Deal Size Increased to $275M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 21 2026
0mins
The deal size was increased to $275M from $175M and priced below last closing price of $13.02. Jefferies, TD Cowen, Goldman Sachs, Guggenheim and Raymond James are acting as joint book running managers for the offering.
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Analyst Views on RLAY
Wall Street analysts forecast RLAY stock price to rise
6 Analyst Rating
5 Buy
1 Hold
0 Sell
Strong Buy
Current: 13.660
Low
13.00
Averages
14.75
High
17.00
Current: 13.660
Low
13.00
Averages
14.75
High
17.00
About RLAY
Relay Therapeutics, Inc. is a clinical-stage, small molecule precision medicine company developing potentially life-changing therapies for patients living with cancer and genetic disease. The Company's Dynamo platform integrates an array of computational and experimental approaches designed to drug protein targets that have previously been intractable or inadequately addressed. The Company's lead clinical asset, zovegalisib (RLY-2608), is the pan-mutant selective PI3Ka inhibitor to enter clinical development and is currently in a Phase 3 clinical trial (ReDiscover-2) in HR+/HER2- metastatic breast cancer. Zovegalisib is also being investigated in a group of genetic disease indications called PI3Ka-driven vascular anomalies. Its pipeline also includes programs for NRAS-driven solid tumors and Fabry disease.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Relay Therapeutics Achieves Breakthrough in Drug Trials
- Clinical Trial Progress: Relay Therapeutics presented phase 2 trial data for zovegalisib in treating vascular anomalies, showing a volumetric response in about 60% of the 20 patients evaluated, indicating potential efficacy in PIK3CA mutation patients and broadening its market applications.
- FDA Breakthrough Therapy Designation: Zovegalisib received FDA breakthrough therapy designation for PIK3CA-mutant HR+/HER2- advanced breast cancer, highlighting its clinical potential in oncology and the ability to assist approximately 140,000 patients, thereby boosting investor confidence.
- Diverse Development Pipeline: In addition to zovegalisib, Relay is developing three other therapies, including RLY-8161, a-Gal, and Lirafugratinib, targeting tumors and rare diseases, showcasing the company's extensive positioning in the biopharmaceutical sector and future growth potential.
- Strong Financial Position: Relay reports approximately $642 million in cash and cash equivalents, projected to fund operations into 2029, significantly reducing the financial risks associated with clinical trials and providing a solid foundation for long-term development.
See More
Relay Therapeutics Shows Strong Performance Post-IPO
- Clinical Trial Progress: Relay Therapeutics' lead therapy, zovegalisib, demonstrated a volumetric response in approximately 60% of patients in its phase 2 trial for vascular anomalies, indicating potential therapeutic effects in PIK3CA mutation patients and possibly expanding its market applications.
- Strong Financial Position: The company currently holds about $642 million in cash and cash equivalents, projected to fund operations into 2029, providing ample financial support for clinical trials and reducing reliance on volatile capital markets.
- FDA Breakthrough Therapy Designation: Zovegalisib has received breakthrough therapy designation from the FDA, highlighting its potential in treating HR+/HER2- advanced breast cancer patients, with an impressive median progression-free survival of 11.1 months in heavily pretreated patients, boosting investor confidence in its future.
- Broad Market Potential: Relay's treatment options target approximately 140,000 HR+/HER2- breast cancer patients and 170,000 patients with vascular anomalies, showcasing significant application potential within large patient populations, which could lead to substantial market opportunities for the company.
See More
Relay Therapeutics Achieves Breakthrough in Clinical Trials
- Clinical Trial Data: Relay Therapeutics' phase 2 trial for zovegalisib in treating vascular anomalies showed a volumetric response in about 60% of the 20 patients evaluated, indicating potential efficacy in PIK3CA mutation patients and possibly expanding its market applications.
- FDA Breakthrough Therapy Designation: Zovegalisib received FDA breakthrough therapy designation for PIK3CA-mutant HR+/HER2- advanced breast cancer, demonstrating an impressive median progression-free survival of 11.1 months in heavily pretreated patients, enhancing its clinical outlook.
- Strong Financial Position: Relay Therapeutics reported approximately $642 million in cash and cash equivalents, bolstered by a successful IPO in 2020, providing ample funding for future clinical trials projected to last until 2029, ensuring operational stability.
- Diverse Drug Pipeline: In addition to zovegalisib, Relay is developing RLY-8161 for NRAS solid tumors, a-Gal for Fabry disease, and Lirafugratinib licensed to Elevar Therapeutics, showcasing its diversified approach in the biopharmaceutical sector.
See More
Relay Therapeutics Prices Public Offering at $12.00 per Share
- Offering Size: Relay Therapeutics announced a public offering of 22.92 million shares at $12.00 per share, with gross proceeds anticipated to be around $275 million, indicating strong market interest in the company's equity.
- Underwriting Arrangement: The offering is managed by Jefferies, TD Cowen, Goldman Sachs & Co. LLC, and Guggenheim Securities, with Raymond James as the lead manager, reflecting robust support from top financial institutions in the industry.
- Additional Share Option: The company has granted underwriters the option to purchase an additional 3.44 million shares within 30 days, enhancing the offering's flexibility and potential funding size, which could provide more capital for future R&D and operations.
- Expected Closing Date: The offering is expected to close around May 22, 2026, pending usual conditions, providing investors with a clear timeline to assess their investment opportunities.
See More
Relay Therapeutics Prices Public Offering at $12 per Share
- Public Offering Size: Relay Therapeutics priced its public offering at $12 per share for 22.92 million shares, expecting to raise approximately $275 million, which will strengthen the company's financial position to support its clinical development projects.
- Underwriter Arrangement: The offering is managed by Jefferies, TD Cowen, Goldman Sachs, and Guggenheim Securities, reflecting market confidence in Relay and potentially attracting more investor interest in its future developments.
- Clinical Asset Progress: The company's lead clinical asset, Zovegalisib, is currently in a Phase 3 ReDiscover-2 clinical trial for HR+/HER2- metastatic breast cancer, and a successful outcome could significantly enhance the company's market position in precision medicine.
- Stock Performance: Over the past year, RLAY shares have traded between $2.75 and $17.32, with the latest closing price at $13.02, up 7.87% from the previous trading day, indicating optimistic sentiment among investors regarding the company's future prospects.
See More
Relay Therapeutics Prices Public Offering at $12 per Share
- Offering Size: Relay Therapeutics announced a public offering of 22,916,667 shares at $12.00 per share, with gross proceeds expected to be approximately $275 million before underwriting discounts, which will significantly bolster the company's funding for future R&D initiatives.
- Underwriter Arrangement: The offering is being managed by Jefferies, TD Cowen, Goldman Sachs, and Guggenheim Securities as joint book-running managers, with Raymond James as the lead manager, reflecting strong market confidence in Relay's growth prospects and strategic direction.
- Registration Statement: The offering is conducted under an automatically effective shelf registration statement on Form S-3ASR filed with the SEC on August 6, 2024, ensuring compliance and transparency, which is likely to attract more investor participation.
- Closing Timeline: The offering is expected to close on or about May 22, 2026, and if successful, will provide Relay Therapeutics with essential capital to advance its innovative drug development efforts in cancer and genetic diseases.
See More
Relay Therapeutics Achieves Breakthrough in Drug Trials
- Clinical Trial Progress: Relay Therapeutics presented phase 2 trial data for zovegalisib in treating vascular anomalies, showing a volumetric response in about 60% of the 20 patients evaluated, indicating potential efficacy in PIK3CA mutation patients and broadening its market applications.
- FDA Breakthrough Therapy Designation: Zovegalisib received FDA breakthrough therapy designation for PIK3CA-mutant HR+/HER2- advanced breast cancer, highlighting its clinical potential in oncology and the ability to assist approximately 140,000 patients, thereby boosting investor confidence.
- Diverse Development Pipeline: In addition to zovegalisib, Relay is developing three other therapies, including RLY-8161, a-Gal, and Lirafugratinib, targeting tumors and rare diseases, showcasing the company's extensive positioning in the biopharmaceutical sector and future growth potential.
- Strong Financial Position: Relay reports approximately $642 million in cash and cash equivalents, projected to fund operations into 2029, significantly reducing the financial risks associated with clinical trials and providing a solid foundation for long-term development.
See More
Relay Therapeutics Shows Strong Performance Post-IPO
- Clinical Trial Progress: Relay Therapeutics' lead therapy, zovegalisib, demonstrated a volumetric response in approximately 60% of patients in its phase 2 trial for vascular anomalies, indicating potential therapeutic effects in PIK3CA mutation patients and possibly expanding its market applications.
- Strong Financial Position: The company currently holds about $642 million in cash and cash equivalents, projected to fund operations into 2029, providing ample financial support for clinical trials and reducing reliance on volatile capital markets.
- FDA Breakthrough Therapy Designation: Zovegalisib has received breakthrough therapy designation from the FDA, highlighting its potential in treating HR+/HER2- advanced breast cancer patients, with an impressive median progression-free survival of 11.1 months in heavily pretreated patients, boosting investor confidence in its future.
- Broad Market Potential: Relay's treatment options target approximately 140,000 HR+/HER2- breast cancer patients and 170,000 patients with vascular anomalies, showcasing significant application potential within large patient populations, which could lead to substantial market opportunities for the company.
See More
Relay Therapeutics Achieves Breakthrough in Clinical Trials
- Clinical Trial Data: Relay Therapeutics' phase 2 trial for zovegalisib in treating vascular anomalies showed a volumetric response in about 60% of the 20 patients evaluated, indicating potential efficacy in PIK3CA mutation patients and possibly expanding its market applications.
- FDA Breakthrough Therapy Designation: Zovegalisib received FDA breakthrough therapy designation for PIK3CA-mutant HR+/HER2- advanced breast cancer, demonstrating an impressive median progression-free survival of 11.1 months in heavily pretreated patients, enhancing its clinical outlook.
- Strong Financial Position: Relay Therapeutics reported approximately $642 million in cash and cash equivalents, bolstered by a successful IPO in 2020, providing ample funding for future clinical trials projected to last until 2029, ensuring operational stability.
- Diverse Drug Pipeline: In addition to zovegalisib, Relay is developing RLY-8161 for NRAS solid tumors, a-Gal for Fabry disease, and Lirafugratinib licensed to Elevar Therapeutics, showcasing its diversified approach in the biopharmaceutical sector.
See More
Relay Therapeutics Prices Public Offering at $12.00 per Share
- Offering Size: Relay Therapeutics announced a public offering of 22.92 million shares at $12.00 per share, with gross proceeds anticipated to be around $275 million, indicating strong market interest in the company's equity.
- Underwriting Arrangement: The offering is managed by Jefferies, TD Cowen, Goldman Sachs & Co. LLC, and Guggenheim Securities, with Raymond James as the lead manager, reflecting robust support from top financial institutions in the industry.
- Additional Share Option: The company has granted underwriters the option to purchase an additional 3.44 million shares within 30 days, enhancing the offering's flexibility and potential funding size, which could provide more capital for future R&D and operations.
- Expected Closing Date: The offering is expected to close around May 22, 2026, pending usual conditions, providing investors with a clear timeline to assess their investment opportunities.
See More
Relay Therapeutics Prices Public Offering at $12 per Share
- Public Offering Size: Relay Therapeutics priced its public offering at $12 per share for 22.92 million shares, expecting to raise approximately $275 million, which will strengthen the company's financial position to support its clinical development projects.
- Underwriter Arrangement: The offering is managed by Jefferies, TD Cowen, Goldman Sachs, and Guggenheim Securities, reflecting market confidence in Relay and potentially attracting more investor interest in its future developments.
- Clinical Asset Progress: The company's lead clinical asset, Zovegalisib, is currently in a Phase 3 ReDiscover-2 clinical trial for HR+/HER2- metastatic breast cancer, and a successful outcome could significantly enhance the company's market position in precision medicine.
- Stock Performance: Over the past year, RLAY shares have traded between $2.75 and $17.32, with the latest closing price at $13.02, up 7.87% from the previous trading day, indicating optimistic sentiment among investors regarding the company's future prospects.
See More
Relay Therapeutics Prices Public Offering at $12 per Share
- Offering Size: Relay Therapeutics announced a public offering of 22,916,667 shares at $12.00 per share, with gross proceeds expected to be approximately $275 million before underwriting discounts, which will significantly bolster the company's funding for future R&D initiatives.
- Underwriter Arrangement: The offering is being managed by Jefferies, TD Cowen, Goldman Sachs, and Guggenheim Securities as joint book-running managers, with Raymond James as the lead manager, reflecting strong market confidence in Relay's growth prospects and strategic direction.
- Registration Statement: The offering is conducted under an automatically effective shelf registration statement on Form S-3ASR filed with the SEC on August 6, 2024, ensuring compliance and transparency, which is likely to attract more investor participation.
- Closing Timeline: The offering is expected to close on or about May 22, 2026, and if successful, will provide Relay Therapeutics with essential capital to advance its innovative drug development efforts in cancer and genetic diseases.
See More
