Q2 25 EPS
$-0.41
BEAT +7.66%
Est. $-0.44
Q2 25 Revenue
$677,000
BEAT +4,637.58%
Est. $14,290
vs S&P Since Q2 25
+449.5%
BEATING MARKET
RLAY +466.8% vs S&P +17.3%
Market Reaction
Did RLAY Beat Earnings? Q2 2025 Results
Relay Therapeutics posted a stronger-than-expected second quarter, with a loss per share of $0.41 beating the consensus estimate of $0.44 by 7.66%, while revenue of $677,000 cleared analyst expectations by a wide margin. The primary engine behind the… Read more Relay Therapeutics posted a stronger-than-expected second quarter, with a loss per share of $0.41 beating the consensus estimate of $0.44 by 7.66%, while revenue of $677,000 cleared analyst expectations by a wide margin. The primary engine behind the improved bottom line was a sharp reduction in operating costs, as R&D expenses fell $28.10 million year-over-year to $63.90 million following the company's organizational streamlining and cost avoidance tied to the December 2024 licensing of lirafugratinib to Elevar Therapeutics; G&A expenses declined a further $6.50 million to $13.63 million, helping narrow the net loss to $70.38 million from $92.21 million a year ago. The quarter's clinical centerpiece was the initiation of the Phase 3 ReDiscover-2 trial evaluating RLY-2608 in HR+/HER2- breast cancer, now Relay's primary value driver. With $656.77 million in cash on hand and management guiding that runway extends into 2029, the company enters the back half of 2025 with its balance sheet and clinical priorities closely aligned.
Key Takeaways
- • Streamlining of research organization throughout 2024 and 2025 reduced R&D expenses
- • Cost avoidance from licensing lirafugratinib to Elevar Therapeutics in December 2024
- • Decreased stock compensation and employee compensation costs reduced G&A expenses
RLAY YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
“It is an exciting time for Relay as we have initiated our Phase 3 ReDiscover-2 Trial, studying RLY-2608 + fulvestrant versus capivasertib + fulvestrant in HR+/HER2- breast cancer patients. The interim data from our Phase 1 trial have remained consistent with previously announced data, showing what we believe are the potential benefits of RLY-2608 compared to historical standard of care data for both safety and efficacy. It is our company's top priority to enroll patients and execute this trial, and hopefully deliver a novel medicine in the post-CDK4/6 breast cancer setting where there is a large unmet medical need.”
— Sanjiv Patel, Q2 2025 Earnings Press Release
RLAY Earnings Trends
RLAY vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
RLAY EPS Trend
Earnings per share: estimate vs actual
RLAY Revenue Trend
Quarterly revenue: estimate vs actual
RLAY Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $-0.36 | $-0.41 | -15.01% | $3.0M | -35.48% |
| Q4 25 BEAT FY | $-0.40 | $-0.32 | +19.17% | $7.0M | +61.41% |
| FY Full Year | — | $-1.61 | — | $15.4M | — |
| Q3 25 MISS | $-0.42 | $-0.43 | -2.75% | $0 | -100.00% |
| Q2 25 BEAT | $-0.44 | $-0.41 | +7.66% | $677,000 | +4,637.58% |
| Q1 25 BEAT | $-0.48 | $-0.46 | +4.11% | $7.7M | +69,017.91% |