Headquartered in San Jose, California, with operations in Singapore, the company utilizes a proprietary platform that combines validated non-opioid analgesics with biodegradable polymers to deliver localized pain relief over extended periods.

The company's lead investigational product, ATX101, is designed to provide prolonged pain relief following total knee arthroplasty (TKA). In December 2024, ATX101 received Breakthrough Therapy Designation from the U.S. Food and Drug Administration (FDA) based on Phase II trial data demonstrating sustained pain relief and reduced opioid consumption post-surgery. 

In June 2025, Allay completed a $57.5 million Series D financing round co-led by Lightstone Ventures and ClavystBio, with participation from investors including NEA, Arboretum Ventures, Vertex Growth, Vertex Ventures Healthcare, Brandon Capital, IPD Capital, EDBI, and SGInnovate. HSBC Innovation Banking provided additional venture debt financing.

Allay has also expanded its partnership with Maruishi Pharmaceutical, extending the licensing territory for ATX101 to include South Korea and Taiwan, in addition to Japan. Maruishi is conducting a Phase I/II safety study of ATX101 in Japan.