Relay Therapeutics, Inc. (Nasdaq: RLAY), a clinical-stage precision
medicine company transforming the drug discovery process by
combining leading-edge computational and experimental technologies,
today reported first quarter 2024 financial results and corporate
highlights.
“We have started 2024 with a focus on maintaining strong
execution across our portfolio,” said Sanjiv Patel, M.D., President
and Chief Executive Officer of Relay Therapeutics. “We continue to
progress a robust RLY-2608 development program and expect to share
additional data in the second half of the year. In parallel, we
have continued to advance our pre-clinical pipeline and look
forward to disclosing at least one new program this year, which is
being designed to have first-in-class potential.”
Recent Corporate Highlights
RLY-2608 (ReDiscover study)
- RLY-2608 doublet: continued to enroll patients with
PI3Kα-mutant, HR+, HER2- locally advanced or metastatic breast
cancer in two additional dose expansion cohorts of RLY-2608 in
combination with fulvestrant – a second 600mg BID cohort as well as
one at 400mg BID
- RLY-2608 triplet: continued enrollment of RLY-2608 +
fulvestrant + ribociclib triplet combination in patients with
PI3Kα-mutant, HR+, HER2- locally advanced or metastatic breast
cancer
Lirafugratinib (RLY-4008; ReFocus study)
- As previously disclosed, the company
will minimize resource allocation in 2024 to allow data to mature
and inform future clinical development decisions
Anticipated 2024 Milestones
- RLY-2608
- RLY-2608 + fulvestrant data update in the second half of
2024
- RLY-2608 + fulvestrant + ribociclib initial safety data in the
second half of 2024
- Lirafugratinib: tumor agnostic data and regulatory update in
the second half of 2024
- Pre-clinical: disclose new program(s) in 2024
First Quarter 2024 Financial Results
Cash, Cash Equivalents and Investments: As of
March 31, 2024, cash, cash equivalents and investments totaled
$749.6 million compared to $750.1 million as of December 31, 2023.
The company expects its current cash, cash equivalents and
investments will be sufficient to fund its current operating plan
into the second half of 2026.
Revenue: Revenue was $10.0 million for the
first quarter of 2024, as compared to $0.2 million for the first
quarter of 2023. The increase was primarily due to a payment of
$10.0 million in connection with a milestone achieved under the
company’s Collaboration and License Agreement with Genentech, Inc.
during the first quarter of 2024.
R&D Expenses: Research and development
expenses were $82.4 million for the first quarter of 2024, as
compared to $82.8 million for the first quarter of 2023. The
decrease was primarily due to the impact of prioritization of
certain programs in our pipeline, as previously disclosed in 2023
and earlier in 2024.
G&A Expenses: General and administrative
expenses were $19.8 million for the first quarter of 2024, as
compared to $19.6 million for the first quarter of 2023. The
increase was primarily due to additional stock compensation
expense.
Net Loss: Net loss was $81.4 million for the
first quarter of 2024, or a net loss per share of $0.62, as
compared to a net loss of $94.2 million for the first quarter of
2023, or a net loss per share of $0.78.
About Relay
Therapeutics
Relay Therapeutics (Nasdaq: RLAY) is a
clinical-stage precision medicine company transforming the drug
discovery process by combining leading-edge computational and
experimental technologies with the goal of bringing life-changing
therapies to patients. As the first of a new breed of biotech
created at the intersection of complementary techniques and
technologies, Relay Therapeutics aims to push the boundaries of
what’s possible in drug discovery. Its Dynamo™ platform integrates
an array of leading-edge computational and experimental approaches
designed to drug protein targets that have previously been
intractable or inadequately addressed. Relay Therapeutics’ initial
focus is on enhancing small molecule therapeutic discovery in
targeted oncology and genetic disease indications. For more
information, please visit www.relaytx.com or follow us on
Twitter.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended, including,
without limitation, implied and express statements regarding Relay
Therapeutics’ strategy, business plans and focus; the progress and
timing of the clinical development of the programs across Relay
Therapeutics’ portfolio, including the expected therapeutic
benefits of its programs, potential efficacy and tolerability, and
the timing and success of interactions with and approval of
regulatory authorities; the timing and progress of doublet and
triplet combinations for RLY-2608, the timing of clinical updates
for RLY-2608, the timing of a clinical data and regulatory update
for lirafugratinib, and the timing of disclosure of additional
pre-clinical programs; expectations regarding Relay Therapeutics’
pipeline, operating plan, use of capital, expenses and other
financial results; and Relay Therapeutics’ cash runway projection.
The words “may,” “might,” “will,” “could,” “would,” “should,”
“plan,” “anticipate,” “intend,” “believe,” “expect,” “estimate,”
“seek,” “predict,” “future,” “project,” “potential,” “continue,”
“target” and similar words or expressions, or the negative thereof,
are intended to identify forward-looking statements, although not
all forward-looking statements contain these identifying words.
Any forward-looking statements in this
press release are based on management's current expectations and
beliefs and are subject to a number of risks, uncertainties and
important factors that may cause actual events or results to differ
materially from those expressed or implied by any forward-looking
statements contained in this press release, including, without
limitation, risks associated with: the impact of global economic
uncertainty, geopolitical instability and conflicts, or public
health epidemics or outbreaks of an infectious disease on countries
or regions in which Relay Therapeutics has operations or does
business, as well as on the timing and anticipated results of its
clinical trials, strategy, future operations and profitability; the
delay or pause of any current or planned clinical trials or the
development of Relay Therapeutics’ drug candidates; the risk that
the preliminary results of its pre-clinical or clinical trials may
not be predictive of future or final results in connection with
future clinical trials of its product candidates; Relay
Therapeutics’ ability to successfully demonstrate the safety and
efficacy of its drug candidates; the timing and outcome of its
planned interactions with regulatory authorities; and obtaining,
maintaining and protecting its intellectual property. These and
other risks and uncertainties are described in greater detail in
the section entitled “Risk Factors” in Relay Therapeutics’ most
recent Annual Report on Form 10-K, as well as any subsequent
filings with the Securities and Exchange Commission. In addition,
any forward-looking statements represent Relay Therapeutics' views
only as of today and should not be relied upon as representing its
views as of any subsequent date. Relay Therapeutics explicitly
disclaims any obligation to update any forward-looking statements.
No representations or warranties (expressed or implied) are made
about the accuracy of any such forward-looking statements.
Contact:Megan
Goulart617-545-5526 mgoulart@relaytx.com
Media:Dan
Budwick1AB973-271-6085dan@1abmedia.com
Relay Therapeutics, Inc.Condensed Consolidated Statements of
Operations and Comprehensive Loss(In thousands, except share and
per share data)(Unaudited) |
|
|
|
Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Revenue: |
|
|
|
|
|
|
License and other revenue |
|
$ |
10,007 |
|
|
$ |
226 |
|
Total
revenue |
|
|
10,007 |
|
|
|
226 |
|
Operating expenses: |
|
|
|
|
|
|
Research and development expenses |
|
$ |
82,403 |
|
|
$ |
82,827 |
|
Change in fair value of contingent consideration liability |
|
|
(1,832 |
) |
|
|
(1,003 |
) |
General and administrative expenses |
|
|
19,799 |
|
|
|
19,579 |
|
Total
operating expenses |
|
|
100,370 |
|
|
|
101,403 |
|
Loss
from operations |
|
|
(90,363 |
) |
|
|
(101,177 |
) |
Other
income: |
|
|
|
|
|
|
Interest income |
|
|
8,951 |
|
|
|
6,941 |
|
Other income (expense) |
|
|
25 |
|
|
|
(3 |
) |
Total
other income, net |
|
|
8,976 |
|
|
|
6,938 |
|
Net
loss |
|
$ |
(81,387 |
) |
|
$ |
(94,239 |
) |
Net loss
per share, basic and diluted |
|
$ |
(0.62 |
) |
|
$ |
(0.78 |
) |
Weighted
average shares of common stock, basic and diluted |
|
|
130,843,013 |
|
|
|
121,320,865 |
|
Other
comprehensive (loss) income: |
|
|
|
|
|
|
Unrealized holding (loss) gain |
|
|
(962 |
) |
|
|
4,618 |
|
Total other comprehensive (loss) income |
|
|
(962 |
) |
|
|
4,618 |
|
Total
comprehensive loss |
|
$ |
(82,349 |
) |
|
$ |
(89,621 |
) |
|
|
|
|
|
|
|
|
|
Relay Therapeutics, Inc.Selected Condensed Consolidated Balance
Sheet Data(In thousands)(Unaudited) |
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
Cash, cash equivalents and investments |
|
$ |
749,608 |
|
|
$ |
750,086 |
|
Working
capital (1) |
|
|
732,956 |
|
|
|
739,834 |
|
Total
assets |
|
|
841,441 |
|
|
|
843,980 |
|
Total
liabilities |
|
|
95,677 |
|
|
|
91,977 |
|
Total
stockholders’ equity |
|
|
745,764 |
|
|
|
752,003 |
|
Restricted cash |
|
|
2,707 |
|
|
|
2,707 |
|
|
|
|
|
|
|
|
|
|
(1) Working capital is defined as current assets less current
liabilities.
Relay Therapeutics (NASDAQ:RLAY)
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