Reading RLAY? Track it free: the weekly brief, plus an alert if the thesis breaks. No credit card.
Track RLAY free→Reading RLAY? Track it free: the weekly brief, plus an alert if the thesis breaks. No credit card.
Track RLAY free→NASDAQHealth CareBiotechnologySnapshot 2026-06-15
Recent financial performance sits below its industry cohort — worth keeping an eye on, though it has not freshly broken.
Recent financial performance is neutral. Earnings quality cannot be assessed since the company was unprofitable over the past year. Management's recent track record has been fairly steady. Risk is elevated, and the sector backdrop is a headwind. Compared with sector peers, RLAY trades below typical levels. Peer multiples imply a price about 514% below where it trades (it looks expensive on this basis); the read is rich. This assessment is provisional.
Daily closes. Earnings/event dots are placed inline.
A consensus fair price across 1 valuation methods, at three horizons. Current price $14.96. Estimates are diagnostics, not price targets. Short-horizon estimates are close to coin-flips, so confidence is a method-agreement read, not a prediction.
No-growth: today's peer multiple on trailing earnings. The headline read.
Embeds projected growth. Leans optimistic by design. Upside context.
We take the 12-month fair value above and grade our own number — how the market prices this name versus what we'd justify, and where the two diverge.
At $15, RLAY's earnings are too small for P/E to mean much; on sales it trades at 152× p/s (16.1× the 9× p/s peer median). At a normal multiple the price implies ~527% near-term growth vs our ~72% forecast. That gap is an optionality premium a financial-multiple model can't price — our $2.39 fair value covers only the as-is business, low confidence. Analysts: $18–$28. Not investment advice.
One valuation read at a 12-month horizon, plus how price compares to peers and the company's own history.
The market is pricing in roughly 527% near-term growth, well above our forecast of about 72%. This describes what's priced in, not a forecast of the move.
TTM earnings are negative, so the read leans on sales- and cash-flow-based methods rather than P/E. This is a data condition, not a forward call.
Flags: expensive valuation, a turbulent sector regime (Heating).
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Operating income rose in 1 of the last 3 quarter-over-quarter moves. Historically, Health Care names rated neutral grew net income 50% of the time over the next year (vs 57% for the rest of the cohort, n=3115).
Over the trailing year it converted 0.78x of net income into operating cash flow.
Most sensitive to the broad stock market.
Not enough signal to read sensitivity to the US dollar, Fed net liquidity, real (inflation-adjusted) rates, long-term interest rates.
7 material management or governance events in the past 24 months, led by legal/regulatory items. Historically, Health Care names rated neutral grew net income 58% of the time over the next year (vs 50% for the rest of the cohort, n=842).
The next print and the backdrop around it (sector regime and the AI cycle). Context for the path, not a forecast of returns.
EPS estimate $-0.40 → $-0.40 (+1.4% / 30d). 4 raised, 4 cut, 9 covering analysts.
0 upgrades, 0 downgrades / 30d, 5 maintained. 100% of analysts rate Buy.
4 PT revisions / 30d. Avg target 106.2% above current price.
0 positive, 1 negative / 30d. See F4 management tile for the event list.
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
A guidance track record builds as the company issues and delivers on guidance.
What a normal day, a bad day, and the worst of the last year would mean for a $10,000 position.
On a typical day, $10k can swing ±$265.
How much price usually moves either way.
On a bad day, this stock has moved -$517.
A rough but not unusual down day (about the 95th percentile).
In the worst 12 months, $10k could have lost $2,815.
Deepest peak-to-trough drop in the last year.
Past results, not a forecast. Not investment advice.
The most important moves since the prior daily snapshot.
No material changes since the prior snapshot.
as of 2026-06-15
Specific, dated things to watch for, each with what would confirm it and what would prove it wrong.
Why it matters: The earnings report will show if Relay Therapeutics makes more money. Investors want to see signs of recovery or more losses.
Confirms one read:The earnings report shows smaller losses or a way to make money.
Confirms the other:The earnings report shows losses getting bigger or no clear way to make money.
Recent news graded against this company's own objectives — whether it reinforces or challenges the thesis, and how confirmed it is.
No graded news catalysts for RLAY yet.
Conditional scenarios: if X happens, the view would shift in this direction. These are not predictions.
Recent SEC 8-K filings ranked by likely impact, confidence, and recency.
Entry into a Material Definitive Agreement. On May 20, 2026, Relay Therapeutics, Inc. (the “Company”) entered into an Underwriting Agreement (the “Underwriting Agreement”) with Jefferies LLC and TD Securities (USA) LLC, as representatives of the several underwriters listed on Schedule 1 thereto (collectively, the “Underwriters”), relating to an underwritten public offering (the “Offering”) of 22,916,667 shares of the Company’s common stock, $0.001 par value per share (the “Common Stock”), at…
Whether the overall read has been drifting up or down lately, and how it's changed since last week.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Long-thesis check; widest uncertainty.
TTM earnings are negative. P/E-based methods drop out and the estimate leans on sales- and cash-flow-based methods. A data condition, not a forward call.
$18.00 – $28.00 (median $25.00) · 9 analysts · as of 2026-05-26
For similar setups historically (n=2,301): about 43% saw a 20%+ drawdown, and roughly 77% of those did not recover within the year. These are historical base rates for the cohort, not a forecast of this stock.
Looks more expensive than peers.
Self-history needs ~20 months of data.
Trailing four: 2025-Q1, 2025-Q2, 2025-Q3, 2026-Q1
A side-by-side read on sector standing, valuation, and risk versus Biotechnology.
| Stock | Sector standing | Valuation | Risk |
|---|---|---|---|
RLAY Relay Therapeutics, Inc. | Below typical Show detailsSector percentile: 8 of 100 | expensive | elevated |
ABBV AbbVie | Above typical Show detailsSector percentile: 85 of 100 | fair | low |
AMGN Amgen | Above typical Show detailsSector percentile: 78 of 100 | full | moderate |
GILD Gilead Sciences | Above typical Show detailsSector percentile: 100 of 100 | fair | moderate |
VRTX Vertex Pharmaceuticals | Above typical Show detailsSector percentile: 80 of 100 | expensive | moderate |
Not investment advice. As of 2026-06-15.
via XLV
Tailwind = sector leading the S&P 500; headwind = trailing. Both can be constructive. Historically, headwind regimes have averaged stronger forward returns than tailwind.
Context label only: describes the market state (e.g. real bear vs narrative panic, healthy uptrend vs late-stage froth). It is not a per-ticker buy/sell signal and does not predict factor performance.
Not investment advice. As of 2026-06-15.
Priorities management has stated in recent disclosures, with status and evidence drawn from earnings calls, filings, and press releases.
Relay Therapeutics aims to move zovegalisib plus atirmociclib into Phase 3 development for PI3Kα-mutated, HR+/HER2- metastatic breast cancer.
Newly stated in 2026-Q1. The company announced plans to advance zovegalisib plus atirmociclib into Phase 3 trials for specific breast cancer types. Financials show a net income loss of $73.3M in 2026-Q1, indicating ongoing investment in R&D. The trajectory is in early stages with no substantive delivery yet.
“Company plans to move zovegalisib plus atirmociclib into Phase 3 development.”
Relay Therapeutics is focused on managing its operating losses as it continues its development programs.
Stated in 4 of last 4 quarters. Operating income was negative $78.59M for 2026-Q1, compared to negative $60.63M in 2025-Q4, indicating increasing losses. The trajectory shows limited progress in managing operating losses.
Relay Therapeutics is working to increase its revenue streams as part of its growth strategy.
Stated in 4 of last 4 quarters. Revenue was $3M for 2026-Q1, down from $6.999M in 2025-Q4, indicating a decline. The trajectory shows limited progress in increasing revenue streams, with a significant drop in the latest quarter.
Why it matters: If healthcare sector revenue growth speeds up, it may help Relay's performance. This could indicate a better environment for biotech firms.
Confirms:Healthcare sector revenue growth speeds up to 10% or more.
Disproves:Healthcare sector revenue growth keeps slowing down below 10%.
Results of Operations and Financial Condition. On May 5, 2026, Relay Therapeutics, Inc. announced its financial results for the quarter ended March 31, 2026. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information in this Item 2.02, including Exhibit 99.1, of this Current Report on Form 8-K is intended to be furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the " E…
Other Events. On May 19, 2026, the Company announced initial clinical data from the Phase 2 ReInspire trial of zovegalisib in vascular anomalies. The ReInspire trial is an ongoing Phase 2 study designed to evaluate the safety, tolerability, pharmacokinetics, pharmacodynamics, and efficacy of zovegalisib in adults and children with vascular anomalies driven by PIK3CA mutation. The data reported today are from Part 1 of the study in the adults and adolescents cohort (patients 12 years or older)…
Other Events. On April 27, 2026, the Company announced clinical data from the zovegalisib, fulvestrant and atirmociclib triplet combination arm of the Phase 1/2 ReDiscover trial as well as the Company's plans to move zovegalisib plus atirmociclib into Phase 3 development for 1L patients with PI3Kα-mutated, HR+/HER2- metastatic breast cancer. Triplet Clinical Data Zovegalisib is currently being evaluated in the ReDiscover trial, an ongoing first-in-human study designed to evaluate the safety,…
Other Events. On March 16, 2026, the Company announced data from the Phase 1/2 ReDiscover trial of zovegalisib in combination with fulvestrant at the 400mg BID fed dose, which is the recommended Phase 3 dose, at the European Society for Medical Oncology Targeted Anticancer Therapies Congress 2026. Zovegalisib is currently being evaluated in the ReDiscover trial, an ongoing first-in-human study designed to evaluate the safety, tolerability, pharmacokinetics, pharmacodynamics and preliminary an…
“Operating income was negative $78.59M.”
“Operating income was negative $60.63M.”
“Operating income was negative $80.39M.”
“Operating income was negative $76.85M.”
“Revenue was $3M.”
“Revenue was $6.999M.”
“Revenue was $0.”
“Revenue was $677K.”