Companies /Healthcare

Relay Therapeutics Inc

NASDAQ: RLAY Biotechnology
$19.04
▲ $0.03 (+0.16%) today
Markets closed · 4:42pm ET

Q2 2025 Earnings

Reported Aug 7, 2025, 4:10pm ET · SEC source
$-0.41
Beat +7.66%
EPS · est. $-0.44
$677,000
Beat +4,637.58%
Revenue · est. $14,290
+23.7%
Beating market
RLAY vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
0+5%+10%Aug 7Aug 8report 4:10pm ETearnings+0.7%+2.4%
0+5%+10%Aug 7Aug 8earnings+0.7%+2.4%
RLAY +2.4%S&P 500 +0.7%
0+5%+10%Aug 7Aug 8report 4:10pm ETearnings+0.8%+2.4%
0+5%+10%Aug 7Aug 8earnings+0.8%+2.4%
RLAY +2.4%NASDAQ +0.8%
0+5%+10%Aug 6Aug 15report 4:10pm ETearnings+1.6%+12.3%
0+5%+10%Aug 6Aug 15earnings+1.6%+12.3%
RLAY +12.3%S&P 500 +1.6%
0+5%+10%Aug 6Aug 15report 4:10pm ETearnings+1.3%+12.3%
0+5%+10%Aug 6Aug 15earnings+1.3%+12.3%
RLAY +12.3%NASDAQ +1.3%
−7.74%
Day of report
+0.93%
Next session
+9.94%
One week
+26.09%
30 days

S&P 500 over the same 30 days: +2.36%.

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 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

“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

Forward Guidance & Outlook

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

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$-60,000,000$-30,000,000$-62,108,624$-76,847,000Operating Income$-56,900,873$-70,375,000Net Income
$-60,000,000$-30,000,000Operating IncomeNet Income

Figures from SEC filings and company reports. Not investment advice.