Relay Therapeutics vs Zenas Biopharma
Relay Therapeutics is the larger business, with $15.4m of revenue in fiscal 2025 against $10.0m for Zenas Biopharma (1.5 times as much). Zenas Biopharma grew faster (100.0% against 53.4%). Relay Therapeutics kept more of each dollar of sales as profit: a net margin of -1800.6% against -3777.4%. Relay Therapeutics carries less debt relative to equity (0.0% against 32.5%).
| Latest fiscal year | Relay TherapeuticsRLAY, 2025 | Zenas BiopharmaZBIO, 2025 |
|---|---|---|
| Revenue | $15.4m | $10.0m |
| Revenue growth | 53.4% | 100.0% |
| Net income | −$276m | −$378m |
| Operating margin | -1971.6% | -3830.6% |
| Net margin | -1800.6% | -3777.4% |
| Return on equity | -41.1% | -136.2% |
| Free cash flow | −$236m | −$172m |
| Cash | $84.0m | $111m |
| Total debt | $0 | $78.6m |
| Debt to equity | 0.0% | 32.5% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | 192 | 167 |
| Market value | $3.84bn | $1.79bn |
| Price vs our value range | — | — |
| Moat score | 12 (Weak) | — |
| Insider trades, 12 months | 0 buys, 40 sales | 17 buys, 0 sales |