Replimune 10-Q: $307.8M Cash, Quarterly Loss Narrows to $57.1M, $15M Hercules Draw
REPL has more than doubled off its 52-week low of $1.5.
Summary
Cash stood at $307.8M at the end of September after the August raise and a $15M Hercules draw, and the quarterly net loss narrowed to $57.1M from $83.1M a year earlier. No TUDRIQEV revenue is in these results — the launch began October 1.
Key Events · Earnings and Guidance · REPL
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Cash Rises to $307.8M
Cash and cash equivalents reached $307.8M at September 30, 2026, up from $209.0M at March 31, 2026, after roughly $141.0M in net August offering proceeds and a $15.0M tranche 4 debt draw.
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Quarterly Loss Narrows to $57.1M
The net loss was $57.1M versus $83.1M a year earlier, as R&D fell to $34.4M from $57.9M and SG&A to $21.9M from $26.4M following the April 2026 restructuring.
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Hercules Tranche 4 Drawn
Under the September 29, 2026 Fourth Amendment, $15.0M was drawn at closing, with up to $15.0M more available by March 31, 2027; maturity was extended to October 1, 2029 after FDA approval.
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No Product Revenue Yet
Because TUDRIQEV became commercially available October 1, 2026, the quarter ended September 30 carries no product sales; inventory of $9.9M was capitalized after the August 6 approval.
Analysis · REPL · Life Sciences
The balance sheet is in its strongest shape yet, with $307.8M of cash at September 30 versus $209.0M six months earlier, after roughly $141.0M of net August offering proceeds and a $15.0M tranche 4 draw under the Hercules loan. That cushion matters because it keeps the going-concern doubt that hung over the prior 10-K resolved; management says cash funds operations for more than twelve months. The loss narrowed to $57.1M from $83.1M a year ago as R&D fell to $34.4M from $57.9M and SG&A to $21.9M from $26.4M, the residue of the April 2026 restructuring that cut the workforce about 55%. The offset is that no product revenue appears in these numbers — TUDRIQEV only became commercially available October 1, 2026 — so the first real read on launch uptake comes in the December quarter. Note also that the Hercules amendment adds a covenant test tied to trailing three-month product revenue, market capitalization above $1.2 billion, or unrestricted cash at 85% of the loan, which now hinges on the launch working.
How filings like this one have moved
In the 30 days to Oct 28, 2026, 30.5% of the 1494 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.03%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, REPL was trading at $12.99 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $1.2B. The 52-week trading range was $1.50 to $16.33. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.