Relay Therapeutics Q3 loss smaller than estimates; sees breast cancer trial enrollment complete mid-2027

Overview

• U.S. precision medicine firm's Q3 net loss widened, but was smaller than analyst expectations

• Company ended Q3 with $849 mln in cash, expects runway into 2029

• R&D expenses rose on higher clinical trial and lease termination costs

Outlook

• Company expects Phase 3 ReDiscover-2 breast cancer trial enrollment to be completed in mid-2027

• Relay Therapeutics expects current cash and investments to fund operations into 2029

• Regulatory update for planned Phase 3 trial in 1L breast cancer expected by year-end 2026

Result Drivers

• TRIAL ENROLLMENT - Phase 3 ReDiscover-2 enrollment is expected to finish in mid-2027, about one year faster than recent benchmarks

• INCREASED R&D SPENDING - Co attributed higher R&D expenses to increased clinical trial costs and non-recurring lease termination costs

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Relay Therapeutics, Inc. is $26.00, about 49.1% above its November 3 closing price of $17.44

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)