Relay Therapeutics, Inc.
RLAY evidence brief
What we can confirm
- BioSniper Score:
- 4.9 / 10
- Market Cap:
- $4.19B
What it means
What to watch
Prepared research question
What matters most for RLAY—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · RLAY
Relay Therapeutics (RLAY) is a clinical-stage biopharmaceutical company leveraging its Dynamo® platform to develop allosteric, mutant-selective small-molecule therapies for precision oncology and genetic diseases, with its lead candidate zovegalisib advancing into Phase 3 for PI3Kα-mutated breast cancer.
Key risk: Cash runway limited
BioSniper Score
Based on 2 of 6 signals
Limited data coverage
Market Cap
$4.19B
Cash Runway
—
Lead Asset
—
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 8 clinical trials for Relay Therapeutics, Inc..
Relay Therapeutics (RLAY) is a clinical-stage biopharmaceutical company leveraging its Dynamo® platform to develop allosteric, mutant-selective small-molecule therapies for precision oncology and genetic diseases, with its lead candidate zovegalisib advancing into Phase 3 for PI3Kα-mutated breast cancer.
- Lead candidate zovegalisib (RLY-2608) is the first known allosteric, pan-mutant and isoform-selective PI3Kα inhibitor in clinical development [sec_mda · as of 2026-08-06].
- In April 2026, the company announced plans to move zovegalisib plus atirmociclib into Phase 3 for 1L PI3Kα-mutated, HR+/HER2- metastatic breast cancer [sec · filed 2026-04-27].
- Cash & equivalents were $121.2M as of 2026-06-30, with net income of -$83.7M and shareholders' equity of $890.0M [sec].
- Pipeline includes NRAS-selective inhibitor RLY-8161 (Phase 1 for NRAS-mutant solid tumors) and a non-inhibitory chaperone for Fabry disease [sec_mda · as of 2026-08-06].
- In 2025, the company achieved 100% of its corporate goals, including advancing zovegalisib and transitioning the lirafugratinib program to Elevar [sec · filed 2026-04-28].
What works
- Zovegalisib is a first-in-class allosteric, pan-mutant PI3Kα inhibitor, offering a differentiated mechanism that may improve selectivity and reduce toxicity versus earlier PI3K inhibitors [sec_mda · as of 2026-08-06].
- The company has a clear near-term catalyst: a planned Phase 3 trial for zovegalisib in combination with atirmociclib for frontline metastatic breast cancer, announced in April 2026 [sec · filed 2026-04-27].
- Relay has diversified its pipeline beyond oncology into genetic diseases (Fabry disease chaperone) and has an active NRAS program, reducing single-asset risk [sec_mda · as of 2026-08-06].
- The company achieved 100% of its 2025 corporate goals, indicating strong operational execution and milestone delivery [sec · filed 2026-04-28].
What to weigh
- The company is pre-revenue from product sales (total revenue $0.3M as of 2026-06-30, likely from collaborations) and reported a net loss of -$83.7M in the latest period, reflecting high R&D spending [sec].
- Zovegalisib faces a competitive landscape in PI3Kα-mutated breast cancer, including approved agents like alpelisib and other emerging mutant-selective inhibitors [sec_mda · as of 2026-08-06].
- The company's cash runway is limited: $121.2M cash as of 2026-06-30, which may fund operations for only a few more quarters given the current burn rate [sec].
- Relay's earlier-stage programs (RLY-8161, Fabry chaperone) are still in Phase 1 or preclinical, with no near-term registration catalysts, so the near-term value depends heavily on zovegalisib's Phase 3 success [sec_mda · as of 2026-08-06].
From the filings
Quoted directly from source documents.
Zovegalisib is the first known allosteric, pan-mutant and isoform-selective PI3Kα inhibitor in clinical development.
“Zovegalisib is the first known allosteric, pan-mutant and isoform-selective phosphoinositide 3 kinase alpha, or PI3Kα, inhibitor in clinical development.”
SEC MD&A · August 6, 2026
Plans to move zovegalisib plus atirmociclib into Phase 3 for 1L PI3Kα-mutated breast cancer were announced in April 2026.
“the Company announced clinical data from the zovegalisib, fulvestrant and atirmociclib triplet combination arm of the Phase 1/2 ReDiscover trial as well as the Company's plans to move zovegalisib plus atirmociclib into Phase 3 development for 1L patients with PI3Kα-mutated, HR+/HER2- metastatic breast cancer.”
SEC filings · April 27, 2026
The company achieved 100% of its 2025 corporate goals.
“our board of directors determined that we achieved 100% of our corporate goals for 2025.”
SEC filings · April 28, 2026
Catalyst timeline
- 2021-12-08 · Phase1_Start: First-in-Human Study of Mutant-selective PI3Kα Inhibitor, RLY-2608 — Initiation of the first-in-human trial for zovegalisib, the company's lead candidate.
- 2022-08-02 · Phase1_Start: A Phase 1 Study of ZEN003694 in Combination With Binimetinib — Start of a Phase 1 trial for a separate program (ZEN003694) in RAS-mutant solid tumors.
- 2022-12-08 · Phase3_Start: Phase 3 Study Comparing Gedatolisib Combined With Fulvestrant & With or Without Palbociclib — Initiation of a Phase 3 trial for gedatolisib, a PI3K/mTOR inhibitor, in HR+/HER2- breast cancer.
Risks & what to watch (4)›
Key risks
- Cash runway limited — $121.2M cash as of 2026-06-30 with -$83.7M net loss per period; may fund <2 years at current burn [sec].
- Single-asset dependency — Zovegalisib is the only Phase 3-ready asset; failure would severely impact valuation [sec_mda · as of 2026-08-06].
- Competitive PI3Kα landscape — Alpelisib and other mutant-selective PI3Kα inhibitors are approved or in development, pressuring differentiation [sec_mda · as of 2026-08-06].
- Early-stage pipeline — RLY-8161 and Fabry chaperone are Phase 1/preclinical; no near-term registration catalysts beyond zovegalisib [sec_mda · as of 2026-08-06].
What to watch
- Initiation and enrollment of the planned Phase 3 trial for zovegalisib plus atirmociclib in 1L PI3Kα-mutated breast cancer [sec · filed 2026-04-27].
- Data updates from the ongoing ReDiscover-2 Phase 3 registrational study for zovegalisib in CDK4/6i-pretreated patients [sec_mda · as of 2026-08-06].
- Progress of RLY-8161 (NRAS-selective inhibitor) in Phase 1 for NRAS-mutant solid tumors [sec_mda · as of 2026-08-06].
- Cash burn rate and any new financing or partnership events to extend runway beyond current $121.2M [sec].
Sources: Catalysts · SEC filings · SEC MD&A · Generated October 7, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 2 of 6 signals · derived from public data
Pipeline inputs are unavailable for this score. It uses only the available signals shown below.
Cash runway data unavailable
D/E 0.09
No tracked pipeline phase
No tracked pipeline candidates
No upcoming catalysts tracked
0 buys · 20 sells (180d)
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
69
Total value held
$802.8M
| Holder | Shares | Value |
|---|---|---|
| sb investment advisers (uk) ltd | 27,904,963 | $277.7M |
| commodore capital lp | 17,000,000 | $169.2M |
| casdin capital, llc | 14,418,574 | $143.5M |
| tcg crossover management, llc | 4,273,356 | $42.5M |
| adage capital partners gp, l.l.c. | 2,590,000 | $25.8M |
| mpm bioimpact llc | 2,359,586 | $23.5M |
| vanguard portfolio management llc | 1,863,565 | $18.5M |
| kynam capital management, lp | 1,424,259 | $14.2M |
| kalehua capital management llc | 901,457 | $9.0M |
| panagora asset management inc | 818,041 | $8.1M |
Showing top 10 of 69 institutional holders of Relay Therapeutics, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 22, 2026- % of float
- 17.1%
- Days to cover
- 7.6
- Shares short
- 27,410,626
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
RLAY short interestGovernance
Frequently asked questions
What is the AI investment thesis for Relay Therapeutics, Inc.?
Relay Therapeutics (RLAY) is a clinical-stage biopharmaceutical company leveraging its Dynamo® platform to develop allosteric, mutant-selective small-molecule therapies for precision oncology and genetic diseases, with its lead candidate zovegalisib advancing into Phase 3 for PI3Kα-mutated breast cancer.
Who is the CEO of Relay Therapeutics, Inc.?
Dr. Sanjiv K. Patel M.A., M.B.A., M.D., MBBS is the chief executive officer of Relay Therapeutics, Inc. (RLAY).
Where is Relay Therapeutics, Inc. headquartered?
Relay Therapeutics, Inc. (RLAY) is headquartered in Cambridge, MA, United States.
What therapeutic areas does Relay Therapeutics, Inc. focus on?
Relay Therapeutics, Inc. develops therapies across Oncology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.