RLAY

MKT CAP:$3B

Relay Therapeutics, Inc.

Market Cap

$3B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$16.68+$8.50 (+103.91%)

Apr 20, 2026

Company Details

Relay 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 geneti...

CEO

Sanjiv K. Patel

IPO Date

Jul 16, 2020

Website

www.relaytx.com

Key Metrics TTM

Revenue

$15M

+53.5% YoY

Net Income

-$276M

EPS (Diluted)

-$1.62

Free Cash Flow

-$236M

Revenue / Share

$0.09

Gross Margin

91.2%

Operating Margin

-1971.5%

Net Margin

-1800.5%

FCF Margin

-1536.0%

P/S

175.8x

P/E

—

Earnings Reports

Q1 2026

May 4, 2026

PENDING

Q4 2025

Feb 26, 2026

$7MEPS -$0.32

Q3 2025

Nov 6, 2025

$0EPS -$0.43

Q2 2025

Aug 7, 2025

$677.0KEPS -$0.41

Q1 2025

May 5, 2025

$8M-23.3%EPS -$0.46

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$419.0K	-$51M	-$63M
Q2 22	$365.0K	-$60M	-$78M
Q3 22	$344.0K	-$67M	-$86M
Q4 22	$253.0K	-$64M	-$73M
Q1 23	$226.0K	-$83M	-$101M
Q2 23	$119.0K	-$88M	-$106M
Q3 23	$25M	-$56M	-$74M
Q4 23	-$1.0K	-$1.0K	-$92M
Q1 24	$10M	$10M	-$90M
Q2 24	$0	$0	-$101M
Q3 24	$0	$0	-$96M
Q4 24	$0	$0	-$85M
Q1 25	$8M	$8M	-$85M
Q2 25	$677.0K	$677.0K	-$77M
Q3 25	$0	-$748.0K	-$80M
Q4 25	$7M	$6M	-$61M

Valuation

Quarter	P/S	P/E
Q1 22	1081.5x	—
Q2 22	1338.3x	—
Q3 22	1592.6x	—
Q4 22	1954.7x	—
Q1 23	2272.2x	—
Q2 23	2865.6x	—
Q3 23	104.6x	—
Q4 23	105.7x	—
Q1 24	76.4x	—
Q2 24	76.7x	—
Q3 24	269.8x	—
Q4 24	269.8x	—
Q1 25	351.5x	—
Q2 25	323.1x	—
Q3 25	323.1x	—
Q4 25	175.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$49M	-$52M
Q2 22	-$57M	-$59M
Q3 22	-$66M	-$68M
Q4 22	-$57M	-$59M
Q1 23	-$67M	-$69M
Q2 23	-$69M	-$70M
Q3 23	-$75M	-$76M
Q4 23	-$89M	-$89M
Q1 24	-$50M	-$52M
Q2 24	-$66M	-$66M
Q3 24	-$75M	-$75M
Q4 24	-$58M	-$58M
Q1 25	-$73M	-$74M
Q2 25	-$55M	-$55M
Q3 25	-$62M	-$62M
Q4 25	-$45M	-$45M

Capital Expenditures

Quarter	CapEx
Q1 22	$3M
Q2 22	$2M
Q3 22	$2M
Q4 22	$2M
Q1 23	$2M
Q2 23	$2M
Q3 23	$590.0K
Q4 23	$118.0K
Q1 24	$2M
Q2 24	$11.0K
Q3 24	$227.0K
Q4 24	$0
Q1 25	$384.0K
Q2 25	$26.0K
Q3 25	$1.0K
Q4 25	$1.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-56.0%	+45.6%
Q2 22	-56.8%	-59.8%
Q3 22	-48.3%	+39.9%
Q4 22	-55.4%	+7.0%
Q1 23	-46.1%	+60.6%
Q2 23	-67.4%	+35.8%
Q3 23	+7226.2%	+14.5%
Q4 23	-100.4%	+26.1%
Q1 24	+4327.9%	-1.0%
Q2 24	-100.0%	-5.1%
Q3 24	-100.0%	-2.4%
Q4 24	+100.0%	-7.8%
Q1 25	-23.3%	-7.8%
Q2 25	—	-23.1%
Q3 25	—	-16.6%
Q4 25	—	-20.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$13M	3211.2%
Q2 22	$15M	4149.9%
Q3 22	$14M	3988.1%
Q4 22	$14M	5461.3%
Q1 23	$22M	9521.2%
Q2 23	$23M	19673.1%
Q3 23	$22M	86.6%
Q4 23	$19M	—
Q1 24	$27M	271.7%
Q2 24	$27M	—
Q3 24	$22M	—
Q4 24	$18M	—
Q1 25	$19M	251.7%
Q2 25	$15M	2141.8%
Q3 25	$16M	—
Q4 25	$13M	186.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$52M	$16M	—	—
Q2 22	$61M	$17M	—	—
Q3 22	$67M	$16M	—	—
Q4 22	$67M	$15M	$4M	—
Q1 23	$83M	$20M	—	—
Q2 23	$88M	$20M	—	—
Q3 23	$81M	$18M	—	—
Q4 23	$77M	$17M	—	—
Q1 24	$82M	$20M	—	—
Q2 24	$92M	$20M	—	—
Q3 24	$77M	$20M	—	—
Q4 24	$68M	$17M	—	—
Q1 25	$74M	$19M	—	—
Q2 25	$64M	$14M	—	—
Q3 25	$68M	—	—	$11M
Q4 25	$55M	$13M	—	—

Revenue Segments

Quarter	Operating Segments
Q2 25	$677.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$119M	$779M	$898M
Q2 22	$108M	$730M	$838M
Q3 22	$355M	$699M	$1.1B
Q4 22	$999M	$0	$999M
Q1 23	$161M	$777M	$938M
Q2 23	$146M	$726M	$872M
Q3 23	$151M	$659M	$811M
Q4 23	$144M	$606M	$750M
Q1 24	$153M	$597M	$750M
Q2 24	$134M	$554M	$688M
Q3 24	$152M	$687M	$840M
Q4 24	$124M	$657M	$781M
Q1 25	$94M	$617M	$710M
Q2 25	$114M	$543M	$657M
Q3 25	$92M	$505M	$596M
Q4 25	$84M	$471M	$555M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	108M	+5.4%	+20.1%
Q2 22	109M	+0.3%	+18.2%
Q3 22	111M	+2.1%	+19.6%
Q4 22	121M	+9.1%	+17.7%
Q1 23	121M	+0.3%	+12.0%
Q2 23	122M	+0.3%	+12.0%
Q3 23	122M	+0.5%	+10.2%
Q4 23	123M	+0.3%	+1.3%
Q1 24	131M	+6.7%	+7.8%
Q2 24	133M	+1.5%	+9.2%
Q3 24	140M	+5.6%	+14.7%
Q4 24	167M	+19.3%	+36.5%
Q1 25	169M	+1.1%	+29.3%
Q2 25	171M	+1.2%	+28.9%
Q3 25	172M	+0.7%	+22.9%
Q4 25	172M	-0.5%	+2.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$1.7K	245
Q2 22	$1.5K	245
Q3 22	$1.4K	245
Q4 22	$774	327
Q1 23	$691	327
Q2 23	$364	327
Q3 23	$77.1K	327
Q4 23	-$3	323
Q1 24	$31.0K	323
Q2 24	$0	323
Q3 24	$0	323
Q4 24	$0	261
Q1 25	$29.4K	261
Q2 25	$2.6K	261
Q3 25	$0	261
Q4 25	$41	170K

Revenue / Employee