RLAY: Zovegalisib's Potl Expands Beyond Breast Cancer; Today's Update De-risks Mechanism

研报英文原文证据摘录

RLAY: Zovegalisib's Potl Expands Beyond Breast Cancer; Today's Update De-risks Mechanism

Equity Research

Flash Comment — May 19, 2026

Biotechnology

Relay Therapeutics, Inc.

Zovegalisib's Potl Expands Beyond Breast Cancer; Today's Overweight

Update De-risks Mechanism Price Target: $21.00

Ticker RLAY

Our Call Upside/(Downside) to Target 73.6%

We believe today’s zovegalisib update in vascular anomalies de-risks the approach, though Price (05/18/2026) $12.10

longer-term follow-up is needed to fully assess the drug’s potential and toxicity given its 52 Week Range $2.75 - 17.32

likely chronic use. Market Cap (MM) $2,176

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

The study included VA pts beyond PROS. The co pres efficacy data for 20 pts and Eva Fortea Verdejo, PhD

has dosed a total of 32, including 22 PROS, 8 LM and 2 VeM in group 1 (adults and Equity Analyst | Wells Fargo Securities, LLC

Eva.ForteaVerdejo@wellsfargo.com | 212-214-5340

adolescents study). Pts were dosed with 100mg BID, 300mg BID and 400mg BID, with all

doses leading to responses. ~72% of pts had been prev treated with alpelisib or sirolimus,

further suggesting this was an adv pt pop. While we're currently only assigning credit for

the PROS mkt, we think the oppty could be larger.

Zovega's efficacy looks solid. The VRR at 12wk was 60% and 62% for 100-300mg

BID. Further, 62% pts that had prev received alpelisib or sirolimus responded and pts

with scans at 24wk demonstrated deepening of responses and one new unconfirmed

response at 100mg BID. The PRO data also looks encouraging, with 71% of pts reporting

improvement on pain symptoms across doses. Overall, we believe this data compares