Relay Therapeutics Announces Pricing of Public Offering of Common Stock
Rhea-AI Summary
Relay Therapeutics (Nasdaq: RLAY) priced an underwritten public offering of 22,916,667 common shares at $12.00 per share. Underwriters have a 30-day option to buy up to 3,437,500 additional shares.
Gross proceeds are expected to be about $275 million, before fees, with closing expected on or about May 22, 2026, subject to customary conditions.
Positive
- Expected gross proceeds of approximately $275 million before fees
- Fully underwritten public offering of 22,916,667 shares priced at $12.00
- Underwriters’ 30-day option for up to 3,437,500 additional shares provides extra capital flexibility
Negative
- Issuance of at least 22,916,667 new shares dilutes existing shareholders
- Potential further dilution if 3,437,500-share underwriter option is fully exercised
News Market Reaction – RLAY
In the May 21 session, RLAY gained 4.92%, reflecting a moderate positive market reaction. Argus tracked a peak move of +32.6% during that session. Our momentum scanner triggered 34 alerts that day, indicating elevated trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Offering Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 19 | Equity offering proposed | Negative | +8.9% | Announced proposed underwritten common stock offering under existing registration. |
| Sep 10 | Equity offering priced | Negative | -13.8% | Priced 28,571,429 shares at $7.00 with option for additional shares. |
| Sep 09 | Equity offering proposed | Negative | -5.4% | Proposed $200M common stock offering with 15% underwriter option. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
For equity offerings, RLAY has typically traded modestly lower on average, with occasional sharp positive divergences after proposed or priced deals.
Over the past two years, Relay’s equity offerings have shown mixed trading reactions. A proposed $200M offering on Sep 9, 2024 saw shares fall 5.36%, and the subsequent pricing at $7.00 per share on Sep 10, 2024 led to a 13.83% decline. More recently, a proposed $175M offering announced on May 19, 2026 coincided with an 8.86% gain. Today’s pricing at $12.00 per share and larger gross proceeds sits within this pattern of varied reactions to capital-raising events.
Key Terms
underwritten public offering financial
common stock financial
shelf registration statement regulatory
form s-3asr regulatory
prospectus supplement regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
CAMBRIDGE, Mass., May 20, 2026 (GLOBE NEWSWIRE) -- Relay Therapeutics, Inc. (Nasdaq: RLAY), a clinical-stage, small molecule precision medicine company developing potentially life-changing therapies for patients living with cancer and genetic disease, announced today the pricing of an underwritten public offering of 22,916,667 shares of its common stock at a public offering price of
Jefferies, TD Cowen, Goldman Sachs & Co. LLC and Guggenheim Securities are acting as joint book-running managers for the offering. Raymond James is acting as lead manager. The offering is expected to close on or about May 22, 2026, subject to customary closing conditions.
The shares of common stock are being offered by Relay Therapeutics pursuant to an automatically effective shelf registration statement on Form S-3ASR (File No. 333-281308) that was previously filed with the U.S. Securities and Exchange Commission (SEC) on August 6, 2024. The offering is being made solely by means of a written prospectus and a prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering was filed with the SEC on May 19, 2026. The final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and may be obtained, when available, from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388 or by email at Prospectus_Department@Jefferies.com; TD Securities (USA) LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at TDManualrequest@broadridge.com; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526 or by email at prospectus-ny@ny.email.gs.com; Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at (212) 518-9544 or by email at GSEquityProspectusDelivery@guggenheimpartners.com; or by accessing the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Relay Therapeutics
Relay Therapeutics is a clinical-stage, small molecule precision medicine company developing potentially life-changing therapies for patients living with cancer and genetic disease. Relay Therapeutics’ Dynamo® platform integrates an array of leading-edge computational and experimental approaches designed to drug protein targets that have previously been intractable or inadequately addressed. Relay Therapeutics’ lead clinical asset, zovegalisib, is the first pan-mutant selective PI3Kα inhibitor to enter clinical development and is currently in a Phase 3 clinical trial (ReDiscover-2) in HR+/HER2- metastatic breast cancer. Zovegalisib is also being investigated in a group of genetic disease indications called PIK3CA-driven vascular anomalies. Relay Therapeutics’ pipeline also includes programs for NRAS-driven solid tumors and Fabry disease.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding the closing of Relay Therapeutics’ anticipated public offering. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
Any forward-looking statements in this press release, such as the intended offering terms, are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all. These and other risks and uncertainties are described in greater detail in the section entitled “Risk Factors” in Relay Therapeutics’ most recent annual report on Form 10-K and quarterly report on Form 10-Q filed with the SEC, as well as discussions of potential risks, uncertainties, and other important factors in Relay Therapeutics’ other filings with the SEC, including those contained or incorporated by reference in the preliminary prospectus supplement and accompanying prospectus related to the public offering filed with the SEC. Any forward-looking statements contained in this press release represent Relay Therapeutics’ views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Relay Therapeutics explicitly disclaims any obligation to update any forward-looking statements, except as required by law. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.
Contact:
Mitch Maisel
mmaisel@relaytx.com
Media:
Dan Budwick
1AB
973-271-6085
dan@1abmedia.com
