Relay Therapeutics (RLAY) Q1 2026 earnings summary

Executive summary

• Focused on developing precision medicines for cancer and genetic diseases using a proprietary platform integrating computational and experimental approaches.

• Lead candidate zovegalisib advanced in clinical trials for breast cancer and vascular anomalies, with FDA Breakthrough Therapy designation granted in February 2026 for PIK3CA-mutant, HR+/HER2- advanced breast cancer.

• Presented promising clinical data for zovegalisib doublet and triplet regimens in breast cancer, with plans to initiate a Phase 3 trial in 1L endocrine-sensitive patients in early 2027.

• Entered a global licensing agreement with Elevar Therapeutics for lirafugratinib, generating milestone and upfront payments.

• Initiated Phase 1/2 trial of RLY-8161, a NRAS-selective inhibitor, in NRAS-mutant solid tumors.

Financial highlights

• Revenue for Q1 2026 was $3.0 million, down from $7.7 million in Q1 2025, primarily from milestone payments under the Elevar Agreement.

• Net loss for Q1 2026 was $73.3 million ($0.41 per share), an improvement from $77.1 million ($0.46 per share) in Q1 2025.

• Research and development expenses decreased to $70.6 million from $73.8 million year-over-year, reflecting organizational streamlining and increased trial costs.

• General and administrative expenses dropped to $11.0 million from $18.7 million, mainly due to lower compensation and prior period licensing costs.

• Cash, cash equivalents, and investments totaled $642.1 million as of March 31, 2026, up from $554.5 million at December 31, 2025, due to $137.1 million in net proceeds from "at-the-market" offerings.

Outlook and guidance

• Current cash and investments expected to fund operations and capital expenditures into 2029, but additional capital will be needed for future development and commercialization.

• Anticipates continued significant operating losses as clinical and preclinical programs advance.

• Phase 3 1L trial in endocrine-sensitive breast cancer planned for early 2027, pending regulatory feedback.

• Initial clinical data for zovegalisib in vascular anomalies to be presented in May 2026.