Relay Therapeutics (RLAY) Q3 2026 earnings summary

Executive summary

• Q3 net loss was $81.7m; 9M net loss was $238.7m. Cash, cash equivalents and investments totaled $848.6m at September 30, supporting expected funding into 2029.

• Q3 priorities included advancing Phase 3 ReDiscover-2, preparing a frontline breast cancer trial and expanding vascular-anomaly programs; RLY-8161 also remained in clinical development.

• FDA granted full approval to LYRFIGTU (lirafugratinib) for cholangiocarcinoma with FGFR2 fusion or other rearrangement; worldwide rights are licensed to Elevar.

Financial highlights

• Q3 revenue was $0; 9M revenue was $3.4m versus $8.4m, tied to Elevar agreement milestones and material transfers.

• Q3 R&D was $77.1m versus $68.3m, G&A was $13.1m versus $12.1m, and operating loss was $90.2m versus $80.4m year over year.

• Q3 net loss was $81.7m, or $0.37 per share, versus $74.1m, or $0.43; 9M net loss was $238.7m versus $221.6m, or $1.19 versus $1.30 per share.

• 9M operating expenses were $263.0m versus $250.5m; operating loss was $259.7m versus $242.1m.

• Q3 R&D growth reflected ongoing trials and one-time lease-termination costs; 9M G&A declined on lower compensation and prior-year Elevar costs, partly offset by legal expense.

Outlook and guidance

• Cash, cash equivalents and investments of $848.6m were expected to fund operating expenses and capital expenditures into 2029; the estimate depends on assumptions and may prove shorter.

• ReDiscover-2 enrollment is expected to complete in mid-2027; a Phase 3 design update for 1L endocrine-sensitive breast cancer is expected by year-end 2026, with trial initiation planned for early 2027.

• ReDiscover triplet-combination data are anticipated in 2027; updated vascular-anomaly data and a regulatory update were planned at ASH on Dec. 14, 2026.

• Significant R&D and operating losses are expected for the foreseeable future; no product sales are expected for several years, if ever, and additional financing will be needed.