Relay Therapeutics (RLAY) Q2 2025 Earnings
How Did RLAY Stock React to Q2 2025 Earnings?
S&P 500 over the same 30 days: +2.36%.
Did RLAY Beat Earnings? Q2 2025 Results
Yes. Relay Therapeutics reported Q2 2025 earnings of $-0.41 a share on Aug 7, 2025, beating the $-0.44 consensus estimate by 7.7%. Revenue was $677,000 against a $14,290 estimate.
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.
- 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
“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.”
Relay Therapeutics CEO, on the earnings call
What Was Relay Therapeutics's Outlook in Q2 2025?
Relay Therapeutics expects its current cash, cash equivalents, and investments of approximately $657 million to be sufficient to fund operating expenses and capital expenditure requirements into 2029. The company's top priority is enrolling patients and executing the Phase 3 ReDiscover-2 trial of RLY-2608 in the post-CDK4/6 breast cancer setting. The company also continues advancing triplet combination cohorts and its Phase 1 vascular malformations trial.
RLAY YoY Financials
| Metric | Q2 2025 | Q2 2024 | Year over year |
|---|---|---|---|
| Operating Income | −$76.8M | −$62.1M | +23.7% |
| Net Income | −$70.4M | −$56.9M | +23.7% |
Figures from SEC filings and company reports. Not investment advice.