Here are 1-3 brief analogies for Relay Therapeutics:

• Relay Therapeutics is like a Nvidia for drug discovery.
• It's a Google DeepMind for discovering new medicines.
• Think of it as a Moderna for computationally-designed small molecule precision medicines.

• RLY-4008: An oral small molecule inhibitor of fibroblast growth factor receptor 2 (FGFR2), currently in clinical trials for advanced or metastatic FGFR2-altered solid tumors.
• RLY-2608: A lead mutant-PI3Ka inhibitor program designed to target phosphoinositide 3 kinase alpha.
• RLY-1971: An oral small molecule inhibitor of protein tyrosine phosphatase Src homology region 2 domain-containing phosphatase-2 (SHP2), undergoing Phase 1 trials for advanced solid tumors.

Relay Therapeutics (RLAY) is a clinical-stage precision medicines company. As such, it is currently focused on the research and development of drug candidates, which are still in various stages of clinical trials. The company does not yet have commercialized products available for sale to individuals or other companies.

Therefore, Relay Therapeutics does not currently have major customers in the traditional sense of selling commercial products. Its revenue streams typically come from collaborations, licensing agreements, and capital financing activities.

Sanjiv K. Patel, M.A., M.D., MBA President & Chief Executive Officer

Sanjiv Patel brings over 20 years of experience in the life sciences industry to Relay Therapeutics, where he has served as President and Chief Executive Officer since March 2017. Prior to joining Relay Therapeutics, he spent more than a decade at Allergan. At Allergan, he held various leadership positions, including Chief Strategy Officer, where he was involved in significant industry transactions. He also led global strategic marketing for all franchises and was responsible for general management of Allergan's emerging markets. Before Allergan, Mr. Patel was a management consultant at Boston Consulting Group and began his career as a surgeon in the U.K.'s National Health Service.

Tom Catinazzo Chief Financial Officer

Tom Catinazzo has served as Chief Financial Officer of Relay Therapeutics since January 2022. He initially joined Relay Therapeutics in April 2018 as Vice President of Finance and was later promoted to Senior Vice President of Finance in August 2020. Before his tenure at Relay, Mr. Catinazzo held progressively responsible roles in financial planning and analysis at Foundation Medicine from 2013 to 2018. His prior experience also includes positions at Aileron Therapeutics and Genzyme Corporation.

Don Bergstrom, M.D., Ph.D. President, R&D

Don Bergstrom oversees Relay Therapeutics' research and development initiatives, shaping the company's portfolio of medicines by applying insights into protein motion. He became President, R&D in January 2022, having previously served as Executive Vice President, Head of Research and Development since April 2018. Prior to joining Relay, Dr. Bergstrom was the Chief Medical Officer at Mersana Therapeutics, where he was responsible for the non-clinical and early clinical development of two products from their antibody-drug conjugate platform. His career also includes leadership roles in translational medicine and early clinical development at Sanofi Genzyme Oncology and Merck Research Laboratories. Dr. Bergstrom currently serves on the Board of Directors of Cellectis.

Peter Rahmer Chief Corporate Development Officer

Peter Rahmer holds the position of Chief Corporate Development Officer at Relay Therapeutics.

Jim Watters, Ph.D. Chief Scientific Officer

Jim Watters serves as the Chief Scientific Officer at Relay Therapeutics.

The key risks to Relay Therapeutics' business operations are primarily centered around the inherent challenges of being a clinical-stage biopharmaceutical company.

1. Clinical Trial Failure and Regulatory Approval: As a clinical-stage company with no approved products, Relay Therapeutics' success hinges on its ability to advance its lead product candidates, RLY-4008, RLY-2608, and RLY-1971, through various phases of clinical trials and ultimately secure regulatory approval. Clinical trials, especially in oncology, carry significant risks related to efficacy and safety concerns, with potential setbacks or negative results having severe consequences. Regulatory hurdles are also substantial, as agencies like the FDA have stringent and evolving requirements for drug approval, and increased scrutiny on accelerated approval pathways can raise clinical trial risk. Even if successful in trials, there is no guarantee of gaining market access due to pricing environments or reimbursement policies.
2. Intense Competition: The biotechnology and pharmaceutical industries are highly competitive, characterized by rapid innovation. Relay Therapeutics faces significant competition from larger companies possessing greater resources, which could lead to others developing and commercializing products more successfully. For instance, the acquisition of Scorpion Therapeutics by Eli Lilly has intensified competition in the PI3Ka inhibitor space, directly impacting Relay's RLY-2608 program and potentially eroding its market share or first-mover advantage.
3. Dependence on Additional Funding: With a limited operating history and no revenue generated from product sales, Relay Therapeutics has incurred significant operating losses and an accumulated deficit of $2.0 billion as of December 31, 2025. The company's future success is heavily reliant on its ability to secure substantial additional funding to support its ongoing research and development activities and clinical trials. Without sufficient capital, Relay Therapeutics may be forced to delay, reduce, or eliminate critical product development programs or commercialization efforts, adversely affecting its business prospects and competitive position. While the company has extended its cash runway into 2029, inflationary pressures are increasing clinical trial operational costs.

• RLY-4008 (FGFR2 inhibitor for advanced or metastatic FGFR2-altered solid tumors): The global Fibroblast Growth Factor Receptor (FGFR) inhibitor market was valued at approximately $185.8 million in 2025 and is projected to grow to about $614.4 million by 2035, with a yearly growth rate of approximately 12.7%. This market growth is driven by increasing cases of FGFR-driven cancers, such as bladder, bile duct, and lung cancer, and advancements in personalized medicine. The 7MM (United States, EU4 (Germany, France, Italy, and Spain), the United Kingdom, and Japan) market for FGFR inhibitors is also expected to surge significantly by 2034.
• RLY-2608 (mutant-PI3Ka inhibitor): The global PI3K inhibitor drug class market was valued at $1.45 billion in 2024, increased to $1.53 billion in 2025, and is expected to reach $2.3 billion by 2033, growing at a compound annual growth rate (CAGR) of 5.5% from 2026 to 2033. More specifically, the market for isoform-selective PI3K inhibitors, which includes PI3K alpha inhibitors, is projected to reach $5.5 billion by 2032 globally. North America held the largest revenue share in the global PI3K inhibitor drug class market in 2025.
• RLY-1971 (oral small molecule inhibitor of protein tyrosine phosphatase Src homology region 2 domain-containing phosphatase-2 for advanced solid tumors): null

Relay Therapeutics (RLAY) is poised for future revenue growth over the next 2-3 years, driven primarily by its advanced pipeline assets and strategic collaborations. The company's revenue for Q4 2025 was $7.0 million, and for the full year 2025, it reached $15.4 million, predominantly from licensing agreements.

Here are the expected drivers of future revenue growth:

1. Milestone Payments and Royalties from RLY-4008 Licensing Deal: In December 2024, Relay Therapeutics licensed the exclusive global development and commercialization rights for its FGFR2 inhibitor, RLY-4008 (lirafugratinib), to Elevar Therapeutics. This agreement entitles Relay to receive $75 million in upfront and regulatory milestones, up to $425 million in potential commercial milestones, and royalties on future product sales, providing a significant source of non-dilutive funding.
2. Commercialization and Market Penetration of RLY-2608 (Zovegalisib): RLY-2608, an allosteric PI3Kα inhibitor, is Relay's lead asset and is currently in Phase 3 trials (ReDiscover-2) for HR+/HER2- metastatic breast cancer, with initiation of the pivotal study anticipated in mid-2025. The drug has demonstrated promising safety and efficacy in earlier trials, achieving a median progression-free survival of 11.0 to 11.4 months in second-line patients, and has received FDA Breakthrough Therapy designation. Analysts project a multi-billion dollar market potential for RLY-2608 upon potential approval and launch within the forecast period.
3. Expansion of RLY-2608 into Additional Indications and Earlier Lines of Therapy: Beyond its initial focus on second-line HR+/HER2- metastatic breast cancer, Relay Therapeutics is exploring the potential of RLY-2608 in earlier lines of breast cancer therapy through triplet combinations and for PIK3CA-driven vascular anomalies. Successful development and approval in these broader indications would significantly expand the addressable market and contribute to long-term revenue growth.
4. Potential for New Collaboration and Licensing Agreements: Relay Therapeutics continues to leverage its proprietary Dynamo® platform to advance a pipeline of precision medicines in oncology and genetic diseases. The company aims to advance its Fabry and NRAS programs to Investigational New Drug (IND) readiness. Future partnerships or out-licensing deals for these or other early-stage assets, similar to the Elevar Therapeutics agreement for RLY-4008, could generate additional upfront payments, milestones, and royalties, contributing to revenue growth.

Share Issuance

• Relay Therapeutics completed a public offering in September 2024, issuing 28,571,429 shares of common stock at $7.00 per share, which generated gross proceeds of approximately $200 million.
• In January 2024, the company completed a private placement financing, selling 2.5 million shares of common stock at $12.00 per share, resulting in gross proceeds of $30.0 million.
• A new US$96.2 million shelf registration for potential common stock issuance was reported in March 2026.

Inbound Investments

• As of December 31, 2025, Relay Therapeutics reported cash, cash equivalents, and investments totaling approximately $554.5 million, a decrease from $781.3 million as of December 31, 2024.
• The company's revenue for 2025 was $15.4 million, an increase from $10.0 million in 2024, primarily driven by an exclusive license agreement with Elevar Therapeutics, Inc.

Outbound Investments

• Relay Therapeutics acquired ZebiAI Therapeutics, Inc. in April 2021.
• The upfront consideration for the ZebiAI acquisition was $85 million, comprising $20 million in cash and $65 million in Relay Therapeutics common stock.
• ZebiAI stockholders are eligible to receive up to an additional $85 million in milestone payments, payable in common stock, and up to $100 million in cash from future partnering agreements related to ZebiAI's platform.

Capital Expenditures

• Capital expenditures for the most recent fiscal year (likely 2025) were -$410,000.
• Capital expenditures for the last 12 months (as of March 2026) were approximately -$410,000.