Relay Therapeutics, Inc. (RLAY) AI Stock Analysis

Established in 2015 and based in Cambridge, Massachusetts, Relay Therapeutics, Inc. operates as a clinical-stage precision medicines company transforming drug discovery. The company focuses on small molecule therapeutic discovery for targeted oncology and genetic diseases. Its lead pipeline assets include RLY-4008, an oral small molecule FGFR2 inhibitor evaluated for advanced or metastatic solid tumors; RLY-2608, a mutant-PI3Ka inhibitor program; and RLY-1971, an oral SHP2 inhibitor in Phase 1 trials for advanced solid tumors. The company maintains strategic collaboration agreements with D. E. Shaw Research, LLC for computational modeling and Genentech, Inc. for the development and commercialization of RLY-1971.

Annual revenue has fluctuated significantly, moving from $3.0M in FY2021 to $1.4M in FY2022, $25.5M in FY2023, $10.0M in FY2024, and $15.4M in FY2025. Between FY2020 and FY2025, revenue registered a 5-year CAGR of -28.6%. Relay Therapeutics posted net losses of -$363.9M in FY2021, -$290.5M in FY2022, -$342.0M in FY2023, -$337.7M in FY2024, and -$276.5M in FY2025, driven in part by R&D expense of $261.4M in FY2025. In the trailing twelve months ending June 30, 2026, revenue stood at $10.3M with an operating margin of -25949.7% and diluted EPS of -$1.56. Quarterly revenue fell 48.3% year-over-year in the latest quarter ending June 30, 2026.

As of June 30, 2026, Relay Therapeutics held $910.9M in cash and short-term investments and $30.7M in total debt, resulting in net cash of $880.3M. Total assets were $967.5M, supported by a current ratio of 18.27 and a debt-to-equity ratio of 0.03. In FY2025, operating cash flow was -$235.5M, free cash flow was -$235.9M, and capital expenditures were $410,000. Share issuance totaled $1.1M in FY2025, while the company's share count expanded 97.4% over 5 years.

At a last close of $16.28 on October 16, 2026, Relay Therapeutics had a market cap of $3.57B and an enterprise value of $3.07B. The stock trades at a price-to-sales multiple of 344.7x and an EV-to-revenue ratio of 296.7x, compared to a median price-to-sales of 4.1x for its US-listed Healthcare peers. Its price-to-book ratio is 4.4x. Over the past year, RLAY returned 150.1% compared to a 16.8% return for the S&P 500 (SPY), though its 5-year return stands at -52.3% versus 83.0% for the index benchmark.

Wall Street analysts track Relay Therapeutics with 10 Strong Buy and 3 Buy ratings, with zero Hold, Sell, or Strong Sell recommendations. The mean price target is $27.58, representing an upside of 69.4% over the last close of $16.28. For the fiscal year ending December 31, 2026, consensus estimates project revenue of $11.2M and EPS of -$1.61. Over the last four quarters, the company beat EPS estimates in 1 quarter. The next earnings date is scheduled for November 5, 2026.

This page is an AI-written research summary of Relay Therapeutics, Inc. (RLAY). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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