Relay posts -$83.7M net loss in Q2 2026 as Phase 3 trial ramps

Filed August 6, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 7, 2025 · ~1 min read

Key Changes

• high

  Net loss widened 18.9% to $83.7M in Q2 2026 (diluted EPS -$0.41, flat YoY) as operating loss grew 18% to $90.8M, driven by $27.8M higher clinical trial costs for zovegalisib's Phase 3 ReDiscover-2 study.

  MD&A: Operating Results verify on EDGAR →
• high

  FDA granted Breakthrough Therapy designation to zovegalisib plus fulvestrant for PIK3CA-mutant HR+/HER2- breast cancer in February 2026, expediting development and review for the Phase 3 registrational trial.

  MD&A: Regulatory Milestones verify on EDGAR →
• medium

  Received $10M in milestone payments from Elevar during the period (total $18.7M to date), with up to $485M in future regulatory/commercial milestones remaining for out-licensed lirafugratinib.

  Notes: Elevar Agreement verify on EDGAR →