Relay Therapeutics Inc. (RLAY), a clinical-stage precision medicine company, reported fourth-quarter and full-year 2025 results and outlined key milestones expected in 2026.
For the fourth quarter of 2025, Relay posted a net loss of $54.9 million, or $0.32 per share, narrowing from a net loss of $76.0 million, or $0.45 per share, in the same quarter of 2024.
Revenue for the quarter was $7.0 million, compared with none in the prior year period, driven by its exclusive licensing agreement with Elevar Therapeutics.
For the full year 2025, Relay reported a net loss of $276.5 million, or $1.61 per share, compared with a net loss of $337.7 million, or $2.36 per share in 2024.
Revenue for the year was $15.4 million, up from $10.0 million in 2024, driven by its licensing agreement with Elevar Therapeutics related to the FGFR2 program, compared with revenue recognized under the Genentech collaboration in 2024.
The company's pipeline includes Zovegalisib (RLY-2608), RLY-8161, a Fabry disease program, and Lirafugratinib (RLY-4008), which has been out-licensed to Elevar Therapeutics.
--Relay's pipeline is led by Zovegalisib (RLY-2608), a selective PI3Ka inhibitor. It is in Phase 3, ReDiscover-2 trial for HR+/HER2- metastatic breast cancer with PI3Ka mutations, with triplet combination data and frontline Phase 3 plans expected in 2026. Zovegalisib is also in a Phase 1/2 trial (Relnspire) for PI3Ka-driven vascular anomalies, with initial data expected in the first half of 2026.
--Beyond Zovegalisib, Relay is advancing RLY-8161, an NRAS-selective inhibitor in preclinical development for NRAS-mutant solid tumors.
-- Relay is also developing a non-inhibitory chaperone program for Fabry diseases in early clinical testing. --Lirafugratinib (RLY-4008), an FGFR2 inhibitor, has been out-licensed to Elevar Therapeutics for global development. Elevar is responsible for advancing the program, with milestone payments flowing back to Relay.
CEO Sanjiv Patel said 2026 will be a pivotal year, with multiple clinical readouts expected across breast cancer and vascular anomalies programs, positioning Relay for potential commercialization in the coming years.
The company ended 2025 with $554.5 million in cash, cash equivalents, and investments, which it expects will fund operations into 2029.
RLAY has traded between $1.77 and $10.98 over the past year. The stock is currently trading at $10.93, up 19.32%, touching a new 52-week high of $10.98 in today's session.
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