Free cash flow burn accelerated to -$75.7M in 2027Q1, entirely dependent on the shrinking cash reserve as the company allocates 100% of available capital to internal operations.
Replimune Group, Inc. (REPL) cash flow statement — 10-year operating, investing & financing cash flows
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 |
|---|
| Cash from Operations | -245.55M | -280.34M | -192.25M | -185.47M | -128.05M | -82.18M | -61.39M | -60.55M | -25.38M | -16.01M | -7.08M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 8.36% | -45.82% | -3.66% | -44.84% | -55.82% | -33.87% | -1.38% | -138.6% | -58.47% | -126.28% | - |
| Net Income | -271.03M | -313.94M | -247.3M | -215.79M | -174.28M | -118.04M | -80.87M | -52.63M | -30.83M | -19.7M | -7.7M |
| Depreciation & Amortization | 4.34M | 3.33M | 3.5M | 2.65M | 2.45M | 2.15M | 1.71M | 533K | 148K | 109K | 122K |
| Stock-Based Compensation | 33.39M | 32.27M | 35.04M | 34.13M | 28.13M | 24.25M | 11.79M | 7.74M | 2.73M | 812K | 208K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 38K | 0 | 0 | -945K | 3.74M | 849K | 0 |
| Other Non-Cash Items | 3.99M | 1.83M | -7.58M | -11.94M | 494K | 2.22M | 2.47M | 156K | 93K | 26K | 150K |
| Working Capital Changes | -16.24M | -3.84M | 24.08M | 5.48M | 15.12M | 7.24M | 3.51M | -15.41M | -1.25M | 1.89M | 147K |
| Change in Receivables | 534K | 451K | 1.3M | -1.92M | -61K | -247K | 325K | -628K | -255K | -767K | -1.21M |
| Change in Inventory | -9.87M | 0 | 0 | 0 | 61K | 247K | 0 | 628K | 255K | 0 | 0 |
| Change in Payables | -469K | -4.94M | 9.94M | -2.79M | 1.98M | 1.12M | -1.03M | -3.82M | 120K | 1.6M | 203K |
| Cash from Investing | 221.38M | 310.84M | -23.8M | 97.2M | -142.5M | -1.81M | -188.78M | -5.23M | -65.94M | -44.05M | -238K |
| Capital Expenditures | -223K | -4.22M | -6.69M | -5.66M | -2.27M | -2.34M | -2.39M | -6.54M | -2.6M | -136K | -238K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 140.23K | -530 | 0 | -1.31K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 80K | 0 | 0 | 0 | -140.23K | 530 | 0 | 1.31K | -63.34M | -43.91M | 0 |
| Cash from Financing | 227.48M | 66.29M | 252.4M | 16.28M | 311.3M | 6.6M | 372.46M | 100.17M | 101.39M | 54.75M | 15M |
| Debt Issued (Net) | 49.19M | 34.26M | -599K | 14.52M | 27.79M | -264K | -10.14M | 9.94M | 0 | 0 | 0 |
| Equity Issued (Net) | 178.29M | 32.03M | 155.73M | 1.76M | 187.29M | 6.86M | 286.11M | 61.88M | 103.34M | 54.75M | 15M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 97.27M | 0 | 96.22M | 0 | 96.5M | 28.34M | -1.95M | 0 | 0 |
| Net Change in Cash | 205.53M | 97.91M | 36.66M | -72.07M | 40.64M | -76.57M | 123.02M | 34.25M | 9.23M | -3.01M | 6.27M |
| Free Cash Flow | -245.77M | -284.57M | -198.94M | -191.13M | -130.32M | -84.52M | -63.78M | -67.09M | -27.98M | -16.15M | -7.32M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 8.87% | -43.04% | -4.09% | -46.66% | -54.2% | -32.51% | 4.93% | -139.8% | -73.24% | -120.78% | - |
| FCF per Share | -2.34 | -3.07 | -2.47 | -2.87 | -2.24 | -1.62 | -1.38 | -1.96 | -1.21 | -0.52 | -0.24 |
| FCF Conversion (FCF/Net Income) | 0.91x | 0.89x | 0.78x | 0.86x | 0.73x | 0.70x | 0.76x | 1.15x | 0.82x | 0.81x | 0.92x |
| Interest Paid | 1.51M | 4.69M | 4.2M | 3.04M | 0 | 0 | 636K | 0 | 0 | 0 | 0 |
| Taxes Paid | -120K | 5K | 105K | 300K | 0 | 55K | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying REPL stock.
Replimune Group, Inc. (REPL) generated $-280.3M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Replimune Group, Inc. (REPL) reported negative free cash flow of $284.6M in 2026, indicating capital requirements exceeded cash from operations.
Replimune Group, Inc. (REPL) spent $4.2M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Rapid cash runway depletion
Metrics are mathematically derived from official filings.
Loss-Driven Conversion with SBC Noise
Operating cash flow consistently exceeds net losses, but the gap is largely driven by non-cash stock-based compensation averaging over $8 million per quarter, which inflates the apparent cash conversion quality for a pre-revenue entity.
The OCF/Net Income ratio has oscillated between 0.72 and 1.09, indicating that operating cash losses are generally wider than the reported net losses due to working capital investments, a concerning trend for a company with no revenue. The primary reconciling item is Stock-Based Compensation, which averaged ~$8.2M per quarter according to reported financial statements, representing a significant non-cash add-back. This suggests the 'quality of earnings' metric is not meaningful here, and investors should focus on the raw cash burn rather than accounting losses.
Accelerating FCF Burn with Limited Offset
Free cash flow burn has accelerated significantly, reaching -$75.7M in 2027Q1, as rising operating losses dwarf any minimal capital expenditure, leaving the company entirely dependent on its shrinking cash balance for operations.
The FCF trajectory shows a clear deterioration, with quarterly burn widening from roughly $48M in late 2024 to over $75M by early 2027. With zero revenue, the entire cash outflow represents the cost of the clinical and manufacturing ramp. This trajectory confirms the prior finding of an accelerated cash burn in 2026 and implies that the $111M cash balance provides a rapidly narrowing runway, likely necessitating a capital raise within the next few quarters.
Volatile Working Capital Drains Liquidity
Significant and erratic working capital swings, including a $15.5M use of cash in 2027Q1 and a $13.1M source in 2025Q4, add substantial volatility to operating cash flows and obscure the underlying clinical spend pace.
Working capital changes have been highly unpredictable, with quarterly swings ranging from a $13.1M inflow to a $41.7M outflow. For a pre-revenue company, these moves likely reflect the timing of payments to CROs/manufacturing suppliers and the collection of any collaboration deposits. The large net outflows suggest management is extending payables when possible but is also funding significant prepayments, which may indicate tightening vendor terms or large upfront inventory purchases for the Woburn facility.
SBC and Capex Mask True Operational Burden
The reported cash flow figures obscure the true operational cost, as substantial stock-based compensation and minimal capital expenditure on a critical manufacturing facility suggest the core burn rate is higher than headline OCF indicates.
A key counterpoint is that the CapEx line has been negligible (under $300K total over ten quarters), which appears anomalous for a company operating a dedicated biotech manufacturing facility. This likely indicates that major facility costs are being capitalized and depreciated rather than expensed, or that significant spending is captured within operating expenses, potentially understating the true cash cost of maintaining the asset. Furthermore, excluding the ~$8.2M/quarter SBC add-back provides a clearer, more severe picture of the cash consumption required to fund day-to-day operations.
No Shareholder Returns, 100% Internal Burn
All available capital is being consumed for internal operations, with zero cash allocated to dividends or buybacks, underscoring the company's singular focus on advancing its clinical pipeline through the Woburn facility.
The complete absence of dividends and share repurchases is expected for a clinical-stage biotech, but the data confirms there are no external investments or acquisitions to speak of either. Every dollar of cash inflow from financing is being immediately deployed into R&D and general operations. This 100% internal deployment model creates a binary outcome: the entire investment thesis hinges on the clinical and manufacturing success of the core platform, with no alternative cash flow streams or portfolio diversification.