Relay Therapeutics (RLAY) Q2 2025 earnings summary

Executive summary

• Clinical-stage precision medicine company focused on oncology and genetic diseases, leveraging computational and experimental technologies.

• Lead candidate RLY-2608 advanced with updated interim Phase 1b data showing 10.3-month median PFS and 39% ORR in PI3Ka-mutated, HR+/HER2- metastatic breast cancer, and initiation of Phase 3 ReDiscover-2 trial.

• Entered global licensing agreement with Elevar for lirafugratinib, receiving $8.4M in upfront and material transfer payments.

• Genentech collaboration for migoprotafib terminated in January 2025; no further milestones expected.

• Completed $218.2M public offering in September 2024; strong cash position to fund operations into 2029.

Financial highlights

• Cash, cash equivalents, and investments totaled $656.8M as of June 30, 2025, down from $710.4M at March 31, 2025.

• Revenue for Q2 2025 was $0.7M (Elevar Agreement); $8.4M for the six months ended June 30, 2025.

• Net loss for Q2 2025 was $70.4M ($0.41 per share), improved from $92.2M ($0.69 per share) in Q2 2024; six-month net loss was $147.4M, down from $173.6M year-over-year.

• Research and development expenses decreased to $63.9M for Q2 2025 from $92.0M in Q2 2024, reflecting organizational streamlining and cost avoidance post-Elevar deal.

• General and administrative expenses fell to $13.6M in Q2 2025 from $20.1M in Q2 2024, mainly due to lower stock compensation and employee costs.

Outlook and guidance

• Cash runway expected to fund operations and capital expenditures into 2029.

• Anticipates continued operating losses and significant R&D expenses as clinical and preclinical programs advance.

• Additional capital will be needed for future development and commercialization efforts.