Relay Therapeutics (RLAY) financial statements
Relay Therapeutics reported revenue of $15M in fiscal 2025, down 28.6% a year over 5 years.
Net income was -$276M.
Free cash flow was -$236M.
The diluted share count rose 4873% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Relay Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $83M | $3M | $1M | $26M | $10M | $15M |
| Research and development | $70M | $100M | $173M | $246M | $330M | $319M | $261M |
| Selling, general and admin | $14M | $39M | $57M | $66M | $75M | $77M | $57M |
| Operating income | -$84M | -$56M | -$365M | -$299M | -$373M | -$372M | -$303M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$75M | -$52M | -$364M | -$291M | -$342M | -$338M | -$276M |
| EPS (diluted) | -$21.82 | -$5.40 | -$3.82 | -$2.59 | -$2.79 | -$2.36 | -$1.61 |
| Diluted shares | 3M | 43M | 95M | 112M | 123M | 143M | 172M |
| Operating margin | — | -67.5% | -12040.2% | -21670.9% | -1460.1% | -3722.1% | -1971.6% |
| Net margin | — | -63.4% | -12012.9% | -21036.1% | -1338.7% | -3374.7% | -1800.6% |
Balance sheet
Fiscal years, from Relay Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $42M | $448M | $280M | $152M | $144M | $124M | $84M |
| Receivables | — | $75M | $403,000 | $306,000 | — | — | — |
| Total current assets | $361M | $770M | $976M | $1.0B | $770M | $809M | $578M |
| Property, plant and equipment | $8M | $6M | $7M | $12M | $11M | $6M | $2M |
| Total assets | $393M | $800M | $1.0B | $1.1B | $844M | $871M | $621M |
| Total current liabilities | $12M | $14M | $24M | $64M | $30M | $51M | $26M |
| Total liabilities | $36M | $37M | $111M | $150M | $92M | $94M | $54M |
| Shareholders' equity | -$180M | $763M | $898M | $950M | $752M | $778M | $567M |
| Net debt | -$42M | -$448M | -$280M | -$152M | -$144M | -$124M | -$84M |
Cash flow
Fiscal years, from Relay Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$66M | -$102M | -$74M | -$229M | -$300M | -$249M | -$235M |
| Capital spending | $8M | $2M | $3M | $9M | $4M | $2M | $410,000 |
| Free cash flow | -$74M | -$104M | -$78M | -$239M | -$304M | -$251M | -$236M |
| Stock-based compensation | $4M | $32M | $48M | $56M | $86M | $94M | $62M |
| Free cash flow margin | — | -126.3% | -2571.0% | -17273.9% | -1191.7% | -2509.5% | -1536.1% |
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Open RLAY in InvestinglyQuestions
What was Relay Therapeutics's revenue in 2025?
$15M in fiscal 2025, from its 10-K filing.
How much free cash flow does Relay Therapeutics generate?
-$236M in fiscal 2025 (operating cash flow minus capital spending).
From Relay Therapeutics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.