NEW YORK, May 28, 2026, 12:02 EDT
Relay Therapeutics traded up on Thursday, staying above last week’s public offer price. Some investors moved past dilution concerns and turned attention to two June investor events, with management expected to field questions about lead asset zovegalisib. Shares were at $14.50 as of 11:46 a.m. EDT, up roughly 0.5%. The SPDR S&P Biotech ETF was also up 0.6%, and the iShares Nasdaq Biotechnology ETF added 0.9%.
Relay is moving fast. The company said Wednesday that management will appear at the Jefferies Global Healthcare Conference on June 3 and the Goldman Sachs Global Healthcare Conference on June 8. Those showings come less than two weeks after Relay ran a stock sale and dropped new clinical data in its rare-disease program.
Relay sold a big chunk of stock. In a May 21 filing, the company said it would sell 22.9 million shares at $12 apiece, and underwriters picked up all of their option for another 3.4 million shares. Relay put the net proceeds at about $296.8 million. A public offering like this brings in new cash but means more shares out, which can dilute holders.
Relay shares holding above $12 signal the market still values zovegalisib after the company put out early Phase 2 data on May 19 for PIK3CA-driven vascular anomalies. These are rare disorders that affect the blood or lymph vessels and nearby tissue. Relay reported that 60% of patients who could be evaluated for response saw a volumetric response at 12 weeks, with lesion volume decreasing by a set amount on scans.
Relay’s president of research and development Don Bergstrom said the data showed “the promise of PI3Kα mutant-selective inhibition” in vascular anomalies. PI3Kα is an enzyme that plays a role in cell-growth signaling, where PIK3CA gene mutations can cause abnormal tissue growth and some cancers. Relay Therapeutics
Relay’s program also gives the company an edge against Novartis’ Vijoice, or alpelisib. Vijoice was cleared by the FDA in 2022 to treat severe PIK3CA-related overgrowth spectrum, part of the same group of disorders. Leerink Partners analyst Andrew Berens called Relay’s results “superlative” and suggested vascular anomalies could become the main value driver for zovegalisib, according to BioPharma Dive.
Relay isn’t just focused on rare diseases. On its first-quarter call earlier this month, CEO Sanjiv Patel said Relay has entered what he called a “data-rich period for zovegalisib,” mentioning work in metastatic breast cancer and the vascular anomalies program. Relay ended the quarter with $642.1 million in cash, cash equivalents and investments—enough to cover operations into 2029, not counting proceeds from its recent stock offering. Relay Therapeutics
Relay’s drug is in Phase 3 trials for HR+/HER2- metastatic breast cancer. Relay also said it wants to begin a frontline Phase 3 trial in early 2027 using zovegalisib with Pfizer’s atirmociclib and endocrine therapy, pending what regulators say. Phase 3 is the last big trial stage meant to back approval if the data holds up.
The risk is obvious. Relay’s vascular-anomalies results are still early, with just 20 response-evaluable patients as of the April cutoff. Relay also cautions that interim clinical data may not predict final outcomes. If future data come in with worse durability, more side effects, or a trickier dose profile, shares could lose some of their recent gains, cash position or not.
Investors are watching the calendar, with no new trial update yet. Next up is June’s conference season. Management is set to pitch the case for the raise, make their argument on vascular anomalies versus Novartis, and try to keep attention on zovegalisib’s larger chance in breast cancer.
