Relay Therapeutics Q1 2024 Financial Results and Corporate Highlights

Relay Therapeutics, Inc., a clinical-stage precision medicine company, announced its financial results and corporate highlights for the first quarter of 2024. The company ended the quarter with approximately $750 million in cash, cash equivalents, and investments, which is expected to support its operations into the second half of 2026. The CEO, Sanjiv Patel, emphasized the company's focus on maintaining strong execution across its portfolio and advancing its pre-clinical pipeline. He also mentioned that they expect to share additional data from the RLY-2608 development program in the latter part of the year and disclose at least one new program with first-in-class potential.

Relay Therapeutics provided updates on key projects, including RLY-2608 and lirafugratinib (RLY-4008). The RLY-2608 project, part of the ReDiscover study, continues to enroll patients with PI3Kα-mutant, HR+, HER2- locally advanced or metastatic breast cancer in two additional dose expansion cohorts. The company is also enrolling patients in a triplet combination of RLY-2608, fulvestrant, and ribociclib for the same type of cancer. For lirafugratinib, the company plans to minimize resource allocation in 2024 to allow data to mature and inform future clinical development decisions.

Looking ahead to 2024, Relay Therapeutics anticipates several milestones: an update on the RLY-2608 and fulvestrant data in the second half of the year, initial safety data from the RLY-2608, fulvestrant, and ribociclib combination, and tumor-agnostic data and regulatory updates for lirafugratinib. The company also plans to disclose new pre-clinical programs.

Financially, Relay Therapeutics reported total revenue of $10 million for the first quarter of 2024, a significant increase from $0.2 million in the first quarter of 2023. This rise was primarily due to a milestone payment received under a Collaboration and License Agreement with Genentech, Inc. Research and development expenses were $82.4 million, slightly lower than the $82.8 million reported in the same period last year, due to the prioritization of certain programs. General and administrative expenses were $19.8 million, up from $19.6 million last year, mainly due to additional stock compensation expenses. The net loss for the first quarter was $81.4 million, or $0.62 per share, compared to a net loss of $94.2 million, or $0.78 per share, in the first quarter of 2023.

Relay Therapeutics is dedicated to transforming the drug discovery process by leveraging advanced computational and experimental technologies. The company's Dynamo™ platform integrates a range of computational and experimental methods to target protein structures that have been difficult to address with traditional drug discovery techniques. Initially, Relay Therapeutics is focusing on small molecule therapeutic discovery in targeted oncology and genetic disease indications.

The company’s cash, cash equivalents, and investments as of March 31, 2024, totaled $749.6 million, which is expected to be sufficient to fund its operating plan into the second half of 2026. The working capital stood at $733 million, with total assets of $841 million and total liabilities of $96 million. Total stockholders' equity was reported at $746 million.

Relay Therapeutics continues to advance its mission of bringing life-changing therapies to patients by pushing the boundaries of drug discovery. Through its innovative approaches and strategic collaborations, the company aims to address unmet medical needs and improve patient outcomes.