Relay Therapeutics Inc

relaytx.com

What Do They Do?

Develops small-molecule therapies for genetically defined cancers and genetic diseases, using its platform to discover and advance drug candidates.

How Do They Make Money?

Receives upfront and milestone payments, and may receive royalties, from licensing development and commercialization rights to drug candidates. Elevar paid these amounts for lirafugratinib; the company also received milestone payments under an earlier Genentech collaboration.

FY2025 revenue

Do Revenues Turn Into Profits?

No. It lost $276.5M in FY2025.

Operating income, FY2025

−1972% of revenue

▼ −19% (Loss) vs FY2024 (−$372.5M, −3722%)

Net income, FY2025

−1801% of revenue

▼ −18% (Loss) vs FY2024 (−$337.7M, −3375%)

Free cash flow, FY2025

−1536% of revenue

▼ −6% (Loss) vs FY2024 (−$251.1M, −2509%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −48%; vs $677K in Q2 FY2025
Net income: ▲ +19% (Loss); vs −$70.4M in Q2 FY2025

Aug 6, 2026 Expanded its at-the-market stock offering program The company amended the sales agreement to increase the program size and can sell additional shares through its sales agent.
May 19, 2026 Reported initial results from the ReInspire vascular anomalies trial Initial results included volumetric responses and reported symptom improvements among evaluated patients.
Apr 27, 2026 Plans a Phase 3 frontline breast cancer trial Relay plans to test zovegalisib with atirmociclib and an aromatase inhibitor, subject to regulatory feedback.

Growing. Revenue grew 5.1x in 4 years, from $3M in FY2021 to $15.4M in FY2025, about 50% a year.

Who Do They Compete With?

Competes with Novartis, AstraZeneca, Roche, Celcuity, Totus Medicines, Eli Lilly and, OnKure, Kaken Pharmaceutical, Palvella Therapeutics, Pfizer, Revolution Medicines, Amicus Therapeutics, Sanofi, Takeda, and Protalix Biotherapeutics

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