Relay Therapeutics, Inc.
RLAY · Biological Products, (No Diagnostic Substances) · 191.6M shares · EDGAR filings ↗
Reference price $17.01 · est. market cap ~$3.3B — last insider sale, 2026-06-22 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Clinical/early-stage biotech — oncology clinical, heavy burn ($236M), very well-funded.
Strengths
- Liquidity — current ratio 22.6 (95th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Cash burnNegative free cash flow (-235.9M)
- Net lossNet loss (net margin -1800.6%)
- AccumulatingInstitutional holders rose 12→13 QoQ (2025-12-31→2026-03-31)
- Insider sellingInsider selling — 19 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$6M, last 6mo) Form 4 ↗
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
- Revenue declineRevenue -57.1% YoY
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, FMR LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-1971.6%
Net margin
-1800.6%
Return on equity
-48.8%
Return on assets
-44.5%
Revenue growth (QoQ)
-57.1%
Current ratio
22.6×
Free cash flow
-$236M
Tangible book value
$567M
Cash & investments
$84M
Cash runway
1q
Stock comp / revenue
406.5%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-22 | Bergstrom Donald A | Option exercise | 93K | $4.12 |
| 2026-06-22 | Bergstrom Donald A | Sell | 93K | $16.94 |
| 2026-06-22 | Catinazzo Thomas | Sell | 18K | $17.01 |
| 2026-06-22 | Catinazzo Thomas | Option exercise | 56K | $5.04 |
| 2026-06-22 | Catinazzo Thomas | Sell | 56K | $16.97 |
| 2026-06-22 | Catinazzo Thomas | Option exercise | 62K | $5.22 |
| 2026-06-22 | Catinazzo Thomas | Sell | 62K | $16.97 |
| 2026-06-22 | Catinazzo Thomas | Option exercise | 52K | $4.45 |
| 2026-06-22 | Catinazzo Thomas | Sell | 52K | $16.97 |
| 2026-05-14 | Catinazzo Thomas | Sell | 18K | $12.86 |
| 2026-04-28 | Catinazzo Thomas | Sell | 972 | $14.79 |
| 2026-04-28 | Bergstrom Donald A | Sell | 1.5K | $14.79 |
| 2026-04-28 | Rahmer Peter | Sell | 753 | $14.79 |
| 2026-04-09 | Catinazzo Thomas | Option exercise | 1.8K | $5.22 |
| 2026-04-09 | Catinazzo Thomas | Sell | 1.8K | $15.00 |
| 2026-04-07 | Catinazzo Thomas | Sell | 18K | $13.01 |
| 2026-03-09 | Catinazzo Thomas | Sell | 18K | $10.06 |
| 2026-01-28 | Bergstrom Donald A | Sell | 2.7K | $8.45 |
| 2026-01-28 | Rahmer Peter | Sell | 1.4K | $8.45 |
| 2026-01-28 | Catinazzo Thomas | Sell | 1.7K | $8.45 |
| 2026-01-27 | Rahmer Peter | Sell | 12K | $7.62 |
| 2026-01-27 | Catinazzo Thomas | Sell | 14K | $7.62 |
| 2026-01-27 | Bergstrom Donald A | Sell | 19K | $7.62 |
| 2026-01-06 | Patel Sanjiv | Sell | 43K | $7.82 |
| 2025-12-31 | Rahmer Peter | Grant | 994 | $2.99 |
| 2025-12-31 | Patel Sanjiv | Grant | 994 | $2.99 |
| 2025-11-03 | Patel Sanjiv | Sell | 62K | $7.00 |
| 2025-10-29 | Rahmer Peter | Sell | 21K | $7.50 |
| 2025-10-28 | Bergstrom Donald A | Sell | 31K | $7.29 |
| 2025-10-28 | Rahmer Peter | Sell | 19K | $7.29 |
| 2025-10-28 | Catinazzo Thomas | Sell | 22K | $7.29 |
| 2025-07-29 | Rahmer Peter | Sell | 16K | $3.68 |
| 2025-07-29 | Catinazzo Thomas | Sell | 18K | $3.68 |
| 2025-07-29 | Bergstrom Donald A | Sell | 27K | $3.68 |
| 2025-07-29 | Adams Brian | Sell | 18K | $3.68 |
| 2025-07-28 | Bergstrom Donald A | Sell | 4.1K | $3.74 |
| 2025-07-28 | Adams Brian | Sell | 1.6K | $3.74 |
| 2025-07-28 | Catinazzo Thomas | Sell | 1.7K | $3.74 |
| 2025-07-28 | Rahmer Peter | Sell | 1.4K | $3.74 |
| 2025-07-09 | Patel Sanjiv | Sell | 43K | $3.57 |
| 2025-07-09 | Patel Sanjiv | Sell | 19K | $3.57 |
| 2025-06-30 | Patel Sanjiv | Grant | 5.0K | $2.94 |
| 2025-06-30 | Rahmer Peter | Grant | 5.0K | $2.94 |
| 2025-04-30 | Catinazzo Thomas | Sell | 13K | $3.00 |
| 2025-04-30 | Bergstrom Donald A | Sell | 27K | $3.00 |
| 2025-04-30 | Rahmer Peter | Sell | 11K | $3.00 |
| 2025-04-30 | Adams Brian | Sell | 13K | $3.00 |
| 2025-04-29 | Catinazzo Thomas | Sell | 3.6K | $3.23 |
| 2025-04-28 | Rahmer Peter | Sell | 1.4K | $3.17 |
| 2025-04-28 | Bergstrom Donald A | Sell | 4.1K | $3.17 |
| 2025-04-28 | Catinazzo Thomas | Sell | 981 | $3.17 |
| 2025-04-28 | Adams Brian | Sell | 1.6K | $3.17 |
| 2025-04-28 | Catinazzo Thomas | Sell | 1.7K | $3.17 |
| 2025-04-23 | Patel Sanjiv | Sell | 43K | $2.97 |
| 2025-04-23 | Patel Sanjiv | Sell | 19K | $2.97 |
| 2025-03-27 | Rahmer Peter | Sell | 247 | $2.84 |
| 2025-03-27 | Bergstrom Donald A | Sell | 986 | $2.84 |
| 2025-03-27 | Catinazzo Thomas | Sell | 298 | $2.84 |
| 2025-03-27 | Catinazzo Thomas | Sell | 4.6K | $2.84 |
| 2025-03-27 | Adams Brian | Sell | 298 | $2.84 |
| 2025-02-13 | Patel Sanjiv | Sell | 75K | $3.70 |
| 2025-02-11 | Patel Sanjiv | Sell | 140K | $3.85 |
| 2025-02-11 | Patel Sanjiv | Grant | 332K | — |
| 2025-01-30 | Catinazzo Thomas | Sell | 21K | $4.42 |
| 2025-01-30 | Adams Brian | Sell | 21K | $4.42 |
| 2025-01-30 | Rahmer Peter | Sell | 17K | $4.42 |
| 2025-01-30 | Bergstrom Donald A | Sell | 31K | $4.42 |
| 2025-01-29 | Catinazzo Thomas | Sell | 2.1K | $4.55 |
| 2025-01-29 | Rahmer Peter | Sell | 27K | $4.55 |
| 2025-01-29 | Bergstrom Donald A | Sell | 46K | $4.55 |
| 2025-01-28 | Catinazzo Thomas | Grant | 139K | — |
| 2025-01-28 | Rahmer Peter | Sell | 1.7K | $4.63 |
| 2025-01-28 | Rahmer Peter | Grant | 139K | — |
| 2025-01-28 | Catinazzo Thomas | Sell | 34K | $4.63 |
| 2025-01-28 | Catinazzo Thomas | Sell | 2.3K | $4.63 |
| 2025-01-28 | Bergstrom Donald A | Sell | 3.2K | $4.63 |
| 2025-01-28 | Bergstrom Donald A | Grant | 176K | — |
| 2025-01-28 | Adams Brian | Sell | 34K | $4.63 |
| 2025-01-28 | Adams Brian | Grant | 139K | — |
| 2025-01-23 | Patel Sanjiv | Sell | 125K | $4.78 |
| 2025-01-22 | Patel Sanjiv | Sell | 125K | $4.80 |
| 2025-01-21 | Patel Sanjiv | Sell | 125K | $4.52 |
| 2025-01-06 | Rahmer Peter | Sell | 17K | $4.45 |
| 2025-01-03 | Rahmer Peter | Sell | 32K | $4.30 |
| 2025-01-02 | Rahmer Peter | Sell | 32K | $4.15 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06789913 ↗ | A Phase 2 Study of Mutant-selective PI3Kα Inhibitor, RLY-2608, in Adults and Children With PIK3CA Related Overgrowth Spectrum and Malformations Driven by PIK3CA Mutation (The ReInspire Study) PIK3CA-Related Overgrowth Spectrum (PROS), Lymphatic Malformations | PHASE2 | Recruiting | 2031-07-01 |
| NCT06982521 ↗ | Phase 3 Study of RLY-2608 + Fulvestrant vs Capivasertib + Fulvestrant as Treatment for Locally Advanced or Metastatic PIK3CA-mutant HR+/HER2- Breast Cancer PIK3CA Mutation, HER2- Negative Breast Cancer | PHASE3 | Recruiting | 2028-04-30 |
| NCT07584226 ↗ | A First-in-human Study of RLY-8161 in Advanced NRAS-Mutant Solid Tumors Advanced NRAS-Mutant Melanoma, Advanced NRAS-Mutant Solid Tumors | PHASE1 | Recruiting | 2027-12-30 |
| NCT05216432 ↗ | First-in-Human Study of Mutant-selective PI3Kα Inhibitor, RLY-2608, as a Single Agent in Patients With Advanced Solid Tumors and in Combination With Endocrine Therapy +/- a CDK4/6 or CDK4 Inhibitor in Patients With Advanced Solid Tumors or Advanced Breast Cancer PIK3CA Mutation, Solid Tumor, Adult | PHASE1 | Recruiting | 2027-04-30 |
| NCT05759949 ↗ | First-in-Human Study of RLY-5836 in Advanced Breast Cancer and Other Solid Tumors PIK3CA Mutation, Solid Tumor, Adult | PHASE1 | Completed | 2025-03-18 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-09 | 5.03Shareholder voteExhibits | filing ↗ |
| 2026-05-21 | Material agreementExhibits | filing ↗ |
| 2026-05-19 | Reg FDOtherExhibits | filing ↗ |
| 2026-05-05 | ResultsExhibits | filing ↗ |
| 2026-04-27 | Reg FDOtherExhibits | filing ↗ |
| 2026-03-16 | Reg FDOtherExhibits | filing ↗ |
| 2026-03-11 | 5.03Exhibits | filing ↗ |
| 2026-02-26 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-09 | 2026-06-09 | 0001193125-26-263873 ↗ |
| 8-K | 2026-05-21 | 2026-05-20 | 0001193125-26-234862 ↗ |
| 8-K | 2026-05-19 | 2026-05-19 | 0001193125-26-229770 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0001193125-26-206454 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001193125-26-206398 ↗ |
| 8-K | 2026-04-27 | 2026-04-27 | 0001193125-26-179404 ↗ |
| 8-K | 2026-03-16 | 2026-03-16 | 0001193125-26-107312 ↗ |
| 8-K | 2026-03-11 | 2026-03-06 | 0001193125-26-102178 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001193125-26-076617 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001193125-26-076739 ↗ |
| 8-K | 2026-02-03 | 2026-02-03 | 0001193125-26-034422 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001193125-25-269601 ↗ |