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.