Third quarter 2026
Filed Nov 4, 2026Relay Therapeutics Reports Third Quarter 2026 Financial Results and Corporate Updates
Relay reported continued enrollment progress in ReDiscover-2, an estimated mid-2027 enrollment completion, a planned December vascular-anomalies update, and cash expected to fund operations into 2029. Financially, third-quarter license and other revenue was $ —, while research and development expense, general and administrative expense, and net loss were higher than the prior-year quarter.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| License and other revenue, three months ended September 30, 2026 (In thousands)GAAP | $ — | – | – |
| Total revenue, three months ended September 30, 2026 (In thousands)GAAP | — | – | – |
| Research and development expenses, three months ended September 30, 2026 (In thousands)GAAP | $77.14M | – | increase of $8.8 million |
| General and administrative expenses, three months ended September 30, 2026 (In thousands)GAAP | 13.11M | – | increase of $1.0 million |
| Total operating expenses, three months ended September 30, 2026 (In thousands)GAAP | 90.25M | – | – |
| Loss from operations, three months ended September 30, 2026 (In thousands)GAAP | −90.25M | – | – |
| Interest income, three months ended September 30, 2026 (In thousands)GAAP | 8.50M | – | – |
| Other expense, three months ended September 30, 2026 (In thousands)GAAP | −2K | – | – |
| Total other income, net, three months ended September 30, 2026 (In thousands)GAAP | 8.5M | – | – |
| Net loss, three months ended September 30, 2026 (In thousands)GAAP | −$81.75M | – | – |
| Net loss per share, basic and diluted, three months ended September 30, 2026GAAP | $ (0.37) | – | – |
| Weighted average shares of common stock, basic and diluted, three months ended September 30, 2026GAAP | 219,157,506 | – | – |
| Unrealized holding loss, three months ended September 30, 2026 (In thousands)GAAP | −3.81M | – | – |
| Total other comprehensive loss, three months ended September 30, 2026 (In thousands)GAAP | −3.81M | – | – |
| Total comprehensive loss, three months ended September 30, 2026 (In thousands)GAAP | −$85.56M | – | – |
| License and other revenue, nine months ended September 30, 2026 (In thousands)GAAP | $3.35M | – | – |
| Total revenue, nine months ended September 30, 2026 (In thousands)GAAP | 3.35M | – | – |
| Research and development expenses, nine months ended September 30, 2026 (In thousands)GAAP | $224.2M | – | – |
| General and administrative expenses, nine months ended September 30, 2026 (In thousands)GAAP | 38.83M | – | – |
| Total operating expenses, nine months ended September 30, 2026 (In thousands)GAAP | 263.0M | – | – |
| Loss from operations, nine months ended September 30, 2026 (In thousands)GAAP | −259.7M | – | – |
| Interest income, nine months ended September 30, 2026 (In thousands)GAAP | 20.97M | – | – |
| Other expense, nine months ended September 30, 2026 (In thousands)GAAP | −53K | – | – |
| Total other income, net, nine months ended September 30, 2026 (In thousands)GAAP | 20.92M | – | – |
| Net loss, nine months ended September 30, 2026 (In thousands)GAAP | −$238.7M | – | – |
| Net loss per share, basic and diluted, nine months ended September 30, 2026GAAP | $ (1.19) | – | – |
| Weighted average shares of common stock, basic and diluted, nine months ended September 30, 2026GAAP | 200,762,690 | – | – |
| Unrealized holding loss, nine months ended September 30, 2026 (In thousands)GAAP | −6.10M | – | – |
| Total other comprehensive loss, nine months ended September 30, 2026 (In thousands)GAAP | −6.10M | – | – |
| Total comprehensive loss, nine months ended September 30, 2026 (In thousands)GAAP | −$244.8M | – | – |
| Cash, cash equivalents and investments, September 30, 2026 (In thousands)GAAP | $848.6M | – | – |
| Working capital, September 30, 2026 (In thousands)GAAP | 805.7M | – | – |
| Total assets, September 30, 2026 (In thousands)GAAP | 901.7M | – | – |
| Total liabilities, September 30, 2026 (In thousands)GAAP | 82.70M | – | – |
| Total stockholders’ equity, September 30, 2026 (In thousands)GAAP | 819.0M | – | – |
| Restricted cash, September 30, 2026 (In thousands)GAAP | 1.20M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Into 2029 outlook
- NoteThe company expects its current cash, cash equivalents, and investments will be sufficient to fund its operating expenses and capital expenditure requirements into 2029.
- NoteComplete enrollment of Phase 3 ReDiscover-2 trial in 2L breast cancer estimated in mid-2027.
- NoteRegulatory update to confirm design for planned Phase 3 trial in 1L endocrine-sensitive breast cancer by year-end 2026.
- NoteInitiation of Phase 3 trial in 1L breast cancer in early 2027.
- NoteData update for Phase 1/2 ReDiscover trial triplet combination in 2027.
- NoteData and regulatory update at ASH 2026.
What drove it
- Research and development expense increased primarily due to increases in costs across ongoing clinical trials and 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.
- General and administrative expense increased primarily due to non-recurring costs related to the termination of the company’s operating lease at One Kendall Square and increases in other miscellaneous general and administrative costs.
- The ReDiscover-2 trial is estimated to complete enrollment in mid-2027 based on current enrollment trajectory, approximately one year faster than recent benchmarks.
- Relay continued enrollment of expansion cohorts for adults and adolescents ages 12+ and dose escalation for pediatric patients ages 6-11 in the Phase 1/2 ReInspire trial.
- Relay announced a mutant-selective TIE2 inhibitor program that is currently in late-stage preclinical development.
Concerns
- Third-quarter license and other revenue was $ —.
- Net loss was $ (81,745) (In thousands) for the third quarter of 2026, compared with $ (74,149) for the third quarter of 2025.
- Research and development expenses and general and administrative expenses included non-recurring costs related to the termination of the company’s operating lease at One Kendall Square.
- The release states that preliminary or interim clinical data may change as more patient data become available and are subject to audit and verification procedures.
- The release identifies risks associated with delays or pauses in clinical trials, the ability to demonstrate safety and efficacy, regulatory interactions, and obtaining, maintaining and protecting intellectual property.
What to watch
- Updated clinical data for zovegalisib in vascular anomalies at the 68th American Society of Hematology Annual Meeting and Exposition on Monday, December 14, 2026.
- Relay’s planned corporate conference call after the ASH presentation to review the presented data, provide a regulatory update, and provide an overview of next steps.
- Regulatory update to confirm design for the planned Phase 3 trial in 1L endocrine-sensitive breast cancer by year-end 2026.
- Initiation of the Phase 3 trial in 1L breast cancer in early 2027.
- Estimated completion of ReDiscover-2 enrollment in mid-2027.
- Data update for the Phase 1/2 ReDiscover trial triplet combination in 2027.
Balance sheet and cash flow
- Cash, cash equivalents and investments totaled $848.6 million as of September 30, 2026, as compared to $910.9 million as of June 30, 2026.
- Working capital was 805,696 (In thousands) as of September 30, 2026, compared with 552,701 as of December 31, 2025.
- Total assets were 901,692 (In thousands) as of September 30, 2026, compared with 621,331 as of December 31, 2025.
- Total liabilities were 82,696 (In thousands) as of September 30, 2026, compared with 54,271 as of December 31, 2025.
- Total stockholders’ equity was 818,996 (In thousands) as of September 30, 2026, compared with 567,060 as of December 31, 2025.
Analysis
Relay’s third-quarter financial profile remained that of a clinical-stage company. License and other revenue and total revenue were each reported as $ — for the three months ended September 30, 2026. Research and development expenses were $77.1 million, compared with $68.3 million in the third quarter of 2025, while general and administrative expenses were $13.1 million, compared with $12.1 million. Net loss was $81.7 million, or $0.37 per share, compared with a net loss of $74.1 million, or $0.43 per share.
The expense increase reflected ongoing clinical-trial costs and non-recurring costs from terminating the operating lease at One Kendall Square. The release also cited strategic choices to streamline the research organization prior to 2026 as a partial offset to research and development costs. For the nine months ended September 30, 2026, total revenue was $3,350 (In thousands), compared with $8,355, while total operating expenses were $263,009, compared with $250,463.
Clinical execution is the principal operating focus. Relay said ReDiscover-2 enrollment in second-line breast cancer is estimated to complete in mid-2027 based on the current enrollment trajectory, approximately one year faster than recent benchmarks. The company also plans to present updated ReInspire vascular-anomalies data at ASH on December 14, 2026, followed by a corporate call addressing the data, a regulatory update, and next steps. The company is continuing ReInspire expansion-cohort enrollment and pediatric dose escalation, while adding a late-stage preclinical mutant-selective TIE2 inhibitor program.
Liquidity remains the central financial support for the development plan. Cash, cash equivalents and investments totaled $848.6 million at September 30, 2026, compared with $910.9 million at June 30, 2026. Relay stated that current cash, cash equivalents and investments are expected to fund operating expenses and capital expenditure requirements into 2029. The key upcoming milestones are the year-end 2026 regulatory update for the planned first-line breast-cancer Phase 3 design, the early-2027 initiation target for that trial, estimated ReDiscover-2 enrollment completion in mid-2027, and the planned 2027 ReDiscover triplet data update.
Management, verbatim
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. 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.
Sanjiv Patel, M.D., President and Chief Executive Officer of Relay Therapeutics
Not in the filing
stated, not guessed- Gross profit and gross margin were not reported.
- Non-GAAP financial measures were not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Capital expenditures were not reported.
- Debt was not reported.
- Share repurchases and dividends were not reported.
- Revenue, gross-margin, operating-expense, and tax-rate financial guidance were not reported.
- Prior-quarter comparisons were not reported for the income-statement metrics.
- Operating segments and segment revenue were not reported.
- A previous outlook section was not provided, so comparisons with prior guidance cannot be made.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.