Relay Therapeutics Ends 2025 with $554.5M Cash, Outlines 2026 Clinical Readouts
Relay Therapeutics ended 2025 with $554.5 million in cash and investments, funding operations into 2029, and reported $15.4 million in full-year revenue under its Elevar license. It expects first-half 2026 Phase 1 data for zovegalisib in PIK3CA-driven vascular anomalies and Phase 1/2 breast cancer data at ESMO TAT.
1. Fourth Quarter and Full Year 2025 Results
As of December 31, 2025, Relay held $554.5 million in cash, cash equivalents and investments, down from $781.3 million a year earlier, providing runway into 2029. It reported $7.0 million in Q4 revenue and $15.4 million for full-year 2025, while R&D expenses declined to $55.4 million in Q4 and $261.4 million for the year.
2. 2026 Anticipated Clinical Milestones
In 2026 Relay plans multiple zovegalisib data readouts, including first-half Phase 1 results in PIK3CA-driven vascular anomalies and Phase 1/2 breast cancer data at the ESMO Targeted Anticancer Therapies Congress on March 16, alongside breast cancer triplet data and frontline Phase 3 design updates later in the year.
3. 2025 Pipeline Highlights
During 2025 the Phase 1/2 ReDiscover trial in HR+/HER2-, PI3Kα-mutant metastatic breast cancer showed a median PFS of 10.3 months (n=52) and a 39% ORR (n=31), with higher PFS and ORR in second-line and ESR1-mutant cohorts. Triplet combinations with CDK4/6 inhibitors and the Phase 1 ReInspire trial in vascular anomalies advanced ahead of schedule.