Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Relay Therapeutics, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
82.7
3.03
1.38
25.5
10
15.4
Research and development
70.3
99.9
173
246
330
319
261
General and administrative
13.7
38.6
57.4
66
75
76.6
56.7
Operating expenses
84
138
368
301
399
382
318
Operating income
-84
-55.8
-365
-299
-373
-372
-303
Interest income
8.8
3.4
0.83
8.79
31
34.7
27
Other non-operating income
8.74
3.38
0.83
8.77
31
34.8
26.3
Income tax
0
0
0
0
0
0
0
Income from continuing operations
-75.3
-230
-364
Net income
-75.3
-52.4
-364
-291
-342
-338
-276
EBITDA
-81.2
-52.2
-361
-295
-368
-367
-299
EPS, basic
-21.82
-5.40
-3.82
-2.59
-2.79
-2.36
-1.61
EPS, diluted
-21.82
-5.40
-3.82
-2.59
-2.79
-2.36
-1.61
Shares, basic (weighted)
3.45
42.6
95.1
112
123
143
172
Shares, diluted (weighted)
3.45
42.6
95.1
112
123
143
172
Balance sheet
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
42
448
280
152
144
124
84
Receivables
75
0.4
0.31
Other current assets
4.72
9.39
1.76
3.26
3.32
10.5
5.97
Total current assets
361
770
976
1,020
770
809
578
Property, plant and equipment
8.09
6.25
6.54
11.6
10.9
5.91
1.73
Lease right-of-use assets
23.6
22.6
20.8
63.8
58
51.8
40
Intangible assets
2.3
2.3
2.3
Total assets
393
800
1,008
1,100
844
871
621
Accounts payable
6.99
6.35
8.28
10.6
9.21
14.1
7.71
Accrued liabilities
3.75
5.76
13.6
22.7
14.9
21.2
13.6
Deferred revenue
0.25
7.68
Total current liabilities
12
13.6
24.3
63.7
30.3
50.7
25.6
Lease liabilities
23.6
22.9
21.1
53.5
48.5
42.8
28.7
Other non-current liabilities
15
Total liabilities
35.7
36.5
111
150
92
93.5
54.3
Paid-in capital
8.72
1,167
1,667
2,019
2,153
2,517
2,581
Retained earnings
-189
-404
-768
-1,059
-1,401
-1,738
-2,015
Other comprehensive income
0.33
0.06
-1.09
-10.4
-0.2
-0.99
0.73
Shareholders' equity
-180
763
898
950
752
778
567
Total equity
-180
763
898
950
752
778
567
Total liabilities and equity
393
800
1,008
1,100
844
871
621
Shares outstanding
4.04
89.9
108
121
127
168
174
Cash flow statement
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-75.3
-52.4
-364
-291
-342
-338
-276
Depreciation and amortization
2.85
3.55
3.93
4.13
5.27
5.46
3.56
Stock-based compensation
4.46
32
48.5
56.1
86
94.1
62.4
Change in receivables
-75
74.7
0.1
0.31
Change in payables
3
-0.41
0.93
1.99
-2.39
10.3
-11.4
Cash from operations
-66.1
-102
-74.4
-229
-300
-249
-235
Capital expenditures
-8
-1.93
-3.47
-9.06
-4.13
-2.02
-0.41
Acquisitions
-25.3
Purchases of investments
-554
-266
-981
-535
-386
-651
-123
Cash from investing
-319
81.7
-480
-189
258
-41.1
193
Stock issued
0.61
1.22
4.74
Cash from financing
5.61
427
388
290
34.8
270
1.6
Net change in cash
-380
406
-166
-128
-7.93
-20
-41.1
Free cash flow
-74.1
-104
-77.9
-239
-304
-251
-236
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $17.47 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-3,000.0%
Operating income / revenue.
EBITDA margin
-2,978.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-2,764.0%
Net income / revenue.
Operating cash flow margin
-2,050.0%
Cash from operations / revenue.
Return on equity (ROE)
-32.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-29.6%
Net income / average total assets.
Return on invested capital (ROIC)
-31.9%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
2,616.0%
Research and development expense / revenue.
Stock-based pay / revenue
466.8%
Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue
21.4%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
53.4%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
123.2%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-28.6%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-27.1%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-15.8%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-5.8%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-28.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-17.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-4.9%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
20.1%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
15.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
32.1%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
18.3x
Current assets / current liabilities.
Quick ratio
2.39x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.39x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.05
Revenue / diluted weighted shares.
Operating cash flow per share
-$1.05
Cash from operations / diluted weighted shares.
Book value per share
$4.07
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
370x
Market cap / revenue.
P/B
4.30x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
4.30x
Market cap / tangible book value, when positive.
EV/Sales
358x
Enterprise value / revenue.
Earnings yield
-7.5%
Net income / market cap (the inverse of P/E).
What was Relay Therapeutics, Inc.'s revenue in fiscal 2025?
Relay Therapeutics, Inc. reported revenue of $15.4M for fiscal 2025, 53.4% higher than the year before.
Was Relay Therapeutics, Inc. profitable in fiscal 2025?
No. It reported a net loss of $276.5M.
How much free cash flow did Relay Therapeutics, Inc. generate in fiscal 2025?
Cash from operations of $235.5M minus capital expenditures of $410.0K left free cash flow of -$235.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.