Relay Therapeutics, Inc., a clinical-stage precision medicine company, reported a net loss of $276.5 million for the year ended December 31, 2025, compared to a net loss of $337.7 million for the previous year. The company's revenue increased to $15.4 million, primarily driven by the Elevar Agreement, compared to $10.0 million in 2024, which was primarily driven by the Genentech Agreement. Research and development expenses totaled $261.4 million, a decrease from $319.1 million in the prior year, reflecting strategic choices to streamline the research organization and decreased costs related to lirafugratinib following the Elevar Agreement. General and administrative expenses also decreased to $56.7 million from $76.6 million, mainly due to lower stock compensation expenses.
The company's strategic focus remains on advancing its pipeline of product candidates, particularly zovegalisib (RLY-2608), a PI3Kα inhibitor. In the second quarter of 2025, Relay Therapeutics initiated the ReDiscover-2 Trial, a global Phase 3 registrational study evaluating zovegalisib plus fulvestrant in advanced breast cancer patients. Additionally, the ReInspire Trial, a global Phase 1/2 clinical trial for zovegalisib in patients with PIK3CA-related overgrowth spectrum and vascular anomalies, was initiated in the first quarter of 2025. In February 2026, the FDA granted Breakthrough Therapy designation to zovegalisib in combination with fulvestrant for the treatment of adults with PIK3CA mutant HR+/HER2- locally advanced or metastatic breast cancer following recurrence or progression on or after treatment with a CDK4/6 inhibitor.
Key operational developments included the exclusive global licensing agreement with Elevar Therapeutics for lirafugratinib (RLY-4008) in December 2024, and a global clinical trial collaboration with Pfizer for the development of zovegalisib in combination with fulvestrant and atirmociclib. The company also announced updated interim clinical data for zovegalisib plus fulvestrant from the ReDiscover Trial, suggesting differentiated efficacy signals and an encouraging safety profile. As of December 31, 2025, Relay Therapeutics had 192 full-time employees, with 80% engaged in research and development.
Looking ahead, Relay Therapeutics anticipates continued significant expenses related to ongoing clinical trials, preclinical development, and potential commercialization activities. The company believes its existing cash, cash equivalents, and investments of $554.5 million as of December 31, 2025, will be sufficient to fund operations into 2029. However, the company acknowledges the need for additional financing in the future to support its long-term business objectives. The company's future success depends on its ability to obtain regulatory approvals, successfully commercialize its product candidates, and maintain a competitive position in the biopharmaceutical industry.
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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