0000950170-22-021892 | 10-Q | XBRL Viewer

Subsequent Events	9 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events In preparing the consolidated interim financial statements as of September 30, 2022 and for the three and nine month periods then ended, the Company evaluated subsequent events for recognition and measurement purposes. The Company concluded that no events or transactions have occurred that require disclosure in the accompanying consolidated financial statements.

Subsequent Events

9 Months Ended

Sep. 30, 2022

11. Subsequent Events

In preparing the consolidated interim financial statements as of September 30, 2022 and for the three and nine month periods then ended, the Company evaluated subsequent events for recognition and measurement purposes. The Company concluded that no events or transactions have occurred that require disclosure in the accompanying consolidated financial statements.

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:


	Fair Value Measurements as of September 30, 2022:
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	51,124	$	—	$	—	$	51,124
Investments:
U.S. treasury bills		—		422,036		—		422,036
U.S. agency securities		—		277,113		—		277,113
Total investments		—		699,149		—		699,149
Total assets	$	51,124	$	699,149	$	—	$	750,273
Liabilities
Contingent Milestone Payments	$	—	$	—	$	37,922	$	37,922
Total liabilities	$	—	$	—	$	37,922	$	37,922


	Fair Value Measurements as of December 31, 2021:
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	251,891	$	—	$	—	$	251,891
Investments:
U.S. treasury bills		—		469,386		—		469,386
U.S. agency securities		—		208,568		—		208,568
Total investments		—		677,954		—		677,954
Total assets	$	251,891	$	677,954	$	—	$	929,845
Liabilities
Contingent Milestone Payments	$	—	$	—	$	45,258	$	45,258
Total liabilities	$	—	$	—	$	45,258	$	45,258

In determining the fair value of its investments at each date presented above, the Company relied on quoted prices for similar securities in active markets or using other inputs that are observable or can be corroborated by observable market data.

Fair Value of Contingent Consideration Liability

In April 2021, the Company acquired ZebiAI.

The Company’s Level 3 contingent consideration liability is related to $85.0 million of platform and program milestones (“Contingent Milestone Payments”) payable to ZebiAI’s former equity holders upon achievement. The contingent consideration liability for the Contingent Milestone Payments is measured at fair value at each reporting date pursuant to FASB ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”). The Company determines the fair value of the Contingent Milestone Payments based on the probability of achieving the milestones, the related timing, and, to a lesser extent, an appropriate discount rate. Significant judgment is used in determining the underlying assumptions. Due to the uncertainties associated with the development of platforms and drug candidates in the pharmaceutical industry and the effects of changes in assumptions, including probability of success and related timing, the Company expects its estimates regarding the fair value of Contingent Milestone Payments to continue to change in the future, resulting in adjustments to the fair value of the Company’s Contingent Milestone Payments. The effect of any such adjustments could be material.

The Company also has a contingent consideration liability related to the fair value of $100.0 million in earnout payments (“Contingent Earnout Payments”). Because the Contingent Earnout Payments were not accounted for as derivatives under FASB ASC Topic 815, Derivatives and Hedging ("ASC 815"), they were only measured at fair value as of the acquisition date and are not re-assessed at fair value at each reporting period. The Contingent Earnout Payments will be adjusted when the contingency is resolved and the consideration is paid or becomes payable.

The following table reconciles the change in the contingent consideration liability (in thousands):


	Three Months Ended September 30,					Nine Months Ended September 30,
	2022			2021		2022			2021
Balance at beginning of period	$	45,863		$	48,465	$	50,258		$	—
Fair value of Contingent Milestone Payments upon acquisition		—			—		—			48,465
Change in fair value of Contingent Milestone Payments		3,262			2,000		(1,133	)		2,000
Common stock issued upon milestone achievement		(6,203	)		—		(6,203	)		—
	$	42,922		$	50,465	$	42,922		$	50,465

The “Change in fair value of Contingent Milestone Payments” in the table above was attributable to changes in the assumptions noted above between December 31, 2021 and September 30, 2022, primarily changes in timing and interest rates.

The “Common stock issued upon milestone achievement” in the table above was attributable to 301,939 shares of common stock issued to ZebiAI's former equity holders upon achievement of one of the platform milestones during the three and nine months ended September 30, 2022.

The outstanding Contingent Milestone Payments are payable in shares of common stock based on a fixed amount assigned to each milestone and the average closing price of the Company’s common stock for the 5-day period prior to the milestone achievement. Accordingly, the number of shares of common stock to be issued upon a milestone achievement vary dependent on the Company’s common stock price. If the outstanding milestones were achieved in full on September 30, 2022, the number of shares of common stock to be issued would be 3,143,218 based on an average closing price of the Company's common stock of $22.99 for the 5-day period prior to September 30, 2022.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis and Level of the Fair Value Hierarchy


	Fair Value Measurements as of September 30, 2022:
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	51,124	$	—	$	—	$	51,124
Investments:
U.S. treasury bills		—		422,036		—		422,036
U.S. agency securities		—		277,113		—		277,113
Total investments		—		699,149		—		699,149
Total assets	$	51,124	$	699,149	$	—	$	750,273
Liabilities
Contingent Milestone Payments	$	—	$	—	$	37,922	$	37,922
Total liabilities	$	—	$	—	$	37,922	$	37,922


	Fair Value Measurements as of December 31, 2021:
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	251,891	$	—	$	—	$	251,891
Investments:
U.S. treasury bills		—		469,386		—		469,386
U.S. agency securities		—		208,568		—		208,568
Total investments		—		677,954		—		677,954
Total assets	$	251,891	$	677,954	$	—	$	929,845
Liabilities
Contingent Milestone Payments	$	—	$	—	$	45,258	$	45,258
Total liabilities	$	—	$	—	$	45,258	$	45,258

Schedule of Changes in Contingent Consideration Liability

The following table reconciles the change in the contingent consideration liability (in thousands):


	Three Months Ended September 30,					Nine Months Ended September 30,
	2022			2021		2022			2021
Balance at beginning of period	$	45,863		$	48,465	$	50,258		$	—
Fair value of Contingent Milestone Payments upon acquisition		—			—		—			48,465
Change in fair value of Contingent Milestone Payments		3,262			2,000		(1,133	)		2,000
Common stock issued upon milestone achievement		(6,203	)		—		(6,203	)		—
	$	42,922		$	50,465	$	42,922		$	50,465

Fair Value Measurements - Schedule of Changes in Contingent Consideration Liability (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	$ 45,863	$ 48,465	$ 50,258
Fair value of Contingent Milestone Payments upon acquisition				$ 48,465
Change in fair value of Contingent Milestone Payments	3,262	2,000	(1,133)	2,000
Common stock issued upon milestone achievement	(6,203)		(6,203)
Ending balance	$ 42,922	$ 50,465	$ 42,922	$ 50,465

Collaboration and License Arrangements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Collaboration And License Arrangement [Line Items]
Revenue from license agreement	$ 344	$ 666	$ 1,128	$ 2,462
Contract asset	4,876		4,876		$ 4,537
Other Liabilities [Member]
Collaboration And License Arrangement [Line Items]
Cash received for milestone payment	25,000		25,000		$ 15,000
Other Current Assets [Member]
Collaboration And License Arrangement [Line Items]
Cash owed upon achievement of milestones	10,000		$ 10,000
EQRx, Inc [Member]
Collaboration And License Arrangement [Line Items]
Collaborative arrangement, rights and obligations			During the three and nine months ended September 30, 2022, there were no material changes to the Company’s Discovery and Collaboration Agreement (“Collaboration Agreement”) with EQRx, Inc. (“EQRx”) from August 2021. Accordingly, there were no changes to the Company’s accounting treatment thereon through September 30, 2022.
Genentech [Member]
Collaboration And License Arrangement [Line Items]
Collaborative arrangement, rights and obligations			During the three and nine months ended September 30, 2022 and 2021, there were no material changes to the Company’s Collaboration and License Agreement (“License Agreement”) with Genentech, Inc. (“Genentech”) from December 2020. Accordingly, there were no changes to the Company’s accounting treatment thereon through September 30, 2022.
Genentech [Member] \| License Agreement [Member]
Collaboration And License Arrangement [Line Items]
Revenue from license agreement	$ 300	$ 400	$ 800	$ 2,100

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Oct. 28, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Registrant Name	RELAY THERAPEUTICS, INC.
Entity Central Index Key	0001812364
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Address, State or Province	MA
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	RLAY
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		120,894,901
Entity File Number	001-39385
Entity Tax Identification Number	47-3923475
Entity Address Address Line1	399 Binney Street
Entity Address, Address Line Two	2nd Floor
Entity Address, City or Town	Cambridge
Entity Address, Postal Zip Code	02139
City Area Code	617
Local Phone Number	370-8837

Stock Compensation - Schedule of Stock-Based Compensation Expense Included In The Company's Condensed Consolidated Statements of Operations And Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 13,719	$ 12,418	$ 42,321	$ 38,236
Research and development expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	7,838	6,124	23,087	20,420
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 5,881	$ 6,294	$ 19,234	$ 17,816

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Restricted Cash And Cash Equivalents At Carrying Value [Abstract]
Cash and cash equivalents	$ 354,643	$ 228,559
Restricted cash	2,578	2,578
Cash, cash equivalents, and restricted cash per statements of cash flows	$ 357,221	$ 231,137

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

10. Leases

399 Binney Street

In December 2017, the Company entered into an operating lease agreement for 44,336 square feet of office and laboratory space at 399 Binney Street, Cambridge, Massachusetts, which was increased to 44,807 square feet in January 2018. The Company gained control of the leased space in January 2019 and, accordingly, recorded an operating lease right-of-use asset and liability at such time. The operating lease expires in April 2029, subject to certain renewal options, which have not been included in the Company’s operating lease right-of-use asset and liability, as the Company is not reasonably certain to exercise such options as of September 30, 2022.

In September 2020, the Company entered into an amendment to its operating lease agreement to expand the leased area by 1,824 square feet of office space at 399 Binney Street, Cambridge, Massachusetts. The amendment to the operating lease agreement met the criteria to be accounted for as a separate operating lease. The Company gained control of the leased space in October 2020 and, accordingly, recorded an operating lease right-of-use asset and liability at such time. The operating lease right-of-use asset and lease liability recorded in connection with the amendment were not material. The amended operating lease expires in April 2029, subject to certain renewal options.

The following table summarizes the presentation of amounts recorded on the Company’s condensed consolidated balance sheets for the operating lease at 399 Binney Street as of September 30, 2022 and December 31, 2021:


	Balance sheet location	September 30, 2022		December 31, 2021
Assets:
Operating lease assets	Operating lease assets	$	19,334	$	20,780
Liabilities:
Current operating lease liabilities	Operating lease liabilities	$	2,085	$	1,844
Non-current operating lease liabilities	Operating lease liabilities, net of current portion		19,460		21,056
	Total lease liabilities	$	21,545	$	22,900

The following table summarizes the effect of lease costs for the operating lease at 399 Binney Street on the Company’s condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2022 and 2021:


		Three Months Ended September 30,				Nine Months Ended September 30,
	Statement of operations location	2022		2021		2022		2021
Operating lease costs	Research and development expenses	$	849	$	819	$	2,475	$	2,435
	General and administrative expenses		211		246		708		753
		$	1,060	$	1,065	$	3,183	$	3,188

The Company made cash payments of $1.1 million and $1.0 million under the operating lease agreement for 399 Binney Street during the three months ended September 30, 2022 and 2021, respectively.

The Company made cash payments of $3.1 million and $3.0 million under the operating lease agreement for 399 Binney Street during the nine months ended September 30, 2022 and 2021, respectively.

The minimum lease payments for the Company’s operating lease at 399 Binney Street as of September 30, 2022 for the next five years and thereafter are expected to be as follows:


Year Ending December 31,	Amount
2022	$	1,043
2023		4,254
2024		4,377
2025		4,503
2026		4,634
Thereafter		11,325
Total lease payments		30,136
Less: interest		(8,591	)
Present value of operating lease liabilities	$	21,545

The weighted-average remaining lease term and weighted-average discount rate of the operating lease at 399 Binney Street were 6.58 years and 10.4%, respectively, at September 30, 2022.

The weighted-average remaining lease term and weighted-average discount rate of the operating lease at 399 Binney Street were 7.33 years and 10.4%, respectively, at December 31, 2021.

60 Hampshire Street

In May 2021, the Company entered into an operating lease agreement for 41,474 square feet of office and laboratory space at 60 Hampshire Street, Cambridge, Massachusetts. The Company gained control of the leased space in July 2022 and, accordingly, recorded an operating lease right-of-use asset and liability at such time. The operating lease expires in June 2032 and there are no renewal options.

The following table summarizes the presentation of amounts recorded on the Company’s condensed consolidated balance sheets for the operating lease at 60 Hampshire Street as of September 30, 2022 and December 31, 2021:


	Balance sheet location	September 30, 2022		December 31, 2021
Assets:
Operating lease assets	Operating lease assets	$	45,819	$	—
Liabilities:
Current operating lease liabilities	Operating lease liabilities	$	3,596	$	—
Non-current operating lease liabilities	Operating lease liabilities, net of current portion		35,140		—
	Total lease liabilities	$	38,736	$	—

The following table summarizes the effect of lease costs for the operating lease at 60 Hampshire Street on the Company’s condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2022 and 2021:


		Three Months Ended September 30,				Nine Months Ended September 30,
	Statement of operations location	2022		2021		2022		2021
Operating lease costs	Research and development expenses	$	1,341	$	—	$	1,341	$	—
	General and administrative expenses		282		—		282		—
		$	1,623	$	—	$	1,623	$	—

The Company made cash payments of $4.0 million and $0 under the operating lease agreement for 60 Hampshire Street during the three months ended September 30, 2022 and 2021, respectively.

The Company made cash payments of $8.7 million and $0 under the operating lease agreement for 60 Hampshire Street during the nine months ended September 30, 2022 and 2021, respectively.

The minimum lease payments for the Company’s operating lease at 60 Hampshire Street as of September 30, 2022 for the next five years and thereafter are expected to be as follows:


Year Ending December 31,	Amount
2022	$	2,822
2023		4,966
2024		5,109
2025		5,257
2026		5,409
Thereafter		32,649
Total lease payments		56,212
Less: interest		(17,476	)
Present value of operating lease liabilities	$	38,736

The weighted-average remaining lease term and weighted-average discount rate of the operating lease at 60 Hampshire were 9.75 years and 8.0%, respectively, at September 30, 2022.

Fair Value Measurements - Additional Information (Detail) - ZebiAI [Member] - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 26, 2022	Apr. 22, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration payment description		The outstanding Contingent Milestone Payments are payable in shares of common stock based on a fixed amount assigned to each milestone and the average closing price of the Company’s common stock for the 5-day period prior to the milestone achievement.
Number of shares that would be issued upon milestone achievement		3,143,218
Number of common stock issued upon milestone achievement	301,939	301,939
Average stock price upon milestone settlement			$ 22.99
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Business combination contingent consideration liability, milestones payments				$ 85.0
Business combination contingent consideration liability, contingent earnout payments				$ 100.0

Investments

9 Months Ended

Sep. 30, 2022

Schedule of Investments [Abstract]

Investments

4. Investments

The fair value of available-for-sale investments by type of security was as follows:


	September 30, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Investments:
U.S. treasury bills	$	351,211	$	—	$	(6,014	)	$	345,197
U.S. agency securities		184,831		—		(1,950	)		182,881
Total investments with a maturity of one year or less		536,042		—		(7,964	)		528,078

U.S. treasury bills		79,592		—		(2,753	)		76,839
U.S. agency securities		96,904		4		(2,676	)		94,232
Total investments with a maturity of one to two years		176,496		4		(5,429	)		171,071
Total investments	$	712,538	$	4	$	(13,393	)	$	699,149


	December 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Investments:
U.S. treasury bills	$	189,406	$	—	$	(228	)	$	189,178
U.S. agency securities		108,895		—		(138	)		108,757
Total investments with a maturity of one year or less		298,301		—		(366	)		297,935

U.S. treasury bills		280,743		—		(535	)		280,208
U.S. agency securities		99,998		—		(187	)		99,811
Total investments with a maturity of one to two years		380,741		—		(722	)		380,019
Total investments	$	679,042	$	—	$	(1,088	)	$	677,954

Pursuant to the Company’s adoption of ASU 2016-13 and the related amendments thereto on January 1, 2022, the Company reviews investments whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. In connection therewith, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors, considering the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss on the condensed consolidated balance sheet, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that is not related to credit is recognized in other comprehensive (loss) income. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense in general and administrative expenses within the condensed consolidated statement of operations. Losses are charged against the allowance when the Company believes the uncollectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

The Company held 110 and 88 debt securities that were in an unrealized loss position as of September 30, 2022 and December 31, 2021, respectively. The unrealized losses at September 30, 2022 and December 31, 2021 were attributable to changes in interest rates and the unrealized losses do not represent credit losses. The Company does not intend to sell these securities and it is not more likely than not that it will be required to sell them before recovery of their amortized cost basis.

The following table summarizes our available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded at September 30, 2022, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):


	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses

U.S. treasury bills	$	548,601	$	(10,079	)	$	50,325	$	(702	)	$	598,926	$	(10,781	)
U.S. agency securities		82,499		(2,533	)		7,953		(79	)		90,452		(2,612	)
Total	$	631,100	$	(12,612	)	$	58,278	$	(781	)	$	689,378	$	(13,393	)

The following table summarizes our available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded at December 31, 2021, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):


	Less than 12 Months					12 Months or Longer				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

U.S. treasury bills	$	469,386	$	(763	)	$	—	$	—	$	469,386	$	(763	)
U.S. agency securities		208,568		(325	)		—		—		208,568		(325	)
Total	$	677,954	$	(1,088	)	$	—	$	—	$	677,954	$	(1,088	)

Leases - Summary of Operating Lease Presentation in Consolidated Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
399 Binney Street [Member]
Operating Leased Assets [Line Items]
Operating lease costs	$ 1,060	$ 1,065	$ 3,183	$ 3,188
399 Binney Street [Member] \| Research and development expenses [Member]
Operating Leased Assets [Line Items]
Operating lease costs	849	819	2,475	2,435
399 Binney Street [Member] \| General and administrative expenses [Member]
Operating Leased Assets [Line Items]
Operating lease costs	211	$ 246	708	$ 753
60 Hampshire Street [Member]
Operating Leased Assets [Line Items]
Operating lease costs	1,623		1,623
60 Hampshire Street [Member] \| Research and development expenses [Member]
Operating Leased Assets [Line Items]
Operating lease costs	1,341		1,341
60 Hampshire Street [Member] \| General and administrative expenses [Member]
Operating Leased Assets [Line Items]
Operating lease costs	$ 282		$ 282

Leases - Additional Information (Details) $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
Leases - Additional Information (Details) $ in Millions	Jun. 30, 2032	Apr. 30, 2029	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021	May 31, 2021 ft²	Sep. 30, 2020 ft²	Jan. 31, 2018 ft²	Dec. 31, 2017 ft²
399 Binney Street [Member]
Operating Leased Assets [Line Items]
Land subject to ground leases \| ft²									1,824	44,807	44,336
Fixed lease payments \| $			$ 1.1	$ 1.0	$ 3.1	$ 3.0
Weighted-average remaining lease term			6 years 6 months 29 days		6 years 6 months 29 days		7 years 3 months 29 days
Weighted-average discount rate			10.40%		10.40%		10.40%
399 Binney Street [Member] \| Forecast [Member]
Operating Leased Assets [Line Items]
Operating lease agreement expiration date		2029-04
60 Hampshire Street [Member]
Operating Leased Assets [Line Items]
Land subject to ground leases \| ft²								41,474
Fixed lease payments \| $			$ 4.0	$ 0.0	$ 8.7	$ 0.0
Weighted-average remaining lease term			9 years 9 months		9 years 9 months
Weighted-average discount rate			8.00%		8.00%
60 Hampshire Street [Member] \| Forecast [Member]
Operating Leased Assets [Line Items]
Operating lease agreement expiration date	2032-06

Nature of Business and Basis of Presentation

9 Months Ended

Sep. 30, 2022

Text Block [Abstract]

Nature of Business and Basis of Presentation

1. Nature of Business and Basis of Presentation

Relay Therapeutics, Inc. (the “Company”) was incorporated in Delaware on May 4, 2015 and is headquartered in Cambridge, Massachusetts. The Company is a clinical-stage, precision medicine company transforming the drug discovery process by combining leading-edge computational and experimental technologies with the goal of bringing life-changing therapies to patients. As the Company believes it is among the first of a new breed of biotech created at the intersection of disparate technologies, the Company aims to push the boundaries of what’s possible in drug discovery. The Company’s Dynamo™ platform integrates an array of leading-edge computational and experimental approaches designed to drug protein targets that have previously been intractable. The Company’s initial focus is on enhancing small molecule therapeutic discovery in targeted oncology and genetic disease indications. The Company’s lead product candidates, RLY-4008, RLY-2608 and RLY-1971, are in clinical development. The Company also has over five discovery stage programs across both precision oncology and genetic disease indications.

The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance-reporting capabilities.

The Company’s product candidates are in development. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees and consultants.

The Company has devoted substantially all of its resources to developing its product candidates, including RLY-4008, RLY-2608 and RLY-1971, by developing its computation and experimental approaches, building its intellectual property portfolio, business planning, raising capital and providing general and administrative support for these operations.

The Company has incurred net operating losses since inception and had an accumulated deficit of $991.1 million as of September 30, 2022. The Company expects that its existing cash, cash equivalents, and investments as of September 30, 2022 will enable it to fund its planned operating expenses and capital expenditure requirements for at least one year from the date of the issuance of these condensed consolidated financial statements. The future viability of the Company is dependent on its ability to generate cash from operating activities or to raise additional capital to finance its operations. The Company’s failure to raise capital as and when needed could have a material adverse effect on its financial condition and ability to pursue its business strategies. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into license or collaboration arrangements or obtain government grants. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. If the Company is unable to obtain funding, the Company could be forced to delay, reduce or eliminate its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects. In the event the Company requires additional funding, there can be no assurance that it will be successful in obtaining sufficient funding on terms acceptable to the Company to fund its continuing operations, if at all.

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2020	$ 763,293	$ 90	$ 1,167,367	$ 64	$ (404,228)
Beginning balance, shares at Dec. 31, 2020		89,906,835
Issuance of common stock upon exercise of stock options	2,055		2,055
Issuance of common stock upon exercise of stock options, shares		437,230
Vesting of restricted common stock	3		3
Vesting of restricted common stock, shares		84,489
Stock-based compensation expense	9,671		9,671
Unrealized gain (loss) on investments	(52)			(52)
Net loss	(42,184)				(42,184)
Ending balance at Mar. 31, 2021	732,786	$ 90	1,179,096	12	(446,412)
Ending balance, shares at Mar. 31, 2021		90,428,554
Beginning balance at Dec. 31, 2020	763,293	$ 90	1,167,367	64	(404,228)
Beginning balance, shares at Dec. 31, 2020		89,906,835
Net loss	(296,416)
Ending balance at Sep. 30, 2021	571,088	$ 92	1,271,630	10	(700,644)
Ending balance, shares at Sep. 30, 2021		92,800,072
Beginning balance at Mar. 31, 2021	732,786	$ 90	1,179,096	12	(446,412)
Beginning balance, shares at Mar. 31, 2021		90,428,554
Issuance of common stock upon exercise of stock options	1,123		1,123
Issuance of common stock upon exercise of stock options, shares		218,365
Vesting of restricted common stock, shares		22,239
Stock-based compensation expense	16,147		16,147
Shares issued in connection with acquisition of ZebiAI	61,948	$ 2	61,946
Shares issued in connection with acquisition, shares		1,883,487
Unrealized gain (loss) on investments	(76)			(76)
Net loss	(193,399)				(193,399)
Ending balance at Jun. 30, 2021	618,529	$ 92	1,258,312	(64)	(639,811)
Ending balance, shares at Jun. 30, 2021		92,552,645
Issuance of common stock upon exercise of stock options	900		900
Issuance of common stock upon exercise of stock options, shares		196,076
Vesting of restricted common stock, shares		51,351
Stock-based compensation expense	12,418		12,418
Unrealized gain (loss) on investments	74			74
Net loss	(60,833)				(60,833)
Ending balance at Sep. 30, 2021	571,088	$ 92	1,271,630	10	(700,644)
Ending balance, shares at Sep. 30, 2021		92,800,072
Beginning balance at Dec. 31, 2021	897,808	$ 109	1,666,887	(1,088)	(768,100)
Beginning balance, shares at Dec. 31, 2021		108,210,318
Issuance of common stock upon exercise of stock options	883		883
Issuance of common stock upon exercise of stock options, shares		195,799
Vesting of restricted common stock, shares		27,233
Stock-based compensation expense	13,455		13,455
Unrealized gain (loss) on investments	(8,130)			(8,130)
Net loss	(62,046)				(62,046)
Ending balance at Mar. 31, 2022	841,970	$ 109	1,681,225	(9,218)	(830,146)
Ending balance, shares at Mar. 31, 2022		108,433,350
Beginning balance at Dec. 31, 2021	897,808	$ 109	1,666,887	(1,088)	(768,100)
Beginning balance, shares at Dec. 31, 2021		108,210,318
Issuance of common stock upon milestone achievement	6,203
Net loss	(223,006)
Ending balance at Sep. 30, 2022	999,769	$ 121	2,004,143	(13,389)	(991,106)
Ending balance, shares at Sep. 30, 2022		120,811,215
Beginning balance at Mar. 31, 2022	841,970	$ 109	1,681,225	(9,218)	(830,146)
Beginning balance, shares at Mar. 31, 2022		108,433,350
Issuance of common stock upon exercise of stock options	859		859
Issuance of common stock upon exercise of stock options, shares		182,113
Issuance of common stock under ESPP	1,137		1,137
Issuance of common stock under ESPP, shares		79,859
Vesting of restricted common stock, shares		115,156
Stock-based compensation expense	15,147		15,147
Unrealized gain (loss) on investments	(2,688)			(2,688)
Net loss	(76,788)				(76,788)
Ending balance at Jun. 30, 2022	779,637	$ 109	1,698,368	(11,906)	(906,934)
Ending balance, shares at Jun. 30, 2022		108,810,478
Issuance of common stock upon milestone achievement	6,203		6,203
Issuance of common stock upon milestone achievement, shares		301,939
Issuance of common stock in follow-on offering, net	284,744	$ 11	284,733
Issuance of common stock in follow-on offering, net, shares		11,320,755
Issuance of common stock upon exercise of stock options	1,121	$ 1	1,120
Issuance of common stock upon exercise of stock options, shares		242,982
Vesting of restricted common stock, shares		135,061
Stock-based compensation expense	13,719		13,719
Unrealized gain (loss) on investments	(1,483)			(1,483)
Net loss	(84,172)				(84,172)
Ending balance at Sep. 30, 2022	$ 999,769	$ 121	$ 2,004,143	$ (13,389)	$ (991,106)
Ending balance, shares at Sep. 30, 2022		120,811,215

Common Stock - Additional Information (Detail) - USD ($)	1 Months Ended			3 Months Ended	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2021	Aug. 31, 2021	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Voting Rights					Each share of common stock entitles the stockholder to one vote on all matters submitted to a vote of the Company’s stockholders.
Dividends declared					$ 0
Net proceeds					$ 2,863,000	$ 4,078,000
Maximum [Member] \| Sales Agreement [Member] \| Cowen [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of commission owed to sales agent under at-the-market offering			3.00%
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares sold	11,320,755	15,188,679		11,320,755
Additional shares issued		1,981,132
Offering price per share	$ 26.50	$ 26.50		$ 26.50	$ 26.50
Net proceeds	$ 284,700,000	$ 382,200,000
Underwriting discounts, commissions and other offering expenses	$ 15,300,000	$ 26,300,000
Common Stock [Member] \| Sales Agreement [Member] \| Cowen [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate gross proceeds from the sale of shares			$ 300,000,000.0
Common stock shares sold					0

Nature of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (991,106)	$ (768,100)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (223,006)	$ (296,416)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	42,321	38,236
Depreciation expense	2,964	2,891
Net amortization of premiums and discounts on investments	1,567	1,371
Acquired in-process research and development		123,000
Loss on initial consolidation of variable interest entity		11,855
Change in fair value of contingent consideration liability	(1,133)	2,000
Changes in assets and liabilities:
Accounts receivable	162	74,276
Contract asset	(339)	3,403
Prepaid expenses and other current assets	(15,159)	(7,147)
Operating lease assets and liabilities, net	(6,992)	231
Other assets		22
Accounts payable	22	(1,503)
Accrued expenses and other liabilities	27,430	13,082
Deferred revenue	(248)
Net cash used in operating activities	(172,411)	(34,699)
Cash flows from investing activities:
Purchases of property and equipment	(6,746)	(2,591)
Purchases of investments	(207,778)	(653,633)
Proceeds from maturities of investments	172,715	494,673
Cash paid for acquisition of ZebiAI, net of cash acquired		(25,215)
Net cash used in investing activities	(41,809)	(186,766)
Cash flows from financing activities:
Proceeds from issuance of common stock upon exercise of stock options	2,863	4,078
Proceeds from issuance of common stock under ESPP	1,137
Proceeds from issuance of common stock in follow-on offering, net	284,744
Net cash provided by financing activities	288,744	4,078
Net increase (decrease) in cash, cash equivalents, and restricted cash	74,524	(217,387)
Cash, cash equivalents and restricted cash at beginning of period	282,697	448,524
Cash, cash equivalents and restricted cash at end of period	357,221	231,137
Supplemental disclosure of non-cash activities:
Additions of property and equipment included in accounts payable and accrued expenses	1,065	33
Reclassification of restricted stock liability to additional paid-in capital		3
Assets obtained in asset acquisition of ZebiAI		662
Liabilities assumed in asset acquisition of ZebiAI		2,330
Fair value of common stock issued in asset acquisition of ZebiAI		$ 62,990
Issuance of common stock upon milestone achievement (Note 3)	6,203
Operating lease assets obtained in exchange for operating lease liabilities (Note 10)	$ 46,626

Leases - Schedule of Operating Leases Presentation in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Operating Leased Assets [Line Items]
Operating lease assets	$ 65,153	$ 20,780
Current operating lease liabilities	5,681	1,844
Non-current operating lease liabilities	54,600	21,056
399 Binney Street [Member]
Operating Leased Assets [Line Items]
Operating lease assets	$ 19,334	$ 20,780
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Operating lease assets	Operating lease assets
Current operating lease liabilities	$ 2,085	$ 1,844
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current operating lease liabilities	Current operating lease liabilities
Non-current operating lease liabilities	$ 19,460	$ 21,056
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Non-current operating lease liabilities	Non-current operating lease liabilities
Total lease liabilities	$ 21,545	$ 22,900
60 Hampshire Street [Member]
Operating Leased Assets [Line Items]
Operating lease assets	$ 45,819
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Operating lease assets	Operating lease assets
Current operating lease liabilities	$ 3,596
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current operating lease liabilities	Current operating lease liabilities
Non-current operating lease liabilities	$ 35,140
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Non-current operating lease liabilities	Non-current operating lease liabilities
Total lease liabilities	$ 38,736

Leases (Tables)

9 Months Ended

Sep. 30, 2022

399 Binney Street [Member]

Operating Leased Assets [Line Items]

Schedule of Operating Leases Presentation in Consolidated Balance Sheets


	Balance sheet location	September 30, 2022		December 31, 2021
Assets:
Operating lease assets	Operating lease assets	$	19,334	$	20,780
Liabilities:
Current operating lease liabilities	Operating lease liabilities	$	2,085	$	1,844
Non-current operating lease liabilities	Operating lease liabilities, net of current portion		19,460		21,056
	Total lease liabilities	$	21,545	$	22,900

Summary of Operating Lease Presentation in Consolidated Statements of Operations and Comprehensive Loss


		Three Months Ended September 30,				Nine Months Ended September 30,
	Statement of operations location	2022		2021		2022		2021
Operating lease costs	Research and development expenses	$	849	$	819	$	2,475	$	2,435
	General and administrative expenses		211		246		708		753
		$	1,060	$	1,065	$	3,183	$	3,188

Summary of Future Minimum Lease Payments

The minimum lease payments for the Company’s operating lease at 399 Binney Street as of September 30, 2022 for the next five years and thereafter are expected to be as follows:


Year Ending December 31,	Amount
2022	$	1,043
2023		4,254
2024		4,377
2025		4,503
2026		4,634
Thereafter		11,325
Total lease payments		30,136
Less: interest		(8,591	)
Present value of operating lease liabilities	$	21,545

60 Hampshire Street [Member]

Operating Leased Assets [Line Items]

Schedule of Operating Leases Presentation in Consolidated Balance Sheets


	Balance sheet location	September 30, 2022		December 31, 2021
Assets:
Operating lease assets	Operating lease assets	$	45,819	$	—
Liabilities:
Current operating lease liabilities	Operating lease liabilities	$	3,596	$	—
Non-current operating lease liabilities	Operating lease liabilities, net of current portion		35,140		—
	Total lease liabilities	$	38,736	$	—

Summary of Operating Lease Presentation in Consolidated Statements of Operations and Comprehensive Loss


		Three Months Ended September 30,				Nine Months Ended September 30,
	Statement of operations location	2022		2021		2022		2021
Operating lease costs	Research and development expenses	$	1,341	$	—	$	1,341	$	—
	General and administrative expenses		282		—		282		—
		$	1,623	$	—	$	1,623	$	—

Summary of Future Minimum Lease Payments

The minimum lease payments for the Company’s operating lease at 60 Hampshire Street as of September 30, 2022 for the next five years and thereafter are expected to be as follows:


Year Ending December 31,	Amount
2022	$	2,822
2023		4,966
2024		5,109
2025		5,257
2026		5,409
Thereafter		32,649
Total lease payments		56,212
Less: interest		(17,476	)
Present value of operating lease liabilities	$	38,736

Net Loss per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net loss	$ (84,172)	$ (76,788)	$ (62,046)	$ (60,833)	$ (193,399)	$ (42,184)	$ (223,006)	$ (296,416)
Net loss per share, basic	$ (0.76)			$ (0.66)			$ (2.04)	$ (3.20)
Net loss per share, diluted	$ (0.76)			$ (0.66)			$ (2.04)	$ (3.20)
Weighted average shares of common stock, basic	110,905,940			92,692,515			109,290,743	92,599,781
Weighted average shares of common stock, diluted	110,905,940			92,692,515			109,290,743	92,599,781

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Stock Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock Compensation

7. Stock Compensation

Stock-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive loss is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Research and development expenses	$	7,838	$	6,124	$	23,087	$	20,420
General and administrative expenses		5,881		6,294		19,234		17,816
	$	13,719	$	12,418	$	42,321	$	38,236

Common Stock

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Common Stock

6. Common Stock

Each share of common stock entitles the stockholder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the Company’s board of directors. As of September 30, 2022, no dividends had been declared.

At-the-Market Offering

In August 2021, the Company entered into a sales agreement, (the “Sales Agreement”), with Cowen and Company, LLC, or Cowen, pursuant to which the Company may offer and sell shares of its common stock having aggregate gross proceeds of up to $300.0 million from time to time in “at-the-market” offerings through Cowen, as the Company’s sales agent. The Company agreed to pay Cowen a commission of up to 3.0% of the gross proceeds of any shares sold by Cowen under the Sales Agreement. There have been no shares of common stock sold under the Sales Agreement through September 30, 2022.

Follow-On Offerings

In October 2021, the Company completed a public offering of 15,188,679 shares of common stock, including the exercise in full of the underwriters’ option to purchase an additional 1,981,132 shares, at an offering price of $26.50 per share. The Company received proceeds of $382.2 million, which was net of $26.3 million in underwriting discounts and commissions, as well as other offering expenses.

In September 2022, the Company completed a public offering of 11,320,755 shares of common stock at an offering price of $26.50 per share. The Company received proceeds of $284.7 million, which was net of $15.3 million in underwriting discounts and commissions, as well as other offering expenses.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Net Loss per Share - Summary of Antidilutive Securities Excluded From Computation of Earnings Per Share (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect	12,811,599	9,544,443	12,811,599	9,544,443
Options to purchase common stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect	11,232,081	8,936,107	11,232,081	8,936,107
Restricted stock units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect	1,579,518	608,336	1,579,518	608,336

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	300,000,000	150,000,000
Common stock shares issued	120,811,215	108,210,318
Common stock shares outstanding	120,811,215	108,210,318
Undesignated Preferred Stock [Member]
Preferred stock par value	$ 0.001	$ 0.001
Preferred stock shares authorized	10,000,000	10,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0

Net Loss per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Net Loss Per Share

The following table summarizes the computation of basic and diluted net loss per share of the Company:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Net loss	$	(84,172	)	$	(60,833	)	$	(223,006	)	$	(296,416	)
Net loss per share, basic and diluted	$	(0.76	)	$	(0.66	)	$	(2.04	)	$	(3.20	)
Weighted average shares of common stock, basic and diluted		110,905,940			92,692,515			109,290,743			92,599,781

Summary of Antidilutive Securities Excluded From Computation of Earnings Per Share


	Three and Nine Months Ended September 30,
	2022		2021
Options to purchase common stock		11,232,081		8,936,107
Restricted stock units		1,579,518		608,336
		12,811,599		9,544,443

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Basis of presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for reporting on Form 10-Q. The Company’s condensed consolidated financial statements include the accounts of Relay Therapeutics, Inc. and its wholly-owned subsidiaries, Relay Therapeutics Securities Corporation and Relay ML Discovery, LLC. All intercompany balances and transactions have been eliminated. Certain prior period amounts, limited to (a) prepaid expenses and other current assets and (b) accrued expenses and other current liabilities, have been reclassified to conform to current period presentation. Such reclassifications have no impact on the Company’s condensed consolidated statement of operations and comprehensive loss, as previously reported. Unaudited Interim Financial Information The accompanying condensed consolidated balance sheet as of September 30, 2022, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2022 and 2021, the condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2022 and 2021, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2022 and 2021 are unaudited. The unaudited condensed consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s condensed consolidated financial position as of September 30, 2022, the condensed consolidated results of its operations for the three and nine months ended September 30, 2022 and 2021, and cash flows for the nine months ended September 30, 2022 and 2021. The condensed consolidated financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2022 and 2021 are unaudited. The condensed consolidated results for the three and nine months ended September 30, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022, any other interim periods, or any future year or period. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the fair value of contingent milestone payments in connection with the acquisition of ZebiAI Therapeutics, Inc. (“ZebiAI”), the determination of the transaction price and standalone selling price of performance obligations under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers ("ASC 606"), the accrual of research and development and manufacturing expenses, the valuation of equity instruments, and the incremental borrowing rate for determining operating lease assets and liabilities. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). Certain amendments thereto were also issued by the FASB. ASU 2016-13 and the related amendments thereto require that credit losses be reported as an allowance using an expected losses model, representing the entity’s current estimate of credit losses expected to be incurred. The Company adopted ASU 2016-13 and the related amendments thereto on January 1, 2022. The adoption of ASU 2016-13 and the related amendments thereto did not have a material impact on the Company’s condensed consolidated financial statements or disclosures as of and for the three and nine months ended September 30, 2022. Recently Issued Accounting Pronouncements Not Yet Adopted From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. The Company does not believe that the adoption of any recently issued standards have or may have a material impact on its condensed consolidated financial statements and disclosures.

Leases - Summary of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
399 Binney Street [Member]
Operating Leased Assets [Line Items]
2022	$ 1,043
2023	4,254
2024	4,377
2025	4,503
2026	4,634
Thereafter	11,325
Total lease payments	30,136
Less: interest	(8,591)
Present value of operating lease liabilities	21,545	$ 22,900
60 Hampshire Street [Member]
Operating Leased Assets [Line Items]
2022	2,822
2023	4,966
2024	5,109
2025	5,257
2026	5,409
Thereafter	32,649
Total lease payments	56,212
Less: interest	(17,476)
Present value of operating lease liabilities	$ 38,736

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis and Level of the Fair Value Hierarchy (Detail) - Fair value on a recurring basis [Member] - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Investments:
Total assets	$ 750,273	$ 929,845
Liabilities
Contingent milestone payments	37,922	45,258
Total liabilities	37,922	45,258
Investments [Member]
Investments:
Total investments	699,149	677,954
Investments [Member] \| US treasury bills [Member]
Investments:
Total investments	422,036	469,386
Investments [Member] \| US agency securities [Member]
Investments:
Total investments	277,113	208,568
Cash equivalents [Member] \| Money market funds [Member]
Cash equivalents:
Assets, fair value	51,124	251,891
Level 1 [Member]
Investments:
Total assets	51,124	251,891
Level 1 [Member] \| Cash equivalents [Member] \| Money market funds [Member]
Cash equivalents:
Assets, fair value	51,124	251,891
Level 2 [Member]
Investments:
Total assets	699,149	677,954
Level 2 [Member] \| Investments [Member]
Investments:
Total investments	699,149	677,954
Level 2 [Member] \| Investments [Member] \| US treasury bills [Member]
Investments:
Total investments	422,036	469,386
Level 2 [Member] \| Investments [Member] \| US agency securities [Member]
Investments:
Total investments	277,113	208,568
Level 3 [Member]
Liabilities
Contingent milestone payments	37,922	45,258
Total liabilities	$ 37,922	$ 45,258

Investments (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Investments [Abstract]

Summary of Fair Value of Available-for-Sale Investments by Type of Security

The fair value of available-for-sale investments by type of security was as follows:


	September 30, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Investments:
U.S. treasury bills	$	351,211	$	—	$	(6,014	)	$	345,197
U.S. agency securities		184,831		—		(1,950	)		182,881
Total investments with a maturity of one year or less		536,042		—		(7,964	)		528,078

U.S. treasury bills		79,592		—		(2,753	)		76,839
U.S. agency securities		96,904		4		(2,676	)		94,232
Total investments with a maturity of one to two years		176,496		4		(5,429	)		171,071
Total investments	$	712,538	$	4	$	(13,393	)	$	699,149


	December 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Investments:
U.S. treasury bills	$	189,406	$	—	$	(228	)	$	189,178
U.S. agency securities		108,895		—		(138	)		108,757
Total investments with a maturity of one year or less		298,301		—		(366	)		297,935

U.S. treasury bills		280,743		—		(535	)		280,208
U.S. agency securities		99,998		—		(187	)		99,811
Total investments with a maturity of one to two years		380,741		—		(722	)		380,019
Total investments	$	679,042	$	—	$	(1,088	)	$	677,954

Available-for-sale Debt Securities in an Unrealized Loss Position


	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses

U.S. treasury bills	$	548,601	$	(10,079	)	$	50,325	$	(702	)	$	598,926	$	(10,781	)
U.S. agency securities		82,499		(2,533	)		7,953		(79	)		90,452		(2,612	)
Total	$	631,100	$	(12,612	)	$	58,278	$	(781	)	$	689,378	$	(13,393	)


	Less than 12 Months					12 Months or Longer				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

U.S. treasury bills	$	469,386	$	(763	)	$	—	$	—	$	469,386	$	(763	)
U.S. agency securities		208,568		(325	)		—		—		208,568		(325	)
Total	$	677,954	$	(1,088	)	$	—	$	—	$	677,954	$	(1,088	)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 354,643	$ 280,119
Investments	699,149	677,954
Accounts receivable	241	403
Contract asset	4,876	4,537
Prepaid expenses	16,808	11,465
Other current assets	11,580	1,764
Total current assets	1,087,297	976,242
Property and equipment, net	11,390	6,543
Operating lease assets	65,153	20,780
Restricted cash	2,578	2,578
Intangible asset	2,300	2,300
Total assets	1,168,718	1,008,443
Current liabilities:
Accounts payable	9,485	8,276
Accrued expenses	29,360	13,557
Operating lease liabilities	5,681	1,844
Deferred revenue		248
Other current liabilities	26,901	396
Total current liabilities	71,427	24,321
Operating lease liabilities, net of current portion	54,600	21,056
Contingent consideration liability	42,922	50,258
Other liabilities		15,000
Total liabilities	168,949	110,635
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock, $0.001 par value; 300,000,000 and 150,000,000 shares authorized at September 30, 2022 and December 31, 2021, respectively; 120,811,215 and 108,210,318 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	121	109
Additional paid-in capital	2,004,143	1,666,887
Accumulated other comprehensive loss	(13,389)	(1,088)
Accumulated deficit	(991,106)	(768,100)
Total stockholders’ equity	999,769	897,808
Total liabilities and stockholders’ equity	$ 1,168,718	$ 1,008,443

Acquisition of ZebiAI - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021
Business Acquisition [Line Items]
Fair value of contingent milestone payments	$ 42,922	$ 45,863	$ 50,258	$ 50,465	$ 48,465

Net Loss per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Net Loss per Share

8. Net Loss per Share

The following table summarizes the computation of basic and diluted net loss per share of the Company:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Net loss	$	(84,172	)	$	(60,833	)	$	(223,006	)	$	(296,416	)
Net loss per share, basic and diluted	$	(0.76	)	$	(0.66	)	$	(2.04	)	$	(3.20	)
Weighted average shares of common stock, basic and diluted		110,905,940			92,692,515			109,290,743			92,599,781

The Company’s potentially dilutive securities, which include outstanding options to purchase common stock and restricted stock units summarized below, have been excluded from the computation of diluted net loss per share for the periods indicated below, as the effect would be anti-dilutive and reduce the net loss per share. Therefore, the weighted average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share is the same.


	Three and Nine Months Ended September 30,
	2022		2021
Options to purchase common stock		11,232,081		8,936,107
Restricted stock units		1,579,518		608,336
		12,811,599		9,544,443

Investments - Additional Information (Detail) - DebtSecurity	Sep. 30, 2022	Dec. 31, 2021
Investments [Abstract]
Debt securities unrealized loss position	110	88

Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

. Commitments and Contingencies

Intellectual Property License

During the nine months ended September 30, 2022, the Company amended the Amended and Restated Collaboration and License Agreement (“DESRES Agreement”) with D.E. Shaw Research, LLC (“D.E. Shaw Research”), specifically to update certain of the Category 1, Category 2, and Category 3 Target lists thereunder. However, there was no change to the Company’s accounting treatment or incremental amounts recognized in connection therewith for the three and nine months ended September 30, 2022.

The Company assessed the milestones under the DESRES Agreement at September 30, 2022 and December 31, 2021, concluding no such milestone payments were due.

The Company recorded research and development expenses of $2.5 million and $2.3 million under the DESRES Agreement for the three months ended September 30, 2022 and 2021, respectively.

The Company recorded research and development expenses of $7.2 million and $6.2 million under the DESRES Agreement for the nine months ended September 30, 2022 and 2021, respectively.

As of September 30, 2022 and December 31, 2021, the Company had accrued expense and accounts payable balances of $0.2 million and $0, respectively, for D.E. Shaw Research on its condensed consolidated balance sheets.

As of September 30, 2022 and December 31, 2021, the Company had prepaid balances of $7.2 million and $4.4 million, respectively, for D.E. Shaw Research on its condensed consolidated balance sheets.

Other Significant Arrangements

The Company has certain other research and license arrangements with third parties, which provide the Company with research services with the goal of identifying and developing product candidates, and the Company is obligated to pay certain development milestone payments pursuant to these arrangements upon the achievement of certain specified contingent events. The Company assessed such milestones at September 30, 2022 and December 31, 2021, concluding no such milestone payments were due. The Company incurred approximately $0.7 million and $1.5 million of research and development expenses under these agreements for the three months ended September 30, 2022 and 2021, respectively. The Company incurred approximately $2.3 million and $2.2 million of research and development expenses under these agreements for the nine months ended September 30, 2022 and 2021, respectively.

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for reporting on Form 10-Q. The Company’s condensed consolidated financial statements include the accounts of Relay Therapeutics, Inc. and its wholly-owned subsidiaries, Relay Therapeutics Securities Corporation and Relay ML Discovery, LLC. All intercompany balances and transactions have been eliminated. Certain prior period amounts, limited to (a) prepaid expenses and other current assets and (b) accrued expenses and other current liabilities, have been reclassified to conform to current period presentation. Such reclassifications have no impact on the Company’s condensed consolidated statement of operations and comprehensive loss, as previously reported.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying condensed consolidated balance sheet as of September 30, 2022, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2022 and 2021, the condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2022 and 2021, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2022 and 2021 are unaudited. The unaudited condensed consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s condensed consolidated financial position as of September 30, 2022, the condensed consolidated results of its operations for the three and nine months ended September 30, 2022 and 2021, and cash flows for the nine months ended September 30, 2022 and 2021. The condensed consolidated financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2022 and 2021 are unaudited. The condensed consolidated results for the three and nine months ended September 30, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022, any other interim periods, or any future year or period.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the fair value of contingent milestone payments in connection with the acquisition of ZebiAI Therapeutics, Inc. (“ZebiAI”), the determination of the transaction price and standalone selling price of performance obligations under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers ("ASC 606"), the accrual of research and development and manufacturing expenses, the valuation of equity instruments, and the incremental borrowing rate for determining operating lease assets and liabilities. Estimates are periodically reviewed in light of changes in circumstances, facts and experience.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). Certain amendments thereto were also issued by the FASB. ASU 2016-13 and the related amendments thereto require that credit losses be reported as an allowance using an expected losses model, representing the entity’s current estimate of credit losses expected to be incurred. The Company adopted ASU 2016-13 and the related amendments thereto on January 1, 2022. The adoption of ASU 2016-13 and the related amendments thereto did not have a material impact on the Company’s condensed consolidated financial statements or disclosures as of and for the three and nine months ended September 30, 2022.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. The Company does not believe that the adoption of any recently issued standards have or may have a material impact on its condensed consolidated financial statements and disclosures.

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue:
License and other revenue	$ 344	$ 666	$ 1,128	$ 2,462
Revenue from Contract with Customer, Product and Service [Extensible List]	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember
Total revenue	$ 344	$ 666	$ 1,128	$ 2,462
Operating expenses:
Research and development expenses	66,900	44,974	179,078	120,743
In-process research and development expenses				123,000
Loss on initial consolidation of variable interest entity				11,855
Change in fair value of contingent consideration liability	3,262	2,000	(1,133)	2,000
General and administrative expenses	16,074	14,682	49,607	41,839
Total operating expenses	86,236	61,656	227,552	299,437
Loss from operations	(85,892)	(60,990)	(226,424)	(296,975)
Other income:
Interest income	1,713	157	3,414	563
Other income (expense)	7		4	(4)
Total other income, net	1,720	157	3,418	559
Net loss	$ (84,172)	$ (60,833)	$ (223,006)	$ (296,416)
Net loss per share, basic	$ (0.76)	$ (0.66)	$ (2.04)	$ (3.20)
Net loss per share, diluted	$ (0.76)	$ (0.66)	$ (2.04)	$ (3.20)
Weighted average shares of common stock, basic	110,905,940	92,692,515	109,290,743	92,599,781
Weighted average shares of common stock, diluted	110,905,940	92,692,515	109,290,743	92,599,781
Other comprehensive (loss) income:
Unrealized holding (loss) gain	$ (1,483)	$ 74	$ (12,301)	$ (54)
Total other comprehensive (loss) income	(1,483)	74	(12,301)	(54)
Total comprehensive loss	$ (85,655)	$ (60,759)	$ (235,307)	$ (296,470)

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Commitments and Contingencies Disclosure [Line Items]
Accrued expenses	$ 29,360,000		$ 29,360,000		$ 13,557,000
Prepaid balance	16,808,000		16,808,000		11,465,000
DE Shaw Research [Member]
Commitments and Contingencies Disclosure [Line Items]
Research and development expense	2,500,000	$ 2,300,000	7,200,000	$ 6,200,000
Accrued expenses	200,000		200,000		0
Prepaid balance	7,200,000		7,200,000		4,400,000
DE Shaw Research [Member] \| Lease Agreement
Commitments and Contingencies Disclosure [Line Items]
Milestone payment Due	0		0		0
Other Third Parties [Member] \| License Agreement Terms [Member]
Commitments and Contingencies Disclosure [Line Items]
Milestone payment Due	0		0		$ 0
Research and development expense	$ 700,000	$ 1,500,000	$ 2,300,000	$ 2,200,000

Investments - Available-for-sale Debt Securities in an Unrealized Loss Position (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	$ 631,100	$ 677,954
Less than 12 Months, Unrealized Losses	(12,612)	(1,088)
12 Months or Longer, Fair Value	58,278
12 Months or Longer, Unrealized Losses	(781)
Total, Fair Value	689,378	677,954
Total, Unrealized Losses	(13,393)	(1,088)
U.S treasury bills [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	548,601	469,386
Less than 12 Months, Unrealized Losses	(10,079)	(763)
12 Months or Longer, Fair Value	50,325
12 Months or Longer, Unrealized Losses	(702)
Total, Fair Value	598,926	469,386
Total, Unrealized Losses	(10,781)	(763)
U.S agency securities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	82,499	208,568
Less than 12 Months, Unrealized Losses	(2,533)	(325)
12 Months or Longer, Fair Value	7,953
12 Months or Longer, Unrealized Losses	(79)
Total, Fair Value	90,452	208,568
Total, Unrealized Losses	$ (2,612)	$ (325)

Stock Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense Included In The Company's Condensed Consolidated Statements of Operations And Comprehensive Loss

Stock-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive loss is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Research and development expenses	$	7,838	$	6,124	$	23,087	$	20,420
General and administrative expenses		5,881		6,294		19,234		17,816
	$	13,719	$	12,418	$	42,321	$	38,236

Collaboration and License Arrangements

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaboration and License Arrangements

5. Collaboration and License Arrangements

Discovery Collaboration Agreement with EQRx, Inc.

During the three and nine months ended September 30, 2022, there were no material changes to the Company’s Discovery and Collaboration Agreement (“Collaboration Agreement”) with EQRx, Inc. (“EQRx”) from August 2021. Accordingly, there were no changes to the Company’s accounting treatment thereon through September 30, 2022.

During the three and nine months ended September 30, 2022, expenses related to the Collaboration Agreement were immaterial.

Collaboration and License Agreement with Genentech, Inc.

During the three and nine months ended September 30, 2022 and 2021, there were no material changes to the Company’s Collaboration and License Agreement (“License Agreement”) with Genentech, Inc. (“Genentech”) from December 2020. Accordingly, there were no changes to the Company’s accounting treatment thereon through September 30, 2022.

During the three months ended September 30, 2022 and 2021, the Company recognized $0.3 million and $0.4 million of revenue from the License Agreement, respectively.

During the nine months ended September 30, 2022 and 2021, the Company recognized $0.8 million and $2.1 million of revenue from the License Agreement, respectively.

As of September 30, 2022 and December 31, 2021, the Company recorded a contract asset of $4.9 million and $4.5 million, respectively, both of which are classified as current assets on the condensed consolidated balance sheet. The contract asset relates to the amount of revenue recognized for which the right to payment is contingent upon conditions other than the passage of time, such as the completion of future milestone activities.

As of September 30, 2022 and December 31, 2021, the Company recorded an other liability of $25.0 million and $15.0 million, respectively. The liability represents the amount of certain development milestones achieved as of such dates under the License Agreement, $10.0 million of which was recorded in other current assets at September 30, 2022, since the Company had an unconditional right to the payment, but it was outstanding at September 30, 2022. The amounts have been excluded from the transaction price at both September 30, 2022 and December 31, 2021 and, therefore, excluded from amounts recognized as revenue to date, since the amounts are subject to repayment to Genentech if the Company exercises its option to participate in the profit/cost share under the License Agreement.

Investments - Summary of Fair Value of Available-for-Sale Investments by Type of Security (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 712,538	$ 679,042
Unrealized Gains	4
Unrealized Losses	(13,393)	(1,088)
Fair Value	699,149	677,954
Investments with a maturity of one year or less [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	536,042	298,301
Unrealized Losses	(7,964)	(366)
Fair Value	528,078	297,935
Investments with a maturity of one to two years [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	176,496	380,741
Unrealized Losses	(5,429)	(722)
Fair Value	171,071	380,019
U.S treasury bills [Member] \| Investments with a maturity of one year or less [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	351,211	189,406
Unrealized Losses	(6,014)	(228)
Fair Value	345,197	189,178
U.S treasury bills [Member] \| Investments with a maturity of one to two years [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	79,592	280,743
Unrealized Losses	(2,753)	(535)
Fair Value	76,839	280,208
U.S agency securities [Member] \| Investments with a maturity of one year or less [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	184,831	108,895
Unrealized Losses	(1,950)	(138)
Fair Value	182,881	108,757
U.S agency securities [Member] \| Investments with a maturity of one to two years [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	96,904	99,998
Unrealized Gains	4
Unrealized Losses	(2,676)	(187)
Fair Value	$ 94,232	$ 99,811