Replimune Group (REPL) Financials

Replimune Group remains a clinical-stage biotechnology company with no reported revenue in the periods provided. Its financial profile continues to be driven by research and development spending, recurring net losses and cash consumption rather than commercial operations.

There was some improvement in quarterly expenses. In Q1 2027, research and development expense declined to $49.3 million from $57.8 million in Q1 2026, while selling, general and administrative expense fell to $19.0 million from $32.6 million. Total operating expenses decreased to $68.2 million, compared with $90.4 million a year earlier. The net loss also narrowed to $69.8 million, or $0.72 per share, from $86.7 million, or $0.95 per share, in Q1 2026.

• Operating expenses declined year over year. Q1 2027 total operating expenses were $68.2 million, down approximately 25% from $90.4 million in Q1 2026.
• The quarterly net loss improved. Replimune’s Q1 2027 net loss of $69.8 million was lower than the $86.7 million loss recorded in Q1 2026 and the $73.2 million loss in Q4 2026.
• The company retains substantial liquidity relative to its liabilities. Cash and short-term investments totaled approximately $195.3 million at June 30, 2026, compared with $38.4 million of current liabilities.
• Investment maturities supported cash management. Replimune generated $49.9 million of net investing cash flow in Q1 2027, primarily from $59.9 million of investment sales or maturities.
• Replimune has no reported revenue. Revenue and gross profit were zero in each income statement period provided, so the company has not yet demonstrated commercial operating performance.
• Interest income provides a partial offset to operating costs. Q1 2027 interest and investment income was $2.0 million, but it was more than offset by $3.1 million of interest expense and other costs.
• Several periods are marked as calculated or restated. Investors should focus on the latest reported figures and review future filings for any additional revisions to historical results.
• Operating cash flow remains deeply negative. Replimune used $75.7 million in operating cash in Q1 2027, following uses of $56.2 million in Q4 2026 and $77.0 million in Q1 2026.
• The cash position has contracted materially over the longer term. Cash and short-term investments declined from approximately $616.4 million at December 31, 2023, to $195.3 million at June 30, 2026, reflecting sustained operating losses and investment activity.
• Shareholder dilution and accumulated losses are significant risks. Weighted average basic shares rose to 96.9 million in Q1 2027 from 69.2 million in Q1 2025, while retained earnings reached a deficit of $1.33 billion.

At the Q1 2027 operating cash-burn rate, the company’s cash and short-term investments represented roughly two and a half quarters of operating expenses before considering changes in spending, investment maturities, financing or clinical-development costs. Replimune also reported $84.1 million of long-term debt and $21.7 million of capital lease obligations. The key financial issues for investors are therefore whether expense reductions can continue, whether the company can advance its pipeline toward revenue, and whether additional equity financing will be needed before commercial cash flow is generated.