Relay Therapeutics(RLAY) - 2024 Q4 - Annual Results

Financial Performance - The company had no revenue for Q4 2024, with total revenue for the full year 2024 at $10.0 million, a decrease of 60.8% from $25.5 million in 2023[8]. - Research and development expenses for Q4 2024 were $68.1 million, down from $77.5 million in Q4 2023, while total R&D expenses for the full year 2024 were $319.1 million, compared to $330.0 million in 2023[9]. - General and administrative expenses for Q4 2024 were $16.9 million, slightly up from $16.8 million in Q4 2023, with total G&A expenses for the full year 2024 at $76.6 million, compared to $75.0 million in 2023[10]. - The net loss for Q4 2024 was $76.0 million, or $0.45 per share, an improvement from a net loss of $83.5 million, or $0.67 per share, in Q4 2023[11]. Cash and Assets - Relay Therapeutics reported cash, cash equivalents, and investments of approximately $781.3 million as of December 31, 2024, up from $750.1 million at the end of 2023[7]. - Cash, cash equivalents, and investments increased to $781.323 million in 2024 from $750.086 million in 2023, representing a growth of approximately 4.1%[20]. - Working capital rose to $758.475 million in 2024, up from $739.834 million in 2023, indicating an increase of about 2.0%[20]. - Total assets grew to $871.296 million in 2024, compared to $843.980 million in 2023, reflecting an increase of approximately 3.2%[20]. - Total liabilities increased slightly to $93.504 million in 2024 from $91.977 million in 2023, showing a growth of about 1.7%[20]. - Total stockholders' equity rose to $777.792 million in 2024, up from $752.003 million in 2023, which is an increase of approximately 3.4%[20]. - Restricted cash decreased to $2.119 million in 2024 from $2.707 million in 2023, representing a decline of about 21.8%[20]. Research and Development - Relay Therapeutics plans to initiate the Phase 3 ReDiscover-2 trial of RLY-2608 + fulvestrant in mid-2025, targeting 540 patients with PI3Kα-mutated, HR+/HER2- advanced breast cancer[3]. - Interim data for RLY-2608 + fulvestrant showed a median progression-free survival (PFS) of 11.4 months in second-line patients with PI3Kα-mutated, HR+/HER2- advanced breast cancer[2]. - The Phase 3 trial will compare RLY-2608 + fulvestrant against capivasertib + fulvestrant, with overall survival as a key secondary endpoint[3]. - Relay Therapeutics continues to focus its research on a small number of high-value targets, consolidating its research platform and portfolio[6]. Licensing and Agreements - The company has entered an exclusive global licensing agreement for lirafugratinib with Elevar Therapeutics, granting them worldwide rights for development and commercialization[6].