Relay Therapeutics, Inc.

What they do

Relay Therapeutics uses its Dynamo platform, integrating computational and experimental approaches, to drug previously intractable protein targets. Its pipeline focuses on precision oncology and genetic disease, with lead candidate zovegalisib (RLY-2608), an allosteric, pan-mutant PI3K inhibitor, in clinical development for breast cancer and vascular anomalies. The company also has an early-stage NRAS-selective inhibitor (RLY-8161) and a non-inhibitory chaperone for Fabry disease in research.

Revenue drivers

• Collaboration and license revenue — Revenue is from collaborations and license agreements, not product sales; annual revenue was $15.4M in 2025 and $10.0M in 2024, with quarterly revenue volatile (e.g., $7.0M in Q4 2025, $3.0M in Q1 2026, and $0.35M in Q2 2026).
• Zovegalisib (RLY-2608) — Lead product candidate; no approved products or product sales to date; revenue potential tied to future regulatory approval and commercialization.
• Other pipeline programs — RLY-8161 (NRAS-selective) and Fabry disease chaperone are early-stage and not yet revenue-generating.

Recent performance

For the fiscal year 2025, Relay reported revenue of $15.4M and a net loss of $276.5M, with diluted EPS of -$1.61, improving from a net loss of $337.7M in 2024. Operating cash outflow was -$235.5M in 2025. As of June 30, 2026, the company had cash and equivalents of $121.2M, total assets of $967.5M, and shareholder equity of $890.0M. Quarterly revenue in Q2 2026 was only $350,000.

Strategy

Relay is prioritizing the development of zovegalisib for HR+/HER2- PI3K-mutated breast cancer, having initiated the global Phase 3 registrational ReDiscover-2 trial in Q2 2025 and receiving FDA Breakthrough Therapy designation in February 2026. The company is also evaluating zovegalisib in vascular anomalies (ReInspire trial) and in combination with Pfizer's atirmociclib for frontline breast cancer. It continues to advance early-stage pipeline candidates and relies on its Dynamo platform for discovery.

Risks

• Clinical development risk — Relay has never completed a large-scale pivotal trial; positive early data may not replicate in later trials.
• No approved products — The company has no products approved for commercial sale and has not generated product sales revenue.
• Funding need — Relay will need to raise substantial additional funding to support ongoing operations and clinical trials.
• Competition — The company faces substantial competition in PI3K and oncology markets from other developers.

Outlook

Management is focused on advancing zovegalisib through Phase 3 trials in breast cancer, with interim data from the ReDiscover Trial disclosed in 2025 and 2026. The company expects to continue enrollment in the ReInspire trial and to progress early-stage pipeline programs. Given ongoing losses and limited cash, future financing is expected.