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what it is
Relay Therapeutics develops cancer and genetic-disease drugs.
how it gets paid
Last year Relay Therapeutics made $15M in revenue. Collaboration revenue was the main engine at $8.0M, or 53% of sales.
why it's growing
Revenue grew 53.4% last year. Annual revenue grew 53.4% to $15M, which is real progress.
what just happened
Relay posted $8M in quarterly revenue, but the loss was still $1.30 a share.
At a glance
B balance sheet — gets the job done, barely
-$2.36 fy2024 eps est
$10M fy2024 rev est
n/a operating margin
~$2B market cap
xvary composite: 55/100 — below average
What they do
Relay Therapeutics develops cancer and genetic-disease drugs.
You are buying 261 people and 3 lead programs, not a sprawling drug shop. RLY-4008, RLY-2608, and RLY-1971 each attack a different target. That focus keeps the company small while the science tries to do the heavy lifting.
How they make money
$15M
annual revenue · their business grew +53.4% last year
Collaboration revenue
$8.0M
+53.4%
License revenue
$3.0M
flat
Research services
$2.0M
flat
Milestone revenue
$1.5M
flat
Other revenue
$0.5M
flat
The products that matter
PI3Kα inhibitor for cancer
zovegalisib (RLY-2608)
lead asset · stock-driving program
This is the asset the market cares about. Its Breakthrough Therapy designation from the FDA is the clearest reason the stock is up 235% over the past year.
lead program
computational drug discovery
Dynamo platform
$15.4M collaboration revenue
The platform underpins the pipeline, but the business proof is still thin. It helped generate only $15.4M of annual revenue in 2025.
platform thesis
clinical pipeline
oncology pipeline
$554.5M cash backing it
You are funding multiple shots on goal, but the balance sheet matters because the company lost $276.5M in 2025. Pipeline breadth helps only if at least one asset turns into a real product.
runway matters
Key numbers
$15M
annual revenue
That is tiny next to a $2B market cap. The stock is priced for pipeline hope, not sales.
-$2.36
FY2024 EPS
The company lost $2.36 per share in 2024. That tells you sales are still nowhere near covering costs.
261
employees
A 261-person company is not built like Pfizer. It has to be selective with every dollar.
$30M
long-term debt
Debt is only $30M, which is small. The real risk is not leverage. It is whether the trials work.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 5 / 100
- long-term debt $30M (2% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for RLAY right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Relay posted $8M in quarterly revenue, but the loss was still $1.30 a share.
Annual revenue grew 53.4% to $15M, which is real progress. But the latest quarter still showed a deep loss, so the stock is still trading on pipeline data, not profit.
$8M
revenue
-$1.30
eps
n/a
operating margin
the number that mattered
The $8M quarter matters because it shows how small the business still is. At this scale, one clinical update can matter more than the whole revenue line.
source: company earnings report, 2026
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What could go wrong
the #1 risk is clinical failure or delay for zovegalisib. Relay does not have a commercial product to hide behind if the lead program stumbles.
med
zovegalisib is carrying the stock
The stock gained 235% over the past year largely because investors got more interested in this one program. That cuts both ways.
If clinical data disappoints, a big piece of the current valuation can disappear faster than any revenue line can replace it.
med
cash burn can turn into dilution
Relay ended 2025 with $554.5M in cash and lost $276.5M for the year. At that pace, you are looking at roughly two years of runway.
If trial timelines stretch or spending rises, new capital could arrive before commercialization does. That usually means dilution.
med
there is no real operating cushion
2025 revenue was $15.4M, and it came from collaboration revenue rather than product sales. There is no established commercial franchise here.
That means weak trial results hit both sentiment and the business model at the same time.
med
the stock already prices in a lot more hope than history
A 52-week range of $2–$11 and a price stability score of 5/100 tell you what this behaves like in the wild.
Even good news may not protect you from big swings. Bad news rarely asks for permission first.
$554.5M of cash against a $276.5M annual loss gives Relay time, not safety. The combined risk is simple: if the lead program slips, the balance sheet becomes a countdown clock.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the number that matters
cash runway versus annual loss
$554.5M of cash looked solid at year-end, but a $276.5M annual loss burns through comfort fast. This is the scoreboard.
calendar
next earnings report
Estimated for May 4, 2026. You want updated cash, updated loss trends, and any hint that spending is getting more or less efficient.
trend
sell-side enthusiasm after the $22 target
Guggenheim moved to a $22 target on March 14, 2026. Watch whether more analysts follow, or whether that call ends up chasing the stock.
risk
does zovegalisib keep carrying the story
The lead asset is doing most of the valuation work. If the next data readout is merely fine instead of clearly better, the stock can remind you what biotech looks like on the way down.
Analyst rankings
risk profile
above average
risk rank 2 — safer than roughly 80% of stocks.
chart momentum
below average
momentum rank 4 — analysts see underperformance risk in the near term.
source: institutional data
Institutional activity
institutional ownership data for RLAY is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$9
current price
n/a
target midpoint · n/a from current
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