Companies /Healthcare

Relay Therapeutics Inc

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

Q4 2025 Earnings

Reported Feb 26, 2026, 4:10pm ET · SEC source
$-0.32
Beat +19.17%
EPS · est. $-0.40
$7.0M
Beat +61.41%
Revenue · est. $4.3M
+2.2%
Beating market
RLAY vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
0+8%+16%+24%Feb 26Feb 27report 4:10pm ETearnings−0.5%+12.3%
0+8%+16%+24%Feb 26Feb 27earnings−0.5%+12.3%
RLAY +12.3%S&P 500 −0.5%
0+8%+16%+24%Feb 26Feb 27report 4:10pm ETearnings−0.4%+12.3%
0+8%+16%+24%Feb 26Feb 27earnings−0.4%+12.3%
RLAY +12.3%NASDAQ −0.4%
0+8%+16%+24%Feb 25Mar 6report 4:10pm ETearnings−2.5%+8.0%
0+8%+16%+24%Feb 25Mar 6earnings−2.5%+8.0%
RLAY +8.0%S&P 500 −2.5%
0+8%+16%+24%Feb 25Mar 6report 4:10pm ETearnings−1.6%+8.0%
0+8%+16%+24%Feb 25Mar 6earnings−1.6%+8.0%
RLAY +8.0%NASDAQ −1.6%
+12.01%
Day of report
−4.58%
Next session
−3.61%
One week
−3.02%
30 days

S&P 500 over the same 30 days: −5.20%.

Did RLAY Beat Earnings? Q4 2025 Results

Relay Therapeutics delivered a strong finish to fiscal 2025, beating Wall Street expectations on both the top and bottom lines as its pipeline progress and leaner cost structure took hold. The clinical-stage biotech posted a Q4 loss per share of $0.32, coming in 19.17% better than the consensus estimate of $0.40, while revenue of $7.00 million cleared the $4.34 million analyst forecast by 61.41%, driven largely by recognition of payments under its Exclusive License Agreement with Elevar Therapeutics. The net loss narrowed to $54.89 million from $76.00 million a year earlier, reflecting meaningful cuts to R&D and G&A spending following the company's 2024-2025 research restructuring. Shares surged roughly 19% to a 52-week high in the wake of the report, buoyed further by FDA Breakthrough Therapy designation for lead asset zovegalisib. With $554.52 million in cash and investments on hand, management projects a runway into 2029, and investors are watching closely for Phase 1/2 zovegalisib data at ESMO TAT in March 2026 as the next major catalyst.

Key Takeaways
  • Revenue recognized under Exclusive License Agreement with Elevar Therapeutics for lirafugratinib
  • Reduced R&D and G&A expenses from research organization streamlining in 2024-2025
  • Lower stock compensation expense and employee costs

“Our focus on disciplined execution to date has strengthened the foundation of Relay, aligning our organization to support long-term success. In 2026, Relay is entering a pivotal period defined by multiple upcoming clinical milestones across our zovegalisib program, which recently received Breakthrough Therapy designation from the FDA.”

Relay Therapeutics CEO, on the earnings call

Forward Guidance & Outlook

Relay Therapeutics expects its current cash, cash equivalents, and investments of approximately $555 million to be sufficient to fund operating expenses and capital expenditure requirements into 2029. Key 2026 milestones include: initial Phase 1/2 data of zovegalisib + fulvestrant at the Phase 3 dose (400mg BID fed) to be presented at ESMO TAT on March 16, 2026; initial Phase 1 clinical data in PIK3CA-driven vascular anomalies planned for 1H 2026 with approximately 20 patients; and breast cancer triplet clinical data along with frontline Phase 3 study design plans anticipated during 2026.

RLAY YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$-60,000,000$-40,000,000$-20,000,000$-47,127,866$-60,630,000Operating Income$-42,955,862$-54,889,000Net Income
$-60,000,000$-40,000,000$-20,000,000Operating IncomeNet Income

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