Relay Therapeutics, Inc. (RLAY)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$10.3M

Revenue growth

23.9%

Net income, last twelve months

-$286.0M

Earnings per share

-$1.57

Operating margin

-2999.7%

Net margin

-2763.9%

Return on equity

-32.1%

Market value

$4.3B

Cash

$121.2M

Debt

$0

Debt to equity

0.00

Shares outstanding

218.5M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the not stated in the documents results, filed 6 August 2026.

• Capacity ceiling raised in amendment. Amendment No. 1 replaces the $250,000,000 reference in paragraph 1 with $462,978,049. The amendment is dated August 6, 2026 and amends the sales agreement dated August 6, 2024.
• Agreement dated August 6, 2024. The amendment concerns the Common Stock Sales Agreement between the company and TD Securities (USA) LLC, dated August 6, 2024.
• Prior quarter at-the-market proceeds. The previous release reported $137.1 million net proceeds from at-the-market offerings in the first quarter of 2026, with a further $22.1 million received in April.
• Block trades added to permitted sales. Restated paragraph 3 allows sales in negotiated transactions, including block trades or Block Sales, alongside at-the-market sales through Nasdaq or other existing trading markets.
• Seller named as TD Cowen. The restated paragraph 3 refers to TD Cowen as the seller, while the amendment names TD Securities (USA) LLC as the agent.
• At-the-market definition retained. The restated paragraph keeps the at-the-market offering definition under Rule 415 of the Securities Act.
• Not a covered foreign person. New paragraph 6(ccc) states the company and its subsidiaries are not covered foreign persons and do not currently engage in covered activity under 31 C.F.R. § 850.208.
• No joint ventures in covered activity. The company states it has no joint ventures that engage in, or plan to engage in, covered activity.
• No board seats or voting interests. The company also states it holds no board seat, voting or equity interest, or contractual power to direct management of any such person.
• Legal counsel changed to Cooley. Paragraph 7(p) now names Cooley LLP where the agreement previously named Dechert LLP.
• Notice address moved to Hampshire Street. The address in paragraph 12 changes from 399 Binney Street to 60 Hampshire Street, Cambridge, Massachusetts.
• General counsel now named in schedule. Schedule 2 names Soo-Yeun Lim, General Counsel, in place of Brian Adams, Chief Legal Officer.
• Placement notice form now dated. The Schedule 1 form of placement notice adds the words “as amended on August 6, 2026” after the 2024 reference.
• Officer certificate also conformed. The officer certificate in Exhibit 7(m) receives the same “as amended on August 6, 2026” wording.

Company events

The newest 8-K filings of 63 held.

Every filing

The newest filings with the SEC of 139 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

291 funds held it at 30 Jun 2026: 161 added and 62 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Amgen Inc. (AMGN): revenue $38.1B, market value $244.4B
• Gilead Sciences, Inc. (GILD): revenue $30.5B, market value $197.6B
• Moderna, Inc. (MRNA): revenue $2.2B, market value $85.4B
• argenx SE (ARGX): revenue $4.2B, market value $55.2B
• Biogen Inc. (BIIB): revenue $10.3B, market value $36.1B
• BioNTech SE (BNTX): revenue $3.2B, market value $22.1B
• Exelixis, Inc. (EXEL): revenue $2.4B, market value $16.5B
• Halozyme Therapeutics, Inc. (HALO): revenue $1.7B, market value $14.8B
• Neurocrine Biosciences Inc. (NBIX): revenue $3.4B, market value $14.8B
• Bio-Techne Corp. (TECH): revenue $1.2B, market value $11.3B

What the company does

Relay Therapeutics is a clinical-stage, small molecule precision medicine company developing therapies for patients with cancer and genetic disease. It uses a drug discovery platform called Dynamo® to go after protein targets that conventional methods have not drugged, or have drugged inadequately. Its lead product candidate is zovegalisib (RLY-2608), and it also has programs for NRAS-mutated solid tumors and Fabry disease. The company was incorporated in Delaware on 4 May 2015 as Allostery, Inc. and renamed Relay Therapeutics, Inc. in December 2015. It had 192 full-time employees at 31 December 2025, with its principal office at 60 Hampshire Street, Cambridge, MA.

How the Dynamo platform works

Dynamo combines computational and experimental methods. The company contrasts its approach with industry-standard methods built on static structures and incomplete protein fragments, and calls its own approach Motion-Based Drug Design®. The platform is used in three phases:

- Developing a detailed picture of how the target protein moves and where a small molecule could bind to change its function. - Finding chemical starting points through experimental and virtual screens. - Optimising compounds until a development candidate is chosen.

The company says each cycle feeds its machine learning models. It selects targets where evidence links the protein to disease and where molecular diagnostics can identify the patients to treat.

Zovegalisib, the lead candidate

The company describes zovegalisib as the first known allosteric, pan-mutant and isoform-selective inhibitor of PI3Kα in clinical development. PI3Kα is the most frequently mutated kinase in all cancers, with oncogenic mutations in about 14% of patients with solid tumors.

In breast cancer, the ReDiscover Trial dosed its first patient in December 2021. It has mainly tested zovegalisib with fulvestrant in HR+, HER2-, PI3Kα-mutated, locally advanced or metastatic breast cancer. It also has triplet arms that add CDK4/6 inhibitors or Pfizer's atirmociclib. The company puts the US population with this cancer type and a PI3Kα mutation at approximately 140,000 patients per year.

The Phase 3 ReDiscover-2 Trial is randomized, open-label and multicenter, with 540 patients. It enrolls patients previously treated with a CDK4/6 inhibitor and compares zovegalisib plus fulvestrant with capivasertib plus fulvestrant. The Phase 3 dose is 400 mg twice daily fed. In February 2026 the company announced that the FDA granted Breakthrough Therapy designation to zovegalisib with fulvestrant in this setting. The company calls its interim clinical data preliminary.

In vascular anomalies, the global Phase 1/2 ReInspire Trial covers adults and children with PIK3CA-related overgrowth spectrum, or PROS, and other anomalies driven by PIK3CA mutations. It has three parts: dose selection, exploratory single-arm cohorts, and a randomized, double-blinded study against placebo. The company estimates 170,000 people in the United States have such an anomaly.

Other programs and partners

RLY-8161 is an NRAS-selective inhibitor. The company estimates 29,000 people in the United States are diagnosed each year with NRAS-mutated solid tumors. Its non-inhibitory chaperone for Fabry disease is designed to stabilise the αGal protein, and the company estimates approximately 10,000 people in the United States have Fabry disease. Early-stage discovery programs continue in oncology and genetic disease.

Outside the Elevar Agreement, the company keeps full development and commercialization rights to its active programs.

- Elevar Therapeutics: since December 2024, Elevar holds global development and commercialization rights to lirafugratinib (RLY-4008), an FGFR2 inhibitor, and is responsible for further development. - Pfizer: a global clinical trial collaboration from June 2024 on zovegalisib with fulvestrant and atirmociclib. - D. E. Shaw Research: a collaboration begun on 17 August 2016 using computational modeling. Its initial research term ended on 16 August 2025. D. E. Shaw Research takes no part in clinical development and receives milestone and royalty payments. The PI3K, FGFR2 and NRAS programs are all directed to targets covered by this agreement. - Genentech: Genentech ended the migoprotafib collaboration effective 7 January 2025, and the company says it will not continue development of that molecule.

How it competes

The company competes with large pharmaceutical and biotechnology firms, academic institutions and research bodies.

- Breast cancer: Piqray from Novartis, Truqap from AstraZeneca and Itovebi from Roche through Genentech. Eli Lilly and OnKure have mutant-selective PI3Kα programs. - Vascular anomalies: Vijoice from Novartis. - Fabry disease: Galafold from Amicus Therapeutics, and enzyme replacement therapies from Sanofi, Takeda and Protalix Biotherapeutics.

The company lists as competitive factors the protein structural data it generates, the accuracy of its computations, and its ability to move programs into the clinic.

Making and selling medicines

The company has no manufacturing facilities or personnel. If its candidates are approved, it says it expects to build a focused US sales organization aimed at oncologists and genetic disease specialists.

Patents covering zovegalisib are co-owned with D. E. Shaw Research. Any that issue from the pending families would be scheduled to expire in 2041 and 2042, before any extensions.

Its people

Of the 192 full-time employees, 34% hold M.D. or Ph.D. degrees. 80% work in research and development, and 20% work in business development, finance, legal, and general management and administration. None are represented by labor unions.

*From Relay Therapeutics's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1812364/000119312526076739/rlay-20251231.htm)*

From the company's 10-K.