$RLAY
Relay Therapeutics, Inc.

2022 Q1 Form 10-K Financial Statement

#000095017022001978 Filed on February 24, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021
Revenue $419.0K $567.0K $30.29M
YoY Change -55.99% -99.31% -63.35%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $16.07M $15.55M $57.39M
YoY Change -34.34% 0.05% 48.71%
% of Gross Profit
Research & Development $51.67M $51.08M $172.7M
YoY Change 68.73% 62.58% 72.89%
% of Gross Profit
Depreciation & Amortization $975.0K $1.034M $3.900M
YoY Change 6.09% 13.63% 11.43%
% of Gross Profit
Operating Expenses $63.14M $68.29M $367.7M
YoY Change 45.63% 43.26% 165.6%
Operating Profit -$62.72M -$364.7M
YoY Change 47.91% 553.63%
Interest Expense $696.0K $267.0K -$11.03M
YoY Change 202.61% -11.0% -424.26%
% of Operating Profit
Other Income/Expense, Net $675.0K $0.00 $826.0K
YoY Change 205.43% -100.0% -75.59%
Pretax Income -$62.05M -$67.46M -$363.9M
YoY Change 47.1% -291.2% 594.28%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$62.05M -$67.46M -$363.9M
YoY Change 47.08% -291.2% 594.25%
Net Earnings / Revenue -14808.11% -11897.0% -1201.29%
Basic Earnings Per Share -$0.57 -$3.82
Diluted Earnings Per Share -$572.9K -$656.5K -$3.825M
COMMON SHARES
Basic Shares Outstanding 108.3M 95.14M
Diluted Shares Outstanding 95.14M

Balance Sheet

Concept 2022 Q1 2021 Q4 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $898.2M $958.1M $958.1M
YoY Change 23.7% 41.29% 41.29%
Cash & Equivalents $119.4M $280.1M $280.1M
Short-Term Investments $778.7M $678.0M $678.0M
Other Short-Term Assets $12.66M $13.23M $13.23M
YoY Change 62.35% 40.73% 40.73%
Inventory
Prepaid Expenses $11.47M
Receivables $269.0K $403.0K $4.940M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $915.8M $976.2M $976.2M
YoY Change 23.35% 26.77% 26.77%
LONG-TERM ASSETS
Property, Plant & Equipment $8.904M $6.543M $27.32M
YoY Change 50.74% 4.69% -5.13%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.578M $2.578M $2.578M
YoY Change 186.44% 186.44% 186.44%
Total Long-Term Assets $34.09M $32.20M $32.20M
YoY Change 17.91% 8.32% 8.42%
TOTAL ASSETS
Total Short-Term Assets $915.8M $976.2M $976.2M
Total Long-Term Assets $34.09M $32.20M $32.20M
Total Assets $949.9M $1.008B $1.008B
YoY Change 23.15% 26.08% 26.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.053M $8.276M $8.276M
YoY Change 43.98% 30.31% 29.31%
Accrued Expenses $15.22M $13.56M $15.21M
YoY Change 71.61% 135.36% 114.25%
Deferred Revenue $166.0K $248.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $41.69M $24.32M $24.32M
YoY Change 159.22% 78.41% 78.83%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $66.22M $15.00M $86.31M
YoY Change 194.3% -34.5% 276.92%
Total Long-Term Liabilities $66.22M $15.00M $86.31M
YoY Change 194.3% -34.5% 276.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.69M $24.32M $24.32M
Total Long-Term Liabilities $66.22M $15.00M $86.31M
Total Liabilities $107.9M $110.6M $110.6M
YoY Change 179.84% 202.81% 203.11%
SHAREHOLDERS EQUITY
Retained Earnings -$830.1M -$768.1M
YoY Change 85.95% 90.02%
Common Stock $109.0K $109.0K
YoY Change 21.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $842.0M $897.8M $897.8M
YoY Change
Total Liabilities & Shareholders Equity $949.9M $1.008B $1.008B
YoY Change 23.15% 26.08% 26.09%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021
OPERATING ACTIVITIES
Net Income -$62.05M -$67.46M -$363.9M
YoY Change 47.08% -291.2% 594.25%
Depreciation, Depletion And Amortization $975.0K $1.034M $3.900M
YoY Change 6.09% 13.63% 11.43%
Cash From Operating Activities -$49.17M -$39.71M -$74.41M
YoY Change -205.43% 12.58% -27.4%
INVESTING ACTIVITIES
Capital Expenditures $2.794M -$880.0K $3.471M
YoY Change 486.97% 1366.67% 79.75%
Acquisitions $25.30M
YoY Change
Other Investing Activities -$109.6M -$291.9M -$476.0M
YoY Change -53.0% 282.22% -669.43%
Cash From Investing Activities -$112.4M -$292.7M -$479.5M
YoY Change -51.89% 283.07% -687.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $883.0K $4.739M
YoY Change -57.03% 289.72%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 883.0K 384.0M 388.1M
YoY Change -57.03% 639920.0% -9.01%
NET CHANGE
Cash From Operating Activities -49.17M -39.71M -74.41M
Cash From Investing Activities -112.4M -292.7M -479.5M
Cash From Financing Activities 883.0K 384.0M 388.1M
Net Change In Cash -160.7M 51.56M -165.8M
YoY Change -13.11% -146.19% -140.88%
FREE CASH FLOW
Cash From Operating Activities -$49.17M -$39.71M -$74.41M
Capital Expenditures $2.794M -$880.0K $3.471M
Free Cash Flow -$51.97M -$38.83M -$77.88M
YoY Change -212.57% 10.27% -25.42%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual of research and development and manufacturing expenses, the valuation of equity instruments, the determination of the transaction price and standalone selling price of performance obligations under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 606, </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Revenue from Contracts with Customers </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">("ASC 606"), the incremental borrowing rate for determining the operating lease assets and liabilities and the fair value of contingent consideration and the fair value of net assets acquired in the acquisition of ZebiAI Therapeutics, Inc. (“ZebiAI”). </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Estimates are periodically reviewed in light of changes in circumstances, facts and experience.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p>
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CY2020 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2021 rlay Cash And Cash Equivalents Maturity Date Description
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The Company considers all short-term, highly liquid investments with original maturities of 90 days or less at acquisition date to be cash equivalents.
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Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders.
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Corporate taxpayers may carryback NOLs originating during 2018 through 2020 for up to five years, which was not previously allowed under the 2017 Tax Act. The CARES Act also eliminates the 80% of taxable income limitations by allowing corporate entities to fully utilize NOL carryforwards to offset taxable income in 2018, 2019 or 2020. Taxpayers may generally deduct interest up to the sum of 50% of adjusted taxable income plus business interest income (30% limit under the 2017 Tax Act) for tax years beginning January 1, 2019 and 2020. The CARES Act allows taxpayers with alternative minimum tax credits to claim a refund in 2020 for the entire amount of the credits instead of recovering the credits through refunds over a period of years, as originally enacted by the 2017 Tax Act.
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