Estados financieros detallados de Relay Therapeutics, Inc. (RLAY): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Relay Therapeutics, Inc. registró ingresos de $15.4M en el último ejercicio fiscal, con un CAGR de 5 años del -28.6%.
Márgenes de los últimos 12 meses: margen bruto -5.7%, margen operativo -30.0%, margen neto -27.6%.
Al precio actual de $18.84, RLAY presenta beneficios negativos (P/E no significativo) y un ROE del -48.76%. La capitalización bursátil es de $4.1B.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | $82.7M | $3.0M | $1.4M | $25.5M | $10.0M | $15.4M |
| Coste de Ventas | $2.2M | $2.8M | $3.5M | $169.4M | $243.0M | $326.4M | $315.4M | $3.6M |
| Beneficio Bruto | -$2.2M | -$2.8M | $79.1M | -$166.4M | -$241.6M | -$300.8M | -$305.4M | $11.8M |
| I+D | $41.0M | $70.3M | $99.9M | $295.6M | $246.4M | $330.0M | $319.1M | $261.4M |
| Generales y Administrativos | $8.9M | $13.7M | $38.6M | $59.7M | $69.3M | $78.6M | $80.2M | $56.7M |
| Gastos Operativos | $49.9M | $84.0M | $134.9M | $198.3M | $57.7M | $72.2M | $67.0M | $314.5M |
| Beneficio Operativo | -$49.9M | -$84.0M | -$55.8M | -$364.7M | -$299.3M | -$373.0M | -$372.5M | -$302.7M |
| EBITDA | -$47.7M | -$81.2M | -$52.2M | -$223.1M | -$306.8M | -$374.2M | -$380.2M | -$272.9M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$48.8M | -$75.3M | -$52.4M | -$363.9M | -$290.5M | -$342.0M | -$337.7M | -$276.5M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$48.8M | -$66.5M | -$52.4M | -$363.9M | -$290.5M | -$342.0M | -$337.7M | -$276.5M |
| BPA | $-19.63 | $-15.53 | $-2.56 | $-3.82 | $-2.59 | $-2.79 | $-2.36 | $-1.61 |
| BPA Diluido | $-19.63 | $-15.53 | $-2.56 | $-3.82 | $-2.59 | $-2.79 | $-2.36 | $-1.61 |
| Acciones en Circulación (Diluidas) | $2.5M | $4.3M | $90.2M | $95.1M | $112.2M | $122.6M | $142.9M | $171.6M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | 0 | $7.0M | $3.0M | $350000 |
| Beneficio Bruto | -$67.9M | $6.4M | $2.5M | $350000 |
| Beneficio Operativo | -$80.4M | -$60.6M | -$78.6M | -$90.8M |
| EBITDA | -$73.4M | -$57.8M | -$72.8M | -$82.8M |
| Beneficio Neto | -$74.1M | -$54.9M | -$73.3M | -$83.7M |
| BPA | $-0.43 | $-0.32 | $-0.41 | $-0.41 |
| BPA Diluido | $-0.43 | $-0.32 | $-0.41 | $-0.41 |
Balance (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $421.5M | $42.0M | $447.6M | $280.1M | $151.8M | $143.7M | $124.3M | $84.0M |
| Inversiones a Corto | 0 | $313.9M | $230.4M | $678.0M | $847.1M | $606.4M | $657.0M | $470.5M |
| Cuentas por Cobrar | 0 | 0 | $82.7M | $4.9M | $5.2M | 0 | 0 | 0 |
| Inventario | 0 | 0 | 0 | 0 | $12.1M | 0 | 0 | 0 |
| Activos Corrientes | $424.1M | $360.5M | $770.1M | $976.2M | $1.02B | $770.1M | $809.2M | $578.3M |
| Inmovilizado Material | $3.6M | $31.7M | $28.8M | $27.3M | $75.4M | $68.9M | $57.7M | $41.7M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | $2.3M | $2.3M | $2.3M | $2.3M | 0 |
| Activos Totales | $428.6M | $393.1M | $799.8M | $1.01B | $1.10B | $844.0M | $871.3M | $621.3M |
| Cuentas por Pagar | $4.7M | $7.0M | $6.4M | $8.3M | $10.6M | $9.2M | $14.1M | $7.7M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $6.9M | $12.0M | $13.6M | $24.3M | $63.7M | $30.3M | $50.7M | $25.6M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $539.5M | $573.5M | $36.5M | $110.6M | $149.6M | $92.0M | $93.5M | $54.3M |
| Reservas | -$114.2M | -$189.5M | -$404.2M | -$768.1M | -$1.06B | -$1.40B | -$1.74B | -$2.01B |
| Patrimonio Neto | -$110.9M | -$180.4M | $763.3M | $897.8M | $950.2M | $752.0M | $777.8M | $567.1M |
| Deuda Total | $178000 | $24.8M | $24.4M | $22.9M | $57.7M | $53.5M | $48.5M | $32.5M |
| Deuda Neta | -$421.3M | -$331.0M | -$653.6M | -$935.2M | -$941.2M | -$696.6M | -$732.8M | -$522.1M |
| Capital Circulante | $417.2M | $348.6M | $756.5M | $951.9M | $955.8M | $739.8M | $758.5M | $552.7M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $91.6M | $84.0M | $204.6M | $121.2M |
| Activos Totales | $670.0M | $621.3M | $699.6M | $967.5M |
| Pasivos Totales | $62.3M | $54.3M | $57.4M | $77.4M |
| Patrimonio Neto | $607.7M | $567.1M | $642.2M | $890.0M |
| Deuda Total | $33.3M | $32.5M | $31.6M | $30.7M |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$48.8M | -$75.3M | -$52.4M | -$363.9M | -$290.5M | -$342.0M | -$337.7M | -$276.5M |
| Amortizaciones | $2.2M | $2.8M | $3.5M | $3.9M | $4.1M | $5.3M | $5.5M | -$1.4M |
| Compensación en Acciones | $2.9M | $4.5M | $32.0M | $48.5M | $56.1M | $86.0M | $94.1M | $62.4M |
| Cambio en Capital Circulante | -$400000 | $4.3M | -$85.2M | $97.3M | $11.2M | -$32.5M | $14.6M | -$23.3M |
| Flujo de Caja Operativo | -$44.1M | -$66.1M | -$102.5M | -$74.4M | -$229.5M | -$300.3M | -$249.1M | -$235.5M |
| Inversiones (CapEx) | -$1.7M | -$8.0M | -$1.9M | -$3.5M | -$9.1M | -$4.1M | -$2.0M | -$410000 |
| Adquisiciones | $7000 | 0 | -$83.6M | -$25.3M | $179.7M | 0 | 0 | 0 |
| Recompra de Acciones | -$82000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$45.8M | -$74.1M | -$104.4M | -$77.9M | -$238.6M | -$304.4M | -$251.1M | -$235.9M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$62.1M | -$44.9M | -$51.1M | -$54.1M |
| Inversiones (CapEx) | $1000 | -$1000 | 0 | 0 |
| Flujo de Caja Libre | -$62.1M | -$44.9M | -$51.1M | -$54.1M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $15.5M | $13.1M | $10.5M | $9.2M |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | -96.3% | -54.4% | +1749.8% | -60.8% | +53.4% |
| Crecimiento Beneficio Neto (anual) | | -36.3% | +21.2% | -594.3% | +20.2% | -17.7% | +1.2% | +18.1% |
| Crecimiento BPA (anual) | | +20.9% | +83.5% | -49.2% | +32.2% | -7.7% | +15.4% | +31.8% |
| Cambio en Acciones (anual) | | +72.3% | +2006.6% | +5.5% | +18.0% | +9.2% | +16.6% | +20.1% |
| Crecimiento FCF (anual) | | -61.8% | -40.9% | +25.4% | -206.3% | -27.6% | +17.5% | +6.1% |
| Margen Bruto | | | 95.7% | -5492.2% | -17496.3% | -1177.6% | -3052.2% | 76.8% |
| Margen Operativo | | | -67.5% | -12040.2% | -21670.9% | -1460.1% | -3722.1% | -1971.6% |
| Margen EBITDA | | | -63.2% | -7364.9% | -22217.4% | -1464.6% | -3799.4% | -1777.4% |
| Margen Neto | | | -63.4% | -12012.9% | -21036.1% | -1338.7% | -3374.7% | -1800.6% |
| Margen FCF | | | -126.3% | -2571.0% | -17273.9% | -1191.7% | -2509.5% | -1536.1% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-18.44 | $-17.32 | $-1.16 | $-0.82 | $-2.13 | $-2.48 | $-1.76 | $-1.37 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $2.5M | $4.3M | $90.1M | $95.1M | $112.2M | $122.6M | $142.9M | $171.6M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -48.76% |
| Rentabilidad sobre capital invertido | -50.50% |
| Rentabilidad sobre activos | -44.50% |
| Margen bruto | -566.59% |
| Margen operativo | -2999.38% |
| Margen neto | -2763.64% |
Salud financiera
| Deuda / Patrimonio | 0.03 |
| Ratio corriente | 18.27 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 10.99 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -1.79 | -2.26 | -16.23 | -8.04 | -5.77 | -3.95 | -1.75 | -5.25 |
| P/VC | -0.79 | -0.83 | 4.90 | 3.25 | 1.76 | 1.79 | 0.76 | 2.56 |
| P/V | 0.00 | 0.00 | 45.28 | 964.56 | 1214.17 | 52.83 | 58.82 | 94.54 |
| Margen Bruto | 0.0% | 0.0% | 95.7% | -5492.2% | -17496.3% | -1177.6% | -3052.2% | 76.8% |
| Margen Operativo | 0.0% | 0.0% | -67.5% | -12040.2% | -21670.9% | -1460.1% | -3722.1% | -1971.6% |
| Margen Neto | 0.0% | 0.0% | -63.4% | -12012.9% | -21036.1% | -1338.7% | -3374.7% | -1800.6% |