$RLAY

Relay Therapeutics, Inc.

CIK:0001812364|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
License and other revenue	$ 350	$ 677	$ 3,350	$ 8,355
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember
Total revenue	$ 350	$ 677	$ 3,350	$ 8,355
Operating expenses:
Research and development expenses	76,483	63,897	147,046	137,706
General and administrative expenses	14,691	13,627	25,718	32,366
Total operating expenses	91,174	77,524	172,764	170,072
Loss from operations	(90,824)	(76,847)	(169,414)	(161,717)
Other income:
Interest income	7,115	7,105	12,467	14,918
Other income (expense)	2	(633)	(51)	(641)
Total other income, net	7,117	6,472	12,416	14,277
Net loss	$ (83,707)	$ (70,375)	$ (156,998)	$ (147,440)
Net loss per share, basic	$ (0.41)	$ (0.41)	$ (0.82)	$ (0.87)
Net loss per share, diluted	$ (0.41)	$ (0.41)	$ (0.82)	$ (0.87)
Weighted average shares of common stock, basic	202,849,466	171,264,622	191,412,839	170,254,500
Weighted average shares of common stock, diluted	202,849,466	171,264,622	191,412,839	170,254,500
Other comprehensive (loss) income:
Unrealized holding (loss) gain	$ (1,381)	$ (201)	$ (2,286)	$ 828
Total other comprehensive (loss) income	(1,381)	(201)	(2,286)	828
Total comprehensive loss	$ (85,088)	$ (70,576)	$ (159,284)	$ (146,612)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (156,998)	$ (147,440)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	864	2,210
Stock compensation expense	19,716	33,825
Impairment of intangible asset	0	2,300
Loss on disposal of property and equipment	0	615
Net amortization of premiums and discounts on investments	(1,406)	(2,991)
Changes in assets and liabilities:
Prepaid expenses and other current assets	6,613	1,756
Operating lease assets and liabilities, net	1,013	(5,287)
Accounts payable and accrued expenses	24,188	(4,399)
Deferred revenue	0	(7,679)
Other liabilities	789	(1,381)
Net cash used in operating activities	(105,221)	(128,471)
Cash flows from investing activities:
Purchases of property and equipment	0	(410)
Purchases of investments	(522,225)	(30,899)
Proceeds from maturities and sales of investments	202,100	148,920
Net cash (used in) provided by investing activities	(320,125)	117,611
Cash flows from financing activities:
Proceeds from issuance of common stock via at-the-market offerings, net	159,219	0
Proceeds from issuance of common stock through follow-on offering, net	296,814	0
Proceeds from issuance of common stock through exercise of stock options	5,583	0
Proceeds from issuance of common stock via employee stock purchase plan	901	653
Net cash provided by financing activities	462,517	653
Net increase (decrease) in cash, cash equivalents, and restricted cash	37,171	(10,207)
Cash, cash equivalents and restricted cash at beginning of period	85,354	126,406
Cash, cash equivalents and restricted cash at end of period	122,525	116,199
Supplemental disclosure of non-cash activities:
Periodic change in additions of property and equipment within current liabilities	0	(35)
Periodic change in costs to obtain license agreement within current liabilities	0	(2,508)
Operating lease assets obtained in exchange for operating lease liabilities	$ 0	$ 6,908

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 121,189	$ 84,018
Investments	789,745	470,500
Prepaid expenses	8,735	17,787
Other current assets	8,413	5,974
Total current assets	928,082	578,279
Property and equipment, net	862	1,726
Operating lease assets	37,177	39,990
Restricted cash	1,336	1,336
Total assets	967,457	621,331
Current liabilities:
Accounts payable	11,459	7,705
Accrued expenses	34,079	13,645
Operating lease liabilities	4,014	3,765
Other current liabilities	1,252	463
Total current liabilities	50,804	25,578
Operating lease liabilities, net of current portion	26,644	28,693
Total liabilities	77,448	54,271
Commitments and contingencies (Note 9)
Stockholders' equity:
Common stock, $0.001 par value; 450,000,000 and 300,000,000 shares authorized as of June 30, 2026, and December 31, 2025, respectively; 218,531,200 and 173,868,949 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	211	168
Additional paid-in capital	3,063,118	2,580,928
Accumulated other comprehensive (loss) gain	(1,553)	733
Accumulated deficit	(2,171,767)	(2,014,769)
Total stockholders' equity	890,009	567,060
Total liabilities and stockholders' equity	$ 967,457	$ 621,331