RLAYRelay Therapeutics, Inc.
Biological Products, (no Diagnostic Substances)
- Revenue
- $15M
- 53% YoY
- Operating margin
- -1971.6%
- 47% YoY
- EBITDA
- −$299M
- 18% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCFired407% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear—Over 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $3M | $1M | $26M | $10M | $15M | 53% |
| Operating income | −$365M | −$299M | −$373M | −$372M | −$303M | 19% |
| Net income | −$364M | −$291M | −$342M | −$338M | −$276M | 18% |
| Operating cash flow | −$74M | −$229M | −$300M | −$249M | −$235M | 5.5% |
| Capex | $3M | $9M | $4M | $2M | $410K | 80% |
| Stock-based comp | $48M | $56M | $86M | $94M | $62M | 34% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $3M · 9
- Net
- −$3M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $5M | $9M | 20 | 120 |
| FY2024 | $13M | −$1M | 10 | 91 |
| FY2023 | $20M | $5M | 26 | 92 |
| FY2022 | $8M | −$5M | 36 | 89 |
| FY2021 | $9M | −$3M | 74 | 99 |