The company remains in a pre-revenue clinical investment phase, generating zero product revenue while R&D expense averaged over $50M per quarter in 2026, leading to consistent operating losses exceeding $70M per period.
Replimune Group, Inc. (REPL) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 4.58M | 4.14M | 0 | 148K | 109K | 122K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | -4.58M | -4.14M | 0 | -148K | -109K | -122K |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | 100% | -10.53% | - | 100% | -35.78% | 10.66% | - |
| Operating Expenses | 269.73M | 319.92M | 261.63M | 234.77M | 177.08M | 116.91M | 78.62M | 56.2M | 28.42M | 16.96M | 8.21M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 113.21M | 98.73M | 0 | 0 | 0 | 36.26M | 21.13M | 17.44M | 8.77M | 5.71M | 2.71M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 189.11M | 221.18M | 189.45M | 174.96M | 126.53M | 80.64M | 57.49M | 38.76M | 22.17M | 13.52M | 6.94M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | 72.18M | 59.81M | 50.55M | 0 | 0 | 0 | 451K | -2.06M | 626K |
| Operating Income | -269.73M | -319.92M | -261.63M | -234.77M | -177.08M | -121.48M | -82.76M | -56.2M | -30.95M | -19.23M | -9.65M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -22.28% | -11.44% | -32.58% | -45.76% | -46.79% | -47.27% | -81.6% | -60.93% | -99.33% | - |
| EBITDA | -265.39M | -316.59M | -258.13M | -232.12M | -174.63M | -119.34M | -81.05M | -55.66M | -30.8M | -19.12M | -9.53M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 16.29% | -22.65% | -11.2% | -32.92% | -46.34% | -47.24% | -45.61% | -80.74% | -61.08% | -100.73% | - |
| D&A (Non-Cash Add-back) | 4.34M | 3.33M | 3.5M | 2.65M | 2.45M | 2.15M | 1.71M | 533K | 148K | 109K | 122K |
| EBIT | -263.17M | -305.63M | -259.85M | -232.85M | -174.17M | -118.98M | -80.62M | -53.11M | -30.83M | -19.7M | -8.21M |
| Net Interest Income | 5.5M | 4.77M | 13.23M | 16.7M | 5.85M | -1.83M | -2.14M | 505K | 2.58M | 0 | 0 |
| Interest Income | 17.46M | 13.63M | 21.12M | 23.36M | 10.01M | 390K | 916K | 2.42M | 2.58M | 288K | 25K |
| Interest Expense | 11.97M | 8.86M | 7.89M | 6.66M | 4.16M | 2.22M | 3.06M | 1.92M | 0 | 0 | 0 |
| Other Income/Expense | -1.85M | 5.43M | 14.8M | 19.39M | 3.08M | 278K | -915K | 3.57M | 112K | -473K | 1.94M |
| Pretax Income | -271.58M | -314.49M | -246.83M | -215.39M | -174M | -121.21M | -83.68M | -52.63M | -30.83M | -19.7M | -7.7M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | -847K | -551K | 468K | 408K | 288K | -3.17M | -2.81M | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0.31% | 0.18% | -0.19% | -0.19% | -0.17% | 2.62% | 3.35% | 0% | 0% | 0% | 0% |
| Net Income | -271.03M | -313.94M | -247.3M | -215.79M | -174.28M | -118.04M | -80.87M | -52.63M | -30.83M | -19.7M | -7.7M |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 12.64% | -26.95% | -14.6% | -23.82% | -47.65% | -45.96% | -53.67% | -70.67% | -56.5% | -155.74% | - |
| Net Income (Continuing) | -270.74M | -313.94M | -247.3M | -215.79M | -174.28M | -118.04M | -80.87M | -52.63M | -30.83M | -19.7M | -7.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.58 | -3.38 | -3.07 | -3.24 | -2.99 | -2.26 | -1.75 | -1.54 | -1.33 | -0.64 | -0.25 |
| EPS Growth % | 22.5% | -10.1% | 5.25% | -8.36% | -32.3% | -29.14% | -13.64% | -15.79% | -107.81% | -156% | - |
| EPS (Basic) | - | -3.38 | -3.07 | -3.24 | -2.99 | -2.26 | -1.75 | -1.54 | -1.33 | -0.64 | -0.36 |
| Diluted Shares Outstanding | 105.18M | 92.8M | 80.56M | 66.57M | 58.21M | 52.21M | 46.25M | 34.26M | 23.2M | 30.84M | 30.84M |
| Basic Shares Outstanding | 105.18M | 92.8M | 80.56M | 66.57M | 58.21M | 52.21M | 46.25M | 34.26M | 23.2M | 30.84M | 21.51M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying REPL stock.
For fiscal year 2026, Replimune Group, Inc. (REPL) reported total revenue of $0.0M.
Replimune Group, Inc. (REPL) reported a net loss of $313.9M for the fiscal year ending 2026.
Key Metrics
Top Statement Risk
Clinical failure or cash runway exhaustion
Metrics are mathematically derived from official filings.
Pre-Revenue Clinical Investment Phase
As reported in the financial statements, Replimune generated zero product revenue across all ten quarters, reflecting its clinical-stage status and exclusive focus on advancing its RP1 candidate through pivotal trials.
The absence of revenue is the defining characteristic of this income statement, confirming the company's complete reliance on its cash balance and capital markets to fund operations. Any future revenue will be entirely contingent upon regulatory approval and commercial uptake of its oncolytic virus platform, making the current financial profile a pure measure of clinical investment and cash burn.
R&D Dominance and Volatile SG&A
According to recent SEC filings, R&D expense was the primary cash outflow, peaking at $57.9M in 2026Q2, while SG&A exhibited significant volatility, spiking to $53.6M in 2026Q4 before normalizing, which suggests inconsistent commercial planning or one-time charges.
The cost structure is heavily weighted toward R&D, consistent with a company running advanced clinical trials and maintaining an in-house manufacturing facility. The erratic SG&A line is a key area for scrutiny; the $53.6M quarter may indicate significant stock-based compensation grants, legal fees, or pre-commercialization activities, and its resolution in subsequent quarters suggests it was not indicative of a new run-rate. Management's expense discipline appears focused on the R&D agenda, with overhead costs appearing less predictable.
Operating Leverage Absent a Revenue Base
Based on reported figures, operating losses consistently exceeded $70M per quarter after mid-2025, demonstrating a negative operating leverage dynamic where cost escalation outpaced any potential scalability, as there is no revenue to absorb the high fixed-cost base.
Operating income deteriorated from -$58.8M in 2024Q4 to a peak loss of -$90.4M in 2026Q1, coinciding with increased R&D and the appearance of material SG&A. This indicates that the company's high fixed-cost structure, likely including the Woburn facility, is generating deeper losses as clinical programs advance, a trajectory that will only reverse with the successful generation of high-margin product revenue.
Net Losses Driven by Non-Cash SBC
As reported in financial statements, quarterly Stock-Based Compensation (SBC) averaged $8.2M, representing a substantial non-cash portion of the reported net losses and significantly inflating the cash burn beyond what EPS alone would indicate.
The quality of the net loss figure is impacted by the material and recurring SBC, which is a standard practice in biotech for talent retention but dilutes shareholders over time. The EPS losses, while volatile, are a direct function of the cash operating losses; there are no unusual tax benefits or non-operating items to distort the underlying operational deficit, making the reported loss a fairly direct reflection of the cash consumption rate.
2026 Marks Accelerated Cash Burn
The most significant inflection occurred in 2026Q1, when operating losses deepened to -$90.4M, a 54% increase from the prior-year quarter, indicating a step-change in clinical investment intensity that has persisted.
This inflection point likely corresponds with the initiation of expensive Phase III trial activities or expanded manufacturing preparations. The lasting impact is a marked reduction in the company's cash runway, which necessitates careful monitoring of the upcoming BLA filing timeline against the remaining $111M cash balance. The higher loss run-rate established in 2026 defines the current financial risk profile.
Institutional Manufacturing Gamble Amplifies Downside
Short-sellers would focus on the $111M cash balance against a quarterly net loss averaging over $70M in recent periods, suggesting an operational runway of approximately five quarters that is critically dependent on flawless clinical execution and timely future financing.
The fundamental challenge to the narrative is the combination of zero revenue, accelerating cash burn, and a capital-intensive manufacturing strategy. Any clinical setback would not only destroy pipeline value but also render the expensive Woburn facility a stranded asset with limited alternative use. The increased debt-to-equity ratio to 0.67 further restricts financial flexibility, implying that the next equity raise will occur from a position of diminished leverage.