Replimune Group Reports $66.3 Million Net Loss for Q4 2024, Increases R&D Spending

Replimune Group, Inc. reported a net loss of $66.3 million for the three months ended December 31, 2024, compared to a net loss of $51.1 million for the same period in 2023. For the nine months ended December 31, 2024, the company recorded a net loss of $173.2 million, up from $160.7 million in the prior year. The increase in losses is attributed primarily to higher operating expenses, which rose to $66.0 million in the latest quarter from $56.5 million a year earlier, driven by increased research and development costs and selling, general, and administrative expenses.

Research and development expenses for the quarter were $48.0 million, an increase from $42.8 million in the previous year. The rise was largely due to increased personnel costs and other expenses associated with ongoing clinical trials, particularly for the RP1 program. Selling, general, and administrative expenses also increased to $18.0 million from $13.7 million, reflecting preparations for the potential commercialization of RP1. The company’s accumulated deficit reached $874.4 million as of December 31, 2024.

In terms of operational developments, Replimune is advancing its clinical trials for its lead product candidate, RP1, which is currently being evaluated in multiple studies, including the IGNYTE trial in combination with nivolumab. The company announced the submission of a biologics license application (BLA) for RP1 in November 2024, which has been accepted by the FDA for priority review. The company is also conducting a confirmatory study, the IGNYTE-3 trial, which is expected to enroll over 100 sites globally.

Replimune's financial position remains strong, with cash and cash equivalents totaling $536.5 million as of December 31, 2024. The company believes this will be sufficient to fund operations into the fourth quarter of 2026, supporting ongoing clinical trials and potential commercialization efforts. However, the company anticipates continued operating losses as it invests in the development of its product candidates.

Looking ahead, Replimune expects to continue incurring significant expenses related to its research and development activities. The company is focused on advancing its clinical programs and preparing for potential commercialization, while also navigating the complexities of regulatory approvals and market acceptance of its therapies. The future financial performance will depend on the successful development and commercialization of its product candidates, particularly RP1.