Replimune Group’s QQ2 2025 results reflect a late-stage clinical oncology biotech in a heavy R&D phase, with no reported quarterly revenue and a substantial operating loss driven by research and development and ongoing trial activity. The quarter records a net loss of $53.1 million and an EBITDA of $(58.9) million, underscoring the company’s continued commitment to advancing RP1, RP2, and RP3 despite near-term profitability headwinds. The company closed the quarter with a cash balance of approximately $115.2 million and a robust liquidity profile, supported by a larger consolidated cash and short-term investments position (~$432.1 million) and a net cash position of roughly $(37.4) million, which provides runway into 2026 assuming current burn rates.