$RLAY
Relay Therapeutics, Inc.

2020 Q4 Form 10-Q Financial Statement

#000119312520291681 Filed on November 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q4
Revenue $82.65M $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $15.54M $12.23M $3.430M
YoY Change 353.06% 235.07%
% of Gross Profit
Research & Development $31.42M $24.38M $22.41M
YoY Change 40.21% 33.52%
% of Gross Profit
Depreciation & Amortization $910.0K $920.0K $2.180M
YoY Change -58.26% 46.03%
% of Gross Profit
Operating Expenses $47.67M $36.61M $25.83M
YoY Change 84.55% 67.09%
Operating Profit -$36.61M
YoY Change 67.09%
Interest Expense $300.0K $530.0K $1.920M
YoY Change -84.38% -76.34%
% of Operating Profit
Other Income/Expense, Net -$10.00K $529.0K $0.00
YoY Change -76.33%
Pretax Income $35.28M -$36.08M -$23.91M
YoY Change -247.55% 83.43%
Income Tax
% Of Pretax Income
Net Earnings $35.28M -$36.08M -$23.91M
YoY Change -247.55% 83.39%
Net Earnings / Revenue 42.69%
Basic Earnings Per Share
Diluted Earnings Per Share $392.4K -$506.4K -$0.31
COMMON SHARES
Basic Shares Outstanding 89.98M 89.97M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $678.1M $713.5M
YoY Change
Cash & Equivalents $447.6M $559.3M $41.95M
Short-Term Investments $230.4M $154.2M
Other Short-Term Assets $9.400M $8.400M
YoY Change
Inventory
Prepaid Expenses
Receivables $75.00M
Other Receivables $0.00
Total Short-Term Assets $770.1M $721.9M $360.5M
YoY Change 113.6%
LONG-TERM ASSETS
Property, Plant & Equipment $6.250M $6.579M $8.094M
YoY Change -22.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $900.0K $900.0K
YoY Change
Total Long-Term Assets $29.73M $29.83M $32.53M
YoY Change -8.62%
TOTAL ASSETS
Total Short-Term Assets $770.1M $721.9M $360.5M
Total Long-Term Assets $29.73M $29.83M $32.53M
Total Assets $799.8M $751.7M $393.1M
YoY Change 103.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.351M $4.553M $6.991M
YoY Change -9.15%
Accrued Expenses $5.760M $9.680M $3.746M
YoY Change 53.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.63M $15.67M $11.99M
YoY Change 13.73%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $22.90M $22.50M
YoY Change
Total Long-Term Liabilities $22.90M $22.50M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $13.63M $15.67M $11.99M
Total Long-Term Liabilities $22.90M $22.50M
Total Liabilities $36.54M $38.16M $35.73M
YoY Change 2.27%
SHAREHOLDERS EQUITY
Retained Earnings -$404.2M -$439.5M -$189.5M
YoY Change 113.33%
Common Stock $90.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $763.3M $713.5M -$180.4M
YoY Change
Total Liabilities & Shareholders Equity $799.8M $751.7M $393.1M
YoY Change 103.48%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q4
OPERATING ACTIVITIES
Net Income $35.28M -$36.08M -$23.91M
YoY Change -247.55% 83.39%
Depreciation, Depletion And Amortization $910.0K $920.0K $2.180M
YoY Change -58.26% 46.03%
Cash From Operating Activities -$35.27M -$24.04M -$55.31M
YoY Change -36.23% 37.37%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K -$440.0K -$4.860M
YoY Change -98.77% -118.49%
Acquisitions
YoY Change
Other Investing Activities -$76.36M $20.51M -$311.0M
YoY Change -75.45% 116.81%
Cash From Investing Activities -$76.42M $20.07M -$315.9M
YoY Change -75.81% 183.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 60.00K 426.2M 560.0K
YoY Change -89.29% 387345.45%
NET CHANGE
Cash From Operating Activities -35.27M -24.04M -55.31M
Cash From Investing Activities -76.42M 20.07M -315.9M
Cash From Financing Activities 60.00K 426.2M 560.0K
Net Change In Cash -111.6M 422.2M -370.6M
YoY Change -69.88% -4195.25%
FREE CASH FLOW
Cash From Operating Activities -$35.27M -$24.04M -$55.31M
Capital Expenditures -$60.00K -$440.0K -$4.860M
Free Cash Flow -$35.21M -$23.60M -$50.45M
YoY Change -30.21% 18.71%

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dei Document Type
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10-Q
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dei Security12b Title
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Relay Therapeutics, Inc.
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89803785
CY2019Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
4037476
CY2019Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2020Q3 us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
-177789000
CY2020Q3 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
715570000
CY2020Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
425293000
CY2020Q3 us-gaap Adjustments To Additional Paid In Capital Stock Issued Ownshare Lending Arrangement Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedOwnshareLendingArrangementIssuanceCosts
34707000
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
427800000
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
715508000
CY2020Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
425293000
CY2020Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
260000000
CY2020Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; 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;"><div style="font-family: 'times new roman'; font-size: 10pt; 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;">The full extent to which the <div style="white-space: nowrap; 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; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> and the actions taken to contain or treat <div style="white-space: nowrap; 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; 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>
CY2020Q3 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
37206604
rlay Common Stock Restriction Period
CommonStockRestrictionPeriod
P4Y
CY2020Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
-177789000
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
-177789000
CY2020Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-213867000
CY2019Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-19673000
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-265477000
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-51392000
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2020Q3 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
one-for-3.55092
CY2020Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2019Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2020Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
24376000
CY2019Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
18256000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
67739000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
47899000
CY2020Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
12231000
CY2019Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3652000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
23045000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10316000
CY2020Q3 us-gaap Operating Expenses
OperatingExpenses
36607000
CY2019Q3 us-gaap Operating Expenses
OperatingExpenses
21908000
us-gaap Operating Expenses
OperatingExpenses
90784000
us-gaap Operating Expenses
OperatingExpenses
58215000
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-36607000
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-21908000
us-gaap Operating Income Loss
OperatingIncomeLoss
-90784000
us-gaap Operating Income Loss
OperatingIncomeLoss
-58215000
CY2020Q3 us-gaap Interest Income Other
InterestIncomeOther
534000
CY2019Q3 us-gaap Interest Income Other
InterestIncomeOther
2236000
us-gaap Interest Income Other
InterestIncomeOther
3104000
us-gaap Interest Income Other
InterestIncomeOther
6881000
CY2020Q3 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
5000
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
8000
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
58000
CY2020Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
529000
CY2019Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2235000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3096000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
6823000
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-3.00
CY2019Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-5.53
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-9.92
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-15.46
CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
71248846
CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3556303
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26766687
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3323456
CY2020Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-455000
CY2019Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-68000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-149000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
407000
CY2020Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-455000
CY2019Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-68000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-149000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
407000
CY2020Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-36533000
CY2019Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-19741000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-87837000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-50985000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-36078000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-19673000
us-gaap Net Income Loss
NetIncomeLoss
-87688000
us-gaap Net Income Loss
NetIncomeLoss
-51392000
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-213867000
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-19673000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-265477000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-51392000
CY2019Q3 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
1000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11929000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1248000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17416000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3150000
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
55762000
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
2507000
rlay Loss On Extinguishment And Reissuance Of Preferred Stock
LossOnExtinguishmentAndReissuanceOfPreferredStock
-177789000
CY2020Q3 rlay Deemed Dividend Resulting From Extinguishment Of Preferred Stock
DeemedDividendResultingFromExtinguishmentOfPreferredStock
-177789000
rlay Deemed Dividend Resulting From Extinguishment Of Preferred Stock
DeemedDividendResultingFromExtinguishmentOfPreferredStock
-177789000
CY2020Q3 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
2507000

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