Relay Therapeutics (RLAY) Q2 2026 earnings summary

Executive summary

• Focused on developing small molecule precision medicines for cancer and genetic diseases, with lead candidate zovegalisib advancing in clinical trials for breast cancer and vascular anomalies, including selection of a triplet regimen for first-line breast cancer and positive initial data in vascular anomalies.

• Received FDA Breakthrough Therapy designation for zovegalisib in combination with fulvestrant for PIK3CA mutant HR+/HER2- breast cancer.

• Expanded pipeline includes NRAS-selective inhibitor (RLY-8161) and early-stage programs in oncology and genetic diseases, with continued Phase 1/2 clinical trial in NRAS-mutant melanoma.

• Raised $316 million in a follow-on public offering, strengthening cash position to $910.9 million at Q2 end.

• Continued execution of Phase 3 ReDiscover-2 trial in second-line breast cancer and planned Phase 3 trial in endocrine-sensitive patients for early 2027.

Financial highlights

• Cash, cash equivalents, and investments totaled $910.9 million as of June 30, 2026, up from $642.1 million at March 31, 2026, primarily due to the public offering.

• Net loss was $83.7 million for Q2 2026, or $0.41 per share, compared to $70.4 million, or $0.41 per share, in Q2 2025; net loss for the first half of 2026 was $157.0 million, up from $147.4 million year-over-year.

• Revenue for Q2 2026 was $0.4 million, down from $0.7 million in Q2 2025, primarily from the Elevar licensing agreement.

• Research and development expenses increased to $76.5 million in Q2 2026 from $63.9 million in Q2 2025, driven by ongoing clinical trials.

• General and administrative expenses were $14.7 million in Q2 2026, up from $13.6 million in Q2 2025, driven by higher legal expenses.

Outlook and guidance

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

• Enrollment update for Phase 3 ReDiscover-2 trial and regulatory update for planned Phase 3 1L trial anticipated by year-end 2026.

• Data update for Phase 1/2 triplet combination expected in first half of 2027.

• Anticipates continued significant operating losses as clinical and preclinical development progresses.

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