Relay Therapeutics Q3 2026 loss widens to $81.7M
The Phase 3 ReDiscover-2 trial is estimated to complete enrollment in mid-2027, approximately one year faster than recent benchmarks.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Relay Therapeutics, Inc. reported a third-quarter 2026 net loss of $81.7 million ($0.37 per share), compared with $74.1 million ($0.43 per share) a year earlier. Cash, cash equivalents and investments were $848.6 million as of September 30, 2026; Relay expects these resources to fund operating expenses and capital expenditure requirements into 2029.
Enrollment in the Phase 3 ReDiscover-2 trial of zovegalisib plus fulvestrant is estimated to finish in mid-2027 based on the current enrollment trajectory, approximately one year faster than recent benchmarks. Updated ReInspire vascular-anomaly data are scheduled for an oral presentation at ASH on December 14, 2026; Relay plans a conference call afterward with a regulatory update. For first-line breast cancer, Relay expects a regulatory update on the planned Phase 3 design by year-end 2026 and plans trial initiation in early 2027.
Relay disclosed a mutant-selective TIE2 inhibitor in late-stage preclinical development. The FDA granted full approval to LYRFIGTU (lirafugratinib) for cholangiocarcinoma with FGFR2 fusion or other rearrangement, the first approved medicine from Relay’s Dynamo platform. Relay licensed worldwide development and commercialization rights to Elevar in December 2024.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Major pointFirst medicine from Relay’s Dynamo platform: LYRFIGTU received full FDA approval.
Negative
- Moderate pointQuarterly net loss reached $81.7 million, compared with $74.1 million a year earlier.
8-K Event Classification
Key Figures
Key Terms
mutant-selective technical
allosteric technical
orthosteric technical
PI3Kα medical
Earnings Snapshot
Relay expects its current cash, cash equivalents and investments to be sufficient to fund operating expenses and capital expenditure requirements into 2029.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much cash does RLAY have, and how long is its runway?
What was RLAY’s third-quarter 2026 net loss?
What ReInspire data will RLAY present at ASH?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 4, 2026, Relay Therapeutics, Inc. announced its financial results for the quarter ended September 30, 2026. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 2.02, including Exhibit 99.1, of this Current Report on Form 8-K is intended to be furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 |
Press release issued by Relay Therapeutics, Inc. on November 4, 2026, furnished herewith. |
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Cover Page Interactive Data File (embedded within Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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RELAY THERAPEUTICS, INC. |
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November 4, 2026 |
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/s/ Soo-Yeun Lim |
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Soo-Yeun Lim |
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Exhibit 99.1 |
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Relay Therapeutics Reports Third Quarter 2026 Financial Results and Corporate Updates
Phase 3 ReDiscover-2 trial in 2L breast cancer expected to complete enrollment in mid-2027
Updated data from ongoing Phase 1/2 ReInspire trial of zovegalisib in vascular anomalies to be featured in oral presentation at the 68th American Society of Hematology (ASH) Annual Meeting and Exposition; Relay to hold conference call to discuss data and provide regulatory update
Shannon Campbell to lead commercial preparations for zovegalisib in breast cancer and vascular anomalies
Announced second vascular anomalies program for mutant-selective TIE2 inhibitor
Approximately $849 million in cash, cash equivalents and investments at end of Q3 2026
Cambridge, Mass. – November 4, 2026 – 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, today reported third quarter 2026 financial results and corporate updates.
“This quarter, we are very pleased by the pace of enrollment of our ReDiscover-2 trial for second-line breast cancer and also look forward to sharing updated ReInspire data for vascular anomalies at ASH. In addition, we continue to prepare for our frontline breast cancer trial testing the selective-selective combination of zovegalisib and atirmociclib, and we were highly encouraged by the data we saw from Pfizer’s FourLight-1 trial, which we believe showed the potential advantage of a CDK4-selective approach,” said Sanjiv Patel, M.D., President and Chief Executive Officer of Relay Therapeutics. “As we move toward potential launches, we are excited to bring Shannon Campbell onto the Relay team, where she will bring decades of experience in helping companies like ours prepare for commercialization. All of this drives us toward our mission of bringing potentially life-changing therapies to patients across multiple PI3Kα opportunities.”
Corporate Highlights
ReDiscover-2 Trial in Second-Line (2L) Breast Cancer Estimated to Complete Enrollment in Mid-2027
Vascular Anomalies Data and Regulatory Update at ASH Annual Meeting in December
Shannon Campbell Joins Relay Therapeutics as Head of Commercial
Newly Announced Research Program: Mutant-Selective TIE2 Inhibitor
First FDA Approval of Molecule Discovered by Relay Therapeutics: LYRFIGTU™ (Lirafugratinib)
Anticipated Milestones:
Breast Cancer
Vascular Anomalies
Third Quarter 2026 Financial Results
Cash, Cash Equivalents and Investments: As of September 30, 2026, cash, cash equivalents and investments totaled $848.6 million, as compared to $910.9 million as of June 30, 2026. The company expects its current cash, cash equivalents, and investments will be sufficient to fund its operating expenses and capital expenditure requirements into 2029.
R&D Expenses: Research and development expenses were $77.1 million for the third quarter of 2026, as compared to $68.3 million for the third quarter of 2025. The increase of $8.8 million was primarily due to increases in costs across ongoing clinical trials, as well as non-recurring costs related to the termination of the company’s operating lease at One Kendall Square, partially offset by the impact from strategic choices made to streamline the research organization prior to 2026.
G&A Expenses: General and administrative expenses were $13.1 million for the third quarter of 2026, as compared to $12.1 million for the third quarter of 2025. The increase of $1.0 million was primarily due to non-recurring costs related to the termination of the company’s operating lease at One Kendall Square, as well as increases in other miscellaneous general and administrative costs.
Net Loss: Net loss was $81.7 million for the third quarter of 2026, or a net loss per share of $0.37, as compared to a net loss of $74.1 million for the third quarter of 2025, or a net loss per share of $0.43.
About Zovegalisib
Zovegalisib is the lead program in Relay Therapeutics’ efforts to discover and develop mutant-selective inhibitors of PI3Kα, the most frequently mutated kinase in all cancers and all vascular anomalies. Zovegalisib has the potential, if approved, to address a significant portion of the approximately 140,000 patients with HR+/HER2- breast cancer with a PI3Kα mutation and the estimated 170,000 patients with vascular anomalies driven by a PI3Kα mutation per year in the United States, one of the largest patient populations for a precision medicine.
Traditionally, the development of PI3Kα inhibitors has focused on the active, or orthosteric, site. The therapeutic index of orthosteric inhibitors is limited by the lack of clinically meaningful selectivity for mutant versus wild-type (WT) PI3Kα and off-isoform activity. Toxicity related to inhibition of WT PI3Kα and other PI3K isoforms results in sub-optimal inhibition of mutant PI3Kα with reductions in dose intensity and frequent discontinuation. The Dynamo® platform enabled the discovery of zovegalisib, the first known allosteric, pan-mutant, and isoform-selective PI3Kα inhibitor, designed to overcome these limitations. Relay Therapeutics solved the full-length cryo-EM structure of PI3Kα, performed computational long time-scale molecular dynamic simulations to elucidate conformational differences between WT and mutant PI3Kα, and leveraged these insights to support the design of zovegalisib. Zovegalisib is currently being evaluated in multiple metastatic breast cancer studies and a Phase 1/2 study designed to treat patients with PIK3CA (PI3Kα) mutation-driven vascular anomalies. For more information on zovegalisib, please visit here.
About Relay Therapeutics
Relay Therapeutics (Nasdaq: RLAY) 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 PI3Kα-driven vascular anomalies. Relay Therapeutics’ pipeline also includes programs for NRAS-driven solid tumors, Fabry disease, and TIE2-driven vascular anomalies. For more information, please visit www.relaytx.com or follow us on LinkedIn.
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, implied and express statements regarding Relay Therapeutics’ strategy, business plans and focus; the progress and timing of the clinical development of the programs across Relay Therapeutics’ portfolio, including zovegalisib; the timing of clinical data readouts and trial enrollments for zovegalisib; the expected therapeutic benefits and potential efficacy and tolerability profile of zovegalisib, both as a monotherapy and in combination with other agents, and its other programs; the clinical data for zovegalisib; the interactions with regulatory authorities and any related approvals; the potential launch, commercialization and market opportunity for zovegalisib; the progress and anticipated results of the mutant-selective TIE2 inhibitor program and the cash runway projection and the expectations regarding Relay Therapeutics’ use of capital and expenses. The words “may,” “might,” “will,” “could,” “would,” “should,” “plan,” “anticipate,” “intend,” “believe,” “expect,” “estimate,” “seek,” “predict,” “future,” “project,” “potential,” “continue,” “target” and similar words or expressions, or the negative thereof, 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 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, risks associated with: the impact of global economic uncertainty, geopolitical instability and conflicts, or public health epidemics or outbreaks of an infectious disease on countries or regions in which Relay Therapeutics has operations or does business, as well as on the timing and anticipated results of its clinical trials, strategy, future operations and profitability; significant political, trade or regulatory developments, such as tariffs, beyond Relay Therapeutics’ control; the delay or pause of any current or planned clinical trials or the development of Relay Therapeutics’ drug candidates; the risk that the preliminary or interim results of its preclinical or clinical trials may not be predictive of future or final results in connection with future clinical trials of its product candidates and that interim and early clinical data may change as more patient data become available and are subject to audit and verification procedures; Relay Therapeutics’ ability to successfully demonstrate the safety and efficacy of its drug candidates; the timing and outcome of its planned interactions with regulatory authorities; and obtaining, maintaining and protecting its intellectual property. 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, as well as any subsequent filings with the Securities and Exchange Commission. In addition, any forward-looking statements represent Relay Therapeutics' views only as of today 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. 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:
Katie Engleman
1AB
919-333-7722
katie@1abmedia.com
Relay Therapeutics, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except share and per share data)
(Unaudited)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenue: |
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License and other revenue |
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$ |
— |
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$ |
— |
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$ |
3,350 |
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$ |
8,355 |
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Total revenue |
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— |
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— |
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3,350 |
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8,355 |
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Operating expenses: |
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Research and development expenses |
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$ |
77,138 |
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$ |
68,262 |
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$ |
224,184 |
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$ |
205,968 |
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General and administrative expenses |
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13,107 |
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12,129 |
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38,825 |
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44,495 |
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Total operating expenses |
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90,245 |
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80,391 |
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263,009 |
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250,463 |
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Loss from operations |
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(90,245 |
) |
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(80,391 |
) |
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(259,659 |
) |
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(242,108 |
) |
Other income: |
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Interest income |
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8,502 |
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6,407 |
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20,969 |
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21,325 |
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Other expense |
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(2 |
) |
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(165 |
) |
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(53 |
) |
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(806 |
) |
Total other income, net |
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8,500 |
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6,242 |
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20,916 |
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20,519 |
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Net loss |
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$ |
(81,745 |
) |
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$ |
(74,149 |
) |
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$ |
(238,743 |
) |
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$ |
(221,589 |
) |
Net loss per share, basic and diluted |
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$ |
(0.37 |
) |
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$ |
(0.43 |
) |
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$ |
(1.19 |
) |
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$ |
(1.30 |
) |
Weighted average shares of common stock, basic and diluted |
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219,157,506 |
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172,389,209 |
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200,762,690 |
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170,973,889 |
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Other comprehensive (loss) income: |
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Unrealized holding (loss) gain |
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(3,810 |
) |
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656 |
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(6,096 |
) |
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1,484 |
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Total other comprehensive (loss) income |
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(3,810 |
) |
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656 |
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(6,096 |
) |
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1,484 |
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Total comprehensive loss |
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$ |
(85,555 |
) |
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$ |
(73,493 |
) |
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$ |
(244,839 |
) |
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$ |
(220,105 |
) |
Relay Therapeutics, Inc.
Selected Condensed Consolidated Balance Sheet Data
(In thousands)
(Unaudited)
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September 30, 2026 |
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December 31, 2025 |
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Cash, cash equivalents and investments |
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$ |
848,642 |
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$ |
554,518 |
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Working capital (1) |
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805,696 |
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552,701 |
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Total assets |
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901,692 |
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621,331 |
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Total liabilities |
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82,696 |
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54,271 |
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Total stockholders’ equity |
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818,996 |
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567,060 |
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Restricted cash |
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1,197 |
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1,336 |
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(1) Working capital is defined as current assets less current liabilities.