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Side-by-side financial comparison of Relay Therapeutics, Inc. (RLAY) and TON Strategy Co (TONX). Click either name above to swap in a different company.
Relay Therapeutics, Inc. is the larger business by last-quarter revenue ($7.0M vs $5.7M, roughly 1.2× TON Strategy Co). TON Strategy Co produced more free cash flow last quarter ($-8.0M 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 TONX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.0M | $5.7M |
| Net Profit | — | $-227.9M |
| Gross Margin | — | 64.3% |
| Operating Margin | — | -159.2% |
| Net Margin | — | -3968.6% |
| Revenue YoY | — | 694.2% |
| Net Profit YoY | — | -7047.9% |
| EPS (diluted) | — | $-3.89 |
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 | $5.7M | ||
| Q3 25 | $0 | $3.6M | ||
| Q2 25 | — | $2.1M | ||
| Q1 25 | $7.7M | $1.3M | ||
| Q4 24 | $0 | $723.0K | ||
| Q3 24 | $0 | — | ||
| Q2 24 | $0 | — | ||
| Q1 24 | $10.0M | — |
| Q4 25 | — | $-227.9M | ||
| Q3 25 | $-74.1M | $84.3M | ||
| Q2 25 | — | $-2.4M | ||
| Q1 25 | $-77.1M | $-2.6M | ||
| Q4 24 | — | $-3.2M | ||
| Q3 24 | $-88.1M | — | ||
| Q2 24 | $-92.2M | — | ||
| Q1 24 | $-81.4M | — |
| Q4 25 | — | 64.3% | ||
| Q3 25 | — | 75.4% | ||
| Q2 25 | — | 71.2% | ||
| Q1 25 | — | 73.4% | ||
| Q4 24 | — | 81.5% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | -159.2% | ||
| Q3 25 | — | -601.5% | ||
| Q2 25 | — | -138.2% | ||
| Q1 25 | -1105.2% | -203.8% | ||
| Q4 24 | — | -513.1% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -903.0% | — |
| Q4 25 | — | -3968.6% | ||
| Q3 25 | — | 2336.8% | ||
| Q2 25 | — | -111.9% | ||
| Q1 25 | -1003.6% | -196.5% | ||
| Q4 24 | — | -440.9% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -813.3% | — |
| Q4 25 | — | $-3.89 | ||
| Q3 25 | $-0.43 | $2.23 | ||
| Q2 25 | — | $-1.79 | ||
| Q1 25 | $-0.46 | $-2.51 | ||
| Q4 24 | — | $10.41 | ||
| Q3 24 | $-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 | $84.0M | $39.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $567.1M | $406.5M |
| Total Assets | $621.3M | $411.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.0M | $39.5M | ||
| Q3 25 | $91.6M | $53.9M | ||
| Q2 25 | — | $10.4M | ||
| Q1 25 | $93.5M | $12.2M | ||
| Q4 24 | $124.3M | $12.5M | ||
| Q3 24 | $152.4M | — | ||
| Q2 24 | $134.1M | — | ||
| Q1 24 | $152.9M | — |
| Q4 25 | $567.1M | $406.5M | ||
| Q3 25 | $607.7M | $639.1M | ||
| Q2 25 | — | $19.4M | ||
| Q1 25 | $721.1M | $14.6M | ||
| Q4 24 | $777.8M | $16.2M | ||
| Q3 24 | $838.9M | — | ||
| Q2 24 | $681.7M | — | ||
| Q1 24 | $745.8M | — |
| Q4 25 | $621.3M | $411.2M | ||
| Q3 25 | $670.0M | $661.9M | ||
| Q2 25 | — | $23.7M | ||
| Q1 25 | $799.4M | $18.4M | ||
| Q4 24 | $871.3M | $20.6M | ||
| Q3 24 | $930.1M | — | ||
| Q2 24 | $772.5M | — | ||
| Q1 24 | $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 | $-235.5M | $-8.0M |
| Free Cash FlowOCF − Capex | $-235.9M | $-8.0M |
| FCF MarginFCF / Revenue | -3370.0% | -139.3% |
| Capex IntensityCapex / Revenue | 5.9% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-622.7M | $-20.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-235.5M | $-8.0M | ||
| Q3 25 | $-62.1M | $-9.4M | ||
| Q2 25 | — | $-2.3M | ||
| Q1 25 | $-73.2M | $-1.1M | ||
| Q4 24 | $-249.1M | $-1.9M | ||
| Q3 24 | $-75.1M | — | ||
| Q2 24 | $-65.8M | — | ||
| Q1 24 | $-50.3M | — |
| Q4 25 | $-235.9M | $-8.0M | ||
| Q3 25 | $-62.1M | $-9.4M | ||
| Q2 25 | — | $-2.3M | ||
| Q1 25 | $-73.6M | $-1.1M | ||
| Q4 24 | $-251.1M | $-2.0M | ||
| Q3 24 | $-75.3M | — | ||
| Q2 24 | $-65.8M | — | ||
| Q1 24 | $-52.1M | — |
| Q4 25 | -3370.0% | -139.3% | ||
| Q3 25 | — | -261.4% | ||
| Q2 25 | — | -107.8% | ||
| Q1 25 | -958.4% | -87.0% | ||
| Q4 24 | — | -279.9% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -520.7% | — |
| Q4 25 | 5.9% | 0.1% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | 5.0% | 5.1% | ||
| Q4 24 | — | 22.1% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 17.8% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -0.11× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
RLAY
Segment breakdown not available.
TONX
| Market Live | $4.8M | 83% |
| Other | $960.0K | 17% |
