$RLAY
Relay Therapeutics, Inc.

2023 Q1 Form 10-K Financial Statement

#000095017023004123 Filed on February 23, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $226.0K $253.0K $1.381M
YoY Change -46.06% -55.38% -95.44%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $19.58M $16.47M $65.98M
YoY Change 21.85% 5.92% 14.97%
% of Gross Profit
Research & Development $82.83M $67.28M $246.4M
YoY Change 60.31% 31.7% 42.69%
% of Gross Profit
Depreciation & Amortization $1.197M $1.166M $4.100M
YoY Change 22.77% 12.77% 5.13%
% of Gross Profit
Operating Expenses $101.4M $73.10M $300.7M
YoY Change 60.6% 7.05% -18.24%
Operating Profit -$101.2M -$299.3M
YoY Change 61.31% -17.94%
Interest Expense $6.941M $5.372M $8.786M
YoY Change 897.27% 1911.99% -179.69%
% of Operating Profit
Other Income/Expense, Net $6.938M -$24.00K $8.766M
YoY Change 927.85% 961.26%
Pretax Income -$94.24M -$67.50M -$290.5M
YoY Change 51.89% 0.07% -20.16%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$94.24M -$67.50M -$290.5M
YoY Change 51.89% 0.07% -20.16%
Net Earnings / Revenue -41698.67% -26681.03% -21036.13%
Basic Earnings Per Share -$0.78 -$2.59
Diluted Earnings Per Share -$0.78 -$0.56 -$2.59
COMMON SHARES
Basic Shares Outstanding 121.4M 120.9M 112.2M
Diluted Shares Outstanding 112.2M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $937.8M $998.9M $998.9M
YoY Change 4.41% 4.26% 4.26%
Cash & Equivalents $161.3M $151.8M $151.8M
Short-Term Investments $776.5M $847.1M $847.1M
Other Short-Term Assets $4.085M $3.259M $15.37M
YoY Change -67.74% -75.36% 16.18%
Inventory
Prepaid Expenses $11.27M $12.11M
Receivables $286.0K $306.0K $5.219M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $958.4M $1.020B $1.020B
YoY Change 4.65% 4.43% 4.43%
LONG-TERM ASSETS
Property, Plant & Equipment $11.95M $11.63M $75.39M
YoY Change 34.21% 77.81% 175.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.578M $2.578M $2.578M
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $79.17M $80.27M $80.27M
YoY Change 132.24% 149.27% 149.27%
TOTAL ASSETS
Total Short-Term Assets $958.4M $1.020B $1.020B
Total Long-Term Assets $79.17M $80.27M $80.27M
Total Assets $1.038B $1.100B $1.100B
YoY Change 9.23% 9.06% 9.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.83M $10.58M $10.58M
YoY Change 46.95% 27.82% 27.82%
Accrued Expenses $28.05M $22.70M $25.43M
YoY Change 84.3% 67.46% 67.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $70.47M $63.71M $63.71M
YoY Change 69.03% 161.95% 161.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $83.68M $85.84M $85.84M
YoY Change 26.37% 472.29% -0.54%
Total Long-Term Liabilities $83.68M $85.84M $85.84M
YoY Change 26.37% 472.29% -0.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $70.47M $63.71M $63.71M
Total Long-Term Liabilities $83.68M $85.84M $85.84M
Total Liabilities $154.1M $149.6M $149.6M
YoY Change 42.85% 35.18% 35.18%
SHAREHOLDERS EQUITY
Retained Earnings -$1.200B -$1.100B
YoY Change 44.56% 43.21%
Common Stock $121.0K $121.0K
YoY Change 11.01% 11.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $883.4M $950.2M $950.2M
YoY Change
Total Liabilities & Shareholders Equity $1.038B $1.100B $1.100B
YoY Change 9.23% 9.06% 9.06%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$94.24M -$67.50M -$290.5M
YoY Change 51.89% 0.07% -20.16%
Depreciation, Depletion And Amortization $1.197M $1.166M $4.100M
YoY Change 22.77% 12.77% 5.13%
Cash From Operating Activities -$67.13M -$57.08M -$229.5M
YoY Change 36.52% 43.75% 208.43%
INVESTING ACTIVITIES
Capital Expenditures $1.915M $2.316M $9.062M
YoY Change -31.46% -363.18% 161.08%
Acquisitions
YoY Change
Other Investing Activities $77.23M -$144.6M -$179.7M
YoY Change -170.47% -50.45% -62.25%
Cash From Investing Activities $75.31M -$146.9M -$188.7M
YoY Change -167.01% -49.81% -60.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.297M 1.166M 289.9M
YoY Change 46.89% -99.7% -25.3%
NET CHANGE
Cash From Operating Activities -67.13M -57.08M -229.5M
Cash From Investing Activities 75.31M -146.9M -188.7M
Cash From Financing Activities 1.297M 1.166M 289.9M
Net Change In Cash 9.481M -202.8M -128.3M
YoY Change -105.9% -493.42% -22.62%
FREE CASH FLOW
Cash From Operating Activities -$67.13M -$57.08M -$229.5M
Capital Expenditures $1.915M $2.316M $9.062M
Free Cash Flow -$69.05M -$59.40M -$238.6M
YoY Change 32.86% 52.97% 206.32%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;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:&quot;Times New Roman&quot;, serif;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 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 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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> ("ASC 606"), the accrual of research and development and manufacturing expenses, the valuation of equity instruments, and the incremental borrowing rate for determining 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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
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CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
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CY2022 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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CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.273
CY2021 rlay Effective Income Tax Rate Reconciliation In Process Research And Development Asset
EffectiveIncomeTaxRateReconciliationInProcessResearchAndDevelopmentAsset
-0.070
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.042
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.022
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.076
CY2022 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
-0.021
CY2021 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
-0.004
CY2020 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
-0.067
CY2022 rlay Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
-0.006
CY2021 rlay Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
-0.010
CY2020 rlay Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
-0.003
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
119688000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
108800000
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
30593000
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
18288000
CY2022Q4 rlay Deferred Tax Assets Capitalized Research And Development Expense
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55303000
CY2022Q4 rlay Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
18307000
CY2021Q4 rlay Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
6010000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
14510000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
8374000
CY2022Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
1875000
CY2021Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
1859000
CY2022Q4 rlay Deferred Tax Assets Depreciation And Amortization
DeferredTaxAssetsDepreciationAndAmortization
568000
CY2021Q4 rlay Deferred Tax Assets Depreciation And Amortization
DeferredTaxAssetsDepreciationAndAmortization
477000
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
7270000
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
4304000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
248114000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
148112000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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230518000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
142674000
CY2022Q4 us-gaap Deferred Tax Assets Net
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17596000
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
5438000
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17596000
CY2021Q4 rlay Deferred Tax Liabilities Operating Lease Assets
DeferredTaxLiabilitiesOperatingLeaseAssets
5438000
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
5438000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
412000000.0
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
371400000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
501700000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
466200000
CY2022 rlay Increase In Deferred Tax Assets Valuation Allowance
IncreaseInDeferredTaxAssetsValuationAllowance
87800000
CY2021 rlay Increase In Deferred Tax Assets Valuation Allowance
IncreaseInDeferredTaxAssetsValuationAllowance
76900000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
There are currently no pending tax examinations.
CY2022 rlay Cares Act Description Of Corporate Tax Payers
CARESActDescriptionOfCorporateTaxPayers
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.
CY2022 rlay Cares Act Percentage Of Eliminates Of Taxable Income
CARESActPercentageOfEliminatesOfTaxableIncome
0.80
CY2022 rlay Cares Act Maximum Percentage Of Interest Deducted By Tax Payers
CARESActMaximumPercentageOfInterestDeductedByTaxPayers
0.50
CY2022 rlay Cares Act Percentage Of Interest Deducted By Tax Payers
CARESActPercentageOfInterestDeductedByTaxPayers
0.30
CY2022 rlay Cares Act Percentage Of Corporate Charitable Deduction Limit
CARESActPercentageOfCorporateCharitableDeductionLimit
0.25
CY2022 rlay Cares Act Period Of Qualified Improvement Property For Cost Recovery
CARESActPeriodOfQualifiedImprovementPropertyForCostRecovery
P15Y
CY2022 rlay Cares Act Percentage Of Bonus Depreciation
CARESActPercentageOfBonusDepreciation
1
CY2022 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
2300000
CY2021 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
1200000

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