Replimune Group (REPL) AI Stock Analysis

• Market Cap: $658.10M
• Dividend Yield: N/A
• Average Volume (3M): 1.29M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.81
• Revenue Growth: N/A
• EPS Growth: -15.77%
• Country: US
• Employees: 479
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.77
• Shares Outstanding: 82,572,620
• 10 Day Avg. Volume: 1,175,446
• 30 Day Avg. Volume: 1,291,859
• PEG Ratio: 0.61
• Price to Book (P/B): 1.89
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -3.95
• Enterprise Value/Market Cap: 0.93
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -724.07
• Enterprise Value/Ebitda: -1.97
• 1Y Price Target: $12.50
• Price Target Upside: 56.84% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: $8.00 ▲(0.38% Upside)

The score is held down primarily by weak financial performance (no revenue, widening losses, and significant cash burn) and bearish technical momentum (price below key moving averages with negative MACD). Offsetting factors include constructive recent corporate developments that extend funding runway and support near-term regulatory/pipeline catalysts, while valuation is difficult to assess given negative earnings and no dividend.

Positive Factors

Late-stage pipeline & FDA BLA acceptance

Regulatory acceptance and a set PDUFA date materially de-risks timing uncertainty and concentrates value creation into a discrete, near-term event. A favorable decision would convert clinical progress into a commercial opportunity and alter cash-flow dynamics across multiple quarters.

Improved financing & extended runway

Amendments that push amortization, enable immediate tranche draws, and unlock milestone-linked capital extend runway and lower near-term refinancing risk. This structural financing relief supports continued pivotal trials and commercial build while reducing likelihood of disruptive urgent capital raises.

Platform breadth & launch readiness

Clinical breadth, demonstrable administration into deep lesions, and an assembled commercial team signal scalable platform potential and operational preparedness. These structural assets increase the odds of market penetration and rapid uptake if regulatory approval is achieved.

Negative Factors

Zero revenue & large cash burn

Sustained zero product revenue coupled with very large, real cash burn creates persistent financing dependence. This structural deficit amplifies dilution risk, constrains strategic optionality, and makes ongoing R&D and commercial investment contingent on successful capital access or near-term regulatory wins.

Eroding equity and negative returns

A sharply reduced equity cushion and deeply negative returns indicate cumulative value destruction and weaker capacity to absorb trial setbacks. Structurally, this reduces financial flexibility, raises the probability of dilutive financing under adverse scenarios, and pressures long-term shareholder returns.

Concentration & regulatory/commercial execution risk

Heavy spending and program concentration mean a binary regulatory outcome or commercialization setback would have outsized financial impact. Elevated burn plus reliance on a small number of approvals increases existential risk and makes upside highly contingent on successful execution across regulatory and market fronts.

Replimune Group Business Overview & Revenue Model

Company Description

Replimune Group, Inc., a biotechnology company, develops oncolytic immuno-gene therapies to treat cancer. It uses its proprietary Immunotherapy platform to design and develop product candidates that are intended to activate the immune system against cancer. The company's lead product candidate is RP1, a selectively replicating version of herpes simplex virus 1, which is in Phase I/II clinical trials for a range of solid tumors; and that is in Phase II clinical trials for patients with cutaneous squamous cell carcinoma. It is also developing RP2, which is in Phase I clinical trials for an anti-CTLA-4 antibody-like protein in order to block the inhibition of the immune response otherwise caused by CTLA-4; and RP3 that is in Phase I clinical trials to express immune-activating proteins that stimulate T cells. Replimune Group, Inc. was founded in 2015 and is headquartered in Woburn, Massachusetts.

How the Company Makes Money

Replimune Group generates revenue primarily through partnerships, collaborations, and licensing agreements with other pharmaceutical and biotechnology companies. These partnerships often involve upfront payments, milestone payments, and potential royalties based on the successful development and commercialization of their oncolytic immunotherapies. While Replimune is still in the clinical trial phase for many of its product candidates, such collaborations are crucial for funding ongoing research and development activities. Additionally, the company may also receive government grants or funding from cancer research organizations to support its innovative work in oncolytic virotherapy.

Replimune Group Financial Statement Overview

Summary

Financial performance is weak overall: reported revenue is $0 across periods, losses have widened materially (TTM net loss about -$314.9M), and cash burn is large and rising (TTM operating cash flow about -$277.9M; TTM free cash flow about -$283.3M). The balance sheet is a partial offset with modest leverage (debt-to-equity ~0.14 TTM), but equity has fallen sharply (~$210.5M TTM), increasing longer-term funding risk.

Income Statement

The income statement is weak: revenue is consistently $0 across the annual periods and TTM (Trailing-Twelve-Months), while losses have widened materially. Net loss deteriorated from about -$80.9M (FY2021) to -$247.3M (FY2025 annual) and further to -$314.9M in TTM (Trailing-Twelve-Months). Operating losses also expanded (EBIT from about -$82.8M in FY2021 to -$261.6M in FY2025 annual and -$326.5M TTM), indicating a higher cash burn profile as spending ramps. A positive is that low/zero revenue is common in biotech development stages, but profitability and visibility remain the clear near-term weak points in the provided data.

Balance Sheet

The balance sheet is mixed but relatively supportive: leverage is modest with debt-to-equity around 0.18 in FY2025 annual and 0.14 in TTM (Trailing-Twelve-Months), which reduces near-term balance-sheet stress. However, equity has fallen sharply (from ~$555.3M in FY2023 to ~$415.8M in FY2025 annual and ~$210.5M in TTM), reflecting ongoing losses and weakening the capital cushion. Returns on equity are deeply negative (about -59% in FY2025 annual and roughly -83% in TTM), highlighting that the company is consuming shareholder capital rather than compounding it.

Cash Flow

Cash flow remains pressured with large, persistent cash outflows. Operating cash flow was negative in every period and worsened to about -$192.3M (FY2025 annual) and -$277.9M in TTM (Trailing-Twelve-Months), with free cash flow similarly negative at about -$198.9M (FY2025 annual) and -$283.3M (TTM). The relationship between free cash flow and net income is roughly 1.0x, suggesting losses are translating into real cash burn rather than being largely non-cash. While free cash flow growth shows an uptick in TTM, the absolute level of burn is still high and rising versus prior years.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-848.00K	0.00	0.00	0.00	-4.58M	-4.14M
EBITDA	-311.38M	-253.92M	-227.77M	-171.72M	-114.41M	-76.48M
Net Income	-314.85M	-247.30M	-215.79M	-174.28M	-118.04M	-80.87M
Balance Sheet
Total Assets	333.59M	551.33M	487.72M	646.59M	461.19M	543.10M
Cash, Cash Equivalents and Short-Term Investments	269.14M	483.80M	420.67M	583.39M	395.65M	476.30M
Total Debt	78.86M	76.17M	75.87M	60.76M	32.84M	33.28M
Total Liabilities	123.05M	135.49M	113.21M	91.30M	49.96M	44.37M
Stockholders Equity	210.54M	415.84M	374.51M	555.29M	411.23M	498.73M
Cash Flow
Free Cash Flow	-283.27M	-198.94M	-191.13M	-130.32M	-84.52M	-63.78M
Operating Cash Flow	-277.91M	-192.25M	-185.47M	-128.05M	-82.18M	-61.39M
Investing Cash Flow	216.64M	-23.80M	97.20M	-142.50M	-1.81M	-188.78M
Financing Cash Flow	10.48M	252.40M	16.28M	311.30M	6.60M	372.46M

Replimune Group Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 7.97
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For REPL, the sentiment is Neutral. The current price of 7.97 is above the 20-day moving average (MA) of 7.46, below the 50-day MA of 8.63, and above the 200-day MA of 7.81, indicating a neutral trend. The MACD of -0.16 indicates Negative momentum. The RSI at 52.46 is Neutral, neither overbought nor oversold. The STOCH value of 83.51 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for REPL.

Replimune Group Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RCUS	55 Neutral	$2.34B	-5.51	-68.13%	―	-8.75%	-8.79%
ORIC	54 Neutral	$972.92M	-5.77	-39.73%	―	―	4.29%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
NRIX	51 Neutral	$1.60B	-5.13	-49.63%	―	48.32%	-1.91%
SANA	51 Neutral	$1.03B	-3.97	-96.11%	―	―	31.16%
REPL	48 Neutral	$658.10M	-2.22	-90.88%	―	―	-15.77%
AVXL	48 Neutral	$364.20M	-8.45	-33.63%	―	―	-5.71%

Replimune Group Corporate Events

Replimune amends Hercules loan, strengthens funding runway

On January 29, 2026, Replimune Group amended its loan and security agreement with Hercules Capital, extending a key revenue milestone to September 30, 2027, adjusting tranche sizes, and pushing the start of debt amortization from October 1, 2026 to October 1, 2027, while immediately drawing a $35 million third tranche and securing access to an additional $120 million tied to post-approval milestones. Reporting fiscal third-quarter 2026 results for the period ended December 31, 2025, the company highlighted FDA acceptance in October 2025 of its resubmitted BLA for lead therapy RP1 in anti-PD-1 failed advanced melanoma with an April 10, 2026 PDUFA date, ongoing Phase 3 and other late-stage trials for RP1 and RP2 across melanoma, non-melanoma skin cancers and liver-related cancers, and a cash position of $269.1 million that, together with the revised debt facility, is expected to fund operations and commercial launch preparations for RP1 into late first quarter 2027 despite rising R&D and SG&A expenses and a quarterly net loss of $70.9 million.

The most recent analyst rating on (REPL) stock is a Hold with a $7.50 price target. To see the full list of analyst forecasts on Replimune Group stock, see the REPL Stock Forecast page.

Replimune Highlights RP1, RP2 Progress Ahead of JPM Conference

On January 12, 2026, Replimune released an updated corporate presentation highlighting recent strategic developments and clinical data for its RP1 and RP2 oncolytic immunotherapy programs ahead of its appearance at the J.P. Morgan Healthcare Conference on January 14, 2026. The company reported that it is preparing for a potential commercial launch in melanoma, with a near-term regulatory decision date of April 10, 2026, a “launch ready” commercial team, and roughly 150 treatment accounts expected to be activated on day one, reflecting significant operational build-out. Clinical data from the IGNYTE study in anti-PD-1–failed melanoma showed durable and clinically meaningful response rates across difficult, resistant patient subgroups, with approximately 1,000 patients treated across the RPx platform and successful administration into deep lesions such as liver and lung, underscoring the platform’s potential to address resistance to checkpoint inhibitors and support Replimune’s competitive positioning in the immuno-oncology field.

The most recent analyst rating on (REPL) stock is a Hold with a $10.00 price target. To see the full list of analyst forecasts on Replimune Group stock, see the REPL Stock Forecast page.