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Biotechnology · Healthcare · Fiscal year ends Dec 31
Relay Therapeutics reported revenue of $15M in the fiscal year ended Dec 2025, up 53.4% from the year before. Operating income was −$303M, an operating margin of −1971.6%, and net income was −$276M. Operating cash flow of −$235M less capital expenditure of $410,000 left free cash flow of −$236M.
Ranks among the 30 biotechnology companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3.0 | 1.4 | 25.5 | 10.0 | 15.4 |
| Research & development | 173 | 246 | 330 | 319 | 261 |
| Operating income | −365 | −299 | −373 | −372 | −303 |
| Income tax | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net income | −364 | −291 | −342 | −338 | −276 |
| Diluted EPS | −3.82 | −2.59 | −2.79 | −2.36 | −1.61 |
| Diluted shares | 95.1 | 112 | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 280 | 152 | 144 | 124 | 84.0 |
| Receivables | 0.4 | 0.3 | – | – | – |
| Current assets | 976 | 1,020 | 770 | 809 | 578 |
| Net PP&E | 6.5 | 11.6 | 10.9 | 5.9 | 1.7 |
| Total assets | 1,008 | 1,100 | 844 | 871 | 621 |
| Payables | 8.3 | 10.6 | 9.2 | 14.1 | 7.7 |
| Deferred revenue | 0.2 | – | – | 7.7 | – |
| Current liabilities | 24.3 | 63.7 | 30.3 | 50.7 | 25.6 |
| Total liabilities | 111 | 150 | 92.0 | 93.5 | 54.3 |
| Shareholders' equity | 898 | 950 | 752 | 778 | 567 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −74.4 | −229 | −300 | −249 | −235 |
| Capital expenditure | 3.5 | 9.1 | 4.1 | 2.0 | 0.4 |
| Free cash flow | −77.9 | −239 | −304 | −251 | −236 |
| Depreciation & amortisation | 3.9 | 4.1 | 5.3 | 5.5 | 3.6 |
| Stock-based compensation | 48.5 | 56.1 | 86.0 | 94.1 | 62.4 |
| Acquisitions | 25.3 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −54.4% | 1749.8% | −60.8% | 53.4% |
| Operating margin | −12040.2% | −21670.9% | −1460.1% | −3722.1% | −1971.6% |
| Net margin | −12012.9% | −21036.1% | −1338.7% | −3374.7% | −1800.6% |
| Return on equityBlank when equity is negative | −40.5% | −30.6% | −45.5% | −43.4% | −48.8% |
| ROCEEBIT ÷ (assets − current liabilities) | −37.1% | −28.9% | −45.8% | −45.4% | −50.8% |
| Free cash flow margin | −2571.0% | −17273.9% | −1191.7% | −2509.5% | −1536.1% |
| Cash conversion (CFO ÷ net income) | 0.20x | 0.79x | 0.88x | 0.74x | 0.85x |
| Receivable days | 49 | 81 | – | – | – |
| Current ratio | 40.1x | 16.0x | 25.4x | 16.0x | 22.6x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.