Relay Therapeutics (RLAY)

Executive Summary

Relay Therapeutics (NASDAQ: RLAY) is a clinical-stage precision medicine company leveraging its dynamically driven drug discovery platform to target protein motion, enabling small molecule therapies for genetically defined cancers. The platform integrates computational and experimental techniques to address historically challenging targets. The lead program, RLY-4008, targets FGFR2-altered solid tumors, while RLY-2608 is a first-in-class allosteric PI3Kα inhibitor for mutant PIK3CA cancers, including advanced breast cancer. The pipeline also includes earlier-stage combinations and a Phase 2 trial in PIK3CA-related overgrowth spectrum (PROS). Upcoming catalysts include initial data from the Phase 3 ReDiscover trial of RLY-2608 plus fulvestrant in PIK3CA-mutant breast cancer, expected in late 2026. Additionally, Phase 1 dose optimization data for RLY-2608 combinations and Phase 2 PROS trial updates could provide further value. Regulatory progress for RLY-4008 remains a potential catalyst. With a strong cash position and validated platform, Relay is positioned for potential inflection points in its lead programs.

Upcoming Catalysts (preview)

• H2 2026RLY-2608 Phase 3 interim efficacy data in PIK3CA-mutant breast cancer60% success
• H1 2027RLY-2608 Phase 2 PROS trial initial data50% success
• TBDRLY-4008 regulatory update or pivotal data40% success