Companies /Healthcare

Relay Therapeutics Inc

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

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

Market Reaction

% 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+0.0%−2.5%
−4%0+4%Nov 5Nov 14earnings+0.0%−2.5%
RLAY −2.5%S&P 500 +0.0%
−4%0+4%Nov 5Nov 14report 4:12pm ETearnings−0.7%−2.5%
−4%0+4%Nov 5Nov 14earnings−0.7%−2.5%
RLAY −2.5%NASDAQ −0.7%
−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

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

Forward Guidance & Outlook

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

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