Relay Therapeutics (NASDAQ: RLAY) saw its stock price plummet by 5.97% in Friday's trading session following the release of its third-quarter financial results. The clinical-stage precision medicine company reported a larger-than-expected loss, disappointing investors and analysts alike.

For the quarter ended September 30, Relay Therapeutics posted a net loss of $74.1 million, or $0.43 per share, slightly missing the analyst consensus estimate of a $0.42 per share loss. This represents a marginal improvement from the $0.63 per share loss reported in the same period last year. The company's operating expenses for the quarter totaled $80.391 million, with research and development expenses accounting for $68.3 million of that amount.

Despite the wider-than-expected loss, Relay Therapeutics highlighted some positive developments. The company ended the quarter with a strong cash position of approximately $596 million in cash, cash equivalents, and investments. Management expressed confidence that this financial cushion would be sufficient to fund operations into 2029, providing a long runway for its clinical programs. Additionally, Relay Therapeutics continued to advance its clinical trials for RLY-2608 in breast cancer and vascular malformations, and announced the appointment of two new board members, Lonnel Coats and Habib J. Dable, potentially bringing fresh perspectives to the company's leadership.