Relay Therapeutics, Inc. (RLAY) reported its first-quarter 2026 financial results and outlined continued progress across its precision oncology and genetic disease programs, driven by advancing clinical studies for Zovegalisib and the initiation of its NRAS-selective inhibitor trial.
For the first quarter of 2026, Relay posted a net loss of $73.3 million, or $0.41 per share, compared with a net loss of $77.1 million, or $0.46 per share in the same period of 2025, reflecting a modest improvement year over year.
Revenue for the quarter totaled $3.0 million down from $7.7 million in Q1 2025, with all revenue recognized under the company's license agreement with Elevar Therapeutics, Inc. Research and development expenses declined to $70.6 million from $73.8 million, while general and administrative expenses decreased to $11.0 million from $18.7 million driven by lower compensation and prior-year licensing costs.
Relay ended March 31, 2026, with cash, cash equivalents and investments totaling $642.1 million, supported by $137.1 million in net proceeds from at-the-market offerings. The company expects this cash will be sufficient to fund its operating expenses and capital expenditure requirements into 2029.
The company's pipeline includes Zovegalisib for breast cancer and vascular anormalies, RLY-8161 for NRAS-mutated solid tumors, aGal for Fabry disease, and Lirafugratinib (RLY-4008), which is out-licensed globally to Elevar Therapeutics.
Zovegalisib, Relay's lead program and the first pan-mutant selective PI3Ka inhibitor to enter clinical development, continued to advance across multiple studies. The FDA granted Breakthrough Therapy designation to Zovegalisib in combination with Fulvestrant for PIK3CA-mutant, HR+/HER2- advanced breast cancer, supported by data from the Phase 1/2 ReDiscover trial.
At the ESMO TAT 2026 Congress, the company presented updated doublet data showing a median progression-free survival of 11.1 months in heavily pre-treated patients, with consistent efficacy across kinase and non-kinase mutations and a safety profile aligned with prior findings.
Relay is also advancing a triplet regimen of Zovegalisib, plus Atirmociclib and Endocrine therapy, reporting a 44% objective response rate in median third-line patients with PI3Ka-mutated, HR+/HER2- metastatic breast cancer.
A Phase 3 frontline study in endocrine-sensitive metastatic breast cancer, is expected to begin in early 2027, with Pfizer supplying Atirmociclib and Palbociclib for the trial.
In vascular anomalies, Relay plans to present initial clinical data for Zovegalisib during the ISSVA World Congress on May 19, with a late-breaking abstract scheduled for May 20. The program continues to advance through the Phase 1/2 ReInspire trial evaluating patients with PIK3CA-driven vascular anomalies.
The company also initiated a Phase 1/2 trial of RLY-8161, its NRAS-selective inhibitor, in patients with NRAS-mutant melanoma and other NRAS-mutant solid tumors. Meanwhile, its a aGal program for Fabry disease continues to progress through preclinical development, and Lirafugratinib (RLY-4008) remains partnered with Elevar under an exclusive global license.
RLAY has traded between $2.67 and $17.32 over the past year. The stock closed Tuesday's trading at $13.00, down 0.69%. In pre-market trading, the stock is at $12.90, down 0.77%.
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