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Nasdaq · Healthcare

Relay Therapeutics, Inc. (RLAY)

As-reported financials and SEC filings for Relay Therapeutics, Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Relay Therapeutics, Inc.

Relay Therapeutics, Inc. is a clinical-stage biopharmaceutical company that develops small molecule precision medicines for cancer and genetic diseases. It uses its Dynamo platform to design drugs targeting protein motion, focusing on genetically validated targets. The company is advancing product candidates such as zovegalisib for breast cancer and vascular anomalies, and RLY-8161 for NRAS-mutated solid tumors.

Snapshot

Revenue
$15.4M
Revenue growth (YoY)
53.4%
Net income
$-276.5M
Diluted EPS
$-1.61
Gross margin
Operating margin
Net margin
FCF margin
ROE
-48.8%
net income / fiscal-year-end equity
P/E
trailing when available, otherwise FY EPS
Market cap
$4.11B
Long-term debt / equity
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Relay Therapeutics

  • Revenue grew 53.4% to $15M in FY2025, after a 60.8% decline the year before.
  • Operating margin is -1971.6% in FY2025, +10068.6 pp against -12040.2% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $350000, down 48.3% from Q2 FY2025.
  • Free cash flow was negative $236M in FY2025.
  • Net loss narrowed to $276M in FY2025, from $338M in FY2024.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Relay Therapeutics’s fundamentals sit among the 71 biotech companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Revenue growth (YoY)+53.4%
65th percentile of 64
ROE-48.8%
37th percentile of 61
Short interest21.59d
96th percentile of 71

No reported insider purchases (code P) in the last 90 days; 16 insider sales totaling $125.1M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 1 of the superinvestors we track (plus 5 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
1
+5 quant / multi-strat
Initiated / added
3
1 new, 2 added
Reduced / exited
4
3 trimmed, 1 exited
Combined position
$67.1M
reported long value
InvestorAs ofPosition valueSharesChange
AQR Capital ManagementquantQ2 2026$23.9M1.3MReduced
Two Sigma InvestmentsquantQ2 2026$13.1M700.9KReduced
Millennium ManagementquantQ2 2026$11.1M591.7KAdded
Citadel AdvisorsquantQ2 2026$8.9M473.7KAdded
Duquesne Family OfficeQ2 2026$6.5M349.0KNew
Renaissance TechnologiesquantQ2 2026$3.6M192.4KReduced

No longer held by: Gotham Asset Management (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
code P value
Sells (90d)
16
$125.1M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-26
filed 2026-08-28
Rahmer PeterSee remarksSell4.5K$20.03$90K
2026-08-25
filed 2026-08-28
SVF Pauling (Cayman) Ltd10% ownerSell6.0M$19.40$116.4M
2026-08-17
filed 2026-08-18
Patel SanjivPresident and CEOSell48.2K$20.33$980K
2026-08-14
filed 2026-08-18
Catinazzo ThomasChief Financial OfficerSell17.7K$19.74$350K
2026-07-28
filed 2026-07-30
Bergstrom Donald APresident, R&DSell2.2K$18.61$42K
2026-07-28
filed 2026-07-30
Catinazzo ThomasChief Financial OfficerSell1.5K$18.61$27K
2026-07-28
filed 2026-07-30
Rahmer PeterSee remarksSell748$18.61$14K
2026-07-07
filed 2026-07-08
Patel SanjivPresident and CEOSell48.2K$19.58$944K
2026-07-06
filed 2026-07-08
Catinazzo ThomasChief Financial OfficerSell17.7K$18.69$331K
2026-07-06
filed 2026-07-08
Bergstrom Donald APresident, R&DSell8.7K$18.71$162K
2026-06-30
filed 2026-07-02
Rahmer PeterSee remarksSell50.0K$19.09$955K
2026-06-22
filed 2026-06-24
Bergstrom Donald APresident, R&DSell93.5K$16.94$1.6M

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
41.4M
settled 2026-08-14
Change vs prior
+2.8%
vs previous settlement
Days to cover
21.59
at avg daily volume
Avg daily volume
1.9M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-1441.4M+2.8%21.59
2026-07-3140.3M-5.4%17.41
2026-07-1542.6M-1.1%13.38
2026-06-3043.0M+12.9%7.24
2026-06-1538.1M+10.9%9.85
2026-05-2934.4M+19.3%5.74
2026-05-1528.8M+5.2%10.29
2026-04-3027.4M+1.5%8.72

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$15.4M$10.0M$25.5M$1.4M$3.0M
Gross profit
Operating income$-302.7M$-372.5M$-373.0M$-299.3M$-364.7M
Net income$-276.5M$-337.7M$-342.0M$-290.5M$-363.9M
Diluted EPS$-1.61$-2.36$-2.79$-2.59$-3.82

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$84.0M$124.3M$143.7M$151.8M$280.1M
Current assets$578.3M$809.2M$770.1M$1.02B$976.2M
Total assets$621.3M$871.3M$844.0M$1.10B$1.01B
Current liabilities$25.6M$50.7M$30.3M$63.7M$24.3M
Long-term debt
Total liabilities$54.3M$93.5M$92.0M$149.6M$110.6M
Total equity$567.1M$777.8M$752.0M$950.2M$897.8M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$-235.5M$-249.1M$-300.3M$-229.5M$-74.4M
Capital expenditure$410,000$2.0M$4.1M$9.1M$3.5M
Free cash flow$-235.9M$-251.1M$-304.4M$-238.6M$-77.9M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$350,000-48.3%$-83.7M$-0.41
Q1 FY2026$3.0M-60.9%$-73.3M$-0.41
Q4 FY2025$7.0M$-54.9M$-0.31
Q3 FY2025$0$-74.1M$-0.43
Q2 FY2025$677,000$-70.4M$-0.41
Q1 FY2025$7.7M-23.3%$-77.1M$-0.46
Q4 FY2024$0$-76.0M$-0.42
Q3 FY2024$0-100.0%$-88.1M$-0.63

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorHealthcare
SIC industryBiological Products, (No Diagnostic Substances)
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2020
SEC CIK1812364

Selected SEC filings

10-Q2026-08-06
View on EDGAR →
10-Q2026-05-05
View on EDGAR →
8-K2026-08-06
View on EDGAR →
8-K2026-06-09
View on EDGAR →
8-K2026-05-21
View on EDGAR →
8-K2026-05-19
View on EDGAR →

Largest biotech peers

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.