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Replimune Group

REPL on Nasdaq. Replimune Group sells experimental virus-based cancer treatments to cancer patients. Market value $1.1bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to March 2026.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-25.2%low

For every $100 of what the whole company costs, it produced $-25.22 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to March 2026
-50.0%five-year median

Each dollar kept in the business earns -50 cents a year. Above 10 is good.

Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$13.25 a share, 783% above its 1-year low

Over the past year the price has ranged from $1.50 to $16.33.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.1
-0.1
-0.2
-0.2
-0.3
-0.3
2022202320242025202612 monthsto Jun '26
Revenue
n/an/an/an/an/a
Operating margin
n/an/an/an/an/a
Debt to equity
0.070.100.190.170.65
Shares outstanding
0.06bn0.06bn0.08bn0.08bn0.09bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Yes
  • Debt0.65× equity
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesNo, 66% more shares since 2022

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • A loss of $70 million, compared with a loss of $87 million a year ago.
  • Over the past 12 months it spent $281 million more cash than it brought in, compared with $228 million a year earlier.
  • 6% more shares than a year ago. Each share owns a bit less of the company.
  • It has $77 million more cash than debt, up from $25 million a year ago.
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$53m
December 2024-$66m
March 2025-$74m
June 2025-$87m
September 2025-$83m
December 2025-$71m
March 2026-$73m
June 2026-$70m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
29 June 2026
Next quarterly (estimated, 10-Q)
13 November 2026

Who owns it

1 long-term investor we follow owns it, down from 2 last quarter. 199 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

8 investors own more than 5%.

  • Baker Bros. Advisors LP
    Passive investor
    at least 11.8%−2.5 pts
    (filed with 3 related holders)
    Since 9 August 2026
    What they said

    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…

    Read the filing
  • RTW Investments, LP
    Passive investor
    at least 8.9%+0.7 pts
    (filed with 1 related holder)
    Since 31 March 2026
  • Ridgeback Capital Investments LLC
    Passive investor
    at least 8.7%+1.1 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • Montanova Capital, LLC
    Passive investor
    at least 7.9%+2.8 pts
    (filed with 2 related holders)
    Since 30 July 2026
  • at least 5.3%
    (filed with 1 related holder)
    Since 30 June 2026
  • STATE STREET CORPORATION
    Passive investor
    5.3%
    Since 30 June 2026
  • at least 4.7%−1.0 pts
    (filed with 2 related holders)
    Since 30 September 2025
  • Forbion Capital Fund III Cooperatief U.A.
    Passive investor
    at least 3.5%−2.6 pts
    (filed with 1 related holder)
    Since 31 December 2025
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 31 December 2024
  • Redmile Group, LLC
    Passive investor
    Sold down below 5%
    Since 30 September 2025
  • Sold down below 5%
    Since 30 April 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 7 sold $2m, $274,245 of it under preset trading plans.

  • Hill Emily Luisa
    Chief Financial Officer
    Sold
    Date
    17 August 2026
    Shares
    9,256
    Price
    $14.28
    Value
    $132,176
  • Patel Sushil
    Chief Executive Officer, Director
    Sold
    Date
    10 August 2026
    Shares
    39,341
    Price
    $12.97
    Value
    $510,253
  • Hill Emily Luisa
    Chief Financial Officer
    Sold
    Date
    10 August 2026
    Shares
    11,448
    Price
    $12.97
    Value
    $148,481
  • Xynos Konstantinos
    Chief Medical Officer
    Sold
    Date
    10 August 2026
    Shares
    11,447
    Price
    $12.97
    Value
    $148,468
  • Schwendenman Andrew
    Chief Accounting Officer
    Sold
    Date
    10 August 2026
    Shares
    7,632
    Price
    $12.97
    Value
    $98,987
  • Sarchi Christopher
    Chief Commercial Officer
    Sold
    under a preset trading plan
    Date
    1 June 2026
    Shares
    12,000
    Price
    $9.24
    Value
    $110,880
  • Xynos Konstantinos
    Chief Medical Officer
    Sold
    Date
    18 May 2026
    Shares
    14,023
    Price
    $5.08
    Value
    $71,237
  • Schwendenman Andrew
    Chief Accounting Officer
    Sold
    Date
    18 May 2026
    Shares
    7,894
    Price
    $5.08
    Value
    $40,102
  • Sarchi Christopher
    Chief Commercial Officer
    Sold
    Date
    18 May 2026
    Shares
    8,626
    Price
    $5.08
    Value
    $43,820
  • Astley-Sparke Philip
    Director
    Sold
    Date
    18 May 2026
    Shares
    17,657
    Price
    $5.08
    Value
    $89,698

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 29 Jun 2026, plus the 10-Q filed 14 Aug 2026 and 6 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.