{
  "@context": "https://frontierpicks.com/schemas/dossier.v1.json",
  "ticker": "REPL",
  "name": "Replimune Group, Inc.",
  "url": "https://frontierpicks.com/dossiers/REPL/",
  "json_url": "https://frontierpicks.com/dossiers/REPL.json",
  "status": "WATCHLIST",
  "current_conviction": "MEDIUM",
  "archetype": {
    "code": "a7",
    "n": 7
  },
  "current_thesis": "Replimune's melanoma drug TUDRIQEV, first delivered on 6 October 2026, gives the shares a modest edge over the S&P 500 as early prescribing builds. The fiscal third-quarter report, expected around February 2027, carries the first sales figure and shows whether uptake supports the price.",
  "invalidation_trigger": "A daily close below $14.00, which would give back most of the rally that followed the 2026-10-28 quarterly report. Fiscal third-quarter TUDRIQEV revenue showing that prescribing has stalled would also break the case.",
  "catalyst_date": null,
  "portfolio": null,
  "pick": null,
  "themes": [
    "oncology-immunology"
  ],
  "tags": [],
  "sources": [],
  "caveats": [],
  "source_links": [
    {
      "title": "Replimune Group (NASDAQ:REPL) Stock: Insider Joseph Slattery Sells 5,200 Shares",
      "url": "https://www.marketbeat.com/instant-alerts/insider-replimune-group-nasdaq-repl-stock-insider-joseph-slattery-sells-5200-shares-2026-11-10/",
      "date": "2026-11-10"
    },
    {
      "title": "Jim Cramer Recommends FedEx: ‘Very Nice Move Off The Bottom’",
      "url": "https://www.benzinga.com/trading-ideas/long-ideas/26/11/62856624/jim-cramer-recommends-fedex-very-nice-move-off-the-bottom",
      "date": null
    }
  ],
  "evidence": [
    {
      "claim": "FDA granted accelerated approval to TUDRIQEV (vusolimogene oderparepvec) plus nivolumab for advanced cutaneous melanoma that progressed on anti-PD-1 therapy.",
      "source": "AJMC report on FDA approval",
      "as_of": "2026-08-06"
    },
    {
      "claim": "In the 140-patient IGNYTE trial, the confirmed overall response rate was 32.9% and the median duration of response was 33.7 months.",
      "source": "AJMC report on FDA approval",
      "as_of": "2026-08-06"
    },
    {
      "claim": "Cash and cash equivalents were $307.8 million, after an August 2026 offering that raised about $141.0 million net.",
      "source": "Replimune fiscal Q2 2027 results release",
      "as_of": "2026-09-30"
    },
    {
      "claim": "TUDRIQEV product revenue was zero in the quarter; first patient delivery came on 2026-10-06, and more than 15 institutions were prescribing by the report date.",
      "source": "Replimune fiscal Q2 2027 results release, 2026-10-28",
      "as_of": "2026-10-28"
    },
    {
      "claim": "TUDRIQEV list price is $450,000 per course of therapy.",
      "source": "2026-10-28 earnings call",
      "as_of": "2026-10-28"
    },
    {
      "claim": "Leerink Partners maintained Outperform and raised its price target to $31 from $19.",
      "source": "Benzinga",
      "as_of": "2026-10-29"
    },
    {
      "claim": "JP Morgan raised its Replimune price target to $27 from $21.",
      "source": "fiscal.ai",
      "as_of": "2026-10-30"
    },
    {
      "claim": "Director Joseph Slattery sold 5,200 shares in the open market at $21.80 on 2026-11-09.",
      "source": "SEC Form 4 filed 2026-11-10",
      "as_of": "2026-11-09"
    }
  ],
  "view_changes": [],
  "frame": null,
  "filed_numbers": {
    "as_of": "2026-11-13",
    "sector": "Healthcare",
    "financials": {
      "status": "ok",
      "reason": null,
      "close_date": "2026-11-13",
      "latest_quarter": "2026-09-30",
      "figures": {
        "revenue": {
          "status": "not reported"
        },
        "gross_margin": {
          "status": "not reported"
        },
        "operating_margin": {
          "status": "not available"
        },
        "pretax_income": {
          "status": "ok",
          "end": "2026-03-31",
          "filed": "2026-06-29",
          "value_musd": -73.5
        },
        "net_income": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-10-28",
          "four_quarters_end": "2026-09-30",
          "value_musd": -57.1,
          "four_quarters_musd": -271
        },
        "operating_cash_flow": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-10-28",
          "first_end": "2025-12-31",
          "value_musd": -245.5
        },
        "capital_spending": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-10-28",
          "first_end": "2025-12-31",
          "value_musd": 0.2
        },
        "free_cash_flow": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-10-28",
          "first_end": "2025-12-31",
          "value_musd": -245.8
        },
        "diluted_share_change": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-10-28",
          "base_end": "2025-09-30",
          "pct": 14.4
        },
        "cash": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-10-28",
          "value_musd": 307.8
        },
        "debt": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-10-28",
          "value_musd": 99.8,
          "composition": "non-current long-term debt"
        },
        "net_cash": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-10-28",
          "value_musd": 208.1
        },
        "deferred_revenue": {
          "status": "not reported"
        },
        "backlog": {
          "status": "not reported"
        },
        "receivables": {
          "status": "not reported"
        },
        "inventory": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-10-28",
          "value_musd": 9.9
        },
        "equity": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-10-28",
          "value_musd": 204.8
        },
        "market_value": {
          "status": "ok",
          "close_date": "2026-11-13",
          "basis_end": "2026-10-23",
          "basis_filed": "2026-10-28",
          "value_musd": 2075.2
        },
        "enterprise_value": {
          "status": "ok",
          "close_date": "2026-11-13",
          "basis_end": "2026-10-23",
          "basis_filed": "2026-10-28",
          "value_musd": 1867.1
        },
        "ev_sales": {
          "status": "not available"
        },
        "ev_ebit": {
          "status": "not meaningful"
        },
        "pe": {
          "status": "not meaningful"
        },
        "pb": {
          "status": "ok",
          "close_date": "2026-11-13",
          "basis_end": "2026-10-23",
          "basis_filed": "2026-10-28",
          "multiple": 10.1
        },
        "fcf_yield": {
          "status": "ok",
          "close_date": "2026-11-13",
          "basis_end": "2026-10-23",
          "basis_filed": "2026-10-28",
          "pct": -11.8
        }
      }
    },
    "short_interest": {
      "status": "ok",
      "settlement": "2026-10-15",
      "published": "2026-10-26",
      "short_pct_of_outstanding": 24.44,
      "days_to_cover": 12.7,
      "change_pct": 0.2
    },
    "insiders": {
      "status": "ok",
      "as_of": "2026-11-15",
      "windows": [
        {
          "days": 90,
          "status": "ok",
          "from": "2026-08-18",
          "bought_usd": 0,
          "sold_usd": 521860,
          "bought_unpriced": 0,
          "sold_unpriced": 0
        },
        {
          "days": 365,
          "status": "ok",
          "from": "2025-11-16",
          "bought_usd": 0,
          "sold_usd": 2454922.72,
          "bought_unpriced": 0,
          "sold_unpriced": 0
        }
      ]
    }
  },
  "body_markdown": "## Current Thesis\nReplimune's melanoma drug TUDRIQEV, first delivered to a patient on 2026-10-06, gives the shares a modest edge over the S&P 500 while early prescribing builds. The fiscal third-quarter report, expected around February 2027, carries the first sales figure and settles whether uptake supports the price. The rating is Medium because the launch facts are early and positive, and no sales figure yet exists to confirm or contradict them.\n\nThe shares closed at $23.28 on 2026-11-10, the highest close of the past 52 weeks. They touched an intraday high of $23.54 on 2026-11-11, then closed at $21.78. The 3-month gain to 2026-11-11 is 43.4%. Every launch number still dates from the company's 2026-10-28 report.\n\nThe price already assumes a successful launch: MarketBeat put Replimune's market value at $2.21 billion on 2026-11-10, against zero product revenue in the quarter ended 2026-09-30.\n\n## Bull Case\n- **The approval cleared a long fight.** On 2026-08-06 the US Food and Drug Administration (FDA) granted accelerated approval to TUDRIQEV (vusolimogene oderparepvec) with nivolumab for advanced cutaneous melanoma that progressed on anti-PD-1 therapy, a class of immune drugs. It followed two complete response letters and a 10–3 advisory committee vote in favour on 2026-07-30 (AJMC).\n- **Trial responses lasted years.** In the 140-patient IGNYTE trial, 32.9% of patients had a confirmed response, with a median duration of response of 33.7 months (AJMC, 2026-08-06).\n- **Early launch accounts are opening.** On 2026-10-28 the company reported more than 15 prescribing institutions, three weeks after first delivery. It also reported contact with more than 70% of its initial 200 priority accounts and a category 2A listing in the National Comprehensive Cancer Network guidelines.\n- **Each course carries a high price.** The list price is $450,000 per course of therapy (2026-10-28 earnings call). The company holds more than a year of inventory made in its own facility.\n- **Costs fell as the launch began.** Operating expenses were $56.3 million in the quarter ended 2026-09-30, down from $84.3 million a year earlier (2026-10-28 results release). The loss of $0.54 per share beat a consensus estimate of a $0.77 loss (Benzinga).\n- **Two firms raised targets after the report.** Leerink Partners kept Outperform and raised its target to $31 from $19 on 2026-10-29 (Benzinga). JP Morgan raised its target to $27 from $21 on 2026-10-30 (fiscal.ai).\n\n## Bear Case\n- **There is no revenue yet.** Product revenue was zero in the quarter ended 2026-09-30, because first delivery came on 2026-10-06. The company gives no revenue guidance.\n- **The approval is conditional.** Keeping it depends on confirming clinical benefit in IGNYTE-3, a Phase 3 trial with overall survival as its primary goal. As of 2026-10-28 the trial was still enrolling, with no readout date given.\n- **The consensus target sits below the price.** MarketBeat counted one Strong Buy, six Buy, one Hold and two Sell ratings on 2026-11-10, with a consensus target of $14.33, below that day's $23.28 close.\n- **Growth has been funded by new shares and debt.** The weighted average share count was 105.2 million in the quarter ended 2026-09-30, against 91.9 million a year earlier. Replimune raised about $141.0 million net in August 2026 and drew $15.0 million from a fourth loan tranche in September 2026.\n- **The cash runway is stated narrowly.** Cash and equivalents were $307.8 million on 2026-09-30. The company describes its runway as greater than twelve months from the date of its financial statements, the minimum the going-concern test requires.\n- **Directors have sold into the rise.** Director Joseph Slattery sold 5,200 shares at $21.80 on 2026-11-09 (SEC Form 4 filed 2026-11-10). Director Kapil Dhingra exercised options on 43,169 shares at $1.75 and sold 21,500 shares at $19.00 on 2026-11-02 (SEC Form 4).\n\n## Setup & Price Structure\nThe shares closed at $21.78 on 2026-11-11, 7.5% below the intraday 52-week high of $23.54 set the same session. The highest close is $23.28 on 2026-11-10. MarketBeat reported volume of 3,017,307 shares that day against an average of 4,324,637, so the record close came on lighter-than-average trading.\n\nThe run sits far above its averages. As of 2026-11-11 the 50-day moving average of adjusted closes was $14.51 and the 200-day was $9.85. The 52-week closing low was $1.70 on 2026-04-13, the period after an FDA rejection.\n\nRecent closes mark the near-term range: $20.69 on 2026-11-04, $20.02 on 2026-11-05 and $21.62 on 2026-11-06. A close back under $20.02 would undo the November gains. A decline toward the 50-day average would give back most of the rally that followed the 2026-10-28 report.\n\n## Catalyst Calendar\n\n- **~2027-02-11 (est.):** Fiscal third-quarter 2027 report (quarter ending 2026-12-31). It will carry the first TUDRIQEV sales figure and an updated prescribing-institution count, showing whether uptake matches the rise in the shares since approval and the October launch.\n\n## What Would Change Our Mind\n\nA daily close below $14.00, which would give back most of the rally that followed the 2026-10-28 quarterly report. Fiscal third-quarter TUDRIQEV revenue showing that prescribing has stalled would also break the case.\n\nThe risks this note tracks, each with what would confirm it:\n\n- The launch ramps more slowly than the share price implies. Confirmed by: Small first-quarter TUDRIQEV revenue in the fiscal Q3 2027 report, or a prescribing-institution count that has barely grown from the more than 15 reported on 2026-10-28.\n- The confirmatory trial fails or slips, putting the accelerated approval at risk. Confirmed by: A disclosed IGNYTE-3 enrollment delay, an FDA action on the approval, or an overall survival result that misses its goal.\n- Further share issuance dilutes holders before sales cover costs. Confirmed by: A new equity offering, or a shorter runway statement, in the months after the August 2026 raise.\n- The shares give back gains after a fast, attention-driven run far above their moving averages. Confirmed by: Closes back under the $20.02 close of 2026-11-05 with no new negative company news, alongside further director sales on SEC Form 4.\n\n## Correlation Notes\nReplimune trades on its own launch news more than on its group. Its cancer-immunotherapy neighbours on this site are Xencor, Genmab, Delcath and Nanobiotix; none reported results that moved Replimune in the weeks after its 2026-10-28 report. MarketBeat listed Replimune's beta, a measure of how closely it has moved with the broad market, at 0.93 on 2026-11-10.\n\nInstitutions and hedge funds held 92.53% of the shares in MarketBeat's 2026-11-10 count, so trading by a few large holders can set the price. Jim Cramer called the stock speculative on 2026-11-04 (Benzinga). The shares set new highs after that comment, which shows how much attention, more than new company figures, has driven the November move.",
  "first_seen": "2026-11-10",
  "last_analyzed": "2026-11-12T17:00:16+00:00",
  "last_synthesized": "2026-11-12",
  "date_modified": "2026-11-12",
  "license": "Content © FrontierPicks. Cite the canonical URL."
}