Relay Therapeutics Terminates Material Definitive Agreement
Ticker: RLAY · Form: 8-K · Filed: Jul 16, 2024 · CIK: 1812364
| Field | Detail |
|---|---|
| Company | Relay Therapeutics, Inc. (RLAY) |
| Form Type | 8-K |
| Filed Date | Jul 16, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $121.8 million, $75.0 million, $45.0 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: agreement-termination, material-event
TL;DR
Relay Therapeutics terminated a key deal. Big implications ahead.
AI Summary
Relay Therapeutics, Inc. announced on July 11, 2024, the termination of a material definitive agreement. The company, incorporated in Delaware with its principal executive offices at 399 Binney Street, Cambridge, MA, filed this 8-K report to disclose this event.
Why It Matters
The termination of a material definitive agreement can significantly impact a company's ongoing operations, partnerships, and financial outlook.
Risk Assessment
Risk Level: medium — Termination of a material definitive agreement often signals significant changes in business strategy or partnerships, which can introduce uncertainty.
Key Players & Entities
- Relay Therapeutics, Inc. (company) — Registrant
- July 11, 2024 (date) — Date of earliest event reported
- 399 Binney Street, Cambridge, Massachusetts 02139 (address) — Principal Executive Offices
- 001-39385 (company_id) — Commission File Number
FAQ
What was the specific material definitive agreement that was terminated?
The filing does not specify the exact nature or counterparty of the material definitive agreement that was terminated.
When did the termination of the material definitive agreement become effective?
The filing states the date of the earliest event reported as July 11, 2024, which is presumed to be the effective date or announcement date of the termination.
What are the immediate financial implications of this termination for Relay Therapeutics?
The filing does not provide details on the immediate financial implications of the termination.
Does this termination affect any ongoing clinical trials or drug development programs?
The filing does not contain information regarding the impact of the termination on clinical trials or drug development programs.
Has Relay Therapeutics entered into any new agreements following this termination?
This specific 8-K filing does not mention any new agreements entered into by Relay Therapeutics subsequent to the termination.
Filing Stats: 673 words · 3 min read · ~2 pages · Grade level 12.3 · Accepted 2024-07-16 16:15:27
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share RLAY Nasdaq Global Market
- $121.8 million — any received aggregate consideration of $121.8 million from Genentech, including $75.0 million
- $75.0 million — 121.8 million from Genentech, including $75.0 million in an upfront payment, $45.0 million in
- $45.0 million — ng $75.0 million in an upfront payment, $45.0 million in milestone payments as well as reimbu
Filing Documents
- rlay-20240711.htm (8-K) — 39KB
- 0000950170-24-083928.txt ( ) — 146KB
- rlay-20240711.xsd (EX-101.SCH) — 23KB
- rlay-20240711_htm.xml (XML) — 4KB
02 Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement. On July 11, 2024, Relay Therapeutics, Inc. (the "Company") received notice of termination of the Collaboration and License Agreement, dated December 11, 2020, as amended from time to time (the "Agreement"), with Genentech, Inc. and F. Hoffmann-La Roche Ltd (collectively, "Genentech"). Genentech elected to terminate the Agreement without cause, and the termination will become effective 180 days after the date of receipt of the notice of termination (the "Termination Date"). Under the Agreement, the Company and Genentech (each a "Party" and together, the "Parties") collaborate on the development and commercialization of RLY-1971 (now referred to as migoprotafib or GDC-1971), the Company's oral, small molecule inhibitor of Src homology region 2 domain-containing phosphatase-2. Under the terms of the Agreement, the Company received aggregate consideration of $121.8 million from Genentech, including $75.0 million in an upfront payment, $45.0 million in milestone payments as well as reimbursement of certain research and development costs. As a result of the termination of the Agreement, the Company will not be entitled to receive any further milestones or other payments due after the Termination Date. The Parties will also cease to have any development or commercialization obligations after the Termination Date and the licenses the Company granted to Genentech pursuant to the Agreement will cease to be in effect as of the Termination Date. Other material terms of the Agreement not related to termination are set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The foregoing description of the termination of the Agreement is only a summary of the material terms thereof, and does not purport to be complete. The description is qualified in its entirety by reference to the Agreement which the Company filed as Exhibits 10.17 and 10.18 to its Annual Report on Form 10-K for th
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. RELAY THERAPEUTICS, INC. Date: July 16, 2024 By: /s/ Brian Adams Brian Adams Chief Legal Officer