Relay Therapeutics, Inc. (RLAY): Business Model Canvas [Dec-2025 Updated]

You're looking at Relay Therapeutics, Inc. right now as they transition from pure discovery to the high-stakes reality of late-stage clinical execution, and honestly, the Q3 2025 data tells a focused story. The entire model hinges on their proprietary Dynamo® platform driving assets like RLY-2608 through the pivotal Phase 3 ReDiscover-2 trial, all while they manage a significant R&D burn of $68.3 million for the quarter. With a war chest of $596.4 million in cash and investments as of that third quarter, the near-term focus is clearly on clinical milestones and strategic cost management to secure value from their precision medicine approach. This Business Model Canvas lays out the exact partnerships, resources, and revenue paths they are using to try and deliver those first-in-class therapies; read on to see the full operational blueprint.

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

You're looking at how Relay Therapeutics, Inc. structures its external relationships to advance its pipeline and platform. For a company built on computational drug discovery, partnerships are crucial for clinical validation and commercial reach, especially after recent strategic shifts.

Elevar Therapeutics, Inc. for out-licensed RLY-4008/lirafugratinib

Relay Therapeutics, Inc. executed a significant out-license deal for its FGFR2 inhibitor, lirafugratinib (RLY-4008), to Elevar Therapeutics, Inc., a subsidiary of HLB Co Ltd. This move allowed Relay Therapeutics to focus resources on its PI3Kα programs, like RLY-2608. The deal structure is heavily weighted toward future success, which is a common way to maximize upfront capital while retaining upside potential.

The financial terms of the exclusive global licensing agreement are substantial:

• Total potential value up to $500 million in biobucks.
• Upfront and near-term regulatory milestones total $75 million.
• Potential commercial milestone payments are up to $425 million.
• Relay Therapeutics, Inc. is also eligible for tiered royalties based on global sales, reaching up to the low-teens percentage.

Elevar Therapeutics, Inc. assumed full responsibility for all subsequent development, including New Drug Application (NDA) submissions and global commercialization for FGFR2-driven cholangiocarcinoma (CCA) and other FGFR2-altered solid tumors. Revenue recognized by Relay Therapeutics, Inc. in the first quarter of 2025 was tied to the completion of performance obligations under this agreement.

Academic and clinical research institutions for trial execution

Clinical execution relies on a network of institutions to run the necessary trials, especially for the lead asset, RLY-2608. The Phase 3 ReDiscover-2 trial, which began in mid-2025, is a prime example of this external reliance.

Here are some key metrics from the ongoing clinical work that depends on these partnerships:

Also, the data presented at ASCO 2025, which is critical for investor sentiment, is a direct output of these collaborative trial efforts.

Technology and software providers for Dynamo® platform

Relay Therapeutics, Inc.'s core value driver is the Dynamo® platform, which integrates computational and experimental techniques. While the platform is proprietary, its effectiveness is built on the tight integration of various internal capabilities that act as specialized 'providers' of data and modeling power.

The platform's key components involve:

• Advanced machine learning models.
• Molecular dynamics simulations.
• Proprietary machine learning powered DNA encoded library platform, termed "REL-DEL".
• Integration with internal medicinal chemistry, structural biology, enzymology, and biophysics capabilities.

This integration is designed to yield a larger number of chemical series and potential therapies faster than traditional methods.

Prior collaboration and license agreement with Genentech, Inc.

The prior collaboration with Genentech, a member of the Roche Group, centered on the SHP2 inhibitor RLY-1971 (migoprotafib or GDC-1971). This research and development partnership, which began in 2020, has since been terminated by Genentech without cause in July 2024.

The financial history of this terminated deal shows significant prior investment:

• Initial upfront payment in 2021: $75 million.
• Total investment received from Genentech, Inc. (upfront plus milestones): $121.8 million.
• Milestone payments secured over the years: $45 million.
• Potential success-based payments forfeited upon termination: up to $675 million.

Relay Therapeutics, Inc. confirmed it will not continue development of migoprotafib following the termination. Revenue recognized in the first quarter of 2024 was attributed to a milestone achieved under this now-concluded agreement.

Key Opinion Leaders (KOLs) and clinical investigators

Engagement with the broader scientific and investment community is managed through executive leadership and conference participation, which serves to validate the clinical strategy to KOLs and investigators. Dr. Sanjiv Patel, M.D., serves as the President and CEO, a key voice in articulating the company's direction.

Management activity in late 2025 included participation in key industry events, signaling engagement with the clinical and financial ecosystem:

• Guggenheim's 2nd Annual Healthcare Innovation Conference: November 10, 2025.
• Jefferies 2025 Global Healthcare Conference: November 19, 2025.

These appearances are where clinical data, such as the 18.4-month median PFS seen in a subset of RLY-2608 patients with kinase mutations, are discussed with the market.

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

You're managing a clinical-stage biotech, so your key activities revolve around rigorous science execution and disciplined capital deployment. For Relay Therapeutics, Inc. as of late 2025, the focus is clearly on pushing RLY-2608 through its pivotal trial while making sure the Dynamo® platform keeps generating future value.

Executing Phase 3 ReDiscover-2 trial for RLY-2608

The main operational push is the execution of the Phase 3 ReDiscover-2 trial for RLY-2608 in PI3Kα-mutated, HR+/HER2- metastatic breast cancer patients previously treated with a CDK4/6 inhibitor. Relay Therapeutics initiated this registrational study in mid-2025, as planned following the FDA end of Phase 2 meeting. The trial is designed to evaluate the safety and efficacy of RLY-2608 plus fulvestrant against a comparator arm, with a target enrollment of about 540 patients. Data from the earlier Phase 1b study, presented at ASCO 2025, showed a median Progression-Free Survival (PFS) of 11.4 months for patients receiving the recommended Phase 2 dose of RLY-2608 in combination with fulvestrant. This is a critical activity because management expects the current capital position to fund operations through the top-line data readout of this pivotal trial.

Drug discovery and optimization via Dynamo® platform

The Dynamo® platform is the engine driving all discovery work. This activity involves integrating leading-edge computational and experimental approaches to drug previously intractable targets. The platform leverages machine learning models and molecular dynamics simulations alongside medicinal chemistry and structural biology. A key component used to accelerate hit identification and lead optimization is the proprietary REL-DEL (Relay DEL) DNA-encoded library platform. This integration is designed to yield a larger number of chemical series and potential therapies entering lead optimization compared to traditional, time-consuming wet laboratory iteration.

Managing and advancing the clinical pipeline (e.g., RLY-2608, NRAS, Fabry)

Beyond the lead asset, Relay Therapeutics, Inc. must manage the advancement of its broader pipeline, which is heavily reliant on the Dynamo® platform's output. RLY-2608 is also being investigated in PI3Kα-driven vascular malformations, with a Phase 1 trial initiated earlier in 2025. Furthermore, the company maintains late-stage research programs for other indications.

Here's a snapshot of the pipeline focus areas as of late 2025:

• RLY-2608: Phase 3 in metastatic breast cancer; Phase 1 in vascular malformations.
• NRAS-driven solid tumors: Late-stage research program.
• Fabry disease: Preclinical program advancement.
• Lirafugratinib (RLY-4008): Global development and commercialization rights outlicensed to Elevar Therapeutics in December 2024.

Securing and maintaining Intellectual Property (IP)

While specific IP filing numbers aren't public in the latest reports, the core activity here is protecting the innovations derived from the Dynamo® platform, especially the mutant-selective nature of RLY-2608. Maintaining a strong IP position is vital for a precision medicine company whose value proposition rests on novel, differentiated mechanisms of action, like RLY-2608's design to overcome toxicity seen with non-selective PI3Kα inhibitors.

Strategic cost management to extend cash runway

Prudent financial management is a necessary activity to ensure the company can reach key value inflection points without needing immediate financing. Relay Therapeutics, Inc. has actively streamlined operations, which is reflected in the quarterly financials. The company expects its current capital position to fund operating expenses and capital expenditure requirements into 2029.

You can see the impact of these cost-saving choices in the year-over-year expense comparison for Q3 2025:

The reduction in R&D expenses, down to $68.3 million in Q3 2025 from $76.6 million in Q3 2024, is partly due to streamlining the research organization and cost avoidance on lirafugratinib development post-licensing. G&A expenses also dropped significantly to $12.1 million from $19.8 million year-over-year, largely due to lower stock compensation expense. Honestly, cutting the quarterly net loss to $74.1 million from $88.1 million a year earlier shows defintely improved cost control.

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

You're looking at the core assets Relay Therapeutics, Inc. (RLAY) is relying on to execute its strategy as of late 2025. These aren't just line items; they are the engines driving the business forward.

Proprietary Dynamo® Platform Technology and IP

The foundation of Relay Therapeutics, Inc.'s capability is its proprietary Dynamo® platform technology. This system integrates leading-edge computational and experimental approaches to understand protein dynamics in detail. It harnesses advanced molecular dynamics simulations and machine learning algorithms to identify transient binding pockets and conformational states critical for drug action. This approach is designed to drug protein targets previously considered intractable or inadequately addressed. Relay Therapeutics, Inc. is committed to continuously incorporating new experimental and computational techniques to enhance the platform's power.

Financial Reserves

Liquidity remains a critical resource for a clinical-stage company like Relay Therapeutics, Inc. As of September 30, 2025, the company reported $596.4 million in cash, cash equivalents, and investments. This figure reflects a decrease from $781.3 million at the end of 2024. Management has stated that this capital position is expected to fund operating expenses and capital expenditure requirements into 2029. This runway is essential for advancing their pipeline without immediate financing pressure.

The operational spending reflects a focus on clinical execution:

• Research and development expenses for Q3 2025 were $68.3 million.
• General and administrative expenses for Q3 2025 totaled $12.1 million.

Human Capital and Governance

The expertise of the scientific team is paramount, combining computational biophysics, medicinal chemistry, and experimental biology. The company's structure is built on the convergence of these previously disparate fields. To bolster its leadership for potential commercialization, Relay Therapeutics, Inc. appointed Lonnel Coats and Habib Dable to its Board of Directors, effective November 4, 2025. Both individuals bring extensive experience in late-stage development and commercialization.

Clinical Data from Lead Asset RLY-2608 Trials

The clinical data generated from the lead asset, RLY-2608, serves as a vital resource, validating the platform's output. RLY-2608 is the first pan-mutant selective PI3Kα inhibitor to enter clinical development. The Phase 3 ReDiscover-2 trial was initiated in mid-2025 for HR+/HER2- metastatic breast cancer patients previously treated with a CDK4/6 inhibitor. The drug has the potential, if approved, to address more than 300,000 patients per year in the United States.

Here's a look at the key efficacy metrics from prior data supporting the Phase 3 push:

The company is also advancing RLY-2608 in trials for vascular malformations driven by PIK3CA mutation, which is estimated to affect 170,000 people in the U.S.

These resources are deployed across the pipeline:

• RLY-2608 is in a Phase 3 clinical trial (ReDiscover-2).
• RLY-2608 is being investigated in genetic disease indications.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.