Relay Therapeutics, Inc. (RLAY), a clinical-stage precision medicines company, has declined 9.25% in the premarket trading session. Consequently, RLAY stock is trading at $26.59 at the time of writing. The decline has come after the company announced a proposed public offering of common stock. On Monday, RLAY stock increased 4.05% in regular trading session and closed the day at $29.30.
RLAY commenced underwritten public offering
In the late hours of Monday, RLAY announced the commencement of an underwritten public offering. The offering was related to the $350 million of shares of common stocks of Relay Therapeutics. The company also said that it intended to grant the underwriters a 30-day option to purchase an additional 15% of the shares of common stock which were offered in the public offering. All the shares in the offering were to be sold by Relay Therapeutics. Goldman Sachs & Co. LLC, J.P. Morgan, Cowen and Guggenheim Securities were serving as the joint book-running managers for the offering. The offering was subjected to market and other conditions. There were no assurances as to whether and when the offering would be completed as well as the actual size and terms of the offering.
Q2 2021 highlights
On 12th August, RLAY reported the financial results for the second quarter of the fiscal year 2021 which ended on 30th June. The company generated revenue of $0.84 million during the three months against $1.79 million during the same period of 2020. The total operating expenses for the three months were $194.42 million against $27.71 million for the same period of 2020. The company suffered a loss of $193.58 million from the operations during the period against $27.71 million for the same period of 2020. The net loss for the three months was $193.39 million against $26.72 million for the same period of 2020. The net loss per basic and diluted share for the period was $2.10 against $6.06 for the same period of 2020. The company had cash and cash equivalents of $671.22 million on 30th June. The total assets in possession of the company were $714.4 million while total liabilities were $95.87 million. Commenting on the results, Sanjiv Patel, M.D., president and chief executive officer of Relay Therapeutics said that based on tremendous quarterly performance, the company looks forward to a productive time ahead.
What’s ahead for RLAY?
Recent past statistics have been great for RLAY stock. The stock has declined some 13% during the last three months. Analysts have predicted that RALY stock tends to perform exceptionally well in coming times, based upon expansion growth in business. So, potential investors should keep a close eye on RLAY stock.