Relay Therapeutics, Inc. (RLAY) SEC Filings & Earnings Calls
EquiReason read 14 Relay Therapeutics, Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-08-06 — Relay Therapeutics increased at-the-market offering program from $250M to $462.98M; $162.98M already sold. Dilutive equity raise for a pre-revenue biotech..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
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Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
6 Aug 20268-K · 1.01, 2.02Relay Therapeutics increased at-the-market offering program from $250M to $462.98M; $162.98M already sold. Dilutive equity raise for a pre-revenue biotech.open
Figures in the filing · each found in the filing text
| ATM program size · Q3-2026 | $463M | |
| Shares sold under ATM · Q3-2026 | $163M |
Risks flagged
Dilution risk from ATM program; potential for further share sales.
“ATM program increased to $462.98M; $163M already sold.”
Biotech development risk; no approved products.
“Pre-revenue biotech company relying on capital markets.”
6 Aug 202610-QQ2 2026 net loss widened to $83.7M from $70.4M YoY; R&D spend increased 19.7% due to clinical trial costs; cash runway extended into 2029 after $456M equity raise.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $350000.00 | -48% y/y |
| Net loss · Q2-2026 | $-84M | +19% y/y |
| Research and development expenses · Q2-2026 | $76M | +20% y/y |
| Cash, cash equivalents, and investments · 2026-06-30 | $911M | |
| Accumulated deficit · 2026-06-30 | $-2.17B | |
| Net proceeds from equity offerings · H1-2026 | $456M |
Risks flagged
Clinical trial failure risk
“We have never successfully completed any large-scale, pivotal clinical trials, and we may be unable to do so for any product candidates we develop.” · word for word
Dependence on additional financing
“We will need to raise substantial additional funding. If we are unable to raise capital when needed, we would be forced to delay, reduce or eliminate some of our product development programs or commercialization efforts.” · word for word
No product revenue
“We have no products approved for commercial sale and have not generated any revenue from product sales.” · word for word
21 May 20268-K · 1.01Relay Therapeutics filed an underwriting agreement for a common stock offering with Jefferies and TD Securities as underwriters.open
Risks flagged
Dilution from issuance of 26.4M shares.
“Offering of 22.9M shares plus full exercise of 3.4M option.”
5 May 20268-K · 2.02Cash, Cash Equivalents and Investments $642M; Revenue $3M (-61% y/y); R&D Expenses $71M (-4% y/y)earningsopen
Figures in the filing · each found in the filing text
| Cash, Cash Equivalents and Investments · Q1-2026 | $642M | |
| Revenue · Q1-2026 | $3M | -61% y/y |
| R&D Expenses · Q1-2026 | $71M | -4% y/y |
| Net Loss · Q1-2026 | $-73M | -5% y/y |
| Net Loss Per Share · Q1-2026 | $-0.41 | -11% y/y |
| Net Proceeds from ATM Offerings · Q1-2026 | $137M |
Risks flagged
Pre-revenue clinical-stage company with no approved products; revenue dependent on license agreement.
“Revenue $3.0M from Elevar license; net loss $73.3M; no product sales.”
Clinical trial and regulatory risk; pipeline success not guaranteed.
“Phase 3 trials not yet initiated; FDA BTD does not guarantee approval.”
5 May 202610-QRevenue $3M (-61% y/y); Net income (loss) $-73M; Cash and cash equivalents $205Mopen
Figures in the filing · each found in the filing text
| Revenue · Q1-2026 | $3M | -61% y/y |
| Net income (loss) · Q1-2026 | $-73M | |
| Cash and cash equivalents · 2026-03-31 | $205M | |
| Investments · 2026-03-31 | $437M | |
| Accumulated deficit · 2026-03-31 | $-2.09B | |
| Research and development expenses · Q1-2026 | $71M | -4% y/y |
| General and administrative expenses · Q1-2026 | $11M | -41% y/y |
Risks flagged
No approved products and history of operating losses; will need additional funding
“We have no products approved for commercial sale and have not generated any revenue from product sales.” · word for word
Clinical development risk; may fail to obtain regulatory approval
“We have never successfully completed any large-scale, pivotal clinical trials, and we may be unable to do so for any product candidates we develop.” · word for word
28 Apr 2026DEF 14ADEF 14A proxy statement for 2026 annual meeting, including proposals to elect directors, advisory vote on executive compensation, ratify auditor, and increase authorized shares from 300M to 450M.open
Figures in the filing · each found in the filing text
| Net Income (Loss) · FY2025 | $-276M | |
| Total Shareholder Return (TSR) · FY2025 | $20.36 | |
| Stock Price (30-day avg) · FY2025 | $8.12 | |
| Compensation Actually Paid to PEO · FY2025 | $9M |
Risks flagged
Low say-on-pay support
“approximately 56% of stockholders who voted on our 'Say-on-Pay' proposal expressed support for the compensation program” · word for word
Share dilution from authorized share increase
“increase the number of authorized shares of our common stock from 300,000,000 to 450,000,000” · word for word
Clinical-stage company with no revenue
“We are a clinical-stage, small molecule precision medicine company” · word for word
Net loss and accumulated deficit
“Net Income (Loss) (in thousands): 2025 $(276,479)”
Performance-based equity forfeiture
“The performance condition was not met and, therefore, the performance-based RSUs awarded in 2023 did not vest and were forfeited in January 2026.”
27 Apr 20268-K · 7.01, 8.01Issued a Regulation FD disclosure (forward guidance or material update); disclosed a material event under other events (litigation, recall, contract loss, or major announcement)open
Risks flagged
Clinical trial risk; regulatory approval uncertainty; competitive landscape.
“Forward-looking statements caution about clinical development risks and regulatory interactions.”
16 Mar 20268-K · 7.01, 8.01Median progression-free survival 11.1; Confirmed objective response rate 43; Median PFS kinase mutations 11.2open
Figures in the filing · each found in the filing text
| Median progression-free survival · Q1-2026 | $11.10 | |
| Confirmed objective response rate · Q1-2026 | 43.0% | |
| Median PFS kinase mutations · Q1-2026 | $11.20 | |
| Median PFS non-kinase mutations · Q1-2026 | $11.00 | |
| ORR second line only · Q1-2026 | 52.0% | |
| Median follow-up · Q1-2026 | $12.00 |
Risks flagged
Clinical trial data positive but early stage; Phase 3 ongoing; regulatory risk remains
“Phase 1/2 data; Phase 3 ReDiscover-2 trial ongoing; FDA Breakthrough Therapy designation but not yet approved”
26 Feb 20268-K · 2.02Relay Therapeutics reports Q4/FY2025 results: revenue $7M (Q4) vs $0 prior year; net loss $54.9M vs $76M; cash $554.5M; outlines 2026 clinical milestones for zovegalisib.earningsopen
Figures in the filing · each found in the filing text
| Cash, Cash Equivalents and Investments · Q4-2025 | $555M | -29% y/y |
| Revenue · Q4-2025 | $7M | |
| Revenue · FY2025 | $15M | +54% y/y |
| Research and Development Expenses · Q4-2025 | $55M | -19% y/y |
| Research and Development Expenses · FY2025 | $261M | -18% y/y |
| General and Administrative Expenses · Q4-2025 | $12M | -28% y/y |
| General and Administrative Expenses · FY2025 | $57M | -26% y/y |
| Net Loss · Q4-2025 | $-55M | -28% y/y |
| Net Loss · FY2025 | $-277M | -18% y/y |
| Net Loss Per Share · Q4-2025 | $-0.32 | -29% y/y |
Risks flagged
Clinical-stage biotech with no approved products; pipeline dependency on zovegalisib; potential clinical trial failure.
“clinical-stage, small molecule precision medicine company; initial Phase 1 data expected in 1H 2026”
3 Feb 20268-K · 7.01, 8.01Issued a Regulation FD disclosure (forward guidance or material update); disclosed a material event under other events (litigation, recall, contract loss, or major announcement)open
Risks flagged
Regulatory risk: BTD does not guarantee approval; clinical data still required for NDA submission
“BTD provides eligibility for all Fast Track designation features, along with enhanced FDA guidance on development and increased engagement with senior FDA leadership.” · word for word
6 Nov 202510-QQ3 2025 net loss narrowed to $74.1M from $88.1M YoY; no product revenue; restructuring underway.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q3-2025 | $0.00 | |
| Net loss · Q3-2025 | $-74M | +16% y/y |
| Research and development expenses · Q3-2025 | $68M | -11% y/y |
| General and administrative expenses · Q3-2025 | $12M | -39% y/y |
| Cash and cash equivalents · 2025-09-30 | $92M | |
| Investments · 2025-09-30 | $505M | |
| Accumulated deficit · 2025-09-30 | $-1.96B | |
| Employees · 9M-2025 | 70 | |
| Net cash used in operating activities · 9M-2025 | $-191M | -0% y/y |
Risks flagged
Clinical trial failure risk
“We have never successfully completed any large-scale, pivotal clinical trials, and we may be unable to do so for any product candidates we develop.” · word for word
Funding risk
“We will need to raise substantial additional funding. If we are unable to raise capital when needed, we would be forced to delay, reduce or eliminate some of our product development programs or commercialization efforts.” · word for word
No approved products
“We have no products approved for commercial sale and have not generated any revenue from product sales.” · word for word
Collaboration termination
“Effective as of January 7, 2025, Genentech elected to terminate the Genetech Agreement without cause.”
6 Nov 20258-K · 2.02, 5.02, 7.01Cash, cash equivalents and investments $596M; Research and development expenses $68M (-11% y/y)earningsopen
Figures in the filing · each found in the filing text
| Cash, cash equivalents and investments · total · Q3-2025 | $596M | |
| Research and development expenses · total · Q3-2025 | $68M | -11% y/y |
Risks flagged
Cash burn; cash runway into 2029.
“Cash decreased from $781.3M (Dec 2024) to $596.4M (Sep 2025); expects to fund operations into 2029.”
Relay Therapeutics, Inc. — questions
- What did Relay Therapeutics, Inc. file recently?
- 14 SEC filings in the last 12 months. Latest: 8-K on 2026-08-06 — Relay Therapeutics increased at-the-market offering program from $250M to $462.98M; $162.98M already sold. Dilutive equity raise for a pre-revenue biotech.
Every figure on this page comes from Relay Therapeutics, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.