$RLAY
Relay Therapeutics, Inc.

2022 Q2 Form 10-Q Financial Statement

#000095017022007873 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q1
Revenue $365.0K $419.0K $952.0K
YoY Change -56.75% -55.99%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $17.47M $16.07M $24.47M
YoY Change 21.1% -34.34% 414.08%
% of Gross Profit
Research & Development $60.51M $51.67M $30.62M
YoY Change 34.03% 68.73% 41.12%
% of Gross Profit
Depreciation & Amortization $956.0K $975.0K $919.0K
YoY Change -0.31% 6.09% 6.98%
% of Gross Profit
Operating Expenses $78.18M $63.14M $43.36M
YoY Change -59.79% 45.63% 63.87%
Operating Profit -$77.81M -$62.72M -$42.41M
YoY Change -59.8% 47.91% 60.27%
Interest Expense $1.005M $696.0K $230.0K
YoY Change -108.61% 202.61% -85.35%
% of Operating Profit
Other Income/Expense, Net $1.023M $675.0K $221.0K
YoY Change 465.19% 205.43% -85.94%
Pretax Income -$76.79M -$62.05M -$42.18M
YoY Change -60.3% 47.1% 69.47%
Income Tax
% Of Pretax Income
Net Earnings -$76.79M -$62.05M -$42.18M
YoY Change -60.3% 47.08% 69.51%
Net Earnings / Revenue -21037.81% -14808.11% -4431.09%
Basic Earnings Per Share -$0.71 -$0.57
Diluted Earnings Per Share -$706.8K -$572.9K -$467.6K
COMMON SHARES
Basic Shares Outstanding 108.7M 108.3M 90.40M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $838.0M $898.2M $726.1M
YoY Change 24.85% 23.7% 117.27%
Cash & Equivalents $107.7M $119.4M $262.7M
Short-Term Investments $730.3M $778.7M $463.4M
Other Short-Term Assets $12.75M $12.66M $7.800M
YoY Change 128.35% 62.35% 73.33%
Inventory
Prepaid Expenses
Receivables $288.0K $269.0K $8.600M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $855.8M $915.8M $742.4M
YoY Change 25.62% 23.35% 119.2%
LONG-TERM ASSETS
Property, Plant & Equipment $8.922M $8.904M $5.907M
YoY Change 36.03% 50.74% -80.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.578M $2.578M $900.0K
YoY Change 0.0% 186.44% 0.0%
Total Long-Term Assets $33.63M $34.09M $28.91M
YoY Change 1.52% 17.91% -8.51%
TOTAL ASSETS
Total Short-Term Assets $855.8M $915.8M $742.4M
Total Long-Term Assets $33.63M $34.09M $28.91M
Total Assets $889.4M $949.9M $771.3M
YoY Change 24.5% 23.15% 108.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.296M $8.053M $5.593M
YoY Change -45.42% 43.98% 39.83%
Accrued Expenses $22.11M $15.22M $8.867M
YoY Change 43.51% 71.61% 19.82%
Deferred Revenue $83.00K $166.0K
YoY Change -79.95%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $43.90M $41.69M $16.08M
YoY Change 72.94% 159.22% 39.85%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $65.88M $66.22M $22.50M
YoY Change -6.53% 194.3% -3.43%
Total Long-Term Liabilities $65.88M $66.22M $22.50M
YoY Change -6.53% 194.3% -3.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $43.90M $41.69M $16.08M
Total Long-Term Liabilities $65.88M $66.22M $22.50M
Total Liabilities $109.8M $107.9M $38.56M
YoY Change 14.51% 179.84% 10.8%
SHAREHOLDERS EQUITY
Retained Earnings -$906.9M -$830.1M -$446.4M
YoY Change 41.74% 85.95%
Common Stock $109.0K $109.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $779.6M $842.0M $732.8M
YoY Change
Total Liabilities & Shareholders Equity $889.4M $949.9M $771.3M
YoY Change 24.5% 23.15% 108.3%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$76.79M -$62.05M -$42.18M
YoY Change -60.3% 47.08% 69.51%
Depreciation, Depletion And Amortization $956.0K $975.0K $919.0K
YoY Change -0.31% 6.09% 6.98%
Cash From Operating Activities -$57.09M -$49.17M $46.64M
YoY Change 102.89% -205.43% -308.83%
INVESTING ACTIVITIES
Capital Expenditures -$1.857M $2.794M $476.0K
YoY Change 395.2% 486.97% -53.33%
Acquisitions
YoY Change
Other Investing Activities $45.25M -$109.6M -$233.2M
YoY Change 71.05% -53.0% -553.69%
Cash From Investing Activities $43.39M -$112.4M -$233.6M
YoY Change 66.45% -51.89% -563.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $883.0K $2.055M
YoY Change -57.03% 485.47%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.996M 883.0K 2.055M
YoY Change 78.85% -57.03% 485.47%
NET CHANGE
Cash From Operating Activities -57.09M -49.17M 46.64M
Cash From Investing Activities 43.39M -112.4M -233.6M
Cash From Financing Activities 1.996M 883.0K 2.055M
Net Change In Cash -11.71M -160.7M -184.9M
YoY Change 1123.51% -13.11% -751.42%
FREE CASH FLOW
Cash From Operating Activities -$57.09M -$49.17M $46.64M
Capital Expenditures -$1.857M $2.794M $476.0K
Free Cash Flow -$55.24M -$51.97M $46.16M
YoY Change 98.94% -212.57% -297.67%

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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
448524000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
122023000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
263598000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1552000
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
100000
CY2021Q1 rlay Reclassification Of Restricted Stock Liability To Additional Paid In Capital
ReclassificationOfRestrictedStockLiabilityToAdditionalPaidInCapital
3000
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
119445000
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
262720000
CY2022Q1 us-gaap Restricted Cash
RestrictedCash
2578000
CY2021Q1 us-gaap Restricted Cash
RestrictedCash
878000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
122023000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
263598000
CY2022Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-830100000
CY2022Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
45663000
CY2022Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
787951000
CY2022Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
9218000
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.1020833333333333;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:9.0pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</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:9.0pt;font-family:Times New Roman;min-width:fit-content;">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 condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the fair value of contingent milestone payments in connection with the acquisition of ZebiAI Therapeutics, Inc. (“ZebiAI”), 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:9.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">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:9.0pt;font-family:Times New Roman;min-width:fit-content;">, the accrual of research and development and manufacturing expenses, the valuation of equity instruments and the incremental borrowing rate for determining the operating lease assets and liabilities. 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:9.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.1020833333333333;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:9.0pt;font-family:Times New Roman;min-width:fit-content;">The full extent to which the ongoing COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including expenses, clinical trials and research and development costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat COVID-19, as well as the economic impact on local, regional, national and international markets. The Company has made estimates of the impact of COVID-19 within its financial statements and there may be changes to those estimates in future periods. Actual results could differ from the Company’s estimates.</span></p>
CY2021Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
50258000
CY2022Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Asset1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationAsset1
-4595000
CY2022Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
778733000
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
679042000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1088000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
677954000
CY2022Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
109
CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
88
CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
778733000
CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
9218000
CY2022Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
778733000
CY2022Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
9218000
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
677954000
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
1088000
CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
677954000
CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
1088000
CY2022Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
4700000
CY2021Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
4500000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13455000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9671000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-62046000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-42184000
CY2022Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.57
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.47
CY2022Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
108293251
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
90197579
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12995662
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8886886

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