Relay Therapeutics, Inc. · NASDAQ:RLAY

Relay Therapeutics — Corporate Update (May 2026)

25 slides from Relay Therapeutics's corporate update, May 19, 2026

  1. Slide 1: Vascular Anomalies Update May 2026

    Vascular Anomalies Update May 2026 Exhibit 99.2

  2. Slide 2: Disclaimer

    Disclaimer This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, implied and express statements regarding the progress, timing and results of the clinical development of the program

  3. Slide 3: Zovegalisib – Potential to Address Large Commercial Opportunities

    Zovegalisib – Potential to Address 3 Large Commercial Opportunities $2-3B $7-8B $6-8B 2L Breast Cancer 1L Breast Cancer Vascular Anomalies Note: TAM calculated based on market benchmarks and internal analysis Estimated US TAM

  4. Slide 4: 2L Breast Cancer – Ph1/2 Data at Ph3 Dose Showed Clinically Meaningful PFS

    2L Breast Cancer – Ph1/2 Data at Ph3 Dose Showed Clinically Meaningful PFS 2L Breast Cancer $2-3B Capivasertib + Fulv (4 days on, 3 off) Zovegalisib + Fulv 400mg BID (Phase 3 Dose) Ph3 regimens Zovegalisib shows favorable efficacy in 2L+ patients Interim zovegalisib data support ongoing Phase 3 tria

  5. Slide 5: 1L Breast Cancer – Establishing Zovega + Atirmo + AI Combinability for 1L Use

    1L Breast Cancer – Establishing Zovega + Atirmo + AI Combinability for 1L Use 44% ORR Standard of Care CDK4/6 + ET vs. 40% Gr3+ AE 50-90% Gr3+ AE vs. Zovega + Atirmo + AI selected as go-forward 1L regimen; Supply agreement signed with Pfizer for atirmo; Trial intended to initiate in early 2027 Effic

  6. Slide 6: Vascular Anomalies – Zovega's Promising Initial Efficacy Data & Tolerability Profile

    Vascular Anomalies – Zovega’s Promising Initial Efficacy Data & Tolerability Profile Vascular Anomalies $6-8B Initial Efficacy Data Initial Tolerability Data Zovegalisib All doses ReInspire, (N=20) ReInspire median follow-up: 14 weeks 250mg EPIK-P14 (N=37) 125mg EPIK-P25 (N=54) Alpelisib ~180mg6 EPI

  7. Slide 7: ~170k US patients with PIK3CA-driven Vascular Anomalies

    ~170k US patients with PIK3CA-driven Vascular Anomalies leading to vascular anomalies drives malformed vasculature Somatic PIK3CA mutation Vascular Anomalies Overview Local Treatments: temporary, only treat symptoms Systemic Treatments: non-selective, limited toxicity/efficacy Large unmet medical ne

  8. Slide 8: Vascular Anomalies – Patient Numbers

    Vascular Anomalies – Patient Numbers ~60-65k US patients ~5-10k US patients 25-30% seek systemic tx 20-25% seek systemic tx ~20-25k US patients 15-20% seek systemic tx ~50-70k US patients 25-30% seek systemic tx PIK3CA-driven Vascular Anomalies (VAs) ~170k US patients PIK3CA-Related Overgrowth Spect

  9. Slide 9: Zovegalisib – Study Design: ReInspire

    Zovegalisib – Study Design: ReInspire Part 1: Dose Selection Part 2: Dose Expansion Expansion cohorts opened at: 300mg BID 400mg QD Randomized dose finding: 400mg, 300mg, 100mg BID (Completed; N=~10 each) Data shown today RP2D(s) RP2D(s) Expansion Cohort(s) Enrollment open in adults & adolescents in

  10. Slide 10: Zovegalisib – ReInspire Trial Demographics

    Zovegalisib – ReInspire Trial Demographics Total (N=32) 100mg BID (N=11) 300mg BID (N=11) 400mg BID (N=10) Age (years), median (range) 24.5 (12, 63) 31 (13, 50) 24 (13, 54) 19.5 (12, 63) 12-17 / ≥18, n (%) 10 (31) / 22 (69) 4 (36) / 7 (64) 2 (18) / 9 (82) 4 (40) / 6 (60) Sex, M/F, n (%) 14 (44) / 18

  11. Slide 11: Zovegalisib – All Initial Doses Resulted in Exposures Projected to be Active

    Zovegalisib – All Initial Doses Resulted in Exposures Projected to be Active PIK3CA-Driven Vascular Anomalies ReInspire preliminary data as of 04/15/2026 C1D15 Mean Concentration-Time Profiles By Dose 400mg BID (N=7) 300mg BID (N=6) 100mg BID (N=6)

  12. Slide 12: Zovegalisib – 60% Volumetric Response Rate by BICR Across All Doses

    Zovegalisib – 60% Volumetric Response Rate by BICR Across All Doses PIK3CA-Driven Vascular Anomalies 60% Overall VRR (12/20)1 Across All Doses VRR by dose: 400mg BID: 57% (4/7) 300mg BID: 100% (6/6) 100mg BID: 29% (2/7)2 1. Includes both confirmed and unconfirmed responses. 2. After the data cut-off

  13. Slide 13: Zovegalisib – Volumetric Response Over Time (BICR)

    Zovegalisib – Volumetric Response Over Time (BICR) PIK3CA-Driven Vascular Anomalies 60% Overall VRR (12/20)1 Three 100mg pts with lesion reduction between 18.2-19.8% (all ongoing) All patients ongoing ReInspire preliminary data as of 04/15/2026 400mg VRR: 57% (4/7) 300mg VRR: 100% (6/6) 100mg VRR: 2

  14. Slide 14: Zovegalisib – Initial Efficacy Data Supports Clear Symptomatic Benefit

    12 wk 20 wk 12 wk 20 wk 12 wk 20 wk Zovegalisib – Initial Efficacy Data Supports Clear Symptomatic Benefit Investigator-Reported (IGIC) Patient-Reported (PGIC) Pain (IADRSS) Very much improved Very much worsened IGIC = Investigator Global Impression of Change, PGIC = Patient Global Impression of Cha

  15. Slide 15: Zovegalisib – Initial Efficacy Data Summary

    Zovegalisib – Initial Efficacy Data Summary 29%2 100mg BID (N=7) 300mg BID (N=6) 400mg BID (N=7) 60% Overall VRR (12/20)1 Zovega Overall PROS Non-PROS4 Kinase Non-Kinase Unknown Prior alp/siro No Prior alp/siro Ages 18+ Ages 12-17 60%1 Alpelisib3 17-27% Subgroup VRR1 Consistent Across Subgroups Broa

  16. Slide 16: Zovegalisib – Treatment-Related Adverse Events ≥15% of Patients

    100mg BID (N=11) All Gr Gr1 Gr2 Gr3+ Any TRAE 82% 36% 45% - Headache 18% 18% - - Fatigue 18% 9% 9% - Nausea 27% 18% 9% - Diarrhea 27% 27% - - Hyperglycemia - - - - Decreased appetite 18% 9% 9% - Rash - - - - Stomatitis - - - - Zovegalisib – Treatment-Related Adverse Events ≥15% of Patients No discon

  17. Slide 17: PI3Kα Inhibitors – Tolerability Profile Across Known Key Pathway AEs

    Data benchmark EPIK-B51 (N=188) ReInspire (N=22) mDoE 5.6mo mDoE 3.5mo mDoE Hyperglycemia Diarrhea Rash2 Stomatitis3 PI3Kα Inhibitors – Tolerability Profile Across Known Key Pathway AEs Gr1-2 Gr3+ Zovegalisib 100mg + 300mg BID Alpelisib ~220mg QD1 2% 73% 51% 42% 38% 0% 0% ReInspire preliminary data

  18. Slide 18: Patient Vignette – Adult Patient with PROS

    Patient Vignette – Adult Patient with PROS Achieved Meaningful Clinical and Radiographical Improvement with Zovega 100mg BID PIK3CA-Driven Vascular Anomalies 44-year-old male with KTS (PROS) PIK3CA mutation: Q546K Prior sclerotherapy x3, no prior systemic tx Minimal mobility at baseline Dosed with 1

  19. Slide 19: Patient Vignette – Previously Systemically Treated Pediatric Patient with PROS

    Patient Vignette – Previously Systemically Treated Pediatric Patient with PROS Achieved Meaningful Radiographic & Clinical Improvement with Zovega 300mg BID PIK3CA-Driven Vascular Anomalies 12-year-old male with CLOVES (PROS) PIK3CA mutation: E542K Prior surgery x6, laser therapy x12, sirolimus (no

  20. Slide 20: Patient Vignette – Adult patient with Facial LM

    Patient Vignette – Adult patient with Facial LM Experienced Meaningful Improvement in Pain and Radiographic Response with Zovega 300 mg BID PIK3CA-Driven Vascular Anomalies 42-year-old female with facial LM PIK3CA mutation: E545K Prior sclerotherapy x3, embolization x2, surgery x4, sirolimus (no res

  21. Slide 21: Zovegalisib - Clear Path to Finding Dose to Evaluate Potential for Differentiated Profile

    Zovegalisib - Clear Path to Finding Dose to Evaluate Potential for Differentiated Profile Zovegalisib Alpelisib 29%7 0% 100mg BID (N=7) 400mg QD 300mg BID (N=6) 400mg BID (N=7) 100mg BID (N=11) 400mg QD 300mg BID (N=11) 400mg BID (N=10) 250mg EPIK-P1 (SAE) ~180mg3 EPIK-P22 (SAE) ~220mg4 EPIK-B54 (+f

  22. Slide 22: Potential for Accelerated Approval Pathway

    Potential for Accelerated Approval Pathway* *Illustrative and subject to discussion with the U.S. Food and Drug Administration PIK3CA-Driven Vascular Anomalies Potential Accelerated Approval dataset Basket of: PROS LMs VeMs Adults & Adolescents (≥12 years old) Pediatrics (6-11 years old) Dose Select

  23. Slide 23: Vascular Anomalies – Mutant-Selective Approach Has Potential to Unlock Significant Market

    Vascular Anomalies – Mutant-Selective Approach Has Potential to Unlock Significant Market Target Profile of Zovegalisib 1. TAM calculated based on market benchmarks and internal analysis Potential Commercial Implications Significant market opportunity $6-8B Estimated US TAM1 Superior Efficacy Superi

  24. Slide 24: Relay Tx – Clear Path to Addressing Large Commercial Opportunities

    Relay Tx – Clear Path to Addressing Large Commercial Opportunities 2L Breast Cancer 1L Breast Cancer Vascular Anomalies Zovegalisib granted BTD ~$2-3B TAM2 ~$7-8B TAM ~$6-8B TAM Capi+fulv in 2L: 5.5mo mPFS Alpelisib & KP-001 11-16% VRR3 at week 12 & 16 CDK+ET in 2L+ 14-32% ORR 11.1mo mPFS at pivotal

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