Investing	7K	20K	83.6M	0	-179.68M	0	0	0
Cash from Financing+	394.97M	5.61M	426.51M	388.09M	289.91M	34.75M	270.15M	1.6M
Debt Issued (Net)	0	0	0	0	0	0	0	0
Equity Issued (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Dividends Paid	0	0	0	0	0	0	0	0
Share Repurchases	-82K	0	0	0	0	0	0	1.08M
Other Financing	717K	613K	1.22M	5.88M	5.17M	4.47M	4.26M	1.6M
Net Change in Cash	349.16M	-379.55M	405.69M	-165.83M	-128.32M	-7.93M	-20.04M	-41.05M
Free Cash Flow+	-45.82M	-74.14M	-104.42M	-77.88M	-238.55M	-304.44M	-251.13M	-235.87M
FCF Margin %	-	-	-126.33%	-2571.05%	-17273.86%	-1191.74%	-2509.49%	-1536.08%
FCF Growth %	-	-61.79%	-40.85%	25.42%	-206.32%	-27.62%	17.51%	6.08%
FCF per Share	-18.44	-17.32	-1.16	-0.82	-2.13	-2.48	-1.76	-1.37
FCF Conversion (FCF/Net Income)	0.90x	0.99x	1.96x	0.20x	0.79x	0.88x	0.74x	0.85x
Interest Paid	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0

Key Ratios

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	-	-17.98%	-43.81%	-31.44%	-40.18%	-44.15%	-41.12%
Return on Invested Capital (ROIC)	-	-	-58.73%	-55.78%	-69.1%	-83.41%	-40.97%	-37.3%
Gross Margin	-	-	95.71%	100%	100%	100%	100%	-
Net Margin	-	-	-63.41%	-12012.94%	-21036.13%	-1338.66%	-3374.72%	-1800.58%
Debt / Equity	-	-	0.03x	0.03x	0.06x	0.07x	0.06x	0.06x
FCF Conversion	0.90x	0.99x	1.96x	0.20x	0.79x	0.88x	0.74x	0.85x
Revenue Growth	-	-	-	-96.34%	-54.41%	1749.82%	-60.83%	53.44%

Relay Therapeutics, Inc. (RLAY) 10-Year Financial Performance & Capital Metrics

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Relay Therapeutics, Inc. (RLAY) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

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Compare RLAY vs Peers

vs RVMD

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