Relay Therapeutics
RLAYNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $19.94 Prior regular-session close from the quote source.
- $19.69–$20.21 Regular-session low and high so far today.
- 1.9M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $6.04–$21.27 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own RLAY if its Phase 3 program and partnering/milestone cadence convert scientific differentiation into regulatory approval and non‑dilutive funding before cash runs out.
RLAY price history
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Investment thesis
What must happen next
A positive ReDiscover‑2 Phase 3 readout and subsequent FDA approval will convert the scientific differentiation of zovegalisib into material commercial revenue growth for Relay.HoldingMateriality: High
MD&A: initiation of global Phase 3 ReDiscover‑2 (Q2 2025) for zovegalisib. If true, Relay transitions from pre‑revenue R&D value into a commercial oncology company (supporting the current valuation); if false, the primary value driver collapses and the stock would likely fall sharply.
Watch: Competitor efficacy/safety: a rival PI3K/AKT pathway agent (or an improved standard of care such as capivasertib combinations) demonstrating superior efficacy or safety would limit uptake.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
MD&A: initiation of global Phase 3 ReDiscover‑2 (Q2 2025) for zovegalisib.
Open source ↗Relay’s Dynamo platform can repeatedly generate partnerable assets or licensing revenue, creating non‑dilutive cash inflows that lengthen runway and derisk the pipeline.HoldingMateriality: High
MD&A: Elevar Agreement produced upfront and milestone payments (received $5.0M + $3.4M + $7.0M as of 12/31/25 and up to $488.0M potential). Sustained licensing/milestone income would reduce dilution risk and validate the platform as a recurring value driver beyond any single asset.
Watch: Partner appetite risk: large partners could decline to license future candidates if Dynamo‑derived assets don’t show clinical differentiation.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
MD&A: Elevar Agreement produced upfront and milestone payments (received $5.0M + $3.4M + $7.0M as of 12/31/25 and up to.
Open source ↗At current burn rates, Relay needs near‑term new financing, milestone receipts, or a material partnership to fund ongoing Phase 3 and development activities; otherwise dilution or program cuts are likely.StrengtheningMateriality: Medium
fundamentals: cash = 84018000.0 USD (instant 2025‑12‑31). Insufficient non‑dilutive cash forces equity raises or asset sales that dilute existing shareholders and are typically sold at lower valuations, truncating upside even if clinical programs later succeed.
Watch: Milestone monetization: receipt of large Elevar or other partner milestones would extend runway materially.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
fundamentals: cash = 84018000.0 USD (instant 2025‑12‑31).
Open source ↗
Full investment case & evidence
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Original research
A positive ReDiscover‑2 Phase 3 readout and subsequent FDA approval will convert the scientific differentiation of zovegalisib into material commercial revenue growth for Relay. If true, Relay transitions from pre‑revenue R&D value into a commercial oncology company (supporting the current valuation); if false, the primary value driver collapses and the stock would likely fall sharply.
Relay’s Dynamo platform can repeatedly generate partnerable assets or licensing revenue, creating non‑dilutive cash inflows that lengthen runway and derisk the pipeline. Sustained licensing/milestone income would reduce dilution risk and validate the platform as a recurring value driver beyond any single asset.
At current burn rates, Relay needs near‑term new financing, milestone receipts, or a material partnership to fund ongoing Phase 3 and development activities; otherwise dilution or program cuts are likely. Insufficient non‑dilutive cash forces equity raises or asset sales that dilute existing shareholders and are typically sold at lower valuations, truncating upside even if clinical programs later succeed.
All standing thesis claims
Original report summary
its Phase 3 program and partnering/milestone cadence convert scientific differentiation into regulatory approval and non‑dilutive funding before cash runs out.
Bull case and bear case
Bull case and bear case for Relay Therapeutics
Where the evidence on Relay Therapeutics stands: Holding on the latest evidence (Nov 7, 2026). Of its 3 thesis points, 1 strengthening and 2 holding.
Bull case: what the evidence supports
A positive ReDiscover‑2 Phase 3 readout and subsequent FDA approval will convert the scientific differentiation of zovegalisib into material commercial revenue growth for Relay.
Relay’s Dynamo platform can repeatedly generate partnerable assets or licensing revenue, creating non‑dilutive cash inflows that lengthen runway and derisk the pipeline.
At current burn rates, Relay needs near‑term new financing, milestone receipts, or a material partnership to fund ongoing Phase 3 and development activities; otherwise dilution or program cuts are likely.
Bear case: what would count against it
Competitor efficacy/safety: a rival PI3K/AKT pathway agent (or an improved standard of care such as capivasertib combinations) demonstrating superior efficacy or safety would limit uptake.
Partner appetite risk: large partners could decline to license future candidates if Dynamo‑derived assets don’t show clinical differentiation.
Milestone monetization: receipt of large Elevar or other partner milestones would extend runway materially.
Thesis-Break Engine
What has broken in Relay Therapeutics’s thesis
Each break OptimistFi flagged on Relay Therapeutics, dated — with what has historically followed the same kind of break across the market, not a forecast for Relay Therapeutics.
- Insider-selling clustercondition set before this filing
Across all companies, this kind of break has happened 9,137 times before. Those stocks beat comparable companies by a median of 1% over the next six months, and 30% of them trailed it by 10 points or more.
Several kinds of break have stacked on Relay Therapeutics at once. A cluster is a stronger read than any one signal alone.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Relay Therapeutics filed an SEC 8-K on 2026-11-04: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Relay Therapeutics filed an SEC 8-K on 2026-08-06: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedEntered a material definitive agreement.
Relay Therapeutics filed an SEC 8-K on 2026-05-21: Entered a material definitive agreement. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Competitor efficacy/safety: a rival PI3K/AKT pathway agent (or an improved standard of care such as capivasertib combinations) demonstrating superior efficacy or safety would limit uptake.
- Partner appetite risk: large partners could decline to license future candidates if Dynamo‑derived assets don’t show clinical differentiation.
- Milestone monetization: receipt of large Elevar or other partner milestones would extend runway materially.
RLAY news
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Financial statements
RLAY income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
RLAY: quick answers
- Have members of Congress traded RLAY?
- 4 trades in RLAY have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed RLAY trade
- Which well-known investors own RLAY?
- 1 of the 37 well-known funds tracked here reported RLAY shares in their latest 13F filing. By share of the fund's portfolio: Duquesne Family Office (Stanley Druckenmiller), 0.1%. Fund portfolios
RLAY in well-known investors’ portfolios
1 of 37 funds reported RLAY shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Stanley DruckenmillerDuquesne Family Office | 0.13% | $6.5M | New | Q2 2026 |