RLAY earnings analysis
What we found in RLAY's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Relay Therapeutics reported a disappointing Q1 2026, with revenues of $3.0 million, significantly missing estimates of $6.79 million, and an EPS loss of -$0.41 versus an estimate of -$0.36. The company maintains a strong cash position of $642.1 million, expected to fund operations through 2029. Management reiterated clinical development plans for zovegalisib, but offered no new numeric guidance in this filing. Considerable risks remain regarding revenue declines and regulatory uncertainties.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Q1 2026 revenue was $3.0 million, down from $7.7 million in Q1 2025, missing estimates by $4.7 million.
- EPS Loss
- Reported EPS was -$0.41, worse than the anticipated loss of -$0.36.
- Reduced Operating Expenses
- Total operating expenses decreased from $92.5 million in Q1 2025 to $81.6 million in Q1 2026.
- Cash Position Remains Strong
- Cash, cash equivalents, and investments totaled $642.1 million as of March 31, 2026, funding operations into 2029.
- Management Highlights Clinical Plans
- Management reiterated ongoing clinical development plans for zovegalisib, reflecting commitment despite financial setbacks.
- R&D Spending Adjustment
- R&D expenses decreased to $70.6 million in Q1 2026 from $73.8 million in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Significant Net Loss
- Net losses amounted to $73.3 million in Q1 2026, compared to $77.1 million in Q1 2025.
- Falling Revenue Year-over-Year
- Revenue dropped 61% from $7.7 million in Q1 2025 to $3.0 million in Q1 2026.
- Regulatory Approval Challenges
- The uncertainty regarding regulatory approvals and requirements could delay future drug candidates.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.41
What they said about what is next.
No specific numeric financial guidance provided; future Phase 3 trial commencement is anticipated.
The filing reads worse than the one before it.
What came before.
- 10-K · February 26, 2026
- Relay Therapeutics positions itself as a motion-focused precision-medicine biotech (Dynamo® / Motion‑Based Drug Design®) advancing a PI3Kα franchise led by zovegalisib; the company initiated a global Phase 3…
- 10-Q · November 6, 2025
- Relay reported Q3 2025 total revenue of $0 and a net loss of $74,149 (three months ended September 30, 2025) compared with a net loss of $88,105 in Q3 2024; diluted loss per share improved to $(0.43) from $(0.63).…
- 10-Q · May 5, 2025
- Relay reported Q1 revenue of $7,679 (reported as $7,679 in the filing) versus $10,007 in Q1 2024, while net loss narrowed to $77,065 (net loss per share $(0.46)) from $81,387 ($(0.62)). R&D and total operating expenses…
- 10-Q · November 6, 2024
- Relay reported Q3 net loss of $88,105 thousand (EPS -$0.63) versus a loss of $65,734 thousand (EPS -$0.54) in Q3 2023, with license revenue of $0 in the quarter versus $25,202 thousand a year ago. The company materially…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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