Relay Therapeutics (RLAY) 10-Q 6 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Registrant Name	RELAY THERAPEUTICS, INC.
Entity Central Index Key	0001812364
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Address, State or Province	MA
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	RLAY
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		167,382,958
Entity File Number	001-39385
Entity Tax Identification Number	47-3923475
Entity Address, Address Line One	399 Binney Street
Entity Address, Address Line Two	2nd Floor
Entity Address, City or Town	Cambridge
Entity Address, Postal Zip Code	02142
City Area Code	617
Local Phone Number	370-8837

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 152,357	$ 143,736
Investments	687,252	606,350
Prepaid expenses	18,725	16,702
Other current assets	6,795	3,315
Total current assets	865,129	770,103
Property and equipment, net	7,210	10,901
Operating lease assets	53,357	57,969
Restricted cash	2,119	2,707
Intangible asset	2,300	2,300
Total assets	930,115	843,980
Current liabilities:
Accounts payable	6,867	9,211
Accrued expenses	33,216	14,890
Operating lease liabilities	5,529	4,964
Other current liabilities	1,356	1,204
Total current liabilities	46,968	30,269
Operating lease liabilities, net of current portion	44,286	48,502
Contingent consideration liability		13,206
Total liabilities	91,254	91,977
Commitments and contingencies (Note 9)
Stockholders' equity:
Common stock, $0.001 par value; 300,000,000 shares authorized as of September 30, 2024, and December 31, 2023; 166,886,661] and 127,462,409 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	167	127
Additional paid-in capital	2,498,471	2,152,654
Accumulated other comprehensive gain (loss)	2,509	(196)
Accumulated deficit	(1,662,286)	(1,400,582)
Total stockholders' equity	838,861	752,003
Total liabilities and stockholders' equity	$ 930,115	$ 843,980

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	300,000,000	300,000,000
Common stock shares issued	166,886,661	127,462,409
Common stock shares outstanding	166,886,661	127,462,409
Undesignated Preferred Stock [Member]
Preferred stock par value	$ 0.001	$ 0.001
Preferred stock shares authorized	10,000,000	10,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
License and other revenue		$ 25,202	$ 10,007	$ 25,547
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember
Total revenue		$ 25,202	$ 10,007	$ 25,547
Operating expenses:
Research and development expenses	$ 76,619	81,494	251,014	252,522
Change in fair value of contingent consideration liability	0	(1,200)	(13,206)	(4,355)
General and administrative expenses	19,750	18,485	59,688	58,184
Total operating expenses	96,369	98,779	297,496	306,351
Loss from operations	(96,369)	(73,577)	(287,489)	(280,804)
Other income:
Interest income	8,274	7,845	25,772	22,345
Other (expense) income	(10)	(2)	13	(19)
Total other income, net	8,264	7,843	25,785	22,326
Net loss	$ (88,105)	$ (65,734)	$ (261,704)	$ (258,478)
Net loss per share, basic	$ (0.63)	$ (0.54)	$ (1.94)	$ (2.12)
Net loss per share, diluted	$ (0.63)	$ (0.54)	$ (1.94)	$ (2.12)
Weighted average shares of common stock, basic	140,229,056	122,231,255	134,651,728	121,843,116
Weighted average shares of common stock, diluted	140,229,056	122,231,255	134,651,728	121,843,116
Other comprehensive income (loss):
Unrealized holding gain	$ 3,849	$ 2,695	$ 2,705	$ 7,034
Total other comprehensive income	3,849	2,695	2,705	7,034
Total comprehensive loss	$ (84,256)	$ (63,039)	$ (258,999)	$ (251,444)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Private Placement [Member]	At-the-Market Offerings [Member]	Follow-On Offering [Member]	Common Stock [Member]	Common Stock [Member] Private Placement [Member]	Common Stock [Member] At-the-Market Offerings [Member]	Common Stock [Member] Follow-On Offering [Member]	Additional Paid-In Capital [Member]	Additional Paid-In Capital [Member] Private Placement [Member]	Additional Paid-In Capital [Member] At-the-Market Offerings [Member]	Additional Paid-In Capital [Member] Follow-On Offering [Member]	Accumulated Other Comprehensive Income/(Loss) [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2022	$ 950,218				$ 121				$ 2,019,126				$ (10,420)	$ (1,058,609)
Beginning balance, shares at Dec. 31, 2022					121,112,234
Issuance of common stock upon exercise of stock options	1,297								1,297
Issuance of common stock upon exercise of stock options, shares					255,918
Vesting of restricted stock units, Shares					108,506
Stock compensation expense	21,518								21,518
Unrealized (loss) gain on investments	4,618												4,618
Net loss	(94,239)													(94,239)
Ending balance at Mar. 31, 2023	883,412				$ 121				2,041,941				(5,802)	(1,152,848)
Ending balance, shares at Mar. 31, 2023					121,476,658
Beginning balance at Dec. 31, 2022	950,218				$ 121				2,019,126				(10,420)	(1,058,609)
Beginning balance, shares at Dec. 31, 2022					121,112,234
Net loss	(258,478)
Ending balance at Sep. 30, 2023	778,373				$ 123				2,098,723				(3,386)	(1,317,087)
Ending balance, shares at Sep. 30, 2023					123,161,066
Beginning balance at Mar. 31, 2023	883,412				$ 121				2,041,941				(5,802)	(1,152,848)
Beginning balance, shares at Mar. 31, 2023					121,476,658
Issuance of common stock upon exercise of stock options	453				$ 1				452
Issuance of common stock upon exercise of stock options, shares					96,605
Issuance of common stock via employee stock purchase plan	1,627								1,627
Issuance of common stock via employee stock purchase plan, shares					152,369
Vesting of restricted stock units, Shares					219,244
Stock compensation expense	23,411								23,411
Unrealized (loss) gain on investments	(279)												(279)
Net loss	(98,505)													(98,505)
Ending balance at Jun. 30, 2023	810,119				$ 122				2,067,431				(6,081)	(1,251,353)
Ending balance, shares at Jun. 30, 2023					121,944,876
Issuance of common stock, net			$ 9,363				$ 1				$ 9,362
Issuance of common stock, net, shares							900,000
Issuance of common stock upon exercise of stock options	95								95
Issuance of common stock upon exercise of stock options, shares					18,475
Vesting of restricted stock units, Shares					297,715
Stock compensation expense	21,835								21,835
Unrealized (loss) gain on investments	2,695												2,695
Net loss	(65,734)													(65,734)
Ending balance at Sep. 30, 2023	778,373				$ 123				2,098,723				(3,386)	(1,317,087)
Ending balance, shares at Sep. 30, 2023					123,161,066
Beginning balance at Dec. 31, 2023	752,003				$ 127				2,152,654				(196)	(1,400,582)
Beginning balance, shares at Dec. 31, 2023					127,462,409
Issuance of common stock, net		$ 29,803	$ 17,932			$ 3	$ 2			$ 29,800	$ 17,930
Issuance of common stock, net, shares						2,500,000	1,889,597
Issuance of common stock upon exercise of stock options	1,187								1,187
Issuance of common stock upon exercise of stock options, shares					236,367
Vesting of restricted stock units, Shares					212,478
Stock compensation expense	27,188								27,188
Unrealized (loss) gain on investments	(962)												(962)
Net loss	(81,387)													(81,387)
Ending balance at Mar. 31, 2024	745,764				$ 132				2,228,759				(1,158)	(1,481,969)
Ending balance, shares at Mar. 31, 2024					132,300,851
Beginning balance at Dec. 31, 2023	752,003				$ 127				2,152,654				(196)	(1,400,582)
Beginning balance, shares at Dec. 31, 2023					127,462,409
Net loss	(261,704)
Ending balance at Sep. 30, 2024	838,861				$ 167				2,498,471				2,509	(1,662,286)
Ending balance, shares at Sep. 30, 2024					166,886,661
Beginning balance at Mar. 31, 2024	745,764				$ 132				2,228,759				(1,158)	(1,481,969)
Beginning balance, shares at Mar. 31, 2024					132,300,851
Issuance of common stock upon exercise of stock options	413				$ 1				412
Issuance of common stock upon exercise of stock options, shares					106,173
Issuance of common stock via employee stock purchase plan	1,129								1,129
Issuance of common stock via employee stock purchase plan, shares					203,818
Vesting of restricted stock units, Shares					714,112
Stock compensation expense	26,832								26,832
Unrealized (loss) gain on investments	(182)												(182)
Ending balance at Jun. 30, 2024	681,744				$ 133				2,257,132				(1,340)	(1,574,181)
Ending balance, shares at Jun. 30, 2024					133,324,954
Issuance of common stock, net				$ 218,157				$ 33				$ 218,124
Issuance of common stock, net, shares								32,857,143
Issuance of common stock upon exercise of stock options	732				$ 1				731
Issuance of common stock upon exercise of stock options, shares					175,775
Vesting of restricted stock units, Shares					528,789
Stock compensation expense	22,484								22,484
Unrealized (loss) gain on investments	3,849												3,849
Net loss	(88,105)													(88,105)
Ending balance at Sep. 30, 2024	$ 838,861				$ 167				$ 2,498,471				$ 2,509	$ (1,662,286)
Ending balance, shares at Sep. 30, 2024					166,886,661

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (261,704)	$ (258,478)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock compensation expense	76,504	66,764
Depreciation expense	4,130	3,894
Net amortization of premiums and discounts on investments	(10,134)	(7,094)
Change in fair value of contingent consideration liability	(13,206)	(4,355)
Changes in assets and liabilities:
Accounts receivable		95
Contract asset		4,913
Prepaid expenses and other current assets	(5,503)	(5,603)
Operating lease assets and liabilities, net	961	1,159
Accounts payable	(993)	2,980
Accrued expenses and other liabilities	18,706	(15,427)
Deferred revenue		24
Net cash used in operating activities	(191,239)	(211,128)
Cash flows from investing activities:
Purchases of property and equipment	(2,018)	(4,008)
Purchases of investments	(575,553)	(248,727)
Proceeds from maturities of investments	507,490	450,691
Net cash (used in) provided by investing activities	(70,081)	197,956
Cash flows from financing activities:
Proceeds from issuance of common stock through Private Placement, net	29,803
Proceeds from issuance of common stock via at-the-market offerings, net	17,932	9,363
Proceeds from issuance of common stock through follow-on offering, net	218,157
Proceeds from issuance of common stock upon exercise of stock options	2,332	1,845
Proceeds from issuance of common stock via employee stock purchase plan	1,129	1,627
Net cash provided by financing activities	269,353	12,835
Net increase (decrease) in cash, cash equivalents, and restricted cash	8,033	(337)
Cash, cash equivalents, and restricted cash at beginning of period	146,443	154,372
Cash, cash equivalents and restricted cash at end of period	154,476	154,035
Supplemental disclosure of non-cash activities:
Periodic change to additions of property and equipment in current liabilities	$ (1,579)	$ (1,047)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Restricted Cash And Cash Equivalents At Carrying Value [Abstract]
Cash and cash equivalents	$ 152,357	$ 151,328
Restricted cash	2,119	2,707
Cash, cash equivalents, and restricted cash per statements of cash flows	$ 154,476	$ 154,035

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended					9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (88,105)	$ (81,387)	$ (65,734)	$ (98,505)	$ (94,239)	$ (261,704)	$ (258,478)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Rule 10b5-1 Trading Plans The following table describes, for the quarterly period covered by this report, each trading arrangement for the sale or purchase of our securities adopted or terminated by our directors and officers that is a contract, instruction, or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, or a Rule 10b5-1 trading arrangement. No other officers or directors adopted , materially modified , or terminated a Rule 10b5-1 trading arrangement or any non-Rule 10b5-1 trading arrangement during the quarterly period covered by this report. Name (Title) Action Taken (Date of Action) Type of Trading Arrangement Expiration Date Aggregate Number of Securities Donald A. Bergstrom ( President, Research and Development ) Adoption ( 08/08/2024 ) Rule 10b5-1 trading arrangement The earlier of (i) 06/06/2025 and (ii) the execution or expiration of all trade instructions thereunder Up to 276,000 shares Brian Adams ( Chief Legal Officer ) Adoption ( 08/06/2024 ) Rule 10b5-1 trading arrangement The earlier of (i) 03/31/2025 and (ii) the execution or expiration of all trade instructions thereunder Up to 20,565 shares Patel Family Irrevocable Trust of 2019 (1) Adoption ( 08/07/2024 ) Rule 10b5-1 trading arrangement The earlier of (i) 01/23/2025 and (ii) the execution or expiration of all trade instructions thereunder Up to 600 ,000 shares (1) This 10b5-1 plan was entered into by an irrevocable trust, which holds the applicable shares for the benefit of Sanjiv K. Patel's family members. Sanjiv K. Patel is our Chief Executive Officer . An independent trustee is trustee of the trust.
Directors and Officers [Member]
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false
Rule 10b5-1 Trading Plan One [Member] | Donald A. Bergstrom [Member]
Trading Arrangements, by Individual
Name	Donald A. Bergstrom
Title	President, Research and Development
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	08/08/2024
Aggregate Available	276,000
Rule 10b5-1 Trading Plan One [Member] | Brian Adams [Member]
Trading Arrangements, by Individual
Name	Brian Adams
Title	Chief Legal Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	08/06/2024
Aggregate Available	20,565
Rule 10b5-1 Trading Plan One [Member] | Patel Family Irrevocable Trust of 2019 [Member]
Trading Arrangements, by Individual
Name	Patel Family Irrevocable Trust of 2019
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	08/07/2024
Aggregate Available	0
Rule 10b5-1 Trading Plan One [Member] | Sanjiv K. Patel [Member]
Trading Arrangements, by Individual
Name	Sanjiv K. Patel
Title	Chief Executive Officer

Nature of Business and Basis of

Nature of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2024
Text Block [Abstract]
Nature of Business and Basis of Presentation	1. Nature of Business and Basis of Presentation Relay Therapeutics, Inc. (the "Company") was incorporated in Delaware on May 4, 2015 and is headquartered in Cambridge, Massachusetts. The Company is a clinical-stage, precision medicine company transforming the drug discovery process by combining leading-edge computational and experimental technologies with the goal of bringing life-changing therapies to patients. As the Company believes it is among the first of a new breed of biotech created at the intersection of complementary techniques and technologies, the Company aims to push the boundaries of what’s possible in drug discovery. The Company’s Dynamo® platform integrates an array of leading-edge computational and experimental approaches designed to drug protein targets that have previously been intractable or inadequately addressed. The Company’s initial focus is on enhancing small molecule therapeutic discovery in targeted oncology and genetic disease indications. The Company’s lead product candidates, RLY-2608 and RLY-4008 (lirafugratinib), are in clinical development. The Company announced three discovery stage programs in June 2024, including two novel programs from its genetic disease portfolio to address clinically and commercially validated targets in vascular malformations and Fabry disease, respectively, and an NRAS-selective inhibitor. The Company also has five active discovery stage programs across both precision oncology and genetic diseases. The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations, and the need to obtain additional financing. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure, and extensive compliance-reporting capabilities. The Company’s product candidates are in development. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval, or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees and consultants. The Company has devoted substantially all of its resources to developing its product candidates by integrating its computation and experimental approaches, building its intellectual property portfolio, business planning, raising capital and providing general and administrative support for these operations. The Company has incurred net operating losses since inception and had an accumulated deficit of $ 1.7 billion as of September 30, 2024. The Company expects that its existing cash, cash equivalents, and investments as of September 30, 2024 will enable it to fund its planned operating expenses and capital expenditure requirements for at least one year from the date of the issuance of these condensed consolidated financial statements. The future viability of the Company is dependent on its ability to generate cash from operating activities or to raise additional capital to finance its operations. The Company’s failure to raise capital as and when needed could have a material adverse effect on its financial condition and ability to pursue its business strategies. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into license or collaboration arrangements or obtain government grants. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. If the Company is unable to obtain funding, the Company could be forced to delay, reduce, or eliminate its research and development programs, product portfolio expansion, or commercialization efforts, which could adversely affect its business prospects. In the event the Company requires additional funding, there can be no assurance that it will be successful in obtaining sufficient funding on terms acceptable to the Company to fund its continuing operations, if at all.

Significant Accounting Policie

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Basis of presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") for interim information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") for reporting on Form 10-Q. The Company’s condensed consolidated financial statements include the accounts of Relay Therapeutics, Inc. and its wholly-owned subsidiaries, Relay Therapeutics Securities Corporation and Relay ML Discovery, LLC. All intercompany balances and transactions have been eliminated. Unaudited Interim Financial Information The accompanying condensed consolidated balance sheet as of September 30, 2024, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2024 and 2023, the condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023 are unaudited. The unaudited condensed consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s condensed consolidated financial position as of September 30, 2024, the condensed consolidated results of its operations for the three and nine months ended September 30, 2024 and 2023, and condensed consolidated cash flows for the nine months ended September 30, 2024 and 2023. The condensed consolidated financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2024 and 2023 are unaudited. The condensed consolidated results for the three and nine months ended September 30, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024 , any other interim periods, or any future year or period. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the fair value of contingent milestone payments in connection with the acquisition of ZebiAI Therapeutics, Inc. ("ZebiAI"), the determination of the transaction price and standalone selling price of performance obligations under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC 606"), the accrual of research and development and manufacturing expenses, the valuation of equity instruments, and the incremental borrowing rate for determining operating lease assets and liabilities. Estimates are periodically reviewed in light of changes in circumstances, facts, and experience. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to provide enhancements to segment disclosures, even for entities with only one reportable segment. In particular, the standard will require disclosures of significant segment expenses regularly provided to the chief operating decision maker and included within each reported measure of segment profit and loss. The standard will also require disclosure of all other segment items by reportable segment and a description of its composition. Finally, the standard will require disclosure of the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The standard is effective for annual periods beginning after December 15, 2023 and interim periods within annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the standard on the presentation of its condensed consolidated financial statements and footnotes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to provide enhancements to annual income tax disclosures. In particular, the standard will require more detailed information in the income tax rate reconciliation, as well as the disclosure of income taxes paid disaggregated by jurisdiction, among other enhancements. The standard is effective for years beginning after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact of the standard on the presentation of its condensed consolidated financial statements and footnotes.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: Fair Value Measurements as of Level 1 Level 2 Level 3 Total (in thousands) Assets Cash equivalents: Money market funds $ 134,163 $ — $ — $ 134,163 U.S. treasury bills — 7,991 — 7,991 Total cash equivalents 134,163 7,991 — 142,154 Investments: U.S. treasury bills — 596,094 — 596,094 U.S. agency securities — 91,158 — 91,158 Total investments — 687,252 — 687,252 Total assets $ 134,163 $ 695,243 $ — $ 829,406 Liabilities Contingent Milestone Payments $ — $ — $ — $ — Total liabilities $ — $ — $ — $ — Fair Value Measurements as of Level 1 Level 2 Level 3 Total (in thousands) Assets Cash equivalents: Money market funds $ 140,466 $ — $ — $ 140,466 Total cash equivalents 140,466 — — 140,466 Investments: U.S. treasury bills — 416,008 — 416,008 U.S. agency securities — 190,342 — 190,342 Total investments — 606,350 — 606,350 Total assets $ 140,466 $ 606,350 $ — $ 746,816 Liabilities Contingent Milestone Payments $ — $ — $ 8,206 $ 8,206 Total liabilities $ — $ — $ 8,206 $ 8,206 In determining the fair value of its investments at each date presented above, the Company relied on quoted prices for similar securities in active markets or using other inputs that are observable or can be corroborated by observable market data. Fair Value of Contingent Consideration In April 2021, the Company acquired ZebiAI. Pursuant to the terms of the acquisition, the Company is liable for certain contingent consideration, including (a) up to $ 85.0 million in platform and program milestones ("Contingent Milestone Payments") and (b) up to $ 100.0 million in earnout payments ("Contingent Earnout Payments"), both payable to ZebiAI's former equity holders upon achievement. The Company classified the Contingent Milestone Payments within Level 3 of the fair value hierarchy. Pursuant to FASB ASC Topic 480, Distinguishing Liabilities from Equity ("ASC 480"), the Company has accounted for the Contingent Milestone Payments as a liability and remeasured the fair value at each reporting period based on the probability of achieving the contingent milestones and timing. Significant judgment has been used in determining the underlying assumptions. In connection therewith, the liability was recorded at $ 0 on the condensed consolidated balance sheet as of September 30, 2024. The Company has not accounted for the Contingent Earnout Payments as derivatives under FASB ASC Topic 815, Derivatives and Hedging ("ASC 815"). As such, they were only measured at fair value as of the acquisition date and have not been re-assessed at fair value as of each reporting period end. During the nine months ended September 30, 2024 , the contingency was resolved without the consideration becoming payable. Therefore, the liability was recorded at $ 0 on the condensed consolidated balance sheet as of September 30, 2024. The following table reconciles the change in the contingent consideration liability: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Balance at beginning of period $ — $ 29,223 $ 13,206 $ 32,378 Change in fair value of Contingent Milestone Payments — ( 1,200 ) ( 8,206 ) ( 4,355 ) Change in fair value of Contingent Earnout Payments — — ( 5,000 ) — $ — $ 28,023 $ — $ 28,023

Investments

Investments	9 Months Ended
	Sep. 30, 2024
Schedule of Investments [Abstract]
Investments	4. Investments The fair value of available-for-sale investments by type of security was as follows: September 30, 2024 Amortized Unrealized Unrealized Fair (in thousands) Investments: U.S. treasury bills $ 276,139 $ 713 $ ( 37 ) $ 276,815 U.S. agency securities 52,676 198 — 52,874 Total investments with a maturity of one year or less 328,815 911 ( 37 ) 329,689 U.S. treasury bills 317,661 1,758 ( 140 ) 319,279 U.S. agency securities 38,267 138 ( 121 ) 38,284 Total investments with a maturity of one to two years 355,928 1,896 ( 261 ) 357,563 Total investments $ 684,743 $ 2,807 $ ( 298 ) $ 687,252 December 31, 2023 Amortized Unrealized Unrealized Fair (in thousands) Investments: U.S. treasury bills $ 314,957 $ 83 $ ( 482 ) $ 314,558 U.S. agency securities 185,672 24 ( 353 ) 185,343 Total investments with a maturity of one year or less 500,629 107 ( 835 ) 499,901 U.S. treasury bills 100,917 591 ( 58 ) 101,450 U.S. agency securities 5,000 — ( 1 ) 4,999 Total investments with a maturity of one to two years 105,917 591 ( 59 ) 106,449 Total investments $ 606,546 $ 698 $ ( 894 ) $ 606,350 The following tables summarize the Company's available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by major security type and length of time in a continuous unrealized loss position: September 30, 2024 Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) U.S. treasury bills $ 152,303 $ ( 152 ) $ 48,950 $ ( 25 ) $ 201,253 $ ( 177 ) U.S. agency securities 25,706 ( 121 ) — — 25,706 ( 121 ) Total $ 178,009 $ ( 273 ) $ 48,950 $ ( 25 ) $ 226,959 $ ( 298 ) December 31, 2023 Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) U.S. treasury bills $ 172,625 $ ( 371 ) $ 27,822 $ ( 169 ) $ 200,447 $ ( 540 ) U.S. agency securities 136,356 ( 207 ) 36,742 ( 147 ) 173,098 ( 354 ) Total $ 308,981 $ ( 578 ) $ 64,564 $ ( 316 ) $ 373,545 $ ( 894 ) As summarized in the tables immediately above, the Company held 46 and 70 debt securities that were in an unrealized loss position as of September 30, 2024 and December 31, 2023, respectively. The unrealized losses at September 30, 2024 and December 31, 2023 were attributable to changes in interest rates and do not represent credit losses. The Company does not intend to sell these securities and it is not more likely than not that it will be required to sell them before recovery of their amortized cost basis.

Common Stock

Common Stock	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Common Stock	5. Common Stock Each share of common stock entitles the stockholder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the Company’s board of directors. As of September 30, 2024 , no dividends had been declared. At-the-Market Offering In August 2021, the Company entered into a sales agreement (the "2021 Sales Agreement") with Cowen and Company, LLC ("Cowen"), pursuant to which the Company could offer and sell shares of its common stock having aggregate gross proceeds of up to $ 300.0 million from time to time in "at-the-market" offerings through Cowen, as the Company’s sales agent. During the three months ended March 31, 2024, the Company sold 1,889,597 shares of common stock under the 2021 Sales Agreement at a weighted-average price of $ 9.73 per share. The Company received $ 17.9 million in proceeds therefrom, which were net of $ 0.5 million in commissions paid to Cowen. During the three months ended June 30, 2024, there were no sales of common stock under the 2021 Sales Agreement. In August 2024, the 2021 Sales Agreement was terminated by mutual agreement between the Company and Cowen. Separately, the Company entered into a new sales agreement (the “2024 Sales Agreement”) with TD Securities (USA) LLC (“TD Securities”), pursuant to which the Company may offer and sell shares of its common stock having aggregate gross proceeds of up to $ 250.0 million from time to time in “at-the-market” offerings through TD Securities, as the Company’s sales agent. During the three months ended September 30, 2024 , there were no sales of common stock under the 2021 Sales Agreement or 2024 Sales Agreement. Private Placement In January 2024, the Company entered into a securities purchase agreement with Nextech Crossover I SCP for the private placement of 2,500,000 shares of common stock at $ 12.00 per share (the "Private Placement"). The Company received $ 29.8 million in proceeds from the Private Placement, which were net of $ 0.2 million in offering expenses. The shares issued through the Private Placement were registered for resale pursuant to the Company’s Registration Statement on Form S-3, filed with the SEC on August 12, 2021, and prospectus supplement relating to the shares, filed with the SEC on January 10, 2024. Follow-On Offering In September 2024, the Company completed a public offering of 32,857,143 shares of common stock, including the exercise in full of the underwriters’ option to purchase an additional 4,285,714 shares, at an offering price of $ 7.00 per share. The Company received proceeds of $ 218.2 million, which was net of $ 11.8 million in underwriting discounts and other offering expenses. The shares issued in connection with the offering were registered pursuant to a universal shelf registration statement on Form S-3ASR filed with the SEC on August 6, 2024 (File No. 333-281308), as well as a prospectus supplement related to the shares, filed with the SEC on September 11, 2024.

Stock Compensation

Stock Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock Compensation	6. Stock Compensation Stock compensation expense in the Company’s condensed consolidated statements of operations and comprehensive loss is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Research and development expenses 11,084 $ 12,365 42,368 $ 37,078 General and administrative expenses 11,400 9,470 34,136 29,686 $ 22,484 $ 21,835 $ 76,504 $ 66,764

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	7. Net Loss per Share The following table summarizes the computation of basic and diluted net loss per share of the Company: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands, except share and per share data) Net loss $ ( 88,105 ) $ ( 65,734 ) $ ( 261,704 ) $ ( 258,478 ) Net loss per share, basic and diluted $ ( 0.63 ) $ ( 0.54 ) $ ( 1.94 ) $ ( 2.12 ) Weighted average shares of common stock, basic and diluted 140,229,056 122,231,255 134,651,728 121,843,116 For the three and nine months ended September 30, 2024 and 2023, the weighted-average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share is the same. In computing diluted net loss per share for the three and nine months ended September 30, 2024 and 2023, the Company excluded the following potentially dilutive securities, as the effect would be anti-dilutive and reduce the net loss per share calculated for each period. Three and Nine Months Ended September 30, 2024 2023 Options outstanding to purchase common stock 15,132,362 15,899,580 Unvested and outstanding restricted stock units 8,817,355 3,594,958 23,949,717 19,494,538 The amounts in the table above for options and restricted stock units are presented based on amounts outstanding at each period end.

Collaboration and License Agree

Collaboration and License Agreement with Genentech, Inc.	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaboration and License Agreement with Genentech, Inc.	8. Collaboration and License Agreement with Genentech, Inc. Summary of Terms In December 2020, the Company and Genentech, Inc. ("Genentech") entered into the Collaboration and License Agreement (as amended from time to time, the "Genentech Agreement"), which granted Genentech a license to develop and commercialize migoprotafib (GDC-1971, formerly known as RLY-1971). On July 11, 2024, the Company received notice that Genentech exercised its right to terminate the Genentech Agreement without cause. The termination will become effective 180 days after the date of receipt of the notice of termination (the "Termination Date"). As a result of the termination of the Genentech Agreement, the Company will not be entitled to receive any further milestones or other payments due after the Termination Date. The parties will also cease to have any development or commercialization obligations after the Termination Date and the licenses that the Company granted to Genentech pursuant to the Genentech Agreement will cease to be in effect as of the Termination Date. As of September 30, 2024 , consideration under the Genentech Agreement totaled $ 121.8 million, which included $ 10.0 million paid to the Company in connection with a milestone achieved during the nine months ended September 30, 2024. Accounting Analysis During the three and nine months ended September 30, 2024 and 2023, there were no material changes to the Genentech Agreement, besides the termination noted above, which will become effective in the future on the Termination Date. Accordingly, there were no changes to the Company's accounting treatment and model for recognizing revenue thereon through September 30, 2024. During the three months ended September 30, 2024 and 2023 , the Company recognized $ 0 and $ 25.1 million of revenue, respectively, from the Genentech Agreement. During the nine months ended September 30, 2024 and 2023 , the Company recognized $ 10.0 million and $ 25.5 million of revenue, respectively, from the Genentech Agreement.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Intellectual Property License In August 2016, the Company and D.E. Shaw Research, LLC ("D.E. Shaw Research") entered into the Collaboration and License Agreement, which was most recently amended in 2023 ("DESRES Agreement"). During the three and nine months ended September 30, 2024 and 2023, there were no material changes to the contractual terms of the DESRES Agreement. Accordingly, there were no changes to the Company’s accounting treatment thereon through September 30, 2024. The Company assessed the milestones under the DESRES Agreement at September 30, 2024 and December 31, 2023 , concluding no payments were due. For each of the three months ended September 30, 2024 and 2023 , the Company recorded research and development expenses of $ 2.3 million under the DESRES Agreement on its condensed consolidated statement of operations and comprehensive loss. For the nine months ended September 30, 2024 and 2023 , the Company recorded research and development expenses of $ 7.2 million and $ 7.1 million, respectively, under the DESRES Agreement on its condensed consolidated statement of operations and comprehensive loss. As of September 30, 2024 and December 31, 2023 , the Company had prepaid balances of $ 8.2 million and $ 5.4 million, respectively, under the DESRES Agreement on its condensed consolidated balance sheets. As of September 30, 2024 and December 31, 2023 , the Company had no accrued expense and accounts payable balances under the DESRES Agreement on its condensed consolidated balance sheets. Other Arrangements The Company has certain other research and license arrangements and other collaborations with third parties, which provide the Company with specified research and/or development services.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events In preparing the condensed consolidated interim financial statements as of September 30, 2024 and for the three month period then ended, the Company evaluated subsequent events for recognition and measurement purposes. The Company concluded that no events or transactions have occurred that require disclosure in the accompanying condensed consolidated financial statements, except as otherwise described in the notes above.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") for interim information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") for reporting on Form 10-Q. The Company’s condensed consolidated financial statements include the accounts of Relay Therapeutics, Inc. and its wholly-owned subsidiaries, Relay Therapeutics Securities Corporation and Relay ML Discovery, LLC. All intercompany balances and transactions have been eliminated.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying condensed consolidated balance sheet as of September 30, 2024, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2024 and 2023, the condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023 are unaudited. The unaudited condensed consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s condensed consolidated financial position as of September 30, 2024, the condensed consolidated results of its operations for the three and nine months ended September 30, 2024 and 2023, and condensed consolidated cash flows for the nine months ended September 30, 2024 and 2023. The condensed consolidated financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2024 and 2023 are unaudited. The condensed consolidated results for the three and nine months ended September 30, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024 , any other interim periods, or any future year or period.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the fair value of contingent milestone payments in connection with the acquisition of ZebiAI Therapeutics, Inc. ("ZebiAI"), the determination of the transaction price and standalone selling price of performance obligations under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC 606"), the accrual of research and development and manufacturing expenses, the valuation of equity instruments, and the incremental borrowing rate for determining operating lease assets and liabilities. Estimates are periodically reviewed in light of changes in circumstances, facts, and experience.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to provide enhancements to segment disclosures, even for entities with only one reportable segment. In particular, the standard will require disclosures of significant segment expenses regularly provided to the chief operating decision maker and included within each reported measure of segment profit and loss. The standard will also require disclosure of all other segment items by reportable segment and a description of its composition. Finally, the standard will require disclosure of the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The standard is effective for annual periods beginning after December 15, 2023 and interim periods within annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the standard on the presentation of its condensed consolidated financial statements and footnotes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to provide enhancements to annual income tax disclosures. In particular, the standard will require more detailed information in the income tax rate reconciliation, as well as the disclosure of income taxes paid disaggregated by jurisdiction, among other enhancements. The standard is effective for years beginning after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact of the standard on the presentation of its condensed consolidated financial statements and footnotes.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis and Level of the Fair Value Hierarchy	The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: Fair Value Measurements as of Level 1 Level 2 Level 3 Total (in thousands) Assets Cash equivalents: Money market funds $ 134,163 $ — $ — $ 134,163 U.S. treasury bills — 7,991 — 7,991 Total cash equivalents 134,163 7,991 — 142,154 Investments: U.S. treasury bills — 596,094 — 596,094 U.S. agency securities — 91,158 — 91,158 Total investments — 687,252 — 687,252 Total assets $ 134,163 $ 695,243 $ — $ 829,406 Liabilities Contingent Milestone Payments $ — $ — $ — $ — Total liabilities $ — $ — $ — $ — Fair Value Measurements as of Level 1 Level 2 Level 3 Total (in thousands) Assets Cash equivalents: Money market funds $ 140,466 $ — $ — $ 140,466 Total cash equivalents 140,466 — — 140,466 Investments: U.S. treasury bills — 416,008 — 416,008 U.S. agency securities — 190,342 — 190,342 Total investments — 606,350 — 606,350 Total assets $ 140,466 $ 606,350 $ — $ 746,816 Liabilities Contingent Milestone Payments $ — $ — $ 8,206 $ 8,206 Total liabilities $ — $ — $ 8,206 $ 8,206
Schedule of Changes in Contingent Consideration Liability	The following table reconciles the change in the contingent consideration liability: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Balance at beginning of period $ — $ 29,223 $ 13,206 $ 32,378 Change in fair value of Contingent Milestone Payments — ( 1,200 ) ( 8,206 ) ( 4,355 ) Change in fair value of Contingent Earnout Payments — — ( 5,000 ) — $ — $ 28,023 $ — $ 28,023

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Schedule of Investments [Abstract]
Summary of Fair Value of Available-for-Sale Investments by Type of Security	The fair value of available-for-sale investments by type of security was as follows: September 30, 2024 Amortized Unrealized Unrealized Fair (in thousands) Investments: U.S. treasury bills $ 276,139 $ 713 $ ( 37 ) $ 276,815 U.S. agency securities 52,676 198 — 52,874 Total investments with a maturity of one year or less 328,815 911 ( 37 ) 329,689 U.S. treasury bills 317,661 1,758 ( 140 ) 319,279 U.S. agency securities 38,267 138 ( 121 ) 38,284 Total investments with a maturity of one to two years 355,928 1,896 ( 261 ) 357,563 Total investments $ 684,743 $ 2,807 $ ( 298 ) $ 687,252 December 31, 2023 Amortized Unrealized Unrealized Fair (in thousands) Investments: U.S. treasury bills $ 314,957 $ 83 $ ( 482 ) $ 314,558 U.S. agency securities 185,672 24 ( 353 ) 185,343 Total investments with a maturity of one year or less 500,629 107 ( 835 ) 499,901 U.S. treasury bills 100,917 591 ( 58 ) 101,450 U.S. agency securities 5,000 — ( 1 ) 4,999 Total investments with a maturity of one to two years 105,917 591 ( 59 ) 106,449 Total investments $ 606,546 $ 698 $ ( 894 ) $ 606,350
Available-for-sale Debt Securities in an Unrealized Loss Position	The following tables summarize the Company's available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by major security type and length of time in a continuous unrealized loss position: September 30, 2024 Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) U.S. treasury bills $ 152,303 $ ( 152 ) $ 48,950 $ ( 25 ) $ 201,253 $ ( 177 ) U.S. agency securities 25,706 ( 121 ) — — 25,706 ( 121 ) Total $ 178,009 $ ( 273 ) $ 48,950 $ ( 25 ) $ 226,959 $ ( 298 ) December 31, 2023 Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) U.S. treasury bills $ 172,625 $ ( 371 ) $ 27,822 $ ( 169 ) $ 200,447 $ ( 540 ) U.S. agency securities 136,356 ( 207 ) 36,742 ( 147 ) 173,098 ( 354 ) Total $ 308,981 $ ( 578 ) $ 64,564 $ ( 316 ) $ 373,545 $ ( 894 )

Stock Compensation (Tables)

Stock Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Compensation Expense in the Company's Condensed Consolidated Statements of Operations and Comprehensive Loss	Stock compensation expense in the Company’s condensed consolidated statements of operations and comprehensive loss is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Research and development expenses 11,084 $ 12,365 42,368 $ 37,078 General and administrative expenses 11,400 9,470 34,136 29,686 $ 22,484 $ 21,835 $ 76,504 $ 66,764

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Summary of Computation of Basic and Diluted Net Loss Per Share	The following table summarizes the computation of basic and diluted net loss per share of the Company: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands, except share and per share data) Net loss $ ( 88,105 ) $ ( 65,734 ) $ ( 261,704 ) $ ( 258,478 ) Net loss per share, basic and diluted $ ( 0.63 ) $ ( 0.54 ) $ ( 1.94 ) $ ( 2.12 ) Weighted average shares of common stock, basic and diluted 140,229,056 122,231,255 134,651,728 121,843,116
Summary of Antidilutive Securities Excluded From Computation of Earnings Per Share	For the three and nine months ended September 30, 2024 and 2023, the weighted-average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share is the same. In computing diluted net loss per share for the three and nine months ended September 30, 2024 and 2023, the Company excluded the following potentially dilutive securities, as the effect would be anti-dilutive and reduce the net loss per share calculated for each period. Three and Nine Months Ended September 30, 2024 2023 Options outstanding to purchase common stock 15,132,362 15,899,580 Unvested and outstanding restricted stock units 8,817,355 3,594,958 23,949,717 19,494,538

Nature of Business and Basis _2

Nature of Business and Basis of Presentation - Additional Information (Detail) $ in Thousands	Sep. 30, 2024 USD ($) Program	Jun. 30, 2024 Program	Dec. 31, 2023 USD ($)
Nature of Business and Basis of Presentation [Line Items]
Number of novel programs		2
Number of discovery stage programs		3
Accumulated deficit | $	$ 1,662,286		$ 1,400,582
Precision Oncology And Genetic Diseases [Member] | Minimum [Member]
Nature of Business and Basis of Presentation [Line Items]
Number of discovery stage programs	5

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis and Level of the Fair Value Hierarchy (Detail) - Fair value on a recurring basis [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investments:
Total assets	$ 829,406	$ 746,816
Liabilities
Contingent Milestone Payments		8,206
Total liabilities		8,206
Level 1 [Member]
Investments:
Total assets	134,163	140,466
Level 2 [Member]
Investments:
Total assets	695,243	606,350
Level 3 [Member]
Liabilities
Contingent Milestone Payments		8,206
Total liabilities		8,206
Investments [Member]
Investments:
Total investments	687,252	606,350
Investments [Member] | U.S. treasury bills [Member]
Investments:
Total investments	596,094	416,008
Investments [Member] | U.S. agency securities [Member]
Investments:
Total investments	91,158	190,342
Investments [Member] | Level 2 [Member]
Investments:
Total investments	687,252	606,350
Investments [Member] | Level 2 [Member] | U.S. treasury bills [Member]
Investments:
Total investments	596,094	416,008
Investments [Member] | Level 2 [Member] | U.S. agency securities [Member]
Investments:
Total investments	91,158	190,342
Cash equivalents [Member]
Cash equivalents:
Assets, fair value	142,154	140,466
Cash equivalents [Member] | Money market funds [Member]
Cash equivalents:
Assets, fair value	134,163	140,466
Cash equivalents [Member] | U.S. treasury bills [Member]
Cash equivalents:
Assets, fair value	7,991
Cash equivalents [Member] | Level 1 [Member]
Cash equivalents:
Assets, fair value	134,163	140,466
Cash equivalents [Member] | Level 1 [Member] | Money market funds [Member]
Cash equivalents:
Assets, fair value	134,163	$ 140,466
Cash equivalents [Member] | Level 2 [Member]
Cash equivalents:
Assets, fair value	7,991
Cash equivalents [Member] | Level 2 [Member] | U.S. treasury bills [Member]
Cash equivalents:
Assets, fair value	$ 7,991

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Apr. 22, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability		$ 0	$ 13,206,000	$ 28,023,000	$ 29,223,000	$ 32,378,000
ZebiAI [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination contingent consideration liability contingent milestones payments	$ 0						$ 85,000,000
Business combination contingent consideration liability, contingent earnout payments	$ 0						$ 100,000,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Changes in Fair Value of Contingent Consideration Liability (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	$ 0	$ 29,223	$ 13,206	$ 32,378
Change in fair value of Contingent Milestone Payments	0	(1,200)	(8,206)	(4,355)
Change in fair value of Contingent Earnout Payments	$ 0		$ (5,000)
Ending balance		$ 28,023		$ 28,023

Investments - Summary of Fair V

Investments - Summary of Fair Value of Available-for-Sale Investments by Type of Security (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 684,743	$ 606,546
Unrealized Gains	2,807	698
Unrealized Losses	(298)	(894)
Fair Value	687,252	606,350
Investments with a maturity of one year or less [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	328,815	500,629
Unrealized Gains	911	107
Unrealized Losses	(37)	(835)
Fair Value	329,689	499,901
Investments with a maturity of one to two years [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	355,928	105,917
Unrealized Gains	1,896	591
Unrealized Losses	(261)	(59)
Fair Value	357,563	106,449
U.S treasury bills [Member] | Investments with a maturity of one year or less [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	276,139	314,957
Unrealized Gains	713	83
Unrealized Losses	(37)	(482)
Fair Value	276,815	314,558
U.S treasury bills [Member] | Investments with a maturity of one to two years [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	317,661	100,917
Unrealized Gains	1,758	591
Unrealized Losses	(140)	(58)
Fair Value	319,279	101,450
U.S agency securities [Member] | Investments with a maturity of one year or less [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	52,676	185,672
Unrealized Gains	198	24
Unrealized Losses	0	(353)
Fair Value	52,874	185,343
U.S agency securities [Member] | Investments with a maturity of one to two years [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	38,267	5,000
Unrealized Gains	138
Unrealized Losses	(121)	(1)
Fair Value	$ 38,284	$ 4,999

Investments - Available-for-sal

Investments - Available-for-sale Debt Securities in an Unrealized Loss Position (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	$ 178,009	$ 308,981
Less than 12 Months, Unrealized Losses	(273)	(578)
12 Months or Longer, Fair Value	48,950	64,564
12 Months or Longer, Unrealized Losses	(25)	(316)
Total, Fair Value	226,959	373,545
Total, Unrealized Losses	(298)	(894)
U.S treasury bills [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	152,303	172,625
Less than 12 Months, Unrealized Losses	(152)	(371)
12 Months or Longer, Fair Value	48,950	27,822
12 Months or Longer, Unrealized Losses	(25)	(169)
Total, Fair Value	201,253	200,447
Total, Unrealized Losses	(177)	(540)
U.S agency securities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	25,706	136,356
Less than 12 Months, Unrealized Losses	(121)	(207)
12 Months or Longer, Fair Value	0	36,742
12 Months or Longer, Unrealized Losses	0	(147)
Total, Fair Value	25,706	173,098
Total, Unrealized Losses	$ (121)	$ (354)

Investments - Additional Inform

Investments - Additional Information (Detail) - DebtSecurity	Sep. 30, 2024	Dec. 31, 2023
Investments [Abstract]
Debt securities unrealized loss position	46	70

Common Stock - Additional Infor

Common Stock - Additional Information (Detail) - USD ($)	1 Months Ended				3 Months Ended				9 Months Ended
	Sep. 30, 2024	Aug. 31, 2024	Jan. 31, 2024	Aug. 31, 2021	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Voting Rights									Each share of common stock entitles the stockholder to one vote on all matters submitted to a vote of the Company’s stockholders.
Dividends declared									$ 0
Common Stock [Member] | At-the-Market Offerings [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares sold							1,889,597	900,000
Common Stock [Member] | Private Placement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares sold			2,500,000				2,500,000
Offering price per share			$ 12
Net proceeds			$ 29,800,000
Offering expenses			$ 200,000
Common Stock [Member] | Follow-On Offering [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares sold	32,857,143				32,857,143
Additional shares issued	4,285,714
Offering price per share	$ 7				$ 7				$ 7
Net proceeds	$ 218,200,000
Underwriting discounts, commissions and other offering expenses	$ 11,800,000
Common Stock [Member] | Cowen [Member] | 2021 Sales Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate gross proceeds from the sale of shares				$ 300,000,000
Common stock shares sold					0	0	1,889,597
Weighted-average sales price of shares issued							$ 9.73
Net proceeds							$ 17,900,000
Commissions and other offering expenses							$ 500,000
Common Stock [Member] | TD Securities [Member] | 2024 Sales Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate gross proceeds from the sale of shares		$ 250,000,000
Common stock shares sold					0

Stock Compensation - Schedule o

Stock Compensation - Schedule of Stock Compensation Expense in the Company's Condensed Consolidated Statements of Operations and Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 22,484	$ 21,835	$ 76,504	$ 66,764
Research and development expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	11,084	12,365	42,368	37,078
General and administrative expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 11,400	$ 9,470	$ 34,136	$ 29,686

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net loss	$ (88,105)	$ (81,387)	$ (65,734)	$ (98,505)	$ (94,239)	$ (261,704)	$ (258,478)
Net loss per share, basic	$ (0.63)		$ (0.54)			$ (1.94)	$ (2.12)
Net loss per share, diluted	$ (0.63)		$ (0.54)			$ (1.94)	$ (2.12)
Weighted average shares of common stock, basic	140,229,056		122,231,255			134,651,728	121,843,116
Weighted average shares of common stock, diluted	140,229,056		122,231,255			134,651,728	121,843,116

Net Loss Per Share - Summary _2

Net Loss Per Share - Summary of Antidilutive Securities Excluded From Computation of Earnings Per Share (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	23,949,717	19,494,538	23,949,717	19,494,538
Options outstanding to purchase common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	15,132,362	15,899,580	15,132,362	15,899,580
Unvested and outstanding restricted stock units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	8,817,355	3,594,958	8,817,355	3,594,958

Collaboration and License Agr_2

Collaboration and License Agreement with Genentech, Inc - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Collaboration And License Arrangement [Line Items]
Collaboration revenue		$ 25,202	$ 10,007	$ 25,547
Genentech [Member]
Collaboration And License Arrangement [Line Items]
Collaboration revenue	$ 0	$ 25,100	$ 10,000	$ 25,500
Genentech [Member] | Genentech Agreement [Member]
Collaboration And License Arrangement [Line Items]
Collaborative arrangement, purpose			In December 2020, the Company and Genentech, Inc. ("Genentech") entered into the Collaboration and License Agreement (as amended from time to time, the "Genentech Agreement"), which granted Genentech a license to develop and commercialize migoprotafib (GDC-1971, formerly known as RLY-1971).
Collaboration agreement transaction price			$ 121,800
Additional payment included in revenue upon achievement of other specified development commercialization and sales based milestones does not exercise option to participate in collaboration			$ 10,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Commitments and Contingencies Disclosure [Line Items]
Accrued expenses	$ 33,216,000		$ 33,216,000		$ 14,890,000
Prepaid balance	18,725,000		18,725,000		16,702,000
DE Shaw Research [Member]
Commitments and Contingencies Disclosure [Line Items]
Research and development expense	2,300,000	$ 2,300,000	7,200,000	$ 7,100,000
Accrued expenses	0		0		0
Prepaid balance	8,200,000		8,200,000		5,400,000
DE Shaw Research [Member] | License Agreement Terms [Member]
Commitments and Contingencies Disclosure [Line Items]
Milestone payment Due	$ 0		$ 0		$ 0