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Side-by-side financial comparison of Relay Therapeutics, Inc. (RLAY) and TECOGEN INC. (TGEN). Click either name above to swap in a different company.
Relay Therapeutics, Inc. is the larger business by last-quarter revenue ($7.0M vs $5.3M, roughly 1.3× TECOGEN INC.). TECOGEN INC. produced more free cash flow last quarter ($-2.6M 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 TGEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.0M | $5.3M |
| Net Profit | — | $-4.0M |
| Gross Margin | — | 36.8% |
| Operating Margin | — | -77.8% |
| Net Margin | — | -75.1% |
| Revenue YoY | — | -12.5% |
| Net Profit YoY | — | -236.7% |
| EPS (diluted) | — | $-0.14 |
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 | $5.3M | ||
| Q3 25 | $0 | $7.2M | ||
| Q2 25 | — | $7.3M | ||
| Q1 25 | $7.7M | $7.3M | ||
| Q4 24 | $0 | $6.1M | ||
| Q3 24 | $0 | $5.6M | ||
| Q2 24 | $0 | $4.7M | ||
| Q1 24 | $10.0M | $6.2M |
| Q4 25 | — | $-4.0M | ||
| Q3 25 | $-74.1M | $-2.1M | ||
| Q2 25 | — | $-1.5M | ||
| Q1 25 | $-77.1M | $-659.9K | ||
| Q4 24 | — | $-1.2M | ||
| Q3 24 | $-88.1M | $-930.4K | ||
| Q2 24 | $-92.2M | $-1.5M | ||
| Q1 24 | $-81.4M | $-1.1M |
| Q4 25 | — | 36.8% | ||
| Q3 25 | — | 30.4% | ||
| Q2 25 | — | 33.8% | ||
| Q1 25 | — | 44.3% | ||
| Q4 24 | — | 45.0% | ||
| Q3 24 | — | 44.1% | ||
| Q2 24 | — | 44.0% | ||
| Q1 24 | — | 41.6% |
| Q4 25 | — | -77.8% | ||
| Q3 25 | — | -29.2% | ||
| Q2 25 | — | -19.4% | ||
| Q1 25 | -1105.2% | -8.2% | ||
| Q4 24 | — | -18.7% | ||
| Q3 24 | — | -15.5% | ||
| Q2 24 | — | -31.2% | ||
| Q1 24 | -903.0% | -17.0% |
| Q4 25 | — | -75.1% | ||
| Q3 25 | — | -29.7% | ||
| Q2 25 | — | -20.1% | ||
| Q1 25 | -1003.6% | -9.1% | ||
| Q4 24 | — | -19.5% | ||
| Q3 24 | — | -16.5% | ||
| Q2 24 | — | -32.5% | ||
| Q1 24 | -813.3% | -17.9% |
| Q4 25 | — | $-0.14 | ||
| Q3 25 | $-0.43 | $-0.07 | ||
| Q2 25 | — | $-0.06 | ||
| Q1 25 | $-0.46 | $-0.03 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | $-0.63 | $-0.04 | ||
| Q2 24 | $-0.69 | $-0.06 | ||
| 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 | $12.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $567.1M | $21.6M |
| Total Assets | $621.3M | $37.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.0M | $12.4M | ||
| Q3 25 | $91.6M | $15.3M | ||
| Q2 25 | — | $1.6M | ||
| Q1 25 | $93.5M | $4.1M | ||
| Q4 24 | $124.3M | $5.4M | ||
| Q3 24 | $152.4M | $1.3M | ||
| Q2 24 | $134.1M | $841.9K | ||
| Q1 24 | $152.9M | $1.5M |
| Q4 25 | $567.1M | $21.6M | ||
| Q3 25 | $607.7M | $25.5M | ||
| Q2 25 | — | $9.1M | ||
| Q1 25 | $721.1M | $9.6M | ||
| Q4 24 | $777.8M | $10.2M | ||
| Q3 24 | $838.9M | $11.3M | ||
| Q2 24 | $681.7M | $12.2M | ||
| Q1 24 | $745.8M | $13.7M |
| Q4 25 | $621.3M | $37.0M | ||
| Q3 25 | $670.0M | $41.5M | ||
| Q2 25 | — | $28.4M | ||
| Q1 25 | $799.4M | $29.7M | ||
| Q4 24 | $871.3M | $31.1M | ||
| Q3 24 | $930.1M | $27.5M | ||
| Q2 24 | $772.5M | $27.2M | ||
| Q1 24 | $841.4M | $28.5M |
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 | $-2.6M |
| Free Cash FlowOCF − Capex | $-235.9M | $-2.6M |
| FCF MarginFCF / Revenue | -3370.0% | -49.3% |
| Capex IntensityCapex / Revenue | 5.9% | 0.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-622.7M | $-10.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-235.5M | $-2.6M | ||
| Q3 25 | $-62.1M | $-3.6M | ||
| Q2 25 | — | $-2.6M | ||
| Q1 25 | $-73.2M | $-1.2M | ||
| Q4 24 | $-249.1M | $4.2M | ||
| Q3 24 | $-75.1M | $-207.3K | ||
| Q2 24 | $-65.8M | $-157.9K | ||
| Q1 24 | $-50.3M | $248.2K |
| Q4 25 | $-235.9M | $-2.6M | ||
| Q3 25 | $-62.1M | $-3.6M | ||
| Q2 25 | — | $-2.7M | ||
| Q1 25 | $-73.6M | $-1.3M | ||
| Q4 24 | $-251.1M | $4.0M | ||
| Q3 24 | $-75.3M | $-489.6K | ||
| Q2 24 | $-65.8M | $-609.6K | ||
| Q1 24 | $-52.1M | $143.3K |
| Q4 25 | -3370.0% | -49.3% | ||
| Q3 25 | — | -50.6% | ||
| Q2 25 | — | -37.7% | ||
| Q1 25 | -958.4% | -17.9% | ||
| Q4 24 | — | 66.6% | ||
| Q3 24 | — | -8.7% | ||
| Q2 24 | — | -12.9% | ||
| Q1 24 | -520.7% | 2.3% |
| Q4 25 | 5.9% | 0.9% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | 5.0% | 1.8% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 5.0% | ||
| Q2 24 | — | 9.6% | ||
| Q1 24 | 17.8% | 1.7% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
RLAY
Segment breakdown not available.
TGEN
| Installation Services | $4.5M | 84% |
| Products Segment | $460.5K | 9% |
| Other | $394.7K | 7% |
