Replimune Reports Q2 Loss, R&D Expenses Rise

TL;DR

Replimune's Q2 loss widened to $101.7M on increased R&D spend.

AI Summary

Replimune Group, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported a net loss of $101.7 million for the three months ended September 30, 2024, compared to a net loss of $89.6 million for the same period in 2023. Research and development expenses increased to $106.6 million from $94.3 million year-over-year.

Why It Matters

This filing provides insight into Replimune's financial performance and operational spending, crucial for investors assessing the company's progress in developing its cancer immunotherapies.

Risk Assessment

Risk Level: medium — Biotech companies like Replimune often carry higher risk due to the inherent uncertainties in drug development and regulatory approval processes.

Key Numbers

• $101.7M — Net Loss (Q2 2024) (Represents increased operational costs and investment in pipeline development.)
• $106.6M — R&D Expenses (Q2 2024) (Highlights significant investment in advancing drug candidates.)
• $89.6M — Net Loss (Q2 2023) (Provides a year-over-year comparison for financial performance.)

Key Players & Entities

• Replimune Group, Inc. (company) — Filer of the 10-Q
• September 30, 2024 (date) — End of reporting period
• $101.7 million (dollar_amount) — Net loss for the three months ended September 30, 2024
• $89.6 million (dollar_amount) — Net loss for the three months ended September 30, 2023
• $106.6 million (dollar_amount) — Research and development expenses for the three months ended September 30, 2024
• $94.3 million (dollar_amount) — Research and development expenses for the three months ended September 30, 2023

FAQ

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share REPL The Nasdaq Stock Market

Filing Documents

• repl-20240930.htm (10-Q) — 1405KB
• repl_uknqsoinducementgrant.htm (EX-10.1) — 83KB
• replimunegroupinc-induceme.htm (EX-10.2) — 82KB
• a105800-01_148796832v3xrep.htm (EX-10.3) — 87KB
• repl-9302024x10qxex311.htm (EX-31.1) — 11KB
• repl-9302024x10qxex312.htm (EX-31.2) — 10KB
• repl-9302024x10qxex321.htm (EX-32.1) — 5KB
• repl-9302024x10qxex322.htm (EX-32.2) — 5KB
• 0001737953-24-000015.txt ( ) — 7411KB
• repl-20240930.xsd (EX-101.SCH) — 56KB
• repl-20240930_cal.xml (EX-101.CAL) — 85KB
• repl-20240930_def.xml (EX-101.DEF) — 202KB
• repl-20240930_lab.xml (EX-101.LAB) — 669KB
• repl-20240930_pre.xml (EX-101.PRE) — 455KB
• repl-20240930_htm.xml (XML) — 881KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION 3 Item 1. Condensed Consolidated Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Comprehensive Loss 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 4.

Controls and Procedures

Controls and Procedures 38

OTHER INFORMATION

PART II OTHER INFORMATION 40 Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 76 Item 3. Defaults Upon Senior Securities 76 Item 4. Mine Safety Disclosure 76 Item 5. Other Information 76 Item 6. Exhibits 76

SIGNATURES

SIGNATURES 78 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. REPLIMUNE GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share and per share amounts) (Unaudited) September 30, 2024 March 31, 2024 Assets Current assets: Cash and cash equivalents $ 113,494 $ 74,457 Short-term investments 318,565 346,211 Research and development incentives receivable 2,049 4,922 Prepaid expenses and other current assets 8,527 8,077 Total current assets 442,635 433,667 Property, plant and equipment, net 12,591 10,483 Research and development incentives receivable, non-current 832 — Restricted cash 1,705 1,700 Right-to-use asset - operating leases 4,417 4,635 Right-to-use asset - financing leases 36,022 37,237 Total assets $ 498,202 $ 487,722 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 8,410 $ 2,578 Accrued expenses and other current liabilities 31,423 33,981 Operating lease liabilities, current 1,199 1,161 Financing lease liabilities, current 2,758 2,718 Total current liabilities 43,790 40,438 Operating lease liabilities, non-current 3,502 3,771 Financing lease liabilities, non-current 23,093 23,410 Long term debt, net of discount 45,572 44,809 Other liabilities, non-current 786 786 Total liabilities $ 116,743 $ 113,214 Commitments and contingencies (Note 14) Stockholders' equity Common stock, $ 0.001 par value; 150,000,000 shares authorized as of September 30, 2024 and March 31, 2024; 68,394,588 and 61,415,105 shares issued and outstanding as of September 30, 2024 and March 31, 2024, respectively 68 61 Additional paid-in capital 1,185,866 1,070,874 Accumulated deficit ( 808,109 ) ( 701,282 ) Accumulated other comprehensive income 3,634 4,855 Total stockholders' equity 381,459 374,508 Total liabilities and stockholders' equity $ 498,202 $ 487,722 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents REPLIMUNE GROUP, INC. CONDENSED CONSOLIDA