Relay Therapeutics Q2 revenue misses estimates on higher R&D expenses; net loss widens

Relay Therapeutics

06/08/2026 21:40

Overview
US precision medicine developer's Q2 revenue declined and missed analyst expectations
Net loss for Q2 widened and missed analyst expectations
Company raised $316 mln in public offering, boosting cash to $911 mln

Outlook
Company expects to initiate Phase 3 1L breast cancer trial in early 2027, subject to regulatory feedback
Enrollment update for ongoing Phase 3 ReDiscover-2 trial in 2L breast cancer expected by year-end 2026
Company expects current cash position to fund operations into 2029

Result Drivers
HIGHER R&D SPEND - Co said increased research and development expenses were driven by higher costs across ongoing clinical trials for zovegalisib
REVENUE DECLINE - Co attributed Q2 revenue to its Exclusive License Agreement with Elevar Therapeutics; no additional drivers cited
LEGAL COSTS - Co said higher general and administrative expenses were primarily due to increased legal expenses

Company press release: ID:nGNX6QJhlf

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Miss
$350,000
$872,730 (11 Analysts)
Q2 Loss Per Share
 
$0.41
 
Q2 Net Loss
Miss
$83.71 mln
$74.20 mln (11 Analysts)
Q2 Loss Per Basic Share
 
$0.41
 
Q2 Operating Expenses
 
$91.17 mln
 
Q2 Operating Income
 
-$90.82 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 14 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the biotechnology & medical research peer group is "buy"
Wall Street's median 12-month price target for Relay Therapeutics, Inc. is $26.50, about 34.6% above its August 5 closing price of $19.69

Reuters Recommended Reads
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Aug 4 - Pathos AI to license experimental breast cancer drug from China's Jiangsu Alphamab Biopharmaceutical

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)