Relay Therapeutics, Inc. (RLAY) Balance Sheet
RLAY balance sheet, 2025
December 31, 2025 · U.S. dollars$621.3M assets = $54.3M liabilities + $567.1M equity
Both columns are drawn to the same scale: what RLAY owns equals what it owes plus shareholders’ equity. Hover a block for its value.
RLAY financial health
Descriptive bands, not a rating. Fiscal 2025.
RLAY balance sheet trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $428.6M2018 | $621.3M2025 | +5.4%/yr | |
| Total liabilities | $539.5M2018 | $54.3M2025 | −28.0%/yr | |
| Shareholders’ equity | −$110.9M2018 | $567.1M2025 | — | |
| Cash & short-term investments | $421.5M2018 | $554.5M2025 | +4.0%/yr | |
| Total debt | $178,0002018 | $32.5M2025 | +110.4%/yr | |
| Net cash (debt) | $421.3M2018 | $522.1M2025 | +$100.7M | |
| Working capital | $417.2M2018 | $552.7M2025 | +$135.5M | |
| Book value per share | $8.462020 | $3.302025 | −17.1%/yr | |
| Debt / equity | 0.032020 | 0.062025 | +0.03 | |
| Shares outstanding | 90.2M2020 | 171.6M2025 | +13.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RLAY assets
RLAY liabilities and equity
RLAY debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
RLAY balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Cash & short-term investments | $554.5M | $781.3M | $750.1M | $998.9M | $958.1M | $678.1M | $355.8M | $421.5M |
| Cash & equivalents | $84.0M | $124.3M | $143.7M | $151.8M | $280.1M | $447.6M | $42.0M | $421.5M |
| Short-term investments | $470.5M | $657.0M | $606.4M | $847.1M | $678.0M | $230.4M | $313.9M | $0 |
| Receivables | $0 | $0 | $0 | $5.2M | $4.9M | $82.7M | $0 | $0 |
| Inventory | $0 | $0 | $0 | $12.1M | −$682.5M | −$238.1M | $0 | $0 |
| Other current assets | $23.8M | $27.9M | $20.0M | $3.3M | $695.7M | $247.5M | $4.7M | $2.6M |
| Total current assets | $578.3M | $809.2M | $770.1M | $1.02B | $976.2M | $770.1M | $360.5M | $424.1M |
| Property, plant & equipment (net) | $41.7M | $57.7M | $68.9M | $75.4M | $27.3M | $28.8M | $31.7M | $3.6M |
| Goodwill & intangible assets | $0 | $2.3M | $2.3M | $2.3M | $2.3M | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.3M | $2.1M | $2.7M | $2.6M | $2.6M | $900,000 | $878,000 | $878,000 |
| Total assets | $621.3M | $871.3M | $844.0M | $1.10B | $1.01B | $799.8M | $393.1M | $428.6M |
| Liabilities | ||||||||
| Accounts payable | $7.7M | $14.1M | $9.2M | $10.6M | $8.3M | $6.4M | $7.0M | $4.7M |
| Short-term debt | $3.8M | $5.7M | $5.0M | $4.3M | $1.8M | $1.5M | $1.2M | $178,000 |
| Deferred revenue | — | $7.7M | $14.9M | — | $248,000 | $5.6M | $3.4M | $1.9M |
| Total current liabilities | $25.6M | $50.7M | $30.3M | $63.7M | $24.3M | $13.6M | $12.0M | $6.9M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $32.5M | $48.5M | $53.5M | $57.7M | $22.9M | $24.4M | $24.8M | $178,000 |
| Other long-term liabilities | $28.7M | $42.8M | $61.7M | $85.8M | $86.3M | $22.9M | $561.5M | $532.7M |
| Total liabilities | $54.3M | $93.5M | $92.0M | $149.6M | $110.6M | $36.5M | $573.5M | $539.5M |
| Shareholders' equity | ||||||||
| Common stock & paid-in capital | $168,000 | $168,000 | $127,000 | $121,000 | $109,000 | $90,000 | $4,000 | $3,000 |
| Retained earnings (deficit) | −$2.01B | −$1.74B | −$1.40B | −$1.06B | −$768.1M | −$404.2M | −$189.5M | −$114.2M |
| Accumulated other comprehensive income | $733,000 | −$991,000 | −$196,000 | −$10.4M | −$1.1M | $64,000 | $325,000 | −$4.6M |
| Total shareholders' equity | $567.1M | $777.8M | $752.0M | $950.2M | $897.8M | $763.3M | −$180.4M | −$110.9M |
| Key figures | ||||||||
| Total debt | $32.5M | $48.5M | $53.5M | $57.7M | $22.9M | $24.4M | $24.8M | $178,000 |
| Net cash (debt) | $522.1M | $732.8M | $696.6M | $941.2M | $935.2M | $653.6M | $331.0M | $421.3M |
| Working capital | $552.7M | $758.5M | $739.8M | $955.8M | $951.9M | $756.5M | $348.6M | $417.2M |
| Tangible book value | $567.1M | $775.5M | $749.7M | $947.9M | $895.5M | $763.3M | −$180.4M | −$110.9M |
| Book value per share | $3.30 | $5.44 | $6.13 | $8.47 | $9.44 | $8.46 | — | — |
| Shares outstanding | 171.6M | 142.9M | 122.6M | 112.2M | 95.1M | 90.2M | — | — |
| Current ratio | 22.61 | 15.95 | 25.44 | 16.00 | 40.14 | 56.49 | 30.08 | 61.78 |
| Quick ratio | 21.68 | 15.40 | 24.78 | 15.76 | 39.60 | 55.80 | 29.69 | 61.40 |
| Debt / equity | 0.06 | 0.06 | 0.07 | 0.06 | 0.03 | 0.03 | — | — |
| Equity / assets | 91.3% | 89.3% | 89.1% | 86.4% | 89.0% | 95.4% | −45.9% | −25.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $910.9M | $642.1M | $554.5M | $596.4M | $656.8M | $710.4M | $781.3M | $839.6M | $688.4M | $749.6M | $750.1M | $810.6M |
| Cash & equivalents | $121.2M | $204.6M | $84.0M | $91.6M | $113.9M | $93.5M | $124.3M | $152.4M | $134.1M | $152.9M | $143.7M | $151.3M |
| Short-term investments | $789.7M | $437.5M | $470.5M | $504.9M | $542.8M | $616.8M | $657.0M | $687.3M | $554.3M | $596.7M | $606.4M | $659.3M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $211,000 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $17.3M |
| Other current assets | $17.1M | $16.4M | $23.8M | $27.6M | $23.6M | $29.3M | $27.9M | $25.5M | $15.9M | $20.5M | $20.0M | $3.7M |
| Total current assets | $928.1M | $658.5M | $578.3M | $624.0M | $680.4M | $739.7M | $809.2M | $865.1M | $704.3M | $770.1M | $770.1M | $831.8M |
| Property, plant & equipment (net) | $38.0M | $39.8M | $41.7M | $43.7M | $46.2M | $55.3M | $57.7M | $60.6M | $63.3M | $66.3M | $68.9M | $70.2M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $2.3M | $2.3M | $2.3M | $2.3M | $2.3M | $2.3M | $2.3M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.3M | $1.3M | $1.3M | $2.3M | $2.3M | $2.1M | $2.1M | $2.1M | $2.7M | $2.7M | $2.7M | $2.7M |
| Total assets | $967.5M | $699.6M | $621.3M | $670.0M | $728.8M | $799.4M | $871.3M | $930.1M | $772.5M | $841.4M | $844.0M | $907.0M |
| Liabilities | ||||||||||||
| Accounts payable | $11.5M | $4.1M | $7.7M | $2.8M | $5.2M | $8.4M | $14.1M | $6.9M | $11.2M | $8.0M | $9.2M | $13.4M |
| Short-term debt | $4.0M | $3.9M | $3.8M | $3.6M | $3.5M | $5.9M | $5.7M | $5.5M | $5.3M | $5.1M | $5.0M | $4.8M |
| Deferred revenue | — | — | — | — | — | — | $7.7M | — | — | — | $14.9M | $24,000 |
| Total current liabilities | $50.8M | $29.8M | $25.6M | $32.6M | $32.5M | $37.1M | $50.7M | $47.0M | $45.0M | $37.1M | $30.3M | $50.7M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $30.7M | $31.6M | $32.5M | $33.3M | $34.2M | $47.2M | $48.5M | $49.8M | $51.1M | $52.3M | $53.5M | $54.6M |
| Other long-term liabilities | $26.6M | $27.7M | $28.7M | $29.7M | $30.7M | $41.2M | $42.8M | $44.3M | $45.8M | $58.5M | $61.7M | $77.8M |
| Total liabilities | $77.4M | $57.4M | $54.3M | $62.3M | $63.2M | $78.3M | $93.5M | $91.3M | $90.8M | $95.7M | $92.0M | $128.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $211,000 | $182,000 | $168,000 | $168,000 | $168,000 | $168,000 | $168,000 | $167,000 | $133,000 | $132,000 | $127,000 | $123,000 |
| Retained earnings (deficit) | −$2.17B | −$2.09B | −$2.01B | −$1.96B | −$1.89B | −$1.82B | −$1.74B | −$1.66B | −$1.57B | −$1.48B | −$1.40B | −$1.32B |
| Accumulated other comprehensive income | −$1.6M | −$172,000 | $733,000 | $492,999 | −$163,000 | $38,000 | −$991,000 | $2.5M | −$1.3M | −$1.2M | −$196,000 | −$3.4M |
| Total shareholders' equity | $890.0M | $642.2M | $567.1M | $607.7M | $665.7M | $721.1M | $777.8M | $838.9M | $681.7M | $745.8M | $752.0M | $778.4M |
| Key figures | ||||||||||||
| Total debt | $30.7M | $31.6M | $32.5M | $33.3M | $34.2M | $47.2M | $48.5M | $49.8M | $51.1M | $52.3M | $53.5M | $54.6M |
| Net cash (debt) | $880.3M | $610.5M | $522.1M | $563.1M | $622.6M | $663.2M | $732.8M | $789.8M | $637.3M | $697.3M | $696.6M | $756.0M |
| Working capital | $877.3M | $628.7M | $552.7M | $591.4M | $647.9M | $702.6M | $758.5M | $818.2M | $659.2M | $733.0M | $739.8M | $781.0M |
| Tangible book value | $890.0M | $642.2M | $567.1M | $607.7M | $665.7M | $718.8M | $775.5M | $836.6M | $679.4M | $743.5M | $749.7M | $776.1M |
| Book value per share | $4.39 | $3.57 | $3.30 | $3.53 | $3.89 | $4.26 | $4.65 | $5.98 | $5.13 | $5.70 | $6.13 | $6.37 |
| Shares outstanding | 202.8M | 179.8M | 171.6M | 172.4M | 171.3M | 169.2M | 167.3M | 140.2M | 132.8M | 130.8M | 122.6M | 122.2M |
| Current ratio | 18.27 | 22.13 | 22.61 | 19.14 | 20.92 | 19.96 | 15.95 | 18.42 | 15.64 | 20.73 | 25.44 | 16.39 |
| Quick ratio | 17.93 | 21.58 | 21.68 | 18.29 | 20.19 | 19.17 | 15.40 | 17.88 | 15.28 | 20.18 | 24.78 | 15.98 |
| Debt / equity | 0.03 | 0.05 | 0.06 | 0.05 | 0.05 | 0.07 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 |
| Equity / assets | 92.0% | 91.8% | 91.3% | 90.7% | 91.3% | 90.2% | 89.3% | 90.2% | 88.2% | 88.6% | 89.1% | 85.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
RLAY financial position
At the end of fiscal 2025 (December 31, 2025), Relay Therapeutics had total assets of $621.3 million (down 28.7% from a year earlier), total liabilities of $54.3 million and shareholders' equity of $567.1 million. It held $554.5 million in cash and short-term investments against $32.5 million of debt, a net cash position of $522.1 million. Its current ratio was 22.61. In the latest quarter (ended June 30, 2026) total assets were $967.5 million and equity $890.0 million.
Related: RLAY income statement, RLAY cash flow statement, RLAY key metrics. See the RLAY stock overview for the latest quote and news.
RLAY balance sheet FAQ
What are Relay Therapeutics's total assets?
Relay Therapeutics reported total assets of $621.3 million at the end of fiscal 2025 (December 31, 2025), compared with $871.3 million a year earlier.
How much debt does Relay Therapeutics have?
Relay Therapeutics had $32.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.06.
How much cash does Relay Therapeutics have?
Relay Therapeutics held $554.5 million in cash and short-term investments at the end of fiscal 2025; with $32.5 million of debt that is net cash of $522.1 million.
What is Relay Therapeutics's book value?
Relay Therapeutics's shareholders' equity (book value) was $567.1 million at the end of fiscal 2025, or $3.30 per share.
What is Relay Therapeutics's current ratio?
Relay Therapeutics had current assets of $578.3 million and current liabilities of $25.6 million, a current ratio of 22.61 (it can cover its short-term obligations).