{"id":380274,"date":"2020-11-12T16:08:42","date_gmt":"2020-11-12T21:08:42","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=380274"},"modified":"2020-11-12T16:08:42","modified_gmt":"2020-11-12T21:08:42","slug":"relay-therapeutics-reports-third-quarter-2020-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/relay-therapeutics-reports-third-quarter-2020-financial-results\/","title":{"rendered":"Relay Therapeutics Reports Third Quarter 2020 Financial Results"},"content":{"rendered":"
\n

CAMBRIDGE, Mass., Nov. 12, 2020 (GLOBE NEWSWIRE) — Relay Therapeutics, Inc. (Nasdaq: RLAY), a clinical-stage precision medicine company transforming the drug discovery process by leveraging unparalleled insights into protein motion, today reported third quarter 2020 financial results.<\/p>\n

\u201cIn our first quarter as a public company, I am proud of our team\u2019s unwavering focus on bringing our medicines to patients,\u201d said Sanjiv Patel, M.D., president and chief executive officer of Relay Therapeutics. \u201cIn July, we completed and closed our initial public offering. In September, we dosed the first patient with our second targeted medicine, RLY-4008, the only selective small molecule inhibitor of FGFR2 in clinical development. We look forward to providing updates across our pipeline in 2021.\u201d<\/p>\n

\n Second <\/strong>
\n Quarter Financial Highlights<\/strong>\n <\/p>\n

\n Cash and Cash Equivalents:<\/strong> Cash, cash equivalents and investments totaled approximately $713 million as of September 30, 2020, which includes the net proceeds of $425 million from the Company\u2019s initial public offering, compared to $356 million as of December 31, 2019. The Company expects its current cash and cash equivalents will be sufficient to fund its current operating plan into 2023.<\/p>\n

\n R&D Expenses:<\/strong> Research and development expenses were $24 million for the third quarter of 2020, as compared to $18 million for the third quarter of 2019. This increase was primarily due to higher personnel costs, including an increase of $4.6 million in non-cash stock-based compensation expenses related to the accounting treatment of certain options granted in the first quarter of 2020, as well as an increase in costs to support our clinical trials, offset in part by a decrease in outside and consulting services for our pre-clinical candidates.<\/p>\n

\n G&A Expenses:<\/strong> General and administrative expenses were $12 million for the third quarter of 2020, as compared to $4 million for the third quarter of 2019. This increase was primarily due to higher personnel costs, including an increase of $6.0 million in non-cash stock-based compensation expenses related to the accounting treatment of certain options granted in the first quarter of 2020, to support our infrastructure.<\/p>\n

\n Net Loss:<\/strong> Net loss was $36 million for the third quarter of 2020, or a net loss per share of $3.00, as compared to a net loss of $20 million for the third quarter of 2019, or a net loss per share of $5.53.<\/p>\n

\n About Relay Therapeutics<\/strong>
\n \n <\/p>\n

Relay Therapeutics (Nasdaq: RLAY) is a clinical-stage precision medicines company transforming the drug discovery process with the goal of bringing life-changing therapies to patients. Built on unparalleled insights into protein motion and how this dynamic behavior relates to protein function, Relay Therapeutics aims to effectively drug protein targets that have previously been intractable, with an initial focus on enhancing small molecule therapeutic discovery in targeted oncology. The Company\u2019s Dynamo platform integrates an array of leading-edge experimental and computational approaches to provide a differentiated understanding of protein structure and motion to drug these targets. For more information, please visit www.relaytx.com or follow us on Twitter.<\/p>\n

\n Cautionary Note Regarding Forward-Looking Statements<\/strong>\n <\/p>\n

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, implied and express statements regarding the Company\u2019s strategy, business plans and focus; the progress and timing of updates on the clinical development of the programs across the Company\u2019s portfolio; and expectations regarding our cash runway and the use of capital, expenses, future accumulated deficit and other financial results in the future. The words “may,” \u201cmight,\u201d “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” \u201cexpect,\u201d “estimate,” \u201cseek,\u201d “predict,” \u201cfuture,\u201d “project,” “potential,” “continue,” “target” and similar words or expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, risks associated with: the impact of COVID-19 on countries or regions in which we have operations or do business, as well as on the timing and anticipated results of our clinical trials, strategy and future operations; the delay of any current or planned clinical trials or the development of\u00a0the Company\u2019s\u00a0drug candidates, including, but not limited to, RLY-1971 and RLY-4008;\u00a0the risk that the results of our clinical trials may not be predictive of future results in connection with future clinical trials;\u00a0the Company\u2019s ability to successfully demonstrate the safety and efficacy of its drug candidates; the timing and outcome of the Company\u2019s planned interactions with regulatory authorities; and obtaining, maintaining and protecting its intellectual property.\u00a0 These and other risks and uncertainties are described in greater detail in the section entitled “Risk Factors” in Relay Therapeutics\u2019 most recent Quarterly Report on Form 10-Q as well as any subsequent filings with the Securities and Exchange Commission. In addition, any forward-looking statements represent Relay Therapeutics’ views only as of today and should not be relied upon as representing its views as of any subsequent date. Relay Therapeutics explicitly disclaims any obligation to update any forward-looking statements. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.<\/p>\n

\n Contact<\/strong>:
Pete Rahmer, Head of Investor Relations and Communications
617-322-0715
prahmer@relaytx.com<\/p>\n

\n Media<\/strong>:
Dan Budwick
1AB
973-271-6085
dan@1abmedia.com<\/p>\n

\n
Relay Therapeutics, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except share and per share data)
(Unaudited)<\/p>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Three Months Ended<\/strong>
\n
\n September\u00a030,<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Nine Months Ended
September\u00a030,<\/strong><\/strong>
\n
\n
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating expenses:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Research and development expenses<\/td>\n$<\/td>\n24,376<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n18,256<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n67,739<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n47,899<\/td>\n\u00a0<\/td>\n<\/tr>\n
General and administrative expenses<\/td>\n\u00a0<\/td>\n12,231<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,652<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23,045<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,316<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total operating expenses<\/td>\n\u00a0<\/td>\n36,607<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n21,908<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n90,784<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n58,215<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss from operations<\/td>\n\u00a0<\/td>\n(36,607<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(21,908<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(90,784<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(58,215<\/td>\n)<\/td>\n<\/tr>\n
Other income (expense):<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest income<\/td>\n\u00a0<\/td>\n534<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,236<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,104<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,881<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other expense<\/td>\n\u00a0<\/td>\n(5<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(8<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(58<\/td>\n)<\/td>\n<\/tr>\n
Total other income (expense), net<\/td>\n\u00a0<\/td>\n529<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,235<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,096<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,823<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net loss<\/td>\n$<\/td>\n(36,078<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(19,673<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(87,688<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(51,392<\/td>\n)<\/td>\n<\/tr>\n
Deemed dividend resulting from extinguishment upon modification
\u00a0 of series C preferred stock<\/td>\n		\u00a0<\/td>\n(177,789<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(177,789<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net loss attributable to common stockholders<\/td>\n$<\/td>\n(213,867<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(19,673<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(265,477<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(51,392<\/td>\n)<\/td>\n<\/tr>\n
Net loss attributable to common stockholders per share, basic and
\u00a0 diluted<\/td>\n		$<\/td>\n(3.00<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(5.53<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(9.92<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(15.46<\/td>\n)<\/td>\n<\/tr>\n
Weighted average shares of common stock, basic and diluted<\/td>\n\u00a0<\/td>\n71,248,846<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,556,303<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n26,766,687<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,323,456<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n

Relay Therapeutics, Inc.
Selected Condensed Consolidated Balance Sheet Data
(In thousands)
(Unaudited)<\/p>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n September<\/strong>
\n \u00a030,<\/strong>
\n
\n 2020 <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n December\u00a031,
2019<\/strong>\u00a0\u00a0<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash, cash equivalents and investments<\/td>\n$<\/td>\n713,466<\/td>\n\u00a0<\/td>\n$<\/td>\n355,816<\/td>\n<\/tr>\n
Working capital (1)<\/td>\n\u00a0<\/td>\n706,184<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n348,550<\/td>\n<\/tr>\n
Total assets<\/td>\n\u00a0<\/td>\n751,681<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n393,068<\/td>\n<\/tr>\n
Total liabilities<\/td>\n\u00a0<\/td>\n38,156<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n35,725<\/td>\n<\/tr>\n
Convertible preferred stock<\/td>\n\u00a0<\/td>\n—<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n537,781<\/td>\n<\/tr>\n
Total stockholders\u2019 equity (deficit)<\/td>\n\u00a0<\/td>\n713,525<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(180,438)<\/td>\n<\/tr>\n
Restricted cash<\/td>\n\u00a0<\/td>\n878<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n878<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
(1)\u00a0\u00a0\u00a0Working capital is defined as current assets less current liabilities.<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\u00a0<\/p>\n

\n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

CAMBRIDGE, Mass., Nov. 12, 2020 (GLOBE NEWSWIRE) — Relay Therapeutics, Inc. (Nasdaq: RLAY), a clinical-stage precision medicine company transforming the drug discovery process by leveraging unparalleled insights into protein motion, today reported third quarter 2020 financial results. \u201cIn our first quarter as a public company, I am proud of our team\u2019s unwavering focus on bringing our medicines to patients,\u201d said Sanjiv Patel, M.D., president and chief executive officer of Relay Therapeutics. \u201cIn July, we completed and closed our initial public offering. In September, we dosed the first patient with our second targeted medicine, RLY-4008, the only selective small molecule inhibitor of FGFR2 in clinical development. We look forward to providing updates across our pipeline in 2021.\u201d Second Quarter Financial Highlights … <\/p>\n

Continue reading “Relay Therapeutics Reports Third Quarter 2020 Financial Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-380274","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nRelay Therapeutics Reports Third Quarter 2020 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/relay-therapeutics-reports-third-quarter-2020-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Relay Therapeutics Reports Third Quarter 2020 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"CAMBRIDGE, Mass., Nov. 12, 2020 (GLOBE NEWSWIRE) — Relay Therapeutics, Inc. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/relay-therapeutics-reports-third-quarter-2020-financial-results\/","og_locale":"en_US","og_type":"article","og_title":"Relay Therapeutics Reports Third Quarter 2020 Financial Results - Market Newsdesk","og_description":"CAMBRIDGE, Mass., Nov. 12, 2020 (GLOBE NEWSWIRE) — Relay Therapeutics, Inc. (Nasdaq: RLAY), a clinical-stage precision medicine company transforming the drug discovery process by leveraging unparalleled insights into protein motion, today reported third quarter 2020 financial results. \u201cIn our first quarter as a public company, I am proud of our team\u2019s unwavering focus on bringing our medicines to patients,\u201d said Sanjiv Patel, M.D., president and chief executive officer of Relay Therapeutics. \u201cIn July, we completed and closed our initial public offering. In September, we dosed the first patient with our second targeted medicine, RLY-4008, the only selective small molecule inhibitor of FGFR2 in clinical development. We look forward to providing updates across our pipeline in 2021.\u201d Second Quarter Financial Highlights … Continue reading \"Relay Therapeutics Reports Third Quarter 2020 Financial Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/relay-therapeutics-reports-third-quarter-2020-financial-results\/","og_site_name":"Market Newsdesk","article_published_time":"2020-11-12T21:08:42+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA4NTA4MiMzODI0MjkxIzIxOTk3ODU=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/relay-therapeutics-reports-third-quarter-2020-financial-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/relay-therapeutics-reports-third-quarter-2020-financial-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Relay Therapeutics Reports Third Quarter 2020 Financial Results","datePublished":"2020-11-12T21:08:42+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/relay-therapeutics-reports-third-quarter-2020-financial-results\/"},"wordCount":1027,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/relay-therapeutics-reports-third-quarter-2020-financial-results\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA4NTA4MiMzODI0MjkxIzIxOTk3ODU=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/relay-therapeutics-reports-third-quarter-2020-financial-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/relay-therapeutics-reports-third-quarter-2020-financial-results\/","name":"Relay Therapeutics Reports Third Quarter 2020 Financial Results - 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