Relay Therapeutics

What Relay Therapeutics does

Relay Therapeutics is a Cambridge, Massachusetts-based clinical-stage precision medicine company (NASDAQ: RLAY) founded in 2016 that operates a platform-plus-pipeline business model anchored on its proprietary Dynamo® Platform for Motion-Based Drug Design. The platform integrates long time-scale molecular dynamics simulations, cryo-EM, ambient-temperature X-ray crystallography, protein engineering, and the ML-powered REL-DEL DNA-encoded library to visualize protein motion at atomic resolution and design small molecules against targets previously considered undruggable. Relay applies this platform to precision oncology and genetic disease indications.

The pipeline is led by zovegalisib (RLY-2608), a first-in-class allosteric, pan-mutant and isoform-selective PI3Kα inhibitor in Phase 3 development (ReDiscover-2, NCT06982521) for PIK3CA-mutant HR+/HER2- advanced breast cancer and in Phase 2 (ReInspire, NCT06789913) for PIK3CA-driven vascular anomalies. Earlier-stage assets include RLY-8161 (NRAS-selective inhibitor, Phase 1/2), αGal (non-inhibitory chaperone for Fabry disease, preclinical), and lirafugratinib (RLY-4008), a selective FGFR2 inhibitor whose global rights were outlicensed to Elevar Therapeutics in December 2024. The lead candidate received FDA Breakthrough Therapy Designation in February 2026.

Relay's business model is presently pre-commercial: FY2025 revenue of approximately $15.4 million consists entirely of residual collaboration income, while the company funds operations through repeated equity financings (~$715M raised across 2024–May 2026) and capitalizes on a ~$555M cash position expected to fund operations into 2029. Go-to-market combines strategic co-development supply partnerships (e.g., Pfizer Phase III supply agreement for atirmociclib/palbociclib), outlicensing of non-core assets (Elevar), global clinical trial enrollment, and active institutional-investor engagement. The company employs 101–250 people and serves patient populations in PIK3CA-mutant breast cancer, PIK3CA-related vascular anomalies, NRAS-mutant solid tumors, and Fabry disease.

Name

Relay Therapeutics

Legal name

Relay Therapeutics, Inc.

Website

https://relaytx.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

101–250 employees

Short description

Relay Therapeutics is a Cambridge, MA-based clinical-stage precision medicine company (NASDAQ: RLAY) that uses its Dynamo® Motion-Based Drug Design platform integrating molecular dynamics, cryo-EM, and machine learning to develop precision oncology and genetic disease therapies, with lead candidate zovegalisib in Phase 3 for PIK3CA-mutant breast cancer.

Ownership category

akta.pro rank

Product category

Precision Oncology Therapeutics

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714)

SIC

Services-Commercial Physical & Biological Research (8731)

akta.pro primary industry

Drug Discovery (Target ID/Validation & Hit Discovery) (HLAIALAA)

akta.pro secondary industries

Library & Diversity Generation Platforms (display libraries, DNA-encoded libraries for biologics, variant libraries) (HLAAAIAL), Protein Interaction & Structural Biology Platforms (cryo-EM, X-ray, NMR, biophysics) (HLAAAIAH)

Keywords

• Precision medicine therapeutics
• Small molecule drug discovery
• Motion-based drug design
• Clinical-stage oncology biotech
• Allosteric inhibitor development

Headquarters

HQ city

Cambridge

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Collaboration revenue: Relay Therapeutics generates limited revenue primarily from collaboration agreements; full-year 2025 collaboration-related revenue of approximately $15.4 million, down from prior periods, reflecting the clinical-stage status with no commercial product sales.
2. Capital markets financing (equity offerings): Capital is raised through repeated underwritten public stock offerings and private placements (e.g., $30M Nextech PIPE in 2024; $200M public offering Sep 2024; $240M public offering Mar 2025; $275M public offering May 2026) to fund operations into 2029.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core offering

Relay Therapeutics is a clinical-stage precision medicine company that discovers and develops small molecule therapeutics through its proprietary Dynamo Platform, which uses motion-based drug design integrating Cryo-EM, X-ray crystallography, long time-scale molecular dynamics simulations, machine learning, and a proprietary DNA-encoded library (REL-DEL) to visualize protein motion and drug previously intractable targets. Its pipeline focuses on precision oncology (PI3Kα, FGFR2, NRAS programs) and genetic diseases (Fabry disease αGal chaperone), with lead asset zovegalisib (RLY-2608) in Phase 3 for PIK3CA-mutant HR+/HER2- advanced breast cancer and Phase 2 for PIK3CA-driven vascular anomalies.

Product overview

Relay Therapeutics operates as a clinical-stage precision medicine company with a platform-plus-pipeline architecture. The Dynamo Platform is the integrated core, combining leading-edge experimental techniques (Cryo-EM, ambient-temperature X-ray crystallography, chemical biology) with computational tools (physics-based molecular dynamics simulations, machine learning) and a proprietary machine-learning-powered DNA-encoded library capability called REL-DEL. The Dynamo platform powers a pipeline of small-molecule therapeutic candidates discovered through Motion-Based Drug Design, with an initial focus on precision oncology and genetic diseases. Clinical-stage drug candidates built on Dynamo include Zovegalisib (RLY-2608), a pan-mutant selective PI3Kα inhibitor being evaluated in the Phase 3 ReDiscover-2 breast cancer trial and Phase 2 ReInspire vascular anomalies trial, and RLY-8161, an NRAS-selective inhibitor in Phase 1/2 for NRAS-mutant solid tumors. Earlier-stage programs include αGal, a non-inhibitory chaperone for Fabry disease. Lirafugratinib (RLY-4008), a selective FGFR2 inhibitor, was outlicensed globally to Elevar Therapeutics in December 2024.

Differentiator

Problem solved

Functional benefit

Brands

• Dynamo Platform: Proprietary motion-based drug design platform integrating leading-edge experimental and computational approaches for protein dynamics-based drug discovery, described as Dynamo® Platform.

Products and services

• Zovegalisib (RLY-2608) First-in-class allosteric, pan-mutant (kinase H1047X and non-kinase E542X/E545X) and isoform-selective PI3Kα inhibitor designed to decouple anti-tumor efficacy from hyperinsulinemia/hyperglycemia. In Phase 3 for PIK3CA-mutant HR+/HER2- advanced breast cancer and Phase 2 for PIK3CA-driven vascular anomalies (PROS, venous and lymphatic malformations). FDA Breakthrough Therapy Designation granted February 2026 in combination with fulvestrant.
• RLY-8161

Quantifiable outcome

• 11.1 months median progression-free survival in Phase 1/2 trial of zovegalisib + fulvestrant in PI3Kα-mutated HR+/HER2- advanced breast cancer (vs 5.5 months for capivasertib and 7.4 months for alpelisib)
• +5 more outcomes

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability7 records

Feature6 records

Partnerships

Four partnerships are on record, tiered flagship, minor and core.

• PfizerflagshipStrategic or Co-development Partner · 27 April 2026Pfizer entered into a Phase III supply agreement to provide atirmociclib (CDK4 inhibitor) and palbociclib for Relay's combination trials of zovegalisib. Relay Therapeutics sponsors and funds the planned frontline Phase III trial in PI3Kα-mutated HR+/HER2- metastatic breast cancer, with enrollment targeted for early 2027. Relay retains full global rights to zovegalisib while leveraging Pfizer combination assets.
• 1AB (Katie Engleman)minorGTM or Marketing Partner · 6 March 20261AB (represented by Katie Engleman, [email protected]) serves as Relay Therapeutics' external media relations partner, handling media inquiries as referenced on the company's Contact page.
• Elevar TherapeuticscoreOEM/ Whitelabel/ Licensing Partner · 1 December 2024Global outlicensing agreement granting Elevar Therapeutics worldwide development and commercialization rights for lirafugratinib (RLY-4008), Relay's highly selective FGFR2 inhibitor. Under the agreement, Elevar assumes full responsibility for all further development activities; Relay is eligible for milestones and royalties.
• Roche (terminated partnership)minorStrategic or Co-development PartnerRoche unexpectedly terminated its collaboration with Relay Therapeutics, leaving Relay with only one standing partnership following the termination, as referenced in 2025 industry comparisons.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• AstraZeneca: Global pharmaceutical company whose Truqap (capivasertib) is the head-to-head comparator in Relay's ReDiscover-2 Phase 3 trial. Broad incumbent in oncology with established commercial reach in HR+/HER2- breast cancer.
• Novartis: Global pharmaceutical company whose Piqray (alpelisib) is the existing standard-of-care orthosteric PI3Kα inhibitor and which also ran a failed PROS study. Broad incumbent with both overlapping and adjacent indications to Relay's pipeline.
• Roivant Sciences: Specialty pharma with computational drug discovery subsidiaries (e.g., VantAI) and a broad clinical-stage pipeline across multiple therapeutic areas. Comparable in platform-plus-pipeline structure and clinical-stage precision medicine focus, though with a much larger portfolio.

Direct peers

• Recursion Pharmaceuticals: AI/ML-enabled drug discovery platform combining high-throughput biology with computation to advance precision oncology and rare disease programs. Closely comparable in platform-plus-pipeline architecture and target-class ambition to Relay's Dynamo.
• Schrödinger, Inc. Computational drug discovery company using physics-based molecular simulation and ML to design small molecules. Direct peer in the computational small-molecule design space, with both internal pipeline and external partnerships.
• Exscientia: AI-driven precision medicine company applying ML to accelerate small-molecule drug discovery across oncology and immunology. Comparable platform approach and target-class focus, with similar end-to-end design-to-clinical positioning.
• Revolution Medicines: Precision oncology company developing targeted inhibitors of oncogenic drivers in the RAS/MAPK pathway. Highly relevant peer in mutant-selective oncology drug development, with comparable clinical-stage profile and partnership model.
• Blueprint Medicines: Precision therapy company developing selective kinase inhibitors for genomically defined cancers and rare diseases. Comparable in mutant-selective small-molecule design, clinical-stage maturity, and indication focus on oncology plus genetic disease.
• Insitro: Machine-learning-enabled drug discovery company combining high-throughput biology with computational models to advance precision therapeutics. Comparable platform-architecture approach and small-molecule/precision-medicine pipeline focus.

Emerging players

• XtalPi: AI + quantum-physics-based drug discovery platform serving pharma partners and advancing an internal pipeline. Adjacent peer in AI-driven small-molecule design with comparable computational-platform orientation but primarily partnership-driven.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/relay_tx
• LinkedInlinkedin.com/company/relay-therapeutics-inc.

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds8 records

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Relay Therapeutics