Relay Therapeutics Q2 revenue misses estimates on higher R&D expenses; net loss widens
RLAY•Outlook
- Company expects to initiate Phase 3 1L breast cancer trial in early 2027, subject to regulatory feedback
- Enrollment update for ongoing Phase 3 ReDiscover-2 trial in 2L breast cancer expected by year-end 2026
- Company expects current cash position to fund operations into 2029
Result drivers
- Higher R&D spend - Co said increased research and development expenses were driven by higher costs across ongoing clinical trials for zovegalisib.
- Revenue decline - Co attributed Q2 revenue to its Exclusive License Agreement with Elevar Therapeutics; no additional drivers cited.
- Legal costs - Co said higher general and administrative expenses were primarily due to increased legal expenses.
Q2 results and revenue miss
US precision medicine developer's Q2 revenue declined and missed analyst expectations.
Net loss for Q2 widened and missed analyst expectations.
Company raised $316 mln in public offering, boosting cash to $911 mln.
