Q3 25 EPS
$-0.43
MISS 2.75%
Est. $-0.42
Q3 25 Revenue
$0
MISS 100.00%
Est. $160,000
vs S&P Since Q3 25
+203.6%
BEATING MARKET
RLAY +215.0% vs S&P +11.5%
Market Reaction
Did RLAY Beat Earnings? Q3 2025 Results
Relay Therapeutics delivered a disappointing third quarter, missing on both top and bottom lines as the clinical-stage biotech reported zero revenue against a consensus expectation of $160,000, while its loss per share of $0.43 came in 2.75% wider th… Read more Relay Therapeutics delivered a disappointing third quarter, missing on both top and bottom lines as the clinical-stage biotech reported zero revenue against a consensus expectation of $160,000, while its loss per share of $0.43 came in 2.75% wider than the $0.42 analysts had forecast. The revenue shortfall reflects the company's position as a pre-commercial operation, with lead asset RLY-2608 still advancing through clinical trials rather than generating product sales. On the cost side, some progress was visible; the net loss narrowed to $74.15 million from $88.11 million a year ago, driven by leaner R&D spending of $68.26 million compared to $76.62 million in Q3 2024, and a sharp drop in G&A expenses to $12.13 million from $19.75 million, reflecting restructuring actions and the December 2024 out-licensing of lirafugratinib to Elevar Therapeutics. With $596.43 million in cash and investments on hand, management expects the runway to extend into 2029, providing a buffer as the company advances its Phase 3 ReDiscover-2 breast cancer trial and recently bolstered its board with two former biotech CEOs to prepare for eventual commercialization.
Key Takeaways
- • Streamlined research organization throughout 2024 and 2025 reduced R&D expenses
- • Cost avoidance from licensing lirafugratinib to Elevar Therapeutics in December 2024
- • Decrease in stock compensation and employee costs reduced G&A expenses
- • Increased spending on ReDiscover-2 and ReInspire trials partially offset savings
RLAY YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
“We are pleased with the clinical progress we've made across all three of our RLY-2608 trials in breast cancer and vascular malformations.”
— Sanjiv Patel, Q3 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% |