Relay Therapeutics, Inc. (RLAY) Stock

Relay Therapeutics, Inc. (RLAY) is a Healthcare stock trading at $19.70 (as of 2026-08-20), with a market capitalization of $3.78B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

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Understand Relay Therapeutics, Inc.: how it makes money

Relay Therapeutics is a clinical-stage precision medicines company developing targeted small-molecule inhibitors for oncology and genetic disease indications, and it currently earns revenue primarily through license and other arrangements.

For a clinical-stage company, the core profit engine is not current product sales, it is the ability of its lead candidates to generate convincing clinical results that can support future partnerships, licensing, and commercialization pathways.

Revenue by segment (latest quarter)
License and Other$0.0B

Business quality (Weak): Clear clinical development focus with specific efficacy and safety metrics reported, but near-term financial performance is heavily loss-making with minimal revenue.

Bull case

  • Clinical efficacy signal: Reported Confirmed Objective Response Rate Across All Measurable Disease Patients of 39%, alongside Objective Response Rate of 44%.
  • Favorable safety framing in reported metrics: Reported Overall Grade 3 Plus Treatment-Related Adverse Event Rate is 9%, and Patients Discontinued Zovegalisib Due to Adverse Events is 3%.

Bear case

  • No meaningful revenue base: Total revenue is 0.0B for the latest reported period, with only License and Other Revenue at 0.01B shown in the candidates provided.
  • Deep operating losses: Operating margin is -2619.7% for the latest reported period.
  • Treatment tolerability still a risk: Patients Dose Reduced Zovegalisib Due to Adverse Events is 10%, indicating adverse events can require dose changes.
Valuation — source: SEC EDGAR (first-party)
Price$19.70
Market Cap$3.78B
Price / Book5.88
Price / Sales332.44
FCF Yield-10.4%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$15.36M
Net Margin-1800.6%
Revenue Growth (YoY)53.4%
EPS Growth (YoY)-31.8%
FCF Growth (YoY)-6.1%
Financial Health — source: SEC EDGAR
Altman Z-Score33.88 (safe)
Valuation vs Sector & Industry
Sector P/E (Healthcare)21.6
Industry P/E (Pharmaceutical Products)17.2
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderSB INVESTMENT ADVISERS (UK) LTD ($277.65M)
Institutional Holders Tracked10
Congressional Trades (recent)1
Company
SectorHealthcare
IndustryPharmaceutical Products
CEOSanjiv K. Patel
Employees259
CountryUS
IPO Date2020-07-16

Related Companies (Business model: Biotech (Clinical / Commercial-Stage); 8 closest by market cap; US-domiciled)

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  • Tarsus Pharmaceuticals, Inc. (TARS)
  • Beam Therapeutics Inc. (BEAM)
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RLAY earnings history · RLAY institutional & insider holders · RLAY KPIs & operating metrics · RLAY financials · RLAY investor presentations & press releases · RLAY SEC filings · RLAY peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.