Replimune Group, Inc. (REPL)

Price$14.98Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because approval upside is balanced by costly launch risk.

At the observed quote, the market value of ordinary shares is about $1.2 billion; counting near-free pre-funded warrants moves economic equity value closer to $1.4 billion. June liquid funds plus August offering proceeds, less debt, leave roughly $224 million, so investors assign more than $1 billion to the operating business. With no sales history and annual operating cash use near $280 million, that valuation requires several hundred million dollars of durable future sales. Approval makes this plausible, but not yet proven.

Big pictureLosses remain heavy, and cash lasts only while new sales begin to arrive.

Replimune produced no revenue in fiscal 2026, while its net loss widened to $313.9 million from $247.3 million and operating cash use rose to $280.3 million from $192.3 million. The June quarter still consumed $75.7 million of operating cash, although its loss improved to $69.8 million from $86.7 million. Management says available funds, including the August raise, cover more than twelve months. Demand is not closely tied to economic cycles, but sales may fluctuate sharply with treatment adoption, insurance coverage, and clinical evidence.

Business strengthOne approved cancer therapy creates real opportunity, but the business remains narrowly dependent.

FDA approval converts years of research into a product that can generate sales, while June current assets of $200.8 million comfortably covered $38.4 million of current liabilities. The August raise added about $141 million after costs. That protects the launch but involved 9.7 million shares and warrants for 2.7 million more; the economic share count has more than doubled from 46.6 million in fiscal 2021. The bull case is strong TUDRIQEV adoption. The bear case is further financing before sales can fund operations.

What could change the storyEarly prescriptions and survival results will reveal whether today’s expectations are realistic.

Replimune planned to ship TUDRIQEV within 60 days of approval and initially target roughly 200 early-adopter accounts. Broad insurance coverage, growing orders, and quarterly cash use falling materially below June’s $75.7 million would strengthen the valuation case. Weak uptake would expose how little support current earnings provide. Longer term, the roughly 400-patient IGNYTE-3 trial must confirm a survival benefit; the FDA lists study completion for September 2030. Failure could threaten continued approval, while success would protect TUDRIQEV and support wider confidence in Replimune’s technology.

AI: News

Advisers back treatmentA favorable expert vote sharply improved the perceived chance of regulatory approval.

On July 30, FDA advisers voted 10–3 that results from the IGNYTE study were evaluable and clinically meaningful, despite concerns about its single-group design. The shares had risen about 123% by August 4, although that timing only suggests investors were repricing approval odds. The vote was not binding, but it removed a major obstacle after two earlier FDA rejection letters and directly preceded the eventual approval.

TUDRIQEV wins approvalThe company gained its first approved product, creating sales potential but retaining trial risk.

On August 6, the FDA granted accelerated approval for TUDRIQEV with nivolumab in advanced skin melanoma after prior treatment failed. Among 91 patients used for the effectiveness analysis, 24.2% responded and the median response lasted 14.1 months. Continued approval depends on a controlled study of roughly 400 patients that measures survival. This transformed Replimune into a commercial-stage company, but the conditional approval and absence of established sales keep future value uncertain.

Launch funding securedA large stock sale extended the cash runway while diluting existing owners.

On August 10, Replimune priced 9.7 million new shares and pre-funded warrants covering another 2.7 million shares. The transaction raised about $150 million before costs and approximately $140.5 million after costs. Management subsequently said total resources should fund more than twelve months of operations, including the launch and confirmatory trial. The shares rose about 15% intraday amid the approval, financing, and financial update; because several developments overlapped, attributing that move to the offering alone would be uncertain.

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Revenue

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Financial statements

	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017
Revenue	$0	$0	$0	$0	—	—	—	—	—	—
Research & development	$221.2M	$189.4M	$175.0M	$126.5M	$79.5M	$56.8M	$38.8M	$22.2M	$13.5M	$6.9M
Operating expenses	$319.9M	$261.6M	$234.8M	$177.1M	$118.3M	$80.0M	$56.2M	$30.9M	$19.2M	$9.6M
Operating income	−$319.9M	−$261.6M	−$234.8M	−$177.1M	−$118.3M	−$80.0M	−$56.2M	−$30.9M	−$19.2M	−$9.6M
EBITDA	−$316.6M	−$258.1M	−$232.1M	−$174.6M	−$116.2M	−$78.2M	−$55.7M	−$30.8M	−$19.1M	−$9.5M
Net income	−$313.9M	−$247.3M	−$215.8M	−$174.3M	−$118.0M	−$80.9M	−$52.6M	−$30.8M	−$19.7M	−$7.7M
Basic EPSper basic share	-$3.38	-$3.07	-$3.24	-$2.99	-$2.26	-$1.75	-$1.54	-$1.33	-$3.96	-$1.55
Diluted EPSper diluted share	-$3.38	-$3.07	-$3.24	-$2.99	-$2.26	-$1.75	-$1.54	-$1.33	-$3.96	-$1.55

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

13.15%of listed shares

BAKER BROS. ADVISORS LP11.05M shares · Jun 30, 2026

View holders

Top 20 reported holders of REPL
Holder	% owned
BAKER BROS. ADVISORS LP	13.15%11.05M shares
BlackRock, Inc.	10.67%8.96M shares
RTW INVESTMENTS, LP	8.83%7.41M shares
Ridgeback Capital Investments L.P.	8.71%7.31M shares
GOLDMAN SACHS GROUP INC	5.41%4.54M shares
STATE STREET CORP	5.29%4.44M shares
MONTANOVA CAPITAL, LLC	5.23%4.39M shares
Boxer Capital Management, LLC	4.74%3.98M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.45%2.9M shares
FCPM III SERVICES B.V.	3.34%2.81M shares
AQR CAPITAL MANAGEMENT LLC	3.06%2.57M shares
Logos Global Management LP	2.98%2.5M shares
JANE STREET GROUP, LLC	2.77%2.32M shares
Erste Asset Management GmbH	2.52%2.12M shares
GEODE CAPITAL MANAGEMENT, LLC	2.42%2.04M shares
D. E. Shaw & Co., Inc.	2.13%1.79M shares
PRICE T ROWE ASSOCIATES INC /MD/	1.93%1.62M shares
Astley-Sparke Philip	≈1.68%1.41M shares
Opaleye Management Inc.	1.65%1.38M shares
TORONTO DOMINION BANK	1.52%1.28M shares

Percentages use 83.98M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)23$1.90M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 1, 2026Form 4 · 10b5-1	Sarchi ChristopherChief Commercial Officer	SellCommon Stock	12.0K	$9.24	$110.9K	181.0K
May 18, 2026Form 4	Xynos KonstantinosChief Medical Officer	SellCommon Stock	14.0K	$5.08	$71.2K	235.7K
May 18, 2026Form 4	Schwendenman AndrewChief Accounting Officer	SellCommon Stock	7.9K	$5.08	$40.1K	107.1K
May 18, 2026Form 4	Sarchi ChristopherChief Commercial Officer	SellCommon Stock	8.6K	$5.08	$43.8K	193.0K
May 18, 2026Form 4	Astley-Sparke PhilipDirector	SellCommon Stock	17.7K	$5.08	$89.7K	1.41M

Review ownership filings at SEC.gov ↗

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Replimune Group, Inc. (REPL)

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