Relay Therapeutics, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company, which specializes in precision medicine for oncology and genetic diseases, experienced a notable decline in revenue, reporting $0 for the three months ended September 30, 2024, compared to $25.2 million for the same period in 2023. However, for the nine months ended September 30, 2024, total revenue increased to $25.5 million from $10.0 million in the prior year, primarily due to milestone payments from its collaboration with Genentech.
Operating expenses for the third quarter of 2024 were $96.4 million, slightly down from $98.8 million in the same quarter of 2023. For the nine-month period, total operating expenses decreased to $297.5 million from $306.4 million year-over-year. Despite these reductions, the company reported a net loss of $88.1 million for the third quarter, compared to a loss of $65.7 million in the prior year. The nine-month net loss was $261.7 million, a marginal increase from $258.5 million in 2023.
As of September 30, 2024, Relay Therapeutics had cash and cash equivalents of $152.4 million, up from $143.7 million at the end of 2023. Total investments also rose to $687.3 million from $606.4 million, contributing to total assets of $930.1 million, an increase from $844.0 million at the end of the previous year. Stockholders’ equity increased to $838.9 million from $752.0 million.
The company has been active in financing, completing a public offering of 32.9 million shares at $7.00 per share in September 2024, netting approximately $218.2 million. Additionally, a private placement in January 2024 raised $29.8 million. Relay Therapeutics has not generated revenue from product sales since its inception in 2015 and continues to rely on external financing to support its operations.
Strategically, Relay Therapeutics announced plans to seek a global commercialization partner for its product candidate lirafugratinib following discussions with the FDA regarding its regulatory path. The company also deprioritized the RLY-5836 candidate to focus on advancing RLY-2608. The termination of the Genentech collaboration agreement in July 2024 may impact future revenue streams, as the company had previously relied on this partnership for milestone payments.
Overall, Relay Therapeutics continues to navigate a challenging financial landscape while advancing its clinical programs and seeking additional funding to support its research and development efforts.
About Relay Therapeutics, Inc.
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