Relay Therapeutics Q2 2024 Financial Results and Highlights

Relay Therapeutics, Inc., a clinical-stage precision medicine company, has announced its second-quarter 2024 financial results and several key corporate developments. The company is renowned for transforming the drug discovery process by integrating advanced computational and experimental technologies. Below are the highlights:

New Clinical Programs and Collaborations

1. Genetic Disease Programs: Relay Therapeutics has launched three new pre-clinical programs focusing on genetic diseases. These programs target vascular malformations, Fabry disease, and a precision oncology program with an NRAS-specific inhibitor.

2. Partnership with Pfizer: The company has entered into a global clinical trial collaboration with Pfizer. This partnership aims to develop a combination therapy involving RLY-2608, fulvestrant, and Pfizer's atirmociclib (a selective CDK4 inhibitor). Clinical trials are set to commence by the end of 2024.

Financial Health

Relay Therapeutics reported substantial financial resources, with approximately $688 million in cash, cash equivalents, and investments as of the second quarter's end. This robust financial position is expected to support operations into the second half of 2026.

Corporate Highlights

- RLY-2608 (ReDiscover Study):
- Doublet Therapy: Continued patient enrollment for RLY-2608 combined with fulvestrant in PI3Kα-mutant, HR+, HER2- breast cancer cases. A data update is expected in Q4 2024, encompassing around 100 patients across various doses.
- Triplet Therapy: Enrollment is ongoing for the combination of RLY-2608, fulvestrant, and ribociclib. A new clinical trial will start by the end of 2024, combining RLY-2608, fulvestrant, and Pfizer's atirmociclib.
- Monotherapy: Continued patient enrollment for RLY-2608 monotherapy in cases of unresectable or metastatic solid tumors with PI3Kα mutations, showing partial responses in multiple tumor types.

- Migoprotafib (GDC-1971):
- Genentech has terminated its collaboration agreement for migoprotafib, and Relay Therapeutics will discontinue its development.

Pre-Clinical Programs

1. Vascular Malformations:
- Targeting PI3Kα mutations that are common in specific vascular malformations, the company plans to begin clinical development in Q1 2025. These malformations involve atypical development of blood or lymphatic vessels and can be life-threatening.

2. Fabry Disease:
- Relay Therapeutics has developed a non-inhibitory chaperone designed to stabilize the αGal protein, enhancing Gb3 clearance across organs. Clinical trials are expected to begin in the second half of 2025.

3. NRAS-specific Inhibitor:
- An estimated 28,000 people in the U.S. are diagnosed annually with NRAS-mutated tumors, affecting cancers such as melanoma and colorectal cancer. The company’s NRAS-selective inhibitor aims to offer a more targeted therapy, with clinical trials planned for the second half of 2025.

Financial Performance

- Cash and Investments: As of June 30, 2024, the company held $688.4 million in cash, cash equivalents, and investments, down from $750.1 million at the end of 2023.
- R&D Expenses: Research and development costs rose to $92 million from $88.2 million year-over-year, primarily due to increased costs associated with the ReDiscover trial for RLY-2608.
- G&A Expenses: General and administrative expenses remained steady at $20.1 million.
- Net Loss: The net loss for Q2 2024 was $92.2 million, or $0.69 per share, compared to $98.5 million, or $0.81 per share, for the same period in 2023.

Future Milestones

Relay Therapeutics has set several significant milestones for the coming years:
- Updating RLY-2608 and fulvestrant data by Q4 2024.
- Initiating the triplet combination clinical trial by the end of 2024.
- Launching clinical trials for pre-clinical vascular malformations, Fabry disease, and NRAS programs between 2025 and 2026.

About Relay Therapeutics

Relay Therapeutics combines cutting-edge computational and experimental technologies to create innovative therapies for cancer and genetic diseases. The company's Dynamo™ platform aims to address previously intractable protein targets, pushing the boundaries of drug discovery.

Overall, Relay Therapeutics is continuing to make significant strides in both its clinical and pre-clinical programs, with robust financial health supporting its long-term objectives.

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