Relay Therapeutics Inc. (NASDAQ: RLAY) announced it has commenced an underwritten public offering of $175 million of common stock shares. The clinical-stage precision medicine company also granted underwriters a 30-day option to purchase up to an additional 15% of the shares offered in the public offering.

All shares in the proposed offering will be sold by Relay Therapeutics. The company develops small molecule therapies for patients with cancer and genetic diseases.

Jefferies, TD Cowen, Goldman Sachs & Co. LLC and Guggenheim Securities are serving as joint book-running managers for the proposed offering, while Raymond James acts as lead manager.

The offering remains subject to market and other conditions. The company stated there can be no assurance as to whether or when the offering may be completed, or regarding the actual size or terms of the offering.

The shares are being offered pursuant to an automatically effective shelf registration statement on Form S-3ASR that was filed with the U.S. Securities and Exchange Commission on August 6, 2024.

Relay Therapeutics' lead clinical asset, zovegalisib, is currently in a Phase 3 clinical trial for HR+/HER2- metastatic breast cancer. The drug is also being investigated for genetic disease indications called PIK3CA-driven vascular anomalies. The company's pipeline includes programs for NRAS-driven solid tumors and Fabry disease.

The information is based on the company's press release statement.