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Side-by-side financial comparison of Metalpha Technology Holding Ltd (MATH) and Relay Therapeutics, Inc. (RLAY). Click either name above to swap in a different company.
Metalpha Technology Holding Ltd is the larger business by last-quarter revenue ($12.0M vs $7.0M, roughly 1.7× Relay Therapeutics, Inc.).
Metalpha Technology Holding LtdMATHEarnings & Financial Report
Metalpha Technology Holding Ltd is a global fintech firm specializing in digital asset wealth management, institutional-grade crypto investment services, and Web3 ecosystem infrastructure support. It serves professional investors, financial institutions, and high-net-worth clients across Asia, North America and Europe, with core segments including structured digital asset products, risk management solutions and DeFi technology development.
Relay Therapeutics is a clinical-stage biotechnology company focused on developing precision oncology therapies. It leverages advanced computational modeling of protein dynamics, paired with cutting-edge experimental biology, to design targeted medicines for previously intractable cancer types, serving global oncology care markets and patient populations.
MATH vs RLAY — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $12.0M | $7.0M |
| Net Profit | $-2.9M | — |
| Gross Margin | 28.3% | — |
| Operating Margin | -24.2% | — |
| Net Margin | -24.0% | — |
| Revenue YoY | -39.0% | — |
| Net Profit YoY | -147.7% | — |
| EPS (diluted) | $-0.07 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $7.0M | ||
| Q3 25 | $12.0M | $0 | ||
| Q1 25 | $24.8M | $7.7M | ||
| Q4 24 | — | $0 | ||
| Q3 24 | $19.7M | $0 | ||
| Q2 24 | — | $0 | ||
| Q1 24 | — | $10.0M |
| Q4 25 | — | — | ||
| Q3 25 | $-2.9M | $-74.1M | ||
| Q1 25 | $9.8M | $-77.1M | ||
| Q4 24 | — | — | ||
| Q3 24 | $6.0M | $-88.1M | ||
| Q2 24 | — | $-92.2M | ||
| Q1 24 | — | $-81.4M |
| Q4 25 | — | — | ||
| Q3 25 | 28.3% | — | ||
| Q1 25 | 85.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 49.5% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | -24.2% | — | ||
| Q1 25 | 39.3% | -1105.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | 38.9% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -903.0% |
| Q4 25 | — | — | ||
| Q3 25 | -24.0% | — | ||
| Q1 25 | 39.6% | -1003.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | 30.7% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -813.3% |
| Q4 25 | — | — | ||
| Q3 25 | $-0.07 | $-0.43 | ||
| Q1 25 | $0.25 | $-0.46 | ||
| Q4 24 | — | — | ||
| Q3 24 | $0.16 | $-0.63 | ||
| Q2 24 | — | $-0.69 | ||
| Q1 24 | — | $-0.62 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $10.1M | $84.0M |
| Total DebtLower is stronger | $101.2K | — |
| Stockholders' EquityBook value | $35.1M | $567.1M |
| Total Assets | $413.8M | $621.3M |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $84.0M | ||
| Q3 25 | $10.1M | $91.6M | ||
| Q1 25 | $6.9M | $93.5M | ||
| Q4 24 | — | $124.3M | ||
| Q3 24 | $3.8M | $152.4M | ||
| Q2 24 | — | $134.1M | ||
| Q1 24 | — | $152.9M |
| Q4 25 | — | — | ||
| Q3 25 | $101.2K | — | ||
| Q1 25 | $188.0K | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $275.1K | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $567.1M | ||
| Q3 25 | $35.1M | $607.7M | ||
| Q1 25 | $36.6M | $721.1M | ||
| Q4 24 | — | $777.8M | ||
| Q3 24 | $25.3M | $838.9M | ||
| Q2 24 | — | $681.7M | ||
| Q1 24 | — | $745.8M |
| Q4 25 | — | $621.3M | ||
| Q3 25 | $413.8M | $670.0M | ||
| Q1 25 | $246.8M | $799.4M | ||
| Q4 24 | — | $871.3M | ||
| Q3 24 | $237.2M | $930.1M | ||
| Q2 24 | — | $772.5M | ||
| Q1 24 | — | $841.4M |
| Q4 25 | — | — | ||
| Q3 25 | 0.00× | — | ||
| Q1 25 | 0.01× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.01× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.3M | $-235.5M |
| Free Cash FlowOCF − Capex | — | $-235.9M |
| FCF MarginFCF / Revenue | — | -3370.0% |
| Capex IntensityCapex / Revenue | — | 5.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-622.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-235.5M | ||
| Q3 25 | $3.3M | $-62.1M | ||
| Q1 25 | $16.2M | $-73.2M | ||
| Q4 24 | — | $-249.1M | ||
| Q3 24 | $-16.1M | $-75.1M | ||
| Q2 24 | — | $-65.8M | ||
| Q1 24 | — | $-50.3M |
| Q4 25 | — | $-235.9M | ||
| Q3 25 | — | $-62.1M | ||
| Q1 25 | — | $-73.6M | ||
| Q4 24 | — | $-251.1M | ||
| Q3 24 | — | $-75.3M | ||
| Q2 24 | — | $-65.8M | ||
| Q1 24 | — | $-52.1M |
| Q4 25 | — | -3370.0% | ||
| Q3 25 | — | — | ||
| Q1 25 | — | -958.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -520.7% |
| Q4 25 | — | 5.9% | ||
| Q3 25 | — | — | ||
| Q1 25 | — | 5.0% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 17.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q1 25 | 1.64× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -2.66× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
