olivLaw · US equity research
Relay Therapeutics, Inc. RLAY
Biological Products, (No Diagnostic Substances) · SIC 2836 · Vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)
Relay Therapeutics develops precision small molecule medicines for cancer and genetic disease, built on its Dynamo platform and led by zovegalisib, its PI3Kα inhibitor in the Phase 3 ReDiscover-2 study. The company reported a net loss of 157.0 million USD for the six months to June 2026, and a May 2026 public offering brought in 296.8 million USD, supporting its clinical work over the medium term.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Relay Therapeutics, Inc. (RLAY) stock was 18.03 USD (+3.38% on the day), with market capitalisation 4.0 bn USD, beta 1.79, 52-week range 6.05–20.75 USD. Latest reported quarter (Q3 2026): revenue of 0 USD, net income of -81.7 m USD, diluted EPS -0.37 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 48.7
- neutral
- Bollinger (20, 2)
- 16.33 – 19.57
- in the upper half of the band · %B 0.53 · band width 18.0%
- SMA 50 / 200
- 18.38 / 15.15
- mixed trend
- MACD (12, 26, 9)
- -0.05 / -0.04
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.0% | −1.1% | −5.9 pp | — |
| 3 months | −8.4% | −0.5% | −8.0 pp | — |
| 6 months | +39.6% | +4.4% | +35.2 pp | — |
| Year to date | +113.1% | +12.3% | +100.8 pp | — |
| 1 year | +162.8% | +13.5% | +149.3 pp | +9.1% |
| 3 years | +139.8% | +76.4% | +63.3 pp | +16.5% |
| 5 years | −49.2% | +63.7% | −112.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 7.7 m | 677.0 k | 0 | 7.0 m | 3.0 m | 350.0 k | 0 ≈ |
| Operating income | -85.0 m | -84.9 m | -76.8 m | -80.4 m | -60.6 m | -78.6 m | -90.8 m | -90.2 m |
| Net income | -76.0 m | -77.1 m | -70.4 m | -74.1 m | -54.9 m | -73.3 m | -83.7 m | -81.7 m |
| Diluted EPS | — | -0.46 | -0.41 | -0.43 | — | -0.41 | -0.41 | -0.37 |
| Operating cash flow | -57.9 m | -73.2 m | -55.3 m ≈ | -62.1 m ≈ | -44.9 m | -51.1 m | -54.1 m ≈ | -63.9 m ≈ |
| Capex | 0 | 384.0 k | 26.0 k ≈ | -1.0 k ≈ | 1.0 k | — | — | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | ⚠ 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | unavailable | 82.7 m | 3.0 m | 1.4 m | 25.5 m | 10.0 m | 15.4 m |
| Revenue YoY | unavailable | unavailable | — | −54.4% | +1,749.8% | −60.8% | +53.4% |
| Net income | -75.3 m | -52.4 m | -363.9 m | -290.5 m | -342.0 m | -337.7 m | -276.5 m |
| Net income YoY | unavailable | unavailable | — | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -5.40 | -3.82 | -2.59 | -2.79 | -2.36 | -1.61 |
| Diluted EPS YoY | unavailable | unavailable | — | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | -63.4% | -12,012.9% | -21,036.1% | -1,338.7% | -3,374.7% | -1,800.6% |
| Free cash flow | -74.1 m | -104.4 m | -77.9 m | -238.6 m | -304.4 m | -251.1 m | -235.9 m |
The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 84.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 567.1 m USD
- Total assets
- 621.3 m USD
- Debt / equity
- unavailable
- Current ratio
- 22.61x
- ROE
- -41.1%
- ROA
- -37.0%
- FCF margin
- -1,536.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 82.7 m | 3.0 m | 1.4 m | 25.5 m | 10.0 m | 15.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 99.9 m | — | — | — | — | — | SEC (XBRL)· 25 Mar 2021verified |
| Operating income | -55.8 m | -364.7 m | -299.3 m | -373.0 m | -372.5 m | -302.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -52.4 m | -363.9 m | -290.5 m | -342.0 m | -337.7 m | -276.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -5.40 | -3.82 | -2.59 | -2.79 | -2.36 | -1.61 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 42.6 m | 95.1 m | 112.2 m | — | — | — | SEC (XBRL)· 23 Feb 2023verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 447.6 m | 280.1 m | 151.8 m | 143.7 m | 124.3 m | 84.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 75.0 m | 403.0 k | 306.0 k | — | — | — | SEC (XBRL)· 23 Feb 2023verified |
| Current assets | 770.1 m | 976.2 m | 1.0 bn | 770.1 m | 809.2 m | 578.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 6.3 m | 6.5 m | 11.6 m | 10.9 m | 5.9 m | 1.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | — | 2.3 m | 2.3 m | 2.3 m | — | — | SEC (XBRL)· 22 Feb 2024verified |
| Total assets | 799.8 m | 1.0 bn | 1.1 bn | 844.0 m | 871.3 m | 621.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 6.4 m | 8.3 m | 10.6 m | 9.2 m | 14.1 m | 7.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 13.6 m | 24.3 m | 63.7 m | 30.3 m | 50.7 m | 25.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 36.5 m | 110.6 m | 149.6 m | 92.0 m | 93.5 m | 54.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 763.3 m † | 897.8 m † | 950.2 m † | 752.0 m † | 777.8 m † | 567.1 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -102.5 m | -74.4 m | -229.5 m | -300.3 m | -249.1 m | -235.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 1.9 m | 3.5 m | 9.1 m | 4.1 m | 2.0 m | 410.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | -104.4 m ≈ | -77.9 m ≈ | -238.6 m ≈ | -304.4 m ≈ | -251.1 m ≈ | -235.9 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | 81.7 m | -479.5 m | -188.7 m | 257.6 m | -41.1 m | 192.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 426.5 m | 388.1 m | 289.9 m | 34.8 m | 270.2 m | 1.6 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.0 bn USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -2,837.0% | 14 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 123.2% | 100 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 14.6x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -5.4% | 0 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial14/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
RELAY THERAPEUTICS, INC. (RLAY). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 15.4 m USD in 2025; YoY growth 53.4%; net margin -2,837.0%; ROE -41.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 123.2%
- Current ratio: 14.6x
What contradicts it
- Net margin: -2,837.0%
- FCF yield: -5.4%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Biological Products, (No Diagnostic Substances) (SIC 2836) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMGNAmgen Inc. | 258.8 bn | 27.7 | 78.4% | 24.1% | +10.0% | +39% / +77% |
| GILDGilead Sciences, Inc. | 216.4 bn | — | -22.3% | -12.5% | +2.4% | +39% / +128% |
| MRNAModerna, Inc. | 103.2 bn | — | -39.0% | -141.4% | −39.9% | +895% / +233% |
| ARGXArgenx Se | 57.6 bn | 47.6 | 20.2% | — | +254.4% | +2% / +107% |
| RVMDRevolution Medicines, Inc. | 43.2 bn | — | -93.6% | -946.8% | unavailable | +157% / +756% |
| BIIBBiogen Inc. | 37.6 bn | 108.8 | 1.9% | 3.4% | +2.2% | +40% / +9% |
| EXELExelixis, Inc. | 17.8 bn | 21.7 | 44.3% | 35.5% | +7.0% | +65% / +234% |
| NBIXNeurocrine Biosciences, Inc. | 16.8 bn | 24.6 | 20.4% | 19.0% | +21.4% | +9% / +42% |
| HALOHalozyme Therapeutics, Inc. | 14.8 bn | 38.4 | 173.7% | 24.9% | +37.6% | +83% / +238% |
| KYMRKymera Therapeutics, Inc. | 11.6 bn | — | -27.3% | -341.8% | −16.7% | +101% / +556% |
| RGENRepligen Corp | 11.4 bn | — | -0.6% | -1.5% | +16.4% | +4% / +13% |
| QGENQiagen N.V. | 11.0 bn | 26.2 | 11.6% | 20.3% | +5.7% | +6% / +20% |
| KRYSKrystal Biotech, Inc. | 9.2 bn | 42.2 | 17.5% | 47.9% | +33.9% | +43% / +198% |
| SCNIScinai Immunotherapeutics Ltd. | 6.2 bn | — | -91.9% | -633.6% | +99.2% | −96% / −99% |
| RLAYRelay Therapeutics, Inc. | 4.0 bn | — | -41.2% | -2,837.0% | +53.4% | +163% / +140% |
| DNLIDenali Therapeutics Inc. | 3.4 bn | — | -33.9% | -1,470.5% | unavailable | +8% / +13% |
| BCRXBiocryst Pharmaceuticals, Inc. | 2.1 bn | — | — | -37.4% | +94.1% | +15% / +40% |
| VIRVir Biotechnology, Inc. | 2.0 bn | — | -21.8% | -61.0% | −7.6% | +83% / +24% |
| EVAXEvaxion A | 1.2 bn | — | -100.2% | -102.4% | +125.1% | −50% / −93% |
| DNAGinkgo Bioworks Holdings, Inc. | 742.2 m | — | -56.3% | -260.0% | −25.1% | +26% / −77% |
| ATYRaTYR PHARMA INC | 606.2 m | — | -98.4% | -32,003.7% | −19.1% | +691% / +375% |
| ALLOAllogene Therapeutics, Inc. | 411.1 m | — | -42.4% | -3,566.7% | −100.0% | −18% / −49% |
| CCCCC4 Therapeutics, Inc. | 383.8 m | — | -48.1% | -289.4% | +1.0% | +15% / +91% |
| XFORX4 Pharmaceuticals, Inc | 330.8 m | — | -80.3% | -813.3% | +150.0% | −11% / −86% |
| IPSCCentury Therapeutics, Inc. | 302.4 m | — | -49.7% | -100.6% | +1,556.8% | +206% / +22% |
1- and 3-year price returns: for RLAY from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Relay Therapeutics develops precision small molecule medicines for cancer and genetic disease, built on its Dynamo platform and led by zovegalisib, its PI3Kα inhibitor in the Phase 3 ReDiscover-2 study. The company reported a net loss of 157.0 million USD for the six months to June 2026, and a May 2026 public offering brought in 296.8 million USD, supporting its clinical work over the medium term.
SWOT
Strengths
- The Dynamo platform offers a proprietary drug discovery approach based on protein motion, which can differentiate the company's candidates.
- Zovegalisib holds Breakthrough Therapy designation and an already started Phase 3 study, which strengthens the company's position.
- The company recently raised capital through public offerings, supporting its activity for several years.
Weaknesses
- The company has not yet completed any large-scale pivotal study and has no approved product.
- Continuing net losses mean the company depends on external financing to continue development.
- The portfolio is concentrated mainly on zovegalisib, which increases dependence on one program's outcome.
Opportunities
- If ReDiscover-2 data prove favorable, zovegalisib could become an option for several lines of breast cancer treatment.
- Expansion into vascular anomalies could open an additional market for the same molecule.
- Partnerships for programs such as RLY-4008 can bring milestone payments and reduce the company's own spending.
Threats
- Failure of a Phase 3 study could seriously affect the value of the entire portfolio.
- Competition for eligible patients could slow recruitment and delay the approval timeline.
- Difficulty obtaining long-term financing could force the reduction or closure of some programs.
Risks
- Clinical failure riskhigh
The company acknowledges that preliminary results may differ from final ones and that studies can fail or require additional trials.
- Financing riskhigh
Relay will need additional capital to continue development, and it could be unavailable or expensive.
- Recruitment riskmedium
Strict eligibility criteria and competition for patients can slow studies.
- Companion test riskmedium
If the companion test is not available or approved on time, product approval could be delayed.
- Dependence on external partnerslow
Partners such as Elevar or Pfizer influence the timing and results of some programs, and any changes could affect the company.
Investment thesis
What would need to be true (bull case)
- If zovegalisib confirms its advantage in ReDiscover-2, the company could become an important player in PI3Kα-mutant breast cancer.
- The Dynamo platform could generate more candidates and support a broader portfolio over time.
- Recently obtained financing could allow studies to continue without immediate capital pressure.
What would break the thesis
- Continuing net losses and a growing accumulated deficit make the company dependent on capital markets.
- Zovegalisib is still in clinical studies, and the failure of a major study could sharply reduce the company's value.
- Clinical competition and companion test requirements could slow adoption even if data are positive.
What to watch
- Final results of the ReDiscover-2 study2027
- Progress of the ReInspire study in vascular anomalies2027
- FDA decision after any future filing2027
- Update on use of the at-the-market sales programnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Relay Therapeutics is a clinical-stage small molecule company that targets protein targets previously considered intractable, using its Dynamo platform and an approach it calls Motion-Based Drug Design. The company aims to turn insights into protein motion into drugs with high specificity. Its portfolio focuses on precision oncology and genetic disease, where mutations can be identified through molecular diagnostics.
Relay licensed lirafugratinib (RLY-4008) to Elevar Therapeutics in December 2024 and has received 10.0 million USD in milestone payments so far, while the Genentech agreement for migoprotafib was terminated effective January 2025. The company says its current resources could fund operations into 2029, but it will need additional capital to develop and commercialize its products.
Segments
Precision oncology
Zovegalisib is being evaluated in HR+, HER2- breast cancer with a PI3Kα mutation, where the company estimates about 140000 patients per year in the United States. The ReDiscover-2 study compares zovegalisib plus fulvestrant with capivasertib plus fulvestrant, with a planned enrollment of 540 patients. The company selected atirmociclib as its triplet combination partner for frontline breast cancer.
Genetic disease and vascular anomalies
Zovegalisib is also tested in vascular anomalies and PIK3CA-related overgrowth spectrum in the ReInspire study. The company announced initial clinical data from this study in May 2026. The Fabry disease chaperone program is still at the research stage.
Market context
PI3Kα mutations are among the most frequently mutated kinases in cancers, and the company notes they occur in about 14% of patients with solid tumors. The targeted market is large for precision medicine, but actual uptake depends on study results and regulatory approvals. If Phase 3 data prove conclusive, the market could become one of the most important for the company.
Relay focuses on patients identifiable through molecular diagnostics, a condition that narrows the eligible population but may raise the probability of clinical success. The approval timeline depends on final ReDiscover-2 data and dialogue with regulators.
Trends
- Biomarker-driven precision medicinemixed
Developing drugs for genetically selected patients can reduce study risk and speed approvals, especially when designations such as Breakthrough Therapy apply. However, the need for a companion test can slow enrollment.
- Combination therapies with CDK4/6 inhibitorstailwind
Doublet and triplet combinations have become a central direction in breast cancer, and Relay builds its strategy on this logic. If these combinations show advantages in frontline treatment, the company's position could strengthen.
- Biotech costs and financingheadwind
Clinical companies depend on capital markets to fund studies, and Relay has used both public offerings and at-the-market programs. Financing conditions could become harder if markets deteriorate.
- Competitive pressure for patient recruitmentheadwind
Competition for eligible patients can slow studies, because some patients may enroll in competitors' trials. The company names this as a specific risk for its programs.
Competitive position
In PI3Kα-mutant breast cancer, the company compares zovegalisib with existing orthosteric inhibitors, which have selectivity limits and toxicities such as severe hyperglycemia. The ReDiscover-2 study uses capivasertib as its comparator arm, and clinical competition for patients is intense.
Relay also competes with other companies developing targeted therapies for the same indications or patient populations. The concrete degree of competition will depend on study results and the timing of approvals for each product.
- Existing orthosteric PI3K inhibitors
Earlier therapies target the active site and have selectivity limits against wild-type enzyme, with toxicities that reduce dose.
- Capivasertib
Is the comparator in the Phase 3 ReDiscover-2 study, used with fulvestrant.
- Atirmociclib
A selective CDK4 inhibitor developed by Pfizer, used by Relay in a triplet combination with zovegalisib.
- Other targeted therapy developers in precision oncology
Companies working on selective inhibitors for comparable genetic targets, with an impact on patient recruitment.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Stereodivergent Synthesis of γ-Functionalized Primary Alcohols via Relay-Synergistic Ir/Amine/Ni CatalysisJournal of the American Chemical Society · 02 Nov 2026 · EN
- Shadowy AI Relay Disables OpenAI Codex, Claude Code SandboxesDark Reading · 29 Oct 2026 · EN
- Dutch Police Arrest Two Over NFC Relay Attacks That Drained $400,000+ From Bank AccountsSecurityWeek · 26 Oct 2026 · EN
- Relay Catalysis for Selective Mono-N-methylation and Buchwald–Hartwig Amination of Primary Aromatic and Aliphatic Amines Using a Vaska-Type Ir and Ir/Pd CatalystsJACS Au · 23 Oct 2026 · EN
- Enantioconvergent Deoxygenative Amination via Xanthate Esters by a Decarboxylative RelayJournal of the American Chemical Society · 01 Oct 2026 · EN
- LA28 Games torch relay to travel through all 50 US statesCNA (Channel NewsAsia) · 29 Sept 2026 · EN
- (Asiad) S. Korea grabs bronze in men's 4x100m relay in nat'l record timeYonhap News (KR, EN) · 28 Sept 2026 · EN
- (Asiad) S. Korea advances to men's 4x100m relay final after disqualification overturnedYonhap News (KR, EN) · 28 Sept 2026 · EN
- (Asiad) S. Korea disqualified in men's 4x100m relay at Asian GamesYonhap News (KR, EN) · 27 Sept 2026 · EN
- Welcome to the Medical Clinic at the Interplanetary Relay StationHacker News · 26 Sept 2026 · EN
- (LEAD) (Asiad) Swimmers lament decision not to award medals to relay heat participantsYonhap News (KR, EN) · 26 Sept 2026 · EN
- (Asiad) Swimmers lament decision not to award medals to relay heat participantsYonhap News (KR, EN) · 26 Sept 2026 · EN
- (LEAD) (Asiad) S. Korea wins relay bronze to end swimming competitionYonhap News (KR, EN) · 25 Sept 2026 · EN
- (Asiad) S. Korea wins relay bronze to end swimming competitionYonhap News (KR, EN) · 25 Sept 2026 · EN
- (Asiad) Swimming relay anchor thanks injured teammate for lucky capYonhap News (KR, EN) · 24 Sept 2026 · EN
- (LEAD) (Asiad) S. Korea takes bronze in women's swimming relayYonhap News (KR, EN) · 24 Sept 2026 · EN
- (LEAD) (Asiad) S. Korea takes silver in men's relay swimmingYonhap News (KR, EN) · 24 Sept 2026 · EN
- (Asiad) S. Korea takes bronze in women's swimming relayYonhap News (KR, EN) · 24 Sept 2026 · EN
- (Asiad) S. Korea takes silver in men's relay swimmingYonhap News (KR, EN) · 24 Sept 2026 · EN
- (Asiad) Injured swimmer pulls out of competition after racing in relayYonhap News (KR, EN) · 24 Sept 2026 · EN
The latest news item in our archive is from 02 Nov 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Material agreement · Results of operations · Financial statements and exhibits
- Current report09 Jun 2026Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Current report21 May 2026Material agreement · Financial statements and exhibits
- Current report19 May 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Proxy statement28 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Relay Therapeutics, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Relay Therapeutics, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Relay Therapeutics, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.