olivLaw · US equity research
Replimune Group, Inc. REPL
Biological Products, (No Diagnostic Substances) · SIC 2836 · Vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)
Replimune Group is a biotechnology company developing oncolytic immunotherapies based on its RPx platform, with lead product TUDRIQEV recently approved by the FDA for advanced melanoma. The move from clinical development to commercial launch opens a new phase, but also financing pressure, since the company reported large net losses and a declining cash position versus.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Replimune Group, Inc. (REPL) stock was 20.02 USD (−3.24% on the day), with market capitalisation 1.9 bn USD, beta 0.94, 52-week range 1.70–20.69 USD. Latest reported quarter (Q2 2027): net income of -57.1 m USD, diluted EPS -0.54 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 76.4
- overbought (≥ 70)
- Bollinger (20, 2)
- 7.43 – 21.34
- in the upper half of the band · %B 0.91 · band width 96.7%
- SMA 50 / 200
- 13.97 / 9.56
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.88 / 0.95
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +51.1% | −5.9% | +57.0 pp | — |
| 3 months | +55.7% | −4.6% | +60.3 pp | — |
| 6 months | +499.4% | +0.2% | +499.2 pp | — |
| Year to date | +106.0% | +7.4% | +98.5 pp | — |
| 1 year | +133.3% | +8.2% | +125.1 pp | +2.5% |
| 3 years | +55.6% | +68.4% | −12.9 pp | +17.0% |
| 5 years | −40.1% | +56.5% | −96.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 30 Sept 2026
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Research & development | 48.0 m | 54.0 m | 57.8 m | 57.9 m | 53.1 m | 52.3 m | 49.3 m | 34.4 m |
| SG&A | — | — | 32.6 m | 26.4 m | — | — | 19.0 m | 21.9 m |
| Operating income | -66.0 m | -79.3 m | -90.4 m | -84.3 m | -71.9 m | -73.3 m | -68.2 m | -56.3 m |
| Depreciation & amortisation | 1.0 m | 848.0 k | 873.0 k | 800.0 k | 800.0 k | 769.0 k | 937.0 k | 800.0 k |
| Interest expense | 1.5 m | 1.5 m | 1.5 m | 1.5 m | 1.5 m | 2.4 m | 2.6 m | 2.5 m |
| Pre-tax income | -65.8 m | -74.2 m | — | — | -71.2 m | -73.5 m | — | — |
| Income tax | 575.0 k | -107.0 k | 0 | 0 | -311.0 k | -240.0 k | — | — |
| Net income | -66.3 m | -74.1 m | -86.7 m | -83.1 m | -70.9 m | -73.2 m | -69.8 m | -57.1 m |
| Diluted EPS | -0.79 | -0.81 ≈ | -0.95 | -0.90 | -0.77 | -0.77 ≈ | -0.72 | -0.54 |
| Operating cash flow | -50.7 m ≈ | -53.7 m | -77.0 m | -81.2 m ≈ | -66.0 m ≈ | -56.2 m | -75.7 m | -47.7 m ≈ |
| Capex | 1.8 m ≈ | 1.1 m | 2.7 m | 1.3 m ≈ | 135.0 k ≈ | 5.0 k | 6.0 k | 77.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | -30.8 m | -52.6 m | -80.9 m | -118.0 m | -174.3 m | -215.8 m | -247.3 m | -313.9 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -1.75 | -2.26 | -2.99 | -3.24 | -3.07 | -3.38 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | -28.0 m | -67.1 m | -63.8 m | -84.5 m | -130.3 m | -191.1 m | -198.9 m | -284.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 209.0 m USD
- Financial debt
- 83.3 m USD
- Net debt
- -125.7 m USD
- Equity
- 166.2 m USD
- Total assets
- 332.4 m USD
- Debt / equity
- 0.50x
- Current ratio
- 4.79x
- ROE
- -107.9%
- ROA
- -71.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Research & development | 56.8 m | 79.5 m | 126.5 m | 175.0 m | 189.4 m | 221.2 m | SEC (XBRL)· 29 Jun 2026verified |
| SG&A | — | — | — | — | 72.2 m | 98.7 m | SEC (XBRL)· 29 Jun 2026verified |
| Operating income | -80.0 m | -118.3 m | -177.1 m | -234.8 m | -261.6 m | -319.9 m | SEC (XBRL)· 29 Jun 2026verified |
| Depreciation & amortisation | 1.7 m | 2.1 m | 2.4 m | 2.7 m | 3.5 m | 3.3 m | SEC (XBRL)· 29 Jun 2026verified |
| EBITDA | -78.2 m ≈ | -116.2 m ≈ | -174.6 m ≈ | -232.1 m ≈ | -258.1 m ≈ | -316.6 m ≈ | SEC (XBRL)· 29 Jun 2026derived |
| Interest expense | 818.0 k | 0 | 2.0 m | 4.5 m | 5.8 m | 6.8 m | SEC (XBRL)· 29 Jun 2026verified |
| Pre-tax income | -80.9 m | -118.0 m | -174.0 m | -215.4 m | -246.8 m | -314.5 m | SEC (XBRL)· 29 Jun 2026verified |
| Income tax | 0 | 0 | 288.0 k | 408.0 k | 468.0 k | -551.0 k | SEC (XBRL)· 29 Jun 2026verified |
| Net income | -80.9 m | -118.0 m | -174.3 m | -215.8 m | -247.3 m | -313.9 m | SEC (XBRL)· 29 Jun 2026verified |
| Diluted EPS | -1.75 | -2.26 | -2.99 | -3.24 | -3.07 | -3.38 | SEC (XBRL)· 29 Jun 2026verified |
| Weighted average diluted shares | 46.2 m | 52.2 m | 58.2 m | 66.6 m | 80.6 m | 92.8 m | SEC (XBRL)· 29 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 182.5 m | 105.9 m | 146.6 m | 74.5 m | 111.1 m | 209.0 m | SEC (XBRL)· 29 Jun 2026verified |
| Inventories | — | — | — | — | — | 0 | SEC (XBRL)· 28 Oct 2026verified |
| Current assets | 483.7 m | 404.0 m | 592.6 m | 433.7 m | 495.9 m | 279.1 m | SEC (XBRL)· 29 Jun 2026verified |
| Property, plant & equipment, net | 7.4 m | 7.9 m | 7.5 m | 10.5 m | 13.7 m | 13.0 m | SEC (XBRL)· 29 Jun 2026verified |
| Total assets | 543.1 m | 461.2 m | 646.6 m | 487.7 m | 551.3 m | 332.4 m | SEC (XBRL)· 29 Jun 2026verified |
| Accounts payable | 2.4 m | 3.7 m | 5.4 m | 2.6 m | 12.5 m | 6.7 m | SEC (XBRL)· 29 Jun 2026verified |
| Long-term debt | — | 0 | 28.6 m | 44.8 m | 46.4 m | 83.3 m | SEC (XBRL)· 29 Jun 2026verified |
| Current liabilities | 14.5 m | 20.8 m | 33.8 m | 40.4 m | 62.4 m | 58.2 m | SEC (XBRL)· 29 Jun 2026verified |
| Total liabilities | 44.4 m | 50.0 m | 91.3 m | 113.2 m | 135.5 m | 166.2 m | SEC (XBRL)· 29 Jun 2026verified |
| Equity | 498.7 m † | 411.2 m † | 555.3 m † | 374.5 m † | 415.8 m † | 166.2 m † | SEC (XBRL)· 29 Jun 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -61.4 m | -82.2 m | -128.1 m | -185.5 m | -192.3 m | -280.3 m | SEC (XBRL)· 29 Jun 2026verified |
| Capex | 2.4 m | 2.3 m | 2.3 m | 5.7 m | 6.7 m | 4.2 m | SEC (XBRL)· 29 Jun 2026verified |
| Free cash flow | -63.8 m ≈ | -84.5 m ≈ | -130.3 m ≈ | -191.1 m ≈ | -198.9 m ≈ | -284.6 m ≈ | SEC (XBRL)· 29 Jun 2026derived |
| Investing cash flow | -188.8 m | -1.8 m | -142.5 m | 97.2 m | -23.8 m | 310.8 m | SEC (XBRL)· 29 Jun 2026verified |
| Financing cash flow | 372.5 m | 6.6 m | 311.3 m | 16.3 m | 252.4 m | 66.3 m | SEC (XBRL)· 29 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 29.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.9 bn USD
Key indicators
Coverage and freshness
Score by group
29% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -221.1% | 13 (vs peers) | 36% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -30.2x | 0 (on a fixed band) | 21% |
| Current ratio · Balance sheet | 7.1x | 100 (on a fixed band) | 14% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -12.9% | 0 (on a fixed band) | 29% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial13/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
REPLIMUNE GROUP, INC. (REPL). Latest full fiscal year: 2026; data up to 2026-09-30.
Figures computed from the financial statements: ROE -115.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 7.1x
What contradicts it
- ROIC: -221.1%
- Interest coverage: -30.2x
- FCF yield: -12.9%
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Biological Products, (No Diagnostic Substances) (SIC 2836) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMGNAmgen Inc. | 249.0 bn | 26.7 | 78.4% | 24.1% | +10.0% | +33% / +71% |
| GILDGilead Sciences, Inc. | 207.8 bn | — | -22.3% | -12.5% | +2.4% | +33% / +119% |
| MRNAModerna, Inc. | 96.4 bn | — | -39.0% | -141.4% | −39.9% | +829% / +211% |
| RVMDRevolution Medicines, Inc. | 38.4 bn | — | -93.6% | -946.8% | unavailable | +128% / +661% |
| BIIBBiogen Inc. | 36.1 bn | 104.3 | 1.9% | 3.4% | +2.2% | +34% / +4% |
| EXELExelixis, Inc. | 16.8 bn | 20.5 | 44.3% | 35.5% | +7.0% | +56% / +215% |
| KYMRKymera Therapeutics, Inc. | 10.9 bn | — | -27.3% | -341.8% | −16.7% | +89% / +517% |
| KRYSKrystal Biotech, Inc. | 8.9 bn | 40.8 | 17.5% | 47.9% | +33.9% | +38% / +188% |
| CGONCG Oncology, Inc. | 5.7 bn | — | -26.4% | -3,602.7% | +254.7% | +45% / unavailable |
| SRRKScholar Rock Holding Corporation | 5.5 bn | — | -167.8% | — | unavailable | +3% / +261% |
| ADPTAdaptive Biotechnologies Corporation | 4.3 bn | — | -37.1% | -23.7% | +54.8% | +36% / +513% |
| RXRXRecursion Pharmaceuticals, Inc. | 2.2 bn | — | -48.7% | -697.1% | +26.9% | −24% / −49% |
| BCRXBiocryst Pharmaceuticals, Inc. | 2.0 bn | — | — | -37.4% | +94.1% | +6% / +30% |
| REPLReplimune Group, Inc. | 1.9 bn | — | -115.8% | — | unavailable | +133% / +56% |
| MAZEMaze Therapeutics, Inc. | 1.8 bn | — | -37.3% | -5,343.6% | unavailable | −14% / unavailable |
| MGTXMeiraGTx Holdings plc | 817.3 m | 12.1 | 72.2% | 19.9% | +144.6% | +3% / +63% |
| SLDBSolid Biosciences Inc. | 689.8 m | — | -76.9% | — | −40.6% | +14% / +119% |
| DNAGinkgo Bioworks Holdings, Inc. | 634.6 m | — | -56.3% | -260.0% | −25.1% | +7% / −81% |
| CADLCandel Therapeutics, Inc. | 615.2 m | — | -81.8% | — | 0.0% | +69% / +794% |
| AUTLAutolus Therapeutics plc | 335.4 m | — | -133.0% | -238.7% | +644.9% | −11% / −71% |
| OCGNOcugen, Inc. | 277.0 m | — | — | -1,367.6% | +8.8% | −34% / +111% |
| SABSSab Biotherapeutics, Inc. | 267.5 m | — | -11.3% | — | −100.0% | −26% / −70% |
| PLXProtalix BioTherapeutics, Inc. | 202.2 m | 10.9 | 31.2% | 23.5% | −1.2% | +41% / +66% |
| PALIPalisade Bio, Inc. | 202.2 m | — | -51.4% | -6,388.2% | unavailable | −45% / −88% |
| ARTVArtiva Biotherapeutics, Inc. | 201.9 m | — | -36.6% | — | −100.0% | +10% / unavailable |
1- and 3-year price returns: for REPL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 14 Aug 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
In brief
Replimune Group is a biotechnology company developing oncolytic immunotherapies based on its RPx platform, with lead product TUDRIQEV recently approved by the FDA for advanced melanoma. The move from clinical development to commercial launch opens a new phase, but also financing pressure, since the company reported large net losses and a declining cash position versus 1 3.
SWOT
Strengths
- The company holds FDA accelerated approval for a lead product, a rare achievement for a firm coming out of clinical development. The RPx platform offers a portfolio with several candidates 1 2.
- The partnership with a major anti-PD-1 manufacturer reduces study costs and supports the combination therapy 1.
- The company has shown it can raise capital across several funding rounds, which supports ongoing development 1 3.
Weaknesses
- The company has not generated sales revenue so far and reports large net losses that recur year after year 1 3.
- Approval came after two rejection letters, which shows uncertainty in the relationship with the regulator 1.
- Dependence on one lead product for melanoma concentrates commercial outcomes on a single indication 1 3.
Opportunities
- Expansion into other tumor types through RP2 and RP3 could create new markets if clinical data are favorable 1.
- Positive results from the REVEAL study could strengthen the position in uveal melanoma, an indication with high medical need 3.
- If the commercial launch succeeds, the company could generate its first revenue and reduce reliance on equity financing 3.
Risks
- Clinical confirmationhigh
Accelerated approval depends on a confirmatory study; if the data are not conclusive, the product could lose its indication 2 3.
- Financing and cash runwayhigh
Cash declined in the latest quarter, and new financing could prove insufficient if the launch costs more than expected 1 3.
- Commercial launch executionmedium
The company is building a commercial team, which could delay product adoption 3.
- Regulation and FDA decisionsmedium
Earlier rejection letters show regulatory decisions can be hard to predict, and post-approval conditions could change the product profile 1 2.
- Tariffs and supplylow
Tariffs on pharmaceuticals and supply chain disruptions could affect production and clinical studies 1.
Investment thesis
What would need to be true (bull case)
- Accelerated approval of a first commercial product could turn the company from a clinical developer into a commercial supplier, if the launch succeeds 2 3.
- The RPx platform could extend to other tumor types, and if RP2 shows favorable results in REVEAL, portfolio value could rise 1 3.
- Recent financing and partner support for the study could ease immediate capital pressure, potentially buying time to execute the plan 1 3.
What would break the thesis
- The company has no sales revenue, and net losses could keep growing as commercial spending increases 1 3.
- Accelerated approval could be narrowed if the confirmatory study does not demonstrate clinical benefit, leaving the company without its main commercial product 2 3.
- Shareholder dilution through new equity issuances could become necessary if the launch is slower than expected 1 3.
What to watch
- Commercial launch of TUDRIQEV and first salesQ3 2026
- Progress of the IGNYTE-3 study and patient enrollment2027
- Transition of the REVEAL study to Phase 2/3 for RP2Q1 2027
- Development of cash position and expenses in the next quarterly reportnext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 14 Aug 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
The business
Replimune Group, Inc. (Nasdaq: REPL) is a biotechnology company based in Woburn, Massachusetts, developing oncolytic immunotherapies, meaning selectively replicating viruses that destroy tumors while inducing a systemic immune response 1 3. Its RPx platform is based on an engineered strain of herpes simplex virus 1, armed with genes encoding a fusogenic glycoprotein and human GM-CSF 1. The lead product, TUDRIQEV (vusolimogene oderparepvec-wtpg), formerly RP1, received FDA accelerated approval in August 2026 in combination with nivolumab for advanced cutaneous melanoma, after two complete response letters in July 2025 and April 2026 2 3.
The company's portfolio includes RP1, RP2 and RP3, all administered by direct injection into tumors 1. Beyond clinical development, Replimune announced in August 2026 the appointment of a Chief Commercial Officer and a $150 million financing supporting the launch and the IGNYTE-3 confirmatory trial 3. The fiscal year ends March 31, while programs are reported on a calendar year basis 1.
Financially, the company had not generated product sales revenue before the recent approval and relies on capital raised through equity issuances 1. With cash of $195.3 million at June 30, 2026, compared with $268.9 million at March 31, 2026, its funding runway depends on the commercial launch and spending dynamics 1 3.
Segments
TUDRIQEV (RP1) - melanoma
The main segment targets advanced cutaneous melanoma after progression on anti-PD-1 therapy, in combination with nivolumab. Accelerated approval rests on an objective response rate of 24.2% and a median duration of response of 14.1 months in the evaluable population 2. Clinical confirmation is expected from the IGNYTE-3 study, with its primary endpoint expected to read out in 2030 3.
RP2 - metastatic uveal melanoma
RP2 is in the REVEAL study, a registration-directed Phase 2/3 trial in metastatic uveal melanoma, comparing RP2 with nivolumab against ipilimumab with nivolumab. Transition to Phase 2/3 is expected in Q1 2027 3. The company is also running signal-finding work in hepatocellular carcinoma and biliary tract cancer 1.
RP3 - research
RP3 is a candidate designed to further stimulate anti-tumor immunity through co-stimulatory pathways and to address less immune-responsive tumor types 1. It has no efficacy data published in the sources reviewed.
Market context
Replimune's market is oncology immunotherapy, where the company intends oncolytic immunotherapy to become a second cornerstone of immune-based cancer treatment alongside checkpoint blockade 1. In advanced melanoma, the company argues there is an unmet medical need after anti-PD-1 progression, a segment with limited available treatments 3. Market size and access will depend on pricing and reimbursement, which the reviewed sources do not clarify.
The commercial launch targets the United States, where the company said product could be on the market within about 60 days of its August 2026 release 3. Success depends on building sales infrastructure and patient access, a challenge for a company coming out of clinical development 3.
Trends
- Accelerated approval and FDA oversightmixed
The move from successive rejections to accelerated approval shows regulatory requirements can be negotiated, but clinical confirmation through IGNYTE-3 remains mandatory 2 3. If the confirmatory study does not support clinical benefit, the label could be revised.
- Oncolytic immunotherapy as a new drug classtailwind
The class is described as emerging, and the company sees it as an alternative or complement to checkpoint blockade 1. If clinical evidence broadens, the class could open new markets.
- Financing pressure and costsheadwind
Large net losses and a declining cash balance require the company to raise additional capital, which could dilute existing shareholders 1 3. New commercial spending would add to this pressure.
- Tariffs and supply chainsheadwind
The company flags the risk of tariffs on pharmaceuticals and ingredients and supply chain disruptions, which could raise manufacturing or trial costs 1.
Competitive position
The sources describe general competition from other biotechnology and pharmaceutical companies that could develop or commercialize products faster 1. The sources provided do not name specific competitors for advanced melanoma, so a detailed comparison cannot be drawn from the documents.
Clinical competition is shaped by the fact that RP1 is used with nivolumab, a Bristol Myers Squibb product supplied at no cost in the IGNYTE study 1. Reliance on an outside partner could affect future commercial negotiations.
- Bristol Myers Squibb CompanyBMY
Supplies nivolumab, an anti-PD-1 therapy used in combination with RP1 in the IGNYTE study at no cost to Replimune 1.
- Existing anti-PD-1 and anti-CTLA-4 therapies
Standard melanoma treatments, including combinations with anti-CTLA-4, are the alternatives available to physicians after progression 1.
- Other oncolytic immunotherapy developers
The sources mention competition from other companies that could develop similar products faster, without naming them 1.
- Roche
Collaborates with the company on the RP2 signal-finding study in hepatocellular carcinoma with atezolizumab and bevacizumab 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Show HN: Lambdock – Wayland-native GTK4 dock with a live Lisp REPLHacker News · 11 Aug 2026 · EN
- Show HN: Edsger – A handwritten Clojure REPL for the reMarkable 2Hacker News · 02 Jun 2026 · EN
- Deep – CLI/REPL for generating and iterating on codebases using DeepSeekHacker News · 20 May 2026 · EN
The latest news item in our archive is from 11 Aug 2026; the newest SEC filing is from 28 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report28 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report16 Sept 2026Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Quarterly report14 Aug 2026
- Current report14 Aug 2026Results of operations · Financial statements and exhibits
- Current report (amendment)11 Aug 2026Other events · Financial statements and exhibits
- Current report10 Aug 2026Other events · Financial statements and exhibits
- Current report07 Aug 2026Other events · Financial statements and exhibits
- Current report31 Jul 2026Other events · Financial statements and exhibits
- Current report30 Jul 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / Replimune Group, Inc. · 29 Jun 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Replimune Group, Inc. · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Replimune Group, Inc. · 14 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.