Relay Therapeutics prices $213M at-the-market offering at $18.83/share

Filed August 6, 2026 · ~2 min read

Key Changes

• high

  At-the-market offering of up to $213M of common stock through TD Cowen at market prices over time, with 3.0% commission. Up to 11.3M shares at the $18.83 reference price (July 31, 2026 close), bringing total shares outstanding to 229.8M.

  The Offering verify on EDGAR →
• high

  Implied post-offering market capitalization of $4.3B at the $18.83 offering price. New investors face immediate dilution of $14.22 per share (net tangible book value of $4.61/share vs. $18.83 purchase price).

  Dilution verify on EDGAR →
• medium

  Proceeds will fund research and clinical development of pipeline candidates (current or new), working capital, and general corporate purposes. Management retains broad discretion over allocation.

  Use of Proceeds verify on EDGAR →