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Mar 31, 2024
Relay Therapeutics Q1 2024 Earnings Report
Reported first quarter 2024 financial results and corporate highlights.
Key Takeaways
Relay Therapeutics reported a revenue of $10.0 million for the first quarter of 2024, primarily due to a milestone payment from Genentech. The company's cash, cash equivalents, and investments totaled approximately $750 million, expected to fund operations into the second half of 2026. Net loss for the quarter was $81.4 million, or $0.62 per share.
Cash, cash equivalents, and investments totaled approximately $750 million at the end of Q1 2024, expected to fund operations into the second half of 2026.
Revenue was $10.0 million for the first quarter of 2024, compared to $0.2 million for the first quarter of 2023, driven by a milestone payment from Genentech.
Research and development expenses were $82.4 million for the first quarter of 2024, compared to $82.8 million for the first quarter of 2023.
Net loss was $81.4 million for the first quarter of 2024, or $0.62 per share, compared to a net loss of $94.2 million for the first quarter of 2023, or $0.78 per share.
Revenue by Segment
Forward Guidance
Relay Therapeutics anticipates several milestones in 2024, including RLY-2608 data updates, lirafugratinib updates, and disclosing new pre-clinical programs.
Positive Outlook
- RLY-2608 + fulvestrant data update in the second half of 2024
- RLY-2608 + fulvestrant + ribociclib initial safety data in the second half of 2024
- Lirafugratinib tumor agnostic data and regulatory update in the second half of 2024
- Disclose new program(s) in 2024
Historical Earnings Impact
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Avg. Return Before/After Earnings
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