Relay Therapeutics Announces 10% Workforce Reduction to Streamline Research Organization

Layoff Details:
Relay Therapeutics is laying off approximately 10% of its workforce, which equates to about 30 employees.

Reason for Layoffs:
The layoffs are part of the company's efforts to streamline its research organization and make it more efficient.

Recent Developments:
The layoffs come after the company saw a significant stock increase following positive trial data for its breast cancer drug, which showed clinically meaningful progression-free survival.

Future Plans:
Despite the layoffs, Relay Therapeutics plans to continue advancing programs in Fabry disease and NRAS, with clinical starts anticipated in the second half of 2025.

Financial Context:
The company recently raised about $200 million in a public offering of common stock after announcing the positive trial data.