Relay Therapeutics IncRelay Therapeutics Inc
Relay Therapeutics Inc

Relay Therapeutics Inc

RLAY
Health Care·Biotechnology

Relay Therapeutics, Inc. engages in transforming the drug discovery process with an initial focus on enhancing small molecule therapeutic discovery in targeted oncology. Its Dynamo platform is use to integrate an array of edge experimental and computational approaches, which allows to apply the understanding of protein structure and motion to drug discovery. The company was founded by David Elliot Shaw, Matthew P. Jacobson, Dorothee Kern, Mark Murcko, Alexis Borisy, and Jakob Loven on May 4, 2015 and is headquartered in Cambridge, MA.

Massachusetts; U.S.A
Market cap
No dataNo data
Revenue
$15.4M+53.4% YoY
Net income
$-276.5M+18.1% YoY
Free cash flow
$-235.9M+6.1% YoY

Market

Listed stock
RLAYPriceNasdaq
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Financial performance

Revenue
$15.4M+53.4% YoY
Operating income
$-302.7M+18.7% YoY
Net income
$-276.5M+18.1% YoY
Free cash flow
$-235.9M+6.1% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $30.3M, 2022 $1.4M, 2023 $25.5M, 2024 $10M, 2025 $15.4M. Operating income: 2021 $-364.7M, 2022 $-299.3M, 2023 $-373M, 2024 $-372.5M, 2025 $-302.7M. Net income: 2021 $-363.9M, 2022 $-290.5M, 2023 $-342M, 2024 $-337.7M, 2025 $-276.5M. Free cash flow: 2021 $-77.9M, 2022 $-238.6M, 2023 $-304.4M, 2024 $-251.1M, 2025 $-235.9M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
53.4%+11427 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $-364.7M, 2022-12-31 $-299.3M, 2023-12-31 $-373M, 2024-12-31 $-372.5M, 2025-12-31 $-302.7M. Net income: 2021-12-31 $-363.9M, 2022-12-31 $-290.5M, 2023-12-31 $-342M, 2024-12-31 $-337.7M, 2025-12-31 $-276.5M. Free cash flow: 2021-12-31 $-77.9M, 2022-12-31 $-238.6M, 2023-12-31 $-304.4M, 2024-12-31 $-251.1M, 2025-12-31 $-235.9M

Growth heatmap

2022202320242025CAGR
Revenue
-95.4%
+1749.8%
-60.8%
+53.4%
-15.6%
Gross profit
-95.4%
+1749.8%
-60.8%
+53.4%
-15.6%
Operating income
+17.9%
-24.6%
+0.1%
+18.7%
No data
Free cash flow
-206.3%
-27.6%
+17.5%
+6.1%
No data

Earnings quality

Operating cash flow
$-235.5M+5.5% YoY
Net income
$-276.5M+18.1% YoY
Free cash flow
$-235.9M+6.1% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 85%, 2024-12-31 74%, 2023-12-31 88%, 2022-12-31 79%, 2021-12-31 20%. Free cash flow: 2025-12-31 85%, 2024-12-31 74%, 2023-12-31 89%, 2022-12-31 82%, 2021-12-31 21%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
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Diluted shares
Latest
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Financial flexibility

Cash & equivalents
No dataNo data
Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
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Return on invested capital
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Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
No data
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EV / EBITDA
No data
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Free cash flow yield
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