RLAY Relay Therapeutics, Inc. - Common Stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 6, 2026
$18.96
· of 52w range
· above low
· to high
$5.4752w low
$21.2752w high
Market Cap (MRQ)
$4.14B
P/E (TTM)
-12.2
EPS (TTM)
$-1.56
Revenue (TTM)
$10M
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52W Range
$5–$21
Analyst Rating
BUY
Price Target
$27
P/E
-12.2
ROE
-36.8%
Net Profit Margin
-2763.9%
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RLAY Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$18.96
Market Cap (MRQ)
$4.14B
P/E (TTM)
-12.2
EPS (TTM)
$-1.56
Revenue (TTM)
$10M
ROE (TTM)
-36.8%
52W Range
$5–$21
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About Relay Therapeutics, Inc. - Common Stock Company overview from Wikipedia
sectorHealthcare
industryBiotechnology
employees202
countryUS
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$15M2020-12-31 → 2025-12-31
EPS$-1.612020-12-31 → 2025-12-31
Free Cash Flow$-236M2020-12-31 → 2025-12-31
Net margin-2763.9%2020-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | RLAY | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -12.25Y avg ≈-5.0 | ≈-5.0 | · | · | |
| P/S (TTM) | 400.45Y avg ≈525.4 | ≈525.4 | 11.9 | Overvalued | |
| P/B (MRQ) | 4.75Y avg ≈2.2 | ≈2.2 | 4.0 | Fair value | |
| Price / FCF | -14.05Y avg ≈-12.8 | ≈-12.8 | · | · | |
| Price / Cash Flow | -14.05Y avg ≈-13.2 | ≈-13.2 | · | · | |
| Price / Tangible Book | 5.85Y avg ≈2.2 | ≈2.2 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | RLAY | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | -2999.7%5Y avg ≈-6005.7% | ≈-6005.7% | -178.4% | Weak | |
| EBITDA Margin | -1971.6%5Y avg ≈-6005.7% | ≈-6005.7% | -178.4% | Weak | |
| Net Profit Margin (TTM) | -2763.9%5Y avg ≈-5750.3% | ≈-5750.3% | -95.5% | Weak | |
| ROA (TTM) | -33.7%5Y avg ≈-35.9% | ≈-35.9% | -17.4% | Weak | |
| ROE (TTM) | -36.8%5Y avg ≈-42.1% | ≈-42.1% | -29.1% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | RLAY | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 18.35Y avg ≈24.0 | ≈24.0 | 9.0 | Strong liquidity | |
| Quick Ratio | 3.35Y avg ≈4.9 | ≈4.9 | 4.0 | Below avg |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | RLAY | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 53.4%5Y avg ≈318.3% | ≈318.3% | · | · | |
| Revenue CAGR 3Y | 123.2%5Y avg ≈46.6% | ≈46.6% | · | · | |
| Revenue CAGR 5Y | -28.6% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | RLAY | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.05Y avg ≈0.0 | ≈0.0 | 0.3 | Weak | |
| Revenue / Employee | ≈$76.0K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
6.2%
Next Report
Nov 04, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 5, 2026 | $-0.41 | $-0.40 | -2.8% |
| March 31, 2026 | $-0.41 | $-0.38 | -6.7% | |
| Dec. 31, 2025 | $-0.32 | $-0.41 | 22.4% | |
| Sept. 30, 2025 | $-0.43 | $-0.42 | -1.5% | |
| June 30, 2025 | $-0.41 | $-0.50 | 18.2% | |
| March 31, 2025 | $-0.46 | $-0.50 | 7.6% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $15M | $10M | $26M | $1M | $3M | $83M | |
| R&D Expense | · | · | · | · | · | $100M | |
| SG&A Expense | $57M | $77M | $75M | $66M | $57M | $39M | |
| Operating Expenses | $318M | $382M | $399M | $301M | $368M | $138M | |
| Operating Income | $-303M | $-372M | $-373M | $-299M | $-365M | $-56M | |
| Other Non-op | $26M | $35M | $31M | $9M | $826.0K | $3M | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-276M | $-338M | $-342M | $-291M | $-364M | $-52M | |
| EPS (Basic) | $-1.61 | $-2.36 | $-2.79 | $-2.59 | $-3.82 | $-5.40 | |
| EPS (Diluted) | $-1.61 | $-2.36 | $-2.79 | $-2.59 | $-3.82 | $-5.40 | |
| Shares (Basic) | 171,586,558 | 142,867,844 | 122,576,527 | 112,233,649 | 95,136,719 | 42,619,582 | |
| Shares (Diluted) | · | · | · | 112,233,649 | 95,136,719 | 42,619,582 | |
| EBITDA | $-303M | $-372M | $-373M | $-299M | $-365M | $-56M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $84M | $124M | $144M | $152M | $280M | $448M | |
| Receivables | · | · | · | $306.0K | $403.0K | $75M | |
| Prepaid Expense | $18M | $17M | $17M | $12M | $11M | $9M | |
| Other Current Assets | $6M | $11M | $3M | $3M | $2M | · | |
| Current Assets | $578M | $809M | $770M | $1.02B | $976M | $770M | |
| PP&E (Net) | $2M | $6M | $11M | $12M | $7M | $6M | |
| PP&E (Gross) | $23M | $35M | $34M | $30M | $21M | $17M | |
| Accum. Depreciation | $22M | $29M | $24M | $18M | $14M | $11M | |
| Intangibles | · | · | $2M | $2M | $2M | · | |
| Total Assets | $621M | $871M | $844M | $1.10B | $1.01B | $800M | |
| Accounts Payable | $8M | $14M | $9M | $11M | $8M | $6M | |
| Accrued Liabilities | $14M | $21M | $15M | $23M | $14M | $6M | |
| Current Liabilities | $26M | $51M | $30M | $64M | $24M | $14M | |
| Capital Leases | $29M | $43M | $49M | $53M | $21M | $23M | |
| Other Non-current Liabilities | · | · | · | · | $15M | · | |
| Total Liabilities | $54M | $94M | $92M | $150M | $111M | $37M | |
| Common Stock | $168.0K | $168.0K | $127.0K | $121.0K | $109.0K | $90.0K | |
| Paid-in Capital | $2.58B | $2.52B | $2.15B | $2.02B | $1.67B | $1.17B | |
| Retained Earnings | $-2.01B | $-1.74B | $-1.40B | $-1.06B | $-768M | $-404M | |
| AOCI | $733.0K | $-991.0K | $-196.0K | $-10M | $-1M | $64.0K | |
| Stockholders' Equity | $567M | $778M | $752M | $950M | $898M | $763M | |
| Liabilities + Equity | $621M | $871M | $844M | $1.10B | $1.01B | $800M | |
| Shares Outstanding | 173,868,949 | 167,755,715 | 127,462,409 | 121,112,234 | 108,210,318 | 89,906,835 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Stock-based Comp | $62M | $94M | $86M | $56M | $48M | $32M | |
| Operating Cash Flow | $-235M | $-249M | $-300M | $-229M | $-74M | $-102M | |
| CapEx | $410.0K | $2M | $4M | $9M | $3M | $2M | |
| Investing Cash Flow | $193M | $-41M | $258M | $-189M | $-480M | $82M | |
| Stock Issued | · | · | · | · | $5M | $1M | |
| Net Stock Activity | · | · | · | · | $5M | $1M | |
| Financing Cash Flow | $2M | $270M | $35M | $290M | $388M | $427M | |
| Net Change in Cash | $-41M | $-20M | $-8M | $-128M | $-166M | $406M | |
| Free Cash Flow | $-236M | $-251M | $-304M | $-239M | $-78M | $-104M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -1971.6% | -3722.1% | -1460.1% | -21670.9% | -1204.0% | -67.5% | |
| Net Margin | -1800.6% | -3374.7% | -1338.7% | -21036.1% | -1201.3% | -63.4% | |
| EBITDA Margin | -1971.6% | -3722.1% | -1460.1% | -21670.9% | -1204.0% | -67.5% | |
| ROA | -37.0% | -39.4% | -35.2% | -27.6% | -40.2% | -8.8% | |
| ROE | -44.9% | -41.8% | -44.7% | -29.8% | -49.5% | -7.1% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 22.6 | 16.0 | 25.4 | 16.0 | 40.1 | 56.5 | |
| Quick Ratio | 3.3 | 2.5 | 4.7 | 2.4 | 11.5 | 38.3 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | |
| Receivables Turnover | · | · | · | 3.9 | 0.8 | 2.2 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Book Value / Share | $3.26 | $4.64 | $5.90 | $7.85 | $8.30 | $8.49 | |
| Revenue / Share | · | · | · | $0.01 | · | · | |
| Cash Flow / Share | · | · | · | $-2.04 | · | · | |
| Cash / Share | $0.48 | $0.74 | $1.13 | $1.25 | $2.59 | $4.98 | |
| EPS (TTM) | $-1.61 | $-2.36 | $-2.79 | $-2.59 | $-3.82 | $-5.40 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 53.4% | -60.8% | 1749.8% | -54.4% | -96.3% | · | |
| Revenue CAGR 3Y | 123.2% | 48.9% | -32.4% | · | · | · | |
| Revenue CAGR 5Y | -28.6% | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $15M | $10M | $26M | $1M | $3M | $83M | |
| Net Income TTM | $-276M | $-338M | $-342M | $-291M | $-364M | $-52M | |
| Market Cap | $1.47B | $691M | $1.40B | $1.81B | $3.32B | $3.74B | |
| P/E | -5.3 | -1.7 | -3.9 | -5.8 | -8.0 | -7.7 | |
| P/S | 95.8 | 69.1 | 54.9 | 1310.2 | 1097.1 | 45.2 | |
| P/B | 2.6 | 0.9 | 1.9 | 1.9 | 3.7 | 4.9 | |
| P / Tangible Book | 2.6 | 0.9 | 1.9 | 1.9 | 3.7 | 4.9 | |
| P / Cash Flow | -6.2 | -2.8 | -4.7 | -7.9 | -44.7 | -36.5 | |
| P / FCF | -6.2 | -2.8 | -4.6 | -7.6 | -42.7 | -35.8 | |
| Earnings Yield | -19.0% | -57.3% | -25.3% | -17.3% | -12.4% | -13.0% |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $350.0K | $3M | $7M | $0 | $677.0K | $8M | $0 | $0 | $0 | $10M | $25M | $119.0K | $226.0K | $344.0K | $365.0K | $419.0K | |
| SG&A Expense | $15M | $11M | $12M | $12M | $14M | $19M | $17M | $20M | $20M | $20M | $18M | $20M | $20M | $16M | $17M | $16M | |
| Operating Expenses | $91M | $82M | $68M | $80M | $78M | $93M | $85M | $96M | $101M | $100M | $99M | $106M | $101M | $86M | $78M | $63M | |
| Operating Income | $-91M | $-79M | $-61M | $-80M | $-77M | $-85M | $-85M | $-96M | $-101M | $-90M | $-74M | $-106M | $-101M | $-86M | $-78M | $-63M | |
| Other Non-op | $7M | $5M | $6M | $6M | $6M | $8M | $9M | $8M | $9M | $9M | $8M | $8M | $7M | $2M | $1M | $675.0K | |
| Net Income | $-84M | $-73M | $-55M | $-74M | $-70M | $-77M | $-76M | $-88M | $-92M | $-81M | $-66M | $-99M | $-94M | $-84M | $-77M | $-62M | |
| EPS (Basic) | $-0.41 | $-0.41 | $-0.31 | $-0.43 | $-0.41 | $-0.46 | $-0.42 | $-0.63 | $-0.69 | $-0.62 | $-0.54 | $-0.81 | $-0.78 | $-0.76 | $-0.71 | $-0.57 | |
| EPS (Diluted) | $-0.41 | $-0.41 | $-0.31 | $-0.43 | $-0.41 | $-0.46 | $-0.42 | $-0.63 | $-0.69 | $-0.62 | $-0.54 | $-0.81 | $-0.78 | $-0.76 | $-0.71 | $-0.57 | |
| Shares (Basic) | 202,849,466 | 179,849,137 | · | 172,389,209 | 171,264,622 | 169,233,155 | · | 140,229,056 | 132,821,826 | 130,843,013 | 122,231,255 | 121,680,844 | 121,320,865 | 110,905,940 | 108,644,329 | 108,293,251 | |
| Shares (Diluted) | · | · | · | · | · | · | · | · | · | · | · | · | · | 110,905,940 | · | · | |
| EBITDA | $-91M | $-79M | · | $-80M | $-77M | $-85M | · | $-96M | $-101M | $-90M | $-74M | $-106M | $-101M | $-86M | $-78M | $-63M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $121M | $205M | $84M | $92M | $114M | $94M | $124M | $152M | $134M | $153M | $151M | $146M | $161M | $355M | $108M | $119M | |
| Receivables | · | · | · | · | · | · | · | · | · | · | $211.0K | $78.0K | $286.0K | $241.0K | $288.0K | $269.0K | |
| Prepaid Expense | $9M | $12M | $18M | $24M | $16M | $22M | $17M | $19M | $10M | $13M | $17M | $9M | $11M | $17M | $13M | $13M | |
| Other Current Assets | $8M | $5M | $6M | $4M | $8M | $7M | $11M | $7M | $6M | $7M | $4M | $3M | $4M | $12M | · | · | |
| Current Assets | $928M | $658M | $578M | $624M | $680M | $740M | $809M | $865M | $704M | $770M | $832M | $884M | $958M | $1.09B | $856M | $916M | |
| PP&E (Net) | $862.0K | $1M | $2M | $2M | $3M | $5M | $6M | $7M | $8M | $10M | $11M | $12M | $12M | $11M | $9M | $9M | |
| PP&E (Gross) | · | · | $23M | · | · | · | $35M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $22M | · | · | · | $29M | · | · | · | · | · | · | · | · | · | |
| Intangibles | · | · | · | · | · | · | · | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Total Assets | $967M | $700M | $621M | $670M | $729M | $799M | $871M | $930M | $773M | $841M | $907M | $962M | $1.04B | $1.17B | $889M | $950M | |
| Accounts Payable | $11M | $4M | $8M | $3M | $5M | $8M | $14M | $7M | $11M | $8M | $13M | $15M | $12M | $9M | $4M | $8M | |
| Accrued Liabilities | $34M | $21M | $14M | $25M | $23M | $21M | $21M | $33M | $28M | $22M | $31M | $27M | $28M | $29M | $22M | $15M | |
| Current Liabilities | $51M | $30M | $26M | $33M | $33M | $37M | $51M | $47M | $45M | $37M | $51M | $72M | $70M | $71M | $44M | $42M | |
| Capital Leases | $27M | $28M | $29M | $30M | $31M | $41M | $43M | $44M | $46M | $47M | $50M | $51M | $52M | $55M | $20M | $21M | |
| Total Liabilities | $77M | $57M | $54M | $62M | $63M | $78M | $94M | $91M | $91M | $96M | $129M | $152M | $154M | $169M | $110M | $108M | |
| Common Stock | $211.0K | $182.0K | $168.0K | $168.0K | $168.0K | $168.0K | $168.0K | $167.0K | $133.0K | $132.0K | $123.0K | $122.0K | $121.0K | $121.0K | $109.0K | $109.0K | |
| Paid-in Capital | $3.06B | $2.73B | $2.58B | $2.57B | $2.55B | $2.54B | $2.52B | $2.50B | $2.26B | $2.23B | $2.10B | $2.07B | $2.04B | $2.00B | $1.70B | $1.68B | |
| Retained Earnings | $-2.17B | $-2.09B | $-2.01B | $-1.96B | $-1.89B | $-1.82B | $-1.74B | $-1.66B | $-1.57B | $-1.48B | $-1.32B | $-1.25B | $-1.15B | $-991M | $-907M | $-830M | |
| AOCI | $-2M | $-172.0K | $733.0K | $493.0K | $-163.0K | $38.0K | $-991.0K | $3M | $-1M | $-1M | $-3M | $-6M | $-6M | $-13M | $-12M | $-9M | |
| Stockholders' Equity | $890M | $642M | $567M | $608M | $666M | $721M | $778M | $839M | $682M | $746M | $778M | $810M | $883M | $1000M | $780M | $842M | |
| Liabilities + Equity | $967M | $700M | $621M | $670M | $729M | $799M | $871M | $930M | $773M | $841M | $907M | $962M | $1.04B | $1.17B | $889M | $950M | |
| Shares Outstanding | 218,531,200 | 189,209,453 | 173,868,949 | 172,631,268 | 171,692,132 | 170,483,872 | 167,755,715 | 166,886,661 | 133,324,954 | 132,300,851 | 123,161,066 | 121,944,876 | 121,476,658 | 120,811,215 | 108,810,478 | 108,433,350 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $9M | $11M | $13M | $16M | $14M | $19M | $18M | $22M | $27M | $27M | $22M | $23M | $22M | $14M | $15M | $13M | |
| Operating Cash Flow | $-54M | $-51M | $-45M | $-62M | $-55M | $-73M | $-58M | $-75M | $-66M | $-50M | $-75M | $-69M | $-67M | $-66M | $-57M | $-49M | |
| CapEx | · | · | $1.0K | $-1.0K | $26.0K | $384.0K | $0 | $227.0K | $11.0K | $2M | $590.0K | $2M | $2M | $2M | $2M | $3M | |
| Investing Cash Flow | $-353M | $33M | $35M | $40M | $75M | $42M | $29M | $-126M | $46M | $11M | $71M | $51M | $75M | $27M | $43M | $-112M | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | $1M | $859.0K | $883.0K | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $883.0K | |
| Financing Cash Flow | $324M | $139M | $934.0K | $17.0K | · | · | $800.0K | $219M | $2M | $49M | $9M | $2M | $1M | $286M | $2M | $883.0K | |
| Net Change in Cash | $-83M | $121M | $-8M | $-22M | $21M | $-31M | $-28M | $18M | $-19M | $9M | $5M | $-15M | $9M | $247M | $-12M | $-161M | |
| Free Cash Flow | · | · | · | · | · | $-74M | · | · | · | $-52M | · | · | $-69M | · | · | $-52M |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -25949.7% | -2619.7% | · | · | -11351.1% | -1105.2% | · | · | · | -903.0% | -292.0% | -89117.7% | -44768.6% | -24968.6% | -21318.1% | -14969.2% | |
| Net Margin | -23916.3% | -2443.0% | · | · | -10395.1% | -1003.6% | · | · | · | -813.3% | -260.8% | -82777.3% | -41698.7% | -24468.6% | -21037.8% | -14808.1% | |
| EBITDA Margin | -25949.7% | -2619.7% | · | · | -11351.1% | -1105.2% | · | · | · | -903.0% | -292.0% | -89117.7% | -44768.6% | -24968.6% | -21318.1% | -14969.2% | |
| ROA | -9.9% | -9.8% | · | -9.3% | -9.4% | -9.4% | · | -9.6% | -10.6% | -8.7% | -6.3% | -10.6% | -9.5% | -9.2% | -9.6% | -7.2% | |
| ROE | -10.8% | -10.8% | · | -10.2% | -10.4% | -10.5% | · | -10.9% | -12.4% | -10.0% | -7.4% | -12.4% | -10.9% | -10.7% | -11.0% | -7.9% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 18.3 | 22.1 | · | 19.1 | 20.9 | 20.0 | · | 18.4 | 15.6 | 20.7 | 16.4 | 12.4 | 13.6 | 15.2 | 19.5 | 22.0 | |
| Quick Ratio | 2.4 | 6.9 | · | 2.8 | 3.5 | 2.5 | · | 3.2 | 3.0 | 4.1 | 3.0 | 2.0 | 2.3 | 5.0 | 2.5 | 2.9 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | · | · | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Receivables Turnover | · | · | · | · | · | · | · | · | · | · | 111.5 | 0.7 | 0.8 | 0.7 | 1.3 | 3.1 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $4.07 | $3.39 | · | $3.52 | $3.88 | $4.23 | · | $5.03 | $5.11 | $5.64 | $6.32 | $6.64 | $7.27 | $8.28 | $7.17 | $7.76 | |
| Revenue / Share | · | · | · | · | · | · | · | · | · | · | · | · | · | $0.00 | · | · | |
| Cash / Share | $0.55 | $1.08 | · | $0.53 | $0.66 | $0.55 | · | $0.91 | $1.01 | $1.16 | $1.23 | $1.20 | $1.33 | $2.94 | $0.99 | $1.10 | |
| EPS (TTM) | $-1.56 | $-1.56 | · | $-1.72 | $-1.92 | $-2.20 | · | $-2.60 | $-2.51 | $-2.63 | $-2.68 | $-2.90 | $-2.80 | $-2.66 | $-2.56 | · |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $10M | $11M | · | $8M | $8M | $8M | · | $10M | $35M | $35M | $26M | $942.0K | $1M | $2M | $2M | $2M | |
| Net Income TTM | $-286M | $-273M | · | $-298M | $-312M | $-333M | · | $-345M | $-323M | $-329M | $-326M | $-344M | $-323M | $-290M | $-267M | $-384M | |
| Market Cap | $4.09B | $1.88B | · | $901M | $594M | $447M | · | $1.18B | $869M | $1.10B | $1.04B | $1.53B | $2.00B | $2.70B | $1.82B | $3.25B | |
| P/E | -12.0 | -6.4 | · | -3.0 | -1.8 | -1.2 | · | -2.7 | -2.6 | -3.2 | -3.1 | -4.3 | -5.9 | -8.4 | -6.5 | · | |
| P/S | 395.1 | 176.3 | · | 107.8 | 71.1 | 58.2 | · | 118.1 | 24.7 | 31.1 | 40.1 | 1625.9 | 1684.1 | 1594.4 | 903.6 | 1300.2 | |
| P/B | 4.6 | 2.9 | · | 1.5 | 0.9 | 0.6 | · | 1.4 | 1.3 | 1.5 | 1.3 | 1.9 | 2.3 | 2.7 | 2.3 | 3.9 | |
| P / Tangible Book | 4.6 | 2.9 | · | 1.5 | 0.9 | 0.6 | · | 1.4 | 1.3 | 1.5 | 1.3 | 1.9 | 2.3 | 2.7 | 2.3 | 3.9 | |
| P / Cash Flow | · | -36.8 | · | · | · | -6.1 | · | · | · | -21.8 | · | · | -29.8 | · | · | -66.0 | |
| Earnings Yield | -8.3% | -15.7% | · | -33.0% | -55.5% | -84.0% | · | -36.7% | -38.5% | -31.7% | -31.9% | -23.1% | -17.0% | -11.9% | -15.3% | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $15M | $10M | $26M | $1M | $3M |
| Operating Margin % | -1971.6% | -3722.1% | -1460.1% | -21670.9% | -1204.0% |
| Net Income | $-276M | $-338M | $-342M | $-291M | $-364M |
| Diluted EPS | $-1.61 | $-2.36 | $-2.79 | $-2.59 | $-3.82 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 22.6 | 16.0 | 25.4 | 16.0 | 40.1 |
| Quick Ratio | 3.3 | 2.5 | 4.7 | 2.4 | 11.5 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-236M | $-251M | $-304M | $-239M | $-78M |
Institutional owners (13F) 274 filers · $4.5B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
274
Value held
$4.5B
New positions
53
Exited positions
29
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 53 (-1 vs prior Q) | 29 (+4 vs prior Q) | 113 (+21 vs prior Q) | 65 (+11 vs prior Q) | +64.6M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| SB INVESTMENT ADVISERS (UK) LTD | $522,101,858 | 27,904,963 | 11.59% | Shares |
| FMR LLC | $376,260,219 | 20,110,113 | 8.36% | Shares |
| Casdin Capital, LLC | $300,019,340 | 16,035,240 | 6.66% | Shares |
| BlackRock, Inc. | $286,042,260 | 15,288,202 | 6.35% | Shares |
| PERCEPTIVE ADVISORS LLC | $263,926,759 | 14,106,187 | 5.86% | Shares |
| Commodore Capital LP | $224,520,000 | 12,000,000 | 4.99% | Shares |
| STATE STREET CORP | $189,474,192 | 10,125,381 | 4.21% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $167,724,354 | 8,964,423 | 3.72% | Shares |
| Nextech Invest Ltd. | $126,788,427 | 6,776,506 | 2.82% | Shares |
| Bellevue Group AG | $115,739,499 | 6,185,970 | 2.57% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $88,448,664 | 4,726,576 | 1.96% | Shares |
| VANGUARD GROUP INC | $81,989,624 | 9,691,445 | 1.82% | Shares |
| TCG Crossover Management, LLC | $79,954,491 | 4,273,356 | 1.78% | Shares |
| MORGAN STANLEY | $72,053,540 | 3,851,071 | 1.60% | Shares |
| Siren, L.L.C. | $68,291,500 | 3,650,000 | 1.52% | Shares |
| GOLDMAN SACHS GROUP INC | $63,776,796 | 3,408,701 | 1.42% | Shares |
| WESTFIELD CAPITAL MANAGEMENT CO LP | $62,556,810 | 3,343,496 | 1.39% | Shares |
| Kynam Capital Management, LP | $61,743,000 | 3,300,000 | 1.37% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $58,533,626 | 3,127,564 | 1.30% | Shares |
| Spruce Street Capital LP | $55,832,979 | 2,984,125 | 1.24% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $54,124,007 | 2,892,785 | 1.20% | Shares |
| BAKER BROS. ADVISORS LP | $52,889,110 | 2,826,783 | 1.17% | Shares |
| BANK OF AMERICA CORP /DE/ | $50,425,471 | 2,695,108 | 1.12% | Shares |
| MPM BIOIMPACT LLC | $45,197,223 | 2,415,672 | 1.00% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $41,890,362 | 2,238,929 | 0.93% | Shares |
| ALLIANCEBERNSTEIN L.P. | $40,751,220 | 4,095,600 | 0.90% | Shares |
| Pictet Asset Management Holding SA | $39,220,161 | 2,077,297 | 0.87% | Shares |
| NORTHERN TRUST CORP | $36,549,162 | 1,953,456 | 0.81% | Shares |
| FRANKLIN RESOURCES INC | $34,742,844 | 1,856,913 | 0.77% | Shares |
| Polar Capital Holdings Plc | $33,473,238 | 1,789,056 | 0.74% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $32,555,400 | 1,740,000 | 0.72% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $28,080,286 | 1,500,817 | 0.62% | Shares |
| Elmind Capital, LP | $27,415,370 | 1,465,279 | 0.61% | Shares |
| Alphabet Inc. | $26,381,643 | 1,410,029 | 0.59% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $24,158,015 | 1,291,182 | 0.54% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $23,938,940 | 1,279,473 | 0.53% | Shares |
| Foresite Capital Management IV, LLC | $23,387,500 | 1,250,000 | 0.52% | Shares |
| Caption Management, LLC | $23,323,886 | 1,246,600 | 0.52% | Put option |
| VANGUARD FIDUCIARY TRUST CO | $22,901,152 | 1,224,006 | 0.51% | Shares |
| UBS Group AG | $20,487,076 | 1,094,980 | 0.45% | Shares |
| FIRST TRUST ADVISORS LP | $20,115,607 | 1,075,126 | 0.45% | Shares |
| Affinity Asset Advisors, LLC | $19,645,500 | 1,050,000 | 0.44% | Shares |
| Frazier Life Sciences Management, L.P. | $19,003,616 | 1,015,693 | 0.42% | Shares |
| Squadron Capital Management LLC | $18,148,700 | 970,000 | 0.40% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $17,993,445 | 961,702 | 0.40% | Shares |
| Woodline Partners LP | $17,394,537 | 929,692 | 0.39% | Shares |
| JPMORGAN CHASE & CO | $15,965,989 | 801,657 | 0.35% | Shares |
| RAYMOND JAMES FINANCIAL INC | $14,651,128 | 783,065 | 0.33% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $13,463,267 | 719,576 | 0.30% | Shares |
| TWO SIGMA INVESTMENTS, LP | $13,114,232 | 700,921 | 0.29% | Shares |
Company insiders 17 insiders · 6 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Sanjiv Patel | President and CEO | Sept. 8, 2026 S | 519,500 | 0 | 5 | $-3,608,596 |
| Thomas Catinazzo | Chief Financial Officer | Sept. 8, 2026 S | 122,851 | 0 | 16 | $-5,175,951 |
| Donald A Bergstrom | President, R&D | Sept. 8, 2026 S | 399,130 | 0 | 8 | $-2,362,572 |
| Peter Rahmer | Chief Corporate Development Officer | Aug. 26, 2026 S | 223,657 | 0 | 8 | $-1,470,274 |
| Brian Adams | Chief Legal Officer | July 29, 2025 S | 371,472 | 0 | 0 | $0 |
| Andy Porter | Chief Administrative Officer | Oct. 28, 2022 S | 45,164 | 0 | 0 | $0 |
| Claire Mazumdar | Director | June 9, 2026 A | · | 0 | 0 | $0 |
| Mark Murcko | Director | June 9, 2026 A | 996,952 | 0 | 0 | $0 |
| Habib J Dable | Director | June 9, 2026 A | · | 0 | 0 | $0 |
| Lonnel Coats | Director | June 9, 2026 A | · | 0 | 0 | $0 |
| Alexis Borisy | Director | June 9, 2026 A | 234,175 | 0 | 0 | $0 |
| Douglas S Ingram | Director | June 9, 2026 A | 25,000 | 0 | 0 | $0 |
| Linda A Hill | Director | June 9, 2026 A | · | 0 | 0 | $0 |
| Sekar Kathiresan | Director | June 6, 2025 A | · | 0 | 0 | $0 |
| Jami Rubin | Director | June 6, 2025 A | 67,242 | 0 | 0 | $0 |
| Laura Shawver | Director | June 3, 2024 A | 40,000 | 0 | 0 | $0 |
| Alexandria Venture Investments, LLC | 10% owner | July 20, 2020 C | 968,365 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 44 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PTH · Invesco Exchange-Traded Fund Trust | 2.21% | 344,038 SH | Oct. 2, 2026 | Daily |
| DWAS · Invesco Exchange-Traded Fund Trust … | 0.92% | 202,172 SH | Oct. 2, 2026 | Daily |
| BBC · ETFis Series Trust I | 0.85% | 20,989 NS | July 31, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.81% | 213,661 NS | July 31, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.68% | 469,030 NS | July 31, 2026 | N-PORT |
| MEDI · Harbor ETF Trust | 0.64% | 14,039 NS | July 31, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.44% | 8,367 NS | July 31, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.32% | 233,120 NS | July 31, 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.27% | 15,483 SH | Oct. 2, 2026 | Daily |
| IBB · iShares Trust | 0.23% | 1,251,124 SH | Sept. 11, 2026 | Daily |
| PWS · Pacer Funds Trust | 0.23% | 2,919 NS | July 31, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.22% | 230,839 SH | Aug. 19, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.16% | 231,220 SH | Oct. 2, 2026 | Daily |
| IWO · iShares Trust | 0.16% | 1,195,659 SH | Sept. 11, 2026 | Daily |
| FFSM · FIDELITY COVINGTON TRUST | 0.15% | 115,536 NS | July 31, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.14% | 136,466 SH | Aug. 19, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.14% | 42,487 NS | July 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.11% | 41,851 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.10% | 4,138,476 SH | Sept. 11, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.10% | 14,172 SH | Oct. 2, 2026 | Daily |
| RSSL · Global X Funds | 0.10% | 77,380 NS | July 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.09% | 930,338 SH | Aug. 19, 2026 | Daily |
| ESML · iShares Trust | 0.07% | 110,731 SH | Sept. 11, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.07% | 592,247 NS | July 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.05% | 26,551 SH | Sept. 11, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.04% | 1,943,284 SH | Aug. 19, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.04% | 30,077 SH | Aug. 19, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.03% | 56,058 NS | July 31, 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 0.03% | 355,078 SH | Aug. 19, 2026 | Daily |
| WSML · iShares Trust | 0.02% | 7,284 SH | Sept. 11, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.01% | 3,972 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.01% | 318,808 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.01% | 21,264 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.01% | 6,801,693 SH | Aug. 19, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.01% | 42,860 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 234,570 SH | Sept. 11, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.00% | 5,368 NS | July 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 42,675 SH | Sept. 11, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.00% | 40,728 NS | July 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 167 NS | July 31, 2026 | N-PORT |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 13,421 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | · | 328,485 SH | Sept. 11, 2026 | Daily |
| ISCB · iShares Trust | · | 6,958 SH | Sept. 11, 2026 | Daily |
| ISCV · iShares Trust | · | 15,825 SH | Sept. 11, 2026 | Daily |
RLAY Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 20 analysts
BUY
Median target
$26.00
+37.1%
7 35.0%
Strong Buy
12 60.0%
Buy
1 5.0%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
13 analysts · 2026-09-29Mean target $27.08 +42.8%
← Below all targets
Current price $18.96
Low$20.00
Mean$27.08
High$32.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| RLAY | $1.47B | -5.3 | 53.4% | -1800.6% | -44.9% | · |
| ERAS | $1.06B | -8.5 | · | · | -35.7% | · |
| DNTH | $1.78B | -9.8 | -67.3% | -7973.3% | -40.8% | · |
| TNGX | $1.20B | -10.2 | 48.3% | -162.8% | -42.2% | · |
| VKTX | $4.04B | -11.0 | · | · | -47.3% | · |
| LEGN | · | -26.8 | · | · | -29.1% | · |
| PBLS | · | · | · | · | · | · |
| VCYT | $3.34B | 51.3 | 16.0% | 12.8% | 5.2% | 70.1% |
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Source: SEC 10-Q filed Aug 6, 2026