v3.25.3

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 91,564	$ 124,287
Investments	504,867	657,036
Prepaid expenses	23,839	17,348
Other current assets	3,744	10,533
Total current assets	624,014	809,204
Property and equipment, net	2,359	5,911
Operating lease assets	41,369	51,762
Restricted cash	2,258	2,119
Intangible asset	0	2,300
Total assets	670,000	871,296
Current liabilities:
Accounts payable	2,752	14,097
Accrued expenses	25,132	21,236
Operating lease liabilities	3,643	5,727
Deferred revenue		7,679
Other current liabilities	1,078	1,990
Total current liabilities	32,605	50,729
Operating lease liabilities, net of current portion	29,686	42,775
Total liabilities	62,291	93,504
Commitments and contingencies (Note 9)
Stockholders' equity:
Common stock, $0.001 par value; 300,000,000 shares authorized as of September 30, 2025, and December 31, 2024; 172,631,268 and 167,755,715 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	168	168
Additional paid-in capital	2,566,927	2,516,905
Accumulated other comprehensive gain (loss)	493	(991)
Accumulated deficit	(1,959,879)	(1,738,290)
Total stockholders' equity	607,709	777,792
Total liabilities and stockholders' equity	$ 670,000	$ 871,296

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

Relay Therapeutics, Inc. 10-Q