Relay Therapeutics, Inc. (RLAY) FY2025 10-K Annual Report
Relay Therapeutics, Inc. (RLAY) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Relay Therapeutics, Inc. FY2025 10-K Analysis
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
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
Relay Therapeutics, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$15M
▲ +53.4% YoY
Net Income
-$276M
▲ +18.1% YoY
Operating Margin
-1971.6%
▲ +175048bp YoY
Net Margin
-1800.6%
▲ +157414bp YoY
ROE
-48.8%
▼ -534bp YoY
Total Assets
$621M
▼ -28.7% YoY
EPS (Diluted)
$-1.61
▲ +31.8% YoY
Operating Cash Flow
-$235M
▲ +5.5% YoY
Source: XBRL data from Relay Therapeutics, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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