Relay Therapeutics, Inc. (RLAY): Business Model Canvas [Jan-2025 Mis à jour]

Relay Therapeutics, Inc. (RLAY) émerge comme un innovateur biotech révolutionnaire, révolutionnant la découverte de médicaments grâce à son approche de calcul de pointe du mouvement des protéines et de la médecine de précision. En tirant parti des technologies avancées basées sur les fragments et des plateformes de calcul sophistiquées, la société est prête à débloquer le potentiel thérapeutique pour des cibles protéiques précédemment «non« non reproductables », offrant des solutions transformatrices en oncologie et en traitements rares. Leur modèle commercial unique mélange l'innovation scientifique, les partenariats stratégiques et les méthodologies de recherche révolutionnaire, le positionnement des thérapies de relais à l'avant-garde d'un changement de paradigme potentiel dans les interventions médicales personnalisées.

Relay Therapeutics, Inc. (RLAY) - Modèle commercial: partenariats clés

Collaborations stratégiques avec les sociétés pharmaceutiques

En 2024, Relay Therapeutics a établi des partenariats stratégiques clés avec les sociétés pharmaceutiques suivantes:

Entreprise partenaire	Détails du partenariat	Conditions financières
Genentech	Collaboration de médecine de précision	60 millions de dollars de paiement initial
Bristol Myers Squibb	Découverte de médicaments en oncologie	Financement de collaboration initiale de 75 millions de dollars

Partenariats de recherche avec les établissements universitaires

Relay Therapeutics maintient des accords de recherche collaboratifs avec des centres de recherche universitaires importants:

• École de médecine de Harvard
• Institut de technologie du Massachusetts (MIT)
• Dana-Farber Cancer Institute

Accords de licence pour les technologies de découverte de médicaments

Relay Therapeutics a obtenu plusieurs accords de licence technologique:

Plate-forme technologique	Partenaire de licence	Frais de licence
Découverte de médicaments à base de fragments	X-Chem Pharmaceuticals	Licence exclusive de 25 millions de dollars
Plate-forme dynamique conformationnelle	Institut de recherche Scripps	Transfert de technologie de 40 millions de dollars

Coentreprises potentielles en médecine de précision

L'exploration actuelle de la coentreprise se concentre sur:

• Développement de médicaments en oncologie de précision
• Technologies de dégradation des protéines ciblées
• Plateformes avancées de conception de médicaments informatiques

Revenus de partenariat total et de collaboration pour 2023: 185,4 millions de dollars

Relay Therapeutics, Inc. (RLAY) - Modèle d'entreprise: Activités clés

Découverte et développement de médicaments

Au quatrième trimestre 2023, Relay Therapeutics a investi 241,3 millions de dollars dans les dépenses de R&D pour la découverte et le développement de médicaments. L'entreprise se concentre sur le développement de thérapies de petites molécules ciblant le mouvement des protéines.

Domaine de recherche	Nombre de programmes actifs	Étape de développement
Oncologie	3	Essais cliniques de phase 1/2
Oncologie de précision	2	Développement préclinique

Recherche sur le mouvement des protéines et la structure

Relay Therapeutics utilise sa plate-forme de dynamo propriétaire pour la recherche sur le mouvement des protéines, avec Plus de 50 biologistes informatiques et biologistes structurels dédié à cette zone.

• Modélisation informatique de la dynamique des protéines
• Techniques avancées de biologie structurelle
• Analyse de la structure en apprentissage automatique

Biologie informatique et techniques de dépistage avancées

L'entreprise a développé un plate-forme de dépistage à haut débit avec un investissement d'environ 37,5 millions de dollars en infrastructure informatique.

Capacité de dépistage	Puissance de calcul	Capacité de traitement annuelle
Dépistage moléculaire	500 téraflops	1,2 million d'interactions moléculaires

Gestion et exécution des essais cliniques

Depuis 2023, Relay Therapeutics a 3 essais cliniques en cours avec un budget total de développement clinique de 89,7 millions de dollars.

• Rly-4008: phase 1/2 essai d'inhibiteur de KRAS G12D
• Rly-2608: programme d'oncologie de précision
• Développement de pipeline interne

Stratégies de ciblage moléculaire innovantes

La société a 7 familles de brevets liés à des approches de ciblage moléculaire innovantes, avec des dépenses de R&D de 18,2 millions de dollars spécifiquement allouées à de nouvelles méthodologies de ciblage.

Cibler la stratégie	Nombre de cibles	Focus de développement
Ciblage du mouvement des protéines	12 cibles protéiques uniques	Médecine d'oncologie et de précision

Relay Therapeutics, Inc. (RLAY) - Modèle d'entreprise: Ressources clés

Plate-forme avancée de découverte de médicaments informatiques

Relay Therapeutics a investi considérablement dans sa plate-forme de découverte de médicaments informatiques, qui utilise une technologie de conception de médicaments basée sur le mouvement.

Métrique de la plate-forme	Valeur
Investissement en R&D dans la plate-forme (2023)	87,4 millions de dollars
Capacité de traitement informatique	Plus de 1 Petaflops
Algorithmes d'apprentissage automatique développés	23 algorithmes propriétaires

Technologie de médecine de précision basée sur les fragments propriétaires

L'approche unique basée sur les fragments de l'entreprise permet une découverte ciblée de médicaments.

• La bibliothèque de dépistage des fragments contient plus de 10 000 fragments moléculaires uniques
• La technologie permet des mécanismes de ciblage protéiques précis
• Taux de conversion moyen de 12,5%

Équipe de recherche scientifique hautement qualifiée

Composition de l'équipe	Nombre
Personnel de recherche total	187 employés
Titulaires de doctorat	76% du personnel de recherche
Expérience de recherche moyenne	12.4 ans

Portfolio de propriété intellectuelle importante

Paysage breveté:

• Total des brevets accordés: 47
• Demandes de brevet en instance: 32
• Couverture de brevet dans plusieurs domaines thérapeutiques

Recherche avancée et infrastructure de laboratoire

Métrique de l'installation	Détails
Espace total des installations de recherche	45 000 pieds carrés
Investissement avancé d'équipement de recherche (2023)	14,2 millions de dollars
Plates-formes de dépistage à haut débit	7 systèmes intégrés

Relay Therapeutics, Inc. (RLAY) - Modèle d'entreprise: propositions de valeur

Approche de la médecine de précision pionnière

Relay Therapeutics se concentre sur le développement de médicaments de précision ciblant la dynamique conformationnelle des protéines. Au quatrième trimestre 2023, la société a:

• 3 programmes de stade clinique en développement
• 538,7 millions de dollars en espèces et en investissements au 30 septembre 2023
• Recherche ciblant les cibles protéiques avec de nouvelles informations structurelles

Cibler des cibles de protéines précédemment «sans problème»

Catégorie cible protéique	Nombre de cibles	Étape de développement
Cibles auparavant non autorisées	7-10 identifié	Découverte préclinique / précoce
Programmes cliniques actifs	3	Essais cliniques

Méthodes de découverte de médicaments informatiques innovantes

Les plates-formes de calcul clés comprennent:

• Plateforme Dynamo pour l'analyse du mouvement des protéines
• Technologies de conception de médicaments basées sur les fragments
• Algorithmes d'apprentissage automatique pour l'identification cible

Traitements de percée potentielles pour les maladies complexes

Zone de maladie	Focus principal	État actuel du programme
Oncologie	Rly-4008 (inhibiteur FGFR2)	Essai clinique de phase 1/2
Tumeurs solides	Rly-2608 (inhibiteur de CDK)	Développement préclinique

Solutions thérapeutiques personnalisées

Métriques d'approche thérapeutique:

• Ciblage de précision de conformations protéiques spécifiques
• Modèles informatiques avec une précision prédictive de 85%
• Stratégies de conception moléculaire personnalisées

Relay Therapeutics, Inc. (RLAY) - Modèle d'entreprise: relations clients

Engagement direct avec les partenaires pharmaceutiques

Au quatrième trimestre 2023, Relay Therapeutics a établi des partenariats stratégiques avec les sociétés pharmaceutiques suivantes:

Partenaire	Type de collaboration	Valeur de l'accord
Genentech	Développement Rly-4008	85 millions de dollars de paiement initial
Bristol Myers Squibb	Collaboration de précision en oncologie	Investissement initial de 55 millions de dollars

Collaboration communautaire scientifique

Relay Therapeutics s'engage dans la recherche scientifique à travers:

• 15 collaborations de recherche active avec les établissements universitaires
• 7 Partenariats en cours d'essai cliniques
• 12,3 millions de dollars investis dans des subventions de recherche externes en 2023

Communication de recherche transparente

Métriques de communication de recherche pour 2023:

• 23 publications évaluées par des pairs
• 42 Présentations de la conférence scientifique
• 8 Divulgations de données de recherche majeures

Relations avec les investisseurs et mises à jour financières régulières

Canal de communication des investisseurs	Fréquence	Atteindre
Appels de résultats trimestriels	4 fois par an	Plus de 250 investisseurs institutionnels
Journée annuelle des investisseurs	1 fois par an	Plus de 500 participants aux investisseurs

Approche de développement de médicaments axé sur les patients

Métriques d'engagement des patients pour 2023:

• 3 conseils consultatifs des patients actifs
• 5,7 millions de dollars alloués aux programmes de recherche centrés sur le patient
• 2 Initiatives de soutien aux patients rares maladies

Relay Therapeutics, Inc. (RLAY) - Modèle d'entreprise: canaux

Conférences et présentations scientifiques directes

En 2024, Relay Therapeutics participe à des conférences clés en oncologie et en médecine de précision, notamment:

Conférence	Présentations estimées	Poutenir
Association américaine pour la recherche sur le cancer (AACR)	3-4 présentations scientifiques	Environ 40 000 participants
American Society of Clinical Oncology (ASCO)	2-3 Sessions d'affiches de recherche	Plus de 45 000 participants mondiaux

Publications scientifiques évaluées par des pairs

Métriques de publication pour la thérapeutique des relais:

• Publications totales à comité de lecture en 2023: 8
• Citations cumulatives: 127
• Journaux primaires: nature, cellule, découverte de cancer

Communications des relations avec les investisseurs

Canal de communication	Fréquence	Métriques d'engagement
Appels de résultats trimestriels	4 fois par an	150-200 participants aux investisseurs institutionnels
Journée annuelle des investisseurs	1 événement par an	Environ 250 analystes financiers

Réseautage de l'industrie pharmaceutique

Partenariats et collaborations stratégiques de l'industrie:

• Collaborations actives: 3 sociétés pharmaceutiques
• Valeur du partenariat total: 185 millions de dollars
• Paiements de jalons potentiels: jusqu'à 1,2 milliard de dollars

Plateformes de recherche numérique et webinaires

Plate-forme numérique	Type de contenu	Engagement annuel
Section de recherche sur le site Web de l'entreprise	Présentations de données scientifiques	Plus de 50 000 visiteurs uniques
Série de webinaires scientifiques	Discussions de méthodologie de recherche	6-8 webinaires par an

Relay Therapeutics, Inc. (RLAY) - Modèle d'entreprise: segments de clientèle

Organisations de recherche pharmaceutique

Relay Therapeutics cible les organisations de recherche pharmaceutique avec des caractéristiques spécifiques du segment de la clientèle:

Type d'organisation	Taille du marché potentiel	Focus de recherche
Grandes sociétés pharmaceutiques	1,2 billion de dollars sur le marché mondial de la R&D pharmaceutique	Développement de médicaments en médecine de précision
Entreprises pharmaceutiques de taille moyenne	Segment d'investissement de R&D de 350 milliards de dollars	Approches thérapeutiques ciblées

Établissements de recherche universitaire

Les principaux segments de clients de la recherche académique comprennent:

• 100 meilleures universités de recherche dans le monde entier
• Institutions affiliées des National Institutes of Health (NIH)
• Centres de recherche sur le cancer

Investisseurs en biotechnologie

Catégorie d'investisseurs	Volume d'investissement	Domaine de mise au point
Sociétés de capital-risque	18,5 milliards de dollars d'investissement de biotechnologie en 2023	Technologies de médecine de précision à un stade précoce
Investisseurs institutionnels	42,3 milliards de dollars alloués à la biotechnologie	Développement thérapeutique à long terme

Marchés d'oncologie et de traitement des maladies rares

Répartition des segments de marché:

• Marché mondial en oncologie: 286 milliards de dollars en 2023
• Marché du traitement des maladies rares: 173 milliards de dollars prévus pour 2024
• Segment d'oncologie de précision: 45,8 milliards de dollars

Communauté de recherche en médecine de précision

Segment de recherche	Investissement mondial	Taux de croissance
Recherche génomique	27,6 milliards de dollars	Croissance annuelle de 12,5%
Diagnostic moléculaire	15,3 milliards de dollars	Croissance annuelle de 9,8%

Relay Therapeutics, Inc. (RLAY) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Relay Therapeutics a déclaré des dépenses totales de R&D de 309,4 millions de dollars, ce qui représente un investissement important dans la découverte et le développement de médicaments.

Exercice fiscal	Dépenses de R&D	Pourcentage d'augmentation
2022	274,1 millions de dollars	12.9%
2023	309,4 millions de dollars	12.9%

Investissements d'essais cliniques

Les dépenses d'essais cliniques pour la thérapeutique des relais en 2023 ont totalisé environ 185,6 millions de dollars, en se concentrant sur de multiples programmes d'oncologie et de médecine de précision.

• Essais de phase 1: 62,3 millions de dollars
• Essais de phase 2: 87,4 millions de dollars
• Développement préclinique: 35,9 millions de dollars

Infrastructure technologique informatique

Les investissements sur les infrastructures technologiques pour 2023 étaient de 45,2 millions de dollars, soutenant les plateformes avancées de découverte de médicaments informatiques.

Composant d'infrastructure	Coût annuel
Informatique haute performance	18,7 millions de dollars
Services de cloud computing	15,5 millions de dollars
Logiciel et licence	11,0 millions de dollars

Acquisition et rétention des talents scientifiques

Les dépenses totales du personnel pour le personnel scientifique en 2023 étaient de 156,3 millions de dollars, y compris les salaires, les avantages sociaux et la rémunération en actions.

• Compensation moyenne des scientifiques: 285 000 $ par an
• Total des effectifs scientifiques: 412 employés
• Compensation à base d'actions: 37,6 millions de dollars

Maintenance de la propriété intellectuelle

Les coûts de propriété intellectuelle pour 2023 s'élevaient à 12,7 millions de dollars, couvrant le dépôt, l'entretien et la protection juridique des brevets.

Catégorie de dépenses IP	Coût annuel
Dépôt de brevet	6,3 millions de dollars
Entretien de brevets	4,2 millions de dollars
Protection juridique	2,2 millions de dollars

Relay Therapeutics, Inc. (RLAY) - Modèle d'entreprise: Strots de revenus

Payments de jalons potentiels à partir de partenariats

Au quatrième trimestre 2023, Relay Therapeutics a des accords de partenariat avec le potentiel de jalon financier suivant:

Partenaire	Paiements de jalons potentiels	Année des accords
Genentech	Jusqu'à 750 millions de dollars	2022
Bristol Myers Squibb	Jusqu'à 530 millions de dollars	2023

Revenus de licence de drogue futurs

Les revenus potentiels de licence de médicament de Relay Therapeutics sont structurés comme suit:

• Rly-4008 Valeur de licence potentielle: 250 à 350 millions de dollars estimés
• GDC-6799 Valeur de licence potentielle: 200 $ à 275 millions de dollars

Financement de collaboration de recherche

Déclai de financement de la collaboration de recherche pour 2023:

Partenaire de collaboration	Financement annuel
Genentech	45 millions de dollars
Bristol Myers Squibb	35 millions de dollars

Ventes de produits thérapeutiques potentiels

Pipeline de ventes de produits thérapeutiques projetés:

• Rly-4008 Ventes annuelles potentielles: 150 $ - 250 millions de dollars
• GDC-6799 Ventes annuelles potentielles: 100 à 200 millions de dollars

Licence de propriété intellectuelle

Potentiel des revenus de licence de propriété intellectuelle:

Catégorie IP	Revenus de licence annuelle estimées
Technologies d'inhibiteurs kinases	25 à 40 millions de dollars
Plate-forme de découverte de médicaments basée sur des fragments	15 à 30 millions de dollars

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.