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Relay Therapeutics (RLAY) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 6, 2026 · Relay Therapeutics (RLAY) Q2 2026 earnings results →

Q2 2026 Revenue down 48% year over year to $350K

Relay Therapeutics made $350K in Q2 2026 (-48% Y/Y). Operating margin n/m, net loss $83.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 6, 2026.

Revenue$350K
Year over year-48%
Operating marginn/m
Net earnings−$83.7M
Operating cash flow−$54.1M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $350K in Q2 2026, down 48% year over year and down 88% from the previous quarter.

Operating costs exceeded revenue by $90.8M, an operating margin of -25949.7%. Total costs grew 18% against a revenue fall of 48%. The fastest-growing cost line was Research & development (+20%). The quarter ended with a net loss of $83.7M, wider than the previous quarter's $73.3M loss.

Operating cash flow was −$54.1M. Non-cash charges added back $360K of depreciation and $9.2M of share-based compensation. Working capital and other items added $20.1M.

Quarterly history

Relay Therapeutics revenue by quarterRelay Therapeutics revenue by quarter$7.7MQ1 2025$677KQ2 2025$7.0MQ4 2025$3.0MQ1 2026$350KQ2 2026
Relay Therapeutics net earnings by quarterRelay Therapeutics net earnings by quarter−$77.1MQ1 2025−$70.4MQ2 2025−$54.9MQ4 2025−$73.3MQ1 2026−$83.7MQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QAug 6, 2026$350K-48%n/m−$83.7M−$54.1M
Q1 202610-QMay 5, 2026$3.0M-61%n/m−$73.3M−$51.1M
Q4 202510-KFeb 26, 2026$7.0M—-866.1%−$54.9M−$44.9M
Q2 202510-QAug 7, 2025$677K—n/m−$70.4M−$55.3M
Q1 202510-QMay 5, 2025$7.7M-23%n/m−$77.1M−$73.2M

Charts

Relay Therapeutics: revenue growth, year over year and quarter over quarterRelay Therapeutics: revenue growth, year over year and quarter over quarterY/YQ/Q-23%Q1 2025-91%Q2 2025+400%Q4 2025-61%-57%Q1 2026-48%-88%Q2 2026
Latest (Q2 2026): Y/Y -48%, Q/Q -88%.
Relay Therapeutics: where the cash came from (+) and went (−), TTM to Q3 2026Relay Therapeutics: where the cash came from (+) and went (−), TTM to Q3 2026Other financing$468MOther investing−$222MOperating cash flow−$214MCash drawn (+) / kept (−)−$31.6MCapital spending−$1K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Relay Therapeutics: profit against cash, quarter by quarterRelay Therapeutics: profit against cash, quarter by quarterNet incomeOperating cash flow−$76.0M−$57.9MQ4 2024−$77.1M−$73.2MQ1 2025−$70.4M−$55.3MQ2 2025−$74.1M−$62.1MQ3 2025−$54.9M−$44.9MQ4 2025−$73.3M−$51.1MQ1 2026−$83.7M−$54.1MQ2 2026−$81.7M−$63.9MQ3 2026
Latest (Q3 2026): Net income −$81.7M, Operating cash flow −$63.9M.
Relay Therapeutics: diluted shares by fiscal year (split-adjusted)Relay Therapeutics: diluted shares by fiscal year (split-adjusted)85MFY202095MFY2021112MFY2022
+31.7% since FY2020: more shares outstanding (issuance, stock pay); earlier years scaled for the 2-for-1 split before FY2021.
Relay Therapeutics in its industry: growth against margin (76 companies, SIC 2836)Relay Therapeutics in its industry: growth against margin (76 companies, SIC 2836)revenue growth, year over year →↑ operating marginmedian +9%median -100%AMGNGILDBIIBMRNANBIXEXELHALOMGTXTECHVIRRGENTARSBCRXALECADMAKRYSIOVATWSTIPSCIMCRVISKVCELADPTNVAXKYMRGLUEIBRXAUTLAGENDNAPLXRXRXFENCCSBRCHRSIVVDCRSPEDITDTILVXRTSTRORGNXCCCCBSEMSCLXACOGTSHASRZNVYGRFDMTLENZALGSXFORELUTFATEOCGNSCTXCRBUCGONDBVTINBXMGXLCTXTCRXDYAIPRMEATRAVitro Biopharma, Inc.HUMAPLURBEAMPROKCRDFAIMVIVSRLAY (-48%, -100%)
Biological Products, (No Diagnostic Substances); dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Relay Therapeutics

Relay Therapeutics (Nasdaq: RLAY) is a clinical-stage, small molecule precision medicine company developing potentially life-changing therapies for patients living with cancer and genetic disease. Relay Therapeutics’ Dynamo® platform integrates an array of leading-edge computational and experimental approaches designed to drug protein targets that have previously been intractable or inadequately addressed. Relay Therapeutics’ lead clinical asset, zovegalisib, is the first pan-mutant selective PI3Kα inhibitor to enter clinical development and is currently in a Phase 3 clinical trial (ReDiscover-2) in HR+/HER2- metastatic breast cancer. Zovegalisib is also being investigated in a group of genetic disease indications called PI3Kα-driven vascular anomalies. Relay Therapeutics’ pipeline also includes programs for NRAS-driven solid tumors, Fabry disease, and TIE2-driven vascular anomalies.

In its own words, from its 8-K, filed Nov 4, 2026.

Relay Therapeutics against its Biological Products, (No Diagnostic Substances) peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -48% against the peers' median +11%.

CompanyQuarterRevenueY/YOp. margin
RLAY Relay TherapeuticsQ2 2026$350K-48%n/m
AMGN AmgenQ3 2026$10.4B+8%35.8%
GILD Gilead SciencesQ3 2026$8.3B+7%41.7%
BIIB BiogenQ3 2026$2.8B+11%-0.3%
MRNA ModernaQ3 2026$1.3B+29%9.9%
NBIX Neurocrine BiosciencesQ3 2026$1.1B+41%29.5%
EXEL ExelixisQ3 2026$659M+10%40.8%
HALO Halozyme TherapeuticsQ3 2026$493M+39%59.8%
MGTX MeiraGTx HoldingsQ2 2026$321M87×76.0%

Source: Relay Therapeutics 10-Q on SEC EDGAR · CIK 1812364 · Biological Products, (No Diagnostic Substances)

13F: who owns RLAY and who is buying

Largest holders of RLAY (13F)Largest holders of RLAY (13F)SB Investment Advisers (uk)$522MFMR LLC$376MCasdin Capital, LLC$300MBlackRock$286MPerceptive Advisors LLC$264MCommodore Capital LP$225MState Street$189MVanguard Capital Management LLC$168MPrice T Rowe Associates$144MNextech Invest$127M
Funds' net buying of RLAY by quarter (13F)Funds' net buying of RLAY by quarter (13F)$111M2024-09$3.4M2024-12$12.5M2025-03$30.0M2025-06−$3.8M2025-09$17.1M2025-12$107M2026-03$1.1B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on RLAY

History

Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q2 2025 results · Q1 2025 results

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