Relay Therapeutics, Inc. (RLAY) Q2 2026 Earnings Call

Concluded Aug 6, 2026

Aug 6, 2026 0 turns

Period: FY2026 Q2
Runtime: —
Sources: 2 artifacts

Revenue $350,000 -48.3% YoY

Diluted EPS -$0.41

Net income -$83.71M

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Executive readout · one minute

What matters this quarter

Relay Therapeutics reported Q2 2026 results with progress across its zovegalisib program: selected the zovegalisib plus atirmociclib triplet as the go-forward 1L breast cancer regimen (Phase 3 expected to start early 2027), presented initial positive Phase 1/2 vascular anomalies data, and raised cash to approximately $911 million providing runway into 2029; R&D spend rose to $76.5M driving a wider net loss of $83.7M.

Zovega in second-line HR+/HER2- breast cancer 40 Dose selection and PK interactions 36 Frontline triplet with atirmociclib 28 Vascular anomalies (PROS and lymphatic malformations) 17 Differentiation vs TruCap and Lilly compound 14 Commercial model and centers of excellence 9

Management tone

Confident

Net tone +68 · moderate hedging

Grounding quotes

“we showed data in March of this year at ESMOTAT in Paris to show that we had a very competitive 11 months' worth of PFS in these patients, and that's against the five-and-a-half months of capivacertib”
“we showed a 70% volumetric or 60% volumetric response rate, which compares very favorably to the benchmark set by others in the 11% to 20% range. So we believe we have a truly meaningfully differentiated compound there”
“It's too early to tell today, and especially because our initial data was in adults and adolescents”

Research coverage

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Research materials

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8-K earnings release Filed Aug 6, 2026 10-Q report Filed Aug 6, 2026

Key takeaways

What improved, and what deserves a closer read.

↑ Constructive signals

Selected zovegalisib + atirmociclib triplet for 1L breast cancer with Phase 3 expected to initiate early 2027, with Pfizer supplying atirmociclib while Relay retains full global rights to zovegalisib.
Reported 44% ORR for the triplet in heavily pretreated (median 3L) HR+/HER2- breast cancer patients at unoptimized doses, with consistent safety profile.
Presented initial positive Phase 1/2 ReInspire data in vascular anomalies with 60% volumetric response at 12 weeks, supporting potential chronic use.
Cash position grew to approximately $911M (from $642.1M at March 31, 2026) following a $316M follow-on offering, expected to fund operations into 2029.
11-month PFS shown for the doublet in 2L HR+/HER2- breast cancer, viewed by management as meaningfully differentiated versus capivasertib's ~5.5 months, with Phase 3 ReDiscover-2 enrolling.

↓ Risks & pressure points

R&D expenses rose to $76.5M in Q2 2026 from $63.9M in Q2 2025, driving a wider net loss of $83.7M.
Net loss widened to $83.7M in Q2 2026 from $70.4M in Q2 2025.
Revenue declined to $0.4M in Q2 2026 from $0.7M in Q2 2025.

Key moments

Read the management remarks selected from the transcript.

“we showed data for Zobega for the first time, where we showed a 70% volumetric or 60% volumetric response rate, which compares very favorably to the benchmark set by others in the 11% to 20% range. So we believe we have a truly meaningfully differentiated compound there.” Sanjeev Patel, CEO

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