RLAY Stock — Relay Therapeutics Inc.: Cash, EV, Pipeline

What they do

We are a clinical-stage, small molecule precision medicine company developing potentially life-changing therapies for patients living with cancer and genetic disease. Our Dynamo® platform integrates an array of leading-edge computational and experimental approaches designed to drug protein targets that have previously been intractable or inadequately addressed.

Source: 10-K FY2025 via SEC EDGAR

Share price

$18.60

Market cap

$4,109.8M

Cash

$848.6M

Enterprise value

$3,261.2M

Balance sheet

Cash	$848.6M
Debt	$0.0M
Net cash	$848.6M
Enterprise value	$3,261.2M
Basic shares	221.0M shares
Fully diluted shares	252.8M shares
Fully diluted market cap	$4,701.3M
Cash per share	$3.84
Quarterly burn	$54.1M
Cash runway	16.8 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

219.1M

Pre-funded warrants

0.0M

Options

24.7M

RSUs

2.8M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

6.2M

FDSO

252.8M

Cap table as of 2026-06-30.

Price history

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Next catalyst

RLY-2608 · Jun 11 - Jul 23 in 7 mo · Phase 1 · PIK3CA Mutation; Solid Tumor, Adult; HER2-negative Breast Cancer

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Jun 11 - Jul 23 in 7 mo	RLY-2608	Phase 1	PIK3CA Mutation; Solid Tumor, Adult; HER2-negative Breast Cancer	—
Feb 10 - Mar 23 in 15 mo	RLY-8161	Phase 1	Advanced NRAS-Mutant Melanoma; Advanced NRAS-Mutant Solid Tumors; NRAS Mutation	—
Jun 11 - Jul 23 in 19 mo	Zovegalisib	Phase 3	PIK3CA Mutation; HER2- Negative Breast Cancer; Hormone Receptor Positive Tumor	—
Aug 12 - Sep 23 in 58 mo	RLY-2608	Phase 2	PIK3CA-Related Overgrowth Spectrum (PROS); Lymphatic Malformations; Vascular Malformations	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Zovegalisib

Phase 3 · Active Modality: allosteric pan-mutant isoform-selective PI3K-alpha inhibitor

Aliases RLY-2608

Target PI3K-alpha

Indications

PIK3CA-mutated HR+/HER2- advanced breast cancer (with fulvestrant) (Phase 3)
PIK3CA-related overgrowth spectrum and vascular anomalies (Phase 1)

Status note ReDiscover-2 global Phase 3 registrational study initiated Q2 2025; ReInspire Phase 1/2 in PROS/vascular anomalies enrolling.

RLY-8161

Stage not disclosed · Active Modality: NRAS-selective inhibitor

Target NRAS

Indications

NRAS-mutant melanoma (Stage not disclosed)
NRAS-mutant solid tumors (Stage not disclosed)

Status note Clinical trial initiated; phase not stated in filing.

Fabry disease non-inhibitory chaperone

Discovery · Active Modality: non-inhibitory chaperone

Target alpha-galactosidase A

Indications

Fabry disease (Discovery)

Status note Research-stage program.

Lirafugratinib

Stage not disclosed · Active Modality: selective oral small-molecule FGFR2 inhibitor

Aliases RLY-4008

Target FGFR2

Partnerships Elevar Therapeutics (exclusive global development and commercialization rights)

Indications

FGFR2-driven cholangiocarcinoma (Stage not disclosed)

Status note Elevar responsible for all further development and global commercialization; Relay retains up to $485M in milestones and tiered royalties.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Zovegalisib
Lead indication	PIK3CA Mutation
Lead phase	Phase 3
Active trials	4

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06982521	Phase 3	Recruiting	Sponsor	RLAY	—	PIK3CA Mutation; HER2- Negative Breast Cancer; Hormone Receptor Positive Tumor	—
NCT06789913	Phase 2	Recruiting	Sponsor	RLAY	—	PIK3CA-Related Overgrowth Spectrum (PROS); Lymphatic Malformations; Vascular Malformations	—
NCT05216432	Phase 1	Recruiting	Sponsor	RLAY	—	PIK3CA Mutation; Solid Tumor, Adult; HER2-negative Breast Cancer	—
NCT07584226	Phase 1	Recruiting	Sponsor	RLAY	—	Advanced NRAS-Mutant Melanoma; Advanced NRAS-Mutant Solid Tumors; NRAS Mutation	—

Sponsor-matched active trials from ClinicalTrials.gov (4 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 4 active trials for Relay Therapeutics, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Casdin Capital	16,035,240	+1,616,666	15.02%	2026-08-14
Perceptive Advisors	14,106,187	+4,355,046	4.10%	2026-08-14
Baker Bros. Advisors	2,826,783	+1,666,666	0.27%	2026-08-14
Frazier Life Sciences	1,015,693	+1,015,693	0.41%	2026-08-14
EcoR1 Capital	697,948	-1,206,814	0.65%	2026-08-14
Boxer Capital	450,000	+450,000	0.63%	2026-08-14
ADAR1 Capital Management	358,333	+358,333	0.32%	2026-08-14
Logos Global Management	350,000	-400,000	0.28%	2026-08-14
Sphera Biotech	233,836	-174,600	0.63%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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RLAY — Relay Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

RLAY — Relay Therapeutics Inc.