Relay Therapeutics, Inc.
RLAY evidence brief
What we can confirm
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 is a clinical-stage biotechnology company focused on developing precision medicines for cancer and genetic diseases, with lead programs targeting PI3Kα and FGFR2 mutations and a cash runway into 2029.
Key risk: Clinical trial failure risk
BioSniper Score
Based on 4 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 8 clinical trials · 2 catalysts for Relay Therapeutics, Inc..
Relay Therapeutics is a clinical-stage biotechnology company focused on developing precision medicines for cancer and genetic diseases, with lead programs targeting PI3Kα and FGFR2 mutations and a cash runway into 2029.
- Lead product candidate RLY-2608 is a mutant-selective PI3Kα inhibitor being studied in combination with fulvestrant for PIK3CA-mutated breast cancer; Phase 3 topline data expected by 2031-12-31 [sec_mda · as of 2026-08-06].
- Gedatolisib, a dual PI3K/mTOR inhibitor, is in a Phase 3 open-label study combined with fulvestrant; topline data expected by 2026-12-31 [sec_mda · as of 2026-08-06].
- Cash, cash equivalents, and investments were $554.5M as of December 31, 2025, projected to fund operations into 2029 [sec_mda · as of 2026-02-26].
- Accumulated deficit was $2.1 billion as of May 5, 2026, reflecting ongoing R&D and operational costs [sec_mda · as of 2026-05-05].
- Pipeline includes three new preclinical programs announced in 2024: two for genetic diseases (vascular malformations, Fabry disease) and an NRAS-selective inhibitor [sec · filed 2024-06-06].
What works
- Cash runway into 2029 provides a long financial horizon to advance multiple clinical and preclinical programs without near-term dilution pressure [sec_mda · as of 2026-02-26].
- Lead candidate RLY-2608 targets a validated oncogenic driver (PIK3CA) with a mutant-selective profile that may reduce toxicity versus pan-PI3K inhibitors [sec_mda · as of 2026-08-06].
- Diversified pipeline includes both oncology and genetic disease programs, spreading risk across multiple therapeutic areas [sec · filed 2024-06-06].
What to weigh
- Company has never been profitable and had an accumulated deficit of $2.1 billion as of May 5, 2026, with net losses continuing [sec_mda · as of 2026-05-05].
- Phase 3 topline data for gedatolisib is not expected until late 2026, and for RLY-2608 until 2031, meaning no near-term revenue catalysts [sec_mda · as of 2026-08-06].
- Reliance on future capital raises is noted; if trials fail or funding is unavailable, development may be delayed or terminated [sec_mda · as of 2025-08-07].
From the filings
Quoted directly from source documents.
Cash runway into 2029
“We believe our cash, cash equivalents, and investments of $554.5 million as of December 31, 2025 will enable us to fund our operating expenses and capital expenditure requirements into 2029.”
SEC MD&A · February 26, 2026
Accumulated deficit of $2.1 billion
“31, 2026 we had an accumulated deficit of $2.1 billion.”
SEC MD&A · May 5, 2026
Three new preclinical programs announced in 2024
“announced three new programs from its existing pre-clinical pipeline, including two novel programs from its genetic disease portfolio to address clinically and commercially validated targets in vascular malformations and Fabry disease, respectively, and an NRAS-selective inhibitor.”
SEC filings · June 6, 2024
Net losses of $147.4M for first half of 2025
“Our net losses were $147.4 million and $173.6 million for the six months ended June 30, 2025 and 2024, respectively.”
SEC MD&A · August 7, 2025
Catalyst timeline
- 2026-12-31 · Phase3_Topline · fulvestrant — Phase 3 Topline: Phase 3, Open-Label, Randomized, Study Comparing Gedatolisib Combined With Fulvestrant & With or Wit — Topline data from the gedatolisib Phase 3 trial will determine efficacy and safety in combination with fulvestrant.
- 2031-12-31 · Phase3_Topline · cdk4 — Phase 3 Topline: A Phase 3 Open-Label Randomized Study Assessing the Efficacy and Safety of RLY-2608 + Fulvestrant Ve — Topline data from the RLY-2608 Phase 3 trial will assess its efficacy and safety in PIK3CA-mutated breast cancer.
Risks & what to watch (4)›
Key risks
- Clinical trial failure risk — Phase 3 results for gedatolisib (2026) and RLY-2608 (2031) are binary events; failure would severely impair pipeline value [sec_mda · as of 2026-08-06].
- Capital need uncertainty — Company may need additional financing; if unavailable on favorable terms, development could be scaled back [sec_mda · as of 2025-08-07].
- Regulatory and competitive hurdles — Approval and market access for novel inhibitors face regulatory and competitive risks, especially in crowded oncology spaces [sec · filed 2024-09-09].
- Sustained operating losses — Accumulated deficit of $2.1B and ongoing net losses indicate no near-term profitability path [sec_mda · as of 2026-05-05].
What to watch
- Phase 3 topline data for gedatolisib + fulvestrant expected by 2026-12-31 [sec_mda · as of 2026-08-06].
- Phase 3 topline data for RLY-2608 + fulvestrant expected by 2031-12-31 [sec_mda · as of 2026-08-06].
- Progress of preclinical programs in genetic diseases and NRAS-selective inhibitor announced in 2024 [sec · filed 2024-06-06].
- Cash burn rate and any updates to cash runway guidance in future filings [sec_mda · as of 2026-02-26].
Sources: SEC filings · SEC MD&A · Generated August 25, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
No clinical pipeline tracked — this score reflects financial & catalyst signals only.
20.2 months
D/E 0.09
No tracked pipeline phase
No tracked pipeline candidates
2 upcoming, next in ~123d
0 buys · 21 sells (180d)
Runway
Catalysts
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
238
Total value held
$1.68B
| Holder | Shares | Value |
|---|---|---|
| sb investment advisers (uk) ltd | 27,904,963 | $277.7M |
| perceptive advisors llc | 19,502,282 | $194.0M |
| commodore capital lp | 17,000,000 | $169.2M |
| vanguard capital management llc | 14,774,930 | $147.0M |
| blackrock, inc. | 12,975,299 | $129.1M |
| state street corp | 6,233,545 | $62.0M |
| fmr llc | 3,695,431 | $36.8M |
| geode capital management, llc | 3,510,636 | $34.9M |
| balyasny asset management l.p. | 3,039,179 | $30.2M |
| spruce street capital lp | 2,984,125 | $29.7M |
Showing top 10 of 238 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 is a clinical-stage biotechnology company focused on developing precision medicines for cancer and genetic diseases, with lead programs targeting PI3Kα and FGFR2 mutations and a cash runway into 2029.
What is Relay Therapeutics, Inc.'s next catalyst?
Relay Therapeutics, Inc.'s next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: Phase 3, Open-Label, Randomized, Study Comparing Gedatolisib Combined With Fulvestrant & With or Wit" — expected December 31, 2026.
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.