Relay Therapeutics (RLAY) TD Cowen 46th Annual Health Care Conference summary

Strategic focus and pipeline prioritization

• Capital allocation has been concentrated on advancing zovegalisib, a PI3K mutant selective molecule, while preclinical programs were staggered and the most advanced clinical asset was outlicensed to extend cash runway into 2029.

• Three main clinical areas are prioritized: 2nd-line and 1st-line hormone receptor-positive, HER2-negative breast cancer, and PI3Kα-driven vascular anomalies.

• Three key datasets are expected this year to de-risk these opportunities, with the first disclosure in 2nd-line metastatic breast cancer at ESMO TAT in Paris.

Clinical trial updates and data disclosures

• Data from 57 patients dosed at 400 mg BID fed in breast cancer will be disclosed, aiming for consistency with prior cohorts and to de-risk the phase III ReDiscover-2 trial.

• In vascular anomalies, 20-patient data at the 12-week efficacy endpoint will be presented, targeting meaningful differentiation from existing agents.

• The ReInspire phase I/II trial in vascular malformations randomizes patients 12+ years across three zovegalisib doses, with expansion planned based on dose optimization results.

• Pediatric cohorts (6–11 years, and potentially 2–5 years) are being enrolled with weight-based dosing.

Market opportunity and patient population

• Approximately 170,000 PIK3CA-driven vascular anomaly patients exist in the US, with 100,000 in the main subtypes (PROS, lymphatic, venous malformations); about 25,000 are expected to seek chronic systemic therapy.

• Current systemic treatment uptake is around 25% for these subtypes, with potential for expansion as new therapies emerge.