Relay Therapeutics (RLAY)


Market Price (11/3/2026): $17.5 | Market Cap: $3.8 BilSector: Health Care | Industry: Biotechnology

Relay Therapeutics (RLAY)


Market Price (11/3/2026): $17.5
Market Cap: $3.8 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -25%

Megatrend and thematic drivers
Megatrends include Precision Medicine. Themes include Biopharmaceutical R&D, Targeted Therapies, and Computational Drug Discovery.

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -310 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2999%

Expensive valuation multiples
P/SPrice/Sales ratio is 339x

Stock price has recently run up significantly
12M Rtn12 month market price return is 142%

Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -48%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 467%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2050%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2050%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 102%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -12%

Significant short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 16, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 22%

Key risks
RLAY key risks include [1] a heavy reliance on the pivotal clinical trial outcome and regulatory approval of its lead candidate RLY-2608, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -25%
1 Megatrend and thematic drivers
Megatrends include Precision Medicine. Themes include Biopharmaceutical R&D, Targeted Therapies, and Computational Drug Discovery.
2 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -310 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2999%
3 Expensive valuation multiples
P/SPrice/Sales ratio is 339x
4 Stock price has recently run up significantly
12M Rtn12 month market price return is 142%
5 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -48%
6 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 467%
7 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2050%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2050%
8 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 102%
9 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -12%
10 Significant short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 16, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 22%
11 Key risks
RLAY key risks include [1] a heavy reliance on the pivotal clinical trial outcome and regulatory approval of its lead candidate RLY-2608, Show more.

RLAY in ETFs

Weight = RLAY's share of each fund

VTI0.01%
ITOT0.00%
IWM0.12%
XBI0.92%
IBB0.21%
IWO0.18%
VTWO0.11%
SCHA0.08%
+8 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/2/2026

Relay Therapeutics (RLAY) stock has lost about 10% since 7/31/2026 because of the following key factors:

1. Relay Therapeutics reported a significant financial underperformance in its fiscal Q2 2026 results, announced on August 6, 2026. The company posted an earnings per share (EPS) of -$0.41, missing analysts' consensus estimates of -$0.39 by $0.02. Additionally, quarterly revenue came in at $350 thousand, falling substantially short of the consensus estimate of $960 thousand.

2. The company experienced a widening of its net losses in fiscal Q2 2026. Relay Therapeutics' net income for fiscal Q2 2026 was -$83.71 million, which marked an increase in losses compared to the -$73.29 million net income reported in the prior fiscal quarter.

Show more
Updated on 11/2/2026

Relay Therapeutics (RLAY) stock has lost about 10% since 7/31/2026 because of the following key factors:

1. Relay Therapeutics reported a significant financial underperformance in its fiscal Q2 2026 results, announced on August 6, 2026. The company posted an earnings per share (EPS) of -$0.41, missing analysts' consensus estimates of -$0.39 by $0.02. Additionally, quarterly revenue came in at $350 thousand, falling substantially short of the consensus estimate of $960 thousand.

2. The company experienced a widening of its net losses in fiscal Q2 2026. Relay Therapeutics' net income for fiscal Q2 2026 was -$83.71 million, which marked an increase in losses compared to the -$73.29 million net income reported in the prior fiscal quarter.

3. Analysts' projections indicate a continued trend of increasing losses for the upcoming fiscal years. Following the fiscal Q2 2026 report, analysts anticipate Relay Therapeutics' EPS to decrease (indicating larger losses) from an estimated ($1.61) for the current fiscal year to ($1.62) for the next fiscal year. This forward-looking negative trend in anticipated profitability likely contributed to investor concern.

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Stock Movement Drivers

Fundamental Drivers

The -8.2% change in RLAY stock from 7/31/2026 to 11/2/2026 was primarily driven by a -11.3% change in the company's Shares Outstanding (Mil).
(LTM values as of)731202611022026Change
Stock Price ($)18.8317.28-8.2%
Change Contribution By: 
Total Revenues ($ Mil)1110-3.1%
P/S Multiple317.2338.76.8%
Shares Outstanding (Mil)180203-11.3%
Cumulative Contribution-8.2%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/2/2026
ReturnCorrelation
RLAY-8.2% 
Market (SPY)0.7%38.5%
Sector (XLV)13.6%23.3%

Fundamental Drivers

The 33.3% change in RLAY stock from 4/30/2026 to 11/2/2026 was primarily driven by a 131.4% change in the company's P/S Multiple.
(LTM values as of)430202611022026Change
Stock Price ($)12.9617.2833.3%
Change Contribution By: 
Total Revenues ($ Mil)1510-32.6%
P/S Multiple146.4338.7131.4%
Shares Outstanding (Mil)173203-14.5%
Cumulative Contribution33.3%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/2/2026
ReturnCorrelation
RLAY33.3% 
Market (SPY)4.9%34.2%
Sector (XLV)27.0%8.3%

Fundamental Drivers

The 142.0% change in RLAY stock from 10/31/2025 to 11/2/2026 was primarily driven by a 131.4% change in the company's P/S Multiple.
(LTM values as of)1031202511022026Change
Stock Price ($)7.1417.28142.0%
Change Contribution By: 
Total Revenues ($ Mil)81023.9%
P/S Multiple146.3338.7131.4%
Shares Outstanding (Mil)171203-15.6%
Cumulative Contribution142.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/2/2026
ReturnCorrelation
RLAY142.0% 
Market (SPY)11.2%29.8%
Sector (XLV)29.6%18.2%

Fundamental Drivers

The 161.8% change in RLAY stock from 10/31/2023 to 11/2/2026 was primarily driven by a 998.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202311022026Change
Stock Price ($)6.6017.28161.8%
Change Contribution By: 
Total Revenues ($ Mil)110998.7%
P/S Multiple852.5338.7-60.3%
Shares Outstanding (Mil)122203-40.0%
Cumulative Contribution161.8%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/2/2026
ReturnCorrelation
RLAY161.8% 
Market (SPY)86.0%37.7%
Sector (XLV)55.2%30.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
RLAY Return-26%-51%-26%-63%105%104%-58%
Peers Return-11%-38%42%-2%82%62%128%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
RLAY Win Rate42%42%50%33%75%55% 
Peers Win Rate50%40%52%43%60%49% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
RLAY Max Drawdown-58%-62%-74%-66%-59%-28% 
Peers Max Drawdown-56%-68%-57%-51%-50%-33% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: RVMD, IDYA, TNGX, KYMR, BDTX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/2/2026 (YTD)

How Low Can It Go

EventRLAYS&P 500
2025 US Tariff Shock
  % Loss-51.9%-18.8%
  % Gain to Breakeven108.0%23.1%
  Time to Breakeven167 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-49.8%-9.5%
  % Gain to Breakeven99.2%10.5%
  Time to Breakeven75 days24 days
2023 SVB Regional Banking Crisis
  % Loss-46.0%-6.7%
  % Gain to Breakeven85.2%7.1%
  Time to Breakeven1137 days31 days

Compare to RVMD, IDYA, TNGX, KYMR, BDTX

In The Past

Relay Therapeutics's stock fell -51.9% during the 2025 US Tariff Shock. Such a loss loss requires a 108.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventRLAYS&P 500
2025 US Tariff Shock
  % Loss-51.9%-18.8%
  % Gain to Breakeven108.0%23.1%
  Time to Breakeven167 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-49.8%-9.5%
  % Gain to Breakeven99.2%10.5%
  Time to Breakeven75 days24 days
2023 SVB Regional Banking Crisis
  % Loss-46.0%-6.7%
  % Gain to Breakeven85.2%7.1%
  Time to Breakeven1137 days31 days

Compare to RVMD, IDYA, TNGX, KYMR, BDTX

In The Past

Relay Therapeutics's stock fell -51.9% during the 2025 US Tariff Shock. Such a loss loss requires a 108.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Relay Therapeutics (RLAY)

Relay Therapeutics (RLAY) is a clinical-stage precision medicines company that aims to transform the drug discovery process. It focuses on developing novel small molecule therapeutics by leveraging a unique understanding of protein motion, primarily targeting difficult-to-treat diseases within oncology and genetic indications. The company is headquartered in Cambridge, Massachusetts, and operates at the forefront of innovative drug development.

The company's pipeline includes several key product candidates. RLY-4008, an oral small molecule inhibitor of fibroblast growth factor receptor 2 (FGFR2), is currently in clinical trials for patients with advanced or metastatic FGFR2-altered solid tumors. Another lead program is RLY-2608, a mutant-PI3Ka inhibitor. Additionally, RLY-1971, an oral SHP2 inhibitor for advanced solid tumors, is in Phase 1 trials and is being developed in collaboration with Genentech, Inc. Relay Therapeutics also partners with D. E. Shaw Research to enhance its computational modeling capabilities for drug discovery.

Relay Therapeutics' primary market and customers are patients with advanced or metastatic solid tumors, particularly those with specific genetic alterations such as FGFR2-altered or mutant-PI3Ka, who often have limited treatment options. More broadly, the company aims to serve patient populations affected by various targeted oncology and genetic diseases. Its business model revolves around the research, development, and eventual commercialization of these precision medicines to address significant unmet medical needs.

AI Analysis | Feedback

Here are 1-3 brief analogies for Relay Therapeutics:

  • Relay Therapeutics is like a Nvidia for drug discovery.
  • It's a Google DeepMind for discovering new medicines.
  • Think of it as a Moderna for computationally-designed small molecule precision medicines.

AI Analysis | Feedback

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  • RLY-4008: An oral small molecule inhibitor of fibroblast growth factor receptor 2 (FGFR2), currently in clinical trials for advanced or metastatic FGFR2-altered solid tumors.
  • RLY-2608: A lead mutant-PI3Ka inhibitor program designed to target phosphoinositide 3 kinase alpha.
  • RLY-1971: An oral small molecule inhibitor of protein tyrosine phosphatase Src homology region 2 domain-containing phosphatase-2 (SHP2), undergoing Phase 1 trials for advanced solid tumors.
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AI Analysis | Feedback

Relay Therapeutics (RLAY) is a clinical-stage precision medicines company. As such, it is currently focused on the research and development of drug candidates, which are still in various stages of clinical trials. The company does not yet have commercialized products available for sale to individuals or other companies.

Therefore, Relay Therapeutics does not currently have major customers in the traditional sense of selling commercial products. Its revenue streams typically come from collaborations, licensing agreements, and capital financing activities.

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  • D. E. Shaw Research, LLC
  • Genentech, Inc. (Symbol: RHHBY or ROG.SW)

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Sanjiv K. Patel, M.A., M.D., MBA President & Chief Executive Officer

Sanjiv Patel brings over 20 years of experience in the life sciences industry to Relay Therapeutics, where he has served as President and Chief Executive Officer since March 2017. Prior to joining Relay Therapeutics, he spent more than a decade at Allergan. At Allergan, he held various leadership positions, including Chief Strategy Officer, where he was involved in significant industry transactions. He also led global strategic marketing for all franchises and was responsible for general management of Allergan's emerging markets. Before Allergan, Mr. Patel was a management consultant at Boston Consulting Group and began his career as a surgeon in the U.K.'s National Health Service.

Tom Catinazzo Chief Financial Officer

Tom Catinazzo has served as Chief Financial Officer of Relay Therapeutics since January 2022. He initially joined Relay Therapeutics in April 2018 as Vice President of Finance and was later promoted to Senior Vice President of Finance in August 2020. Before his tenure at Relay, Mr. Catinazzo held progressively responsible roles in financial planning and analysis at Foundation Medicine from 2013 to 2018. His prior experience also includes positions at Aileron Therapeutics and Genzyme Corporation.

Don Bergstrom, M.D., Ph.D. President, R&D

Don Bergstrom oversees Relay Therapeutics' research and development initiatives, shaping the company's portfolio of medicines by applying insights into protein motion. He became President, R&D in January 2022, having previously served as Executive Vice President, Head of Research and Development since April 2018. Prior to joining Relay, Dr. Bergstrom was the Chief Medical Officer at Mersana Therapeutics, where he was responsible for the non-clinical and early clinical development of two products from their antibody-drug conjugate platform. His career also includes leadership roles in translational medicine and early clinical development at Sanofi Genzyme Oncology and Merck Research Laboratories. Dr. Bergstrom currently serves on the Board of Directors of Cellectis.

Peter Rahmer Chief Corporate Development Officer

Peter Rahmer holds the position of Chief Corporate Development Officer at Relay Therapeutics.

Jim Watters, Ph.D. Chief Scientific Officer

Jim Watters serves as the Chief Scientific Officer at Relay Therapeutics.

AI Analysis | Feedback

The key risks to Relay Therapeutics' business operations are primarily centered around the inherent challenges of being a clinical-stage biopharmaceutical company.

  1. Clinical Trial Failure and Regulatory Approval: As a clinical-stage company with no approved products, Relay Therapeutics' success hinges on its ability to advance its lead product candidates, RLY-4008, RLY-2608, and RLY-1971, through various phases of clinical trials and ultimately secure regulatory approval. Clinical trials, especially in oncology, carry significant risks related to efficacy and safety concerns, with potential setbacks or negative results having severe consequences. Regulatory hurdles are also substantial, as agencies like the FDA have stringent and evolving requirements for drug approval, and increased scrutiny on accelerated approval pathways can raise clinical trial risk. Even if successful in trials, there is no guarantee of gaining market access due to pricing environments or reimbursement policies.
  2. Intense Competition: The biotechnology and pharmaceutical industries are highly competitive, characterized by rapid innovation. Relay Therapeutics faces significant competition from larger companies possessing greater resources, which could lead to others developing and commercializing products more successfully. For instance, the acquisition of Scorpion Therapeutics by Eli Lilly has intensified competition in the PI3Ka inhibitor space, directly impacting Relay's RLY-2608 program and potentially eroding its market share or first-mover advantage.
  3. Dependence on Additional Funding: With a limited operating history and no revenue generated from product sales, Relay Therapeutics has incurred significant operating losses and an accumulated deficit of $2.0 billion as of December 31, 2025. The company's future success is heavily reliant on its ability to secure substantial additional funding to support its ongoing research and development activities and clinical trials. Without sufficient capital, Relay Therapeutics may be forced to delay, reduce, or eliminate critical product development programs or commercialization efforts, adversely affecting its business prospects and competitive position. While the company has extended its cash runway into 2029, inflationary pressures are increasing clinical trial operational costs.

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Relay Therapeutics (RLAY) has three main product candidates with the following addressable market sizes:
  • RLY-4008 (FGFR2 inhibitor for advanced or metastatic FGFR2-altered solid tumors): The global Fibroblast Growth Factor Receptor (FGFR) inhibitor market was valued at approximately $185.8 million in 2025 and is projected to grow to about $614.4 million by 2035, with a yearly growth rate of approximately 12.7%. This market growth is driven by increasing cases of FGFR-driven cancers, such as bladder, bile duct, and lung cancer, and advancements in personalized medicine. The 7MM (United States, EU4 (Germany, France, Italy, and Spain), the United Kingdom, and Japan) market for FGFR inhibitors is also expected to surge significantly by 2034.
  • RLY-2608 (mutant-PI3Ka inhibitor): The global PI3K inhibitor drug class market was valued at $1.45 billion in 2024, increased to $1.53 billion in 2025, and is expected to reach $2.3 billion by 2033, growing at a compound annual growth rate (CAGR) of 5.5% from 2026 to 2033. More specifically, the market for isoform-selective PI3K inhibitors, which includes PI3K alpha inhibitors, is projected to reach $5.5 billion by 2032 globally. North America held the largest revenue share in the global PI3K inhibitor drug class market in 2025.
  • RLY-1971 (oral small molecule inhibitor of protein tyrosine phosphatase Src homology region 2 domain-containing phosphatase-2 for advanced solid tumors): null

AI Analysis | Feedback

Relay Therapeutics (RLAY) is poised for future revenue growth over the next 2-3 years, driven primarily by its advanced pipeline assets and strategic collaborations. The company's revenue for Q4 2025 was $7.0 million, and for the full year 2025, it reached $15.4 million, predominantly from licensing agreements.

Here are the expected drivers of future revenue growth:

  1. Milestone Payments and Royalties from RLY-4008 Licensing Deal: In December 2024, Relay Therapeutics licensed the exclusive global development and commercialization rights for its FGFR2 inhibitor, RLY-4008 (lirafugratinib), to Elevar Therapeutics. This agreement entitles Relay to receive $75 million in upfront and regulatory milestones, up to $425 million in potential commercial milestones, and royalties on future product sales, providing a significant source of non-dilutive funding.
  2. Commercialization and Market Penetration of RLY-2608 (Zovegalisib): RLY-2608, an allosteric PI3Kα inhibitor, is Relay's lead asset and is currently in Phase 3 trials (ReDiscover-2) for HR+/HER2- metastatic breast cancer, with initiation of the pivotal study anticipated in mid-2025. The drug has demonstrated promising safety and efficacy in earlier trials, achieving a median progression-free survival of 11.0 to 11.4 months in second-line patients, and has received FDA Breakthrough Therapy designation. Analysts project a multi-billion dollar market potential for RLY-2608 upon potential approval and launch within the forecast period.
  3. Expansion of RLY-2608 into Additional Indications and Earlier Lines of Therapy: Beyond its initial focus on second-line HR+/HER2- metastatic breast cancer, Relay Therapeutics is exploring the potential of RLY-2608 in earlier lines of breast cancer therapy through triplet combinations and for PIK3CA-driven vascular anomalies. Successful development and approval in these broader indications would significantly expand the addressable market and contribute to long-term revenue growth.
  4. Potential for New Collaboration and Licensing Agreements: Relay Therapeutics continues to leverage its proprietary Dynamo® platform to advance a pipeline of precision medicines in oncology and genetic diseases. The company aims to advance its Fabry and NRAS programs to Investigational New Drug (IND) readiness. Future partnerships or out-licensing deals for these or other early-stage assets, similar to the Elevar Therapeutics agreement for RLY-4008, could generate additional upfront payments, milestones, and royalties, contributing to revenue growth.

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Share Issuance

  • Relay Therapeutics completed a public offering in September 2024, issuing 28,571,429 shares of common stock at $7.00 per share, which generated gross proceeds of approximately $200 million.
  • In January 2024, the company completed a private placement financing, selling 2.5 million shares of common stock at $12.00 per share, resulting in gross proceeds of $30.0 million.
  • A new US$96.2 million shelf registration for potential common stock issuance was reported in March 2026.

Inbound Investments

  • As of December 31, 2025, Relay Therapeutics reported cash, cash equivalents, and investments totaling approximately $554.5 million, a decrease from $781.3 million as of December 31, 2024.
  • The company's revenue for 2025 was $15.4 million, an increase from $10.0 million in 2024, primarily driven by an exclusive license agreement with Elevar Therapeutics, Inc.

Outbound Investments

  • Relay Therapeutics acquired ZebiAI Therapeutics, Inc. in April 2021.
  • The upfront consideration for the ZebiAI acquisition was $85 million, comprising $20 million in cash and $65 million in Relay Therapeutics common stock.
  • ZebiAI stockholders are eligible to receive up to an additional $85 million in milestone payments, payable in common stock, and up to $100 million in cash from future partnering agreements related to ZebiAI's platform.

Capital Expenditures

  • Capital expenditures for the most recent fiscal year (likely 2025) were -$410,000.
  • Capital expenditures for the last 12 months (as of March 2026) were approximately -$410,000.

Better Bets vs. Relay Therapeutics (RLAY)

Peer Outperformance in Biotechnology

RLAY has outperformed 64% of its 363 Biotechnology peers over 5Y. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that RLAY has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
94%
of 451 industry peers · 142.0% return
3Y
81%
of 398 industry peers · 129.8% return
5Y
64%
of 363 industry peers · -50.6% return
No Biotechnology peer with a comparable growth profile has beaten RLAY by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is RLAY's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 12.2%58.2%97.6% CAH 476% · MCK 367% · COR 185%
Health Care Services 20 31.1%37.7%14.8% HIMS 210% · RDNT 129% · DGX 92%
Managed Health Care 8 34.6%-3.7%-3.5% OSCR 84% · HQY 53% · ELV 6%
Health Care Facilities 25 12.6%15.4%-12.2% THC 286% · NHC 227% · EHC 195%
Health Care Equipment 50 6.4%12.3%-19.4% GKOS 430% · UFPT 355% · TMDX 141%
Pharmaceuticals 61 -13.3%6.7%-37.3% LQDA 968% · KNSA 499% · LLY 475%
Health Care Supplies 11 21.4%11.8%-38.8% LNTH 314% · HAE 68% · MMSI 30%
Life Sciences Tools & Services 107 -9.1%-10.2%-70.3% NTRA 232% · AXGN 227% · MEDP 186%
Biotechnology ← 364 -26.5%-33.1%-81.8% TRVI 1017% · DNTH 1008% · ELVN 1002%
Health Care Technology 21 -27.4%-55.9%-82.2% VEEV -3% · DOCS -55%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

RLAYRVMDIDYATNGXKYMRBDTXMedian
NameRelay Th.Revoluti.IDEAYA B.Tango Th.Kymera T.Black Di. 
Mkt Price17.50187.1331.6221.71127.451.7526.66
Mkt Cap3.539.52.93.312.80.13.4
Rev LTM10023454102032
Op Inc LTM-310-1,627-217-136-405-45-264
FCF LTM-212-1,588-114-144-289-33-178
FCF 3Y Avg-253-936-182-138-222-28-202
CFO LTM-212-1,577-112-144-288-33-178
CFO 3Y Avg-251-924-179-137-213-28-196

Growth & Margins

RLAYRVMDIDYATNGXKYMRBDTXMedian
NameRelay Th.Revoluti.IDEAYA B.Tango Th.Kymera T.Black Di. 
Rev Chg LTM23.9%-3,244.7%121.5%133.8%-100.0%121.5%
Rev Chg 3Y Avg1,195.1%-1,043.2%34.9%56.9%-550.1%
Rev Chg Q-48.3%---100.0%-100.0%--100.0%
QoQ Delta Rev Chg LTM-3.1%-3.9%-5.6%-2.6%--2.8%
Op Inc Chg LTM9.5%-81.3%43.5%13.3%-23.3%-1,047.0%-6.9%
Op Inc Chg 3Y Avg6.1%-72.4%-61.0%-7.2%-32.4%-314.5%-46.7%
Op Mgn LTM-2,999.4%--92.7%-253.4%-396.0%--324.7%
Op Mgn 3Y Avg-2,721.8%--2,393.9%-404.1%-456.7%--1,425.3%
QoQ Delta Op Mgn LTM-222.8%--11.2%-47.2%-66.2%--56.7%
CFO/Rev LTM-2,050.3%--47.7%-267.4%-281.3%--274.3%
CFO/Rev 3Y Avg-1,992.1%--1,778.5%-386.7%-314.9%--1,082.6%
FCF/Rev LTM-2,050.3%--48.6%-268.1%-282.6%--275.3%
FCF/Rev 3Y Avg-1,997.0%--1,806.2%-388.8%-326.1%--1,097.5%

Valuation

RLAYRVMDIDYATNGXKYMRBDTXMedian
NameRelay Th.Revoluti.IDEAYA B.Tango Th.Kymera T.Black Di. 
Mkt Cap3.539.52.93.312.80.13.4
P/S343.0-12.460.5124.8-92.6
P/Op Inc-11.4-24.3-13.4-23.9-31.5-2.3-18.6
P/EBIT-11.4-23.1-13.4-23.9-36.5-2.3-18.3
P/E-12.4-22.3-16.6-26.3-36.5-2.4-19.5
P/CFO-16.7-25.0-26.1-22.6-44.4-3.1-23.8
Total Yield-8.2%-4.5%-6.0%-3.8%-2.7%-42.4%-5.2%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-27.5%-7.4%-8.1%-14.1%-3.8%-16.8%-11.1%
D/E0.00.00.00.00.00.20.0
Net D/E-0.2-0.1-0.3-0.3-0.1-0.9-0.3

Returns

RLAYRVMDIDYATNGXKYMRBDTXMedian
NameRelay Th.Revoluti.IDEAYA B.Tango Th.Kymera T.Black Di. 
1M Rtn-7.7%-9.4%-15.4%-6.6%18.7%-7.4%-7.6%
3M Rtn-6.8%2.6%-10.7%-20.2%27.1%0.9%-3.0%
6M Rtn33.7%26.5%9.4%-4.4%52.5%-35.2%18.0%
12M Rtn145.1%218.0%-0.8%167.7%106.1%-54.8%125.6%
3Y Rtn132.7%744.4%9.2%158.5%793.1%-7.9%145.6%
1M Excs Rtn-5.3%-7.1%-13.0%-4.2%21.0%-5.1%-5.2%
3M Excs Rtn-7.9%-0.8%-9.9%-23.5%24.6%0.8%-4.3%
6M Excs Rtn28.9%21.8%4.7%-9.1%47.7%-39.9%13.3%
12M Excs Rtn127.7%207.4%-10.5%161.9%96.9%-64.7%112.3%
3Y Excs Rtn93.1%758.1%-65.4%86.6%925.1%-89.2%89.9%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Using innovative experimental and computational approaches on protein motion for making medicines151026  
Single Segment   1 
License and other revenue    3
Total15102613


Net Income by Segment
$ Mil202520242023
Using innovative experimental and computational approaches on protein motion for making medicines-276-338-342
Total-276-338-342


Assets by Segment
$ Mil2019
Single Segment393
Total393


Price Behavior

Price Behavior
Market Price$17.28 
Market Cap ($ Bil)3.5 
First Trading Date07/16/2020 
Distance from 52W High-16.7% 
   50 Days200 Days
DMA Price$18.47$15.05
DMA Trenddownup
Distance from DMA-6.5%14.9%
 3M1YR
Volatility47.9%64.4%
Downside Capture235.58115.91
Upside Capture194.54205.68
Correlation (S&P 500)36.6%30.5%
RLAY Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta3.191.831.631.481.481.85
Up Beta-5.71-3.73-0.191.232.331.82
Down Beta1.562.883.042.200.641.81
Up Capture533%262%170%193%307%1086%
Bmk +ve Days12182862130427
Stock +ve Days10213268131369
Down Capture352%200%175%89%97%112%
Bmk -ve Days10253664121325
Stock -ve Days12223258119372

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with RLAY
RLAY136.2%64.4%1.58-
Sector ETF (XLV)29.7%16.4%1.3918.2%
Equity (SPY)11.6%12.8%0.5729.7%
Gold (GLD)-2.3%28.6%-0.0916.1%
Commodities (DBC)43.1%20.9%1.60-9.5%
Real Estate (VNQ)11.0%13.7%0.5012.6%
Bitcoin (BTCUSD)-28.8%43.6%-0.6612.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with RLAY
RLAY-10.8%77.4%0.18-
Sector ETF (XLV)8.6%15.3%0.3732.9%
Equity (SPY)12.0%17.1%0.5240.1%
Gold (GLD)16.5%19.0%0.698.8%
Commodities (DBC)8.4%19.6%0.31-0.5%
Real Estate (VNQ)1.1%18.9%-0.0534.4%
Bitcoin (BTCUSD)4.1%51.6%0.2622.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with RLAY
RLAY-6.7%76.4%0.19-
Sector ETF (XLV)12.1%16.8%0.5929.7%
Equity (SPY)15.2%17.9%0.7236.5%
Gold (GLD)11.6%16.5%0.578.8%
Commodities (DBC)7.8%18.1%0.341.2%
Real Estate (VNQ)5.4%20.7%0.2230.3%
Bitcoin (BTCUSD)61.7%66.3%1.0116.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity44.0 Mil
Short Interest: % Change Since 9302026-5.8%
Average Daily Volume2.8 Mil
Days-to-Cover Short Interest16
Basic Shares Quantity202.8 Mil
Short % of Basic Shares21.7%

Earnings Returns History

Updated 9/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/20260.1%0.9%-3.6%
5/5/2026-0.6%-0.5%11.8%
2/26/202612.0%5.2%4.8%
11/6/2025-7.4%-1.2%16.1%
8/7/2025-7.7%-2.9%16.3%
5/5/2025-5.1%-6.3%-2.7%
2/26/2025-13.3%-9.6%-20.3%
11/6/2024-1.8%-7.0%-26.2%
...
SUMMARY STATS   
# Positive9910
# Negative151514
Median Positive3.0%2.7%14.3%
Median Negative-3.7%-6.3%-11.1%
Max Positive12.0%12.1%32.3%
Max Negative-13.3%-32.5%-34.8%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/20260.1%0.9%-3.6%
5/5/2026-0.6%-0.5%11.8%
2/26/202612.0%5.2%4.8%
11/6/2025-7.4%-1.2%16.1%
8/7/2025-7.7%-2.9%16.3%
5/5/2025-5.1%-6.3%-2.7%
2/26/2025-13.3%-9.6%-20.3%
11/6/2024-1.8%-7.0%-26.2%
8/6/2024-7.9%-8.8%-9.7%
5/2/2024-0.6%-10.9%-4.1%
2/22/2024-5.4%-5.2%-26.3%
11/2/20231.6%2.3%12.4%
8/8/20230.1%-4.9%-10.1%
5/4/20230.4%-7.7%2.1%
2/23/2023-2.1%-6.0%-12.2%
11/3/2022-2.1%-4.5%-12.3%
8/4/20223.0%2.7%30.6%
5/5/2022-11.5%-32.5%-34.8%
2/24/20225.3%1.7%32.3%
11/10/20215.8%6.5%-16.4%
8/12/2021-1.5%-8.9%6.5%
5/13/20216.1%12.1%24.3%
3/25/2021-3.7%1.8%-1.9%
11/12/2020-0.2%10.1%-8.1%
SUMMARY STATS   
# Positive9910
# Negative151514
Median Positive3.0%2.7%14.3%
Median Negative-3.7%-6.3%-11.1%
Max Positive12.0%12.1%32.3%
Max Negative-13.3%-32.5%-34.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/05/202610-Q
12/31/202502/26/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/05/202510-Q
12/31/202402/26/202510-K
09/30/202411/06/202410-Q
06/30/202408/06/202410-Q
03/31/202405/02/202410-Q
12/31/202302/22/202410-K
09/30/202311/02/202310-Q
06/30/202308/08/202310-Q
03/31/202305/04/202310-Q
12/31/202202/23/202310-K
09/30/202211/03/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/05/202610-Q
12/31/202502/26/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/05/202510-Q
12/31/202402/26/202510-K
09/30/202411/06/202410-Q
06/30/202408/06/202410-Q
03/31/202405/02/202410-Q
12/31/202302/22/202410-K
09/30/202311/02/202310-Q
06/30/202308/08/202310-Q
03/31/202305/04/202310-Q
12/31/202202/23/202310-K
09/30/202211/03/202210-Q
06/30/202208/04/202210-Q
03/31/202205/05/202210-Q
12/31/202102/24/202210-K
09/30/202111/10/202110-Q
06/30/202108/12/202110-Q
03/31/202105/13/202110-Q
12/31/202003/25/202110-K
09/30/202011/12/202010-Q
06/30/202008/27/202010-Q
03/31/202007/16/2020424B4

Insider Activity

Updated 10/30/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Rahmer, PeterSee remarksDirectSell1030202618.6275314,0214,150,472Form
2Bergstrom, Donald APresident, R&DDirectSell1030202618.622,25241,9327,389,868Form
3Catinazzo, ThomasChief Financial OfficerDirectSell1030202618.621,46927,3531,930,242Form
4Patel, SanjivPresident and CEODirectSell1008202618.1048,199872,4028,530,548Form
5Catinazzo, ThomasChief Financial OfficerDirectSell1008202618.5917,717329,3221,954,221Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Rahmer, PeterSee remarksDirectSell1030202618.6275314,0214,150,472Form
2Bergstrom, Donald APresident, R&DDirectSell1030202618.622,25241,9327,389,868Form
3Catinazzo, ThomasChief Financial OfficerDirectSell1030202618.621,46927,3531,930,242Form
4Patel, SanjivPresident and CEODirectSell1008202618.1048,199872,4028,530,548Form
5Catinazzo, ThomasChief Financial OfficerDirectSell1008202618.5917,717329,3221,954,221Form
6Bergstrom, Donald APresident, R&DDirectSell909202618.978,530161,8147,571,496Form
7Catinazzo, ThomasChief Financial OfficerDirectSell909202618.9417,717335,5602,326,798Form
8Patel, SanjivPresident and CEODirectSell909202618.9448,199912,8899,839,330Form
9Rahmer, PeterSee remarksDirectSell828202620.034,50890,2954,479,850Form
10Svf, Pauling (cayman) LtdSee footnoteSell827202619.406,000,000116,400,000424,956,282Form
11Patel, SanjivPresident and CEODirectSell818202620.3348,199979,88611,541,321Form
12Catinazzo, ThomasChief Financial OfficerDirectSell818202619.7417,717349,7342,774,812Form
13Catinazzo, ThomasChief Financial OfficerDirectSell730202618.611,45927,1522,945,684Form
14Rahmer, PeterSee remarksDirectSell730202618.6174813,9204,246,151Form
15Bergstrom, Donald APresident, R&DDirectSell730202618.612,23741,6317,586,553Form
16Patel, SanjivPresident and CEODirectSell708202619.5848,199943,73612,059,283Form
17Bergstrom, Donald APresident, R&DDirectSell708202618.718,660162,0297,669,173Form
18Catinazzo, ThomasChief Financial OfficerDirectSell708202618.6917,717331,1312,985,615Form
19Rahmer, PeterSee remarksDirectSell702202619.0950,000954,5004,311,610Form
20Catinazzo, ThomasChief Financial OfficerDirectSell624202616.97187,1633,176,8653,012,185Form
21Bergstrom, Donald APresident, R&DDirectSell624202616.9493,4561,583,1457,090,356Form
22Catinazzo, ThomasChief Financial OfficerDirectSell514202612.8617,717227,8412,509,989Form
23Catinazzo, ThomasChief Financial OfficerDirectSell430202614.7997214,3763,148,717Form
24Rahmer, PeterSee remarksDirectSell430202614.7975311,1374,079,925Form
25Bergstrom, Donald APresident, R&DDirectSell430202614.791,49022,0376,190,458Form
26Catinazzo, ThomasChief Financial OfficerDirectSell409202615.001,80027,0003,208,005Form
27Catinazzo, ThomasChief Financial OfficerDirectSell409202613.0117,717230,4982,782,410Form
28Catinazzo, ThomasChief Financial OfficerDirectSell311202610.0617,717178,2332,329,735Form
29Bergstrom, Donald APresident, R&DDirectSell12920268.452,68622,6973,549,397Form
30Rahmer, PeterSee remarksDirectSell12920268.451,35411,4412,337,354Form
31Catinazzo, ThomasChief Financial OfficerDirectSell12920268.451,69514,3232,106,593Form
32Bergstrom, Donald APresident, R&DDirectSell12920267.6218,895143,9803,221,225Form
33Rahmer, PeterSee remarksDirectSell12920267.6211,68489,0322,118,086Form
34Catinazzo, ThomasChief Financial OfficerDirectSell12920267.6213,820105,3081,912,590Form
35Patel, SanjivPresident and CEODirectSell10720267.8243,168337,5745,169,341Form
36Patel, SanjivPresident and CEODirectSell110420257.0062,073434,5114,922,505Form
37Rahmer, PeterSee remarksDirectSell103020257.5021,394160,4552,531,018Form
38Rahmer, PeterSee remarksDirectSell103020257.2919,135139,4942,616,111Form
39Catinazzo, ThomasChief Financial OfficerDirectSell103020257.2921,664157,9312,286,370Form
40Bergstrom, Donald APresident, R&DDirectSell103020257.2930,897225,2393,804,090Form

Investor Activity (13F)

Updated Nov 3, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Casdin Capital, LLC$143.5 Mil10.9%40ADD +10.9%13F
Commodore Capital LP$169.2 Mil9.8%36Hold13F
Spruce Street Capital LP$29.7 Mil7.1%28Hold13F
Nextech Invest, Ltd.$55.0 Mil3.9%17ADD +17.5%13F
SB Investment Advisers (UK) LTD$277.7 Mil3.6%10Hold13F
MPM Bioimpact LLC$23.5 Mil1.8%41ADD +5.7%13F
Elmind Capital, LP$5.3 Mil1.5%34Hold13F
TCG Crossover Management, LLC$42.5 Mil1.2%49ADD +32.7%13F
Kynam Capital Management, LP$14.2 Mil0.9%36Hold13F
EcoR1 Capital, LLC$19.0 Mil0.8%29New13F
Alphabet Inc.$15.6 Mil0.4%27Hold13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
EcoR1 Capital, LLC$19.0 Mil0.8%29New13F
TCG Crossover Management, LLC$42.5 Mil1.2%49ADD +32.7%13F
Nextech Invest, Ltd.$55.0 Mil3.9%17ADD +17.5%13F
Casdin Capital, LLC$143.5 Mil10.9%40ADD +10.9%13F
MPM Bioimpact LLC$23.5 Mil1.8%41ADD +5.7%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
SB Investment Advisers (UK) LTD$277.7 Mil3.6%10Hold13F
Commodore Capital LP$169.2 Mil9.8%36Hold13F
Casdin Capital, LLC$143.5 Mil10.9%40ADD +10.9%13F
Nextech Invest, Ltd.$55.0 Mil3.9%17ADD +17.5%13F
TCG Crossover Management, LLC$42.5 Mil1.2%49ADD +32.7%13F
Spruce Street Capital LP$29.7 Mil7.1%28Hold13F
MPM Bioimpact LLC$23.5 Mil1.8%41ADD +5.7%13F
EcoR1 Capital, LLC$19.0 Mil0.8%29New13F
Alphabet Inc.$15.6 Mil0.4%27Hold13F
Kynam Capital Management, LP$14.2 Mil0.9%36Hold13F
Elmind Capital, LP$5.3 Mil1.5%34Hold13F
Core Cache Last Updated: 11/2/2026