REPLIMUNE GROUP, INC.

Red flags

• Going-concern uncertainty: management says cash, cash equivalents, and short-term investments fund operations only into Q1 2027, and the company has no committed source of additional funding.
• Regulatory execution has already failed twice for the lead program: the FDA issued CRLs in July 2025 and April 2026 for the RP1 melanoma BLA.
• No approved products and no product revenue, despite FY2026 net losses of $313.9 million and an accumulated deficit of $1,262.5 million.
• Potential dilution is material: 14.1 million pre-funded warrant shares are included in basic shares, while 17.3 million additional potentially dilutive securities were excluded from FY2026 EPS.
• If the RP1 BLA is not approved, management states it may need a considerable restructuring and workforce reduction, reconsider its development strategy, and pursue collaborations, licensing, a merger, or other strategic alternatives.