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…
Earnings analysis · 10-Q
RLAY earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.41
What stood out
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Revenue Decline
Q1 2026 revenue was $3.0 million, down from $7.7 million in Q1 2025, missing estimates by $4.7 million.
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EPS Loss
Reported EPS was -$0.41, worse than the anticipated loss of -$0.36.
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Reduced Operating Expenses
Total operating expenses decreased from $92.5 million in Q1 2025 to $81.6 million in Q1 2026.
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Cash Position Remains Strong
Cash, cash equivalents, and investments totaled $642.1 million as of March 31, 2026, funding operations into 2029.
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Management Highlights Clinical Plans
Management reiterated ongoing clinical development plans for zovegalisib, reflecting commitment despite financial setbacks.
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R&D Spending Adjustment
R&D expenses decreased to $70.6 million in Q1 2026 from $73.8 million in Q1 2025.
What to watch
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Significant Net Loss
Net losses amounted to $73.3 million in Q1 2026, compared to $77.1 million in Q1 2025.
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Falling Revenue Year-over-Year
Revenue dropped 61% from $7.7 million in Q1 2025 to $3.0 million in Q1 2026.
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Regulatory Approval Challenges
The uncertainty regarding regulatory approvals and requirements could delay future drug candidates.
Management's outlook
No specific numeric financial guidance provided; future Phase 3 trial commencement is anticipated.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.