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Relay Therapeutics Reports Fourth Quarter and Full Year 2024 Financial Results and Corporate Updates
RLAYRelay Therapeutics(RLAY) GlobeNewswire·2025-02-26 21:05

Core Insights - Relay Therapeutics is advancing its RLY-2608 breast cancer program, with a Phase 3 trial (ReDiscover-2) expected to start in mid-2025, focusing on patients with PI3Kα mutations who have been pre-treated with CDK4/6 inhibitors [1][5][2] - The interim data for RLY-2608 combined with fulvestrant shows a median progression-free survival (PFS) of 11.4 months in second-line patients with PI3Kα mutations [1][11] - The company reported approximately 781.3millionincash,cashequivalents,andinvestmentsasofDecember31,2024,whichisexpectedtofundoperationsintothesecondhalfof2027[7][19]ClinicalDevelopment−TheReDiscover−2trialwillbearandomized,open−label,multicenterstudyevaluatingthesafetyandefficacyofRLY−2608+fulvestrantagainstcapivasertib+fulvestrantinadvancedbreastcancerpatients[5]−KeyinclusioncriteriaforthetrialincludepriortreatmentwithaCDK4/6inhibitorandfrontlineendocrinetherapyforoversixmonths[5]−Theprimaryendpointisprogression−freesurvival,withoverallsurvivalasakeysecondaryendpoint[5]FinancialPerformance−RelayTherapeuticsreportednorevenueforQ42024,withtotalrevenueforthefullyearat781.3 million in cash, cash equivalents, and investments as of December 31, 2024, which is expected to fund operations into the second half of 2027 [7][19] Clinical Development - The ReDiscover-2 trial will be a randomized, open-label, multicenter study evaluating the safety and efficacy of RLY-2608 + fulvestrant against capivasertib + fulvestrant in advanced breast cancer patients [5] - Key inclusion criteria for the trial include prior treatment with a CDK4/6 inhibitor and frontline endocrine therapy for over six months [5] - The primary endpoint is progression-free survival, with overall survival as a key secondary endpoint [5] Financial Performance - Relay Therapeutics reported no revenue for Q4 2024, with total revenue for the full year at 10 million, down from 25.5millionin2023,primarilyduetotimingofmilestones[8]−Researchanddevelopmentexpensesdecreasedto25.5 million in 2023, primarily due to timing of milestones [8] - Research and development expenses decreased to 68.1 million in Q4 2024 from 77.5 million in Q4 2023, and total R&D expenses for 2024 were 319.1 million compared to 330millionin2023[9]−ThenetlossforQ42024was330 million in 2023 [9] - The net loss for Q4 2024 was 76 million, or 0.45pershare,animprovementfromanetlossof0.45 per share, an improvement from a net loss of 83.5 million, or $0.67 per share, in Q4 2023 [12] Future Outlook - The company plans to continue advancing its clinical programs, including the initiation of the RLY-2608 + fulvestrant Phase 3 trial and exploring additional triplet combinations for earlier treatment settings [2][11] - Upcoming milestones include additional Phase 1b data for RLY-2608 and the initiation of clinical trials for vascular malformations in Q1 2025 [11]