证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 降息等多因素支持科研上游持续复苏，重点 推荐皓元医药、奥浦迈等 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2026 年 02 月 01 日 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 行业走势 -5% -1% 3% 7% 11% 15% 19% 23% 27% 31% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 医药生物 沪深300 相关研究 《mRNA 疫苗龙头释放积极临床数据 信号，建议关注悦康药业、康希诺等》 2026-01-26 《JPM 2026 最前线观察：中国创新药 再次成为全球焦点！》 2026-01-18 东吴证券研究所 1 / 37 请务必阅读正文之后的免责声明部分 ◼ 本周、年初至今 A 股医药指数涨幅分别为-3.31%、3.14%，相对沪深 300 的超额收益分别为-0.56%、2.51%；本周、年初至今恒生生物科技指数 涨跌幅分别为-3.24%、8.76%，相对于恒生科技指数跑赢-1.87%、5.09%； ...

Group 1 - The core point of the article is the upheaval in Relay Therapeutics' pipeline, particularly the outlicensing of the FGFR2 inhibitor lirafugratinib to Elevar [1] - The author emphasizes the importance of understanding the science behind biotech investments and aims to educate investors to avoid pitfalls in this sector [1] Group 2 - The article does not provide any specific financial data or performance metrics related to Relay Therapeutics or the broader biotech industry [1]

Core Insights - Relay Therapeutics is advancing its RLY-2608 breast cancer program, with a Phase 3 trial (ReDiscover-2) expected to start in mid-2025, focusing on patients with PI3Kα mutations who have been pre-treated with CDK4/6 inhibitors [1][5][2] - The interim data for RLY-2608 combined with fulvestrant shows a median progression-free survival (PFS) of 11.4 months in second-line patients with PI3Kα mutations [1][11] - The company reported approximately $781.3 million in cash, cash equivalents, and investments as of December 31, 2024, which is expected to fund operations into the second half of 2027 [7][19] Clinical Development - The ReDiscover-2 trial will be a randomized, open-label, multicenter study evaluating the safety and efficacy of RLY-2608 + fulvestrant against capivasertib + fulvestrant in advanced breast cancer patients [5] - Key inclusion criteria for the trial include prior treatment with a CDK4/6 inhibitor and frontline endocrine therapy for over six months [5] - The primary endpoint is progression-free survival, with overall survival as a key secondary endpoint [5] Financial Performance - Relay Therapeutics reported no revenue for Q4 2024, with total revenue for the full year at $10 million, down from $25.5 million in 2023, primarily due to timing of milestones [8] - Research and development expenses decreased to $68.1 million in Q4 2024 from $77.5 million in Q4 2023, and total R&D expenses for 2024 were $319.1 million compared to $330 million in 2023 [9] - The net loss for Q4 2024 was $76 million, or $0.45 per share, an improvement from a net loss of $83.5 million, or $0.67 per share, in Q4 2023 [12] Future Outlook - The company plans to continue advancing its clinical programs, including the initiation of the RLY-2608 + fulvestrant Phase 3 trial and exploring additional triplet combinations for earlier treatment settings [2][11] - Upcoming milestones include additional Phase 1b data for RLY-2608 and the initiation of clinical trials for vascular malformations in Q1 2025 [11]