Relay Therapeutics(US:RLAY) Globenewswireยท2025-05-05 20:05Core Insights - Relay Therapeutics has extended its cash runway into 2029, with approximately $710 million in cash, cash equivalents, and investments as of March 31, 2025, which is expected to fund key initiatives including the ReDiscover-2 trial and vascular malformations clinical trial [1][5][6] Financial Performance - Revenue for Q1 2025 was $7.7 million, a decrease from $10.0 million in Q1 2024, primarily due to the completion of performance obligations under an Exclusive License Agreement with Elevar [6] - Research and development expenses decreased to $73.8 million in Q1 2025 from $82.4 million in Q1 2024, attributed to strategic cost reductions [7] - General and administrative expenses also saw a decline, totaling $18.7 million in Q1 2025 compared to $19.8 million in Q1 2024 [8] - The net loss for Q1 2025 was $77.1 million, or $0.46 per share, an improvement from a net loss of $81.4 million, or $0.62 per share, in Q1 2024 [9][14] Strategic Initiatives - The company has implemented strategic cost reductions aimed at fully funding key value drivers, including the completion of the ReDiscover-2 Phase 3 trial and the initiation of the RLY-2608 Phase 1 trial for vascular malformations [2][4] - Specific cost-saving measures included reducing the research run rate spend by approximately 80% and decreasing research-stage programs from four to one [4] - A reduction in workforce by approximately 70 people was executed, alongside a global out-license of RLY-4008 with Elevar Therapeutics, which has potential for downstream economics [4] Clinical Development - The initiation of the Phase 3 ReDiscover-2 trial of RLY-2608 in combination with fulvestrant for advanced breast cancer is on track for mid-2025 [4] - An abstract has been accepted for presentation at ASCO, focusing on updated efficacy data for RLY-2608 in combination with fulvestrant [4] - The Phase 1 trial for vascular malformations was initiated in Q1 2025 [4]