Relay Therapeutics, Inc. (RLAY) Income Statement
RLAY 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsRLAY revenue and net income
Where RLAY's revenue goes
2025Each bar shows an amount and its share of revenue. RLAY kept −1,800.6% of revenue as net income.
RLAY profit margins
RLAY growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +53.4% | +123.2% | −28.6% | — |
| Gross profit | — | — | −31.7% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
RLAY quarterly EPS vs estimates
Relay Therapeutics beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 5, 2026 (estimate $-0.40).
RLAY income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $15.4M | $10.0M | $25.5M | $1.4M | $3.0M | $82.7M | $0 | $0 |
| Cost of revenue | $3.6M | $315.4M | $326.4M | $243.0M | $169.4M | $3.5M | $2.8M | $2.2M |
| Gross profit | $11.8M | −$305.4M | −$300.8M | −$241.6M | −$166.4M | $79.1M | −$2.8M | −$2.2M |
| Research & development | $261.4M | $319.1M | $330.0M | $246.4M | $295.6M | $99.9M | $70.3M | $41.0M |
| Sales, general & admin | $56.7M | $76.0M | $74.3M | $65.1M | $55.5M | $38.6M | $13.7M | $8.9M |
| Total operating expenses | $314.5M | $67.0M | $72.2M | $57.7M | $198.3M | $134.9M | $84.0M | $49.9M |
| Operating income | −$302.7M | −$372.5M | −$373.0M | −$299.3M | −$364.7M | −$55.8M | −$84.0M | −$49.9M |
| Interest income | $27.0M | $34.7M | $31.0M | $8.8M | $830,000 | $3.4M | $8.8M | $1.1M |
| Interest expense | — | — | — | $8.8M | $826,000 | $0 | $0 | $0 |
| Income before taxes | −$276.5M | −$337.7M | −$342.0M | −$290.5M | −$363.9M | −$52.4M | −$75.3M | −$48.8M |
| Income taxes | — | −$337.7M | −$37.5M | −$36.2M | $132.9M | −$3.4M | −$8.8M | $1.1M |
| Net income | −$276.5M | −$337.7M | −$342.0M | −$290.5M | −$363.9M | −$52.4M | −$66.5M | −$48.8M |
| EBITDA | −$272.9M | −$380.2M | −$374.2M | −$306.8M | −$223.1M | −$52.2M | −$81.2M | −$47.7M |
| EPS (diluted) | −$1.62 | −$2.39 | −$2.80 | −$2.60 | −$3.82 | −$3.12 | −$17.36 | — |
| Gross margin | 76.8% | −3,052.2% | −1,177.6% | −17,496.3% | −5,492.2% | 95.7% | — | — |
| Operating margin | −1,971.6% | −3,722.1% | −1,460.1% | −21,670.9% | −12,040.2% | −67.5% | — | — |
| Net margin | −1,800.6% | −3,374.7% | −1,338.7% | −21,036.1% | −12,012.9% | −63.4% | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $350,000 | $3.0M | $7.0M | $0 | $677,000 | $7.7M | $0 | $0 | $0 | $10.0M | $0 | $25.2M |
| Cost of revenue | $0 | $504,000 | $599,000 | $67.9M | $61.5M | $0 | $64.4M | $76.6M | $92.0M | $82.4M | $73.9M | $81.5M |
| Gross profit | $350,000 | $2.5M | $6.4M | −$67.9M | −$60.8M | $7.7M | −$64.4M | −$76.6M | −$92.0M | −$72.4M | −$73.9M | −$56.3M |
| Research & development | $76.5M | $70.6M | $55.4M | $68.3M | $63.9M | $73.8M | $68.1M | $76.6M | $92.0M | $82.4M | $77.5M | $81.5M |
| Sales, general & admin | $14.7M | $11.0M | $13.0M | $12.1M | $13.6M | $18.7M | $16.3M | $19.8M | $20.1M | $19.8M | $16.2M | $18.5M |
| Total operating expenses | $91.2M | $81.1M | $67.0M | $12.5M | $16.1M | $92.5M | $20.6M | $19.8M | $8.8M | $18.0M | $18.3M | $17.3M |
| Operating income | −$90.8M | −$78.6M | −$60.6M | −$80.4M | −$76.8M | −$84.9M | −$85.0M | −$96.4M | −$100.8M | −$90.4M | −$92.2M | −$73.6M |
| Interest income | $7.1M | $5.4M | $5.7M | $6.4M | $7.1M | $7.8M | $9.0M | $8.3M | $8.5M | $9.0M | $8.7M | $7.8M |
| Interest expense | — | — | — | — | — | — | — | — | — | — | $6.9M | — |
| Income before taxes | −$83.7M | −$73.3M | −$54.9M | −$74.1M | −$70.4M | −$77.1M | −$76.0M | −$88.1M | −$92.2M | −$81.4M | −$83.5M | −$65.7M |
| Income taxes | — | — | — | — | — | — | — | — | — | $1.4M | $18.0M | −$1.4M |
| Net income | −$83.7M | −$73.3M | −$54.9M | −$74.1M | −$70.4M | −$77.1M | −$76.0M | −$88.1M | −$92.2M | −$81.4M | −$83.5M | −$65.7M |
| EBITDA | −$83.3M | −$72.8M | −$54.3M | −$73.4M | −$69.4M | −$75.9M | −$74.7M | −$86.7M | −$110.8M | −$90.8M | −$92.9M | −$73.4M |
| EPS (diluted) | −$0.41 | −$0.41 | −$0.32 | −$0.43 | −$0.41 | −$0.46 | −$0.45 | −$0.63 | −$0.69 | −$0.62 | −$0.67 | −$0.54 |
| Gross margin | 100.0% | 83.2% | 91.4% | — | −8,980.1% | 100.0% | — | — | — | −723.5% | — | −223.4% |
| Operating margin | −25,949.7% | −2,619.7% | −866.2% | — | −11,351.1% | −1,105.2% | — | — | — | −903.0% | — | −291.9% |
| Net margin | −23,916.3% | −2,443.0% | −784.1% | — | −10,395.1% | −1,003.6% | — | — | — | −813.3% | — | −260.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in RLAY's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
RLAY financial results
In fiscal year 2025 (ended December 31, 2025), Relay Therapeutics reported revenue of $15.4 million, up 53.4% from the year before. It had a net loss of $276.5 million, a net profit margin of −1,800.6%. Diluted earnings per share came to −$1.62. Over five years revenue grew at an average rate of −28.6% a year.
See the RLAY stock overview for the latest quote and news, or the RLAY chart for price history and technical indicators.
RLAY income statement FAQ
What is Relay Therapeutics's annual revenue?
Relay Therapeutics reported total revenue of $15.4 million for fiscal year 2025, which ended on December 31, 2025. That was up 53.4% from $10.0 million the previous year.
Is Relay Therapeutics profitable?
No. Relay Therapeutics reported a net loss of $276.5 million in fiscal 2025, a net profit margin of −1,800.6%; its operating margin was −1,971.6%.
What is Relay Therapeutics's gross margin?
Relay Therapeutics's gross margin was 76.8% in fiscal 2025: for every $100 of revenue, Relay Therapeutics kept $77 after the direct cost of its products and services.
How much does Relay Therapeutics spend on research and development?
Relay Therapeutics spent $261.4 million on research and development in fiscal 2025, 1,702.3% of revenue.
How fast is Relay Therapeutics growing?
Revenue grew −28.6% a year on average over the last five fiscal years, from $82.7 million to $15.4 million.
What are Relay Therapeutics's earnings per share?
Relay Therapeutics earned $-1.62 per diluted share in fiscal 2025, compared with $-2.39 a year earlier.
When will Relay Therapeutics report its next earnings?
Relay Therapeutics is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Relay Therapeutics's fiscal year end?
Relay Therapeutics's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.