Relay Therapeutics (RLAY) Barclays 28th Annual Global Healthcare Conference summary

Strategic focus and pipeline updates

• Emphasis on precision medicine with a focus on PI3K alpha mutant-selective inhibitor, zovegalisib, targeting three main indications: metastatic breast cancer (second line and frontline) and PI3Kα-driven vascular malformations.

• Lead FGFR2 inhibitor was out-licensed to streamline resources and prioritize core programs.

• Upcoming year will feature three key datasets: second line metastatic breast cancer (data at ESMO TAT), frontline regimen selection (2026), and vascular anomalies (first half of year).

• Company holds approximately $550 million in cash, supporting operations and research through 2029.

• Additional assets in NRAS and Fabry's disease are also being advanced.

Clinical development and data disclosures

• Second line metastatic breast cancer data (400mg BID fed) to be presented at ESMO TAT, aiming to show consistency with prior 600mg BID fasted cohort and support ongoing Phase III ReDiscover-2 trial.

• Frontline metastatic breast cancer regimen selection will prioritize tolerability, with data disclosure expected in 2026; efficacy is supported by prior studies.

• Vascular anomalies program will present 12-week MRI-based efficacy data in at least 20 patients, focusing on volumetric lesion reduction.

• Pediatric cohort initiated for vascular anomalies, reflecting disease onset in childhood.

• Ongoing updates and multiple data disclosures planned across all three programs.

Competitive landscape and differentiation

• Zovegalisib is positioned as the first mutant-selective PI3Kα inhibitor with improved tolerability and efficacy compared to prior generations, addressing off-target toxicities.

• Oral administration and favorable safety profile are highlighted as key differentiators versus IV competitors and non-selective inhibitors.

• Commercial opportunity in breast cancer is significant, with 40% of HR-positive, HER2-negative patients harboring PI3Kα mutations.

• Vascular anomalies market is underserved, with current therapies limited to a subset of patients; zovegalisib aims for broader impact.

• Regulatory strategy leverages precedents set by alpelisib, with potential for accelerated approval based on efficacy and tolerability.