Relay Therapeutics, Inc.
RLAY Nasdaq Biological Products, (No Diagnostic Substances) Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$15.4M
53.4%
vs prior year
Operating margin
Operating income as a share of revenue.
−1,971.6%
1,750.5 pts
Net income
Profit after all expenses, interest and tax.
−$276M
Free cash flow
Cash from operations minus capital spending.
−$236M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$1.56 EPS (TTM)
What Relay Therapeutics, Inc. does
No business description yet.
- Legal name
- Relay Therapeutics, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001193125-26-076739
0001812364
Revenue and margins
Relay Therapeutics, Inc. had $15.4M of revenue in fiscal 2025, up 53.4% on the year before.
FY19
Revenue —
FY20
Revenue $82.7M
FY21
Revenue $3.0M
FY22
Revenue $1.4M
FY23
Revenue $25.5M
FY24
Revenue $10.0M
FY25
Revenue $15.4M
Q3 '23
Revenue $25.2M
Q4 '23
Revenue −$0.0M
Q1 '24
Revenue $10.0M
Q2 '24
Revenue $0.0M
Q3 '24
Revenue $0.0M
Q4 '24
Revenue $0.0M
Q1 '25
Revenue $7.7M
Q2 '25
Revenue $0.7M
Q3 '25
Revenue $0.0M
Q4 '25
Revenue $7.0M
Q1 '26
Revenue $3.0M
Q2 '26
Revenue $0.4M
FY19
Gross —
Operating —
Net —
FCF —
FY20
Gross —
Operating −67.5%
Net −63.4%
FCF −126.3%
FY21
Gross —
Operating −12,040.2%
Net −12,012.9%
FCF −2,571.0%
FY22
Gross —
Operating −21,670.9%
Net −21,036.1%
FCF −17,273.9%
FY23
Gross —
Operating −1,460.1%
Net −1,338.7%
FCF −1,191.7%
FY24
Gross —
Operating −3,722.1%
Net −3,374.7%
FCF −2,509.5%
FY25
Gross —
Operating −1,971.6%
Net −1,800.6%
FCF −1,536.1%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating −291.9%
Net −260.8%
FCF −301.5%
Q4 '23
Gross —
Operating 9,219,600.0%
Net 8,349,500.0%
FCF 8,930,600.0%
Q1 '24
Gross —
Operating −903.0%
Net −813.3%
FCF −520.7%
Q2 '24
Gross —
Operating —
Net —
FCF —
Q3 '24
Gross —
Operating —
Net —
FCF —
Q4 '24
Gross —
Operating —
Net —
FCF —
Q1 '25
Gross —
Operating −1,105.2%
Net −1,003.6%
FCF −958.4%
Q2 '25
Gross —
Operating −11,351.1%
Net −10,395.1%
FCF −8,166.5%
Q3 '25
Gross —
Operating —
Net —
FCF —
Q4 '25
Gross —
Operating −866.1%
Net −784.1%
FCF −640.9%
Q1 '26
Gross —
Operating −2,619.7%
Net −2,443.0%
FCF —
Q2 '26
Gross —
Operating −25,949.7%
Net −23,916.3%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income −$75.3M
FY20
Net income −$52.4M
FY21
Net income −$364M
FY22
Net income −$291M
FY23
Net income −$342M
FY24
Net income −$338M
FY25
Net income −$276M
Q3 '23
Net income −$65.7M
Q4 '23
Net income −$83.5M
Q1 '24
Net income −$81.4M
Q2 '24
Net income −$92.2M
Q3 '24
Net income −$88.1M
Q4 '24
Net income −$76.0M
Q1 '25
Net income −$77.1M
Q2 '25
Net income −$70.4M
Q3 '25
Net income −$74.1M
Q4 '25
Net income −$54.9M
Q1 '26
Net income −$73.3M
Q2 '26
Net income −$83.7M
FY19
Diluted EPS −$21.82
FY20
Diluted EPS −$5.40
FY21
Diluted EPS −$3.82
FY22
Diluted EPS −$2.59
FY23
Diluted EPS −$2.79
FY24
Diluted EPS −$2.36
FY25
Diluted EPS −$1.61
Q3 '23
Diluted EPS −$0.54
Q4 '23
Diluted EPS −$0.66
Q1 '24
Diluted EPS −$0.62
Q2 '24
Diluted EPS −$0.69
Q3 '24
Diluted EPS −$0.63
Q4 '24
Diluted EPS −$0.42
Q1 '25
Diluted EPS −$0.46
Q2 '25
Diluted EPS −$0.41
Q3 '25
Diluted EPS −$0.43
Q4 '25
Diluted EPS −$0.31
Q1 '26
Diluted EPS −$0.41
Q2 '26
Diluted EPS −$0.41
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity —
Return on assets −19.2%
FY20
Return on capital —
Return on equity −18.0%
Return on assets −8.8%
FY21
Return on capital —
Return on equity −43.8%
Return on assets −40.2%
FY22
Return on capital —
Return on equity −31.4%
Return on assets −27.6%
FY23
Return on capital —
Return on equity −40.2%
Return on assets −35.2%
FY24
Return on capital —
Return on equity −44.2%
Return on assets −39.4%
FY25
Return on capital —
Return on equity −41.1%
Return on assets −37.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$236M in fiscal 2025, −1,536.1% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow −$74.1M
FY20
Free cash flow −$104M
FY21
Free cash flow −$77.9M
FY22
Free cash flow −$239M
FY23
Free cash flow −$304M
FY24
Free cash flow −$251M
FY25
Free cash flow −$236M
Q3 '23
Free cash flow −$76.0M
Q4 '23
Free cash flow −$89.3M
Q1 '24
Free cash flow −$52.1M
Q2 '24
Free cash flow −$65.8M
Q3 '24
Free cash flow −$75.3M
Q4 '24
Free cash flow −$57.9M
Q1 '25
Free cash flow −$73.6M
Q2 '25
Free cash flow −$55.3M
Q3 '25
Free cash flow −$62.1M
Q4 '25
Free cash flow −$44.9M
Q1 '26
Free cash flow —
Q2 '26
Free cash flow —
FY19
Cash from operations −$66.1M
Capital spending $8.0M
FY20
Cash from operations −$102M
Capital spending $1.9M
FY21
Cash from operations −$74.4M
Capital spending $3.5M
FY22
Cash from operations −$229M
Capital spending $9.1M
FY23
Cash from operations −$300M
Capital spending $4.1M
FY24
Cash from operations −$249M
Capital spending $2.0M
FY25
Cash from operations −$235M
Capital spending $0.4M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$75.4M
Capital spending $0.6M
Q4 '23
Cash from operations −$89.2M
Capital spending $0.1M
Q1 '24
Cash from operations −$50.3M
Capital spending $1.8M
Q2 '24
Cash from operations −$65.8M
Capital spending $0.0M
Q3 '24
Cash from operations −$75.1M
Capital spending $0.2M
Q4 '24
Cash from operations −$57.9M
Capital spending $0.0M
Q1 '25
Cash from operations −$73.2M
Capital spending $0.4M
Q2 '25
Cash from operations −$55.3M
Capital spending $0.0M
Q3 '25
Cash from operations −$62.1M
Capital spending −$0.0M
Q4 '25
Cash from operations −$44.9M
Capital spending $0.0M
Q1 '26
Cash from operations −$51.1M
Capital spending —
Q2 '26
Cash from operations −$54.1M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Relay Therapeutics, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.04B
FY21
Diluted shares 0.10B
FY22
Diluted shares 0.11B
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares —
Balance sheet
Cash, debt and the ratios that show how comfortably Relay Therapeutics, Inc. can carry it.
FY19
Cash $42.0M
Debt —
FY20
Cash $448M
Debt —
FY21
Cash $280M
Debt —
FY22
Cash $152M
Debt —
FY23
Cash $144M
Debt —
FY24
Cash $124M
Debt —
FY25
Cash $84.0M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $280M | $152M | $144M | $124M | $84.0M |
| Current ratio | 40.1x | 16.0x | 25.4x | 16.0x | 22.6x |
| Quick ratio | 40.1x | 16.0x | 25.4x | 16.0x | 22.6x |
| Total assets | $1.0B | $1.1B | $844M | $871M | $621M |
| Total liabilities | $111M | $150M | $92.0M | $93.5M | $54.3M |
| Shareholders' equity | $898M | $950M | $752M | $778M | $567M |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | — | — | — |
| Current ratio rose | — | ✓ | ✕ | ✕ | ✓ | ✕ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | — | — | — |
| Gross margin rose | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✕ | ✕ | ✓ | ✕ | ✓ |
| F-score | — / 3 | — / 6 | 1 / 7 | 2 / 7 | — / 6 | — / 6 | — / 6 |
| Accruals ratio | −2.3% | 8.4% | −32.0% | −5.8% | −4.3% | −10.3% | −5.5% |
| Altman Z'' | −2.49 | 26.02 | 9.80 | 7.41 | 5.96 | 5.07 | 2.96 |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | — | $82.7M | $3.0M | $1.4M | $25.5M | $10.0M | $15.4M |
| Research and development | $70.3M | $99.9M | $173M | $246M | $330M | $319M | $261M |
| Operating income | −$84.0M | −$55.8M | −$365M | −$299M | −$373M | −$372M | −$303M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | −$75.3M | −$52.4M | −$364M | −$291M | −$342M | −$338M | −$276M |
| Net income to common | −$75.3M | −$230M | −$364M | — | — | — | — |
| Diluted EPS | −$21.82 | −$5.40 | −$3.82 | −$2.59 | −$2.79 | −$2.36 | −$1.61 |
| Diluted shares | 0.00B | 0.04B | 0.10B | 0.11B | — | — | — |
| Cash flow | |||||||
| Cash from operations | −$66.1M | −$102M | −$74.4M | −$229M | −$300M | −$249M | −$235M |
| Capital expenditure | $8.0M | $1.9M | $3.5M | $9.1M | $4.1M | $2.0M | $0.4M |
| Free cash flow | −$74.1M | −$104M | −$77.9M | −$239M | −$304M | −$251M | −$236M |
| Depreciation and amortization | $2.8M | $3.5M | $3.9M | $4.1M | $5.3M | $5.5M | $3.6M |
| Stock-based compensation | $4.5M | $32.0M | $48.5M | $56.1M | $86.0M | $94.1M | $62.4M |
| Acquisitions | — | — | $25.3M | — | — | — | — |
| Balance sheet | |||||||
| Cash and short-term investments | $42.0M | $448M | $280M | $152M | $144M | $124M | $84.0M |
| Current assets | $361M | $770M | $976M | $1.0B | $770M | $809M | $578M |
| Current liabilities | $12.0M | $13.6M | $24.3M | $63.7M | $30.3M | $50.7M | $25.6M |
| Property and equipment, net | $8.1M | $6.3M | $6.5M | $11.6M | $10.9M | $5.9M | $1.7M |
| Intangible assets | — | — | $2.3M | $2.3M | $2.3M | — | — |
| Total assets | $393M | $800M | $1.0B | $1.1B | $844M | $871M | $621M |
| Total liabilities | $35.7M | $36.5M | $111M | $150M | $92.0M | $93.5M | $54.3M |
| Preferred stock | $538M | $0.0M | $0.0M | — | — | — | — |
| Shareholders' equity | −$180M | $763M | $898M | $950M | $752M | $778M | $567M |
| Margins | |||||||
| Operating margin | — | −67.5% | −12,040.2% | −21,670.9% | −1,460.1% | −3,722.1% | −1,971.6% |
| EBITDA margin | — | −63.2% | −11,910.6% | −21,371.8% | −1,439.5% | −3,667.5% | −1,948.4% |
| Net margin | — | −63.4% | −12,012.9% | −21,036.1% | −1,338.7% | −3,374.7% | −1,800.6% |
| FCF margin | — | −126.3% | −2,571.0% | −17,273.9% | −1,191.7% | −2,509.5% | −1,536.1% |
| Returns | |||||||
| Return on capital employed | −22.1% | −7.1% | −37.1% | −28.9% | −45.8% | −45.4% | −50.8% |
| Return on equity | — | −18.0% | −43.8% | −31.4% | −40.2% | −44.2% | −41.1% |
| Return on assets | −19.2% | −8.8% | −40.2% | −27.6% | −35.2% | −39.4% | −37.0% |
| Return on tangible equity | — | −30.2% | −40.6% | −30.6% | −45.6% | −43.4% | −48.8% |
| Growth | |||||||
| Revenue growth | — | — | −96.3% | −54.4% | 1,749.8% | −60.8% | 53.4% |
| Share count change | — | 1,135.2% | 123.2% | 18.0% | — | — | — |
| Financial health | |||||||
| Current ratio | 30.1x | 56.5x | 40.1x | 16.0x | 25.4x | 16.0x | 22.6x |
| Quick ratio | 30.1x | 56.5x | 40.1x | 16.0x | 25.4x | 16.0x | 22.6x |
| Capital allocation | |||||||
| Capex / revenue | — | 2.3% | 114.6% | 656.2% | 16.2% | 20.2% | 2.7% |
| Stock comp / revenue | — | 38.7% | 1,599.7% | 4,065.0% | 336.8% | 940.7% | 406.5% |
| Quality scores | |||||||
| Piotroski F-score | — | — | 1.0 | 2.0 | — | — | — |
| Altman Z'' | −2.5 | 26.0 | 9.8 | 7.4 | 6.0 | 5.1 | 3.0 |
| Accruals ratio | −2.3% | 8.4% | −32.0% | −5.8% | −4.3% | −10.3% | −5.5% |
Source: SEC EDGAR XBRL filings (CIK 0001812364). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.