0000950170-23-058237 | 10-Q | XBRL Viewer

Nature of Business and Basis of Presentation	9 Months Ended
Sep. 30, 2023
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 complementary techniques and 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 or inadequately addressed. 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 (lirafugratinib), RLY-2608, GDC-1971 (formerly known as RLY-1971), and RLY-5836, are in clinical development. The Company also has five active discovery stage programs across both precision oncology and genetic disease indications. The Company also has two additional discovery stage programs, RLY-2139, a selective cyclin dependent kinase 2 inhibitor, and a rationally designed estrogen receptor alpha degrader, for which the Company has decided to pause further development efforts. 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 (lirafugratinib), RLY-2608, GDC-1971 (formerly known as RLY-1971), and RLY-5836, 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 $1.3 billion as of September 30, 2023. The Company expects that its existing cash, cash equivalents, and investments as of September 30, 2023 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.

Nature of Business and Basis of Presentation

9 Months Ended

Sep. 30, 2023

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 complementary techniques and 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 or inadequately addressed. 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 (lirafugratinib), RLY-2608, GDC-1971 (formerly known as RLY-1971), and RLY-5836, are in clinical development. The Company also has five active discovery stage programs across both precision oncology and genetic disease indications. The Company also has two additional discovery stage programs, RLY-2139, a selective cyclin dependent kinase 2 inhibitor, and a rationally designed estrogen receptor alpha degrader, for which the Company has decided to pause further development efforts.

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 (lirafugratinib), RLY-2608, GDC-1971 (formerly known as RLY-1971), and RLY-5836, 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 $1.3 billion as of September 30, 2023. The Company expects that its existing cash, cash equivalents, and investments as of September 30, 2023 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.

Collaboration and License Agreement with Genentech, Inc - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Collaboration And License Arrangement [Line Items]
Collaboration revenue	$ 25,202,000	$ 344,000	$ 25,547,000	$ 1,128,000
Contract asset					$ 4,913,000
Cash received up on conditions satisfied			5,000,000
Deferred revenue	24,000		24,000
Current Liabilities [Member] \| Maximum [Member]
Collaboration And License Arrangement [Line Items]
Deferred revenue	100,000		100,000
Genentech [Member]
Collaboration And License Arrangement [Line Items]
Collaboration revenue	25,100,000	$ 300,000	$ 25,500,000	$ 800,000
Genentech [Member] \| Genentech Agreement [Member]
Collaboration And License Arrangement [Line Items]
Collaborative arrangement, purpose			In December 2020, the Company and Genentech, Inc. ("Genentech") entered into the Collaboration and License Agreement (as amended from time to time, the "Genentech Agreement"), which granted Genentech a license to develop and commercialize GDC-1971 (formerly known as RLY-1971).
Non-refundable payments	86,800,000		$ 86,800,000
Milestones paid	25,000,000		25,000,000
Additional payments to be received upon achievement of other specified development commercialization and sales based milestones does not exercise option to participate in collaboration	$ 685,000,000		$ 685,000,000

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

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, 2023:
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	138,647	$	—	$	—	$	138,647
Total cash equivalents		138,647		—		—		138,647
Investments:
U.S. treasury bills		—		365,238		—		365,238
U.S. agency securities		—		294,049		—		294,049
Total investments		—		659,287		—		659,287
Total assets	$	138,647	$	659,287	$	—	$	797,934
Liabilities
Contingent Milestone Payments	$	—	$	—	$	23,023	$	23,023
Total liabilities	$	—	$	—	$	23,023	$	23,023


	Fair Value Measurements as of December 31, 2022:
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	118,446	$	—	$	—	$	118,446
U.S. treasury bills		—		9,950		—		9,950
Total cash equivalents		118,446		9,950		—		128,396
Investments:
U.S. treasury bills		—		466,603		—		466,603
U.S. agency securities		—		380,520		—		380,520
Total investments		—		847,123		—		847,123
Total assets	$	118,446	$	857,073	$	—	$	975,519
Liabilities
Contingent Milestone Payments	$	—	$	—	$	27,378	$	27,378
Total liabilities	$	—	$	—	$	27,378	$	27,378

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

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:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
	(in thousands)
Balance at beginning of period	$	29,223		$	45,863		$	32,378		$	50,258
Change in fair value of Contingent Milestone Payments		(1,200	)		3,262			(4,355	)		(1,133	)
Common stock issued upon milestone achievement		—			(6,203	)		—			(6,203	)
	$	28,023		$	42,922		$	28,023		$	42,922

The outstanding Contingent Milestone Payments are payable in shares of the Company's common stock based on a fixed amount assigned to each milestone and the volume weighted average closing price of the Company’s common stock for a specified period prior to the milestone achievement. Accordingly, the number of shares of common stock to be issued upon a milestone achievement varies dependent on the Company’s common stock price. If the outstanding milestones were achieved in full on September 30, 2023, the number of shares of common stock to be issued would have been 8,567,228 based on a volume weighted average closing price of the Company's common stock of $8.43 for a specified period prior to September 30, 2023.

- 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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net Income (Loss)	$ (258,478)	$ (223,006)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock compensation expense	66,764	42,321
Depreciation expense	3,894	2,964
Net amortization of premiums and discounts on investments	(7,094)	1,567
Change in fair value of contingent consideration liability	(4,355)	(1,133)
Changes in assets and liabilities:
Accounts receivable	95	162
Contract asset	4,913	(339)
Prepaid expenses and other current assets	(5,603)	(15,159)
Operating lease assets and liabilities, net	1,159	(6,992)
Accounts payable	2,980	22
Accrued expenses and other liabilities	(15,427)	27,430
Deferred revenue	24	(248)
Net cash used in operating activities	(211,128)	(172,411)
Cash flows from investing activities:
Purchases of property and equipment	(4,008)	(6,746)
Purchases of investments	(248,727)	(207,778)
Proceeds from maturities of investments	450,691	172,715
Net cash provided by (used in) investing activities	197,956	(41,809)
Cash flows from financing activities:
Proceeds from issuance of common stock in follow-on offering, net		284,744
Proceeds from issuance of common stock through at-the-market offering, net	9,363
Proceeds from issuance of common stock upon exercise of stock options	1,845	2,863
Proceeds from issuance of common stock under ESPP	1,627	1,137
Net cash provided by financing activities	12,835	288,744
Net (decrease) increase in cash, cash equivalents, and restricted cash	(337)	74,524
Cash, cash equivalents, and restricted cash at beginning of period	154,372	282,697
Cash, cash equivalents and restricted cash at end of period	154,035	357,221
Supplemental disclosure of non-cash activities:
Periodic change to additions of property and equipment in accounts payable and accrued expenses	$ (1,047)	1,065
Issuance of common stock upon milestone achievement		6,203
Operating lease assets obtained in exchange for operating lease liabilities		$ 46,626

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2023
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. Unaudited Interim Financial Information The accompanying condensed consolidated balance sheet as of September 30, 2023, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2023 and 2022, the condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2023 and 2022, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022 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, 2023, the condensed consolidated results of its operations for the three and nine months ended September 30, 2023 and 2022, and cash flows for the nine months ended September 30, 2023 and 2022. The condensed consolidated financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2023 and 2022 are unaudited. The condensed consolidated results for the three and nine months ended September 30, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, 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. Stock Compensation During the nine months ended September 30, 2023, the Company granted stock options and restricted stock units ("RSUs") to certain employees, with vesting over specified periods of continued service and contingent upon achievement of certain market conditions. The Company measured the fair value of such awards on the grant date using a Monte Carlo Simulation, incorporating various option pricing inputs. In connection therewith, compensation expense for such awards is being recognized under the accelerated attribution method over the requisite service period, regardless of whether the market conditions have been achieved. The Company recognizes the impact of forfeitures from market-based awards on compensation expense as they occur. For other stock options and RSUs granted to employees, directors, and other consultants with vesting over specified periods of continued service, the Company measures their fair value on the grant date using (a) the Black-Scholes Option Pricing Model for stock options and (b) the Company’s closing stock price. In connection therewith, compensation expense for such awards is being recognized under the straight-line method over the requisite service period, which is generally the vesting period. The Company recognizes the impact of forfeitures on compensation expense as they occur. For other stock options and RSUs granted to employees, directors, and other consultants with vesting over specified periods of continued service and contingent upon achievement of certain performance conditions, the Company measures their fair value on the grant date using (a) the Black-Scholes Option Pricing Model for stock options and (b) the Company’s closing stock price. In connection therewith, compensation expense for such awards is being recognized under the accelerated attribution method over the requisite service period, which is generally the vesting period. The Company recognizes the impact of forfeitures on compensation expense as they occur. 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.

Investments

9 Months Ended

Sep. 30, 2023

Schedule of Investments [Abstract]

Investments

4. Investments

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


	September 30, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Investments:
U.S. treasury bills	$	236,049	$	—	$	(1,305	)	$	234,744
U.S. agency securities		292,361		—		(1,298	)		291,063
Total investments with a maturity of one year or less		528,410		—		(2,603	)		525,807

U.S. treasury bills		131,264		—		(770	)		130,494
U.S. agency securities		2,999		—		(13	)		2,986
Total investments with a maturity of one to two years		134,263		—		(783	)		133,480
Total investments	$	662,673	$	—	$	(3,386	)	$	659,287


	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Investments:
U.S. treasury bills	$	356,728	$	9	$	(5,523	)	$	351,214
U.S. agency securities		236,483		49		(3,104	)		233,428
Total investments with a maturity of one year or less		593,211		58		(8,627	)		584,642

U.S. treasury bills		116,290		14		(915	)		115,389
U.S. agency securities		148,042		36		(986	)		147,092
Total investments with a maturity of one to two years		264,332		50		(1,901	)		262,481
Total investments	$	857,543	$	108	$	(10,528	)	$	847,123

The following tables summarize the Company's available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by major security type and length of time in a continuous unrealized loss position:


	September 30, 2023
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(in thousands)
U.S. treasury bills	$	282,398	$	(1,373	)	$	79,044	$	(702	)	$	361,442	$	(2,075	)
U.S. agency securities		207,368		(665	)		86,682		(646	)		294,050		(1,311	)
Total	$	489,766	$	(2,038	)	$	165,726	$	(1,348	)	$	655,492	$	(3,386	)


	December 31, 2022
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(in thousands)
U.S. treasury bills	$	143,089	$	(1,860	)	$	275,445	$	(4,578	)	$	418,534	$	(6,438	)
U.S. agency securities		190,468		(1,649	)		97,305		(2,441	)		287,773		(4,090	)
Total	$	333,557	$	(3,509	)	$	372,750	$	(7,019	)	$	706,307	$	(10,528	)

As summarized in the tables immediately above, the Company held 123 and 126 debt securities that were in an unrealized loss position as of September 30, 2023 and December 31, 2022, respectively. The unrealized losses at September 30, 2023 and December 31, 2022 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.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	300,000,000	300,000,000
Common stock shares issued	123,161,066	121,112,234
Common stock shares outstanding	123,161,066	121,112,234
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

Investments - Available-for-sale Debt Securities in an Unrealized Loss Position (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	$ 489,766	$ 333,557
Less than 12 Months, Unrealized Losses	(2,038)	(3,509)
12 Months or Longer, Fair Value	165,726	372,750
12 Months or Longer, Unrealized Losses	(1,348)	(7,019)
Total, Fair Value	655,492	706,307
Total, Unrealized Losses	(3,386)	(10,528)
U.S treasury bills [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	282,398	143,089
Less than 12 Months, Unrealized Losses	(1,373)	(1,860)
12 Months or Longer, Fair Value	79,044	275,445
12 Months or Longer, Unrealized Losses	(702)	(4,578)
Total, Fair Value	361,442	418,534
Total, Unrealized Losses	(2,075)	(6,438)
U.S agency securities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	207,368	190,468
Less than 12 Months, Unrealized Losses	(665)	(1,649)
12 Months or Longer, Fair Value	86,682	97,305
12 Months or Longer, Unrealized Losses	(646)	(2,441)
Total, Fair Value	294,050	287,773
Total, Unrealized Losses	$ (1,311)	$ (4,090)

Stock Compensation - Schedule of Stock 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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 21,835	$ 13,719	$ 66,764	$ 42,321
Research and development expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	12,365	7,838	37,078	23,087
General and administrative expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 9,470	$ 5,881	$ 29,686	$ 19,234

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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+ Details

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Restricted Cash And Cash Equivalents At Carrying Value [Abstract]
Cash and cash equivalents	$ 151,328	$ 354,643
Restricted cash	2,707	2,578
Cash, cash equivalents, and restricted cash per statements of cash flows	$ 154,035	$ 357,221

Net Loss Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

7. 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,
	2023			2022			2023			2022
	(in thousands, except share and per share data)
Net loss	$	(65,734	)	$	(84,172	)	$	(258,478	)	$	(223,006	)
Net loss per share, basic and diluted	$	(0.54	)	$	(0.76	)	$	(2.12	)	$	(2.04	)
Weighted average shares of common stock, basic and diluted		122,231,255			110,905,940			121,843,116			109,290,743

The Company excluded the following potentially dilutive securities, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the three and nine months ended September 30, 2023 and 2022, as the effect would be anti-dilutive and reduce the net loss per share calculated for each period. 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 Six Months Ended June 30,
	2023		2022
Options to purchase common stock		15,899,580		11,232,081
Unvested restricted stock units		3,594,958		1,579,518
		19,494,538		12,811,599

Investments - Additional Information (Detail) - DebtSecurity	Sep. 30, 2023	Dec. 31, 2022
Investments [Abstract]
Debt securities unrealized loss position	123	126

Stock Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 21,835	$ 13,719	$ 66,764	$ 42,321
Market-Based Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term from grant through exercise			6 years 6 months
Risk-free interest rate			3.50%
Historical volatility rate			75.00%
Dividend yield rate			0.00%
Share-based compensation expense			$ 25,500
Requisite service period			3 years
Unrecognized compensation related to unvested market-based awards	$ 11,900		$ 11,900
Share based compensation unrecognized compensation expected recognition term			2 years 3 months 18 days
Employee Stock Option [Member] \| Market-Based Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options granted			1,512,820
Fair value of market based awards			$ 12.53
Restricted Stock Units (RSUs) [Member] \| Market-Based Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSU granted			405,770
Fair value of market based awards			$ 16.11

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
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		123,268,740
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 (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

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

Stock 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,
	2023		2022		2023		2022
	(in thousands)
Research and development expenses	$	12,365	$	7,838	$	37,078	$	23,087
General and administrative expenses		9,470		5,881		29,686		19,234
	$	21,835	$	13,719	$	66,764	$	42,321

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Commitments and Contingencies Disclosure [Line Items]
Accrued expenses	$ 31,486,000		$ 31,486,000		$ 22,703,000
Prepaid balance	17,294,000		17,294,000		12,110,000
DE Shaw Research [Member]
Commitments and Contingencies Disclosure [Line Items]
Research and development expense	2,300,000	$ 2,500,000	7,100,000	$ 7,200,000
Accrued expenses	0		0		0
Prepaid balance	7,700,000		7,700,000		4,900,000
DE Shaw Research [Member] \| License Agreement Terms [Member]
Commitments and Contingencies Disclosure [Line Items]
Milestone payment Due	$ 0		$ 0		$ 0

Collaboration and License Agreement with Genentech, Inc.

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaboration and License Agreement with Genentech, Inc.

8. Collaboration and License Agreement with Genentech, Inc.

Summary of Terms

In December 2020, the Company and Genentech, Inc. ("Genentech") entered into the Collaboration and License Agreement (as amended from time to time, the "Genentech Agreement"), which granted Genentech a license to develop and commercialize GDC-1971 (formerly known as RLY-1971).

Under the terms of the Genentech Agreement, the Company had the option, exercisable one time at the Company’s sole discretion, to share half of the net profits or net losses of commercializing GDC-1971 in the U.S., subject to certain terms and conditions (such option, the "Opt-In Right"). During the three months ended September 30, 2023, the Company elected to not exercise the Opt-In Right.

As of September 30, 2023, consideration under the Genentech Agreement included (a) $86.8 million in non-refundable payments ("Genentech Non-Refundable Payments") and (b) $25.0 million in payments upon achievement of certain milestones, which were refundable if the Company had exercised the Opt-In Right ("Genentech Milestones Paid").

The Company is also eligible to receive up to an aggregate of $685.0 million in additional payments upon the achievement of other specified development, commercialization, and sales-based milestones for GDC-1971 worldwide, as well as tiered royalties ranging from low-to-mid teens on annual worldwide net sales of GDC-1971, on a country-by-country basis, subject to reduction in certain circumstances. Due to the nature of these payments, such variable consideration was constrained and excluded from the transaction price of the Genentech Agreement as of September 30, 2023.

Accounting Analysis

During the three and nine months ended September 30, 2023 and 2022, there were no material changes to the contractual terms of the Genentech Agreement. Accordingly, there were no changes to the Company’s accounting treatment and model for recognizing revenue thereon through September 30, 2023. However, upon the Company’s election to not exercise the Opt-In Right during the three months ended September 30, 2023, the $25.0 million in Genentech Milestones Paid were removed from other current liabilities on the condensed consolidated balance sheet and incorporated into the transaction price, since the constraint on such variable consideration had been resolved. Because each of the performance obligations under the Genentech Agreement were substantially complete as of September 30, 2023, the majority of such amounts were also recognized as revenue during the three and nine months ended September 30, 2023. By comparison, the Company only recognized revenue for research and development services provided under the Genentech Agreement during the three and nine months ended September 30, 2022.

During the three months ended September 30, 2023 and 2022, the Company recognized $25.1 million and $0.3 million of revenue, respectively, from the Genentech Agreement.

During the nine months ended September 30, 2023 and 2022, the Company recognized $25.5 million and $0.8 million of revenue, respectively, from the Genentech Agreement.

As of December 31, 2022, the Company also had recorded a contract asset of $4.9 million, which was classified as a current asset on the condensed consolidated balance sheet. The contract asset related to the amount of revenue recognized for which the right to payment was contingent upon conditions besides the passage of time. During the nine months ended September 30, 2023, such conditions were satisfied and $5.0 million was paid in cash to the Company in June 2023, at which point the contract asset was removed. As of September 30, 2023, less than $0.1 million from such payment was recorded as deferred revenue on the condensed consolidated balance sheet.

Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

10. Subsequent Events

In preparing the consolidated interim financial statements as of September 30, 2023 and for the three month period 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.

Common Stock - Additional Information (Detail) - USD ($)	1 Months Ended			3 Months Ended		9 Months Ended	23 Months Ended
	Sep. 30, 2022	Oct. 31, 2021	Aug. 31, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Jun. 30, 2023
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
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares sold	11,320,755	15,188,679		900,000	11,320,755
Additional shares issued		1,981,132
Offering price per share	$ 26.5	$ 26.5			$ 26.5
Net proceeds	$ 284,700,000	$ 382,200,000
Underwriting discounts, commissions and other offering expenses	$ 15,300,000	$ 20,300,000
Common Stock [Member] \| Sales Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares sold				900,000			0
Offering price per share				$ 10.67		$ 10.67
Net proceeds				$ 9,400,000
Commissions and other offering expenses				$ 200,000
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

Nature of Business and Basis of Presentation - Additional Information (Detail) $ in Thousands	Sep. 30, 2023 USD ($) Program	Dec. 31, 2022 USD ($)
Nature Of Business And Basis Of Presentation [Line Items]
Accumulated deficit \| $	$ (1,317,087)	$ (1,058,609)
RLY-2139 and Estrogen Receptor Alpha Degrader [Member]
Nature Of Business And Basis Of Presentation [Line Items]
Number of discovery stage programs	2
Precision Oncology and Genetic Disease Indications [Member]
Nature Of Business And Basis Of Presentation [Line Items]
Number of discovery stage programs	5

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

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, 2023	Dec. 31, 2022
Investments:
Total assets	$ 797,934	$ 975,519
Liabilities
Contingent Milestone Payments	23,023	27,378
Total liabilities	23,023	27,378
Investments [Member]
Investments:
Total investments	659,287	847,123
Investments [Member] \| U.S treasury bills [Member]
Investments:
Total investments	365,238	466,603
Investments [Member] \| U.S agency securities [Member]
Investments:
Total investments	294,049	380,520
Cash equivalents [Member]
Cash equivalents:
Assets, fair value	138,647	128,396
Cash equivalents [Member] \| Money market funds [Member]
Cash equivalents:
Assets, fair value	138,647	118,446
Cash equivalents [Member] \| U.S treasury bills [Member]
Cash equivalents:
Assets, fair value		9,950
Level 1 [Member]
Investments:
Total assets	138,647	118,446
Level 1 [Member] \| Cash equivalents [Member]
Cash equivalents:
Assets, fair value	138,647	118,446
Level 1 [Member] \| Cash equivalents [Member] \| Money market funds [Member]
Cash equivalents:
Assets, fair value	138,647	118,446
Level 2 [Member]
Investments:
Total assets	659,287	857,073
Level 2 [Member] \| Investments [Member]
Investments:
Total investments	659,287	847,123
Level 2 [Member] \| Investments [Member] \| U.S treasury bills [Member]
Investments:
Total investments	365,238	466,603
Level 2 [Member] \| Investments [Member] \| U.S agency securities [Member]
Investments:
Total investments	294,049	380,520
Level 2 [Member] \| Cash equivalents [Member]
Cash equivalents:
Assets, fair value		9,950
Level 2 [Member] \| Cash equivalents [Member] \| U.S treasury bills [Member]
Cash equivalents:
Assets, fair value		9,950
Level 3 [Member]
Liabilities
Contingent Milestone Payments	23,023	27,378
Total liabilities	$ 23,023	$ 27,378

Stock Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock Compensation

6. Stock Compensation

Stock 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,
	2023		2022		2023		2022
	(in thousands)
Research and development expenses	$	12,365	$	7,838	$	37,078	$	23,087
General and administrative expenses		9,470		5,881		29,686		19,234
	$	21,835	$	13,719	$	66,764	$	42,321

Market-Based Awards

During the nine months ended September 30, 2023, the Company granted 1,512,820 stock options and 405,770 RSUs to certain employees, with vesting over specified periods of continued service and contingent upon achievement of certain market conditions. The Company measured the fair value of such awards on the grant date using a Monte Carlo Simulation, incorporating various option pricing inputs, including (a) estimated expected term from grant through exercise, or 6.5 years, (b) risk-free interest rate, or 3.5%, (c) historical volatility, or 75.0%, and (d) dividend yield, or 0.0%. Ultimately, the fair value of the market-based awards was estimated as $12.53 per share for the options and $16.11 per share for the RSUs, yielding a total of $25.5 million. The total compensation expense, or $25.5 million, is being

recognized under the accelerated attribution method over the requisite service period of 3.0 years, regardless of whether the market conditions have been achieved. The impact of forfeitures, if any, will be recognized upon occurrence.

As of September 30, 2023, the total unrecognized compensation related to unvested market-based awards granted was $11.9 million, which the Company expects to recognize over a period of 2.3 years.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (65,734)	$ (98,505)	$ (94,239)	$ (84,172)	$ (76,788)	$ (62,046)	$ (258,478)	$ (223,006)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 151,328	$ 151,794
Investments	659,287	847,123
Accounts receivable	211	306
Contract asset		4,913
Prepaid expenses	17,294	12,110
Other current assets	3,678	3,259
Total current assets	831,798	1,019,505
Property and equipment, net	10,701	11,634
Operating lease assets	59,453	63,754
Restricted cash	2,707	2,578
Intangible asset	2,300	2,300
Total assets	906,959	1,099,771
Current liabilities:
Accounts payable	13,353	10,578
Accrued expenses	31,486	22,703
Operating lease liabilities	4,785	4,276
Deferred revenue	24
Other current liabilities	1,100	26,152
Total current liabilities	50,748	63,709
Operating lease liabilities, net of current portion	49,815	53,466
Contingent consideration liability	28,023	32,378
Total liabilities	128,586	149,553
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock, $0.001 par value; 300,000,000 shares authorized as of September 30, 2023, and December 31, 2022; 123,161,066 and 121,112,234 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	123	121
Additional paid-in capital	2,098,723	2,019,126
Accumulated other comprehensive loss	(3,386)	(10,420)
Accumulated deficit	(1,317,087)	(1,058,609)
Total stockholders’ equity	778,373	950,218
Total liabilities and stockholders’ equity	$ 906,959	$ 1,099,771

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023:
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	138,647	$	—	$	—	$	138,647
Total cash equivalents		138,647		—		—		138,647
Investments:
U.S. treasury bills		—		365,238		—		365,238
U.S. agency securities		—		294,049		—		294,049
Total investments		—		659,287		—		659,287
Total assets	$	138,647	$	659,287	$	—	$	797,934
Liabilities
Contingent Milestone Payments	$	—	$	—	$	23,023	$	23,023
Total liabilities	$	—	$	—	$	23,023	$	23,023


	Fair Value Measurements as of December 31, 2022:
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	118,446	$	—	$	—	$	118,446
U.S. treasury bills		—		9,950		—		9,950
Total cash equivalents		118,446		9,950		—		128,396
Investments:
U.S. treasury bills		—		466,603		—		466,603
U.S. agency securities		—		380,520		—		380,520
Total investments		—		847,123		—		847,123
Total assets	$	118,446	$	857,073	$	—	$	975,519
Liabilities
Contingent Milestone Payments	$	—	$	—	$	27,378	$	27,378
Total liabilities	$	—	$	—	$	27,378	$	27,378

Schedule of Changes in Contingent Consideration Liability

The following table reconciles the change in the contingent consideration liability:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
	(in thousands)
Balance at beginning of period	$	29,223		$	45,863		$	32,378		$	50,258
Change in fair value of Contingent Milestone Payments		(1,200	)		3,262			(4,355	)		(1,133	)
Common stock issued upon milestone achievement		—			(6,203	)		—			(6,203	)
	$	28,023		$	42,922		$	28,023		$	42,922

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, 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 stock units, Shares		27,233
Stock compensation expense	13,455		13,455
Unrealized (loss) gain on investments	(8,130)			(8,130)
Net Income (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 Income (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 stock units, Shares		115,156
Stock compensation expense	15,147		15,147
Unrealized (loss) gain on investments	(2,688)			(2,688)
Net Income (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 through at-the-market offering, net	284,744	$ 11	284,733
Issuance of common stock through at-the-market offering, net, shares		11,320,755
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 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 stock units, Shares		135,061
Stock compensation expense	13,719		13,719
Unrealized (loss) gain on investments	(1,483)			(1,483)
Net Income (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
Beginning balance at Dec. 31, 2022	950,218	$ 121	2,019,126	(10,420)	(1,058,609)
Beginning balance, shares at Dec. 31, 2022		121,112,234
Issuance of common stock upon exercise of stock options	1,297		1,297
Issuance of common stock upon exercise of stock options, shares		255,918
Vesting of restricted stock units, Shares		108,506
Stock compensation expense	21,518		21,518
Unrealized (loss) gain on investments	4,618			4,618
Net Income (Loss)	(94,239)				(94,239)
Ending balance at Mar. 31, 2023	883,412	$ 121	2,041,941	(5,802)	(1,152,848)
Ending balance, shares at Mar. 31, 2023		121,476,658
Beginning balance at Dec. 31, 2022	950,218	$ 121	2,019,126	(10,420)	(1,058,609)
Beginning balance, shares at Dec. 31, 2022		121,112,234
Net Income (Loss)	(258,478)
Ending balance at Sep. 30, 2023	778,373	$ 123	2,098,723	(3,386)	(1,317,087)
Ending balance, shares at Sep. 30, 2023		123,161,066
Beginning balance at Mar. 31, 2023	883,412	$ 121	2,041,941	(5,802)	(1,152,848)
Beginning balance, shares at Mar. 31, 2023		121,476,658
Issuance of common stock upon exercise of stock options	453	$ 1	452
Issuance of common stock upon exercise of stock options, shares		96,605
Issuance of common stock under ESPP	1,627		1,627
Issuance of common stock under ESPP, shares		152,369
Vesting of restricted stock units, Shares		219,244
Stock compensation expense	23,411		23,411
Unrealized (loss) gain on investments	(279)			(279)
Net Income (Loss)	(98,505)				(98,505)
Ending balance at Jun. 30, 2023	810,119	$ 122	2,067,431	(6,081)	(1,251,353)
Ending balance, shares at Jun. 30, 2023		121,944,876
Issuance of common stock through at-the-market offering, net	9,363	$ 1	9,362
Issuance of common stock through at-the-market offering, net, shares		900,000
Issuance of common stock upon exercise of stock options	95		95
Issuance of common stock upon exercise of stock options, shares		18,475
Vesting of restricted stock units, Shares		297,715
Stock compensation expense	21,835		21,835
Unrealized (loss) gain on investments	2,695			2,695
Net Income (Loss)	(65,734)				(65,734)
Ending balance at Sep. 30, 2023	$ 778,373	$ 123	$ 2,098,723	$ (3,386)	$ (1,317,087)
Ending balance, shares at Sep. 30, 2023		123,161,066

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2023
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.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying condensed consolidated balance sheet as of September 30, 2023, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2023 and 2022, the condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2023 and 2022, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022 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, 2023, the condensed consolidated results of its operations for the three and nine months ended September 30, 2023 and 2022, and cash flows for the nine months ended September 30, 2023 and 2022. The condensed consolidated financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2023 and 2022 are unaudited. The condensed consolidated results for the three and nine months ended September 30, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, 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.
Stock Compensation	Stock Compensation During the nine months ended September 30, 2023, the Company granted stock options and restricted stock units ("RSUs") to certain employees, with vesting over specified periods of continued service and contingent upon achievement of certain market conditions. The Company measured the fair value of such awards on the grant date using a Monte Carlo Simulation, incorporating various option pricing inputs. In connection therewith, compensation expense for such awards is being recognized under the accelerated attribution method over the requisite service period, regardless of whether the market conditions have been achieved. The Company recognizes the impact of forfeitures from market-based awards on compensation expense as they occur. For other stock options and RSUs granted to employees, directors, and other consultants with vesting over specified periods of continued service, the Company measures their fair value on the grant date using (a) the Black-Scholes Option Pricing Model for stock options and (b) the Company’s closing stock price. In connection therewith, compensation expense for such awards is being recognized under the straight-line method over the requisite service period, which is generally the vesting period. The Company recognizes the impact of forfeitures on compensation expense as they occur. For other stock options and RSUs granted to employees, directors, and other consultants with vesting over specified periods of continued service and contingent upon achievement of certain performance conditions, the Company measures their fair value on the grant date using (a) the Black-Scholes Option Pricing Model for stock options and (b) the Company’s closing stock price. In connection therewith, compensation expense for such awards is being recognized under the accelerated attribution method over the requisite service period, which is generally the vesting period. The Company recognizes the impact of forfeitures on compensation expense as they occur.
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.

Investments (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Investments:
U.S. treasury bills	$	236,049	$	—	$	(1,305	)	$	234,744
U.S. agency securities		292,361		—		(1,298	)		291,063
Total investments with a maturity of one year or less		528,410		—		(2,603	)		525,807

U.S. treasury bills		131,264		—		(770	)		130,494
U.S. agency securities		2,999		—		(13	)		2,986
Total investments with a maturity of one to two years		134,263		—		(783	)		133,480
Total investments	$	662,673	$	—	$	(3,386	)	$	659,287


	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Investments:
U.S. treasury bills	$	356,728	$	9	$	(5,523	)	$	351,214
U.S. agency securities		236,483		49		(3,104	)		233,428
Total investments with a maturity of one year or less		593,211		58		(8,627	)		584,642

U.S. treasury bills		116,290		14		(915	)		115,389
U.S. agency securities		148,042		36		(986	)		147,092
Total investments with a maturity of one to two years		264,332		50		(1,901	)		262,481
Total investments	$	857,543	$	108	$	(10,528	)	$	847,123

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


	September 30, 2023
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(in thousands)
U.S. treasury bills	$	282,398	$	(1,373	)	$	79,044	$	(702	)	$	361,442	$	(2,075	)
U.S. agency securities		207,368		(665	)		86,682		(646	)		294,050		(1,311	)
Total	$	489,766	$	(2,038	)	$	165,726	$	(1,348	)	$	655,492	$	(3,386	)


	December 31, 2022
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(in thousands)
U.S. treasury bills	$	143,089	$	(1,860	)	$	275,445	$	(4,578	)	$	418,534	$	(6,438	)
U.S. agency securities		190,468		(1,649	)		97,305		(2,441	)		287,773		(4,090	)
Total	$	333,557	$	(3,509	)	$	372,750	$	(7,019	)	$	706,307	$	(10,528	)

Investments - Summary of Fair Value of Available-for-Sale Investments by Type of Security (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 662,673	$ 857,543
Unrealized Gains		108
Unrealized Losses	(3,386)	(10,528)
Fair Value	659,287	847,123
Investments with a maturity of one year or less [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	528,410	593,211
Unrealized Gains		58
Unrealized Losses	(2,603)	(8,627)
Fair Value	525,807	584,642
Investments with a maturity of one to two years [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	134,263	264,332
Unrealized Gains		50
Unrealized Losses	(783)	(1,901)
Fair Value	133,480	262,481
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	236,049	356,728
Unrealized Gains		9
Unrealized Losses	(1,305)	(5,523)
Fair Value	234,744	351,214
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	131,264	116,290
Unrealized Gains		14
Unrealized Losses	(770)	(915)
Fair Value	130,494	115,389
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	292,361	236,483
Unrealized Gains		49
Unrealized Losses	(1,298)	(3,104)
Fair Value	291,063	233,428
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	2,999	148,042
Unrealized Gains		36
Unrealized Losses	(13)	(986)
Fair Value	$ 2,986	$ 147,092

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

+ Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

Intellectual Property License

In August 2016, the Company and D.E. Shaw Research, LLC ("D.E. Shaw Research") entered into the Collaboration and License Agreement, which was most recently amended in 2023 ("DESRES Agreement"). During the three and nine months ended September 30, 2023 and 2022, there were no material changes to the contractual terms of the DESRES Agreement. Accordingly, there were no changes to the Company’s accounting treatment thereon through September 30, 2023.

The Company assessed the milestones under the DESRES Agreement at September 30, 2023 and December 31, 2022, concluding no such milestone payments were due.

During the three months ended September 30, 2023 and 2022, the Company recorded research and development expenses of $2.3 million and $2.5 million, respectively, under the DESRES Agreement.

During the nine months ended September 30, 2023 and 2022, the Company recorded research and development expenses of $7.1 million and $7.2 million, respectively, under the DESRES Agreement.

As of September 30, 2023 and December 31, 2022, the Company had no accrued expense and accounts payable balances for D.E. Shaw Research on its condensed consolidated balance sheets.

As of September 30, 2023 and December 31, 2022, the Company had prepaid balances of $7.7 million and $4.9 million, respectively, for D.E. Shaw Research on its condensed consolidated balance sheets.

Other Arrangements

The Company has certain other research and license arrangements and other collaborations with third parties, which provide the Company with specified research and/or development services.

Fair Value Measurements - Additional Information (Detail) - ZebiAI [Member] - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2023	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 the Company's common stock based on a fixed amount assigned to each milestone and the volume weighted average closing price of the Company’s common stock for a specified period prior to the milestone achievement.
Number of shares that would be issued upon milestone achievement	8,567,228
Average stock price upon milestone settlement	$ 8.43
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination contingent consideration liability contingent milestones payments		$ 85.0
Business combination contingent consideration liability, contingent earnout payments		$ 100.0

Fair Value Measurements - Schedule of Changes in Fair Value of Contingent Consideration Liability (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	$ 29,223	$ 45,863	$ 32,378	$ 50,258
Change in fair value of Contingent Milestone Payments	(1,200)	3,262	(4,355)	(1,133)
Common stock issued upon milestone achievement		(6,203)		(6,203)
Ending balance	$ 28,023	$ 42,922	$ 28,023	$ 42,922

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	19,494,538	12,811,599	19,494,538	12,811,599
Options to purchase common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	15,899,580	11,232,081	15,899,580	11,232,081
Unvested restricted stock units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,594,958	1,579,518	3,594,958	1,579,518

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2023

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,
	2023			2022			2023			2022
	(in thousands, except share and per share data)
Net loss	$	(65,734	)	$	(84,172	)	$	(258,478	)	$	(223,006	)
Net loss per share, basic and diluted	$	(0.54	)	$	(0.76	)	$	(2.12	)	$	(2.04	)
Weighted average shares of common stock, basic and diluted		122,231,255			110,905,940			121,843,116			109,290,743

Summary of Antidilutive Securities Excluded From Computation of Earnings Per Share


	Three and Six Months Ended June 30,
	2023		2022
Options to purchase common stock		15,899,580		11,232,081
Unvested restricted stock units		3,594,958		1,579,518
		19,494,538		12,811,599

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue:
License and other revenue	$ 25,202	$ 344	$ 25,547	$ 1,128
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember
Total revenue	$ 25,202	$ 344	$ 25,547	$ 1,128
Operating expenses:
Research and development expenses	81,494	66,900	252,522	179,078
Change in fair value of contingent consideration liability	(1,200)	3,262	(4,355)	(1,133)
General and administrative expenses	18,485	16,074	58,184	49,607
Total operating expenses	98,779	86,236	306,351	227,552
Loss from operations	(73,577)	(85,892)	(280,804)	(226,424)
Other income:
Interest income	7,845	1,713	22,345	3,414
Other (expense) income	(2)	7	(19)	4
Total other income, net	7,843	1,720	22,326	3,418
Net loss	$ (65,734)	$ (84,172)	$ (258,478)	$ (223,006)
Net loss per share, basic	$ (0.54)	$ (0.76)	$ (2.12)	$ (2.04)
Net loss per share, diluted	$ (0.54)	$ (0.76)	$ (2.12)	$ (2.04)
Weighted average shares of common stock, basic	122,231,255	110,905,940	121,843,116	109,290,743
Weighted average shares of common stock, diluted	122,231,255	110,905,940	121,843,116	109,290,743
Other comprehensive loss:
Unrealized holding gain (loss)	$ 2,695	$ (1,483)	$ 7,034	$ (12,301)
Total other comprehensive gain (loss)	2,695	(1,483)	7,034	(12,301)
Total comprehensive loss	$ (63,039)	$ (85,655)	$ (251,444)	$ (235,307)

Common Stock

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Common Stock

5. 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, 2023, 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 ("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.

As of June 30, 2023, no shares of common stock had been sold under the Sales Agreement.

During the three months ended September 30, 2023, the Company sold 900,000 shares of common stock under the Sales Agreement at an average price of $10.67 per share. The Company received proceeds of $9.4 million, which was net of $0.2 million in commissions paid to Cowen and other offering expenses.

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 $20.3 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 equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 14
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

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, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income (Loss)	$ (65,734)	$ (98,505)	$ (94,239)	$ (84,172)	$ (76,788)	$ (62,046)	$ (258,478)	$ (223,006)
Net loss per share, basic	$ (0.54)			$ (0.76)			$ (2.12)	$ (2.04)
Net loss per share, diluted	$ (0.54)			$ (0.76)			$ (2.12)	$ (2.04)
Weighted average shares of common stock, basic	122,231,255			110,905,940			121,843,116	109,290,743
Weighted average shares of common stock, diluted	122,231,255			110,905,940			121,843,116	109,290,743

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 815
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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details