Relay Therapeutics Inc

For the period ended Dec 31, 2023. Filed Feb 22, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 22, 2024

RLAY$19.94-2.2%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statem ents of Cash Flows

(In thousands)

	Year Ended December 31,
	2023	2022	2021
Cash flows from operating activities:
Net loss	$(341,973)	$(290,509)	$(363,872)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock compensation expense	86,031	56,138	48,454
Depreciation expense	5,269	4,130	3,925
Net amortization of premiums and discounts on investments	(10,763)	1,182	2,052
Acquired in-process research and development	—	—	123,000
Loss on initial consolidation of variable interest entity	—	—	11,855
Change in fair value of contingent consideration liability	(6,422)	(11,677)	2,836
Changes in assets and liabilities:
Accounts receivable	306	97	74,677
Contract asset	4,913	(376)	3,117
Prepaid expenses and other current assets	(4,648)	(2,140)	(2,681)
Operating lease assets and liabilities, net	1,509	(8,132)	277
Other assets	—	—	22
Accounts payable	(2,394)	1,989	930
Accrued expenses and other liabilities	(32,144)	20,056	21,002
Deferred revenue	—	(248)	—
Net cash used in operating activities	(300,316)	(229,490)	(74,406)
Cash flows from investing activities:
Purchases of property and equipment	(4,126)	(9,062)	(3,471)
Purchases of investments	(385,542)	(535,419)	(980,665)
Proceeds from maturities of investments	647,302	355,736	529,923
Cash paid for acquisition of ZebiAI, net of cash acquired	—	—	(25,298)
Net cash provided by (used in) investing activities	257,634	(188,745)	(479,511)
Cash flows from financing activities:
Proceeds from issuance of common stock through follow-on offering, net	—	284,744	382,210
Proceeds from issuance of common stock via At-the-Market offerings, net	30,281	—	—
Proceeds from issuance of common stock through exercise of stock options	1,986	3,480	4,739
Proceeds from issuance of common stock via employee stock purchase plan	2,486	1,686	1,141
Net cash provided by financing activities	34,753	289,910	388,090
Net decrease in cash, cash equivalents, and restricted cash	(7,929)	(128,325)	(165,827)
Cash, cash equivalents, and restricted cash at beginning of period	154,372	282,697	448,524
Cash, cash equivalents, and restricted cash at end of period	$146,443	$154,372	$282,697
Supplemental disclosure of non-cash activities:
Periodic change to additions of property and equipment in current liabilities	$410	$159	$1,010
Reclassification of restricted stock liability to additional paid-in capital	$—	$—	$3
Assets obtained in asset acquisition of ZebiAI	$—	$—	$662
Liabilities assumed in asset acquisition of ZebiAI	$—	$—	$2,330
Fair value of common stock issued in asset acquisition of ZebiAI	$—	$—	$62,992
Issuance of common stock upon milestone achievement	$12,750	$6,203	$—
Operating lease assets obtained in exchange for operating lease liabilities	$—	$46,626	$—

Reconciliation of Cash, Cash Equivalents, and Restricted Cash from Balance Sheets to Statements of Cash Flows

	Year Ended December 31,
	2023	2022
(in thousands)
Cash and cash equivalents	$143,736	$151,794
Restricted cash	2,707	2,578
Cash, cash equivalents, and restricted cash per statements of cash flows	$146,443	$154,372

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