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 PI3K alpha-driven vascular malformations.

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

• 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 the year).

• Company holds approximately $550 million in cash, supporting operations and development 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 results.

• Phase III ReDiscover-2 trial is enrolling globally with active comparator capivasertib; enrollment progressing well with guidance on timing to be provided as sites mature.

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

• Vascular anomalies program includes a randomized dose study with at least 20 efficacy-evaluable patients; data will focus on volumetric MRI reduction at 12 weeks.

• Regulatory pathway for vascular anomalies may follow accelerated approval precedent set by alpelisib, with pivotal design informed by dose optimization learnings.

Competitive landscape and differentiation

• Zovegalisib is positioned as the first mutant-selective PI3K alpha inhibitor with improved tolerability and efficacy compared to prior generations.

• Oral administration and reduced off-target toxicities are key differentiators versus IV competitors and non-selective agents.

• Commercial opportunity is significant in both breast cancer (HR-positive, HER2-negative) and vascular anomalies, with potential expansion into adjuvant and other breast cancer subtypes.

• Ongoing physician engagement highlights unmet needs and supports the value proposition of improved safety and efficacy.

• Company expects multiple catalysts and ongoing updates across all three core programs, aiming for revenue generation in the latter half of the decade.