Relay Therapeutics (RLAY) Q4 2025 earnings summary

Executive summary

• Multiple clinical milestones expected in 2026, including Phase 1/2 data for zovegalisib in breast cancer and vascular anomalies.

• Zovegalisib received Breakthrough Therapy designation from the FDA.

• Focus on disciplined execution and alignment for long-term success.

Financial highlights

• Cash, cash equivalents, and investments totaled $554.5 million at year-end 2025, down from $781.3 million at year-end 2024.

• Revenue was $7.0 million for Q4 2025 (vs. $0 in Q4 2024) and $15.4 million for FY 2025 (vs. $10.0 million in FY 2024).

• Net loss was $54.9 million for Q4 2025 ($0.32/share) and $276.5 million for FY 2025 ($1.61/share), both improved from prior year.

• R&D expenses decreased to $261.4 million for FY 2025 from $319.1 million in FY 2024.

• G&A expenses decreased to $56.7 million for FY 2025 from $76.6 million in FY 2024.

Outlook and guidance

• Current cash position expected to fund operations into 2029.

• Anticipated 2026 milestones include Phase 1 data in vascular anomalies and breast cancer triplet data.

• Frontline Phase 3 plans for breast cancer to be announced in 2026.