RLAY 8-K SEC Filing Analysis

Latest settled — T+5d ⚠ clustered

RLAY ▲ +5.40% at T+5d

SHORT call ✗ call lost -5.40% · α vs SPY -3.74% · entry $13.53 → $14.26

Next anchor: T+20d in 12d

Last close $13.66 (close Jun 8) · -0.96% from $13.53 entry (call sign-flipped)

Entry anchored
May 21, 2026
via day open

T+1d

+4.73%

call -4.73% · α -4.14%

$14.17

settled 19d ago

T+5d

+5.40%

call -5.40% · α -3.74%

$14.26

settled 12d ago

T+20d

—

call — · α —

—

in 12d

T+60d

—

call — · α —

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in 2mo

Price Chart

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Executive Summary

Relay Therapeutics entered into an underwriting agreement for a public offering of 22,916,667 shares (plus full over-allotment of 3,437,500 shares) at $12.00/share, expected to close May 22, 2026. Net proceeds are estimated at ~$296.8 million, which will extend cash runway for pipeline development but dilutes existing shareholders by approximately 12-13%.

Actionable Insight

Monitor for pipeline catalysts (ReInspire trial data, PI3K/NRAS programs) as the cash runway is extended but dilution is material. The offering's close on May 22 may create near-term overhang; watch for any subsequent M&A or partnership announcements that could utilize the new capital.

Key Facts

Offering of 22,916,667 shares (increased by full exercise of underwriters' option for 3,437,500 additional shares) at $12.00/share
Estimated net proceeds of ~$296.8 million after underwriting discounts and expenses
Underwriters: Jefferies, TD Cowen, Goldman Sachs, Guggenheim, Raymond James
Pre-revenue clinical-stage biotech with no approved products
Previous 424B5 filings (May 19 & 21) indicated $175M offering upsized to $275M

Financial Impact

Dilution of approximately 12-13% based on market cap of $2.5B; net proceeds of ~$296.8M

dilution

Risk Factors

Significant dilution to existing shareholders (~12-13%)
Pre-revenue status with clinical and regulatory uncertainty
Potential for further capital raises given cash burn rate

Market Snapshot

Exchange

Nasdaq

Sector

Biological Products, (No Diagnostic Substances)

Analyst Consensus

89% bullish (19 analysts)

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

Document	Accession Number
8-K Filing (Primary)	0001193125-26-234862
Document: d128795d8k.htm	0001193125-26-234862
Document: d128795dex51.htm	0001193125-26-234862
Document: 0001193125-26-234862-index-headers.html	0001193125-26-234862
Document: 0001193125-26-234862-index.html	0001193125-26-234862
Document: 0001193125-26-234862.txt	0001193125-26-234862

8 reports for RLAY

T+1T+5T+20T+60

43% Hit rate 3 of 7 directional calls best @ T+20▲ +45.61%Mar 16, 2026

Filters

Reports for RLAY — sortable, filterable
	Type				Now
May 21, 2026 19d ago	8-K BEARISH ★ 6/10	$13.53 $14.26	▼ −5.40%	▼ −3.74%	$13.66 (−0.96%)
May 21, 2026 20d ago	Press Release BEARISH ★ 7/10	$13.66 $14.05	▼ −2.86%	▼ −1.01%	$13.66 (+0.00%)
May 19, 2026 21d ago	424B5 BEARISH ★ 6/10	$13.02 $13.90	▼ −6.76%	▼ −4.96%	$13.66 (−4.92%)
May 19, 2026 21d ago	Press Release BEARISH ★ 7/10	$13.02 $14.43	▼ −10.83%	▼ −9.59%	$13.66 (−4.92%)
May 19, 2026 21d ago	Press Release BULLISH ★ 7/10	$12.07 $14.43	▲ +19.55%	▲ +17.26%	$13.66 (+13.17%)
Apr 27, 2026 6w ago	8-K BULLISH ★ 8/10	$14.95 $13.09	▼ −12.44%	▼ −12.84%	$13.66 (−8.63%)
Apr 27, 2026 6w ago	Press Release BULLISH ★ 8/10	$14.95 $13.09	▼ −12.44%	▼ −12.84%	$13.66 (−8.63%)
Mar 16, 2026 12w ago	Press Release BULLISH ★ 8/10	$10.13 $9.82	▼ −3.06%	▼ −1.02%	$13.66 (+34.85%)

US Market Status

Market Closed — Opens in 8h 2m

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