Relay Therapeutics Inc (RLAY)
NASDAQ:RLAY
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Relay Therapeutics
(NASDAQ:RLAY)
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Rating:52Neutral
Price Target:
$13.00
▼(-22.43% Downside)
Action:Reiterated
Date:05/22/26
The score is held down primarily by persistent large losses and substantial ongoing cash burn, despite a low-debt balance sheet. Technicals are moderately supportive with price above longer-term moving averages, while valuation remains challenged by unprofitability and no dividend. Positive pipeline-related corporate updates and added funding runway help offset, but dilution risk remains.
Positive Factors
Computational-experimental drug discovery platform
Relay’s integrated computational and experimental platform is a durable competitive asset: it improves understanding of protein motion, can raise hit-to-lead efficiency and de-risk candidate selection, and supports repeatable discovery across oncology and genetic-disease programs over multi-quarter timelines.
Negative Factors
High and persistent cash burn
Sustained negative operating and free cash flow (~-$213M TTM) means the business relies on external capital to fund R&D. If clinical timelines slip or milestones are delayed, recurring cash burn will force additional financing, raising execution risk and potential for further dilution over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Computational-experimental drug discovery platform
Relay’s integrated computational and experimental platform is a durable competitive asset: it improves understanding of protein motion, can raise hit-to-lead efficiency and de-risk candidate selection, and supports repeatable discovery across oncology and genetic-disease programs over multi-quarter timelines.
Read all positive factors
Relay Therapeutics (RLAY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.59B
Dividend YieldN/A
Average Volume (3M)3.98M
Price to Earnings (P/E)―
Beta (1Y)2.16
Revenue Growth39.04%
EPS Growth29.88%
CountryUS
Employees259
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.57
Shares Outstanding191,586,170
10 Day Avg. Volume5,685,741
30 Day Avg. Volume3,982,155
Financial Highlights & Ratios
PEG Ratio0.17
Price to Book (P/B)2.56
Price to Sales (P/S)94.54
P/FCF Ratio-6.15
Enterprise Value/Market Cap0.93
Enterprise Value/Revenue226.57
Enterprise Value/Gross Profit252.68
Enterprise Value/Ebitda-8.30
Forecast
1Y Price Target
$22.30Price Target Upside33.05% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)-1.61
Revenue Forecast (FY)$10.88M
Relay Therapeutics Business Overview & Revenue Model
Company Description
Relay Therapeutics, Inc. operates as a clinical-stage precision medicines company. It engages in transforming the drug discovery process with an initial focus on enhancing small molecule therapeutic discovery in targeted oncology and genetic disea...
How the Company Makes Money
Relay Therapeutics has historically generated revenue primarily from collaboration and licensing arrangements (rather than product sales), because it is a clinical-stage company without widely commercialized, approved therapeutics. Under these typ...
Relay Therapeutics Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.68M | 15.36M | 10.01M | 25.55M | 1.38M | 3.03M |
| Gross Profit | 9.57M | 11.80M | 10.01M | 25.55M | 1.38M | 3.03M |
| EBITDA | -291.42M | -272.92M | -380.21M | -374.15M | -306.82M | -223.08M |
| Net Income | -272.70M | -276.48M | -337.71M | -341.97M | -290.51M | -363.87M |
Balance Sheet | ||||||
| Total Assets | 699.61M | 621.33M | 871.30M | 843.98M | 1.10B | 1.01B |
| Cash, Cash Equivalents and Short-Term Investments | 642.07M | 554.52M | 781.32M | 750.09M | 998.92M | 958.07M |
| Total Debt | 31.57M | 32.46M | 48.50M | 53.47M | 57.74M | 22.90M |
| Total Liabilities | 57.43M | 54.27M | 93.50M | 91.98M | 149.55M | 110.64M |
| Stockholders Equity | 642.18M | 567.06M | 777.79M | 752.00M | 950.22M | 897.81M |
Cash Flow | ||||||
| Free Cash Flow | -213.38M | -235.87M | -251.13M | -304.44M | -238.55M | -77.88M |
| Operating Cash Flow | -213.36M | -235.46M | -249.11M | -300.32M | -229.49M | -74.41M |
| Investing Cash Flow | 183.24M | 192.80M | -41.08M | 257.63M | -188.75M | -479.51M |
| Financing Cash Flow | 140.39M | 1.60M | 270.15M | 34.75M | 289.91M | 388.09M |
Relay Therapeutics Technical Analysis
Positive
16.76
Price Trends
12.79
Positive
10.73
Positive
8.32
Positive
Market Momentum
-0.08
Negative
54.36
Neutral
56.71
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RLAY, the sentiment is Positive. The current price of 16.76 is above the 20-day moving average (MA) of 12.94, above the 50-day MA of 12.79, and above the 200-day MA of 8.32, indicating a bullish trend. The MACD of -0.08 indicates Negative momentum. The RSI at 54.36 is Neutral, neither overbought nor oversold. The STOCH value of 56.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for RLAY.
Relay Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
52 Neutral | $2.59B | -6.10 | -43.94% | ― | 39.04% | 29.88% | |
52 Neutral | $2.93B | -16.50 | -41.54% | ― | 39.04% | 32.40% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $1.20B | -3.36 | -167.71% | ― | -100.00% | -128.73% | |
47 Neutral | $1.56B | -4.88 | -45.47% | ― | -72.09% | -754.83% | |
47 Neutral | $821.15M | -68.46 | -28.90% | ― | 68.64% | 50.57% | |
44 Neutral | $528.43M | -2.81 | 7.40% | ― | 190.52% | 12.60% |
* Healthcare Sector Average
RLAY
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Relay Therapeutics Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Relay Therapeutics Announces Major Underwritten Equity Offering
Positive
May 22, 2026
On May 20, 2026, Relay Therapeutics entered into an underwriting agreement with Jefferies and TD Securities for an underwritten public offering of 22,916,667 shares of common stock at $12.00 per share, with underwriters granted a 30‑day opti...
Business Operations and StrategyProduct-Related Announcements
Relay Therapeutics reports promising Phase 2 zovegalisib data
Positive
May 19, 2026
Relay Therapeutics on May 19, 2026 reported initial Phase 2 ReInspire data for its PI3Kα mutant-selective inhibitor zovegalisib in PIK3CA-driven vascular anomalies, showing a 60% volumetric response rate at 12 weeks among 20 evaluable adults ...
Business Operations and StrategyProduct-Related Announcements
Relay Therapeutics advances zovegalisib combo in breast cancer
Positive
Apr 27, 2026
On April 27, 2026, Relay Therapeutics reported Phase 1/2 ReDiscover data for its triplet regimen of zovegalisib, atirmociclib and fulvestrant in heavily pre-treated, CDK4/6-experienced patients with PI3Kα-mutated, HR+/HER2- metastatic breast ...
Business Operations and StrategyProduct-Related Announcements
Relay Therapeutics Highlights Positive Zovegalisib ReDiscover Trial Data
Positive
Mar 16, 2026
On March 16, 2026, Relay Therapeutics reported Phase 1/2 ReDiscover data for its PI3Kα inhibitor zovegalisib combined with fulvestrant at the recommended Phase 3 dose of 400mg twice daily taken with food in patients with PI3Kα‑muta...
Business Operations and StrategyRegulatory Filings and Compliance
Relay Therapeutics Updates Bylaws on Federal Securities Litigation
Positive
Mar 12, 2026
On March 6, 2026, Relay Therapeutics, Inc. amended and restated its bylaws to specify that federal district courts in the United States will serve as the exclusive forum for complaints arising under the Securities Act of 1933 and the Securities Ex...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.