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Side-by-side financial comparison of Relay Therapeutics, Inc. (RLAY) and Soluna Holdings, Inc (SLNH). Click either name above to swap in a different company.
Soluna Holdings, Inc is the larger business by last-quarter revenue ($8.4M vs $7.0M, roughly 1.2× Relay Therapeutics, Inc.). Soluna Holdings, Inc produced more free cash flow last quarter ($-6.8M vs $-235.9M).
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.
RLAY vs SLNH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.0M | $8.4M |
| Net Profit | — | $-24.0M |
| Gross Margin | — | 9.5% |
| Operating Margin | — | -92.5% |
| Net Margin | — | -284.7% |
| Revenue YoY | — | 11.8% |
| Net Profit YoY | — | -233.2% |
| EPS (diluted) | — | $-1.14 |
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 | $0 | $8.4M | ||
| Q2 25 | — | $6.2M | ||
| Q1 25 | $7.7M | $5.9M | ||
| Q4 24 | $0 | $8.3M | ||
| Q3 24 | $0 | $7.5M | ||
| Q2 24 | $0 | $9.7M | ||
| Q1 24 | $10.0M | $12.5M |
| Q4 25 | — | — | ||
| Q3 25 | $-74.1M | $-24.0M | ||
| Q2 25 | — | $-7.4M | ||
| Q1 25 | $-77.1M | $-7.6M | ||
| Q4 24 | — | $-40.0M | ||
| Q3 24 | $-88.1M | $-7.2M | ||
| Q2 24 | $-92.2M | $-10.9M | ||
| Q1 24 | $-81.4M | $-5.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | 9.5% | ||
| Q2 25 | — | 6.3% | ||
| Q1 25 | — | 5.7% | ||
| Q4 24 | — | -360.8% | ||
| Q3 24 | — | -39.1% | ||
| Q2 24 | — | 34.6% | ||
| Q1 24 | — | 45.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | -92.5% | ||
| Q2 25 | — | -107.6% | ||
| Q1 25 | -1105.2% | -120.9% | ||
| Q4 24 | — | -426.0% | ||
| Q3 24 | — | -119.8% | ||
| Q2 24 | — | -38.0% | ||
| Q1 24 | -903.0% | 3.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | -284.7% | ||
| Q2 25 | — | -119.9% | ||
| Q1 25 | -1003.6% | -127.3% | ||
| Q4 24 | — | -483.8% | ||
| Q3 24 | — | -95.5% | ||
| Q2 24 | — | -112.4% | ||
| Q1 24 | -813.3% | -41.9% |
| Q4 25 | — | — | ||
| Q3 25 | $-0.43 | $-1.14 | ||
| Q2 25 | — | $-0.93 | ||
| Q1 25 | $-0.46 | $-1.21 | ||
| Q4 24 | — | $-7.14 | ||
| Q3 24 | $-0.63 | $-1.56 | ||
| Q2 24 | $-0.69 | $-3.62 | ||
| Q1 24 | $-0.62 | $-2.62 |
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 | — | $13.3M |
| Stockholders' EquityBook value | $567.1M | $14.5M |
| Total Assets | $621.3M | $152.0M |
| Debt / EquityLower = less leverage | — | 0.92× |
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 | — | — | ||
| Q3 25 | — | $13.3M | ||
| Q2 25 | — | $10.0M | ||
| Q1 25 | — | $10.2M | ||
| Q4 24 | — | $7.1M | ||
| Q3 24 | — | $8.1M | ||
| Q2 24 | — | $9.0M | ||
| Q1 24 | — | — |
| Q4 25 | $567.1M | — | ||
| Q3 25 | $607.7M | $14.5M | ||
| Q2 25 | — | $-19.5M | ||
| Q1 25 | $721.1M | $-16.1M | ||
| Q4 24 | $777.8M | $-12.5M | ||
| Q3 24 | $838.9M | $20.9M | ||
| Q2 24 | $681.7M | $24.4M | ||
| Q1 24 | $745.8M | $21.5M |
| Q4 25 | $621.3M | — | ||
| Q3 25 | $670.0M | $152.0M | ||
| Q2 25 | — | $92.0M | ||
| Q1 25 | $799.4M | $90.0M | ||
| Q4 24 | $871.3M | $88.0M | ||
| Q3 24 | $930.1M | $97.3M | ||
| Q2 24 | $772.5M | $98.7M | ||
| Q1 24 | $841.4M | $90.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.92× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.37× | ||
| 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 | $-235.5M | $-2.2M |
| Free Cash FlowOCF − Capex | $-235.9M | $-6.8M |
| FCF MarginFCF / Revenue | -3370.0% | -81.4% |
| Capex IntensityCapex / Revenue | 5.9% | 55.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-622.7M | $-34.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-235.5M | — | ||
| Q3 25 | $-62.1M | $-2.2M | ||
| Q2 25 | — | $-1.1M | ||
| Q1 25 | $-73.2M | $-177.0K | ||
| Q4 24 | $-249.1M | $-5.1M | ||
| Q3 24 | $-75.1M | $61.0K | ||
| Q2 24 | $-65.8M | $-7.3M | ||
| Q1 24 | $-50.3M | $3.9M |
| Q4 25 | $-235.9M | — | ||
| Q3 25 | $-62.1M | $-6.8M | ||
| Q2 25 | — | $-9.7M | ||
| Q1 25 | $-73.6M | $-4.0M | ||
| Q4 24 | $-251.1M | $-13.9M | ||
| Q3 24 | $-75.3M | $-3.4M | ||
| Q2 24 | $-65.8M | $-7.6M | ||
| Q1 24 | $-52.1M | $3.3M |
| Q4 25 | -3370.0% | — | ||
| Q3 25 | — | -81.4% | ||
| Q2 25 | — | -156.8% | ||
| Q1 25 | -958.4% | -67.1% | ||
| Q4 24 | — | -168.3% | ||
| Q3 24 | — | -44.8% | ||
| Q2 24 | — | -78.2% | ||
| Q1 24 | -520.7% | 26.5% |
| Q4 25 | 5.9% | — | ||
| Q3 25 | — | 55.2% | ||
| Q2 25 | — | 139.0% | ||
| Q1 25 | 5.0% | 64.2% | ||
| Q4 24 | — | 107.0% | ||
| Q3 24 | — | 45.6% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | 17.8% | 4.2% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
RLAY
Segment breakdown not available.
SLNH
| Data Hosting Revenue | $5.3M | 62% |
| Cryptocurrency Mining Revenue | $2.8M | 33% |
| Other | $389.0K | 5% |
