$RLAY
Relay Therapeutics, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024052135 Filed on May 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $0.00 $10.01M
YoY Change -100.0% 4327.88%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $20.14M $19.80M
YoY Change 0.09% 1.12%
% of Gross Profit
Research & Development $91.99M $82.40M
YoY Change 4.3% -0.51%
% of Gross Profit
Depreciation & Amortization $1.368M $1.395M
YoY Change 2.55% 16.54%
% of Gross Profit
Operating Expenses $100.8M $100.4M
YoY Change -5.1% -1.02%
Operating Profit -$100.8M -$90.36M
YoY Change -4.99% -10.69%
Interest Expense $8.547M $8.951M
YoY Change 13.07% 28.96%
% of Operating Profit
Other Income/Expense, Net $8.545M $8.976M
YoY Change 13.25% 29.37%
Pretax Income -$92.21M -$81.39M
YoY Change -6.39% -13.64%
Income Tax
% Of Pretax Income
Net Earnings -$92.21M -$81.39M
YoY Change -6.39% -13.64%
Net Earnings / Revenue -813.3%
Basic Earnings Per Share -$0.69 -$0.62
Diluted Earnings Per Share -$0.69 -$0.62
COMMON SHARES
Basic Shares Outstanding 132.7M 131.2M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $688.4M $749.6M
YoY Change -21.01% -20.07%
Cash & Equivalents $134.1M $152.9M
Short-Term Investments $554.3M $596.7M
Other Short-Term Assets $5.732M $7.304M
YoY Change -54.86% 78.8%
Inventory
Prepaid Expenses $10.12M $13.19M
Receivables
Other Receivables
Total Short-Term Assets $704.3M $770.1M
YoY Change -20.36% -19.65%
LONG-TERM ASSETS
Property, Plant & Equipment $8.350M $9.875M
YoY Change -88.51% -17.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.707M $2.707M
YoY Change 0.0% 5.0%
Total Long-Term Assets $68.28M $71.34M
YoY Change -12.09% -9.89%
TOTAL ASSETS
Total Short-Term Assets $704.3M $770.1M
Total Long-Term Assets $68.28M $71.34M
Total Assets $772.6M $841.4M
YoY Change -19.69% -18.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.17M $7.973M
YoY Change -24.43% -32.63%
Accrued Expenses $27.77M $22.36M
YoY Change -11.89% -20.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $45.04M $37.14M
YoY Change -37.07% -47.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $45.76M $58.53M
YoY Change -43.02% -30.05%
Total Long-Term Liabilities $45.76M $58.53M
YoY Change -43.02% -30.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $45.04M $37.14M
Total Long-Term Liabilities $45.76M $58.53M
Total Liabilities $90.81M $95.68M
YoY Change -40.22% -37.93%
SHAREHOLDERS EQUITY
Retained Earnings -$1.600B -$1.500B
YoY Change 23.08% 25.0%
Common Stock $133.0K $132.0K
YoY Change 9.02% 9.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $681.7M $745.8M
YoY Change
Total Liabilities & Shareholders Equity $772.6M $841.4M
YoY Change -19.69% -18.9%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$92.21M -$81.39M
YoY Change -6.39% -13.64%
Depreciation, Depletion And Amortization $1.368M $1.395M
YoY Change 2.55% 16.54%
Cash From Operating Activities -$65.83M -$50.32M
YoY Change -4.03% -25.04%
INVESTING ACTIVITIES
Capital Expenditures $11.00K $1.780M
YoY Change -99.27% -7.05%
Acquisitions
YoY Change
Other Investing Activities $45.56M $12.31M
YoY Change -13.68% -84.06%
Cash From Investing Activities $45.55M $10.53M
YoY Change -11.17% -86.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.542M 48.92M
YoY Change -25.87% 3671.94%
NET CHANGE
Cash From Operating Activities -65.83M -50.32M
Cash From Investing Activities 45.55M 10.53M
Cash From Financing Activities 1.542M 48.92M
Net Change In Cash -18.74M 9.130M
YoY Change 22.94% -3.7%
FREE CASH FLOW
Cash From Operating Activities -$65.83M -$50.32M
Capital Expenditures $11.00K $1.780M
Free Cash Flow -$65.84M -$52.10M
YoY Change -6.08% -24.54%

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BusinessCombinationContingentConsiderationLiability
32378000
CY2024Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-1832000
CY2023Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-1003000
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1500000000
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<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></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 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="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>
CY2023Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
13206000
CY2024Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
11374000
CY2023Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
31375000
CY2024Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
597900000
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
138000
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1296000
CY2024Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
596742000
CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
606546000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
698000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
894000
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
606350000
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
456909000
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
1231000
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
27027000
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
65000
CY2024Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
483936000
CY2024Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
1296000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
308981000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
578000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
64564000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
316000
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
373545000
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
894000
CY2024Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
79
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
70
CY2024Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each share of common stock entitles the stockholder to one vote on all matters submitted to a vote of the Company’s stockholders.
CY2024Q1 us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
27188000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
21518000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-81387000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-94239000
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.62
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.62
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.78
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.78
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
130843013
CY2024Q1 rlay Weighted Average Number Of Shares Outstanding Diluted
WeightedAverageNumberOfSharesOutstandingDiluted
130843013
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
121320865
CY2023Q1 rlay Weighted Average Number Of Shares Outstanding Diluted
WeightedAverageNumberOfSharesOutstandingDiluted
121320865
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
25948413
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19092851

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