Relay Therapeutics Q4 Revenue $7M, Exceeds Expectations
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 26 2026
0mins
Should l Buy RLAY?
Reports Q4 revenue $7M, consensus $4.97M. "Our focus on disciplined execution to date has strengthened the foundation of Relay, aligning our organization to support long-term success. In 2026, Relay is entering a pivotal period defined by multiple upcoming clinical milestones across our zovegalisib program, which recently received Breakthrough Therapy designation from the FDA," said Sanjiv Patel, M.D., President and Chief Executive Officer of Relay Therapeutics. "We anticipate presenting Phase 1/2 breast cancer data at the upcoming ESMO TAT Congress, reporting initial data in PIK3CA-driven vascular anomalies, and providing updates on our breast cancer triplet data and frontline Phase 3 development plans. These milestones position us to deliver meaningful updates in areas with significant unmet need for patients, while continuing to build momentum toward potential commercialization."
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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: 10.800
Low
13.00
Averages
14.75
High
17.00
Current: 10.800
Low
13.00
Averages
14.75
High
17.00
About RLAY
Relay Therapeutics Inc. is a clinical-stage precision medicine company. The Company’s initial focus is on enhancing small molecule therapeutic discovery in targeted oncology and genetic disease indications. Its 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 product candidates, such as RLY-2608. It is advancing a pipeline of medicine candidates to address targets in precision oncology and genetic disease, including RLY-2608. RLY-2608 is an allosteric, pan-mutant and isoform-selective phosphoinostide 3 kinase alphas (PI3Kα), inhibitor in clinical development. It is the lead program in its efforts to discover and develop mutant selective inhibitors of PI3Kα.
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.
Analysis of Growth Drivers in the Biliary Tract Cancer Market
- Market Size Growth: The biliary tract cancer market is projected to reach $1.1 billion in 2024, with the U.S. accounting for approximately 60% of this market, indicating a strong demand for new therapies in this leading region.
- Emerging Drug Launches: The introduction of new drugs such as Tinengotinib and Rilvegostomig is expected to further drive market growth, particularly in the areas of targeted therapies and immuno-oncology, enhancing treatment options for patients.
- Advancements in Diagnostic Technology: Improvements in imaging techniques like MRI, endoscopic ultrasound, and PET have enhanced the accuracy of biliary tract cancer diagnoses, enabling earlier detection and personalized treatment approaches, thereby improving patient outcomes.
- Market Dynamics in Treatment: By 2034, chemotherapy is expected to remain the primary revenue source for biliary tract cancer treatment, and the introduction of new therapies will alter the competitive landscape, fostering medical innovation and economic growth.
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Casdin Capital Increases Stake in Relay Therapeutics
- Share Increase: On February 17, 2026, Casdin Capital disclosed the purchase of 1,662,193 shares of Relay Therapeutics, valued at approximately $11.86 million, indicating strong confidence in the company's future prospects.
- Increased Ownership: Following this acquisition, Casdin Capital's total holdings in Relay reached 13,003,574 shares, representing 6.83% of its reportable AUM in the 13F filing, further solidifying its investment position in the biotech sector.
- Financial Performance: Relay Therapeutics reported a net loss of $276.5 million for 2025 but maintains about $555 million in cash and investments, expected to fund operations through 2029, reflecting ongoing commitment to research and development.
- Clinical Progress Expectations: Relay anticipates multiple clinical data disclosures in 2026, including Phase 1 data on PIK3CA-driven vascular anomalies, which, if successful, could enhance market recognition of its stock price.
See More
Relay Therapeutics Reports 2025 Financial Results and 2026 Milestones
- Improved Financial Performance: Relay Therapeutics reported a net loss of $54.9 million for Q4 2025, or $0.32 per share, narrowing from a net loss of $76.0 million, or $0.45 per share in Q4 2024, indicating progress in cost management.
- Significant Revenue Growth: The company achieved $7.0 million in revenue for Q4 2025, compared to none in the prior year, primarily driven by its exclusive licensing agreement with Elevar Therapeutics, highlighting important strides in commercialization efforts.
- Pipeline Advancement: Relay's pipeline includes Zovegalisib (RLY-2608), currently in Phase 3 trials, with multiple clinical readouts expected in 2026, particularly in HR+/HER2- metastatic breast cancer, potentially laying the groundwork for future commercialization.
- Strong Cash Position: As of the end of 2025, Relay had $554.5 million in cash and equivalents, expected to fund operations into 2029, demonstrating robust financial management and stability.
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Relay Therapeutics to Report Q4 and Full Year 2025 Financial Results on February 26
- Earnings Announcement: Relay Therapeutics is set to release its Q4 and full year 2025 financial results after U.S. market close on February 26, 2026, which is expected to provide insights into operational highlights and future outlook, potentially influencing investor confidence.
- Clinical Advancement: The company's lead asset, zovegalisib, is the first pan-mutant selective PI3Kα inhibitor in clinical development, currently undergoing Phase 3 trials for HR+/HER2- metastatic breast cancer, and if successful, it could offer new treatment options for patients.
- Diverse Pipeline: In addition to zovegalisib, Relay is developing therapies for NRAS-driven solid tumors and Fabry disease, showcasing the company's broad positioning in precision medicine, which may enhance its competitive edge in the market.
- Innovative Platform: Relay's Dynamo® platform integrates cutting-edge computational and experimental approaches aimed at drugging previously intractable protein targets, and successful outcomes could solidify the company's leadership in the precision medicine sector.
See More
Relay Therapeutics Executive Large Share Sale Analysis
- Executive Transaction Overview: Donald A. Bergstrom, President of R&D at Relay Therapeutics, executed open-market sales of 21,581 shares on January 27 and 28, 2026, totaling approximately $166,700, indicating significant changes in his holdings.
- Transaction Size Analysis: The 21,581 shares sold are substantially higher than Bergstrom's recent median sale of 2,698 shares, suggesting that a 32.65% decrease in his direct holdings may have driven this larger sale size.
- Impact on Ownership Percentage: This transaction represented 4.89% of Bergstrom's direct ownership, more than ten times the recent median percentage of holdings disposed of per open-market sale, reflecting a shift in his ownership structure.
- Market Reaction and Outlook: Despite the insider sale, Relay Therapeutics' stock closed at $7.65 on January 28, 2026, marking a 65.58% increase over the past year, and the company received FDA Breakthrough Therapy designation, indicating strong future growth potential.
See More
Oncolytics Biotech Receives FDA Fast Track Designation
- FDA Fast Track Designation: Oncolytics Biotech's cancer treatment pelareorep has received Fast Track Designation from the FDA for KRAS-mutant microsatellite-stable metastatic colorectal cancer, which is expected to expedite the approval process and enhance market competitiveness.
- Clinical Data Advantage: The 33% response rate of pelareorep combined with standard chemotherapy significantly surpasses the 10% rate of chemotherapy alone, with a median survival of 27 months, indicating its potential value in hard-to-treat cancer populations.
- Significant Market Opportunity: The annual revenue for second-line treatment of KRAS-mutant colorectal cancer ranges between $3 billion and $5 billion, positioning Oncolytics' innovative therapy to capture a substantial share in this rapidly growing market.
- Team Expansion and Strategic Positioning: Oncolytics Biotech has recently appointed two executives to support its expansion plans, demonstrating the company's commitment to future clinical trials and market outreach, thereby strengthening its leadership position in the biotech sector.
See More
Analysis of Growth Drivers in the Biliary Tract Cancer Market
- Market Size Growth: The biliary tract cancer market is projected to reach $1.1 billion in 2024, with the U.S. accounting for approximately 60% of this market, indicating a strong demand for new therapies in this leading region.
- Emerging Drug Launches: The introduction of new drugs such as Tinengotinib and Rilvegostomig is expected to further drive market growth, particularly in the areas of targeted therapies and immuno-oncology, enhancing treatment options for patients.
- Advancements in Diagnostic Technology: Improvements in imaging techniques like MRI, endoscopic ultrasound, and PET have enhanced the accuracy of biliary tract cancer diagnoses, enabling earlier detection and personalized treatment approaches, thereby improving patient outcomes.
- Market Dynamics in Treatment: By 2034, chemotherapy is expected to remain the primary revenue source for biliary tract cancer treatment, and the introduction of new therapies will alter the competitive landscape, fostering medical innovation and economic growth.
See More
Casdin Capital Increases Stake in Relay Therapeutics
- Share Increase: On February 17, 2026, Casdin Capital disclosed the purchase of 1,662,193 shares of Relay Therapeutics, valued at approximately $11.86 million, indicating strong confidence in the company's future prospects.
- Increased Ownership: Following this acquisition, Casdin Capital's total holdings in Relay reached 13,003,574 shares, representing 6.83% of its reportable AUM in the 13F filing, further solidifying its investment position in the biotech sector.
- Financial Performance: Relay Therapeutics reported a net loss of $276.5 million for 2025 but maintains about $555 million in cash and investments, expected to fund operations through 2029, reflecting ongoing commitment to research and development.
- Clinical Progress Expectations: Relay anticipates multiple clinical data disclosures in 2026, including Phase 1 data on PIK3CA-driven vascular anomalies, which, if successful, could enhance market recognition of its stock price.
See More
Relay Therapeutics Reports 2025 Financial Results and 2026 Milestones
- Improved Financial Performance: Relay Therapeutics reported a net loss of $54.9 million for Q4 2025, or $0.32 per share, narrowing from a net loss of $76.0 million, or $0.45 per share in Q4 2024, indicating progress in cost management.
- Significant Revenue Growth: The company achieved $7.0 million in revenue for Q4 2025, compared to none in the prior year, primarily driven by its exclusive licensing agreement with Elevar Therapeutics, highlighting important strides in commercialization efforts.
- Pipeline Advancement: Relay's pipeline includes Zovegalisib (RLY-2608), currently in Phase 3 trials, with multiple clinical readouts expected in 2026, particularly in HR+/HER2- metastatic breast cancer, potentially laying the groundwork for future commercialization.
- Strong Cash Position: As of the end of 2025, Relay had $554.5 million in cash and equivalents, expected to fund operations into 2029, demonstrating robust financial management and stability.
See More
Relay Therapeutics to Report Q4 and Full Year 2025 Financial Results on February 26
- Earnings Announcement: Relay Therapeutics is set to release its Q4 and full year 2025 financial results after U.S. market close on February 26, 2026, which is expected to provide insights into operational highlights and future outlook, potentially influencing investor confidence.
- Clinical Advancement: The company's lead asset, zovegalisib, is the first pan-mutant selective PI3Kα inhibitor in clinical development, currently undergoing Phase 3 trials for HR+/HER2- metastatic breast cancer, and if successful, it could offer new treatment options for patients.
- Diverse Pipeline: In addition to zovegalisib, Relay is developing therapies for NRAS-driven solid tumors and Fabry disease, showcasing the company's broad positioning in precision medicine, which may enhance its competitive edge in the market.
- Innovative Platform: Relay's Dynamo® platform integrates cutting-edge computational and experimental approaches aimed at drugging previously intractable protein targets, and successful outcomes could solidify the company's leadership in the precision medicine sector.
See More
Relay Therapeutics Executive Large Share Sale Analysis
- Executive Transaction Overview: Donald A. Bergstrom, President of R&D at Relay Therapeutics, executed open-market sales of 21,581 shares on January 27 and 28, 2026, totaling approximately $166,700, indicating significant changes in his holdings.
- Transaction Size Analysis: The 21,581 shares sold are substantially higher than Bergstrom's recent median sale of 2,698 shares, suggesting that a 32.65% decrease in his direct holdings may have driven this larger sale size.
- Impact on Ownership Percentage: This transaction represented 4.89% of Bergstrom's direct ownership, more than ten times the recent median percentage of holdings disposed of per open-market sale, reflecting a shift in his ownership structure.
- Market Reaction and Outlook: Despite the insider sale, Relay Therapeutics' stock closed at $7.65 on January 28, 2026, marking a 65.58% increase over the past year, and the company received FDA Breakthrough Therapy designation, indicating strong future growth potential.
See More
Oncolytics Biotech Receives FDA Fast Track Designation
- FDA Fast Track Designation: Oncolytics Biotech's cancer treatment pelareorep has received Fast Track Designation from the FDA for KRAS-mutant microsatellite-stable metastatic colorectal cancer, which is expected to expedite the approval process and enhance market competitiveness.
- Clinical Data Advantage: The 33% response rate of pelareorep combined with standard chemotherapy significantly surpasses the 10% rate of chemotherapy alone, with a median survival of 27 months, indicating its potential value in hard-to-treat cancer populations.
- Significant Market Opportunity: The annual revenue for second-line treatment of KRAS-mutant colorectal cancer ranges between $3 billion and $5 billion, positioning Oncolytics' innovative therapy to capture a substantial share in this rapidly growing market.
- Team Expansion and Strategic Positioning: Oncolytics Biotech has recently appointed two executives to support its expansion plans, demonstrating the company's commitment to future clinical trials and market outreach, thereby strengthening its leadership position in the biotech sector.
See More
