Q1 26 EPS
$-0.41
MISS 15.01%
Est. $-0.36
Q1 26 Revenue
$3.0M
MISS 35.48%
Est. $4.7M
vs S&P Since Q1 26
+47.2%
BEATING MARKET
RLAY +52.9% vs S&P +5.7%
Market Reaction
Did RLAY Beat Earnings? Q1 2026 Results
Relay Therapeutics delivered a disappointing first quarter for fiscal 2026, missing on both the top and bottom lines as revenue collapsed 60.9% year-over-year to $3.00 million, falling well short of the $4.65 million consensus by 35.48%, while its lo… Read more Relay Therapeutics delivered a disappointing first quarter for fiscal 2026, missing on both the top and bottom lines as revenue collapsed 60.9% year-over-year to $3.00 million, falling well short of the $4.65 million consensus by 35.48%, while its loss per share of $0.41 widened beyond the expected $0.36 loss by 15.01%. The sharp revenue decline traced primarily to reduced contributions from the Elevar Therapeutics license agreement, which had generated a much larger payment in the year-ago period. Offsetting some of the gloom, the net loss narrowed modestly to $73.29 million from $77.06 million a year ago as G&A expenses dropped significantly and R&D costs edged lower despite rising Phase 3 ReDiscover-2 trial spending. The FDA's Breakthrough Therapy designation for zovegalisib in PIK3CA-mutant breast cancer and encouraging Phase 2 data showing a 60% volumetric response rate in vascular anomalies lent clinical credibility to the pipeline. Management guided that its $642 million cash position, supplemented by additional ATM proceeds, should fund operations into 2029, with a Phase 3 first-line breast cancer trial targeted for early 2027.
Key Takeaways
- • Revenue decline driven by lower recognition under the Elevar Therapeutics license agreement
- • R&D expense reduction from prior strategic streamlining of research organization, partially offset by ReDiscover-2 trial costs
- • G&A expense reduction from lower employee compensation costs and absence of prior-year Elevar agreement costs
- • Interest income of $5.4 million partially offset operating losses
RLAY YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
“We have made important progress so far in 2026, highlighted by promising data supporting further development for the zovegalisib plus atirmociclib triplet combination in frontline breast cancer.”
— Sanjiv Patel, Q1 2026 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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | $-0.39 | — | — | — | — |
| 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% |