Executive Summary
Replimune Group reported QQ1 2026 results with no revenue and a substantial net loss driven by aggressive early-stage R&D and operating investments. The quarter showed total operating expenses of $90.42 million, including $57.84 million in research and development, and $32.58 million in selling, general and administrative costs, culminating in an operating loss of $90.42 million and a net loss of $86.69 million. Earnings per share were -0.95 on a diluted basis. Cash flow from operations was negative at $77.02 million, with free cash flow of $-79.76 million, highlighting the ongoing burn typical of a biotech company in late-stage pre-commercial development.
Despite the lack of current revenue, the company enters the period with a substantial liquidity cushion: cash and short-term investments totaled approximately $403.34 million, and cash and cash equivalents stood at about $97.37 million at period end, producing a net cash position of roughly $-21.0 million in debt terms. This liquidity supports continued investment in RP1 (Phase III program) and the broader RP2/RP3 pipeline, as the company pursues pivotal readouts and potential collaboration opportunities. Management commentary on future catalysts remains a key driver for investors given the absence of near-term revenue visibility.
The near-term investment thesis hinges on RP1 Phase III data readouts and potential partners or licensing agreements that could unlock value before a commercial inflection point. However, the business remains exposed to substantial clinical, regulatory, and financing risks inherent to early-stage biotech. The company’s ability to convert its strong liquidity into optionality—through successful trial results, partnerships, or strategic financings—will be the critical factor shaping the investment case over the next 12–24 months.
Key Performance Indicators
QoQ: -13.99% | YoY:-57.62%
QoQ: -16.95% | YoY:-61.22%
QoQ: -15.85% | YoY:-21.79%
Key Insights
Revenue: None reported for QQ1 2026. Gross Profit: -$1.665 million; Gross Profit Margin not disclosed. Operating Income: -$90.422 million; YoY change: -57.62%; QoQ change: -13.99%. Net Income: -$86.693 million; YoY change: -61.22%; QoQ change: -16.95%. EBITDA: -$83.824 million. EPS: -$0.95; YoY change: -21.79%; QoQ change: -15.85%. Weighted Average Shares Outstanding: 91.516 million; Diluted: 91.516 million.
Cash Flow and Liquidity: Net Cash Provided By Operating Activities: -$77.016 million. F...
Financial Highlights
Revenue: None reported for QQ1 2026. Gross Profit: -$1.665 million; Gross Profit Margin not disclosed. Operating Income: -$90.422 million; YoY change: -57.62%; QoQ change: -13.99%. Net Income: -$86.693 million; YoY change: -61.22%; QoQ change: -16.95%. EBITDA: -$83.824 million. EPS: -$0.95; YoY change: -21.79%; QoQ change: -15.85%. Weighted Average Shares Outstanding: 91.516 million; Diluted: 91.516 million.
Cash Flow and Liquidity: Net Cash Provided By Operating Activities: -$77.016 million. Free Cash Flow: -$79.756 million. Cash at End of Period: $99.08 million. Cash at Beginning of Period: $112.822 million. Net Change in Cash: -$13.742 million. Investing Activities: Purchases of Investments: -$37.581 million. Sales/Maturities of Investments: $105.369 million. Net Cash Used For/Provided By Investing Activities: -$65.048 million. Financing Activities: Net cash provided by financing activities: -$0.158 million. Effect of Foreign Exchange: -$1.616 million. Balance Sheet: Cash and cash equivalents: $97.373 million. Short-term investments: $305.967 million. Total cash and short-term investments: $403.340 million. Total assets: $469.507 million. Total liabilities: $132.792 million. Total stockholders’ equity: $336.715 million. Retained earnings: -$1,035.272 million. Net debt: -$21.046 million (net cash position).
Liquidity and burn metrics indicate a meaningful cash runway supported by a sizable liquidity cushion, though the quarterly operating cash burn underscores the need for either operating milestones (e.g., RP1 data readouts) or external financing to sustain pre-commercial activities over the intermediate term.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Gross Profit |
-1.67M |
-126.22% |
-326.22% |
| Operating Income |
-90.42M |
-57.62% |
-13.99% |
| Net Income |
-86.69M |
-61.22% |
-16.95% |
| EPS |
-0.95 |
-21.79% |
-15.85% |
Management Commentary
Transcript data not provided in this dataset. Management commentary on QQ1 2026 focused on pipeline development (RP1 Phase III, RP2, RP3) and the ongoing emphasis on advancing clinical programs rather than near-term revenue. Notable themes to monitor include potential data readouts from RP1 Phase III, partnership discussions or licensing opportunities, and any commentary on capital deployment strategies. Quote-based insights could not be extracted from the available materials.
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— Management
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Forward Guidance
No formal forward-looking guidance was issued in the QQ1 2026 results package. Given the operating losses and ongoing R&D investment, investors should monitor: (1) RP1 Phase III readouts and any progression milestones that could unlock clinical and regulatory value; (2) updates on RP2 and RP3 development timelines and potential data readouts; (3) any strategic partnering or licensing conversations that could provide non-dilutive or limited-dilutive funding; (4) capital market activity or financing plans to extend the liquidity runway. The alignment between clinical progress and funding strategy will be critical to assess in the coming quarters. In terms of achievability, scenarios with positive RP1 phase outcomes could catalyze partnerships and optionality, while delays or negative results could heighten financing needs.