SCHEDULE: Perceptive Advisors Discloses 5.3% Stake in Relay Therapeutics

Perceptive Advisors, Joseph Edelman, and Perceptive Life Sciences Master Fund, Ltd. have reported a 5.3% beneficial ownership stake in Relay Therapeutics, Inc.

Summary

• Perceptive Advisors LLC, Joseph Edelman, and Perceptive Life Sciences Master Fund, Ltd. collectively reported beneficial ownership of 9,404,725 shares of Relay Therapeutics, Inc. common stock.
• This represents a 5.3% stake in the company's outstanding common stock.
• The ownership percentage is based on 178,725,809 shares of common stock outstanding as of February 20, 2026, as reported in Relay Therapeutics' Annual Report on Form 10-K filed on February 26, 2026.
• Perceptive Life Sciences Master Fund, Ltd. directly holds the shares, with Perceptive Advisors LLC serving as its investment manager and Joseph Edelman as the managing member of Perceptive Advisors LLC.
• The shares were not acquired for the purpose of changing or influencing the control of Relay Therapeutics, Inc.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive signal, as a respected life sciences investor maintaining a significant stake suggests confidence in Relay Therapeutics' long-term prospects, without indicating any immediate operational changes or challenges.

Positives

• A significant institutional investor, Perceptive Advisors, maintains a substantial stake in Relay Therapeutics, indicating continued confidence in the company's prospects.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that Perceptive Advisors is a prominent investment firm specializing in the life sciences sector. Their continued significant stake in Relay Therapeutics suggests a positive long-term view on the company's drug development pipeline or market position within the biotechnology industry, aligning with a trend of specialized funds taking strategic positions in innovative biotech firms.

Comparison to Industry Standards

• StockSavvy.ai observes that a 5.3% stake by a specialized life sciences fund like Perceptive Advisors is a substantial, but not uncommon, position for institutional investors in the biotechnology sector. For instance, similar funds often hold comparable stakes in companies like Moderna (MRNA) or BioNTech (BNTX) during their growth phases, indicating a belief in the company's potential without seeking active control. This level of ownership is generally viewed as a vote of confidence, similar to how funds like ARK Invest or BlackRock might hold significant, passive positions in their target industries.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional investor's stake may instill confidence and potentially attract other investors, positively impacting share price stability.
• Company Management: Awareness of a large, passive institutional holder may influence strategic decisions, though the filing explicitly states no intent to influence control.

Key Dates

Recommendation

The filing indicates a significant, passive stake by a reputable life sciences investor, Perceptive Advisors. This suggests a vote of confidence in Relay Therapeutics' long-term potential without any immediate catalysts for a 'buy' or 'sell' recommendation. Investors should 'hold' and monitor the company's operational performance and pipeline developments, as this filing primarily confirms existing institutional interest rather than signaling new strategic direction or financial performance.

Keywords

Relay Therapeutics, Perceptive Advisors, Joseph Edelman, Perceptive Life Sciences Master Fund, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, Biotechnology, Pharmaceuticals