On May 2, 2024 Relay Therapeutics, Inc. (Nasdaq: RLAY), a clinical-stage precision medicine company transforming the drug discovery process by combining leading-edge computational and experimental technologies, reported first quarter 2024 financial results and corporate highlights (Press release, Relay Therapeutics, MAY 2, 2024, View Source [SID1234642597]).
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"We have started 2024 with a focus on maintaining strong execution across our portfolio," said Sanjiv Patel, M.D., President and Chief Executive Officer of Relay Therapeutics. "We continue to progress a robust RLY-2608 development program and expect to share additional data in the second half of the year. In parallel, we have continued to advance our pre-clinical pipeline and look forward to disclosing at least one new program this year, which is being designed to have first-in-class potential."
Recent Corporate Highlights
RLY-2608 (ReDiscover study)
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RLY-2608 doublet: continued to enroll patients with PI3Kα-mutant, HR+, HER2- locally advanced or metastatic breast cancer in two additional dose expansion cohorts of RLY-2608 in combination with fulvestrant – a second 600mg BID cohort as well as one at 400mg BID
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RLY-2608 triplet: continued enrollment of RLY-2608 + fulvestrant + ribociclib triplet combination in patients with PI3Kα-mutant, HR+, HER2- locally advanced or metastatic breast cancer
Lirafugratinib (RLY-4008; ReFocus study)
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As previously disclosed, the company will minimize resource allocation in 2024 to allow data to mature and inform future clinical development decisions
Anticipated 2024 Milestones
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RLY-2608
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RLY-2608 + fulvestrant data update in the second half of 2024
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RLY-2608 + fulvestrant + ribociclib initial safety data in the second half of 2024
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Lirafugratinib: tumor agnostic data and regulatory update in the second half of 2024
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Pre-clinical: disclose new program(s) in 2024
First Quarter 2024 Financial Results
Cash, Cash Equivalents and Investments: As of March 31, 2024, cash, cash equivalents and investments totaled $749.6 million compared to $750.1 million as of December 31, 2023. The company expects its current cash, cash equivalents and investments will be sufficient to fund its current operating plan into the second half of 2026.
Revenue: Revenue was $10.0 million for the first quarter of 2024, as compared to $0.2 million for the first quarter of 2023. The increase was primarily due to a payment of $10.0 million in connection with a milestone achieved under the company’s Collaboration and License Agreement with Genentech, Inc. during the first quarter of 2024.
R&D Expenses: Research and development expenses were $82.4 million for the first quarter of 2024, as compared to $82.8 million for the first quarter of 2023. The decrease was primarily due to the impact of prioritization of certain programs in our pipeline, as previously disclosed in 2023 and earlier in 2024.
G&A Expenses: General and administrative expenses were $19.8 million for the first quarter of 2024, as compared to $19.6 million for the first quarter of 2023. The increase was primarily due to additional stock compensation expense.
Net Loss: Net loss was $81.4 million for the first quarter of 2024, or a net loss per share of $0.62, as compared to a net loss of $94.2 million for the first quarter of 2023, or a net loss per share of $0.78.