Short answer
Relay Therapeutics, Inc. (RLAY) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $15M (+53.4% year over year) and net income of −$276M.
- Top risk flagged: FDA clinical holds risk, with trials subject to suspension due to safety concerns or regulatory noncompliance impacting lead candidate development
FY2025 key financial metrics · XBRL
- Revenue
- $15M
- +53.4% YoY
- Net income
- −$276M
- +18.1% YoY
- Operating margin
- -1971.6%
- +1750.5 pp YoY
- EPS (diluted)
- −$1.61
- +31.8% YoY
- ROE
- -48.8%
- −5.3 pp YoY
- Operating cash flow
- −$235M
- +5.5% YoY
Source: XBRL data from the Relay Therapeutics, Inc. (RLAY) FY2025 10-K on SEC EDGAR. USD.
Relay Therapeutics, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Management Discussion & Analysis
- Revenue $15.4M in 2025, up $5.3M YoY from $10.0M in 2024, primarily from Elevar Agreement milestones
- Net loss $276.5M in 2025 vs $337.7M in 2024; operating expenses down to $318.1M from $382.5M; R&D $261.4M vs $319.1M, G&A $56.7M vs $76.6M
- Best performing segment: License revenue from Elevar Agreement $15.4M in 2025; worst: Research & Development with $261.4M expense in 2025
- Cash, cash equivalents, investments $554.5M as of Dec 31, 2025; raised $218.2M net in Sept 2024 offering; no share sales under $250M ATM facility; no disclosed dividends or buybacks
- Management expects significant continued operating losses; cash runway into 2029; key risks include clinical trial progress, capital raising, regulatory approvals, and geopolitical/economic uncertainties
Risk Factors
- FDA clinical holds risk, with trials subject to suspension due to safety concerns or regulatory noncompliance impacting lead candidate development
- Enrollment delays from competition with other therapies and limited eligible patients constrain trial timelines and regulatory approvals
- Dependence on third-party CROs and diagnostic partners, which may fail to meet contractual or regulatory requirements, delaying trials and companion diagnostics approval
- Competition for patient enrollment from other oncology trials, including Pfizer’s selective-CDK4 inhibitor in metastatic breast cancer combination study
- High operational risk from novel mechanism drug candidates requiring extensive R&D and potential unknown adverse effects raising development costs and regulatory hurdles
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