Relay Therapeutics Inc
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Relay Therapeutics Inc AI Insights
Informational only. Not investment advice.Snapshot
- Cash burn of 248.9M TTM vs 91.6M cash on hand = ~4 months runway without financing. 591M working capital provides buffer but depleting fast.[Free Cash Flow TTM]
- R&D spend of 274M TTM is 33x revenue (8.4M) - pure clinical-stage bet with no commercial validation yet.[Research and Development TTM]
- P/S of 153x vs industry median 2.6x reflects binary outcome pricing - market paying for pipeline optionality, not fundamentals.[P/S Ratio]
Watch Triggers
- Cash and Equivalents: Falls below 150M or 6 months burn — Triggers forced financing at potentially unfavorable terms; watch for dilutive equity raises
- Total Revenue TTM: Exceeds 50M (milestone/partnership) — Any meaningful revenue signals partnership validation or clinical progress
- Research and Development TTM: Drops >20% without revenue offset — R&D cuts without revenue = pipeline deprioritization; bearish signal
Bull Case
Clean balance sheet (5.5% debt/equity, zero goodwill) with 607.7M tangible book provides asset floor at ~$3.53/share vs current ~$7.41 implied.
591M working capital and minimal capex (409K TTM) means R&D-focused burn with flexibility to extend runway via asset sales or partnerships.
Bear Case
At current burn (-248.9M/yr), entire 624M current assets depleted in ~2.5 years with zero revenue growth - dilution mathematically certain.
153x P/S implies blockbuster drug success; any clinical setback reprices to tangible book (52% downside to $3.53/share).
Bull vs Bear Balance
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Forward Thesis
Equity dilution or debt raise likely within 12 months given cash burn trajectory
- 248.9M annual FCF burn rate
- 91.6M cash vs 274M annual R&D spend
- Zero capital stock issuance recently
Clinical readouts will drive 50%+ price swings given binary risk profile
- 153x P/S implies pipeline success priced in
- Minimal revenue (8.4M) provides no downside cushion
- 2.1x P/B suggests modest asset floor
Valuation Context
Caveats
RLAY Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$3.81B | — | ||
$3.64B | — | ||
0.00 | — | ||
$10.68M | +39.0% | — | |
$-1.56 | — | ||
-2,777% | +2150.2% | — | |
-2,554% | +1787.2% | — | |
$-213.38M | — | ||
-40.0% | +5.4% | — | |
Beta 5Y (Monthly) | unknown | — |
RLAY Dividend History
RLAY Stock Splits
RLAY SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/05/26 | 03/31/26 | 10-Q | |
02/26/26 | 12/31/25 | 10-K | |
11/06/25 | 09/30/25 | 10-Q | |
08/07/25 | 06/30/25 | 10-Q | |
05/05/25 | 03/31/25 | 10-Q | |
02/26/25 | 12/31/24 | Unknown | |
11/06/24 | 09/30/24 | 10-Q | |
08/06/24 | 06/30/24 | 10-Q | |
05/02/24 | 03/31/24 | 10-Q | |
02/22/24 | 12/31/23 | 10-K | |
11/02/23 | 09/30/23 | 10-Q | |
08/08/23 | 06/30/23 | 10-Q | |
05/04/23 | 03/31/23 | 10-Q | |
02/23/23 | 12/31/22 | 10-K | |
11/03/22 | 09/30/22 | 10-Q | |
08/04/22 | 06/30/22 | 10-Q | |
05/05/22 | 03/31/22 | 10-Q | |
02/24/22 | 12/31/21 | 10-K | |
11/10/21 | 09/30/21 | 10-Q | |
08/12/21 | 06/30/21 | 10-Q | |
05/13/21 | 03/31/21 | 10-Q | |
03/25/21 | 12/31/20 | 10-K | |
11/12/20 | 09/30/20 | 10-Q | |
08/27/20 | 06/30/20 | 10-Q | |
07/16/20 | 03/31/20 | 424B4 | |
07/16/20 | 12/31/19 | 424B4 | |
11/12/20 | 09/30/19 | 10-Q | |
08/27/20 | 06/30/19 | 10-Q | |
07/16/20 | 03/31/19 | 424B4 |