Relay Estimates ReDiscover-2 Enrollment to Finish in Mid-2027

The Tip Desk · November 10, 2026 · 3 min read

Cash, cash equivalents and investments stood at $848.6 million as of September 30, 2026, with the company saying the balance should fund operations into 2029.

Relay Therapeutics, Inc. (RLAY), a clinical-stage small-molecule precision medicine company, said the Phase 3 ReDiscover-2 trial of zovegalisib plus fulvestrant in second-line breast cancer is estimated to complete enrollment in mid-2027, about a year faster than recent benchmarks, as it reported a $81.7 million net loss for the third quarter of 2026.

The company said the enrollment estimate rests on the current trajectory of the study in PI3Kα-mutated, CDK4/6 pre-treated, HR+/HER2- advanced breast cancer. President and Chief Executive Officer Sanjiv Patel said the company was pleased by the pace of enrollment and also pointed to preparations for a frontline study of zovegalisib with atirmociclib, citing Pfizer’s FourLight-1 trial as support for a CDK4-selective approach.

Net loss was $81.7 million, or $0.37 a share, compared with a net loss of $74.1 million, or $0.43 a share, a year earlier. Weighted average shares outstanding rose to 219.2 million from 172.4 million. License and other revenue was zero in the three months ended September 30, 2026.

Research and development expenses were $77.1 million, up $8.8 million from $68.3 million in the third quarter of 2025. The company attributed the increase primarily to higher costs across ongoing clinical trials and non-recurring costs related to terminating its operating lease at One Kendall Square, partly offset by choices made to streamline the research organization prior to 2026. General and administrative expenses were $13.1 million. Total operating expenses were $90.2 million. Interest income was $8.5 million.

Cash, cash equivalents and investments totaled $848.6 million as of September 30, 2026, compared with $910.9 million as of June 30, 2026. The company said it expects that cash, cash equivalents and investments will be sufficient to fund operating expenses and capital expenditure requirements into 2029.

Relay said an abstract covering updated Phase 1/2 ReInspire data for zovegalisib in PIK3CA-driven vascular malformations was accepted for an oral presentation at the 68th American Society of Hematology Annual Meeting on December 14, 2026. The company plans a conference call after the presentation to review the data, provide a regulatory update and outline next steps. Enrollment continued in expansion cohorts for adults and adolescents ages 12 and older and in dose escalation for pediatric patients ages 6 to 11.

Shannon Campbell joined as head of commercial, bringing more than 30 years of commercial leadership experience, including prior roles at Merus and Novartis. Relay also announced a late-stage preclinical program for a mutant-selective TIE2 inhibitor, which it said is the first known mutant-selective TIE2 inhibitor, aimed at venous malformations. The company said an estimated 50,000 to 60,000 people in the United States have TIE2-mutated venous malformations and that there are currently no approved systemic therapies for the condition.

The FDA granted full approval for LYRFIGTU (lirafugratinib) for cholangiocarcinoma with FGFR2 fusion or other rearrangement, the first approved medicine from Relay’s Dynamo platform. Relay had entered a global licensing agreement with Elevar Therapeutics in December 2024 granting worldwide rights to develop and commercialize lirafugratinib.

Anticipated milestones include a regulatory update by year-end 2026 to confirm the design of a planned Phase 3 trial in first-line endocrine-sensitive breast cancer, initiation of that trial in early 2027, and a 2027 data update for the Phase 1/2 ReDiscover triplet combination.