Relay Therapeutics, Inc. reported its financial results for the second quarter of 2026, revealing a total revenue of $350,000, a decrease of 48% compared to $677,000 in the same period last year. For the first half of 2026, the company generated $3.35 million in revenue, down from $8.36 million in the first half of 2025. The decline in revenue is attributed primarily to reduced milestone payments from its licensing agreement with Elevar Therapeutics, which accounted for the majority of the company's revenue in previous periods.
The company's operating expenses for the second quarter of 2026 totaled $91.17 million, an increase of 17.6% from $77.52 million in the same quarter of 2025. This rise was driven by higher research and development costs, which reached $76.48 million, up from $63.90 million year-over-year. The increase in R&D expenses reflects ongoing clinical trials for its lead product candidate, zovegalisib, as well as other developmental activities. General and administrative expenses also rose slightly to $14.69 million from $13.63 million, primarily due to increased legal costs.
Relay Therapeutics reported a net loss of $83.71 million for the second quarter of 2026, compared to a net loss of $70.38 million in the same quarter of 2025. For the first half of 2026, the net loss was $157.00 million, up from $147.44 million in the prior year. The company’s accumulated deficit as of June 30, 2026, stood at $2.17 billion, reflecting its ongoing investment in research and development without any products currently approved for commercial sale.
In terms of strategic developments, Relay Therapeutics completed a public offering in May 2026, raising approximately $296.8 million, which will support its ongoing clinical trials and operational needs. The company also continues to advance its pipeline, including zovegalisib, which is in clinical trials for various cancer indications, and RLY-8161, an NRAS-selective inhibitor. The company has indicated that it expects to incur significant expenses in the coming years as it continues to develop its product candidates and expand its operations.
Looking ahead, Relay Therapeutics anticipates that its existing cash, cash equivalents, and investments of approximately $910.9 million as of June 30, 2026, will fund its operations into 2029. However, the company acknowledges the need for additional funding to support its ongoing development programs and commercialization efforts. The future success of Relay Therapeutics will depend on its ability to successfully navigate the complexities of clinical trials, secure regulatory approvals, and ultimately bring its product candidates to market.
About Relay Therapeutics, Inc.
Relay Therapeutics is a biopharmaceutical company specializing in precision medicine through its Dynamo platform, which integrates computational and experimental techniques to target previously intractable proteins. Its focus includes oncology and genetic diseases, developing small molecule therapies such as mutant-selective kinase inhibitors. The company advances pipeline candidates, collaborates with partners like Pfizer and Elevar, and aims to deliver targeted, innovative treatments for life-threatening conditions.
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