Equity Profile

RLAY

Relay Therapeutics, Inc.

Health CareBiotechnology$4.1B

Aug6Thu

Pre-Earnings Brief

UpcomingQ2-2026After Close5:00 PM EDT

Company Snapshot

Relay Therapeutics, Inc. is a biotechnology company focused on developing innovative medicines by leveraging its proprietary protein motion technology....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of the company's profitability and will help investors gauge financial health.

N/A

Research and Development Expenses

As a biotech firm, R&D spending is critical to advancing drug candidates and reflects the company's commitment to innovation.

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 by leveraging its proprietary protein motion technology. Operating in the health care sector, Relay aims to address significant unmet medical needs, particularly in cancer and genetic diseases, making its work crucial for patients and the broader healthcare landscape.

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 Therapeutics reported an EPS of -$0.41, missing estimates by 18.84%. The stock reacted negatively, declining 0.69% the following day.

Management Promises & Guidance

Continue advancing clinical trials for key drug candidates.
Provide updates on partnerships and collaborations.
Focus on cost management to improve financial metrics.

Expectations

Wall Street Expectations

Investors are cautiously optimistic about Relay's upcoming earnings, especially given its history of beating EPS estimates. However, concerns remain about ongoing losses and the pace of clinical developments.

Bull Case

If Relay can demonstrate significant progress in its clinical trials and manage R&D costs effectively, it could lead to a strong positive reaction from the market.

Bear Case

On the other hand, if the company fails to show meaningful advancements in its drug pipeline or reports higher-than-expected losses, it could lead to a sharp decline in stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the current status of clinical trials for key drug candidates?

Progress in clinical trials can significantly influence investor sentiment and stock performance, especially in the biotech sector.

How are R&D expenses being managed in light of ongoing losses?

Investors will want to understand how the company plans to balance innovation with financial sustainability, which is critical for long-term viability.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for Relay's drug candidates to advance in clinical trials, which could lead to a more favorable outlook than currently priced in.

Supporting Evidence

Relay has a strong history of beating EPS estimates, indicating potential for positive surprises.

The options market is pricing in a significant move, suggesting that investors are anticipating volatility that may not be reflected in current stock sentiment.

Key Risk

If clinical trial results exceed expectations, it could dramatically shift market perception and stock valuation.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is weighing Relay's ability to innovate against its financial health and the risks associated with its clinical pipeline.

Bull Confirmed If

Demonstrating a clear path to clinical trial success with at least one candidate showing promising results would support a bullish case.

Bear Confirmed If

If clinical trial updates indicate delays or setbacks, it would confirm bearish sentiment.

Pre-Earnings Positioning

Options Market

Implied Move

±39.9%

Historical Avg

±1.6%

Pricing rich

The options market is pricing in a significant potential move in either direction, reflecting uncertainty about the upcoming 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 setup 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 EPS estimates and provides positive updates on clinical trials, history suggests the stock could rise by around 1.43% on the following day.

In-Line / Cautious

If results are in line with expectations but management is cautious, the stock may see a muted reaction as investors digest the commentary.

Miss

If the company misses expectations, history indicates a potential decline of about 0.50% the next day.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on the progress of clinical trials for key drug candidates.
2Any changes in R&D spending and its impact on future profitability.
3Management's outlook on partnerships and collaborations.
4Details on how the company plans to manage ongoing losses.
5Insights into the competitive landscape and how Relay plans to differentiate its offerings.

See the full picture

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

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More Earnings This Week

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Company Snapshot

Relay Therapeutics, Inc. is a biotechnology company focused on developing innovative medicines by leveraging its proprietary protein motion technology....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of the company's profitability and will help investors gauge financial health.

N/A

Research and Development Expenses

As a biotech firm, R&D spending is critical to advancing drug candidates and reflects the company's commitment to innovation.

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 Therapeutics reported an EPS of -$0.41, missing estimates by 18.84%. The stock reacted negatively, declining 0.69% the following day.

Management Promises & Guidance

Continue advancing clinical trials for key drug candidates.
Provide updates on partnerships and collaborations.
Focus on cost management to improve financial metrics.

Expectations

Wall Street Expectations

Bull Case

If Relay can demonstrate significant progress in its clinical trials and manage R&D costs effectively, it could lead to a strong positive reaction from the market.

Bear Case

On the other hand, if the company fails to show meaningful advancements in its drug pipeline or reports higher-than-expected losses, it could lead to a sharp decline in stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the current status of clinical trials for key drug candidates?

Progress in clinical trials can significantly influence investor sentiment and stock performance, especially in the biotech sector.

How are R&D expenses being managed in light of ongoing losses?

Investors will want to understand how the company plans to balance innovation with financial sustainability, which is critical for long-term viability.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for Relay's drug candidates to advance in clinical trials, which could lead to a more favorable outlook than currently priced in.

Supporting Evidence

Relay has a strong history of beating EPS estimates, indicating potential for positive surprises.

The options market is pricing in a significant move, suggesting that investors are anticipating volatility that may not be reflected in current stock sentiment.

Key Risk

If clinical trial results exceed expectations, it could dramatically shift market perception and stock valuation.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is weighing Relay's ability to innovate against its financial health and the risks associated with its clinical pipeline.

Bull Confirmed If

Demonstrating a clear path to clinical trial success with at least one candidate showing promising results would support a bullish case.

Bear Confirmed If

If clinical trial updates indicate delays or setbacks, it would confirm bearish sentiment.

Pre-Earnings Positioning

Options Market

Implied Move

±39.9%

Historical Avg

±1.6%

Pricing rich

The options market is pricing in a significant potential move in either direction, reflecting uncertainty about the upcoming 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 setup 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 EPS estimates and provides positive updates on clinical trials, history suggests the stock could rise by around 1.43% on the following day.

In-Line / Cautious

If results are in line with expectations but management is cautious, the stock may see a muted reaction as investors digest the commentary.

Miss

If the company misses expectations, history indicates a potential decline of about 0.50% the next day.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on the progress of clinical trials for key drug candidates.
2Any changes in R&D spending and its impact on future profitability.
3Management's outlook on partnerships and collaborations.
4Details on how the company plans to manage ongoing losses.
5Insights into the competitive landscape and how Relay plans to differentiate its offerings.