Zovegalisib’s Consistent Efficacy Across Tough Subgroups Could Be A Game Changer For Relay (RLAY)

• Relay Therapeutics, Inc. recently presented a subset analysis of interim data from its first-in-human ReDiscover trial, highlighting zovegalisib’s efficacy and tolerability in heavily pretreated HR+/HER2- advanced breast cancer patients at the 2025 San Antonio Breast Cancer Symposium.
• The data showed consistent progression-free survival and response rates across challenging subgroups, such as prior SERD exposure and ESR1-mutated tumors, reinforcing interest in this allosteric PI3Ka inhibitor.
• We’ll now examine how these zovegalisib data, particularly the consistent efficacy across hard-to-treat subgroups, influence Relay Therapeutics’ broader investment narrative.

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What Is Relay Therapeutics' Investment Narrative?

To own Relay Therapeutics, you need to believe that its structure-based drug design can translate into commercially meaningful, differentiated oncology and rare disease medicines before cash and investor patience run thin. The new zovegalisib subset data from SABCS fits into that story as a supportive, but not thesis-changing, milestone: it reinforces prior efficacy signals in tough HR+/HER2- breast cancer subgroups and helps justify the ongoing Phase 3 ReDiscover-2 trial, without eliminating the usual Phase 3 and regulatory risks. In the near term, the key catalysts still center on further zovegalisib readouts and progress in vascular malformations, alongside execution by an experienced management team running sizeable losses and facing significant insider selling. With the share price already up sharply this year, expectations around those clinical milestones now matter even more.

However, one major funding and dilution risk is easy to overlook at first glance. The valuation report we've compiled suggests that Relay Therapeutics' current price could be inflated.

Exploring Other Perspectives

With one Simply Wall St Community valuation at US$14.60, you are seeing a focused rather than broad spread of opinions, while the evolving zovegalisib data and cash burn concerns mean the company’s path ahead could look very different to each investor.

Explore another fair value estimate on Relay Therapeutics - why the stock might be worth just $14.60!

Build Your Own Relay Therapeutics Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Relay Therapeutics research is our analysis highlighting 1 key reward and 4 important warning signs that could impact your investment decision.
• Our free Relay Therapeutics research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Relay Therapeutics' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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