Relay Therapeutics
Designs small-molecule medicines around protein motion for cancer and genetic disease.
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Profile
Develops small-molecule precision medicines for genetically defined cancers and inherited disorders through a platform built around protein motion. Zovegalisib leads the clinical pipeline in breast cancer and vascular anomalies, while a pre-commercial model depends on clinical development, regulatory approval and license revenue.
Designs small-molecule precision medicines for genetically defined cancers and inherited disorders using the Dynamo platform, which combines computational and experimental tools to study protein motion. Zovegalisib is the lead program, with late-stage development in PI3Kα-mutated breast cancer and an early-stage study in PIK3CA-driven vascular anomalies.
Extends the pipeline through an NRAS-selective inhibitor in early clinical testing for melanoma and other solid tumors, plus a Fabry disease chaperone. It retains global rights to its active internal programs, while Elevar controls development and commercialization of licensed cancer candidate lirafugratinib.
Based in Cambridge and operating in the United States, it conducts global clinical studies and generates license revenue rather than product sales. Development depends on clinical results, regulatory approval, external trial operators and contract manufacturers; no product is approved for commercial sale.
Company facts
Key statistics
Year to date +129% · Average volume (30d) 2.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 20, 2026 | H.C. Wainwright | Reiterate | Buy | $28 | $29 |
| Aug 7, 2026 | Barclays | Reiterate | Overweight | $27 | $30 |
| Jul 21, 2026 | Goldman Sachs | Reiterate | Buy | $22 | $31 |
| Jul 16, 2026 | Canaccord Genuity | Target | $29 | ||
| May 26, 2026 | Guggenheim | Reiterate | Buy | $22 | $26 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | −$0.39 | −$0.41 | −4.8% | $960.0K | $350.0K | −63.5% | +0.10% |
| May 5, 2026Q1 FY26 | −$0.36 | −$0.41 | −12.9% | $5.6M | $3.0M | −46.2% | −0.62% |
| Feb 26, 2026Q4 FY25 | −$0.38 | −$0.32 | +15.8% | $5.0M | $7.0M | +41.0% | +12.01% |
| Nov 6, 2025Q3 FY25 | −$0.39 | −$0.43 | −10.3% | $5.0M | — | — | −7.35% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $7.7M | $677.0K | $0 | $7.0M | $3.0M | $350.0K | |
| Gross profit | $7.7M | −$60.8M | −$67.9M | $6.4M | $2.5M | $350.0K | |
| Operating income | −$84.9M | −$76.8M | −$80.4M | −$60.6M | −$78.6M | −$90.8M | |
| Net income | −$77.1M | −$70.4M | −$74.1M | −$54.9M | −$73.3M | −$83.7M | |
| Diluted EPS | −$0.46 | −$0.41 | −$0.43 | −$0.32 | −$0.41 | −$0.41 | |
| Gross margin | 100.0% | -8,980.1% | — | 91.4% | 83.2% | 100.0% | |
| Operating margin | -1,105.2% | -11,351.1% | — | -866.2% | -2,619.7% | -25,949.7% |
Fiscal years (4-quarter sums)FY21 $3.0M · FY22 $1.4M · FY23 $25.5M · FY24 $10.0M · FY25 $15.4M
Balance sheet, Jun 30, 2026Cash & short-term investments $910.9M · Total debt $30.7M · Total assets $967.5M · Shareholders' equity $890.0M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 219.14M · Float 171.50M · 78.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| SB Investment Advisers (UK) Ltd | 27.90M | 12.73% | 13F | Aug 14, 2026 |
| SVF Pauling (Cayman) Ltd · 10 percent owner | 21.90M | 10.00% | Form 4 | Aug 28, 2026 |
| FMR LLC | 20.11M | 9.18% | 13F | Aug 13, 2026 |
| Casdin Capital, LLC | 16.04M | 7.32% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 15.29M | 6.98% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 26, 2026 | Peter Rahmer | officer: See remarks | −4,508 | $20.03 |
| Aug 25, 2026 | SVF Pauling (Cayman) Ltd | 10 percent owner | −6,000,000 | $19.40 |
| Aug 14, 2026 | Thomas Catinazzo | officer: Chief Financial Officer | −17,717 | $19.74 |
| Aug 17, 2026 | Sanjiv Patel | director, officer: President and CEO | −48,199 | $20.33 |
| Jul 28, 2026 | Donald A. Bergstrom | officer: President, R&D | −2,237 | $18.61 |
Peers
- Novartis (ADR)
Approved PI3Kalpha therapy across breast cancer and PROS
- AstraZeneca (ADR)
Active Phase 3 comparator through Truqap + fulvestrant
- Celcuity
Late-stage PAM-pathway challenger in HR+/HER2- breast cancer
- Eli Lilly
Emerging mutant-selective PI3Kalpha breast-cancer rival
- Revolution Medicines
RAS(ON) portfolio overlaps with NRAS-mutant tumor ambitions
- Palvella Therapeutics
Vascular-malformation rival through topical mTOR therapy
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Relay Therapeutics | $19.10 | +1.82% | $4.11B | — | — | 397.4 | −48.3% |
| Novartis (ADR) | $153.81 | 0.00% | $292.35B | 23.2 | 16.4 | 5.3 | +0.9% |
| AstraZeneca (ADR) | $161.79 | −0.55% | $252.33B | 24.4 | 15.2 | 4.1 | +6.4% |
| Celcuity | $90.10 | +1.81% | $4.31B | — | — | — | — |
| Eli Lilly | $1,173.00 | −0.08% | $1.10T | 39.4 | 28.7 | 13.9 | +47.7% |
| Revolution Medicines | $208.55 | +0.23% | $44.19B | — | — | — | — |
| Palvella Therapeutics | $149.97 | 0.00% | $2.15B | — | — | — | — |
| Median | 24.4 | 16.4 | 5.3 | +6.4% |