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Relay Therapeutics, Inc. cash flow statement

In fiscal 2025, Relay Therapeutics, Inc.'s operations generated −$235m of cash; it spent $410,000 on capital projects, leaving free cash flow of −$236m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations−102−74−229−300−249−235−212
Depreciation and amortisation4445542
Stock-based pay32485686946248
Capital spending2394200
Free cash flow−104−78−239−304−251−236−212
Free cash flow after stock pay−136−126−295−390−345−298−261
Shares issued15—————

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Relay Therapeutics, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Relay Therapeutics, Inc.