Relay Therapeutics, Inc. (RLAY): Business Model Canvas

Relay Therapeutics, Inc. (RLAY) entwickelt sich zu einem bahnbrechenden Biotech-Innovator, der die Arzneimittelforschung durch seinen hochmodernen rechnerischen Ansatz zur Proteinbewegung und Präzisionsmedizin revolutioniert. Durch die Nutzung fortschrittlicher fragmentbasierter Technologien und hochentwickelter Rechenplattformen ist das Unternehmen in der Lage, therapeutisches Potenzial für bisher „unwirksame“ Proteinziele zu erschließen und transformative Lösungen in der Onkologie und Behandlung seltener Krankheiten anzubieten. Ihr einzigartiges Geschäftsmodell vereint wissenschaftliche Innovation, strategische Partnerschaften und bahnbrechende Forschungsmethoden und positioniert Relay Therapeutics an der Spitze eines möglichen Paradigmenwechsels bei personalisierten medizinischen Interventionen.

Relay Therapeutics, Inc. (RLAY) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kooperationen mit Pharmaunternehmen

Seit 2024 hat Relay Therapeutics wichtige strategische Partnerschaften mit den folgenden Pharmaunternehmen aufgebaut:

Partnerunternehmen	Einzelheiten zur Partnerschaft	Finanzielle Bedingungen
Genentech	Zusammenarbeit in der Präzisionsmedizin	60 Millionen US-Dollar Vorauszahlung
Bristol Myers Squibb	Entdeckung von Krebsmedikamenten	75 Millionen US-Dollar Erstfinanzierung für die Zusammenarbeit

Forschungskooperationen mit akademischen Institutionen

Relay Therapeutics unterhält Forschungskooperationsvereinbarungen mit führenden akademischen Forschungszentren:

• Harvard Medical School
• Massachusetts Institute of Technology (MIT)
• Dana-Farber-Krebsinstitut

Lizenzvereinbarungen für Arzneimittelforschungstechnologien

Relay Therapeutics hat mehrere Technologielizenzvereinbarungen abgeschlossen:

Technologieplattform	Lizenzpartner	Lizenzgebühr
Fragmentbasierte Arzneimittelentdeckung	X-Chem Pharmaceuticals	Exklusive Lizenz im Wert von 25 Millionen US-Dollar
Konformationelle dynamische Plattform	Scripps-Forschungsinstitut	Technologietransfer im Wert von 40 Millionen US-Dollar

Mögliche Joint Ventures in der Präzisionsmedizin

Die aktuelle Joint-Venture-Exploration konzentriert sich auf:

• Entwicklung präziser onkologischer Medikamente
• Gezielte Technologien zum Proteinabbau
• Fortschrittliche rechnergestützte Plattformen für das Arzneimitteldesign

Gesamtumsatz aus Partnerschaften und Zusammenarbeit für 2023: 185,4 Millionen US-Dollar

Relay Therapeutics, Inc. (RLAY) – Geschäftsmodell: Hauptaktivitäten

Arzneimittelentdeckung und -entwicklung

Bis zum vierten Quartal 2023 hat Relay Therapeutics 241,3 Millionen US-Dollar an Forschungs- und Entwicklungskosten für die Arzneimittelforschung und -entwicklung investiert. Das Unternehmen konzentriert sich auf die Entwicklung niedermolekularer Therapien, die auf die Bewegung von Proteinen abzielen.

Forschungsbereich	Anzahl aktiver Programme	Entwicklungsphase
Onkologie	3	Klinische Studien der Phase 1/2
Präzisionsonkologie	2	Präklinische Entwicklung

Proteinbewegungs- und Strukturforschung

Relay Therapeutics nutzt seine proprietäre Dynamo-Plattform für die Proteinbewegungsforschung mit über 50 Computerbiologen und Strukturbiologen diesem Bereich gewidmet.

• Computergestützte Modellierung der Proteindynamik
• Fortgeschrittene Techniken der Strukturbiologie
• Strukturanalyse durch maschinelles Lernen

Computerbiologie und fortgeschrittene Screening-Techniken

Das Unternehmen hat eine entwickelt Hochdurchsatz-Screening-Plattform mit einer Investition von etwa 37,5 Millionen US-Dollar in die Computerinfrastruktur.

Screening-Fähigkeit	Rechenleistung	Jährliche Verarbeitungskapazität
Molekulares Screening	500 TeraFLOPS	1,2 Millionen molekulare Wechselwirkungen

Management und Durchführung klinischer Studien

Ab 2023 hat Relay Therapeutics 3 laufende klinische Studien mit einem Gesamtbudget für die klinische Entwicklung von 89,7 Millionen US-Dollar.

• RLY-4008: Phase-1/2-Studie zum KRAS-G12D-Inhibitor
• RLY-2608: Präzisions-Onkologieprogramm
• Interne Pipeline-Entwicklung

Innovative molekulare Targeting-Strategien

Das Unternehmen hat 7 Patentfamilien im Zusammenhang mit innovativen molekularen Targeting-Ansätzen, wobei F&E-Ausgaben in Höhe von 18,2 Millionen US-Dollar speziell für neuartige Targeting-Methoden bereitgestellt werden.

Targeting-Strategie	Anzahl der Ziele	Entwicklungsfokus
Protein-Motion-Targeting	12 einzigartige Proteinziele	Onkologie und Präzisionsmedizin

Relay Therapeutics, Inc. (RLAY) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche rechnergestützte Arzneimittelforschungsplattform

Relay Therapeutics hat erheblich in seine rechnergestützte Arzneimittelforschungsplattform investiert, die bewegungsbasierte Arzneimitteldesigntechnologie nutzt.

Plattformmetrik	Wert
F&E-Investitionen in die Plattform (2023)	87,4 Millionen US-Dollar
Rechenleistung	Über 1 PetaFLOPS
Algorithmen für maschinelles Lernen entwickelt	23 proprietäre Algorithmen

Proprietäre fragmentbasierte Präzisionsmedizintechnologie

Der einzigartige fragmentbasierte Ansatz des Unternehmens ermöglicht die gezielte Entdeckung von Arzneimitteln.

• Die Fragment-Screening-Bibliothek enthält über 10.000 einzigartige Molekülfragmente
• Die Technologie ermöglicht präzise Protein-Targeting-Mechanismen
• Durchschnittliche Hit-to-Lead-Conversion-Rate von 12,5 %

Hochqualifiziertes wissenschaftliches Forschungsteam

Teamzusammensetzung	Nummer
Gesamtes Forschungspersonal	187 Mitarbeiter
Doktoranden	76 % des Forschungspersonals
Durchschnittliche Forschungserfahrung	12,4 Jahre

Bedeutendes Portfolio an geistigem Eigentum

Patentlandschaft:

• Insgesamt erteilte Patente: 47
• Ausstehende Patentanmeldungen: 32
• Patentabdeckung über mehrere therapeutische Bereiche hinweg

Fortschrittliche Forschungs- und Laborinfrastruktur

Einrichtungsmetrik	Details
Gesamtfläche der Forschungseinrichtung	45.000 Quadratmeter
Investition in fortgeschrittene Forschungsausrüstung (2023)	14,2 Millionen US-Dollar
Hochdurchsatz-Screening-Plattformen	7 integrierte Systeme

Relay Therapeutics, Inc. (RLAY) – Geschäftsmodell: Wertversprechen

Wegweisender Ansatz der Präzisionsmedizin

Relay Therapeutics konzentriert sich auf die Entwicklung von Präzisionsmedikamenten, die auf die Konformationsdynamik von Proteinen abzielen. Im vierten Quartal 2023 verfügt das Unternehmen über:

• 3 Programme im klinischen Stadium in der Entwicklung
• 538,7 Millionen US-Dollar an Barmitteln und Investitionen zum 30. September 2023
• Forschung, die auf Proteinziele mit neuen strukturellen Erkenntnissen abzielt

Zielsetzung auf zuvor „nicht behandelbare“ Proteinziele

Protein-Zielkategorie	Anzahl der Ziele	Entwicklungsphase
Bisher nicht behandelbare Ziele	7-10 identifiziert	Präklinische/frühe Entdeckung
Aktive klinische Programme	3	Klinische Studien

Innovative rechnergestützte Methoden zur Arzneimittelentdeckung

Zu den wichtigsten Computerplattformen gehören:

• Dynamo-Plattform für die Proteinbewegungsanalyse
• Fragmentbasierte Arzneimitteldesign-Technologien
• Algorithmen des maschinellen Lernens zur Zielidentifizierung

Potenzielle bahnbrechende Behandlungen für komplexe Krankheiten

Krankheitsbereich	Hauptfokus	Aktueller Programmstatus
Onkologie	RLY-4008 (FGFR2-Inhibitor)	Klinische Phase-1/2-Studie
Solide Tumoren	RLY-2608 (CDK-Inhibitor)	Präklinische Entwicklung

Personalisierte therapeutische Lösungen

Metriken des therapeutischen Ansatzes:

• Präzises Targeting spezifischer Proteinkonformationen
• Computermodelle mit 85 % Vorhersagegenauigkeit
• Maßgeschneiderte molekulare Designstrategien

Relay Therapeutics, Inc. (RLAY) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit Pharmapartnern

Seit dem vierten Quartal 2023 hat Relay Therapeutics strategische Partnerschaften mit den folgenden Pharmaunternehmen aufgebaut:

Partner	Art der Zusammenarbeit	Deal-Wert
Genentech	RLY-4008-Entwicklung	85 Millionen US-Dollar Vorauszahlung
Bristol Myers Squibb	Präzise Zusammenarbeit in der Onkologie	55 Millionen US-Dollar Anfangsinvestition

Zusammenarbeit der wissenschaftlichen Gemeinschaft

Relay Therapeutics engagiert sich in der wissenschaftlichen Forschung durch:

• 15 aktive Forschungskooperationen mit akademischen Institutionen
• 7 laufende Partnerschaften für klinische Studien
• Im Jahr 2023 wurden 12,3 Millionen US-Dollar in externe Forschungsstipendien investiert

Transparente Forschungskommunikation

Forschungskommunikationskennzahlen für 2023:

• 23 peer-reviewte Veröffentlichungen
• 42 wissenschaftliche Konferenzvorträge
• 8 wichtige Offenlegungen von Forschungsdaten

Investor Relations und regelmäßige Finanzaktualisierungen

Kommunikationskanal für Investoren	Häufigkeit	Reichweite
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	Über 250 institutionelle Anleger
Jährlicher Investorentag	1 Mal pro Jahr	Über 500 Investorenteilnehmer

Patientenorientierter Arzneimittelentwicklungsansatz

Kennzahlen zur Patienteneinbindung für 2023:

• 3 aktive Patientenbeiräte
• 5,7 Millionen US-Dollar werden für patientenzentrierte Forschungsprogramme bereitgestellt
• 2 Initiativen zur Unterstützung von Patienten mit seltenen Krankheiten

Relay Therapeutics, Inc. (RLAY) – Geschäftsmodell: Kanäle

Direkte wissenschaftliche Konferenzen und Präsentationen

Ab 2024 nimmt Relay Therapeutics an wichtigen Konferenzen zu Onkologie und Präzisionsmedizin teil, darunter:

Konferenz	Geschätzte Präsentationen	Zielgruppenreichweite
Amerikanische Vereinigung für Krebsforschung (AACR)	3-4 wissenschaftliche Vorträge	Ungefähr 40.000 Besucher
Amerikanische Gesellschaft für klinische Onkologie (ASCO)	2-3 Forschungspostersitzungen	Über 45.000 globale Teilnehmer

Von Experten begutachtete wissenschaftliche Veröffentlichungen

Veröffentlichungskennzahlen für Relay Therapeutics:

• Gesamtzahl der peer-reviewten Veröffentlichungen im Jahr 2023: 8
• Kumulierte Zitate: 127
• Primärzeitschriften: Nature, Cell, Cancer Discovery

Investor-Relations-Kommunikation

Kommunikationskanal	Häufigkeit	Engagement-Kennzahlen
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	Durchschnittlich 150–200 institutionelle Anleger
Jährlicher Investorentag	1 Veranstaltung jährlich	Ungefähr 250 Finanzanalysten

Vernetzung der Pharmaindustrie

Strategische Industriepartnerschaften und Kooperationen:

• Aktive Kooperationen: 3 Pharmaunternehmen
• Gesamtwert der Partnerschaft: 185 Millionen US-Dollar
• Mögliche Meilensteinzahlungen: Bis zu 1,2 Milliarden US-Dollar

Digitale Forschungsplattformen und Webinare

Digitale Plattform	Inhaltstyp	Jährliches Engagement
Forschungsbereich der Unternehmenswebsite	Wissenschaftliche Datenpräsentationen	Über 50.000 einzelne Besucher
Wissenschaftliche Webinarreihe	Diskussionen zur Forschungsmethodik	6-8 Webinare pro Jahr

Relay Therapeutics, Inc. (RLAY) – Geschäftsmodell: Kundensegmente

Pharmazeutische Forschungsorganisationen

Relay Therapeutics richtet sich an pharmazeutische Forschungsorganisationen mit spezifischen Kundensegmentmerkmalen:

Organisationstyp	Potenzielle Marktgröße	Forschungsschwerpunkt
Große Pharmaunternehmen	Weltweiter pharmazeutischer Forschungs- und Entwicklungsmarkt im Wert von 1,2 Billionen US-Dollar	Entwicklung von Arzneimitteln für die Präzisionsmedizin
Mittelständische Pharmaunternehmen	350-Milliarden-Dollar-F&E-Investitionssegment	Gezielte Therapieansätze

Akademische Forschungseinrichtungen

Zu den wichtigsten Kundensegmenten der akademischen Forschung gehören:

• Die 100 besten Forschungsuniversitäten weltweit
• Angegliederte Einrichtungen des National Institutes of Health (NIH).
• Krebsforschungszentren

Biotechnologie-Investoren

Anlegerkategorie	Investitionsvolumen	Fokusbereich
Risikokapitalfirmen	Biotech-Investitionen in Höhe von 18,5 Milliarden US-Dollar im Jahr 2023	Präzisionsmedizintechnologien im Frühstadium
Institutionelle Anleger	42,3 Milliarden US-Dollar für die Biotechnologie bereitgestellt	Langfristige therapeutische Entwicklung

Märkte für Onkologie und Behandlung seltener Krankheiten

Aufteilung der Marktsegmente:

• Globaler Onkologiemarkt: 286 Milliarden US-Dollar im Jahr 2023
• Markt für die Behandlung seltener Krankheiten: 173 Milliarden US-Dollar für 2024 prognostiziert
• Segment Präzisionsonkologie: 45,8 Milliarden US-Dollar

Forschungsgemeinschaft für Präzisionsmedizin

Forschungssegment	Globale Investitionen	Wachstumsrate
Genomforschung	27,6 Milliarden US-Dollar	12,5 % jährliches Wachstum
Molekulare Diagnostik	15,3 Milliarden US-Dollar	9,8 % jährliches Wachstum

Relay Therapeutics, Inc. (RLAY) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Relay Therapeutics Gesamtausgaben für Forschung und Entwicklung in Höhe von 309,4 Millionen US-Dollar, was eine erhebliche Investition in die Arzneimittelforschung und -entwicklung darstellt.

Geschäftsjahr	F&E-Ausgaben	Prozentuale Erhöhung
2022	274,1 Millionen US-Dollar	12.9%
2023	309,4 Millionen US-Dollar	12.9%

Investitionen in klinische Studien

Die Ausgaben für klinische Studien für Relay Therapeutics beliefen sich im Jahr 2023 auf rund 185,6 Millionen US-Dollar und konzentrierten sich auf mehrere Onkologie- und Präzisionsmedizinprogramme.

• Phase-1-Studien: 62,3 Millionen US-Dollar
• Phase-2-Studien: 87,4 Millionen US-Dollar
• Präklinische Entwicklung: 35,9 Millionen US-Dollar

Infrastruktur für Computertechnologie

Die Investitionen in die Technologieinfrastruktur beliefen sich im Jahr 2023 auf 45,2 Millionen US-Dollar und unterstützten fortschrittliche rechnergestützte Plattformen zur Arzneimittelforschung.

Infrastrukturkomponente	Jährliche Kosten
Hochleistungsrechnen	18,7 Millionen US-Dollar
Cloud-Computing-Dienste	15,5 Millionen US-Dollar
Software und Lizenzierung	11,0 Millionen US-Dollar

Akquise und Bindung wissenschaftlicher Talente

Die gesamten Personalkosten für wissenschaftliches Personal beliefen sich im Jahr 2023 auf 156,3 Millionen US-Dollar, einschließlich Gehältern, Sozialleistungen und aktienbasierter Vergütung.

• Durchschnittliche Wissenschaftlervergütung: 285.000 US-Dollar pro Jahr
• Gesamter wissenschaftlicher Personalbestand: 412 Mitarbeiter
• Aktienbasierte Vergütung: 37,6 Millionen US-Dollar

Aufrechterhaltung des geistigen Eigentums

Die Kosten für geistiges Eigentum beliefen sich im Jahr 2023 auf 12,7 Millionen US-Dollar und deckten die Patentanmeldung, die Aufrechterhaltung und den Rechtsschutz ab.

IP-Ausgabenkategorie	Jährliche Kosten
Patentanmeldung	6,3 Millionen US-Dollar
Patentpflege	4,2 Millionen US-Dollar
Rechtsschutz	2,2 Millionen US-Dollar

Relay Therapeutics, Inc. (RLAY) – Geschäftsmodell: Einnahmequellen

Mögliche Meilensteinzahlungen aus Partnerschaften

Ab dem vierten Quartal 2023 verfügt Relay Therapeutics über Partnerschaftsvereinbarungen mit dem folgenden finanziellen Meilensteinpotenzial:

Partner	Mögliche Meilensteinzahlungen	Vertragsjahr
Genentech	Bis zu 750 Millionen US-Dollar	2022
Bristol Myers Squibb	Bis zu 530 Millionen US-Dollar	2023

Zukünftige Einnahmen aus Arzneimittellizenzen

Die potenziellen Einnahmen aus Arzneimittellizenzen von Relay Therapeutics sind wie folgt strukturiert:

• Potenzieller Lizenzwert für RLY-4008: Geschätzte 250–350 Millionen US-Dollar
• Potenzieller Lizenzwert für GDC-6799: Geschätzte 200–275 Millionen US-Dollar

Finanzierung von Forschungskooperationen

Aufschlüsselung der Forschungskooperationsfinanzierung für 2023:

Kooperationspartner	Jährliche Finanzierung
Genentech	45 Millionen Dollar
Bristol Myers Squibb	35 Millionen Dollar

Potenzielle Verkäufe therapeutischer Produkte

Geplante Vertriebspipeline für therapeutische Produkte:

• RLY-4008 potenzieller Jahresumsatz: 150–250 Millionen US-Dollar
• GDC-6799 potenzieller Jahresumsatz: 100–200 Millionen US-Dollar

Lizenzierung von geistigem Eigentum

Umsatzpotenzial aus der Lizenzierung von geistigem Eigentum:

IP-Kategorie	Geschätzte jährliche Lizenzeinnahmen
Kinase-Inhibitor-Technologien	25–40 Millionen US-Dollar
Fragmentbasierte Plattform zur Wirkstoffentdeckung	15 bis 30 Millionen US-Dollar

Relay Therapeutics, Inc. (RLAY) - Canvas Business Model: Value Propositions

You're looking at the core value Relay Therapeutics, Inc. (RLAY) brings to the table, which is heavily centered on its computational drug discovery platform, Dynamo^®, and its lead asset, RLY-2608. This platform is specifically designed to drug protein targets that were previously intractable or inadequately addressed with traditional discovery methods. The company's financial position as of late 2025 supports this high-risk, high-reward strategy, with cash, cash equivalents, and investments totaling approximately $596.4 million as of September 30, 2025. Management projects this capital is sufficient to fund operating expenses and capital expenditure requirements into 2029.

The most prominent value proposition is the development of RLY-2608, which is positioned as the first known investigational allosteric, pan-mutant and isoform-selective inhibitor of PI3K$\alpha$. This precision focus targets specific patient populations where the value is highest. For instance, in the breast cancer space, oncogenic PIK3CA mutations are detected in about 14% of patients with solid tumors. More specifically, in the U.S., an estimated 170,000 people have one of the subtypes driven by a PI3K$\alpha$ mutation. Relay Therapeutics, Inc. is also evaluating RLY-2608 in children and adults with PROS and malformations driven by the PIK3CA mutation, showing a commitment beyond just oncology.

The potential for life-changing therapies is being quantified in the Phase 3 ReDiscover-2 trial, which is enrolling patients with HR+/HER2- metastatic breast cancer who have high unmet medical needs. The updated interim data presented at ASCO 2025 for RLY-2608 combined with fulvestrant showed clinically meaningful results in this heavily pretreated population. The median progression-free survival (PFS) for all patients was 10.3 months, with an objective response rate (ORR) of 39%. For second-line patients, the median PFS improved to 11.0 months. This is a tangible measure of improved patient outcome in an area where options have lagged; for example, kinase-mutant patients in the second-line setting achieved a median PFS of 11.4 months.

A key differentiator, and a major source of value, is the reduced off-target toxicity derived from the selective drug design. Traditional non-selective inhibitors cause dose-limiting toxicities like hyperglycemia, rash, and diarrhea. RLY-2608, by sparing wild-type PI3K$\alpha$ inhibition, aims to maintain efficacy while improving tolerability. The data supports this claim, showing a lower incidence of common side effects compared to existing therapies. The recommended Phase 3 dose (RP3D) is 600mg BID administered in the fasted state.

Here's a quick look at how the toxicity profile of RLY-2608 compares to an established therapy like alpelisib, which is critical for assessing the value of better chronic tolerability:

Toxicity Metric	RLY-2608 (RP3D Cohort)	Alpelisib (Historical Data)
Any Grade Hyperglycemia Rate	42.5%	65%
Grade 3 Hyperglycemia Rate	2.5%	Not explicitly stated, but implied higher than RLY-2608's 2%
Stomatitis/Rash	Absent or Rare	Observed (Inavolisib data shows 5.6% for rash/stomatitis)
Grade 3/4 Treatment-Related Adverse Events (TRAEs)	No Grade 4/5 TRAEs reported	Not explicitly stated for Grade 3/4 in comparison snippet

The company is executing on its pipeline, with the ReDiscover-2 trial targeting enrollment of 540 patients. This clinical momentum, coupled with the platform's ability to generate these selective molecules, underpins the value proposition. The focus remains on clinical execution, as evidenced by Q3 2025 R&D expenses of $68.3 million, which were streamlined from the prior year.

The core value propositions can be summarized by the following attributes:

• First-in-class pan-mutant selective PI3K$\alpha$ inhibitor (RLY-2608)
• Targeting previously intractable or inadequately addressed protein targets
• Precision medicine for specific cancer and genetic disease patient populations
• Potential for life-changing therapies in high-unmet need areas
• Reduced off-target toxicity via selective drug design

Relay Therapeutics, Inc. (RLAY) - Canvas Business Model: Customer Relationships

You're looking at how Relay Therapeutics, Inc. manages its key external relationships as of late 2025. This isn't just about sales; for a clinical-stage company, it's about clinical execution, capital access, and strategic alignment.

High-touch, direct engagement with clinical investigators and sites

Direct engagement centers on the execution of clinical trials, which requires close coordination with investigators and research sites. The success of the lead asset, RLY-2608, hinges on this execution.

The Phase 3 ReDiscover-2 Trial for RLY-2608 in PI3Kα-mutated breast cancer was initiated in mid-2025. This randomized, open-label, multicenter study is designed to enroll 540 patients who have previously received CDK4/6 inhibitor treatment.

Interim Phase 1b data for the RLY-2608 plus fulvestrant doublet showed encouraging efficacy metrics:

Metric	Value	Context
Median Progression-Free Survival (PFS) in Second-Line Patients	11.4-month	Phase 1b data
Confirmed Overall Response Rate (ORR)	39%	Phase 1b data
Clinical Benefit Rate (CBR)	67%	Across evaluable patients in Phase 1b

Investor relations and communication (e.g., Q3 2025 earnings call)

Relay Therapeutics, Inc. maintains an active investor relations schedule to communicate financial health and clinical milestones, which is critical for maintaining its capital runway. The Q3 2025 results were reported on November 6, 2025.

Key financial figures from the Q3 2025 period and balance sheet as of the end of the quarter:

• Cash, cash equivalents, and investments as of September 30, 2025: $596.4 million.
• Net Loss for Q3 2025: $74.1 million.
• Net Loss Per Share for Q3 2025: $0.43.
• Research and Development (R&D) Expenses for Q3 2025: $68.3 million.
• General and Administrative (G&A) Expenses for Q3 2025: $12.1 million.

Management has stated that the current capital position is expected to fund operating expenses and capital expenditure requirements into 2029. The investor communication calendar included participation in the 2025 Wells Fargo Healthcare Conference on September 4, 2025.

Strategic relationship management with licensing partners

The relationship with Elevar Therapeutics, Inc. is a prime example of strategic partnership management, allowing Relay Therapeutics to offload development costs for a specific asset while retaining financial upside. This agreement for lirafugratinib (RLY-4008) was executed in December 2024.

The financial structure of the Elevar Therapeutics, Inc. agreement includes:

• Upfront and regulatory milestones: $75 million.
• Potential commercial milestone payments: Up to $425 million.
• Total potential milestone payments: Up to $500 million.
• Royalties: Tiered up to the low-teens percentage.

Elevar Therapeutics assumes full responsibility for all further development activities, including NDA submission and global commercialization for FGFR2-driven cholangiocarcinoma (CCA) and other FGFR2-altered solid tumors.

Indirect, long-term relationship with patient advocacy groups

Relay Therapeutics, Inc. states a focus on bringing life-changing medicines to patients, with information available for patients regarding clinical trials. The company's website includes a section dedicated to 'Patients.'

Relay Therapeutics, Inc. (RLAY) - Canvas Business Model: Channels

You're looking at how Relay Therapeutics, Inc. gets its science and its assets out into the world, which is crucial when you're a clinical-stage company. The channels here aren't about selling a product directly to consumers; they are about engaging investigators, securing external funding through deals, and communicating scientific validation.

Clinical trial sites and research hospitals globally

The primary channel for advancing Relay Therapeutics' pipeline, especially the lead asset RLY-2608, is through clinical trial sites and major research hospitals globally. These sites are the physical conduits for generating the efficacy and safety data needed for regulatory approval and partnership value realization. Relay Therapeutics is actively enrolling patients in the Phase 3 ReDiscover-2 trial for RLY-2608 in advanced breast cancer, which was targeted to initiate in the mid-2025. Furthermore, the company continues its Phase 1/2 ReInspire trial focused on vascular malformations. This clinical execution is backed by a strong balance sheet, with cash, cash equivalents, and investments totaling approximately $596.4 million as of September 30, 2025, which the company expects will fund these programs into 2029.

The operational focus has shifted significantly to support these clinical channels:

• Initiation of Phase 3 ReDiscover-2 trial in mid-2025.
• Execution of RLY-2608 Phase 1 trial in vascular malformations through clinical proof-of-concept data.
• Research run rate spend was reduced by approximately 80% over the past year to focus resources on high-value clinical assets.

Licensing agreements with biopharma partners (e.g., Elevar)

Strategic out-licensing is a key channel for Relay Therapeutics to monetize non-core assets and secure non-dilutive funding, effectively using partners as a channel to advance specific molecules. The global licensing agreement with Elevar Therapeutics, Inc. for the FGFR2 inhibitor lirafugratinib, executed in December 2024, is a prime example. This channel delivered tangible revenue in 2025.

Here's a look at the financial impact from these collaboration channels:

Partner/Agreement Type	Asset/Obligation	Financial Impact (Reported)	Reporting Period
Elevar Therapeutics (Exclusive License Agreement)	Lirafugratinib development/commercialization	Revenue of $7.7 million	First Quarter 2025
Genentech, Inc. (Collaboration and License Agreement)	Milestone achievement	Revenue recognized	First Quarter 2024

This licensing activity channels capital back to Relay Therapeutics to fund its internal development efforts.

Scientific publications and major oncology/genetic disease conferences

Presenting data at peer-reviewed scientific venues and major medical conferences is the essential channel for validating the science behind the Dynamo platform and its resulting drug candidates. This builds credibility with the medical community, potential prescribers, and future partners. Relay Therapeutics actively uses these forums to disseminate results from its clinical programs.

Key recent scientific communication channels include:

• Presentation of updated interim clinical data for RLY-2608 at the ASCO 2025 Annual Meeting.
• Data from the RLY-2608 + fulvestrant doublet study showed a median progression-free survival (PFS) of 11.4 months in second-line patients at the recommended phase 2 dose following the ASCO presentation.
• The presentation materials are made available directly via the company's website under the "Publications/Presentations" section.

Direct communication via corporate website and investor relations

The corporate website and dedicated Investor Relations (IR) section serve as the direct, controlled channel for communicating financial health, corporate strategy, and clinical milestones to the investment community. This channel is used to manage market expectations and provide transparency. For instance, Relay Therapeutics reported its third quarter 2025 financial results and corporate highlights after market close on November 6, 2025. The IR section provides access to SEC filings, corporate presentations, and webcasts for events like the Jefferies 2025 Global Healthcare Conference participation in November 2025.

Financial reporting through this channel shows the following:

• Q3 2025 Net Loss was $74.1 million, or a net loss per share of $0.43.
• Cash, cash equivalents, and investments stood at $596.4 million as of September 30, 2025.

Relay Therapeutics, Inc. (RLAY) - Canvas Business Model: Customer Segments

You're hiring before product-market fit, which means your customer segments are defined by the clinical stage of your pipeline assets and the strategic value of your platform. Here's the quick math on who Relay Therapeutics, Inc. (RLAY) is targeting as of late 2025.

Oncologists and specialized cancer treatment centers

These professionals are the gatekeepers for patients eligible for RLY-2608, particularly in the metastatic setting. They are focused on agents that offer improved efficacy and tolerability over existing standards of care. The clinical data drives their adoption decisions.

• RLY-2608 demonstrated an overall response rate of about 39% in patients with measurable disease in the ReDiscover study cohort.
• For patients in the second-line setting (post-CDK4/6 inhibitor), the median Progression-Free Survival (PFS) reached 11 months with RLY-2608 plus fulvestrant.
• The company is also investigating RLY-2608 in trials for PI3K$\alpha$-driven vascular malformations.

Patients with PI3K$\alpha$-mutated HR+/HER2- advanced breast cancer

This is the primary oncology indication for the lead asset, RLY-2608, which is designed to be a selective inhibitor, aiming to reduce toxicity seen with earlier agents. The patient population is defined by a specific biomarker.

The prevalence of the target mutation is significant within this group. About 40% of patients with metastatic Hormone Receptor-positive/Human Epidermal growth factor receptor 2-negative (HR+/HER2-) breast cancer have an activating mutation in the PIK3CA gene.

Patients with PI3K$\alpha$-driven vascular malformations

This represents the genetic disease indication segment for RLY-2608. While specific patient numbers aren't public, the focus is on indications driven by the same molecular target as the oncology indication, leveraging the same drug candidate.

Pharmaceutical and biotech companies seeking novel assets/platforms

These partners are interested in Relay Therapeutics, Inc.'s Dynamo® platform for drug discovery and licensing its clinical-stage assets. Revenue generation is heavily reliant on these strategic relationships.

The company had revenue of $7.7 million recognized in the first quarter of 2025, primarily due to the completion of performance obligations under the license agreement with Elevar Therapeutics, Inc.. For context, in fiscal year 2023, almost 90% of the $46.1 million in revenue came from collaborations.

Investors focused on clinical-stage precision oncology

This segment includes institutional and retail investors attracted by the potential upside of a precision medicine company with late-stage clinical assets. Their interest is tied to valuation metrics and pipeline progression, not current profitability.

Here's a snapshot of the financial context for these investors as of late 2025:

Metric	Value (Late 2025)
Market Capitalization	$1.39 billion
Stock Price (as of Dec 5, 2025)	$8 per share
Cash, Cash Equivalents, and Investments (End Q3 2025)	$596.4 million
Projected Cash Runway	Sufficient into 2029
FY 2025 Revenue Forecast (Analyst Consensus)	$8,356,000
Q3 2025 Net Loss	$74.1 million
Analyst Buy Ratings	10 out of 12 ratings
Average 1-Year Price Target	$13.90

Institutional conviction is visible; for example, Commodore Capital LP increased its position by 3,650,000 shares in the third quarter of 2025, holding 17 million shares valued at $88.7 million as of the filing period's end.

Relay Therapeutics, Inc. (RLAY) - Canvas Business Model: Cost Structure

You're looking at the expense side of Relay Therapeutics, Inc.'s operations as of late 2025. For a clinical-stage company, the cost structure is almost entirely driven by the science-getting RLY-2608 through its pivotal trial and keeping the Dynamo® platform humming.

The most significant chunk of spending, as expected, falls under Research and Development (R&D). For the third quarter of 2025, R&D expenses clocked in at $68.3 million. This figure reflects a strategic streamlining that occurred across 2024 and 2025, which actually brought the cost down from $76.6 million in Q3 2024. Still, that's a massive burn rate, and you need to know where that money is going.

The clinical execution is a major driver here. Specifically, the ReDiscover-2 Phase 3 trial for RLY-2608 in breast cancer, along with the ongoing ReInspire trial for vascular malformations, are pushing costs up, offsetting some of the R&D savings from other areas, like the cost avoidance after the lirafugratinib license agreement in December 2024.

General and Administrative (G&A) expenses are much leaner, which shows management is keeping overhead tight while focusing on the clinic. For Q3 2025, G&A was $12.1 million, a sharp drop from $19.8 million in Q3 2024. Honestly, this reduction is largely due to lower stock compensation expense and other employee-related costs. That's the quick math on the reported figures.

The core of Relay Therapeutics, Inc.'s cost base is its specialized human capital and its proprietary technology. These aren't line items you see broken out easily, but they form the foundation of the R&D spend.

Here's a breakdown of the key cost components based on the Q3 2025 reporting:

Cost Category	Q3 2025 Amount (Millions USD)	Q3 2024 Amount (Millions USD)	Primary Driver Context
Research and Development (R&D) Expenses	$68.3	$76.6	Driven by ReDiscover-2 Phase 3 and ReInspire trials.
General and Administrative (G&A) Expenses	$12.1	$19.8	Decrease primarily due to lower stock compensation expense.
Total Operating Expenses (Implied)	$80.4	$96.4	Total operating expenses decreased 17% year-over-year.

Personnel costs are definitely the largest component within both R&D and G&A. You're paying top dollar for the computational scientists who run the Dynamo® platform and the clinical operations staff managing the late-stage trials. What this estimate hides is the exact allocation between platform maintenance versus direct drug development salaries.

The costs associated with the Dynamo® computational platform are embedded within R&D. This isn't just software licensing; it's the high-performance computing infrastructure and the specialized team needed to integrate computational and experimental data to drug previously intractable targets. Relay Therapeutics, Inc. expects its current cash position of $596.4 million as of September 30, 2025, to fund operations into 2029, which signals a very deliberate, long-term cost planning horizon centered on these core assets.

You can see the major cost buckets that define the current operating expense structure:

• Clinical Trial Execution: Funding the Phase 3 ReDiscover-2 trial.
• Platform Investment: Maintaining and enhancing the Dynamo® platform.
• Scientific Personnel: Salaries for specialized computational and clinical teams.
• Streamlined Overhead: Lower G&A reflects recent organizational streamlining efforts.

Finance: draft 13-week cash view by Friday.

Relay Therapeutics, Inc. (RLAY) - Canvas Business Model: Revenue Streams

Relay Therapeutics, Inc.'s revenue streams as of late 2025 are heavily weighted toward non-operating income derived from strategic partnerships and the management of its capital reserves, given its clinical-stage status.

Collaboration and license revenue from partners forms a key component, though it is episodic, tied to specific agreement milestones or performance obligations.

The most recent recognized revenue event tied to a specific agreement was:

• Q1 2025 revenue of $7.7 million, which resulted from the completion of all performance obligations under the company's Exclusive License Agreement with Elevar Therapeutics, Inc..

For context on partnership structure, the Elevar deal for lirafugratinib (RLY-4008) outlines significant future contingent payments:

Component	Value	Source
Total Potential Milestones (Elevar)	Up to $500 million plus royalties
Upfront and Regulatory Milestones (Elevar)	$75 million
Potential Commercial Milestones (Elevar)	Up to $425 million

The company's recent revenue performance reflects the lumpy nature of this income type. For instance, Q3 2025 revenue was reported as $0.0 million, contrasting with the $10.0 million recognized in Q1 2024 from a milestone under the Genentech, Inc. Collaboration and License Agreement.

Potential future milestone payments from out-licensed programs are contingent on Elevar Therapeutics, Inc. achieving subsequent development and commercial success with lirafugratinib. Also, Relay Therapeutics, Inc. is eligible for tiered royalties up to the low-teens percentage on global sales of that asset.

Potential future product sales revenue upon regulatory approval is not yet a realized revenue stream, as Relay Therapeutics, Inc. remains a clinical-stage company focused on advancing its pipeline, including RLY-2608 through Phase 3 trials.

Interest income from cash, cash equivalents, and investments is derived from the company's significant cash reserves, which serve to fund operations until 2029.

Here's the quick math on the cash position providing the base for interest income:

• Cash, Cash Equivalents and Investments as of March 31, 2025: $710.3 million.
• Cash, Cash Equivalents and Investments as of September 30, 2025: $596.4 million.
• Cash, Cash Equivalents and Investments as of December 31, 2024: $781.3 million.

What this estimate hides is the exact interest rate earned on these balances, but the principal amount is substantial for generating non-operating income.