Companies /Healthcare
Relay Therapeutics Inc
NASDAQ: RLAY Biotechnology
$17.06
▼ $0.30 (−1.73%) today
Markets closed · 6:53pm ET

Relay Therapeutics (RLAY) Q3 2025 Earnings

Reported Nov 6, 2025, 4:12pm ET · SEC source
$-0.43
Miss −2.75%
EPS · est. $-0.42
$0
Miss +0.00%
Revenue · est. $160,000
+23.0%
Beating market
RLAY vs S&P since report
1 quarter
Consecutive EPS misses

How Did RLAY Stock React to Q3 2025 Earnings?

% change · around the report
−6%−3%0Nov 6Nov 7report 4:12pm ETearnings+0.1%−4.2%
−6%−3%0Nov 6Nov 7earnings+0.1%−4.2%
RLAY −4.2%S&P 500 +0.1%
−6%−3%0Nov 6Nov 7report 4:12pm ETearnings−0.2%−4.2%
−6%−3%0Nov 6Nov 7earnings−0.2%−4.2%
RLAY −4.2%NASDAQ −0.2%
−4%0+4%Nov 5Nov 14report 4:12pm ETearnings+0.1%−2.3%
−4%0+4%Nov 5Nov 14earnings+0.1%−2.3%
RLAY −2.3%S&P 500 +0.1%
−4%0+4%Nov 5Nov 14report 4:12pm ETearnings−0.5%−2.3%
−4%0+4%Nov 5Nov 14earnings−0.5%−2.3%
RLAY −2.3%NASDAQ −0.5%
−7.35%
Day of report
+1.98%
Next session
+3.97%
One week
+25.45%
30 days

S&P 500 over the same 30 days: +2.47%.

Did RLAY Beat Earnings? Q3 2025 Results

No. Relay Therapeutics reported Q3 2025 earnings of $-0.43 a share on Nov 6, 2025, missing the $-0.42 consensus estimate by 2.7%.

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

“We are pleased with the clinical progress we've made across all three of our RLY-2608 trials in breast cancer and vascular malformations.”

Relay Therapeutics CEO, on the earnings call

What Was Relay Therapeutics's Outlook in Q3 2025?

Relay Therapeutics expects its current cash, cash equivalents, and investments of approximately $596 million to be sufficient to fund operating expenses and capital expenditure requirements into 2029. The company is focused on clinical execution of its three RLY-2608 trials and has strengthened its board with commercialization expertise in anticipation of advancing its programs toward later-stage development.

RLAY YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$-90,000,000$-60,000,000$-30,000,000$-68,957,797$-80,391,000Operating Income$-64,009,841$-74,149,000Net Income
$-90,000,000$-60,000,000$-30,000,000Operating IncomeNet Income
RLAY income statement, Q3 2025 versus Q3 2024
Metric Q3 2025 Q3 2024 Year over year
Operating Income −$80.4M −$69.0M +16.6%
Net Income −$74.1M −$64.0M +15.8%

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