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Stock Compensation - Schedule of Stock Compensation Expense in the Company's Condensed Consolidated Statements of Operations and Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 26,832	$ 23,411	$ 54,020	$ 44,929
Research and development expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	15,616	13,118	31,284	24,713
General and administrative expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 11,216	$ 10,293	$ 22,736	$ 20,216

- 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.

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+ Details

Commitments and Contingencies	6 Months Ended
Jun. 30, 2024
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 six months ended June 30, 2024 and 2023, 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 June 30, 2024. The Company assessed the milestones under the DESRES Agreement at June 30, 2024 and December 31, 2023, concluding no payments were due. For the three months ended June 30, 2024 and 2023, the Company recorded research and development expenses of $2.3 million and $2.4 million, respectively, under the DESRES Agreement on its condensed consolidated statement of operations and comprehensive loss. For the six months ended June 30, 2024 and 2023, the Company recorded research and development expenses of $4.9 million and $4.8 million, respectively, under the DESRES Agreement on its condensed consolidated statement of operations and comprehensive loss. As of June 30, 2024 and December 31, 2023, the Company had prepaid balances of $0.7 million and $5.4 million, respectively, under the DESRES Agreement on its condensed consolidated balance sheets. As of June 30, 2024 and December 31, 2023, the Company had no accrued expense and accounts payable balances under the DESRES Agreement 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.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

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 six months ended June 30, 2024 and 2023, 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 June 30, 2024.

The Company assessed the milestones under the DESRES Agreement at June 30, 2024 and December 31, 2023, concluding no payments were due.

For the three months ended June 30, 2024 and 2023, the Company recorded research and development expenses of $2.3 million and $2.4 million, respectively, under the DESRES Agreement on its condensed consolidated statement of operations and comprehensive loss.

For the six months ended June 30, 2024 and 2023, the Company recorded research and development expenses of $4.9 million and $4.8 million, respectively, under the DESRES Agreement on its condensed consolidated statement of operations and comprehensive loss.

As of June 30, 2024 and December 31, 2023, the Company had prepaid balances of $0.7 million and $5.4 million, respectively, under the DESRES Agreement on its condensed consolidated balance sheets.

As of June 30, 2024 and December 31, 2023, the Company had no accrued expense and accounts payable balances under the DESRES Agreement 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.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (92,212)	$ (81,387)	$ (98,505)	$ (94,239)	$ (173,599)	$ (192,744)

- 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

Common Stock - Additional Information (Detail) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended
	Jan. 31, 2024	Aug. 31, 2021	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024
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] \| At-the-Market Offerings [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares sold				1,889,597
Common Stock [Member] \| Private Placement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares sold	2,500,000			2,500,000
Offering price per share	$ 12
Net proceeds	$ 29,800,000
Offering expenses	$ 200,000
Common Stock [Member] \| Cowen [Member] \| Sales Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate gross proceeds from the sale of shares		$ 300,000,000
Common stock shares sold			0	1,889,597
Weighted-average sales price of shares issued				$ 9.73
Net proceeds				$ 17,900,000
Commissions and other offering expenses				$ 500,000

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
	(in thousands, except share and per share data)
Net loss	$	(92,212	)	$	(98,505	)	$	(173,599	)	$	(192,744	)
Net loss per share, basic and diluted	$	(0.69	)	$	(0.81	)	$	(1.32	)	$	(1.59	)
Weighted average shares of common stock, basic and diluted		132,821,826			121,680,844			131,832,420			121,501,849

Summary of Antidilutive Securities Excluded From Computation of Earnings Per Share

For the three and six months ended June 30, 2024 and 2023, the weighted-average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share is the same. In computing diluted net loss per share for the three and six months ended June 30, 2024 and 2023, the Company excluded the following potentially dilutive securities, as the effect would be anti-dilutive and reduce the net loss per share calculated for each period.


	Three and Six Months Ended June 30,
	2024		2023
Options outstanding to purchase common stock		15,566,883		15,919,958
Unvested and outstanding restricted stock units		9,968,160		3,898,965
		25,535,043		19,818,923

Nature of Business and Basis of Presentation - Additional Information (Detail) $ in Thousands	Jun. 30, 2024 USD ($) Program	Dec. 31, 2023 USD ($)
Nature of Business and Basis of Presentation [Line Items]
Accumulated deficit \| $	$ 1,574,181	$ 1,400,582
Precision Oncology And Genetic Diseases [Member]
Nature of Business and Basis of Presentation [Line Items]
Number of discovery stage programs	3
Precision Oncology And Genetic Diseases [Member] \| Minimum [Member]
Nature of Business and Basis of Presentation [Line Items]
Number of discovery stage programs	5
Genetic Disease Portfolio [Member]
Nature of Business and Basis of Presentation [Line Items]
Number of novel programs	2

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Commitments and Contingencies Disclosure [Line Items]
Accrued expenses	$ 27,773,000		$ 27,773,000		$ 14,890,000
Prepaid balance	10,123,000		10,123,000		16,702,000
DE Shaw Research [Member]
Commitments and Contingencies Disclosure [Line Items]
Research and development expense	2,300,000	$ 2,400,000	4,900,000	$ 4,800,000
Accrued expenses	0		0		0
Prepaid balance	700,000		700,000		5,400,000
DE Shaw Research [Member] \| License Agreement Terms [Member]
Commitments and Contingencies Disclosure [Line Items]
Milestone payment Due	$ 0		$ 0		$ 0

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Restricted Cash And Cash Equivalents At Carrying Value [Abstract]
Cash and cash equivalents	$ 134,125	$ 145,902
Restricted cash	2,707	2,707
Cash, cash equivalents, and restricted cash per statements of cash flows	$ 136,832	$ 148,609

Investments - Available-for-sale Debt Securities in an Unrealized Loss Position (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	$ 419,590	$ 308,981
Less than 12 Months, Unrealized Losses	(1,124)	(578)
12 Months or Longer, Fair Value	80,647	64,564
12 Months or Longer, Unrealized Losses	(226)	(316)
Total, Fair Value	500,237	373,545
Total, Unrealized Losses	(1,350)	(894)
U.S treasury bills [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	367,248	172,625
Less than 12 Months, Unrealized Losses	(957)	(371)
12 Months or Longer, Fair Value	70,699	27,822
12 Months or Longer, Unrealized Losses	(211)	(169)
Total, Fair Value	437,947	200,447
Total, Unrealized Losses	(1,168)	(540)
U.S agency securities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	52,342	136,356
Less than 12 Months, Unrealized Losses	(167)	(207)
12 Months or Longer, Fair Value	9,948	36,742
12 Months or Longer, Unrealized Losses	(15)	(147)
Total, Fair Value	62,290	173,098
Total, Unrealized Losses	$ (182)	$ (354)

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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		133,889,966
Entity File Number	001-39385
Entity Tax Identification Number	47-3923475
Entity Address, Address Line One	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

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
License and other revenue		$ 119	$ 10,007	$ 345
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember
Total revenue		$ 119	$ 10,007	$ 345
Operating expenses:
Research and development expenses	$ 91,992	88,201	174,395	171,028
Change in fair value of contingent consideration liability	(11,374)	(2,152)	(13,206)	(3,155)
General and administrative expenses	20,139	20,120	39,938	39,699
Total operating expenses	100,757	106,169	201,127	207,572
Loss from operations	(100,757)	(106,050)	(191,120)	(207,227)
Other income:
Interest income	8,547	7,559	17,498	14,500
Other (expense) income	(2)	(14)	23	(17)
Total other income, net	8,545	7,545	17,521	14,483
Net loss	$ (92,212)	$ (98,505)	$ (173,599)	$ (192,744)
Net loss per share, basic	$ (0.69)	$ (0.81)	$ (1.32)	$ (1.59)
Net loss per share, diluted	$ (0.69)	$ (0.81)	$ (1.32)	$ (1.59)
Weighted average shares of common stock, basic	132,821,826	121,680,844	131,832,420	121,501,849
Weighted average shares of common stock, diluted	132,821,826	121,680,844	131,832,420	121,501,849
Other comprehensive (loss) income:
Unrealized holding (loss) gain	$ (182)	$ (279)	$ (1,144)	$ 4,339
Total other comprehensive (loss) income	(182)	(279)	(1,144)	4,339
Total comprehensive loss	$ (92,394)	$ (98,784)	$ (174,743)	$ (188,405)

Nature of Business and Basis of Presentation

6 Months Ended

Jun. 30, 2024

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-2608 and RLY-4008 (lirafugratinib), are in clinical development. The Company announced three discovery stage programs in June 2024, including two novel programs from its genetic disease portfolio to address clinically and commercially validated targets in vascular malformations and Fabry disease, respectively, and an NRAS-selective inhibitor. The Company also has more than five active discovery stage programs across both precision oncology and genetic diseases.

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 by integrating 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 $1.6 billion as of June 30, 2024. The Company expects that its existing cash, cash equivalents, and investments as of June 30, 2024 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.

Stock Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Compensation Expense in the Company's Condensed Consolidated Statements of Operations and Comprehensive Loss

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Research and development expenses		15,616	$	13,118		31,284	$	24,713
General and administrative expenses		11,216		10,293		22,736		20,216
	$	26,832	$	23,411	$	54,020	$	44,929

Investments - Summary of Fair Value of Available-for-Sale Investments by Type of Security (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 555,630	$ 606,546
Unrealized Gains	10	698
Unrealized Losses	(1,350)	(894)
Fair Value	554,290	606,350
Investments with a maturity of one year or less [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	339,682	500,629
Unrealized Gains	1	107
Unrealized Losses	(656)	(835)
Fair Value	339,027	499,901
Investments with a maturity of one to two years [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	215,948	105,917
Unrealized Gains	9	591
Unrealized Losses	(694)	(59)
Fair Value	215,263	106,449
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	285,934	314,957
Unrealized Gains	1	83
Unrealized Losses	(565)	(482)
Fair Value	285,370	314,558
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	193,093	100,917
Unrealized Gains	8	591
Unrealized Losses	(603)	(58)
Fair Value	192,498	101,450
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	53,748	185,672
Unrealized Gains		24
Unrealized Losses	(91)	(353)
Fair Value	53,657	185,343
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	22,855	5,000
Unrealized Gains	1
Unrealized Losses	(91)	(1)
Fair Value	$ 22,765	$ 4,999

- Definition

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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				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net loss	$ (92,212)	$ (81,387)	$ (98,505)	$ (94,239)	$ (173,599)	$ (192,744)
Net loss per share, basic	$ (0.69)		$ (0.81)		$ (1.32)	$ (1.59)
Net loss per share, diluted	$ (0.69)		$ (0.81)		$ (1.32)	$ (1.59)
Weighted average shares of common stock, basic	132,821,826		121,680,844		131,832,420	121,501,849
Weighted average shares of common stock, diluted	132,821,826		121,680,844		131,832,420	121,501,849

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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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Investments

6 Months Ended

Jun. 30, 2024

Schedule of Investments [Abstract]

Investments

4. Investments

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


	June 30, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Investments:
U.S. treasury bills	$	285,934	$	1	$	(565	)	$	285,370
U.S. agency securities		53,748		—		(91	)		53,657
Total investments with a maturity of one year or less		339,682		1		(656	)		339,027

U.S. treasury bills		193,093		8		(603	)		192,498
U.S. agency securities		22,855		1		(91	)		22,765
Total investments with a maturity of one to two years		215,948		9		(694	)		215,263
Total investments	$	555,630	$	10	$	(1,350	)	$	554,290


	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Investments:
U.S. treasury bills	$	314,957	$	83	$	(482	)	$	314,558
U.S. agency securities		185,672		24		(353	)		185,343
Total investments with a maturity of one year or less		500,629		107		(835	)		499,901

U.S. treasury bills		100,917		591		(58	)		101,450
U.S. agency securities		5,000		—		(1	)		4,999
Total investments with a maturity of one to two years		105,917		591		(59	)		106,449
Total investments	$	606,546	$	698	$	(894	)	$	606,350

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:


	June 30, 2024
	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	$	367,248	$	(957	)	$	70,699	$	(211	)	$	437,947	$	(1,168	)
U.S. agency securities		52,342		(167	)		9,948		(15	)		62,290		(182	)
Total	$	419,590	$	(1,124	)	$	80,647	$	(226	)	$	500,237	$	(1,350	)


	December 31, 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	$	172,625	$	(371	)	$	27,822	$	(169	)	$	200,447	$	(540	)
U.S. agency securities		136,356		(207	)		36,742		(147	)		173,098		(354	)
Total	$	308,981	$	(578	)	$	64,564	$	(316	)	$	373,545	$	(894	)

As summarized in the tables immediately above, the Company held 85 and 70 debt securities that were in an unrealized loss position as of June 30, 2024 and December 31, 2023, respectively. The unrealized losses at June 30, 2024 and December 31, 2023 were attributable to changes in interest rates and 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 Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (173,599)	$ (192,744)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock compensation expense	54,020	44,929
Depreciation expense	2,763	2,531
Net amortization of premiums and discounts on investments	(6,956)	(4,218)
Change in fair value of contingent consideration liability	(13,206)	(3,155)
Changes in assets and liabilities:
Accounts receivable		228
Contract asset		4,913
Prepaid expenses and other current assets	4,162	2,671
Operating lease assets and liabilities, net	678	809
Accounts payable	3,307	4,202
Accrued expenses and other liabilities	12,675	4,088
Deferred revenue		15
Net cash used in operating activities	(116,156)	(135,731)
Cash flows from investing activities:
Purchases of property and equipment	(1,791)	(3,418)
Purchases of investments	(310,418)	(163,975)
Proceeds from maturities of investments	368,290	293,984
Net cash provided by investing activities	56,081	126,591
Cash flows from financing activities:
Proceeds from issuance of common stock through Private Placement, net	29,803
Proceeds from issuance of common stock via At-the-Market offerings, net	17,932
Proceeds from issuance of common stock through exercise of stock options	1,600	1,750
Proceeds from issuance of common stock via employee stock purchase plan	1,129	1,627
Net cash provided by financing activities	50,464	3,377
Net decrease in cash, cash equivalents, and restricted cash	(9,611)	(5,763)
Cash, cash equivalents, and restricted cash at beginning of period	146,443	154,372
Cash, cash equivalents and restricted cash at end of period	136,832	148,609
Supplemental disclosure of non-cash activities:
Periodic change to additions of property and equipment in current liabilities	$ (1,579)	$ (772)

Net Loss Per Share - Summary of Antidilutive Securities Excluded From Computation of Earnings Per Share (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	25,535,043	19,818,923	25,535,043	19,818,923
Options outstanding 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	15,566,883	15,919,958	15,566,883	15,919,958
Unvested and outstanding 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	9,968,160	3,898,965	9,968,160	3,898,965

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	Jun. 30, 2024	Dec. 31, 2023
Investments:
Total assets	$ 676,739	$ 746,816
Liabilities
Contingent Milestone Payments		8,206
Total liabilities		8,206
Level 1 [Member]
Investments:
Total assets	114,454	140,466
Level 2 [Member]
Investments:
Total assets	562,285	606,350
Level 3 [Member]
Liabilities
Contingent Milestone Payments		8,206
Total liabilities		8,206
Investments [Member]
Investments:
Total investments	554,290	606,350
Investments [Member] \| U.S. treasury bills [Member]
Investments:
Total investments	477,868	416,008
Investments [Member] \| U.S. agency securities [Member]
Investments:
Total investments	76,422	190,342
Investments [Member] \| Level 2 [Member]
Investments:
Total investments	554,290	606,350
Investments [Member] \| Level 2 [Member] \| U.S. treasury bills [Member]
Investments:
Total investments	477,868	416,008
Investments [Member] \| Level 2 [Member] \| U.S. agency securities [Member]
Investments:
Total investments	76,422	190,342
Cash equivalents [Member]
Cash equivalents:
Assets, fair value	122,449	140,466
Cash equivalents [Member] \| Money market funds [Member]
Cash equivalents:
Assets, fair value	114,454	140,466
Cash equivalents [Member] \| U.S. treasury bills [Member]
Cash equivalents:
Assets, fair value	7,995
Cash equivalents [Member] \| Level 1 [Member]
Cash equivalents:
Assets, fair value	114,454	140,466
Cash equivalents [Member] \| Level 1 [Member] \| Money market funds [Member]
Cash equivalents:
Assets, fair value	114,454	$ 140,466
Cash equivalents [Member] \| Level 2 [Member]
Cash equivalents:
Assets, fair value	7,995
Cash equivalents [Member] \| Level 2 [Member] \| U.S. treasury bills [Member]
Cash equivalents:
Assets, fair value	$ 7,995

Investments (Tables)

6 Months Ended

Jun. 30, 2024

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:


	June 30, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Investments:
U.S. treasury bills	$	285,934	$	1	$	(565	)	$	285,370
U.S. agency securities		53,748		—		(91	)		53,657
Total investments with a maturity of one year or less		339,682		1		(656	)		339,027

U.S. treasury bills		193,093		8		(603	)		192,498
U.S. agency securities		22,855		1		(91	)		22,765
Total investments with a maturity of one to two years		215,948		9		(694	)		215,263
Total investments	$	555,630	$	10	$	(1,350	)	$	554,290


	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Investments:
U.S. treasury bills	$	314,957	$	83	$	(482	)	$	314,558
U.S. agency securities		185,672		24		(353	)		185,343
Total investments with a maturity of one year or less		500,629		107		(835	)		499,901

U.S. treasury bills		100,917		591		(58	)		101,450
U.S. agency securities		5,000		—		(1	)		4,999
Total investments with a maturity of one to two years		105,917		591		(59	)		106,449
Total investments	$	606,546	$	698	$	(894	)	$	606,350

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


	June 30, 2024
	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	$	367,248	$	(957	)	$	70,699	$	(211	)	$	437,947	$	(1,168	)
U.S. agency securities		52,342		(167	)		9,948		(15	)		62,290		(182	)
Total	$	419,590	$	(1,124	)	$	80,647	$	(226	)	$	500,237	$	(1,350	)


	December 31, 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	$	172,625	$	(371	)	$	27,822	$	(169	)	$	200,447	$	(540	)
U.S. agency securities		136,356		(207	)		36,742		(147	)		173,098		(354	)
Total	$	308,981	$	(578	)	$	64,564	$	(316	)	$	373,545	$	(894	)

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

10. Subsequent Events

In preparing the condensed consolidated interim financial statements as of June 30, 2024 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 condensed consolidated financial statements, except as otherwise described in the notes above.

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 30, 2024
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 June 30, 2024, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2024 and 2023, the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the six months ended June 30, 2024 and 2023 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 June 30, 2024, the condensed consolidated results of its operations for the three and six months ended June 30, 2024 and 2023, and condensed consolidated cash flows for the six months ended June 30, 2024 and 2023. The condensed consolidated financial data and other information disclosed in these notes related to the three and six months ended June 30, 2024 and 2023 are unaudited. The condensed consolidated results for the three and six months ended June 30, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024, 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 Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to provide enhancements to segment disclosures, even for entities with only one reportable segment. In particular, the standard will require disclosures of significant segment expenses regularly provided to the chief operating decision maker and included within each reported measure of segment profit and loss. The standard will also require disclosure of all other segment items by reportable segment and a description of its composition. Finally, the standard will require disclosure of the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The standard is effective for annual periods beginning after December 15, 2023 and interim periods within annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the standard on the presentation of its condensed consolidated financial statements and footnotes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to provide enhancements to annual income tax disclosures. In particular, the standard will require more detailed information in the income tax rate reconciliation, as well as the disclosure of income taxes paid disaggregated by jurisdiction, among other enhancements. The standard is effective for years beginning after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact of the standard on the presentation of its condensed consolidated financial statements and footnotes.

Fair Value Measurements - Additional Information (Detail) - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Apr. 22, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability		$ 11,374,000	$ 13,206,000	$ 29,223,000	$ 31,375,000	$ 32,378,000
ZebiAI [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination contingent consideration liability contingent milestones payments	$ 0						$ 85,000,000
Business combination contingent consideration liability, contingent earnout payments	$ 0						$ 100,000,000

Fair Value Measurements - Schedule of Changes in Fair Value of Contingent Consideration Liability (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	$ 11,374	$ 31,375	$ 13,206	$ 32,378
Change in fair value of Contingent Milestone Payments	(6,374)	(2,152)	(8,206)	(3,155)
Change in fair value of Contingent Earnout Payments	$ (5,000)		$ (5,000)
Ending balance		$ 29,223		$ 29,223

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	300,000,000	300,000,000
Common stock shares issued	133,324,954	127,462,409
Common stock shares outstanding	133,324,954	127,462,409
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 - Additional Information (Detail) - DebtSecurity	Jun. 30, 2024	Dec. 31, 2023
Investments [Abstract]
Debt securities unrealized loss position	85	70

Collaboration and License Agreement with Genentech, Inc - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Collaboration And License Arrangement [Line Items]
Collaboration revenue		$ 119	$ 10,007	$ 345
Genentech [Member]
Collaboration And License Arrangement [Line Items]
Collaboration revenue	$ 0	$ 100	$ 10,000	$ 300
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 migoprotafib (GDC-1971, formerly known as RLY-1971).
Collaboration agreement transaction price			$ 121,800
Additional payment included in revenue upon achievement of other specified development commercialization and sales based milestones does not exercise option to participate in collaboration			$ 10,000

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
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
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2024
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 June 30, 2024, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2024 and 2023, the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the six months ended June 30, 2024 and 2023 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 June 30, 2024, the condensed consolidated results of its operations for the three and six months ended June 30, 2024 and 2023, and condensed consolidated cash flows for the six months ended June 30, 2024 and 2023. The condensed consolidated financial data and other information disclosed in these notes related to the three and six months ended June 30, 2024 and 2023 are unaudited. The condensed consolidated results for the three and six months ended June 30, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024, 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 Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to provide enhancements to segment disclosures, even for entities with only one reportable segment. In particular, the standard will require disclosures of significant segment expenses regularly provided to the chief operating decision maker and included within each reported measure of segment profit and loss. The standard will also require disclosure of all other segment items by reportable segment and a description of its composition. Finally, the standard will require disclosure of the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The standard is effective for annual periods beginning after December 15, 2023 and interim periods within annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the standard on the presentation of its condensed consolidated financial statements and footnotes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to provide enhancements to annual income tax disclosures. In particular, the standard will require more detailed information in the income tax rate reconciliation, as well as the disclosure of income taxes paid disaggregated by jurisdiction, among other enhancements. The standard is effective for years beginning after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact of the standard on the presentation of its condensed consolidated financial statements and footnotes.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

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

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 June 30, 2024:
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	114,454	$	—	$	—	$	114,454
U.S. treasury bills		—		7,995		—	$	7,995
Total cash equivalents		114,454		7,995		—		122,449
Investments:
U.S. treasury bills		—		477,868		—	$	477,868
U.S. agency securities		—		76,422		—	$	76,422
Total investments		—		554,290		—		554,290
Total assets	$	114,454	$	562,285	$	—	$	676,739
Liabilities
Contingent Milestone Payments	$	—	$	—	$	—	$	—
Total liabilities	$	—	$	—	$	—	$	—


	Fair Value Measurements as of December 31, 2023:
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	140,466	$	—	$	—	$	140,466
Total cash equivalents		140,466		—		—		140,466
Investments:
U.S. treasury bills		—		416,008		—		416,008
U.S. agency securities		—		190,342		—		190,342
Total investments		—		606,350		—		606,350
Total assets	$	140,466	$	606,350	$	—	$	746,816
Liabilities
Contingent Milestone Payments	$	—	$	—	$	8,206	$	8,206
Total liabilities	$	—	$	—	$	8,206	$	8,206

Schedule of Changes in Contingent Consideration Liability

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
	(in thousands)
Balance at beginning of period	$	11,374		$	31,375		$	13,206		$	32,378
Change in fair value of Contingent Milestone Payments		(6,374	)		(2,152	)		(8,206	)		(3,155	)
Change in fair value of Contingent Earnout Payments		(5,000	)		—			(5,000	)		—
	$	—		$	29,223		$	—		$	29,223

Net Loss Per Share

6 Months Ended

Jun. 30, 2024

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 June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
	(in thousands, except share and per share data)
Net loss	$	(92,212	)	$	(98,505	)	$	(173,599	)	$	(192,744	)
Net loss per share, basic and diluted	$	(0.69	)	$	(0.81	)	$	(1.32	)	$	(1.59	)
Weighted average shares of common stock, basic and diluted		132,821,826			121,680,844			131,832,420			121,501,849


	Three and Six Months Ended June 30,
	2024		2023
Options outstanding to purchase common stock		15,566,883		15,919,958
Unvested and outstanding restricted stock units		9,968,160		3,898,965
		25,535,043		19,818,923

The amounts in the table above for options and restricted stock units are presented based on amounts outstanding at each period end.

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Private Placement [Member]	At-the-Market Offerings [Member]	Common Stock [Member]	Common Stock [Member] Private Placement [Member]	Common Stock [Member] At-the-Market Offerings [Member]	Additional Paid-In Capital [Member]	Additional Paid-In Capital [Member] Private Placement [Member]	Additional Paid-In Capital [Member] At-the-Market Offerings [Member]	Accumulated Other Comprehensive Income/(Loss) [Member]	Accumulated Deficit [Member]
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 through exercise of stock options	1,297						1,297
Issuance of common stock through 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 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 loss	(192,744)
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
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 through exercise of stock options	453			$ 1			452
Issuance of common stock through exercise of stock options, shares				96,605
Issuance of common stock via employee stock purchase plan	1,627						1,627
Issuance of common stock via employee stock purchase plan, 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 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
Beginning balance at Dec. 31, 2023	752,003			$ 127			2,152,654			(196)	(1,400,582)
Beginning balance, shares at Dec. 31, 2023				127,462,409
Issuance of common stock, net		$ 29,803	$ 17,932		$ 3	$ 2		$ 29,800	$ 17,930
Issuance of common stock, net, shares					2,500,000	1,889,597
Issuance of common stock through exercise of stock options	1,187						1,187
Issuance of common stock through exercise of stock options, shares				236,367
Vesting of restricted stock units, Shares				212,478
Stock compensation expense	27,188						27,188
Unrealized (loss) gain on investments	(962)									(962)
Net loss	(81,387)										(81,387)
Ending balance at Mar. 31, 2024	745,764			$ 132			2,228,759			(1,158)	(1,481,969)
Ending balance, shares at Mar. 31, 2024				132,300,851
Beginning balance at Dec. 31, 2023	752,003			$ 127			2,152,654			(196)	(1,400,582)
Beginning balance, shares at Dec. 31, 2023				127,462,409
Net loss	(173,599)
Ending balance at Jun. 30, 2024	681,744			$ 133			2,257,132			(1,340)	(1,574,181)
Ending balance, shares at Jun. 30, 2024				133,324,954
Beginning balance at Mar. 31, 2024	745,764			$ 132			2,228,759			(1,158)	(1,481,969)
Beginning balance, shares at Mar. 31, 2024				132,300,851
Issuance of common stock through exercise of stock options	413			$ 1			412
Issuance of common stock through exercise of stock options, shares				106,173
Issuance of common stock via employee stock purchase plan	1,129						1,129
Issuance of common stock via employee stock purchase plan, shares				203,818
Vesting of restricted stock units, Shares				714,112
Stock compensation expense	26,832						26,832
Unrealized (loss) gain on investments	(182)									(182)
Net loss	(92,212)										(92,212)
Ending balance at Jun. 30, 2024	$ 681,744			$ 133			$ 2,257,132			$ (1,340)	$ (1,574,181)
Ending balance, shares at Jun. 30, 2024				133,324,954

Common Stock

6 Months Ended

Jun. 30, 2024

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 June 30, 2024, 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.

During the three months ended March 31, 2024, the Company sold 1,889,597 shares of common stock under the Sales Agreement at a weighted-average price of $9.73 per share. The Company received $17.9 million in proceeds therefrom, which were net of $0.5 million in commissions paid to Cowen.

During the three months ended June 30, 2024, there were no sales of common stock under the Sales Agreement.

Private Placement

In January 2024, the Company entered into a securities purchase agreement with Nextech Crossover I SCP for the private placement of 2,500,000 shares of common stock at $12.00 per share (the "Private Placement"). The Company received $29.8 million in proceeds from the Private Placement, which were net of $0.2 million in offering expenses. The shares issued through the Private Placement were registered for resale pursuant to the Company’s Registration Statement on Form S-3, filed with the SEC on August 12, 2021, and prospectus supplement relating to the shares, filed with the SEC on January 10, 2024.

- 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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-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
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-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/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

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/1943274/2147478448/946-505-50-6

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
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-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
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

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

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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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
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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 134,125	$ 143,736
Investments	554,290	606,350
Prepaid expenses	10,123	16,702
Other current assets	5,732	3,315
Total current assets	704,270	770,103
Property and equipment, net	8,350	10,901
Operating lease assets	54,923	57,969
Restricted cash	2,707	2,707
Intangible asset	2,300	2,300
Total assets	772,550	843,980
Current liabilities:
Accounts payable	11,167	9,211
Accrued expenses	27,773	14,890
Operating lease liabilities	5,335	4,964
Other current liabilities	768	1,204
Total current liabilities	45,043	30,269
Operating lease liabilities, net of current portion	45,763	48,502
Contingent consideration liability		13,206
Total liabilities	90,806	91,977
Commitments and contingencies (Note 9)
Stockholders' equity:
Common stock, $0.001 par value; 300,000,000 shares authorized as of June 30, 2024, and December 31, 2023; 133,324,954 and 127,462,409 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	133	127
Additional paid-in capital	2,257,132	2,152,654
Accumulated other comprehensive loss	(1,340)	(196)
Accumulated deficit	(1,574,181)	(1,400,582)
Total stockholders' equity	681,744	752,003
Total liabilities and stockholders' equity	$ 772,550	$ 843,980

Stock Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock Compensation

6. Stock Compensation

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Research and development expenses		15,616	$	13,118		31,284	$	24,713
General and administrative expenses		11,216		10,293		22,736		20,216
	$	26,832	$	23,411	$	54,020	$	44,929

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements


	Fair Value Measurements as of June 30, 2024:
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	114,454	$	—	$	—	$	114,454
U.S. treasury bills		—		7,995		—	$	7,995
Total cash equivalents		114,454		7,995		—		122,449
Investments:
U.S. treasury bills		—		477,868		—	$	477,868
U.S. agency securities		—		76,422		—	$	76,422
Total investments		—		554,290		—		554,290
Total assets	$	114,454	$	562,285	$	—	$	676,739
Liabilities
Contingent Milestone Payments	$	—	$	—	$	—	$	—
Total liabilities	$	—	$	—	$	—	$	—


	Fair Value Measurements as of December 31, 2023:
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	140,466	$	—	$	—	$	140,466
Total cash equivalents		140,466		—		—		140,466
Investments:
U.S. treasury bills		—		416,008		—		416,008
U.S. agency securities		—		190,342		—		190,342
Total investments		—		606,350		—		606,350
Total assets	$	140,466	$	606,350	$	—	$	746,816
Liabilities
Contingent Milestone Payments	$	—	$	—	$	8,206	$	8,206
Total liabilities	$	—	$	—	$	8,206	$	8,206

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.

Pursuant to the terms of the acquisition, the Company is liable for certain contingent consideration, including (a) up to $85.0 million in platform and program milestones ("Contingent Milestone Payments") and (b) up to $100.0 million in earnout payments ("Contingent Earnout Payments"), both payable to ZebiAI's former equity holders upon achievement.

The Company classified the Contingent Milestone Payments within Level 3 of the fair value hierarchy. Pursuant to FASB ASC Topic 480, Distinguishing Liabilities from Equity ("ASC 480"), the Company has accounted for the Contingent Milestone Payments as a liability and remeasured the fair value at each reporting period based on the probability of achieving the contingent milestones and timing. Significant judgment has been used in determining the underlying assumptions. In connection therewith, the liability was reduced to $0 on the condensed consolidated balance sheet as of June 30, 2024.

The Company has not accounted for the Contingent Earnout Payments as derivatives under FASB ASC Topic 815, Derivatives and Hedging ("ASC 815"). As such, they were only measured at fair value as of the acquisition date and have not been re-assessed at fair value as of each reporting period end. During the three months ended June 30, 2024, the contingency was resolved without the consideration becoming payable. Therefore, the liability was reduced to $0 on the condensed consolidated balance sheet as of June 30, 2024.

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
	(in thousands)
Balance at beginning of period	$	11,374		$	31,375		$	13,206		$	32,378
Change in fair value of Contingent Milestone Payments		(6,374	)		(2,152	)		(8,206	)		(3,155	)
Change in fair value of Contingent Earnout Payments		(5,000	)		—			(5,000	)		—
	$	—		$	29,223		$	—		$	29,223

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Collaboration and License Agreement with Genentech, Inc.

6 Months Ended

Jun. 30, 2024

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 migoprotafib (GDC-1971, formerly known as RLY-1971).

As of June 30, 2024, consideration under the Genentech Agreement totaled $121.8 million, which included $10.0 million paid to the Company in connection with a milestone achieved during the six months ended June 30, 2024.

On July 11, 2024, the Company received notice that Genentech exercised its right to terminate the Genentech Agreement without cause. The termination will become effective 180 days after the date of receipt of the notice of termination (the "Termination Date"). As a result of the termination of the Genentech Agreement, the Company will not be entitled to receive any further milestones or other payments due after the Termination Date. The parties will also cease to have any development or commercialization obligations after the Termination Date and the licenses that the Company granted to Genentech pursuant to the Genentech Agreement will cease to be in effect as of the Termination Date.

Accounting Analysis

During the three and six months ended June 30, 2024 and 2023, 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 June 30, 2024.

During the three months ended June 30, 2024 and 2023, the Company recognized $0 and $0.1 million of revenue, respectively, from the Genentech Agreement.

During the six months ended June 30, 2024 and 2023, the Company recognized $10.0 million and $0.3 million of revenue, respectively, from the Genentech Agreement.