Cambridge biotech tracker · Woburn
Replimune Group
Listed on Nasdaq as REPL, filed under SEC industry code 2836 (biological products). Fiscal year ends in March. Numbers below are from the company’s own SEC filings through Q3 '26.
- Cash & investments
- $308M
- Q3 '26 · Sep 30, 2026
- Burn per quarter
- $61.4M
- avg. operating cash flow, 4 qtrs
- Runway
- 15 mo
- 12 to 24 months
- Net loss
- $57.1M
- Q3 '26
- R&D expense
- $34.4M
- 61% of opex
- Raised, last 4 qtrs
- +$227M
- net financing cash flow
- Next readout
- Nov 2026
- Phase 1 · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
15 months
Cash at Q3 '26 divided by the average burn of the last four quarters, $20.5M a month.
Management’s own date
12+ months
The latest filing states only the going concern minimum, that cash covers at least twelve months from issuance. No sharper date was filed.
Cash against the calendar
What the runway has to reach.
Nov 2026estimated
Study of RP3 Monotherapy and RP3 in Combination With Nivolumab in Patients With Solid Tumours
Advanced Solid Tumor
NCT04735978 on ClinicalTrials.govDoes the cash reach it?
Cash past the catalyst
- Runway
- 15 months
- Time to the date
- 3 weeks
It is about 3 weeks out. At the current burn there is roughly 14 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Catalysts ahead
- Nov 2026Phase 1Study of RP3 Monotherapy and RP3 in Combination With Nivolumab in Patients With Solid Tumours
- Dec 2027Phase 2Study of RP2 in Combination With Second-line Therapy in Patients With Locally Advanced or Metastatic HCC
- Jun 2028Phase 2Study of RP1 Monotherapy and RP1 in Combination With Nivolumab (IGNYTE)
- Jul 2029Phase 1/2Study to Investigate the Efficacy and Safety of RP1 in Adult Patients With Organ Transplants and Advanced Skin Malignancies
- Jan 2030Phase 2/3A Randomized, Phase 2/3 Study to Investigate the Efficacy and Safety of RP2 in Combination With Nivolumab in Immune Checkpoint Inhibitor-Naïve Adult Patients With Metastatic Uveal Melanoma
- Sep 2030Phase 3VO and Nivolumab vs Physician's Choice in Advanced Melanoma That Progressed on Anti-PD-1 & Anti-CTLA-4 Drugs [IGNYTE-3]
Pipeline
8 active trials, through phase 3.
Phase 2 · 3Phase 1 · 2Phase 2/3 · 1Phase 1/2 · 1Phase 3 · 1
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a phase 1 readout in Nov 2026, about 3 weeks out. That leaves roughly 14 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 15 months of runway
Cash and investments of $308M at Q3 '26 against an average operating cash burn of $61.4M per quarter over the last four reported quarters runs out around December 2027. Between one and two years is the window where the next raise gets planned; the terms depend on what the data does before the cash does.
Cash position down $229M since Q4 '24
Net financing inflows of $227M over the last four quarters, from equity, debt, or ATM sales, partly offset operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Net loss runs $9.4M above cash burn
The Q3 '26 net loss of $57.1M includes non-cash charges, including $10.5M of stock-based compensation, that do not consume cash. Burn, not net loss, is what runway is built on.
R&D is 61% of operating expenses
$34.4M of R&D against $56.3M of total operating expenses in Q3 '26, with G&A at $21.9M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Going-concern language in the 10-K filed Jun 29, 2026
The filing contains definite substantial-doubt language, the conclusion of an ASC 205-40 evaluation that cash may not cover twelve months from the issuance date without additional financing or cost actions. Read the liquidity note in the filing for management's plans and whether they are considered probable.
$99.8M of long-term debt or convertible notes
Debt in a pre-revenue biotech usually comes with liquidity covenants and, for convertibles, embedded features that need ASC 815 and ASC 470 analysis each quarter.
Accumulated deficit of $1.39B
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Cash-only balance shown
This company either holds no marketable securities or tags them under a name the tracker does not read. If the 10-Q reports a larger cash-and-investments figure, that figure is the right one.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q4 '24 · Dec 31, 24 | $537M | −$50.7M | −$66.3M | $48.0M | $18.0M | — | $8.6M | $156M |
| Q1 '25 · Mar 31, 25 | $484M | −$53.7M | −$74.1M | $54.0M | $25.4M | — | $8.3M | −$132K |
| Q2 '25 · Jun 30, 25 | $403M | −$77.0M | −$86.7M | $57.8M | $32.6M | — | $8.8M | −$158K |
| Q3 '25 · Sep 30, 25 | $324M | −$81.2M | −$83.1M | $57.9M | $26.4M | — | $8.3M | $324K |
| Q4 '25 · Dec 31, 25 | $269M | −$66.0M | −$70.9M | $53.1M | $18.7M | — | $7.0M | $10.5M |
| Q1 '26 · Mar 31, 26 | $269M | −$56.2M | −$73.2M | $52.3M | — | — | $8.1M | $55.7M |
| Q2 '26 · Jun 30, 26 | $195M | −$75.7M | −$69.8M | $49.3M | $19.0M | — | $7.7M | $800K |
| Q3 '26 · Sep 30, 26 | $308M | −$47.7M | −$57.1M | $34.4M | $21.9M | — | $10.5M | $161M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.