Equity Profile

RLAY

Relay Therapeutics, Inc.

Health CareBiotechnology$4.4B

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

EPS (Earnings Per Share)

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

N/A

Revenue Growth

Revenue growth is essential for understanding how well the company is expanding its market presence and product acceptance.

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 through precision medicine, which is increasingly important in today's evolving health 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, which was worse than the expected -$0.34, resulting in an 18.84% surprise. The stock dropped 0.69% the following day, reflecting investor disappointment.

Management Promises & Guidance

Continued focus on advancing clinical trials for its lead drug candidates.
Commitment to exploring new partnerships to enhance research capabilities.
Plans to provide more detailed updates on pipeline progress in future earnings calls.

Expectations

Wall Street Expectations

Overall, expectations for Relay Therapeutics are cautious given its recent earnings history, with investors looking for signs of improvement in profitability and trial outcomes.

Bull Case

If Relay can demonstrate significant progress in its clinical trials and report better-than-expected EPS, it could lead to a positive shift in investor sentiment and stock price.

Bear Case

Conversely, if the company fails to meet expectations again or provides disappointing updates on its pipeline, it could further erode investor confidence and lead to a stock decline.

Expectations

Two Questions That Matter

The print will turn on these two things.

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

Investors will closely watch for updates on trial progress, as successful results could validate the company's strategy and boost stock performance.

How does management plan to address the recent earnings misses and improve profitability?

Management's response to past performance and future strategies will be critical in shaping investor confidence and expectations.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for Relay to turn around its clinical trial outcomes, which could lead to a more favorable EPS than anticipated.

Supporting Evidence

The company's history shows a 75% EPS beat rate, suggesting potential for positive surprises.

Options pricing indicates a high level of uncertainty, which could lead to exaggerated moves in either direction.

Recent clinical advancements in the biotech sector suggest a more favorable environment for innovative therapies.

Key Risk

If clinical trial results show unexpected efficacy, it could significantly shift market sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is pivotal as it follows a series of earnings misses, and the market is keenly focused on any signs of recovery or continued decline.

Bull Confirmed If

A significant reduction in EPS loss to below -$0.30, along with positive updates on clinical trials, would confirm the bull case.

Bear Confirmed If

An EPS loss greater than -$0.41, coupled with negative updates on clinical trials, would confirm 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 following the earnings report, indicating heightened uncertainty or anticipation among investors.

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 expectations and raises guidance, history suggests the stock could rise by an average of 1.43% the next day, confirming a positive outlook.

In-Line / Cautious

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

Miss

A miss on EPS could lead to a decline of around 0.50%, reflecting ongoing concerns about the company's performance.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on the progress of clinical trials for lead drug candidates.
2Management's strategy for improving profitability in the upcoming quarters.
3Any new partnerships or collaborations that could enhance research capabilities.
4Insights into market trends that may affect the company's positioning.
5Details on cost management initiatives and their expected impact on future earnings.

See the full picture

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

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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

EPS (Earnings Per Share)

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

N/A

Revenue Growth

Revenue growth is essential for understanding how well the company is expanding its market presence and product acceptance.

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

Management Promises & Guidance

Continued focus on advancing clinical trials for its lead drug candidates.
Commitment to exploring new partnerships to enhance research capabilities.
Plans to provide more detailed updates on pipeline progress in future earnings calls.

Expectations

Wall Street Expectations

Overall, expectations for Relay Therapeutics are cautious given its recent earnings history, with investors looking for signs of improvement in profitability and trial outcomes.

Bull Case

If Relay can demonstrate significant progress in its clinical trials and report better-than-expected EPS, it could lead to a positive shift in investor sentiment and stock price.

Bear Case

Conversely, if the company fails to meet expectations again or provides disappointing updates on its pipeline, it could further erode investor confidence and lead to a stock decline.

Expectations

Two Questions That Matter

The print will turn on these two things.

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

Investors will closely watch for updates on trial progress, as successful results could validate the company's strategy and boost stock performance.

How does management plan to address the recent earnings misses and improve profitability?

Management's response to past performance and future strategies will be critical in shaping investor confidence and expectations.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for Relay to turn around its clinical trial outcomes, which could lead to a more favorable EPS than anticipated.

Supporting Evidence

The company's history shows a 75% EPS beat rate, suggesting potential for positive surprises.

Options pricing indicates a high level of uncertainty, which could lead to exaggerated moves in either direction.

Recent clinical advancements in the biotech sector suggest a more favorable environment for innovative therapies.

Key Risk

If clinical trial results show unexpected efficacy, it could significantly shift market sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is pivotal as it follows a series of earnings misses, and the market is keenly focused on any signs of recovery or continued decline.

Bull Confirmed If

A significant reduction in EPS loss to below -$0.30, along with positive updates on clinical trials, would confirm the bull case.

Bear Confirmed If

An EPS loss greater than -$0.41, coupled with negative updates on clinical trials, would confirm 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 following the earnings report, indicating heightened uncertainty or anticipation among investors.

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 expectations and raises guidance, history suggests the stock could rise by an average of 1.43% the next day, confirming a positive outlook.

In-Line / Cautious

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

Miss

A miss on EPS could lead to a decline of around 0.50%, reflecting ongoing concerns about the company's performance.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on the progress of clinical trials for lead drug candidates.
2Management's strategy for improving profitability in the upcoming quarters.
3Any new partnerships or collaborations that could enhance research capabilities.
4Insights into market trends that may affect the company's positioning.
5Details on cost management initiatives and their expected impact on future earnings.