Relay Therapeutics Inc (RLAY, Financial) released its Q3 2023 financial results on November 2, 2023. The company reported a significant increase in revenue, reaching $25.2 million for the third quarter of 2023, compared to $0.3 million for the same period in 2022. The increase was primarily due to the recognition of previously received milestone payments under the company’s Collaboration and License Agreement with Genentech, Inc.
Financial Highlights
As of September 30, 2023, Relay Therapeutics Inc (RLAY, Financial) had approximately $810.6 million in cash, cash equivalents, and investments, compared to approximately $1 billion as of December 31, 2022. The company expects that its current cash reserves will be sufficient to fund its operations into the second half of 2026.
Research and development expenses for Q3 2023 were $81.5 million, compared to $66.9 million for Q3 2022. The increase was primarily due to $8.2 million of additional clinical trial expenses and $7.4 million of additional employee-related costs, which include $4.5 million of additional stock compensation expense.
General and administrative expenses were $18.5 million for Q3 2023, compared to $16.1 million for Q3 2022. The increase was primarily due to additional stock compensation expense.
The company reported a net loss of $65.7 million for Q3 2023, or a net loss per share of $0.54, compared to a net loss of $84.2 million for Q3 2022, or a net loss per share of $0.76.
Corporate Highlights and Future Plans
Relay Therapeutics Inc (RLAY, Financial) has made significant progress in expanding its clinical programs. The company presented data demonstrating the potential of lirafugratinib in patients with many types of FGFR2-altered tumors. The company also plans to initiate RLY-2608 triplet combinations this year with the goal of treating patients with earlier stage breast cancer.
Looking ahead, the company plans to report additional tumor agnostic clinical data and regulatory update in 2024, with the next data update for PI3Kα also expected in 2024.
Explore the complete 8-K earnings release (here) from Relay Therapeutics Inc for further details.
