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Relay Therapeutics

RLAY on Nasdaq. Biological products, (no diagnostic substances). Market value $4.2bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-5.2%low

For every $100 of what the whole company costs, it produced $-5.17 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
-46.6%five-year median

Each dollar kept in the business earns -47 cents a year. Above 10 is good.

Quality score: 20 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$18.74 a share, 243% above its 1-year low

Over the past year the price has ranged from $5.47 to $21.27.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.1
-0.2
-0.3
-0.3
-0.2
-0.2
2021202220232024202512 monthsto Jun '26
Revenue
$3m$1m$26m$10m$15m
Operating margin
-12040.2%-21670.9%-1460.1%-3722.1%-1971.6%
Debt to equity
0.000.000.000.000.00
Shares outstanding
0.12bn0.12bn0.17bn0.17bn0.22bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting checksSkipped: company is not yet profitable
  • Debt0.00× equity
  • Revenue growth, five yearsShrinking, 28.6% a year
  • Buying back its own sharesNo, 81% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $350,000 last quarter, down 48% on a year ago.
  • A loss of $84 million, compared with a loss of $70 million a year ago.
  • It loses 2999 cents on each $1 of sales, compared with 4106 cents a year earlier.
  • Over the past 12 months it spent $212 million more cash than it brought in, compared with $262 million a year earlier.
  • It has $121 million more cash than debt, up from $114 million a year ago.
  • Sales grew on a year ago in 1 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$0
December 2024$0
March 2025$8m
June 2025$677,000
September 2025$0
December 2025$7m
March 2026$3m
June 2026$350,000
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$88m
December 2024-$76m
March 2025-$77m
June 2025-$70m
September 2025-$74m
December 2025-$55m
March 2026-$73m
June 2026-$84m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

None of the long-term investors we follow own it. 258 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 4 sold $13m, $11m of it under preset trading plans.

  • Bergstrom Donald A
    President, R&D
    Sold
    under a preset trading plan
    Date
    8 September 2026
    Shares
    8,530
    Price
    $18.97
    Value
    $161,814
  • Catinazzo Thomas
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    8 September 2026
    Shares
    17,717
    Price
    $18.94
    Value
    $335,560
  • Patel Sanjiv
    President and CEO, Director
    Sold
    under a preset trading plan
    Date
    8 September 2026
    Shares
    48,199
    Price
    $18.94
    Value
    $912,889
  • Rahmer Peter
    See remarks
    Sold
    under a preset trading plan
    Date
    26 August 2026
    Shares
    4,508
    Price
    $20.03
    Value
    $90,295
  • Patel Sanjiv
    President and CEO, Director
    Sold
    under a preset trading plan
    Date
    17 August 2026
    Shares
    48,199
    Price
    $20.33
    Value
    $979,886
  • Catinazzo Thomas
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    14 August 2026
    Shares
    17,717
    Price
    $19.74
    Value
    $349,734
  • Catinazzo Thomas
    Chief Financial Officer
    Sold
    Date
    28 July 2026
    Shares
    1,459
    Price
    $18.61
    Value
    $27,152
  • Rahmer Peter
    See remarks
    Sold
    Date
    28 July 2026
    Shares
    748
    Price
    $18.61
    Value
    $13,920
  • Bergstrom Donald A
    President, R&D
    Sold
    Date
    28 July 2026
    Shares
    2,237
    Price
    $18.61
    Value
    $41,631
  • Patel Sanjiv
    President and CEO, Director
    Sold
    under a preset trading plan
    Date
    7 July 2026
    Shares
    48,199
    Price
    $19.58
    Value
    $943,736

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

  • Sales have shrunk: 28.6% a year.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.