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Side-by-side financial comparison of Relay Therapeutics, Inc. (RLAY) and SWK Holdings Corp (SWKH). Click either name above to swap in a different company.
SWK Holdings Corp is the larger business by last-quarter revenue ($8.7M vs $7.0M, roughly 1.2× Relay Therapeutics, Inc.). SWK Holdings Corp produced more free cash flow last quarter ($26.8M 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.
SWK Holdings Corp is a specialty finance firm focused on the healthcare and life sciences sectors. It provides tailored financing solutions including royalty monetization, structured debt, and asset-backed lending to biotech, pharmaceutical, medical device and diagnostic companies, with its core market centered in North America.
RLAY vs SWKH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.0M | $8.7M |
| Net Profit | — | $-19.4M |
| Gross Margin | — | — |
| Operating Margin | — | 9.9% |
| Net Margin | — | — |
| Revenue YoY | — | -29.7% |
| Net Profit YoY | — | -430.2% |
| EPS (diluted) | — | $-1.59 |
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 | $8.7M | ||
| Q3 25 | $0 | $10.9M | ||
| Q2 25 | — | $10.1M | ||
| Q1 25 | $7.7M | $11.8M | ||
| Q4 24 | $0 | $12.4M | ||
| Q3 24 | $0 | $10.4M | ||
| Q2 24 | $0 | $10.8M | ||
| Q1 24 | $10.0M | $11.4M |
| Q4 25 | — | $-19.4M | ||
| Q3 25 | $-74.1M | $8.8M | ||
| Q2 25 | — | $3.5M | ||
| Q1 25 | $-77.1M | $4.5M | ||
| Q4 24 | — | $5.9M | ||
| Q3 24 | $-88.1M | $3.5M | ||
| Q2 24 | $-92.2M | $3.7M | ||
| Q1 24 | $-81.4M | $468.0K |
| Q4 25 | — | 9.9% | ||
| Q3 25 | — | 61.3% | ||
| Q2 25 | — | 46.1% | ||
| Q1 25 | -1105.2% | 68.6% | ||
| Q4 24 | — | 44.7% | ||
| Q3 24 | — | 39.2% | ||
| Q2 24 | — | 8.3% | ||
| Q1 24 | -903.0% | 9.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | 80.7% | ||
| Q2 25 | — | 35.2% | ||
| Q1 25 | -1003.6% | 38.4% | ||
| Q4 24 | — | 47.5% | ||
| Q3 24 | — | 33.3% | ||
| Q2 24 | — | 33.9% | ||
| Q1 24 | -813.3% | 4.1% |
| Q4 25 | — | $-1.59 | ||
| Q3 25 | $-0.43 | $0.72 | ||
| Q2 25 | — | $0.29 | ||
| Q1 25 | $-0.46 | $0.37 | ||
| Q4 24 | — | $0.47 | ||
| Q3 24 | $-0.63 | $0.28 | ||
| Q2 24 | $-0.69 | $0.30 | ||
| Q1 24 | $-0.62 | $0.04 |
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 | $42.8M |
| Total DebtLower is stronger | — | $33.0M |
| Stockholders' EquityBook value | $567.1M | $235.1M |
| Total Assets | $621.3M | $272.4M |
| Debt / EquityLower = less leverage | — | 0.14× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.0M | $42.8M | ||
| Q3 25 | $91.6M | $10.2M | ||
| Q2 25 | — | $8.0M | ||
| Q1 25 | $93.5M | $29.8M | ||
| Q4 24 | $124.3M | $5.9M | ||
| Q3 24 | $152.4M | $17.2M | ||
| Q2 24 | $134.1M | $5.5M | ||
| Q1 24 | $152.9M | $5.5M |
| Q4 25 | — | $33.0M | ||
| Q3 25 | — | $33.0M | ||
| Q2 25 | — | $33.0M | ||
| Q1 25 | — | $33.0M | ||
| Q4 24 | — | $33.0M | ||
| Q3 24 | — | $33.0M | ||
| Q2 24 | — | $33.0M | ||
| Q1 24 | — | $33.0M |
| Q4 25 | $567.1M | $235.1M | ||
| Q3 25 | $607.7M | $254.2M | ||
| Q2 25 | — | $246.5M | ||
| Q1 25 | $721.1M | $292.7M | ||
| Q4 24 | $777.8M | $288.7M | ||
| Q3 24 | $838.9M | $283.4M | ||
| Q2 24 | $681.7M | $282.8M | ||
| Q1 24 | $745.8M | $279.9M |
| Q4 25 | $621.3M | $272.4M | ||
| Q3 25 | $670.0M | $289.4M | ||
| Q2 25 | — | $285.7M | ||
| Q1 25 | $799.4M | $331.3M | ||
| Q4 24 | $871.3M | $332.2M | ||
| Q3 24 | $930.1M | $321.3M | ||
| Q2 24 | $772.5M | $321.0M | ||
| Q1 24 | $841.4M | $322.0M |
| Q4 25 | — | 0.14× | ||
| Q3 25 | — | 0.13× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.11× | ||
| Q4 24 | — | 0.11× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.12× |
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 | $27.3M |
| Free Cash FlowOCF − Capex | $-235.9M | $26.8M |
| FCF MarginFCF / Revenue | -3370.0% | 308.1% |
| Capex IntensityCapex / Revenue | 5.9% | 5.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-622.7M | $43.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-235.5M | $27.3M | ||
| Q3 25 | $-62.1M | $906.0K | ||
| Q2 25 | — | $7.8M | ||
| Q1 25 | $-73.2M | $8.3M | ||
| Q4 24 | $-249.1M | $23.0M | ||
| Q3 24 | $-75.1M | $6.3M | ||
| Q2 24 | $-65.8M | $5.4M | ||
| Q1 24 | $-50.3M | $4.4M |
| Q4 25 | $-235.9M | $26.8M | ||
| Q3 25 | $-62.1M | $557.0K | ||
| Q2 25 | — | $7.7M | ||
| Q1 25 | $-73.6M | $8.2M | ||
| Q4 24 | $-251.1M | $22.9M | ||
| Q3 24 | $-75.3M | $6.3M | ||
| Q2 24 | $-65.8M | $5.4M | ||
| Q1 24 | $-52.1M | — |
| Q4 25 | -3370.0% | 308.1% | ||
| Q3 25 | — | 5.1% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | -958.4% | 69.1% | ||
| Q4 24 | — | 185.3% | ||
| Q3 24 | — | 60.4% | ||
| Q2 24 | — | 49.7% | ||
| Q1 24 | -520.7% | — |
| Q4 25 | 5.9% | 5.9% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | 5.0% | 0.8% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | 17.8% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.10× | ||
| Q2 25 | — | 2.21× | ||
| Q1 25 | — | 1.82× | ||
| Q4 24 | — | 3.93× | ||
| Q3 24 | — | 1.82× | ||
| Q2 24 | — | 1.47× | ||
| Q1 24 | — | 9.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
RLAY
Segment breakdown not available.
SWKH
| Finance Receivables Segment | $8.4M | 96% |
| Other | $329.0K | 4% |
