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Side-by-side financial comparison of REED'S, INC. (REED) and Relay Therapeutics, Inc. (RLAY). Click either name above to swap in a different company.
REED'S, INC. is the larger business by last-quarter revenue ($7.5M vs $7.0M, roughly 1.1× Relay Therapeutics, Inc.). REED'S, INC. produced more free cash flow last quarter ($-3.9M vs $-235.9M).
Waddell & Reed Financial, Inc. was an American asset management and financial planning company founded in 1937 in Kansas City, Missouri. It was a publicly traded company from 1998 to 2021, and briefly had its headquarters in Overland Park, Kansas, and was planning a move back to Downtown Kansas City before the company was sold. It operated asset management and distribution subsidiaries, including Ivy Investment Management Company and Waddell & Reed Investment Management Company.
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.
REED vs RLAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.5M | $7.0M |
| Net Profit | $-3.8M | — |
| Gross Margin | 20.4% | — |
| Operating Margin | -46.9% | — |
| Net Margin | -50.5% | — |
| Revenue YoY | -23.1% | — |
| Net Profit YoY | 8.2% | — |
| EPS (diluted) | $-1.26 | — |
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 | $7.5M | $7.0M | ||
| Q3 25 | $7.0M | $0 | ||
| Q2 25 | $9.5M | — | ||
| Q1 25 | $10.0M | $7.7M | ||
| Q4 24 | $9.7M | $0 | ||
| Q3 24 | $6.8M | $0 | ||
| Q2 24 | $11.9M | $0 | ||
| Q1 24 | $9.6M | $10.0M |
| Q4 25 | $-3.8M | — | ||
| Q3 25 | $-4.0M | $-74.1M | ||
| Q2 25 | $-6.0M | — | ||
| Q1 25 | $-2.0M | $-77.1M | ||
| Q4 24 | $-4.1M | — | ||
| Q3 24 | $-4.2M | $-88.1M | ||
| Q2 24 | $-3.2M | $-92.2M | ||
| Q1 24 | $-1.7M | $-81.4M |
| Q4 25 | 20.4% | — | ||
| Q3 25 | 17.4% | — | ||
| Q2 25 | 8.5% | — | ||
| Q1 25 | 33.9% | — | ||
| Q4 24 | 30.0% | — | ||
| Q3 24 | 18.0% | — | ||
| Q2 24 | 32.3% | — | ||
| Q1 24 | 35.6% | — |
| Q4 25 | -46.9% | — | ||
| Q3 25 | -58.3% | — | ||
| Q2 25 | -60.8% | — | ||
| Q1 25 | -17.4% | -1105.2% | ||
| Q4 24 | -37.6% | — | ||
| Q3 24 | -46.5% | — | ||
| Q2 24 | -5.6% | — | ||
| Q1 24 | -6.8% | -903.0% |
| Q4 25 | -50.5% | — | ||
| Q3 25 | -56.6% | — | ||
| Q2 25 | -63.5% | — | ||
| Q1 25 | -20.3% | -1003.6% | ||
| Q4 24 | -42.3% | — | ||
| Q3 24 | -61.5% | — | ||
| Q2 24 | -27.1% | — | ||
| Q1 24 | -17.4% | -813.3% |
| Q4 25 | $-1.26 | — | ||
| Q3 25 | $-0.48 | $-0.43 | ||
| Q2 25 | $-0.13 | — | ||
| Q1 25 | $-0.04 | $-0.46 | ||
| Q4 24 | $-3.73 | — | ||
| Q3 24 | $-4.91 | $-0.63 | ||
| Q2 24 | $-0.77 | $-0.69 | ||
| Q1 24 | $-0.40 | $-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 | — | $84.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.2M | $567.1M |
| Total Assets | $23.3M | $621.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $84.0M | ||
| Q3 25 | — | $91.6M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $93.5M | ||
| Q4 24 | — | $124.3M | ||
| Q3 24 | — | $152.4M | ||
| Q2 24 | — | $134.1M | ||
| Q1 24 | — | $152.9M |
| Q4 25 | $9.2M | $567.1M | ||
| Q3 25 | $2.8M | $607.7M | ||
| Q2 25 | $1.7M | — | ||
| Q1 25 | $4.7M | $721.1M | ||
| Q4 24 | $6.6M | $777.8M | ||
| Q3 24 | $-22.0M | $838.9M | ||
| Q2 24 | $-23.8M | $681.7M | ||
| Q1 24 | $-20.7M | $745.8M |
| Q4 25 | $23.3M | $621.3M | ||
| Q3 25 | $19.9M | $670.0M | ||
| Q2 25 | $23.7M | — | ||
| Q1 25 | $24.5M | $799.4M | ||
| Q4 24 | $25.1M | $871.3M | ||
| Q3 24 | $15.0M | $930.1M | ||
| Q2 24 | $18.7M | $772.5M | ||
| Q1 24 | $19.3M | $841.4M |
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 | $-3.8M | $-235.5M |
| Free Cash FlowOCF − Capex | $-3.9M | $-235.9M |
| FCF MarginFCF / Revenue | -52.0% | -3370.0% |
| Capex IntensityCapex / Revenue | 1.1% | 5.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-17.3M | $-622.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.8M | $-235.5M | ||
| Q3 25 | $-2.8M | $-62.1M | ||
| Q2 25 | $-5.0M | — | ||
| Q1 25 | $-5.4M | $-73.2M | ||
| Q4 24 | $-3.9M | $-249.1M | ||
| Q3 24 | $1.1M | $-75.1M | ||
| Q2 24 | $-912.0K | $-65.8M | ||
| Q1 24 | $-2.4M | $-50.3M |
| Q4 25 | $-3.9M | $-235.9M | ||
| Q3 25 | $-2.9M | $-62.1M | ||
| Q2 25 | $-5.1M | — | ||
| Q1 25 | $-5.4M | $-73.6M | ||
| Q4 24 | $-4.0M | $-251.1M | ||
| Q3 24 | $1.0M | $-75.3M | ||
| Q2 24 | $-924.0K | $-65.8M | ||
| Q1 24 | $-2.4M | $-52.1M |
| Q4 25 | -52.0% | -3370.0% | ||
| Q3 25 | -41.5% | — | ||
| Q2 25 | -53.2% | — | ||
| Q1 25 | -54.2% | -958.4% | ||
| Q4 24 | -40.8% | — | ||
| Q3 24 | 15.3% | — | ||
| Q2 24 | -7.8% | — | ||
| Q1 24 | -25.1% | -520.7% |
| Q4 25 | 1.1% | 5.9% | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.7% | 5.0% | ||
| Q4 24 | 1.0% | — | ||
| Q3 24 | 0.3% | — | ||
| Q2 24 | 0.1% | — | ||
| Q1 24 | 0.2% | 17.8% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
