Monitor for pipeline catalysts (ReInspire trial data, PI3K/NRAS programs) as the cash runway is extended but dilution is material. The offering's close on May 22 may create near-term overhang; watch for any subsequent M&A or partnership announcements that could utilize the new capital.
Price Chart
Executive Summary
Relay Therapeutics entered into an underwriting agreement for a public offering of 22,916,667 shares (plus full over-allotment of 3,437,500 shares) at $12.00/share, expected to close May 22, 2026. Net proceeds are estimated at ~$296.8 million, which will extend cash runway for pipeline development but dilutes existing shareholders by approximately 12-13%.
Key Facts
- Offering of 22,916,667 shares (increased by full exercise of underwriters' option for 3,437,500 additional shares) at $12.00/share
- Estimated net proceeds of ~$296.8 million after underwriting discounts and expenses
- Underwriters: Jefferies, TD Cowen, Goldman Sachs, Guggenheim, Raymond James
- Pre-revenue clinical-stage biotech with no approved products
- Previous 424B5 filings (May 19 & 21) indicated $175M offering upsized to $275M
Financial Impact
Dilution of approximately 12-13% based on market cap of $2.5B; net proceeds of ~$296.8M
Risk Factors
- Significant dilution to existing shareholders (~12-13%)
- Pre-revenue status with clinical and regulatory uncertainty
- Potential for further capital raises given cash burn rate
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-234862 |
| Document: d128795d8k.htm | 0001193125-26-234862 |
| Document: d128795dex51.htm | 0001193125-26-234862 |
| Document: 0001193125-26-234862-index-headers.html | 0001193125-26-234862 |
| Document: 0001193125-26-234862-index.html | 0001193125-26-234862 |
| Document: 0001193125-26-234862.txt | 0001193125-26-234862 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 9, 2026 23d ago | Insider Cluster | $18.66 $18.84 | ▲ +0.96% | ▲ +1.62% | $18.96 (+1.61%) |
Aug 28, 2026 5w ago | Insider Cluster | $18.77 $19.04 | ▼ −1.44% | ▼ −1.33% | $18.96 (−1.01%) |
Aug 18, 2026 6w ago | Insider Cluster | $20.61 $20.57 | ▲ +0.19% | ▼ −0.01% | $18.96 (+8.01%) |
Jul 8, 2026 12w ago | Insider Cluster | $19.63 $19.08 | ▼ −2.80% | ▼ −3.66% | $18.96 (−3.41%) |
Jun 22, 2026 14w ago | 144 | $17.44 $19.74 | ▲ +13.19% | ▲ +12.18% | $18.96 (+8.72%) |
Jun 12, 2026 16w ago | Institutional Cluster | $14.81 $15.88 | ▲ +7.22% | ▲ +6.55% | $18.96 (+28.02%) |
May 21, 2026 19w ago | 8-K | $13.53 $14.26 | ▼ −5.40% | ▼ −3.74% | $18.96 (−40.13%) |
May 21, 2026 19w ago | Press Release | $13.66 $14.05 | ▼ −2.86% | ▼ −1.01% | $18.96 (−38.80%) |
May 19, 2026 19w ago | 424B5 | $13.02 $13.90 | ▼ −6.76% | ▼ −4.96% | $18.96 (−45.62%) |
May 19, 2026 19w ago | Press Release | $13.02 $14.43 | ▼ −10.83% | ▼ −9.59% | $18.96 (−45.62%) |
US Market Status
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