The company lacks operating leverage, evidenced by a 2026Q3 operating loss of $71.9M and a consistent absence of revenue generation.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 848K | 0 | 0 | 0 | 4.58M | 4.14M | 0 | 148K | 109K | 122K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -848K | 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 | 325.61M | 261.63M | 234.77M | 177.08M | 116.91M | 78.62M | 56.2M | 28.42M | 16.96M | 8.21M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 69.65M | 0 | 0 | 0 | 36.26M | 21.13M | 17.44M | 8.77M | 5.71M | 2.71M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 223.39M | 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 | 72.18M | 59.81M | 50.55M | 0 | 0 | 0 | 451K | -2.06M | 626K |
| Operating Income | -326.46M | -261.63M | -234.77M | -177.08M | -121.48M | -82.76M | -56.2M | -30.95M | -19.23M | -9.65M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -11.44% | -32.58% | -45.76% | -46.79% | -47.27% | -81.6% | -60.93% | -99.33% | - |
| EBITDA | -322.85M | -255.7M | -229.69M | -174.63M | -116.91M | -78.62M | -55.66M | -30.8M | -19.12M | -9.53M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -37.05% | -11.32% | -31.53% | -49.38% | -48.7% | -41.24% | -80.74% | -61.08% | -100.73% | - |
| D&A (Non-Cash Add-back) | 3.61M | 5.93M | 5.08M | 2.45M | 4.58M | 4.14M | 533K | 148K | 109K | 122K |
| EBIT | -314.99M | -259.85M | -232.85M | -174.17M | -118.98M | -80.62M | -53.11M | -30.83M | -19.7M | -8.21M |
| Net Interest Income | 2.24M | 13.23M | 16.7M | 5.85M | -1.83M | -2.14M | 505K | 2.58M | 0 | 0 |
| Interest Income | 8.72M | 21.12M | 23.36M | 10.01M | 390K | 916K | 2.42M | 2.58M | 288K | 25K |
| Interest Expense | 6.48M | 7.89M | 6.66M | 4.16M | 2.22M | 3.06M | 1.92M | 0 | 0 | 0 |
| Other Income/Expense | 10.64M | 14.8M | 19.39M | 3.08M | 278K | -915K | 3.57M | 112K | -473K | 1.94M |
| Pretax Income | -315.82M | -246.83M | -215.39M | -174M | -121.21M | -83.68M | -52.63M | -30.83M | -19.7M | -7.7M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - |
| Income Tax | -969K | 468K | 408K | 288K | -3.17M | -2.81M | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0.31% | -0.19% | -0.19% | -0.17% | 2.62% | 3.35% | 0% | 0% | 0% | 0% |
| Net Income | -314.85M | -247.3M | -215.79M | -174.28M | -118.04M | -80.87M | -52.63M | -30.83M | -19.7M | -7.7M |
| Net Margin % | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -37.95% | -14.6% | -23.82% | -47.65% | -45.96% | -53.67% | -70.67% | -56.5% | -155.74% | - |
| Net Income (Continuing) | -314.85M | -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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.42 | -3.07 | -3.24 | -2.99 | -2.26 | -1.75 | -1.54 | -1.33 | -0.64 | -0.25 |
| EPS Growth % | -13.65% | 5.25% | -8.36% | -32.3% | -29.14% | -13.64% | -15.79% | -107.81% | -156% | - |
| EPS (Basic) | - | -3.07 | -3.24 | -2.99 | -2.26 | -1.75 | -1.54 | -1.33 | -0.64 | -0.36 |
| Diluted Shares Outstanding | 92.19M | 80.56M | 66.57M | 58.21M | 52.21M | 46.25M | 34.26M | 23.2M | 30.84M | 30.84M |
| Basic Shares Outstanding | 92.19M | 80.56M | 66.57M | 58.21M | 52.21M | 46.25M | 34.26M | 23.2M | 30.84M | 21.51M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Clinical trial execution failure
As indicated by the company's recent financial disclosures, R&D expenditures have trended upward from $42.6M in 2024Q4 to $53.1M in 2026Q3, reflecting the intensifying capital requirements necessary to advance the Immulytic platform through late-stage clinical development and internal manufacturing scale-up efforts.
The consistent rise in R&D spending suggests that the company is prioritizing clinical velocity over near-term expense containment. Investors should monitor whether this trajectory reflects increased trial complexity or potential inefficiencies in the proprietary viral vector manufacturing process.
Based on reported quarterly filings, Replimune consistently records significant stock-based compensation, with figures reaching $8.8M in 2026Q1, which effectively obscures the true cash-based operational burn rate required to sustain the company's ongoing clinical and administrative activities.
While non-cash in nature, the reliance on equity-based incentives suggests a strategy to preserve limited cash reserves for essential R&D. Analysts should adjust net loss figures to account for these recurring charges to better assess the underlying cash runway and dilution risk.
According to the provided income statement data, the company continues to report substantial operating losses, with 2026Q3 operating income at -$71.9M, confirming that the business model lacks the scale to generate operating leverage in its current pre-revenue, clinical-stage configuration.
The absence of revenue means that every incremental dollar spent on SG&A or R&D directly expands the operating deficit. This structure implies that profitability is entirely contingent upon successful commercialization rather than incremental operational efficiencies.
As reported in financial statements, the company's cash position of $111.1M against a quarterly net loss of $70.9M in 2026Q3 suggests a precarious financial window that may necessitate further equity dilution to fund operations beyond the immediate near-term horizon.
Short-term liquidity constraints appear to be the primary risk factor, as the company lacks the revenue cushion to absorb potential clinical delays. Investors should remain cautious regarding the potential for future capital raises that could significantly impact existing shareholder value.
Quick answers to the most common questions about buying REPL stock.
For fiscal year 2025, Replimune Group, Inc. (REPL) reported total revenue of $0.0M.
Replimune Group, Inc. (REPL) reported a net loss of $247.3M for the fiscal year ending 2025.