Relay Therapeutics, Inc.
- Open
- 20.70
- Day high
- 20.75
- Day low
- 19.31
- Prev close
- 20.75
- Volume
- 3.2M
- Mkt cap
- $4.0B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 6.2
- P/S
- 372.3
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$5.4M over the last 3 months (0 open-market buys, 11 sales)
- 🏛Institutions accumulating (13F)
Relay Therapeutics, Inc. (RLAY) is a Healthcare company listed on NASDAQ. The stock is up 415% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 11 sales (SEC Form 4).
Relay Therapeutics, Inc. (RLAY) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 10 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
RLAY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 19, 2026 | $-0.35 | $-0.41 | -17.1% | $3M | -46.2% |
| Nov 6, 2025 | $-0.39 | $-0.43 | -10.3% | — | — |
| Aug 7, 2025 | $-0.49 | $-0.41 | +16.3% | $677000 | +4637.6% |
| Feb 26, 2025 | $-0.57 | $-0.45 | +21.1% | — | — |
| May 2, 2024 | $-0.70 | $-0.62 | +11.4% | $10M | +33256.7% |
| Feb 22, 2024 | $-0.76 | $-0.67 | +11.8% | $1000 | -99.2% |
| Nov 2, 2023 | $-0.83 | $-0.54 | +34.9% | $25M | +6711.4% |
| May 4, 2023 | $-0.70 | $-0.78 | -11.4% | $226000 | +18.9% |
| Feb 23, 2023 | $-0.71 | $-0.56 | +21.1% | $253000 | -6.8% |
| Nov 3, 2022 | $-0.71 | $-0.76 | -7.0% | $344000 | -80.9% |
| Aug 4, 2022 | $-0.62 | $-0.71 | -14.5% | $365000 | -82.5% |
| May 5, 2022 | $-0.63 | $-0.61 | +3.2% | $419000 | +151.4% |
RLAY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 8, 2026 | Patel Sanjivdirector, officer: President and CEO | Grant | 3,056 | $6.95 |
| Jul 8, 2026 | Bergstrom Donald Aofficer: President, R&D | Sell | 8,660 | $18.71 |
| Jul 8, 2026 | Patel Sanjivdirector, officer: President and CEO | Sell | 48,199 | $19.58 |
| Jul 8, 2026 | Catinazzo Thomasofficer: Chief Financial Officer | Sell | 17,717 | $18.69 |
| Jul 2, 2026 | Rahmer Peterofficer: See remarks | Sell | 50,000 | $19.09 |
| Jul 2, 2026 | Rahmer Peterofficer: See remarks | Grant | 3,056 | $6.95 |
| Jun 24, 2026 | Bergstrom Donald Aofficer: President, R&D | Sell | 93,456 | $16.94 |
| Jun 24, 2026 | Bergstrom Donald Aofficer: President, R&D | Option | 93,456 | $4.12 |
| Jun 24, 2026 | Catinazzo Thomasofficer: Chief Financial Officer | Option | 51,560 | $4.45 |
| Jun 24, 2026 | Catinazzo Thomasofficer: Chief Financial Officer | Option | 61,563 | $5.22 |
| Jun 24, 2026 | Catinazzo Thomasofficer: Chief Financial Officer | Sell | 51,560 | $16.97 |
| Jun 24, 2026 | Catinazzo Thomasofficer: Chief Financial Officer | Option | 56,323 | $5.04 |
| Jun 24, 2026 | Catinazzo Thomasofficer: Chief Financial Officer | Sell | 17,717 | $17.01 |
| Jun 10, 2026 | Borisy Alexisdirector | Grant | 32,947 | $14.09 |
| Jun 10, 2026 | Murcko Markdirector | Grant | 32,947 | $14.09 |
Source: RLAY SEC Form 4 filings, latest Jul 8, 2026. For informational purposes only — not investment advice.
See the full RLAY insider & 13F page →Relay Therapeutics, Inc. company profile
Overview
Relay Therapeutics, Inc. (NASDAQ:RLAY) is a clinical-stage precision medicine company founded in 2015 and headquartered in Cambridge, Massachusetts. Originally incorporated as Allostery, Inc., the company changed its name to Relay Therapeutics in December 2015 and went public in July 2020. Relay focuses on transforming drug discovery through computational approaches, with an emphasis on developing small molecule therapeutics for targeted oncology and genetic diseases.
Business
Relay Therapeutics operates in the biotechnology sector, specifically focusing on precision medicine drug discovery and development. The company's core innovation lies in using advanced computational modeling to understand protein motion and dynamics, which traditional drug discovery methods often overlook. This approach, called protein motion analysis, allows researchers to identify new drug targets and design more effective therapeutic compounds. The company's primary focus is developing small molecule inhibitors - these are drug compounds that can block or interfere with specific proteins involved in disease processes. Small molecules are typically taken orally as pills, making them more convenient than injectable biologics. Relay's pipeline concentrates on two main therapeutic areas: targeted oncology (cancer treatments that attack specific molecular pathways) and genetic diseases. The company's lead drug candidates include: RLY-4008, an oral inhibitor targeting FGFR2 (fibroblast growth factor receptor 2) for patients with FGFR2-altered solid tumors, currently in first-in-human clinical trials. RLY-2608 targets mutant-PI3Kα, a protein involved in cell growth and survival pathways commonly disrupted in cancer. RLY-1971 inhibits SHP2 (Src homology region 2 domain-containing phosphatase-2), a protein that plays a role in multiple cellular signaling pathways, and is currently in Phase 1 trials for advanced solid tumors. As a clinical-stage company, Relay does not yet have approved products generating significant commercial revenue. The company operates as a single business segment focused on drug discovery and development, with minimal revenue primarily coming from collaboration agreements and research partnerships.
Revenue model
Relay Therapeutics currently operates on a research and development model typical of early-stage biotechnology companies. The company does not generate substantial product sales revenue, as none of its drug candidates have reached market approval. Instead, its limited revenue comes from collaboration and licensing agreements with pharmaceutical partners. The company has strategic partnerships including agreements with D.E. Shaw Research for computational modeling capabilities and with Genentech for the development and commercialization of RLY-1971. These partnerships typically involve upfront payments, milestone payments as development progresses, and potential royalties on future sales. Relay's primary funding sources are equity financing from investors and partnership revenues. The company's business model is built on the premise that its computational approach to drug discovery will lead to higher success rates and faster development timelines compared to traditional methods, ultimately resulting in valuable approved drugs that generate substantial revenue through product sales or licensing deals. Several factors could significantly impact Relay's financial performance and margins. Clinical trial success rates are perhaps the most critical factor - successful trial results can dramatically increase company valuation and partnership opportunities, while failures can be devastating. Regulatory approval timelines affect when the company might begin generating meaningful revenue. Competition from other biotech companies and large pharmaceutical companies developing similar therapies could impact market potential. Partnership terms and deal structures with larger pharmaceutical companies significantly influence revenue potential and risk-sharing arrangements. Finally, capital market conditions affect the company's ability to raise funds to continue operations, as biotech companies typically require substantial investment before generating profits.
Competitive moat
Relay Therapeutics' competitive moat is primarily built around its proprietary computational platform for analyzing protein motion and dynamics. This technology platform, developed in collaboration with D.E. Shaw Research, represents a differentiated approach to drug discovery that could potentially identify targets and design compounds that traditional methods might miss. However, this moat faces several challenges and limitations. The computational modeling advantage is not necessarily permanent, as other companies and academic institutions are also advancing in computational drug discovery. Large pharmaceutical companies have substantial resources to develop similar capabilities or acquire competing technologies. Additionally, the ultimate test of Relay's approach will be whether it actually produces approved drugs with superior efficacy or safety profiles compared to traditionally discovered medicines. The company's moat is also constrained by the inherent risks of drug development - even with superior computational tools, clinical trials can fail for various reasons including unexpected side effects, lack of efficacy, or regulatory challenges. The biotechnology industry is highly competitive, with numerous companies pursuing similar targets using different approaches. Relay's partnerships, particularly with established players like Genentech, provide some strategic protection and validation of their approach. However, these relationships also mean sharing potential upside with partners. The company's intellectual property portfolio around its computational methods and specific drug compounds provides some protection, but patents in biotechnology can be challenged and have limited duration. Overall, while Relay has a potentially differentiated approach to drug discovery, the moat is relatively narrow and unproven until the company demonstrates superior clinical outcomes. The competitive landscape in biotechnology is dynamic, and technological advantages can be temporary.
Risks & safety
Relay Therapeutics presents a mixed margin of safety profile typical of clinical-stage biotechnology companies, with strong liquidity but ongoing cash burn concerns. • Liquidity and Cash Position: The company maintains a strong current ratio of approximately 20x, indicating excellent short-term liquidity. Cash and short-term investments of $93.5 million as of Q1 2025, down from $124.3 million at year-end 2024, provide operational runway. • Cash Burn and Solvency: Free cash flow burn of approximately $73.6 million in Q1 2025 and $251.1 million for full year 2024 indicates high operational expenses. At current burn rates, the company has roughly 3-4 quarters of cash runway, creating potential near-term funding needs. • Debt and Capital Structure: Very low debt-to-equity ratio of 0.065 indicates minimal financial leverage and reduced solvency risk from debt obligations. • Valuation Metrics: Trading at 0.61x price-to-book ratio suggests potential undervaluation relative to net assets. Negative earnings make traditional P/E ratios less meaningful for evaluation. • Other Considerations: Graham net-net working capital provides some asset-based downside protection. However, as a clinical-stage biotech, the primary risk remains clinical trial outcomes and the need for additional financing to continue operations.
Recent development
Based on the available financial data, Relay Therapeutics has been advancing its clinical pipeline over recent years while managing the typical challenges of a clinical-stage biotechnology company. The company's revenue has fluctuated significantly, dropping from $25.5 million in 2023 to $10.0 million in 2024, reflecting the lumpy nature of partnership and milestone payments common in biotech collaborations. The company has maintained its focus on advancing its lead programs through clinical development, with RLY-4008 progressing through first-in-human trials for FGFR2-altered solid tumors and RLY-1971 advancing in Phase 1 trials for advanced solid tumors. The partnership with Genentech for RLY-1971 represents a significant strategic development, providing both validation of the company's approach and financial support for development. Operationally, Relay has been managing cash burn while advancing multiple programs simultaneously. The company's annual operating cash flow burn has remained substantial, ranging from approximately $229 million in 2022 to $300 million in 2023, before moderating to $249 million in 2024. This pattern reflects the intensive capital requirements of clinical-stage drug development. The company's computational platform continues to be a central differentiator, with ongoing collaboration with D.E. Shaw Research to enhance protein motion analysis capabilities. This technological foundation supports the development of new drug candidates and potential expansion into additional therapeutic areas beyond the current oncology and genetic disease focus.
RLAY company profile · for informational purposes only — not investment advice.
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