Analogy 1: A biotech like Kite Pharma, but specializing in cancer-fighting viruses (oncolytic viruses) instead of CAR-T cell therapy.

Analogy 2: A company pioneering next-generation viral therapies to activate the immune system against cancer, similar to how Moderna developed its cutting-edge mRNA platform for vaccines.

• RP1: An oncolytic immunotherapy designed to treat a range of solid tumors by directly destroying cancer cells and stimulating an immune response.
• RP2: A second-generation oncolytic immunotherapy building on RP1's mechanism with enhanced immune-activating properties, aimed at treating various solid tumors.
• RP3: A third oncolytic immunotherapy candidate incorporating additional immune-stimulating transgenes to further enhance anti-tumor activity against solid tumors.

Replimune (REPL) is a clinical-stage biotechnology company focused on developing oncolytic immunotherapies. As such, it does not currently have commercialized products on the market and therefore does not have traditional "major customers" in the sense of selling products to hospitals, pharmacies, or individuals.

However, for a company at this stage, major collaborations and partnerships often serve a similar financial and strategic role as major customers. Replimune's most significant strategic partner, which provides revenue through collaboration agreements and potential milestone payments, is:

• Bristol Myers Squibb (Symbol: NYSE: BMY)

Sushil Patel, Ph.D., Chief Executive Officer and Director

Dr. Patel was appointed CEO of Replimune Group, Inc. on April 1, 2024, having previously served as Chief Commercial Officer since May 2021 and Chief Strategy Officer since January 2023. He brings over 20 years of experience in the biotech industry, encompassing pre- and post-launch commercialization strategy and execution in both U.S. and global markets. Dr. Patel has been involved in more than eight product launches across various roles in marketing, sales, and franchise management. Prior to joining Replimune, he served as the franchise head for lung, skin, and rare cancers at Genentech from April 2018 to May 2021, and held various positions of increasing responsibility at Genentech from 2002 to April 2018, including global launch lead for Tecentriq in lung cancer. He earned his Ph.D. in Molecular Biology from the University of London, an M.S. in Biotechnology from Imperial College London, and a B.S. in Microbiology and Microbial Technology from the University of Warwick.

Emily Hill, Chief Financial Officer

Ms. Hill was appointed Chief Financial Officer of Replimune Group, Inc. on September 19, 2023. She has over 15 years of experience in the biotechnology and life sciences industry, having held senior financial management and investor relations roles at several leading public biotechnology and pharmaceutical companies. Most recently, Ms. Hill served as CFO of PTC Therapeutics. Before PTC Therapeutics, she was Director of Investor Relations at Warner Chilcott until its acquisition by Actavis for approximately $8.5 billion. She also held the role of Senior Manager of Investor Relations at Genzyme Corporation. Ms. Hill holds an MBA with a concentration in Finance from Fordham University, a Masters of Science in Pharmacology from Tufts University School of Biomedical Research, and a BA from Hamilton College.

Philip Astley-Sparke, Executive Chairman

Mr. Astley-Sparke transitioned from CEO to Executive Chairman of Replimune's Board of Directors effective April 1, 2024. He co-founded Replimune in 2015. Prior to co-founding Replimune, he served as CEO of Biovex Inc., which developed IMLYGIC.

Robert Coffin, Ph.D., Founder and Chief Scientist

Dr. Coffin is a founder of Replimune, which was established in 2015. As of April 1, 2024, he transitioned from President and Chief Research & Development Officer to an advisory role as Founder and Chief Scientist, while continuing to serve on the Board of Directors. He is recognized as a pioneer in oncolytic viral therapy and cancer immunotherapy. Dr. Coffin founded Biovex Inc., where he invented and developed IMLYGIC, the first oncolytic immunotherapy to receive marketing approval. Biovex was acquired by Amgen in 2011.

Konstantinos Xynos, M.D., Ph.D., Chief Medical Officer

Dr. Xynos serves as the Chief Medical Officer at Replimune Group, Inc. His background includes extensive experience in oncology and clinical development within the pharmaceutical industry. He has held various leadership positions in clinical research and development at several global pharmaceutical companies, contributing to the advancement of oncology therapeutics.

Key Risks to Replimune (REPL)

• Regulatory Setbacks and Clinical Trial Failures: Replimune faces significant risk from the U.S. Food and Drug Administration's (FDA) rejection of its lead drug candidate, RP1, for advanced melanoma. The FDA issued a Complete Response Letter (CRL) citing critical flaws in the IGNYTE Phase I/II trial, including an inadequate design and heterogeneity in the patient population, which rendered the results uninterpretable. This rejection has led to substantial delays in RP1's market entry, potentially requiring additional clinical trials, and raises concerns about the regulatory pathway for other pipeline candidates utilizing similar technology or trial designs.
• Securities Class-Action Lawsuits and Reputational Damage: Following the FDA's rejection of RP1, Replimune is embroiled in multiple securities class-action lawsuits. These legal actions allege that the company and its executives misrepresented key risks associated with RP1 and overstated the likelihood of the IGNYTE trial's success, leading to significant investor losses. The litigation introduces further financial strain due to costs and potential settlements, and it can cause significant reputational damage.
• Financial Instability and Limited Resources: The 77% single-day stock price collapse triggered by the FDA's CRL, which erased approximately $1.2 billion in market capitalization, has severely impacted Replimune's financial stability. The company's cash reserves have decreased, and it has reported elevated research and development (R&D) and litigation expenses, contributing to increased net losses. Analysts have characterized the stock crash as an "existential threat," highlighting the company's limited financial resources to fund additional trials and ongoing operations.

The oncology and immunotherapy landscape is highly competitive and rapidly evolving. For Replimune (REPL), clear emerging threats include:

• Moderna and Merck's personalized mRNA cancer vaccine (mRNA-4157/V940) in combination with pembrolizumab (Keytruda): This novel therapeutic approach has demonstrated promising results in a Phase 2b study for advanced melanoma, a key target indication for Replimune's lead candidate, RP1. The combination showed a significant improvement in recurrence-free survival compared to pembrolizumab alone. With a Phase 3 study underway, if successful and approved, this personalized mRNA vaccine could represent a powerful new treatment option that directly competes for market share and shifts treatment paradigms within the melanoma patient population, potentially impacting the adoption and commercial potential of Replimune's RP1-based therapies.
• Iovance Biotherapeutics' Amtagvi (lifileucel): Amtagvi, a tumor-infiltrating lymphocyte (TIL) therapy, recently received accelerated approval from the FDA for the treatment of adult patients with unresectable or metastatic melanoma who have been previously treated with a PD-1 blocking antibody, and if BRAF V600 mutation positive, a BRAF inhibitor with or without a MEK inhibitor. This approval introduces a potent, one-time cellular immunotherapy option into the advanced melanoma treatment landscape. While Amtagvi's mechanism and administration differ significantly from Replimune's oncolytic virus approach, its proven efficacy in a challenging patient population within advanced melanoma creates a new standard of care and intensifies competition for patients, potentially impacting the commercial viability and market penetration of Replimune's pipeline in this critical indication.

RP1 (vusolimogene oderparepvec)

• Advanced Melanoma (post anti-PD1 failure): Approximately 13,000 patients annually in the U.S. progress on or after PD-1 treatment, with about 80% of these patients estimated to be eligible for treatment with RP1. The global metastatic melanoma drugs market size was valued at USD 4.94 billion in 2025 and is projected to reach USD 7.98 billion by 2030.
• Cutaneous Squamous Cell Carcinoma (CSCC): The market for cutaneous squamous cell carcinoma (7MM: U.S., EU4, U.K., and Japan) reached a value of USD 8.0 billion in 2024 and is anticipated to reach USD 14.4 billion by 2035. The global cutaneous squamous cell carcinoma treatment market size is estimated at USD 13.69 billion in 2024 and is projected to grow to approximately USD 27.54 billion by 2034. North America held the largest market share in the cutaneous squamous cell carcinoma treatment market in 2024.

RP2

• Metastatic Uveal Melanoma: The global uveal melanoma therapeutics market size was valued at US$ 1.35 billion in 2024 and is expected to reach US$ 1.98 billion by 2031. Another estimate places the global uveal melanoma treatment market at US$ 1.59 billion in 2024, projected to grow to US$ 3.22 billion by 2034. The Uveal Melanoma market across the 7MM (U.S., EU4, U.K., and Japan) reached USD 1,000 million in 2024 and is expected to reach USD 1,600 million by 2035.
• Hepatocellular Carcinoma (HCC): null
• Biliary Tract Cancer: null

RP3

• Colorectal Cancer (CRC) and Squamous Cell Carcinoma of the Head and Neck (SCCHN): null

1. Potential Approval and Commercialization of RP1 in Non-Melanoma Skin Cancers and Organ Transplant Patients: While the Biologics License Application (BLA) for RP1 in advanced melanoma received a Complete Response Letter from the FDA, Replimune is actively pursuing other skin cancer indications. The company has reported positive data for RP1 as monotherapy in cutaneous squamous cell carcinoma (CSCC) patients with organ transplants from its ARTACUS trial, and continues to evaluate RP1 in combination with nivolumab in other non-melanoma skin cancers, including Merkel cell carcinoma, basal cell carcinoma, angiosarcoma, and locally advanced CSCC. Successful regulatory outcomes and subsequent launches in these indications could drive initial revenue.
2. Advancement and Potential Approval of RP2 in Metastatic Uveal Melanoma: Replimune's RP2 is currently in a registration-directed Phase 2/3 REVEAL trial for metastatic uveal melanoma. A successful outcome in this trial and subsequent regulatory approval within the next 2-3 years would introduce a new product to the market and generate significant revenue for the company.
3. Progression of RP2 in Hepatocellular Carcinoma (HCC) through Strategic Collaboration: Replimune is also evaluating RP2 in a Phase 2 clinical trial combined with atezolizumab and bevacizumab for anti-PD1/PD-L1 progressed hepatocellular carcinoma (HCC), under a collaboration and supply agreement with Roche. Successful development and potential commercialization in this indication, supported by the partnership, could expand Replimune's market reach and contribute to revenue growth.
4. Development and Potential Commercialization of RP3 and other RPx Platform Candidates: Replimune's proprietary RPx platform is designed to develop novel oncolytic immunotherapies. Beyond RP1 and RP2, the company has RP3 in its pipeline, which is moving into Phase 2 development. The continued advancement and potential introduction of these next-generation candidates, possibly targeting new cancer types or offering enhanced efficacy, could provide diversified revenue streams in the future.

Share Issuance

• In December 2022, Replimune announced the pricing of a public offering expected to generate approximately $225 million in gross proceeds from the sale of common stock and pre-funded warrants.
• In June 2024, Replimune entered into a private investment in public equity (PIPE) agreement, expected to result in gross proceeds of approximately $100 million from the issuance of common stock and pre-funded warrants. The proceeds from this PIPE financing were intended to fully scale up for the commercialization of RP1 in skin cancers and for working capital and general corporate purposes.
• In November 2024, Replimune priced an upsized public offering, expecting approximately $140 million in gross proceeds from the sale of 6,923,000 shares of its common stock and 3,846,184 pre-funded warrants. The proceeds were to be used for the continued development of the RPx platform, including expanding RP1 studies and broadening RP2 clinical development plans, as well as for working capital and general corporate purposes.

Inbound Investments

• A private placement financing of approximately $100 million in June 2024 was led by a life-sciences focused institutional investor, with participation from Redmile Group, RTW Investments, Boxer Capital, and other institutional investors.
• Vanguard Group Inc increased its holdings in Replimune by acquiring an additional 129,601 shares at $12.11 per share on December 31, 2024, bringing its total to 3,595,848 shares.

Outbound Investments

• Replimune has made no investments or acquisitions.

Capital Expenditures

• Replimune's capital expenditure was $0.27 million in 2025, $5.20 million in 2024, $6.54 million in 2023, $2.39 million in 2022, and $2.34 million in 2021.
• The company's capital expenditure (LTM) was $0.45 million, representing a 93% decrease since 2019.
• Historically, the company's capital expenditures have been focused on fitting out and commissioning its manufacturing facility. The current operating plan includes scaling up for the potential commercialization of RP1 in skin cancers.