On May 5, 2022 Relay Therapeutics, Inc. (Nasdaq: RLAY), a clinical-stage precision medicine company transforming the drug discovery process by combining leading-edge computational and experimental technologies, reported first quarter 2022 financial results and corporate highlights (Press release, Relay Therapeutics, MAY 5, 2022, View Source [SID1234613843]).
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"We have continued our execution focus into 2022, as we advance our portfolio of precision medicines towards patients," said Sanjiv Patel, M.D., Relay Therapeutics’ president and chief executive officer. "With three programs in the clinic, we believe our platform and approach have the potential to address some of the hardest-to-treat diseases. We look forward to disclosing another innovative target next month as we continue on our journey of bringing life-changing therapies to patients."
Recent Corporate Highlights
▪Continued to enroll patients in the first arm of the dose escalation part of the first-in-human trial for RLY-2608, a pan-mutant and isoform-selective PI3Kα inhibitor, assessing it as a single agent for patients with unresectable or metastatic solid tumors with PI3Kα mutation
▪Initiated the second arm of the dose escalation part of the first-in-human trial for RLY-2608, evaluating RLY-2608 in combination with fulvestrant for patients with HR+, HER2–, PI3Kα-mutated, locally advanced or metastatic breast cancer
▪Anticipate disclosing initial clinical data of RLY-2608 in the first half of 2023
▪Received orphan drug designation from the FDA for RLY-4008 for the treatment of cholangiocarcinoma in January 2022 and continued to enroll patients in expansion cohorts
▪Presented poster at AACR (Free AACR Whitepaper) in April 2022 summarizing RLY-1971/GDC-1971 preclinical data including newly disclosed preclinical combination data with GDC-6036, Genentech’s KRAS G12C inhibitor
▪Aligned with current guidance of disclosing a new target in the first half of 2022, announced a virtual analyst and investor event on June 27, 2022
First Quarter 2022 Financial Results
Cash, Cash Equivalents and Investments: As of March 31, 2022, cash, cash equivalents and investments totaled approximately $898 million compared to $958 million as of December 31, 2021. Relay Therapeutics expects its current cash, cash equivalents and investments will be sufficient to fund its current operating plan into at least 2025.
R&D Expenses: Research and development expenses were $51.7 million for the first quarter of 2022, as compared to $30.6 million for the first quarter of 2021. The increase of $21.0 million was primarily due to $9.4 million of additional employee related costs, including an increase in stock-based compensation of $3.0 million, $6.0 million related to clinical trial expenses and $4.6 million related to pre-clinical development candidates.
G&A Expenses: General and administrative expenses were $16.1 million for first quarter of 2022, as compared to $12.7 million for the first quarter of 2021. The increase of $3.3 million was primarily due to $3.0 million of additional employee related costs, including an increase in stock-based compensation of $0.8 million.
Net Loss: Net loss was $62.0 million for the first quarter of 2022, or a net loss per share of $0.57, as compared to a net loss of $42.2 million for the first quarter of 2021, or a net loss per share of $0.47.