$RLAY
Relay Therapeutics, Inc.

2024 Q1 Form 10-K Financial Statement

#000095017024018797 Filed on February 22, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $10.01M $25.55M $25.55M
YoY Change 4327.88% 9997.23% 1749.82%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $19.80M $74.95M $74.95M
YoY Change 1.12% 355.13% 13.6%
% of Gross Profit
Research & Development $82.40M $330.0M $330.0M
YoY Change -0.51% 390.54% 33.96%
% of Gross Profit
Depreciation & Amortization $1.395M $1.379M $5.300M
YoY Change 16.54% 18.27% 29.27%
% of Gross Profit
Operating Expenses $100.4M $398.5M $398.5M
YoY Change -1.02% 445.18% 32.56%
Operating Profit -$90.36M -$373.0M
YoY Change -10.69% 24.63%
Interest Expense $8.951M $31.05M $31.05M
YoY Change 28.96% 477.9% 253.35%
% of Operating Profit
Other Income/Expense, Net $8.976M -$18.00K $31.03M
YoY Change 29.37% -25.0% 253.95%
Pretax Income -$81.39M -$342.0M -$342.0M
YoY Change -13.64% 406.6% 17.72%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$81.39M -$342.0M -$342.0M
YoY Change -13.64% 406.6% 17.72%
Net Earnings / Revenue -813.3% -1338.66% -1338.66%
Basic Earnings Per Share -$0.62 -$2.79
Diluted Earnings Per Share -$0.62 -$2.79 -$2.79
COMMON SHARES
Basic Shares Outstanding 131.2M 123.3M 122.6M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $749.6M $750.1M $750.1M
YoY Change -20.07% -24.91% -24.91%
Cash & Equivalents $152.9M $143.7M $143.7M
Short-Term Investments $596.7M $606.4M $606.4M
Other Short-Term Assets $7.304M $3.315M $20.02M
YoY Change 78.8% 1.72% 30.24%
Inventory
Prepaid Expenses $13.19M $16.70M
Receivables $0.00 $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $770.1M $770.1M $770.1M
YoY Change -19.65% -24.46% -24.46%
LONG-TERM ASSETS
Property, Plant & Equipment $9.875M $10.90M $68.87M
YoY Change -17.36% -6.3% -8.65%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.707M $2.707M $2.707M
YoY Change 5.0% 5.0% 5.0%
Total Long-Term Assets $71.34M $73.88M $73.88M
YoY Change -9.89% -7.96% -7.96%
TOTAL ASSETS
Total Short-Term Assets $770.1M $770.1M $770.1M
Total Long-Term Assets $71.34M $73.88M $73.88M
Total Assets $841.4M $844.0M $844.0M
YoY Change -18.9% -23.26% -23.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.973M $9.211M $9.211M
YoY Change -32.63% -12.92% -12.92%
Accrued Expenses $22.36M $14.89M $19.06M
YoY Change -20.26% -34.41% -25.03%
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 $37.14M $30.27M $30.27M
YoY Change -47.29% -52.49% -52.49%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $58.53M $61.71M $61.71M
YoY Change -30.05% -28.12% -28.12%
Total Long-Term Liabilities $58.53M $61.71M $61.71M
YoY Change -30.05% -28.12% -28.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.14M $30.27M $30.27M
Total Long-Term Liabilities $58.53M $61.71M $61.71M
Total Liabilities $95.68M $91.98M $91.98M
YoY Change -37.93% -38.5% -38.5%
SHAREHOLDERS EQUITY
Retained Earnings -$1.500B -$1.400B
YoY Change 25.0% 27.27%
Common Stock $132.0K $127.0K
YoY Change 9.09% 4.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $745.8M $752.0M $752.0M
YoY Change
Total Liabilities & Shareholders Equity $841.4M $844.0M $844.0M
YoY Change -18.9% -23.26% -23.26%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$81.39M -$342.0M -$342.0M
YoY Change -13.64% 406.6% 17.72%
Depreciation, Depletion And Amortization $1.395M $1.379M $5.300M
YoY Change 16.54% 18.27% 29.27%
Cash From Operating Activities -$50.32M -$89.19M -$300.3M
YoY Change -25.04% 56.25% 30.86%
INVESTING ACTIVITIES
Capital Expenditures $1.780M $116.0K $4.126M
YoY Change -7.05% -94.99% -54.47%
Acquisitions
YoY Change
Other Investing Activities $12.31M $59.80M $261.8M
YoY Change -84.06% -141.35% -245.68%
Cash From Investing Activities $10.53M $59.67M $257.6M
YoY Change -86.02% -140.61% -236.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 48.92M 21.91M 34.75M
YoY Change 3671.94% 1779.33% -88.01%
NET CHANGE
Cash From Operating Activities -50.32M -89.19M -300.3M
Cash From Investing Activities 10.53M 59.67M 257.6M
Cash From Financing Activities 48.92M 21.91M 34.75M
Net Change In Cash 9.130M -7.599M -7.929M
YoY Change -3.7% -96.25% -93.82%
FREE CASH FLOW
Cash From Operating Activities -$50.32M -$89.19M -$300.3M
Capital Expenditures $1.780M $116.0K $4.126M
Free Cash Flow -$52.10M -$89.30M -$304.4M
YoY Change -24.54% 50.35% 27.62%

Facts In Submission

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CY2023 us-gaap Use Of Estimates
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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;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 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="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Revenue from Contracts with Customers</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;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:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023 us-gaap Number Of Operating Segments
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CY2023 rlay Cash And Cash Equivalents Maturity Date Description
CashAndCashEquivalentsMaturityDateDescription
The Company considers all short-term, highly liquid investments with original maturities of 90 days or less at acquisition date to be cash equivalents.
CY2023 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2023 us-gaap Income Tax Examination Likelihood Of Unfavorable Settlement
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CY2023 us-gaap Common Stock Voting Rights
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Each share of common stock entitles the stockholder to one vote on all matters submitted to a vote of the Company’s stockholders.
CY2023 us-gaap Dividends Common Stock
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CY2023 rlay Common Stock Restriction Period
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CY2022 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2023 rlay Effective Income Tax Rate Reconciliation In Process Research And Development Asset
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CY2022 rlay Effective Income Tax Rate Reconciliation In Process Research And Development Asset
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
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CY2023 rlay Effective Income Tax Rate Reconciliation Permanent Differences
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CY2021 rlay Effective Income Tax Rate Reconciliation Permanent Differences
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CY2023 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
141453000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
119688000
CY2023Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
45969000
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
30593000
CY2023Q4 rlay Deferred Tax Assets Capitalized Research And Development Expense
DeferredTaxAssetsCapitalizedResearchAndDevelopmentExpense
90273000
CY2022Q4 rlay Deferred Tax Assets Capitalized Research And Development Expense
DeferredTaxAssetsCapitalizedResearchAndDevelopmentExpense
55303000
CY2023Q4 rlay Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
12914000
CY2022Q4 rlay Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
18307000
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
19448000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
14510000
CY2023Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
1261000
CY2022Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
1875000
CY2023Q4 rlay Deferred Tax Assets Depreciation And Amortization
DeferredTaxAssetsDepreciationAndAmortization
505000
CY2022Q4 rlay Deferred Tax Assets Depreciation And Amortization
DeferredTaxAssetsDepreciationAndAmortization
568000
CY2023Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
263000
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
7270000
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
312086000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
248114000
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
299829000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
230518000
CY2023Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
12257000
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
17596000
CY2023Q4 rlay Deferred Tax Liabilities Operating Lease Assets
DeferredTaxLiabilitiesOperatingLeaseAssets
12257000
CY2022Q4 rlay Deferred Tax Liabilities Operating Lease Assets
DeferredTaxLiabilitiesOperatingLeaseAssets
17596000
CY2023Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
12257000
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
17596000
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
498000000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
412100000
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
559700000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
501700000
CY2023 rlay Increase In Deferred Tax Assets Valuation Allowance
IncreaseInDeferredTaxAssetsValuationAllowance
69300000
CY2022 rlay Increase In Deferred Tax Assets Valuation Allowance
IncreaseInDeferredTaxAssetsValuationAllowance
87800000
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
There are currently no pending tax examinations.
CY2023 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.
CY2023 rlay Cares Act Percentage Of Eliminates Of Taxable Income
CARESActPercentageOfEliminatesOfTaxableIncome
0.80
CY2023 rlay Cares Act Maximum Percentage Of Interest Deducted By Tax Payers
CARESActMaximumPercentageOfInterestDeductedByTaxPayers
0.50
CY2023 rlay Cares Act Percentage Of Interest Deducted By Tax Payers
CARESActPercentageOfInterestDeductedByTaxPayers
0.30
CY2023 rlay Cares Act Percentage Of Corporate Charitable Deduction Limit
CARESActPercentageOfCorporateCharitableDeductionLimit
0.25
CY2023 rlay Cares Act Period Of Qualified Improvement Property For Cost Recovery
CARESActPeriodOfQualifiedImprovementPropertyForCostRecovery
P15Y
CY2023 rlay Cares Act Percentage Of Bonus Depreciation
CARESActPercentageOfBonusDepreciation
1
CY2023 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
2600000
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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