License Agreements	3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
License Agreements	8. License Agreements Elevar Therapeutics, Inc. In December 2024, the Company and Elevar Therapeutics, Inc. ("Elevar") entered into the Exclusive License Agreement (as amended from time to time, the "Elevar Agreement"), pursuant to which Elevar was granted exclusive global development and commercialization rights for lirafugratinib (RLY-4008), the Company's selective oral small molecule inhibitor of fibroblast growth factor receptor 2 ("FGFR2"). Upon execution of the Elevar Agreement, Elevar is responsible for all further development activities and global commercialization for lirafugratinib in FGFR2-driven cholangiocarcinoma and FGFR2-altered other solid tumors. As of March 31, 2026, consideration under the Elevar Agreement totaled $18.4 million, consisting of: • $5.0 million upon execution; • $3.4 million upon transfer of active pharmaceutical ingredient and other materials; and • $10.0 million in milestone payments. The Company is also eligible to receive up to $485.0 million in regulatory and commercial milestone payments, as well as tiered royalties. During the three months ended March 31, 2026, the Company recognized $3.0 million of revenue from the Elevar Agreement, specifically upon receipt of certain milestone payments. During the three months ended March 31, 2025, the Company recognized $7.7 million of revenue from the Elevar Agreement, specifically in connection with the completion of each of the Company's performance obligations thereunder in the period.

License Agreements

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

8. License Agreements

Elevar Therapeutics, Inc.

In December 2024, the Company and Elevar Therapeutics, Inc. ("Elevar") entered into the Exclusive License Agreement (as amended from time to time, the "Elevar Agreement"), pursuant to which Elevar was granted exclusive global development and commercialization rights for lirafugratinib (RLY-4008), the Company's selective oral small molecule inhibitor of fibroblast growth factor receptor 2 ("FGFR2"). Upon execution of the Elevar Agreement, Elevar is responsible for all further development activities and global commercialization for lirafugratinib in FGFR2-driven cholangiocarcinoma and FGFR2-altered other solid tumors.

As of March 31, 2026, consideration under the Elevar Agreement totaled $18.4 million, consisting of:

•

$5.0 million upon execution;

•

$3.4 million upon transfer of active pharmaceutical ingredient and other materials; and

•

$10.0 million in milestone payments.

The Company is also eligible to receive up to $485.0 million in regulatory and commercial milestone payments, as well as tiered royalties.

During the three months ended March 31, 2026, the Company recognized $3.0 million of revenue from the Elevar Agreement, specifically upon receipt of certain milestone payments.

During the three months ended March 31, 2025, the Company recognized $7.7 million of revenue from the Elevar Agreement, specifically in connection with the completion of each of the Company's performance obligations thereunder in the period.