Relay Therapeutics, Inc.

Listed Company

RLAYCIK 0001812364NasdaqLarge AcceleratedBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

$15.36M

Net Income

$-276.48M

Total Assets

$621.33M

Equity

$567.06M

Shares Out

178.73M

Op. Cash Flow

$-235.46M

Business

Relay Therapeutics, Inc. is a clinical-stage precision medicine company that applies combined computational and experimental technologies to transform small molecule drug discovery. It offers the Dynamo® platform and Motion-Based Drug Design® approach to identify and optimize therapeutics, with lead and discovery-stage product candidates including RLY-2608 and programs in precision oncology and genetic diseases. Its activities span discovery, preclinical and clinical development, partnered programs and licensing collaborations. It advances clinical trials and pursues commercialization primarily in the United States and through global partnerships and third-party channels.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
License and other revenue	15	10	26	1	3
Total revenue	15	10	26	1	3
Research and development expenses	261	319	330	246	173
Change in fair value of contingent consideration liability	—	−13	−6	−12	3
General and administrative expenses	57	77	75	66	57
Total operating expenses	318	382	399	301	368
Loss from operations	−303	−372	−373	−299	−365
Interest income	27	35	31	9	830,000
Other (expense) income	−776,000	14,000	−18,000	−20,000	−4,000
Total other income, net	26	35	31	9	826,000
Net loss	−276	−338	−342	−291	−364
Net loss per share, basic	−1.61	−2.36	−2.79	−2.59	−3.82
Net loss per share, diluted	−1.61	−2.36	−2.79	−2.59	−3.82
Weighted average shares of common stock, basic	172	143	123	112	95
Weighted average shares of common stock, diluted	172	143	123	112	95
Unrealized holding gain (loss)	2	−795,000	10	−9	−1
Total other comprehensive income (loss)	2	−795,000	10	−9	−1
Total comprehensive loss	−275	−339	−332	−300	−365

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	84	124	144	152	280
Investments	471	657	606	847	678
Prepaid expenses	18	17	17	12	11
Other current assets	6	11	3	3	2
Total current assets	578	809	770	1,020	976
Property and equipment, net	2	6	11	12	7
Operating lease assets	40	52	58	64	21
Restricted cash	1	2	3	3	3
Intangible asset	0	2	2	—	—
Total assets	621	871	844	1,100	1,008
Accounts payable	8	14	9	11	8
Accrued expenses	14	21	15	23	14
Operating lease liabilities	4	6	5	4	2
Deferred revenue	—	8	—	—	—
Other current liabilities	463,000	2	1	26	396,000
Total current liabilities	26	51	30	64	24
Operating lease liabilities, net of current portion	29	43	49	53	21
Total liabilities	54	94	92	150	111
Commitments and contingencies (Note 11)	—	—	—	—	—
Common stock, $0.001 par value; 300,000,000 shares authorized as of December 31, 2024 and December 31, 2024; 173,868,949 and 167,755,715 shares issued and outstanding as of December 31, 2025 and December 31, 2024,respectively	168,000	168,000	127,000	121,000	109,000
Additional paid-in capital	2,581	2,517	2,153	2,019	1,667
Accumulated other comprehensive loss	733,000	−991,000	−196,000	−10	−1
Accumulated deficit	−2,000	−1,738	−1,401	−1,059	−768
Total stockholders' equity	567	778	752	950	898
Total liabilities and stockholders' equity	621	871	844	1,100	1,008

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation expense	4	5	5	4	4
Stock compensation expense	62	94	86	56	48
Impairment of intangible asset	2	—	—	—	—
Net realized gain on sale of investments	—	−101,000	—	—	—
Loss on disposal of property and equipment	1	—	—	—	—
Net amortization of premiums and discounts on investments	−5	−12	−11	1	2
Accounts receivable	—	—	306,000	97,000	75
Contract asset	—	—	5	−376,000	3
Prepaid expenses and other current assets	2	−5	−5	−2	−3
Operating lease assets and liabilities, net	−4	1	2	−8	277,000
Accounts payable and accrued expenses	−11	10	−10	11	—
Deferred revenue	−8	8	—	−248,000	—
Other liabilities	−2	786,000	−25	11	15
Net cash used in operating activities	−235	−249	−300	−229	−74
Purchases of property and equipment	−410,000	−2	−4	−9	−3
Purchases of investments	−123	−651	−386	−535	−981
Proceeds from maturities and sales of investments	316	612	647	356	530
Net cash provided by (used in) investing activities	193	−41	258	−189	−480
Proceeds from issuance of common stock through Private Placement, net	—	30	—	—	—
Proceeds from issuance of common stock via at-the-market offerings, net	—	18	30	—	—
Proceeds from issuance of common stock through follow-on offering, net	—	218	—	285	382
Proceeds from issuance of common stock through exercise of stock options	524,000	3	2	3	—
Proceeds from issuance of common stock via employee stock purchase plan	1	1	2	2	—
Net cash provided by financing activities	2	270	35	290	388
Net decrease in cash, cash equivalents, and restricted cash	−41	−20	−8	−128	−166
Periodic change in additions of property and equipment within current liabilities	−35,000	−2	410,000	159,000	—
Periodic change in costs to obtain license agreement within current liabilities	−3	3	—	—	—
Operating lease assets obtained in exchange for operating lease liabilities	7	—	—	47	—

Filings

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