Relay Therapeutics (RLAY) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Relay Therapeutics

NasdaqGM•Healthcare•Biotechnology

$18.84-0.13(-0.01%)Pre-market

Market Cap

$3.82B

P/S

369.3x

P/B

4.3x

Relay Therapeutics, Inc. operates as a clinical-stage precision medicines company. It transforms the drug discovery process with a focus on enhancing small molecule therapeutic discovery in targeted oncology and genetic disease indications. The company's lead product candidates include RLY-2608, a pan-mutant and isoform-selective phosphoinostide 3 kinase alpha, or PI3Ka, inhibitor that is in clinical development for the treatment of breast cancer, solid tumor, and vascular malformations; and aGal chaperone for Fabry diseases. It also develops RLY-8161, an oncogene driver that belongs to the RAS family of signaling proteins. In addition, the company develops lirafugratinib (RLY-4008), a receptor tyrosine kinase for the treatment of cancer. It has collaboration and license agreements with D. E. Shaw Research, LLC to research certain biological targets through the use of D. E. Shaw Research computational modeling capabilities focused on analysis of protein motion to develop and commercialize compounds and products directed to such targets; Elevar Therapeutics, Inc. for the development and commercialization of RLY-4008; and Pfizer Inc. for the development of RLY-2608 in combination with fulvestrant and atirmociclib. The company was formerly known as Allostery, Inc. and changed its name to Relay Therapeutics, Inc. in December 2015. Relay Therapeutics, Inc. was incorporated in 2015 and is headquartered in Cambridge, Massachusetts.

How this company scores

AverageMetricSide Score: 48/100

Strongest: Growth (15/25); weakest: Cash & Earnings Quality (8/25).

Profitability10/25

Growth15/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality8/25

Strengths

Growing revenueInterest easily coveredProfit converts from growthNet cash position

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 369.3x5y range 19.2x – 1653.4x

Currently above its 14-quarter median.

P/B · 4.3x5y range 0.6x – 4.3x

Currently above its 16-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $3.82B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $10.35M
Q. Revenue: $350,000
TTM EBITDA: $-310.44M
TTM Op. Income: $-310.44M
Q. Op. Income: $-90.82M
TTM Net Income: $-286.04M
Q. Net Income: $-83.71M
EPS: $-0.41
Shares Out.: $202.85M

$10.35M in TTM revenue grew 726.8% YoY, reaching $350,000 last quarter. TTM EBITDA of $-310.44M and TTM operating income of $-310.44M show growth is flowing through to the bottom line. However, net income is negative at $286.04M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has fallen for 2 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -25949.7%
Op. Margin: -25949.7%
Net Margin: -23916.3%

Op. margin of -25949.7% is down 14598.6% YoY — costs are rising relative to revenue. Net margin at -23916.3% Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 369.3x
P/B Ratio: 4.3x

P/S of 369.3x and P/B of 4.3x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $967.46M
Cash: $121.19M
Long-Term Debt: N/A
Book Value: $890.01M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-54.11M
TTM Free Cash Flow: $-212.21M
FCF Margin: -2050.5%
FCF / Net Income: 0.7

TTM FCF of $-212.21M on $-54.11M in operating cash flow. The FCF / Net Income ratio of 0.7x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 5 consecutive quarters — an improving trend.