Relay Therapeutics, Inc. (RLAY)

Price$18.83Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look fair-priced because most of the value depends on zovegalisib succeeding in late-stage trials.

At the observed quote, roughly 219.1 million shares imply an equity value, or market value of all shares, near $4.1 billion. June 2026 cash, cash equivalents and investments were $910.9 million, while debt was about $30.7 million, leaving roughly $880 million after debt. Reported facts therefore put more than $3.2 billion of value on the drug pipeline and platform before any approved-product profits exist. The valuation inference is balanced: that premium is demanding, but encouraging clinical data make it hard to call clearly excessive.

Big pictureRelay is still consuming cash, but recent financing gives it several years to prove its lead drug.

Relay had a $276.5 million net loss and used $235.5 million of operating cash in 2025, meaning cash consumed by normal operations. In the first half of 2026, it lost $157.0 million and used $105.2 million of operating cash, versus $128.5 million a year earlier. Research spending was $261.4 million in 2025 and about $147.0 million in the first half of 2026; there were no dividends or buybacks. June cash and investments support management's runway estimate into 2029. Value moves mainly with trials and financing, not economic cycles.

Business strengthThe balance sheet is strong, while early clinical results give zovegalisib multiple valuable paths to approval.

At June 2026, current assets were $928.1 million against $50.8 million of current liabilities, and total liabilities were only $77.4 million. Zovegalisib has FDA Breakthrough Therapy designation, an expedited-development status for promising therapies, in second-line breast cancer. At the Phase 3 dose, early data showed 11.1 months median progression-free survival, meaning time before disease worsened, and a 43% response rate among measurable tumors. Triplet breast-cancer data showed a 44% response rate, while vascular-anomaly data showed a 60% volumetric response at 12 weeks. These results remain early and partly uncontrolled.

What could change the storySuccessful late-stage progress could justify the premium, while more dilution or weak data could break it.

The strongest bull case is successful Phase 3 execution plus confirmation that zovegalisib works across breast cancer and vascular anomalies. The bear case is dilution before approval or weaker later-stage data. Shares outstanding rose from 173.9 million at year-end 2025 to 218.5 million by June 2026, a 26% increase, after at-the-market sales, meaning shares sold gradually into public trading, and a follow-on offering. On August 6, Relay expanded that program to about $463 million. Year-end 2026 trial-enrollment and regulatory updates are concrete checkpoints for the pipeline premium embedded in the observed market value.

AI: News

Q2 program updateRelay kept its breast-cancer Phase 3 on track and chose a frontline combination for another pivotal study.

On August 6, Relay said the ongoing ReDiscover-2 Phase 3 trial in previously treated breast cancer continued, and it selected zovegalisib plus atirmociclib for a planned frontline Phase 3 trial expected to start in early 2027, subject to regulatory feedback. It also reported about $911 million of cash and investments. This was mainly an execution and runway update, not a new decisive efficacy readout, so any same-day share move cannot be confidently assigned to the announcement alone.

Vascular-anomaly dataEarly vascular-anomaly results widened zovegalisib's possible market and supported use beyond breast cancer.

On May 19, Relay reported a 60% volumetric response rate at 12 weeks across doses in the ReInspire vascular-anomaly study, with 89% investigator-reported and 79% patient-reported clinical improvement. No patient had discontinued because of adverse events, although the highest twice-daily dose was deprioritized for safety and tolerability. Investing.com reported shares up about 15% before the market opened after the release. That timing supports an association with the data, but does not prove the announcement was the only cause.

Equity financingRelay raised nearly $300 million net, extending runway but materially increasing the share count.

On May 20-21, Relay completed a follow-on sale of 26.35 million shares after underwriters fully exercised their option, producing about $296.8 million net. Combined with earlier share sales, the financing strengthened liquidity and extended runway, but June shares outstanding were about 26% above year-end 2025. The offering was priced roughly 8% below the prior close, which can pressure existing shares. On August 6, Relay expanded its standing share-sale capacity, preserving funding flexibility while leaving room for further dilution.

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Revenue

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Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$15.4M	$10.0M	$25.5M	$1.4M	$3.0M	$82.7M	—
Research & development	$261.4M	$319.1M	$330.0M	$246.4M	$172.7M	$99.9M	$70.3M
Operating expenses	$318.1M	$382.5M	$398.5M	$300.7M	$367.7M	$138.4M	$84.0M
Operating income	−$302.7M	−$372.5M	−$373.0M	−$299.3M	−$364.7M	−$55.8M	−$84.0M
Operating margin	−1,971.59%	−3,722.07%	−1,460.11%	−21,670.89%	−12,040.21%	−67.51%	—
EBITDA	−$299.2M	−$367.0M	−$367.7M	−$295.1M	−$360.8M	−$52.2M	−$81.2M
EBITDA margin	−1,948.43%	−3,667.47%	−1,439.49%	−21,371.83%	−11,910.63%	−63.21%	—
Net income	−$276.5M	−$337.7M	−$342.0M	−$290.5M	−$363.9M	−$52.4M	−$75.3M
Net profit margin	−1,800.58%	−3,374.72%	−1,338.66%	−21,036.13%	−12,012.94%	−63.41%	—
Basic EPSper basic share	-$1.61	-$2.36	-$2.79	-$2.59	-$3.82	-$5.40	-$21.82
Diluted EPSper diluted share	-$1.61	-$2.36	-$2.79	-$2.59	-$3.82	-$5.40	-$21.82

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Owners

Reported shareholders

Reference date Jun 30, 2026

12.77%of listed shares

SB INVESTMENT ADVISERS (UK) LTD27.9M shares · Jun 30, 2026

View holders

Top 20 reported holders of RLAY
Holder	% owned
SB INVESTMENT ADVISERS (UK) LTD	12.77%27.9M shares
FMR LLC	9.20%20.11M shares
Casdin Capital, LLC	7.34%16.04M shares
BlackRock, Inc.	7.00%15.29M shares
PERCEPTIVE ADVISORS LLC	6.45%14.11M shares
Commodore Capital LP	5.49%12M shares
STATE STREET CORP	4.63%10.13M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.10%8.96M shares
PRICE T ROWE ASSOCIATES INC /MD/	3.53%7.71M shares
Nextech Invest Ltd.	3.10%6.78M shares
Bellevue Group AG	2.83%6.19M shares
GEODE CAPITAL MANAGEMENT, LLC	2.16%4.73M shares
TCG Crossover Management, LLC	1.96%4.27M shares
ALLIANCEBERNSTEIN L.P.	1.87%4.1M shares
MORGAN STANLEY	1.76%3.85M shares
Siren, L.L.C.	1.67%3.65M shares
GOLDMAN SACHS GROUP INC	1.56%3.41M shares
WESTFIELD CAPITAL MANAGEMENT CO LP	1.53%3.34M shares
Kynam Capital Management, LP	1.51%3.3M shares
DIMENSIONAL FUND ADVISORS LP	1.43%3.13M shares

Percentages use 218.53M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)103$14.32M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 22, 2026Form 4 · 10b5-1	Catinazzo ThomasChief Financial Officer	SellCommon Stock	51.6K	$16.97	$875.0K	177.5K
Jun 22, 2026Form 4 · 10b5-1	Catinazzo ThomasChief Financial Officer	SellCommon Stock	61.6K	$16.97	$1.04M	177.5K
Jun 22, 2026Form 4 · 10b5-1	Catinazzo ThomasChief Financial Officer	SellCommon Stock	56.3K	$16.97	$955.8K	177.5K
Jun 22, 2026Form 4 · 10b5-1	Catinazzo ThomasChief Financial Officer	SellCommon Stock	17.7K	$17.01	$301.4K	177.5K
Jun 22, 2026Form 4 · 10b5-1	Bergstrom Donald APresident, R&D	SellCommon Stock	93.5K	$16.94	$1.58M	418.6K