Relay Therapeutics files to sell up to $213 million more shares via TD Cowen
The prospectus supplement expands Relay's at-the-market equity program after the company had already sold 16 million shares under the original agreement.
Relay Therapeutics filed a prospectus supplement dated August 6, 2026 covering up to $212,978,049 in common stock sales through an amended at-the-market sales agreement with TD Securities (USA) LLC, known as TD Cowen. The amendment to the original sales agreement is dated August 6, 2026, and through August 3, 2026, Relay had issued 16,006,569 shares under the original agreement, leaving about $87,021,951 in shares still eligible for sale under that earlier arrangement.1 Sales under the new agreement may occur on the Nasdaq Global Market at market prices, with TD Cowen entitled to a commission of up to 3.0% of gross proceeds.1
Relay's common stock trades on Nasdaq under the symbol "RLAY," and closed at $18.83 per share on July 31, 2026.1 Assuming sales of 11,310,570 shares at that price, the company could have up to 229,841,770 shares outstanding after the offering.1
The company said it intends to use net proceeds, together with existing cash, to fund research and clinical development of current or additional pipeline candidates, plus general working capital.1
The filing also details Relay's lead program, zovegalisib (RLY-2608), a PI3Ka inhibitor. In the second quarter of 2025, Relay initiated the global Phase 3 ReDiscover-2 trial testing zovegalisib plus fulvestrant against a comparator arm of capivasertib plus fulvestrant in PI3Ka-mutated, HR+/HER2- advanced breast cancer patients previously treated with a CDK4/6 inhibitor.1 In February 2026, the FDA granted Breakthrough Therapy designation to zovegalisib in combination with fulvestrant for adults with PIK3CA mutant HR+/HER2- locally advanced or metastatic breast cancer following progression on a CDK4/6 inhibitor.1
On dilution, Relay's net tangible book value as of June 30, 2026 was approximately $850.6 million, or $3.89 per share, and after the assumed offering the adjusted figure would rise to about $4.61 per share, representing $14.22 per share of dilution to new investors at the assumed $18.83 offering price.1
Written by readthrough’s AI from the linked primary sources and fact-checked against them automatically before publishing. Not investment advice.