Relay Therapeutics Inc (NASDAQ: RLAY) is a clinical-stage biopharmaceutical company developing small molecule precision medicines for cancer and genetic disease. The company generates no revenue from product sales and has no products approved for commercial sale as of the 10-K filed February 26, 2026. Relay funds operations through capital raises rather than product revenue. Its drug discovery engine, the Dynamo platform, integrates computational and experimental methods to target proteins considered intractable by conventional approaches. The lead program is zovegalisib, a PI3K-alpha inhibitor in clinical development for HR+, HER2- breast cancer with PI3K-alpha mutations, evaluated in the ReDiscover Trial and the Phase 3 ReDiscover-2 Trial initiated in Q2 2025. Relay also initiated the ReInspire Trial in vascular anomalies in Q1 2025, expanding PI3K-alpha work into genetic disease. The company has incurred operating losses since inception and discloses it will need substantial additional funding to continue development programs.

Revenue model

No product revenue as of the 10-K filed February 26, 2026. Operations are funded through external capital raises. Revenue, if any, would come from future product sales, collaborations, or licensing upon regulatory approval.

Products and services

Dynamo platform for protein motion-based drug discovery. Lead candidate: zovegalisib (PI3K-alpha inhibitor) in clinical trials for HR+, HER2- breast cancer (ReDiscover Trial, ReDiscover-2 Phase 3 Trial initiated Q2 2025) and vascular anomalies (ReInspire Trial initiated Q1 2025).

Customers and end markets

Target patient populations include HR+, HER2- breast cancer patients with PI3K-alpha mutations and patients with vascular anomalies. No commercial customers as of the 10-K filed February 26, 2026.

Value-chain role

Drug discovery and clinical-stage development. Relies on third-party contract manufacturers and suppliers for drug substance production. No commercial manufacturing or sales infrastructure in place.

Source: SEC 10-K, filed 2026-02-26

Industry: Biological Products, (No Diagnostic Substances) Peers: ACADIA Pharmaceuticals Inc AMICUS THERAPEUTICS, INC. BioCryst Pharmaceuticals Inc Insmed Inc Prometheus Biosciences, Inc. Sage Therapeutics, Inc. Prokidney Corp Ultragenyx Pharmaceutical Inc Vir Biotechnology Inc