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Relay Therapeutics, Inc. operates as a clinical-stage precision medicines company. It transforms the drug discovery process with a focus on enhancing small molecule therapeutic discovery in targeted oncology and genetic disease indications. The company's lead product candidates include RLY-2608, a pan-mutant and isoform-selective phosphoinostide 3 kinase alpha, or PI3Ka, inhibitor that is in clinical development for the treatment of breast cancer, solid tumor, and vascular malformations; and aGal chaperone for Fabry diseases. It also develops RLY-8161, an oncogene driver that belongs to the RAS family of signaling proteins. In addition, the company develops lirafugratinib (RLY-4008), a receptor tyrosine kinase for the treatment of cancer. 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; Elevar Therapeutics, Inc. for the development and commercialization of RLY-4008; and Pfizer Inc. for the development of RLY-2608 in combination with fulvestrant and atirmociclib. 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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $15M | $-299M | $-276M | $-236M | -48.8% | 53.4% | - |
| 2024 | $10M | $-380M | $-338M | $-251M | -43.4% | -60.8% | - |
| 2023 | $26M | $-374M | $-342M | $-304M | -45.5% | 1749.8% | - |
| 2022 | $1M | $-307M | $-291M | $-239M | -30.6% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 1.38 | 25.55 | 10.01 | 15.36 |
| Operating Expense | 312.33 | 404.97 | 395.68 | 318.09 |
| Operating Income | -310.95 | -379.42 | -385.67 | -302.74 |
| EBITDA | -306.82 | -374.15 | -380.21 | -299.18 |
| EBIT | -310.95 | -379.42 | -385.67 | -302.74 |
| Pretax Income | -290.51 | -341.97 | -337.71 | -276.48 |
| Net Income | -290.51 | -341.97 | -337.71 | -276.48 |
| Net Income Common Stockholders | -290.51 | -341.97 | -337.71 | -276.48 |
| Total Expenses | 312.33 | 404.97 | 395.68 | 318.09 |
| Interest Income | 8.79 | 31.05 | 34.75 | 27.04 |
| Research And Development | 246.35 | 330.02 | 319.09 | 261.38 |
| Selling General And Administration | 65.98 | 74.95 | 76.59 | 56.71 |
| Normalized EBITDA | -318.50 | -380.57 | -393.42 | -299.18 |
| Normalized Income | -302.19 | -348.39 | -350.91 | -276.48 |
| Basic EPS | -2.59 | -2.79 | -2.36 | 0 |
| Diluted EPS | -2.59 | -2.79 | -2.36 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Total Unusual Items | 11.68 | 6.42 | 13.21 | 0 |
| Total Unusual Items Excluding Goodwill | 11.68 | 6.42 | 13.21 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -290.51 | -341.97 | -337.71 | -276.48 |
| Reconciled Depreciation | 4.13 | 5.27 | 5.46 | 3.56 |
| Net Interest Income | 8.79 | 31.05 | 34.75 | 27.04 |
| Net Income From Continuing And Discontinued Operation | -290.51 | -341.97 | -337.71 | -276.48 |
| Total Operating Income As Reported | -299.27 | -373 | -372.47 | -302.74 |
| Diluted Average Shares | 112.23 | 122.58 | 142.87 | 0 |
| Basic Average Shares | 112.23 | 122.58 | 142.87 | 0 |
| Diluted NI Availto Com Stockholders | -290.51 | -341.97 | -337.71 | -276.48 |
| Net Income Including Noncontrolling Interests | -290.51 | -341.97 | -337.71 | -276.48 |
| Net Income Continuous Operations | -290.51 | -341.97 | -337.71 | -276.48 |
| Other Income Expense | 11.66 | 6.40 | 13.22 | -0.78 |
| Other Non Operating Income Expenses | -0.02 | -0.02 | 0.01 | -0.78 |
| Special Income Charges | 11.68 | 6.42 | 13.21 | 0 |
| Other Special Charges | 0 | 0 | 0 | 0 |
| Restructuring And Mergern Acquisition | -11.68 | -6.42 | -13.21 | 0 |
| Gain On Sale Of Security | 0 | 0 | 0 | 0 |
| Net Non Operating Interest Income Expense | 8.79 | 31.05 | 34.75 | 27.04 |
| Interest Income Non Operating | 8.79 | 31.05 | 34.75 | 27.04 |
| General And Administrative Expense | 65.98 | 74.95 | 76.59 | 56.71 |
| Other Gand A | 65.98 | 74.95 | 76.59 | 56.71 |
| Operating Revenue | 1.38 | 25.55 | 10.01 | 15.36 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Relay Therapeutics, Inc.this co. | RLAY | $2.4B | - | 3.85 | -48.8% | -5.76 |
| Vera Therapeutics, Inc. | VERA | $2.6B | - | 4.23 | -49.6% | -6.09 |
| Heartflow, Inc. | HTFL | $2.5B | - | 8.38 | -38.8% | -37.97 |
| Celldex Therapeutics, Inc. | CLDX | $2.5B | - | 4.06 | -49.1% | -5.72 |
| Disc Medicine, Inc. | IRON | $2.5B |
| - |
| 3.38 |
| -28.7% |
| -7.48 |
| IDEAYA Biosciences, Inc. | IDYA | $2.5B | - | 2.41 | -11.1% | -11.82 |
| Guardian Pharmacy Services, Inc. | GRDN | $2.4B | 48.17 | 11.56 | 22.6% | 23.10 |
| BioCryst Pharmaceuticals, Inc. | BCRX | $2.3B | 7.43 | -16.08 | -221.4% | 7.00 |
| Definium Therapeutics, Inc. | DFTX | $2.2B | - | 6.09 | -55.3% | -10.05 |
| Peer Median | - | 27.80 | 4.14 | -44.0% | -6.79 | |