Equity Profile

RLAY

Relay Therapeutics, Inc.

Health CareBiotechnology$2.9B

Aug6Thu

Pre-Earnings Brief

UpcomingQ2-2026After Close5:00 PM EDT

Company Snapshot

Relay Therapeutics, Inc. is a biotechnology company focused on developing innovative medicines for patients with serious diseases....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of the company's profitability and financial health, which investors closely monitor.

N/A

Revenue Growth

Revenue growth reflects the company's ability to expand its market presence and commercialize its products.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

RLAY Q2-2026 Earnings Preview

Context

Company Snapshot

Relay Therapeutics, Inc. is a biotechnology company focused on developing innovative medicines for patients with serious diseases. The company leverages advanced technology to understand protein dynamics, which is crucial in drug discovery. As part of the health care sector, Relay is positioned in a rapidly evolving industry that emphasizes precision medicine and targeted therapies.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

75%

Avg EPS Surprise

+7.26%

Avg Stock Reaction

+0.95%

Last Quarter Recap

In Q1-2026, Relay reported an EPS of -$0.41, missing the estimate of -$0.34. The stock reacted negatively, declining by 0.69% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are cautiously optimistic about Relay's upcoming earnings, especially given the company's history of beating EPS estimates. However, the lack of guidance raises uncertainty.

Bull Case

If Relay can demonstrate significant progress in its clinical trials and report better-than-expected EPS, it could lead to a positive market reaction and increased investor confidence.

Bear Case

Conversely, if the company fails to meet expectations or provides no clear path forward in its drug development, it could lead to a sharp decline in stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the specific updates on the progress of clinical trials?

Investors will closely watch for any advancements or setbacks in clinical trials, as these can significantly impact the company's future.

How does management plan to address the recent EPS misses?

Understanding management's strategy to improve financial performance is crucial for investor confidence.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for Relay to surprise on the upside given its history of beating EPS estimates despite recent misses.

Supporting Evidence

Relay has a 75% EPS beat rate historically, indicating potential for positive surprises.

Options pricing suggests a significant move, indicating that traders are anticipating volatility, which could favor a surprise.

The company's innovative approach to drug development may yield unexpected results that the market has not fully priced in.

Key Risk

If clinical trial updates indicate significant progress, it could shift market sentiment dramatically.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core thesis this quarter revolves around the company's ability to improve its financial performance and provide clarity on its clinical development pipeline.

Bull Confirmed If

A significant reduction in EPS losses, ideally approaching -$0.30 or better, would confirm the bull case.

Bear Confirmed If

An EPS loss greater than -$0.41 would reinforce the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±39.9%

Historical Avg

±1.6%

Pricing rich

The options market is pricing in a significant move, suggesting that investors expect volatility around the earnings report.

Options are pricing ±39.9% while RLAY has averaged ±1.6% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.9%

30d HV

66.2%

Calls (72K)P/C Ratio: 7.96Puts (130K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter miss + options pricing rich in Health Care

n=30

Fade rate: 13 of 29 (45%)

This setup has occurred 30 times across Health Care in the last 2 years. 13 of 29 faded and 16 held — no strong directional bias after the initial reaction. The average absolute 1-day move is 3.6%, with a raw directional average of -1.3% (modestly negative historical bias).

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Relay beats expectations, history suggests a potential average increase of +1.43% in stock price, confirming a positive outlook.

In-Line / Cautious

A cautious inline report may lead to muted reactions, as investors await clearer guidance on future performance.

Miss

If the company misses expectations, history suggests a potential decline of -0.50% in stock price, which could raise concerns about its growth trajectory.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on the timelines for clinical trial results.
2Management's commentary on strategies to improve EPS.
3Insights into potential partnerships or collaborations.
4Discussion on market competition and positioning.
5Any changes in the company's long-term strategic goals.

See the full picture

AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

No charge today · Auto-bills $8/mo after 7 days · Cancel anytime

More Earnings This Week

5 Reports

Danaos Corporation

Company Snapshot

Relay Therapeutics, Inc. is a biotechnology company focused on developing innovative medicines for patients with serious diseases....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of the company's profitability and financial health, which investors closely monitor.

N/A

Revenue Growth

Revenue growth reflects the company's ability to expand its market presence and commercialize its products.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

RLAY Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

75%

Avg EPS Surprise

+7.26%

Avg Stock Reaction

+0.95%

Last Quarter Recap

In Q1-2026, Relay reported an EPS of -$0.41, missing the estimate of -$0.34. The stock reacted negatively, declining by 0.69% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are cautiously optimistic about Relay's upcoming earnings, especially given the company's history of beating EPS estimates. However, the lack of guidance raises uncertainty.

Bull Case

If Relay can demonstrate significant progress in its clinical trials and report better-than-expected EPS, it could lead to a positive market reaction and increased investor confidence.

Bear Case

Conversely, if the company fails to meet expectations or provides no clear path forward in its drug development, it could lead to a sharp decline in stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the specific updates on the progress of clinical trials?

Investors will closely watch for any advancements or setbacks in clinical trials, as these can significantly impact the company's future.

How does management plan to address the recent EPS misses?

Understanding management's strategy to improve financial performance is crucial for investor confidence.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for Relay to surprise on the upside given its history of beating EPS estimates despite recent misses.

Supporting Evidence

Relay has a 75% EPS beat rate historically, indicating potential for positive surprises.

Options pricing suggests a significant move, indicating that traders are anticipating volatility, which could favor a surprise.

The company's innovative approach to drug development may yield unexpected results that the market has not fully priced in.

Key Risk

If clinical trial updates indicate significant progress, it could shift market sentiment dramatically.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core thesis this quarter revolves around the company's ability to improve its financial performance and provide clarity on its clinical development pipeline.

Bull Confirmed If

A significant reduction in EPS losses, ideally approaching -$0.30 or better, would confirm the bull case.

Bear Confirmed If

An EPS loss greater than -$0.41 would reinforce the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±39.9%

Historical Avg

±1.6%

Pricing rich

The options market is pricing in a significant move, suggesting that investors expect volatility around the earnings report.

Options are pricing ±39.9% while RLAY has averaged ±1.6% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.9%

30d HV

66.2%

Calls (72K)P/C Ratio: 7.96Puts (130K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter miss + options pricing rich in Health Care

n=30

Fade rate: 13 of 29 (45%)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Relay beats expectations, history suggests a potential average increase of +1.43% in stock price, confirming a positive outlook.

In-Line / Cautious

A cautious inline report may lead to muted reactions, as investors await clearer guidance on future performance.

Miss

If the company misses expectations, history suggests a potential decline of -0.50% in stock price, which could raise concerns about its growth trajectory.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on the timelines for clinical trial results.
2Management's commentary on strategies to improve EPS.
3Insights into potential partnerships or collaborations.
4Discussion on market competition and positioning.
5Any changes in the company's long-term strategic goals.