RLAY
Relay Therapeutics, Inc.Healthcare·Biotechnology
$14.05
$2.7B market cap
Revenue
$10.0M
Free Cash Flow
$-96.0M
Rev Growth
+0.0%
FCF Margin
-959.8%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Relay Therapeutics, Inc. operates as a clinical-stage precision medicines company. It engages in transforming the drug discovery process with an initial focus on enhancing small molecule therapeutic discovery in targeted oncology and genetic disease indications. The company's lead product candidates include RLY-4008, an oral small molecule inhibitor of fibroblast growth factor receptor 2 (FGFR2), which is in a first-in-human clinical trial for patients with advanced or metastatic FGFR2-altered s
2-Year Price History
$13.53+111.1%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 3.0 | -78.1 | -78.6 | -73.3 | -51.1 | -51.1 | -0.0 | 642.1 | 31.6 | 179.9 | -109.1% | -- | -- |
| Act | 2025-Q4 | 7.0 | -57.9 | -60.6 | -54.9 | -44.9 | -44.9 | -0.0 | 554.5 | 32.5 | 171.6 | -111.9% | -- | -- |
Valuation & Metrics
Market Stats
Price$14.05
Market Cap$2.7B
Enterprise Value$2.1B
P/S Ratio269.2x
P/FCF--
EV/FCF--
FCF Margin (TTM)-959.8%
FCF Yield-3.6%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$10.0M
Net Income$-128.2M
Free Cash Flow$-96.0M
Revenue Growth (YoY)+0.0%
EBITDA Margin-1359.3%
Net Margin-1281.8%
FCF Margin-959.8%
CapEx % of Revenue0.0%
SBC % of Revenue236.0%
ROIC-110.5%
WC Change % Rev-36.0%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares27.4M
Days to Cover8.7
Change (vs Prior)+1.5%
Need at least 2 settlement dates for chart
Employees
Headcount259
Revenue / Employee$38,610
Gross Profit / Employee$34,351
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
54.2%(+41.6% YoY)
222 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
14.1%(+10.3% YoY)
12 filers
Vanguard, iShares, SPDR
Market makers
0.4%(+0.3% YoY)
6 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| SB INVESTMENT ADVISERS (UK) LTD | $278M | $16.75 | +$0 | +$0 | -2.5% | $7.73B |
| Commodore Capital LP | $169M | $3.84 | +$0 | +$169M | -0.3% | $1.73B |
| Casdin Capital, LLC | $143M | $10.10 | +$14.1M | +$52.9M | -2.9% | $1.32B |
| BlackRock, Inc.Passive | $129M | $6.49 | −$2.5M | −$15.0M | -0.2% | $5.69T |
| PERCEPTIVE ADVISORS LLC | $97.0M | $9.95 | +$78.1M | +$97.0M | -1.3% | $5.05B |
| Bellevue Group AG | $77.6M | $8.26 | −$5.5M | +$4.2M | -4.3% | $4.20B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $73.5M | $9.95 | +$73.5M | +$73.5M | — | $4.04T |
| STATE STREET CORPPassive | $62.0M | $11.81 | −$1.9M | +$10.7M | -0.2% | $2.89T |
| Nextech Invest, Ltd. | $55.0M | $4.62 | +$8.2M | +$16.7M | +26.8% | $1.42B |
| TCG Crossover Management, LLC | $42.5M | $7.45 | +$10.5M | +$42.5M | +4.6% | $3.50B |
| FMR LLC | $36.8M | $9.71 | +$35.2M | +$36.3M | -0.0% | $1.89T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $34.9M | $9.13 | +$1.0M | +$4.4M | +2.3% | $1.61T |
| BALYASNY ASSET MANAGEMENT LLC | $30.2M | $7.88 | +$9.3M | +$27.9M | -0.4% | $48.01B |
| Spruce Street Capital LP | $29.7M | $8.46 | +$0 | +$29.7M | +57.7% | $416M |
| DIMENSIONAL FUND ADVISORS LPPassive | $29.2M | $10.16 | +$4.6M | +$1.4M | -0.4% | $480.92B |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $25.8M | $8.68 | +$20.8M | +$25.8M | -0.1% | $64.61B |
| GOLDMAN SACHS GROUP INC | $25.3M | $11.00 | +$6.8M | +$4.6M | -0.2% | $760.93B |
| MPM BioImpact LLC | $23.5M | $10.99 | +$1.3M | +$633K | -1.6% | $1.29B |
| BANK OF AMERICA CORP /DE/ | $19.3M | $8.60 | +$8.9M | +$13.8M | -0.1% | $1.36T |
| PRICE T ROWE ASSOCIATES INC /MD/ | $19.2M | $13.23 | +$2.8M | −$15.5M | -0.2% | $864.93B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
+1.09%
avg per quarter
Holders (ex-self)
+1.20%
excl. this stock
Buyers (this Q)
+0.95%
133 buyers · $0.48B in
Sellers (this Q)
+3.10%
63 sellers · $-0.01B out
alpha coverage: 94% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+5.2%
how holders react when this stock falls
On quiet Qs
-5.1%
−10% to +10% baseline
On rallies (+10%+)
-1.1%
how they react when this stock rises
Holders' portfolio flow this Q
-0.1%
outflows — trims may be forced
Sellers' portfolio flow this Q
+0.4%
Sellers' overall flow ~ flat.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-2.4%
Holder mid (any stock)
-3.3%
Holder rally (any stock)
-6.2%
Biggest decreases this quarter
Point72 Asset Management, L.P.exited−$117MExodusPoint Capital Management, LPexited−$9.7MMORGAN STANLEY−$5.8Mα-0.3Bellevue Group AG−$5.5Mα-4.3Allianz Asset Management GmbHexited−$4.7MSILVERARC CAPITAL MANAGEMENT, LLCexited−$3.4MBlackRock, Inc.−$2.5Mα-0.2STATE STREET CORP−$1.9Mα-0.2NEOS Investment Management LLCexited−$958KTUDOR INVESTMENT CORP ET ALexited−$712K
New buyers this quarter
Top-5 holders · 44.7%
SB INVESTMENT ADVISERS (UK) LTD--
Commodore Capital LP--
Casdin Capital, LLC--
BlackRock, Inc.--
PERCEPTIVE ADVISORS LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
SB INVESTMENT ADVISERS (UK) LTD27.9MFMR LLC3.7MCommodore Capital LP17.0MEcoR1 Capital, LLC1.9MPRICE T ROWE ASSOCIATES INC /MD/1.9MCasdin Capital, LLC14.4MBVF INC/IL—Bellevue Group AG7.8MDRIEHAUS CAPITAL MANAGEMENT LLC—Point72 Asset Management, L.P.—
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Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (7 analysts)$23.006370.0%
Last Year (9 analysts)$20.894870.0%
Current Price$14.05
Analyst Ratings
14
Strong Buy: 1Buy: 14Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$3.10M
28 txns · 5 insiders · 455,857 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-14 | SELL | Catinazzo Thomas | officer: Chief Financial Officer | 17,717 | $12.86 | $228K | $2.51M |
| 2026-04-28 | SELL | Bergstrom Donald A | officer: President, R&D | 1,490 | $14.79 | $22K | $6.19M |
| 2026-04-28 | SELL | Catinazzo Thomas | officer: Chief Financial Officer | 972 | $14.79 | $14K | $3.15M |
| 2026-04-28 | SELL | Rahmer Peter | officer: See remarks | 753 | $14.79 | $11K | $4.08M |
| 2026-04-09 | SELL | Catinazzo Thomas | officer: Chief Financial Officer | 1,800 | $15.00 | $27K | $3.21M |
| 2026-04-07 | SELL | Catinazzo Thomas | officer: Chief Financial Officer | 17,717 | $13.01 | $230K | $2.78M |
| 2026-03-09 | SELL | Catinazzo Thomas | officer: Chief Financial Officer | 17,717 | $10.06 | $178K | $2.33M |
| 2026-01-28 | SELL | Bergstrom Donald A | officer: President, R&D | 2,686 | $8.45 | $23K | $3.55M |
| 2026-01-28 | SELL | Catinazzo Thomas | officer: Chief Financial Officer | 1,695 | $8.45 | $14K | $2.11M |
| 2026-01-28 | SELL | Rahmer Peter | officer: See remarks | 1,354 | $8.45 | $11K | $2.34M |
| 2026-01-27 | SELL | Bergstrom Donald A | officer: President, R&D | 18,895 | $7.62 | $144K | $3.22M |
| 2026-01-27 | SELL | Catinazzo Thomas | officer: Chief Financial Officer | 13,820 | $7.62 | $105K | $1.91M |
| 2026-01-27 | SELL | Rahmer Peter | officer: See remarks | 11,684 | $7.62 | $89K | $2.12M |
| 2026-01-06 | SELL | Patel Sanjiv | director, officer: President and CEO | 43,168 | $7.82 | $338K | $5.17M |
| 2025-11-03 | SELL | Patel Sanjiv | director, officer: President and CEO | 62,073 | $7.00 | $435K | $4.92M |
| 2025-10-29 | SELL | Rahmer Peter | officer: See remarks | 21,394 | $7.50 | $160K | $2.53M |
| 2025-10-28 | SELL | Bergstrom Donald A | officer: President, R&D | 30,897 | $7.29 | $225K | $3.80M |
| 2025-10-28 | SELL | Catinazzo Thomas | officer: Chief Financial Officer | 21,664 | $7.29 | $158K | $2.29M |
| 2025-10-28 | SELL | Rahmer Peter | officer: See remarks | 19,135 | $7.29 | $139K | $2.62M |
| 2025-07-29 | SELL | Adams Brian | officer: Chief Legal Officer | 18,276 | $3.68 | $67K | $1.37M |
Order Flow (FINRA, ~3w lag)
23.8%retail-4.5pp
26.9%dark+3.7pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Relay Therapeutics: Strategic Retreat via Mass Layoffs and Partnership Terminations
Overall Risk
7/10
Fraud
2/10
Dilution
8/10
Insolvency
6/10
Earnings Overstated
3/10
Hidden Liabilities
4/10
Legal
3/10
Audit Warnings
5/10
Hidden Upside
4/10
Contextually Acceptable
7/10