RLAYRelay Therapeutics, Inc.

Biological Products, (no Diagnostic Substances)

Revenue: $15M; 53% YoY
Operating margin: -1971.6%; 47% YoY
EBITDA: −$299M; 18% YoY
Market cap: $4.0B
Employees: 170,000; $90 revenue each
Net debt / EBITDA: —
AI in 10-K: 2.2; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$9M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
407% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
82% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$90 · 4th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.2 per 10K words · 59th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$130M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3M	$1M	$26M	$10M	$15M	53%
Operating income	−$365M	−$299M	−$373M	−$372M	−$303M	19%
Net income	−$364M	−$291M	−$342M	−$338M	−$276M	18%
Operating cash flow	−$74M	−$229M	−$300M	−$249M	−$235M	5.5%
Capex	$3M	$9M	$4M	$2M	$410K	80%
Stock-based comp	$48M	$56M	$86M	$94M	$62M	34%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $130M · 40
Net: −$130M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$5M	$9M	20	120
FY2024	$13M	−$1M	10	91
FY2023	$20M	$5M	26	92
FY2022	$8M	−$5M	36	89
FY2021	$9M	−$3M	74	99