$RLAY
Relay Therapeutics, Inc.

2023 Q3 Form 10-Q Financial Statement

#000095017023039874 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $25.20M $119.0K $365.0K
YoY Change 7226.16% -67.4% -56.75%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $18.49M $20.12M $17.47M
YoY Change 15.03% 15.2% 21.1%
% of Gross Profit
Research & Development $81.49M $88.20M $60.51M
YoY Change 21.81% 45.76% 34.03%
% of Gross Profit
Depreciation & Amortization $1.360M $1.334M $956.0K
YoY Change 31.66% 39.54% -0.31%
% of Gross Profit
Operating Expenses $98.78M $106.2M $78.18M
YoY Change 14.54% 35.81% -59.79%
Operating Profit -$73.58M -$106.1M -$77.81M
YoY Change -14.34% 36.29% -59.8%
Interest Expense $7.850M $7.559M $1.005M
YoY Change 358.26% 652.14% -108.61%
% of Operating Profit
Other Income/Expense, Net $7.843M $7.545M $1.023M
YoY Change 355.99% 637.54% 465.19%
Pretax Income -$65.73M -$98.51M -$76.79M
YoY Change -21.91% 28.28% -60.3%
Income Tax
% Of Pretax Income
Net Earnings -$65.73M -$98.51M -$76.79M
YoY Change -21.91% 28.28% -60.3%
Net Earnings / Revenue -260.83% -82777.31% -21037.81%
Basic Earnings Per Share -$0.54 -$0.81 -$0.71
Diluted Earnings Per Share -$0.54 -$0.81 -$706.8K
COMMON SHARES
Basic Shares Outstanding 122.1M 121.6M 108.7M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $810.6M $871.6M $838.0M
YoY Change -23.08% 4.01% 24.85%
Cash & Equivalents $151.3M $145.9M $107.7M
Short-Term Investments $659.3M $725.7M $730.3M
Other Short-Term Assets $3.678M $12.70M $12.75M
YoY Change -68.24% -0.42% 128.35%
Inventory
Prepaid Expenses $17.29M $9.306M
Receivables $211.0K $78.00K $288.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $831.8M $884.3M $855.8M
YoY Change -23.5% 3.34% 25.62%
LONG-TERM ASSETS
Property, Plant & Equipment $10.70M $72.66M $8.922M
YoY Change -6.05% 714.39% 36.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.700M $2.707M $2.578M
YoY Change 4.73% 5.0% 0.0%
Total Long-Term Assets $75.16M $77.67M $33.63M
YoY Change -7.69% 130.96% 1.52%
TOTAL ASSETS
Total Short-Term Assets $831.8M $884.3M $855.8M
Total Long-Term Assets $75.16M $77.67M $33.63M
Total Assets $907.0M $962.0M $889.4M
YoY Change -22.4% 8.16% 24.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.35M $14.78M $4.296M
YoY Change 40.78% 243.99% -45.42%
Accrued Expenses $31.49M $31.52M $22.11M
YoY Change 7.24% 42.57% 43.51%
Deferred Revenue $83.00K
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 $50.75M $71.58M $43.90M
YoY Change -28.95% 63.04% 72.94%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $77.80M $80.32M $65.88M
YoY Change -20.22% 21.92% -6.53%
Total Long-Term Liabilities $77.80M $80.32M $65.88M
YoY Change -20.22% 21.92% -6.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $50.75M $71.58M $43.90M
Total Long-Term Liabilities $77.80M $80.32M $65.88M
Total Liabilities $128.6M $151.9M $109.8M
YoY Change -23.89% 38.36% 14.51%
SHAREHOLDERS EQUITY
Retained Earnings -$1.300B -$1.300B -$906.9M
YoY Change 31.17% 43.35% 41.74%
Common Stock $123.0K $122.0K $109.0K
YoY Change 1.65% 11.93%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $778.4M $810.1M $779.6M
YoY Change
Total Liabilities & Shareholders Equity $907.0M $962.0M $889.4M
YoY Change -22.4% 8.16% 24.5%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$65.73M -$98.51M -$76.79M
YoY Change -21.91% 28.28% -60.3%
Depreciation, Depletion And Amortization $1.360M $1.334M $956.0K
YoY Change 31.66% 39.54% -0.31%
Cash From Operating Activities -$75.40M -$68.60M -$57.09M
YoY Change 13.99% 20.16% 102.89%
INVESTING ACTIVITIES
Capital Expenditures $590.0K $1.503M -$1.857M
YoY Change -128.16% -180.94% 395.2%
Acquisitions
YoY Change
Other Investing Activities $71.95M $52.78M $45.25M
YoY Change 145.71% 16.65% 71.05%
Cash From Investing Activities $71.37M $51.28M $43.39M
YoY Change 162.52% 18.18% 66.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.460M 2.080M 1.996M
YoY Change -96.69% 4.21% 78.85%
NET CHANGE
Cash From Operating Activities -75.40M -68.60M -57.09M
Cash From Investing Activities 71.37M 51.28M 43.39M
Cash From Financing Activities 9.460M 2.080M 1.996M
Net Change In Cash 5.430M -15.24M -11.71M
YoY Change -97.8% 30.19% 1123.51%
FREE CASH FLOW
Cash From Operating Activities -$75.40M -$68.60M -$57.09M
Capital Expenditures $590.0K $1.503M -$1.857M
Free Cash Flow -$75.99M -$70.10M -$55.24M
YoY Change 18.64% 26.92% 98.94%

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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></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 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:&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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