Relay Therapeutics Widens Loss as It Banks Cash Into 2029
Relay Therapeutics ended June with $910.9 million in cash after a follow-on offering, even as its quarterly net loss grew to $83.7 million.
Relay Therapeutics (RLAY), the clinical-stage precision oncology company, closed the second quarter with $910.9 million in cash, cash equivalents and investments, up 42% from $642.1 million at the end of March, after a May 2026 underwritten follow-on public offering brought in fresh proceeds. The balance now funds operations into 2029.
The cash build came alongside a widening net loss. Relay reported a net loss of $83.7 million for the quarter, up 19% from $70.4 million a year earlier and higher than the $73.3 million loss booked in the first quarter of 2026. For the first six months of 2026, the net loss totaled $157.0 million, compared with $147.4 million in the same period of 2025.
Loss per share held at $0.41, unchanged from a year earlier despite the larger dollar loss, as the weighted-average share count rose to 202.8 million from 171.3 million, reflecting equity issuances including the May offering.
Revenue, which comes entirely from Relay's license with Elevar Therapeutics, fell to $0.4 million from $0.7 million a year earlier, extending a decline from $3.0 million in the first quarter of 2026 and $7.7 million in the first quarter of 2025.
Research and development expenses rose to $76.5 million from $63.9 million a year earlier, a 20% increase that reversed the prior quarter's year-over-year decline, when streamlining of the research organization had pushed first-quarter R&D down to $70.6 million from $73.8 million. General and administrative expenses also climbed to $14.7 million from $13.6 million on higher legal costs, another reversal from the first quarter, when G&A fell to $11.0 million from $18.7 million on lower stock compensation and one-time costs tied to the Elevar deal.
Relay expanded its at-the-market sales agreement capacity to $462,978,049 from $250,000,000, after drawing $137.1 million in the first quarter and $22.1 million in April under the prior facility.
On the clinical side, Relay reiterated its frontline breast cancer triplet strategy combining zovegalisib, atirmociclib and an AI inhibitor with fulvestrant, first disclosed in April with a 44% objective response rate in median third-line patients, and pointed to a Pfizer clinical supply agreement supporting the program. The company reaffirmed plans to begin a Phase 3 trial in the frontline setting in early 2027.
The vascular anomalies program also advanced, moving from initial Phase 1/2 data showing a 60% volumetric response rate across doses to a presentation at the ISSVA World Congress 2026 and the opening of expansion cohorts. Two items flagged as news in the prior quarter, the Phase 1/2 initiation of RLY-8161 in NRAS-mutant solid tumors and FDA Breakthrough Therapy designation for zovegalisib in second-line breast cancer, were not repeated as highlights in the anchor release.