Relay Therapeutics, Inc. reported its financial results for the first quarter of 2025, revealing a total revenue of $7.7 million, a decrease from $10.0 million in the same period last year. The decline in revenue was primarily attributed to the termination of the Genentech Agreement, which had contributed significantly to the previous year's figures. The company’s net loss for the quarter was $77.1 million, an improvement from the $81.4 million loss reported in the first quarter of 2024. This reduction in net loss was largely due to decreased operating expenses, which totaled $92.5 million compared to $100.4 million in the prior year.
Operating expenses saw a notable decline, with research and development costs decreasing to $73.8 million from $82.4 million year-over-year. This reduction was a result of strategic decisions made to streamline operations and reduce costs. General and administrative expenses also fell slightly to $18.7 million from $19.8 million, reflecting a decrease in stock compensation expenses. The company did not report any changes in the fair value of contingent consideration liabilities during this quarter, contrasting with a decrease of $1.8 million in the previous year.
In terms of operational developments, Relay Therapeutics continues to advance its clinical pipeline, focusing on its lead product candidate, RLY-2608, which is in clinical trials for various cancer indications. The company has initiated a global Phase 2 clinical trial for RLY-2608 in patients with PIK3CA-related overgrowth spectrum. Additionally, Relay Therapeutics entered into an exclusive global licensing agreement with Elevar Therapeutics for lirafugratinib, which has the potential to generate up to $495 million in milestone payments and royalties.
As of March 31, 2025, Relay Therapeutics reported cash, cash equivalents, and investments totaling $710.4 million, which the company believes will fund its operations into 2029. However, the company acknowledged the need for additional funding to support ongoing clinical trials and operational costs. Relay Therapeutics has not yet generated revenue from product sales and anticipates continued operating losses as it develops its product candidates. The company’s future financial performance will depend on the successful development and commercialization of its therapies, as well as its ability to secure additional financing.
Looking ahead, Relay Therapeutics remains focused on advancing its clinical programs and exploring new therapeutic opportunities. The company is aware of the inherent risks in drug development, including the potential for delays in clinical trials and regulatory approvals, which could impact its ability to generate revenue. Relay Therapeutics continues to evaluate its strategic options and funding requirements to ensure the successful execution of its business plan.
About Relay Therapeutics, Inc.
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