Replimune — Fiscal Second Quarter 2027 Earnings Summary

Financial Performance:

• Net loss was $57.1 million for the fiscal second quarter ended September 30, 2026, compared to $83.1 million for the same period in 2025.
• Research and development expenses were $34.4 million for the quarter ended September 30, 2026, down from $57.9 million in the prior year period; this included $4.9 million in stock-based compensation.
• Selling, general, and administrative expenses were $21.9 million for the quarter ended September 30, 2026, compared to $26.4 million in the prior year period; this included $5.7 million in stock-based compensation.
• Cash and cash equivalents totaled $307.8 million as of September 30, 2026, an increase from $268.9 million in cash, cash equivalents, and short-term investments as of March 31, 2026.
• The cash balance increase was driven by approximately $141.0 million in net proceeds from a common stock and pre-funded warrant offering in August 2026, and $15.0 million in proceeds from the initial drawdown on tranche 4 of long-term debt in September 2026.
• Working capital increased to $278.5 million as of September 30, 2026, from $220.9 million as of March 31, 2026.
• Total assets were $373.9 million as of September 30, 2026, compared to $332.4 million as of March 31, 2026.
• Total stockholders' equity was $204.8 million as of September 30, 2026, compared to $166.2 million as of March 31, 2026.
• Net loss per common share was $0.54 for the quarter ended September 30, 2026, compared to $0.90 in the prior year period.
• Interest expense on debt obligations was $2.5 million for the quarter ended September 30, 2026, compared to $1.5 million in the prior year period.

Guidance and Future Outlook:

• The company expects existing cash and cash equivalents to fund operations for greater than twelve months from the issuance of the condensed consolidated financial statements.
• Funding will cover the commercialization of TUDRIQEV in advanced melanoma, working capital, and general corporate purposes.
• Continued approval for TUDRIQEV's accelerated indication may be contingent upon verification of clinical benefit in confirmatory trials.

Business Segments and Product Lines:

• TUDRIQEV (vusolimogene oderparepvec-wtpg) is commercially available in the United States for use in combination with nivolumab for the treatment of adults with advanced melanoma.
• More than 15 institutions have prescribed TUDRIQEV since its availability began on October 6, 2026.
• The company has more than a year of inventory on hand produced at its in-house manufacturing facility.
• The company has actively engaged with more than 70 percent of its initial 200 priority accounts to establish workflows and enable TUDRIQEV adoption.
• Leading melanoma institutions have rapidly placed TUDRIQEV on formulary.
• TUDRIQEV has been listed in the NCCN Clinical Practice Guidelines in Oncology as a category 2A recommendation.
• Multiple payer policies covering TUDRIQEV to label have been published.
• The IGNYTE-3 confirmatory Phase 3 trial assessing TUDRIQEV in combination with nivolumab versus physician's choice in patients with advanced melanoma who have progressed on anti-PD-1 and anti-CTLA-4 therapies is actively enrolling.
• The REVEAL Study, a registration-directed Phase 2/3 trial of RP2 in metastatic uveal melanoma, is actively enrolling.

Market and Competitive Landscape:

• Melanoma causes nearly 8,500 deaths in the U.S. annually, with limited treatment options for patients whose disease progresses after anti-PD-1 therapy.
• TUDRIQEV has a broad label allowing treatment immediately after progression on a PD-1-based therapy, with no requirement for prior BRAF treatment.
• TUDRIQEV can be injected into superficial, deep, and visceral lesions, including lung and liver, and patients can be retreated if clinically appropriate.

Risks and Challenges:

• Actual results could differ materially from forward-looking statements regarding clinical trials, regulatory approvals, and commercial viability.
• Risks include limited experience in commercializing products, the ability to verify clinical benefit in the IGNYTE-3 trial, meeting product manufacturing goals, and the timing of future regulatory approvals.
• Potential risks include competitive pressures, changes in laws and regulations, and the impact of political and global macro factors.
• Accidental exposure to TUDRIQEV poses risks to healthcare providers, caregivers, and close contacts.
• Serious adverse reactions reported include myocardial infarction, multiple organ dysfunction, and immune-mediated events such as colitis and hepatitis.

Management Commentary and Tone:

• CEO Sushil Patel stated that the response from physicians has been enthusiastic, with oncologists and interventional radiologists eager to adopt the therapy.
• Management highlighted the value of TUDRIQEV's broad label for treating patients immediately after progression on PD-1-based therapy.
• The company is focused on reaching as many patients as possible given the urgent need for treatment options.

Other Key Points:

• The company raised approximately $141.0 million through a common stock and pre-funded warrant offering in August 2026.
• The company drew down $15.0 million in long-term debt via tranche 4 in September 2026.
• TUDRIQEV is indicated for adult patients with unresectable advanced cutaneous melanoma who experienced disease progression with a PD-1-blocking antibody-based regimen.
• The indication is approved under accelerated approval based on objective response rate and duration of response.
• The company hosts a webcast for investors and media at 8:00 a.m. ET on the day of the announcement.