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Relay Therapeutics
(NASDAQ:RLAY)
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Rating:52Neutral
Price Target:
$20.00
▲(19.33% Upside)
Action:Reiterated
Date:06/23/26
The score is held down primarily by weak financial performance (large ongoing losses and substantial negative free cash flow). Technicals provide a meaningful offset via strong trend and positive momentum, while valuation remains pressured due to unprofitable earnings. Corporate events are moderately supportive on pipeline progress but tempered by dilution-related financing actions.
Positive Factors
Proprietary discovery platform
Relay's computational, structure-based platform that emphasizes protein motion is a durable competitive advantage. It can shorten discovery cycles, create differentiated molecules for genetically defined cancers, and make the company an attractive partner across programs, supporting long‑term pipeline productivity and licensing opportunities.
Negative Factors
High cash burn
Sustained negative operating and free cash flow (~-$213M TTM) creates ongoing funding needs. Over the medium term this increases dependency on external financing and can constrain strategic optionality, making long‑term program execution contingent on continued capital access and partnerships.
Read all positive and negative factors
Positive Factors
Negative Factors
Proprietary discovery platform
Relay's computational, structure-based platform that emphasizes protein motion is a durable competitive advantage. It can shorten discovery cycles, create differentiated molecules for genetically defined cancers, and make the company an attractive partner across programs, supporting long‑term pipeline productivity and licensing opportunities.
Read all positive factors
Relay Therapeutics (RLAY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.28B
Dividend YieldN/A
Average Volume (3M)4.38M
Price to Earnings (P/E)―
Beta (1Y)2.06
Revenue Growth39.04%
EPS Growth29.88%
CountryUS
Employees259
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.57
Shares Outstanding217,940,340
10 Day Avg. Volume4,919,745
30 Day Avg. Volume4,375,286
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 Cap0.60
Enterprise Value/Revenue238.85
Enterprise Value/Gross Profit-21.29
Enterprise Value/Ebitda-9.33
Forecast
1Y Price Target
$24.00Price Target Upside43.20% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)-1.55
Revenue Forecast (FY)$12.55M
Relay Therapeutics Business Overview & Revenue Model
Company Description
Relay Therapeutics, Inc. is a precision medicine company currently engaged in clinical trials. Its central mission involves revolutionizing the drug discovery process, with a particular focus on enhancing the creation of small molecule therapies f...
How the Company Makes Money
Relay Therapeutics primarily generates revenue through collaboration and licensing arrangements rather than product sales, as it is a clinical-stage company without null commercialized products. Key revenue streams include (1) upfront payments and...
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 | -119.79M | 11.80M | -305.43M | -300.84M | -241.62M | -166.36M |
| EBITDA | -273.41M | -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
14.97
Positive
13.27
Positive
10.26
Positive
Market Momentum
1.47
Negative
72.43
Negative
86.45
Negative
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 below the 20-day moving average (MA) of 17.35, above the 50-day MA of 14.97, and above the 200-day MA of 10.26, indicating a bullish trend. The MACD of 1.47 indicates Negative momentum. The RSI at 72.43 is Negative, neither overbought nor oversold. The STOCH value of 86.45 is Negative, 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 |
|---|---|---|---|---|---|---|---|
58 Neutral | $4.99B | -36.77 | -41.54% | ― | 39.04% | 32.40% | |
58 Neutral | $1.82B | -3.23 | -167.71% | ― | -100.00% | -128.73% | |
52 Neutral | $4.28B | -13.22 | -43.94% | ― | 39.04% | 29.88% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $1.00B | -14.96 | -28.90% | ― | 68.64% | 50.57% | |
46 Neutral | $555.79M | -3.27 | 7.40% | ― | 190.52% | 12.60% | |
44 Neutral | $1.34B | -5.09 | -45.27% | ― | -72.09% | -754.83% |
* Healthcare Sector Average
RLAY
Relay Therapeutics
20.75
17.02
456.30%
GERN
Geron
1.56
0.18
13.04%
IMTX
Immatics
9.96
3.96
66.00%
TNGX
Tango Therapeutics
30.52
24.41
399.51%
PROK
ProKidney
1.80
-3.38
-65.25%
ZBIO
Zenas BioPharma, Inc.
29.43
17.36
143.83%
Relay Therapeutics Corporate Events
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
Relay Therapeutics Expands Authorized Shares at 2026 Meeting
Positive
Jun 9, 2026
On June 9, 2026, Relay Therapeutics, Inc. held its 2026 Annual Meeting of Stockholders, where shareholders elected Douglas S. Ingram and Claire Mazumdar, Ph.D., as class III directors to serve three-year terms ending at the 2029 annual meeting. In...
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 ...
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.