Relay Therapeutics Inc.: Zovega VA Data Hits Best-Case Scenario, CELC Overhang Creates Buying Opportunity, in Our View

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Relay Therapeutics Inc.: Zovega VA Data Hits Best-Case Scenario, CELC Overhang Creates Buying Opportunity, in Our View

Equity Research

U.S. Small & Mid Cap Biotechnology

19 May 2026

Relay Therapeutics Inc.

Zovega VA Data Hits Best-Case

Scenario, CELC Overhang Creates

RLAY OVERWEIGHTBuying Opportunity, in Our View

Unchanged

Vascular anomalies (VA) is a potential $6B+ opportunity with U.S. Small & Mid Cap POSITIVE Biotechnology

Unchangedless competition and path to accelerated regulatory approval.

The zovegalisib clinical update positioned the drug as a best- Price Target USD 27.00 raised 29% from USD 21.00

in-class drug for patients with VA. Price (18-May-26) USD 12.10

Potential Upside/Downside +123.1%

RLAY reported initial clinical data from the Phase 2 ReInspire trial evaluating zovegalisib Source: Bloomberg, Barclays Research

(zovega, PI3Kα mutant selective TKI) in patients with vascular anomalies (VA), noting a 60% ORR

across doses (100mg BID, 300mg BID, 400mg BID) and a 100% ORR at the 30 mg BID dose. The Market Cap (USD mn) 2318

data exceeded our Bull-Case Scenario expectations, in which we ascribed a potential ~$10 per Shares Outstanding (mn) 191.59

share NPV to the VA program, pushing shares to ~$21. Our new price target of $27 for RLAY Free Float (%) 97.82

reflects risk-adjusted sales of ~$3.1B for zovegalisib (vs $1.4B previously) and an estimated 52 Wk Avg Daily Volume (mn) 2.2

accelerated approval in 2028 (vs 2030 previously). RLAY plans to provide a data and regulatory Dividend Yield (%) N/A

update in VA by YE. Given the potentially large VA opportunity, a path to accelerated approval, Return on Equity TTM (%) -40.01

and a favorable competitive landscape, the update should provide meaningful upside to RLAY Current BVPS (USD) 3.39