# Replimune Group, Inc. (REPL)

> Source: Nexqual · https://nexqual.com/REPL · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Replimune Group, Inc. (REPL), nexqual.com/REPL" · informational, not investment advice.

## REPL major shareholder filing: Schedule 13D/A, Aug 11, 2026
Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Julian C. Baker filed a Schedule 13D/A on Aug 11, 2026, reporting up to 11.80% of the class (more than 5% owner that may seek to influence the company). Item 4, Purpose of Transaction, quoted:

> Item 4 of Schedule 13D is supplemented and amended, as the case may be, as follows: The disclosures in Item 5 and Item 6 below are incorporated herein by reference. On August 9, 2026, Replimune Group, Inc. (the "Issuer") entered into an underwriting agreement (the "Underwriting Agreement") with Leerink Partners LLC, J.P. Morgan Securities LLC, and Cantor Fitzgerald & Co. (collectively, the "Underwriters"), related to the public offering (the "Offering") of 9,701,490 shares of common stock of the Issuer ("Common Stock") at a price to the public of $12.06 per share and 2,736,340 pre-funded warrants at a price to the public of $12.0599 per pre-funded warrant to purchase shares of Common Stock that are exercisable at any time on a 1-for-1 basis into Common Stock at an exercise price of $0.0001 per warrant with no expiration date, subject to beneficial ownership limitations described in Item 5 (the "2026 $0.0001 Prefunded Warrants"). The Offering closed on August 11, 2026. Pursuant to the Offering, 667 and Life Sciences purchased 126,394 and 2,609,946 2026 $0.0001 Prefunded Warrants, respectively, at the offering price of $12.0599 per pre-funded warrant, totaling 2,736,340 2026 $0.0001 Prefunded Warrants in the aggregate for an aggregate purchase price of $32,999,986.77. Each of 667 and Life Sciences purchased the 2026 $0.0001 Prefunded Warrants with its working capital. The Funds hold securities of the Issuer for investment purposes. …

Source: https://www.sec.gov/Archives/edgar/data/1737953/000110465926094196/0001104659-26-094196-index.htm

**Price:** USD 16.06 (+23.07% on the day) · last close of Oct 28, 2026; US market after hours, not a live price. Prev close 13.05 · day 12.5–16.75 · 52w 1.5–16.75 · market cap $1.51B · NMS

## Key facts
- Insider open-market sales, last ~7 months: 12 Form 4 filings, $1.6M; 11 not under a Rule 10b5-1 plan ($1.5M); 0 by opportunistic insiders, 7 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (8 analysts), mean target USD 19.5 (range 14–24).
- Total return with dividends: 1Y +57.3% vs S&P 500 +13.6%; 5Y -45.6% vs S&P 500 +79.8%.
- Next earnings: 2026-10-28, EPS estimate USD -0.76, revenue estimate $6.7M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Operating income | -$118M | -$177M | -$235M | -$262M | -$320M | -$298M |
| Net income | -$118M | -$174M | -$216M | -$247M | -$314M | -$297M |
| EPS (diluted) | -$2.26 | -$2.99 | -$3.24 | -$3.07 | -$3.38 | — |
| Free cash flow | -$84.5M | -$130M | -$191M | -$199M | -$285M | -$281M |
| Cash + short-term investments | $396M | $583M | $421M | $484M | $269M | — |
| Total debt | $0K | $28.6M | $44.8M | $46.4M | $83.3M | — |
Fiscal years end Mar. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 14.3x · FCF yield -18.54% · Earnings yield -19.63% · Net cash $111M · EV $1.40B

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 12 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-17 | Hill Emily Luisa | Chief Financial Officer | 9,256 | $132K | 4.1% | No | Too little history (no open-market trades in 2023) |
| 2026-08-10 | Patel Sushil | Chief Executive Officer | 39,341 | $510K | 5.3% | No | Routine (sold in May each year 2023–2025; this trade is outside those months) |
| 2026-08-10 | Hill Emily Luisa | Chief Financial Officer | 11,448 | $148K | 4.8% | No | Too little history (no open-market trades in 2023) |
| 2026-08-10 | Xynos Konstantinos | Chief Medical Officer | 11,447 | $148K | 4.9% | No | Routine (sold in May & Nov each year 2023–2025; this trade is outside those months) |
| 2026-08-10 | Schwendenman Andrew | Chief Accounting Officer | 7,632 | $99K | 7.1% | No | Too little history (no open-market trades in 2023) |
| 2026-06-01 | Sarchi Christopher | Chief Commercial Officer | 12,000 | $111K | 6.2% | Yes (adopted December 15, 2025) | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-05-18 | Xynos Konstantinos | Chief Medical Officer | 14,023 | $71K | 5.6% | No | Routine (sold in May & Nov each year 2023–2025) |
| 2026-05-18 | Schwendenman Andrew | Chief Accounting Officer | 7,894 | $40K | 6.9% | No | Too little history (no open-market trades in 2023) |
| 2026-05-18 | Sarchi Christopher | Chief Commercial Officer | 8,626 | $44K | 4.3% | No | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-05-18 | Astley-Sparke Philip | Director | 17,657 | $90K | 1.2% | No | Routine (sold in May each year 2023–2025) |
| 2026-05-18 | Patel Sushil | Chief Executive Officer | 37,324 | $190K | 4.8% | No | Routine (sold in May each year 2023–2025) |
| 2026-05-18 | Hill Emily Luisa | Chief Financial Officer | 7,812 | $40K | 3.2% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 8 analysts; mean target USD 19.5 (low 14, high 24).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-26 | JP Morgan | Target raised | Overweight | $20 → $21 |
| 2026-08-07 | JP Morgan | Target raised | Overweight | $17 → $20 |
| 2026-08-07 | Wedbush | Upgrade | Neutral → Outperform | $12 → $19 |
| 2026-08-04 | Leerink Partners | Upgrade | Market Perform → Outperform | $11 → $17 |
| 2026-07-31 | Wedbush | Target raised | Neutral | $9 → $12 |
| 2026-07-31 | Cantor Fitzgerald | Upgrade | Neutral → Overweight |  |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +57.3% | -45.6% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +57.5% | -11.4% |
| Volatility (annualized) | 180.2% | 122.5% |
| Max drawdown | -84.2% (Dec 2025→Apr 2026) | -93.7% (Nov 2021→Apr 2026) |

## Peers (Biotechnology)
ORKA (Oruka Therapeutics, Inc.) USD 95.97 +0.17% · LGND (Ligand Pharmaceuticals Incorpor) USD 318.78 +2.26% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.81 +1.58% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.9 +2.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.51 +0.92% · ABVX (Abivax SA) USD 89.84 +3.26%

## More
Full page: https://nexqual.com/REPL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in REPL's own 10-K filed 2026-06-29 (https://www.sec.gov/Archives/edgar/data/1737953/000162828026045886/repl-20260331.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Hercules Capital, Inc. (HTGC) | "On October 6, 2022 we and certain of our subsidiaries entered into a Loan and Security Agreement, or the Hercules Loan Agreement with Hercules Capital, Inc., or Hercules, in its capacity as administrative agent and colla…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $-0.76 | $-0.49 | −$0.27 | $6.7M | 2 |
| Next quarter (ends 2027-03-31) | $-0.74 | $-0.44 | −$0.30 | $19.7M | 2 |
| Current fiscal year (ends 2027-03-31) | $-3.01 | $-2.08 | −$0.92 | $28.9M | 2 |
| Next fiscal year (ends 2028-03-31) | $-1.82 | $-1.10 | −$0.72 | $172.6M | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-28): ±16.1%; last 8 reports averaged ±4.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 2 | 266.8% | ±16.1% |
| 2026-11-06 | 9 | 165.1% | ±20.9% |
| 2026-11-13 | 16 | 91.9% | ±15.5% |
| 2026-11-20 | 23 | 113.0% | ±22.8% |
| 2026-11-27 | 30 | 83.3% | ±19.2% |
| 2026-12-04 | 37 | 84.3% | ±21.5% |
| 2026-12-18 | 51 | 95.6% | ±28.5% |
| 2027-01-15 | 79 | 92.7% | ±34.3% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 14, 2026 | Quarter ended Jun 30, 2026 | −$0.72 | −$0.77 | Beat +6.5% | -3.7% |
| Jun 29, 2026 | Quarter ended Mar 31, 2026 | −$0.76 | −$0.72 | Miss −5.6% | -4.8% |
| Feb 3, 2026 | Quarter ended Dec 31, 2025 | −$0.77 | −$0.82 | Beat +6.1% | +0.4% |
| Nov 6, 2025 | — | — | — | — | -3.1% |
| Aug 7, 2025 | — | — | — | — | -3.8% |
| May 22, 2025 | — | — | — | — | -1.3% |
| Feb 12, 2025 | — | — | — | — | +11.2% |
| Nov 12, 2024 | — | — | — | — | -6.5% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-28 | 10-Q | Quarterly report · period ended Sep 30, 2026 | https://www.sec.gov/Archives/edgar/data/1737953/000162828026067722/0001628280-26-067722-index.htm |
| 2026-10-28 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1737953/000110465926119354/0001104659-26-119354-index.htm |
| 2026-09-16 | 8-K | Bylaws or fiscal-year change; Shareholder vote results | https://www.sec.gov/Archives/edgar/data/1737953/000110465926108243/0001104659-26-108243-index.htm |
| 2026-08-14 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1737953/000162828026057099/0001628280-26-057099-index.htm |
| 2026-08-14 | Schedule 13G/A | Ridgeback Capital Investments L.P., Ridgeback Capital Investments LLC: 8.7% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1737953/000110465926097040/0001104659-26-097040-index.htm |
| 2026-08-14 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1737953/000110465926096483/0001104659-26-096483-index.htm |
| 2026-08-11 | Schedule 13D/A | Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC: 11.8% of shares, 5%+ holder that may seek to influence the company (amended) — “Item 4 of Schedule 13D is supplemented and amended, as the case may be, as follows: The disclosures in Item 5 and Item 6 below are incorporated herein by reference. On August 9, 2026, Replimune Group, Inc. (the "Issuer") entered into an underwriting agreement (the "Underwriting…” | https://www.sec.gov/Archives/edgar/data/1737953/000110465926094196/0001104659-26-094196-index.htm |
| 2026-08-11 | 8-K/A | Other material event — “On August 9, 2026, the Company entered into an underwriting agreement (the "Underwriting Agreement") with Leerink Partners LLC, J.P. Morgan Securities LLC, and Cantor Fitzgerald & Co. (each, an "Underwriter" and, collectively, the "Underwriters"), relating to the issuance and sale of an aggregate of 9,701,490 shares of the Company's common stock (the "Shares") and pre-funded warrants to purchase 2,736,340 shares of the Company's common stock (the "Pre-Funded Warrants") to the Underwriters (the "Offering"). The…” | https://www.sec.gov/Archives/edgar/data/1737953/000110465926093512/0001104659-26-093512-index.htm |
| 2026-08-10 | Schedule 13G | THE GOLDMAN SACHS GROUP, INC., GOLDMAN SACHS & CO. LLC: 5.3% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1737953/000088698226000320/0000886982-26-000320-index.htm |
| 2026-08-10 | 8-K | Other material event — “On August 9, 2026, Replimune Group, Inc. (the "Company") entered into an underwriting agreement (the "Underwriting Agreement") with Leerink Partners LLC, J.P. Morgan Securities LLC, and Cantor Fitzgerald & Co. ("Cantor") (each, an "Underwriter" and, collectively, the "Underwriters"), relating to the issuance and sale of an aggregate of 9,701,490 shares of the Company's common stock (the "Shares") and pre-funded warrants to purchase 2,736,340 shares of the Company's common stock (the "Pre-Funded Warrants") to the…” | https://www.sec.gov/Archives/edgar/data/1737953/000110465926093042/0001104659-26-093042-index.htm |
| 2026-08-07 | Schedule 13G | STATE STREET CORPORATION: 5.3% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1737953/000009375126000533/0000093751-26-000533-index.htm |
| 2026-08-07 | 8-K | Other material event — “On August 6, 2026, Replimune Group, Inc. (the "Company") issued a press release announcing that the U.S. Food and Drug Administration has granted accelerated approval for TUDRIQEV TM (vusolimogene oderparepvec-wtpg), previously referred to as RP1, in combination with nivolumab for the treatment of adults with unresectable advanced cutaneous melanoma who experienced disease progression on an anti-PD-1 antibody-based regimen. Continued approval for this indication may be contingent upon verification and description…” | https://www.sec.gov/Archives/edgar/data/1737953/000110465926092246/0001104659-26-092246-index.htm |
| 2026-08-06 | Schedule 13G/A | Montanova Capital, LLC, Averill Master Fund, Ltd.: 7.9% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1737953/000091957426004843/0000919574-26-004843-index.htm |
| 2026-07-31 | 8-K | Other material event | https://www.sec.gov/Archives/edgar/data/1737953/000110465926088857/0001104659-26-088857-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.