$RLAY
Relay Therapeutics, Inc.

2020 Q3 Form 10-Q Financial Statement

#000119312520233120 Filed on August 27, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2019 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.23M $6.050M $3.510M
YoY Change 235.07% 72.36%
% of Gross Profit
Research & Development $24.38M $21.67M $16.40M
YoY Change 33.52% 32.13%
% of Gross Profit
Depreciation & Amortization $920.0K $860.0K $690.0K
YoY Change 46.03% 24.64%
% of Gross Profit
Operating Expenses $36.61M $27.72M $19.91M
YoY Change 67.09% 39.26%
Operating Profit -$36.61M -$27.72M -$19.91M
YoY Change 67.09% 39.26%
Interest Expense $530.0K $1.000M $2.370M
YoY Change -76.34% -57.81%
% of Operating Profit
Other Income/Expense, Net $529.0K $995.0K $2.368M
YoY Change -76.33% -57.98%
Pretax Income -$36.08M -$26.72M -$17.54M
YoY Change 83.43% 52.34%
Income Tax
% Of Pretax Income
Net Earnings -$36.08M -$26.72M -$17.54M
YoY Change 83.39% 52.39%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$506.4K -$307.6K -$0.20
COMMON SHARES
Basic Shares Outstanding 89.97M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $713.5M $312.2M
YoY Change
Cash & Equivalents $559.3M $137.1M $39.36M
Short-Term Investments $154.2M $175.2M
Other Short-Term Assets $8.400M $3.700M
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $721.9M $315.9M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $6.579M $7.391M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $900.0K $2.000M
YoY Change
Total Long-Term Assets $29.83M $32.17M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $721.9M $315.9M
Total Long-Term Assets $29.83M $32.17M
Total Assets $751.7M $348.0M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.553M $2.830M
YoY Change
Accrued Expenses $9.680M $8.565M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.67M $12.77M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $22.50M $22.90M
YoY Change
Total Long-Term Liabilities $22.50M $22.90M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $15.67M $12.77M
Total Long-Term Liabilities $22.50M $22.90M
Total Liabilities $38.16M $35.65M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$439.5M -$241.1M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $713.5M -$225.4M -$140.0M
YoY Change
Total Liabilities & Shareholders Equity $751.7M $348.0M
YoY Change

Cashflow Statement

Concept 2020 Q3 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$36.08M -$26.72M -$17.54M
YoY Change 83.39% 52.39%
Depreciation, Depletion And Amortization $920.0K $860.0K $690.0K
YoY Change 46.03% 24.64%
Cash From Operating Activities -$24.04M -$20.85M -$15.05M
YoY Change 37.37% 38.54%
INVESTING ACTIVITIES
Capital Expenditures -$440.0K -$410.0K $1.880M
YoY Change -118.49% -121.81%
Acquisitions
YoY Change
Other Investing Activities $20.51M $88.06M -$357.0M
YoY Change 116.81% -124.67%
Cash From Investing Activities $20.07M $87.65M -$358.9M
YoY Change 183.47% -124.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 426.2M -90.00K 670.0K
YoY Change 387345.45% -113.43%
NET CHANGE
Cash From Operating Activities -24.04M -20.85M -15.05M
Cash From Investing Activities 20.07M 87.65M -358.9M
Cash From Financing Activities 426.2M -90.00K 670.0K
Net Change In Cash 422.2M 66.71M -373.2M
YoY Change -4195.25% -117.87%
FREE CASH FLOW
Cash From Operating Activities -$24.04M -$20.85M -$15.05M
Capital Expenditures -$440.0K -$410.0K $1.880M
Free Cash Flow -$23.60M -$20.44M -$16.93M
YoY Change 18.71% 20.73%

Facts In Submission

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us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Use of Estimates </div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">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 consolidated financial statements include, but are not limited to, the accrual of research and development and manufacturing expenses, the valuation of equity instruments, the probability of achieving milestones for performance-based vesting of equity awards, and the incremental borrowing rate for determining the operating lease asset and liability. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">The full extent to which the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic will directly or indirectly impact the Company&#8217;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 <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> and the actions taken to contain or treat <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19,</div> as well as the economic impact on local, regional, national and international markets. The Company has made estimates of the impact of <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> within its financial statements and there may be changes to those estimates in future periods. Actual results could differ from the Company&#8217;s estimates.</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2020Q2 us-gaap Deferred Offering Costs
DeferredOfferingCosts
1123000
CY2019Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
0
dei Entity Ex Transition Period
EntityExTransitionPeriod
false
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-4045000
CY2020Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
174522000
CY2020Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
631000
CY2020Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
175153000
CY2019Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
313537000
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
325000
CY2019Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
313862000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5306176
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.62
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2500266
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.89
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
181414
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.95
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
153941
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
4.93
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7471087
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.05
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1428137
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.35
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3214000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue
20369
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
67263000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y3M
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
13865000
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y11M26D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y11M4D
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4032000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1086000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5487000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1902000
CY2020Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
31407000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y2M12D
rlay Common Stock Restriction Period
CommonStockRestrictionPeriod
P4Y
dei Trading Symbol
TradingSymbol
RLAY
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
67645441
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
65590932
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
67645441
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
65590932
CY2020Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
89974876

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