RLAY Relay Therapeutics, Inc.
Price Chart
Executive Summary
Relay Therapeutics announced a $175 million underwritten public offering of common stock, with an additional 15% option for underwriters. Proceeds are undisclosed but will support clinical development, including the Phase 3 trial of zovegalisib in HR+/HER2- metastatic breast cancer and other pipeline programs. The dilutive offering comes as a clinical-stage biotech with no approved products, putting pressure on the stock near-term due to dilution.
Key Financial Metrics
Actionable Insight
Watch for the pricing and share count details in the prospectus supplement; typical discounts for clinical-stage biotech follow-on offerings are 4-6%. Near-term dilution and potential overhang from the greenshoe may pressure RLAY. The historical calibration shows mixed outcomes for score-8 filings on this ticker, but the cross-filing amplifier signals that this activist+offering combo tends to move significantly — expect elevated volatility.
Key Facts
- Relay Therapeutics commenced an underwritten public offering of $175 million shares of common stock.
- Underwriters have a 30-day option to purchase up to an additional 15% of shares.
- All shares are offered by the company; Jefferies, TD Cowen, Goldman Sachs, Guggenheim Securities are joint book-runners, Raymond James is lead manager.
- The offering is under an automatically effective shelf registration statement (S-3ASR) filed August 6, 2024.
- Zovegalisib is the lead asset, in Phase 3 for HR+/HER2- metastatic breast cancer and also in genetic disease indications.
- The company is clinical-stage with no approved products — the offering is dilutive with no near-term revenue to offset it.
Financial Impact
A $175 million offering (plus up to ~$26.25M from the greenshoe) against a $2.3B market cap implies ~7.6% base dilution, rising to ~8.7% if the full over-allotment is exercised. Proceeds will fund pipeline R&D with no offsetting revenue.
Risk Factors
- Dilution of ~7.6-8.7% of outstanding shares reduces EPS and ownership percentage.
- Clinical-stage company with no approved products — burn rate is high and offering signals need for additional capital beyond existing runway.
- Market conditions could cause the offering to be priced at a larger discount or canceled.
- Zovegalisib Phase 3 readout is still pending; negative data would compound dilution effects.
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3297938 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 12, 2026
today
|
Institutional Cluster
| $14.91 awaiting T+5 | awaiting T+5 | — | $14.81 (−0.64%) |
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May 21, 2026
22d ago
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8-K
| $13.53 $14.26 | ▼ −5.40% | ▼ −3.74% | $14.81 (−9.46%) |
|
May 21, 2026
23d ago
|
Press Release
| $13.66 $14.05 | ▼ −2.86% | ▼ −1.01% | $14.81 (−8.42%) |
|
May 19, 2026
24d ago
|
424B5
| $13.02 $13.90 | ▼ −6.76% | ▼ −4.96% | $14.81 (−13.75%) |
|
May 19, 2026
24d ago
|
Press Release
| $13.02 $14.43 | ▼ −10.83% | ▼ −9.59% | $14.81 (−13.75%) |
|
May 19, 2026
25d ago
|
Press Release
| $12.07 $14.43 | ▲ +19.55% | ▲ +17.26% | $14.81 (+22.70%) |
|
Apr 27, 2026
6w ago
|
8-K
| $14.95 $13.09 | ▼ −12.44% | ▼ −12.84% | $14.81 (−0.94%) |
|
Apr 27, 2026
6w ago
|
Press Release
| $14.95 $13.09 | ▼ −12.44% | ▼ −12.84% | $14.81 (−0.94%) |
|
Mar 16, 2026
12w ago
|
Press Release
| $10.13 $9.82 | ▼ −3.06% | ▼ −1.02% | $14.81 (+46.20%) |
US Market Status
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