Relay Therapeutics

Nov 06, 2024

•

Sep 30, 2024

Relay Therapeutics Q3 2024 Earnings Report

Reported third quarter results with a focus on RLY-2608 clinical trial progress and financial position.

Key Takeaways

Relay Therapeutics reported no revenue for Q3 2024, compared to $25.2 million in Q3 2023. Research and development expenses were $76.6 million, down from $81.5 million year-over-year. The company's net loss was $88.1 million, or $0.63 per share, compared to a net loss of $65.7 million, or $0.54 per share, in the prior year. They ended the quarter with approximately $840 million in cash, cash equivalents and investments, expected to fund operations into the second half of 2027.

Reported interim RLY-2608 data demonstrating 9.2-month median PFS in heavily pre-treated patients with PI3Kα-mutated, HR+/HER2- metastatic breast cancer at RP2D.

Planned to initiate 2L pivotal trial of RLY-2608 + fulvestrant in 2025.

Raised $230 million of gross proceeds in an underwritten follow-on public offering in September 2024.

Completed changes to streamline the research organization, collectively resulting in an expected $50 million in annual savings and workforce reduction of approximately 15%.

Total Revenue

$0

Previous year: $25.2M

-100.0%

EPS

-$0.63

Previous year: -$0.54

+16.7%

Gross Profit

-$1.37M

Previous year: $23.8M