Free cash flow deficits have intensified to $66.1M in 2026Q3, reflecting the heavy capital requirements of internalizing viral vector manufacturing.
| Cash from Operations | -280.34M | -192.25M | -185.47M | -128.05M | -82.18M | -61.39M | -60.55M | -25.38M | -16.01M | -7.08M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -45.82% | -3.66% | -44.84% | -55.82% | -33.87% | -1.38% | -138.6% | -58.47% | -126.28% | - |
| Net Income | -313.94M | -247.3M | -215.79M | -174.28M | -118.04M | -80.87M | -52.63M | -30.83M | -19.7M | -7.7M |
| Depreciation & Amortization | 4.1M | 3.5M | 2.65M | 2.45M | 2.15M | 1.71M | 533K | 148K | 109K | 122K |
| Stock-Based Compensation | 32.27M | 35.04M | 34.13M | 28.13M | 24.25M | 11.79M | 7.74M | 2.73M | 812K | 208K |
| Deferred Taxes | 0 | 0 | 0 | 38K | 0 | 0 | -945K | 3.74M | 849K | 0 |
| Other Non-Cash Items | 1.06M | -7.58M | -11.94M | 494K | 2.22M | 2.47M | 156K | 93K | 26K | 150K |
| Working Capital Changes | -3.84M | 24.08M | 5.48M | 15.12M | 7.24M | 3.51M | -15.41M | -1.25M | 1.89M | 147K |
| Change in Receivables | 451K | 1.3M | -1.92M | -61K | -247K | 325K | -628K | -255K | -767K | -1.21M |
| Change in Inventory | 0 | 0 | 0 | 61K | 247K | 0 | 628K | 255K | 0 | 0 |
| Change in Payables | -4.94M | 9.94M | -2.79M | 1.98M | 1.12M | -1.03M | -3.82M | 120K | 1.6M | 203K |
| Cash from Investing | 310.84M | -23.8M | 97.2M | -142.5M | -1.81M | -188.78M | -5.23M | -65.94M | -44.05M | -238K |
| Capital Expenditures | -4.22M | -6.69M | -5.66M | -2.27M | -2.34M | -2.39M | -6.54M | -2.6M | -136K | -238K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 140.23K | -530 | 0 | -1.31K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -140.23K | 530 | 0 | 1.31K | -63.34M | -43.91M | 0 |
| Cash from Financing | 66.29M | 252.4M | 16.28M | 311.3M | 6.6M | 372.46M | 100.17M | 101.39M | 54.75M | 15M |
| Debt Issued (Net) | 34.26M | -599K | 14.52M | 27.79M | -264K | -10.14M | 9.94M | 0 | 0 | 0 |
| Equity Issued (Net) | 32.03M | 155.73M | 1.76M | 187.29M | 6.86M | 286.11M | 61.88M | 103.34M | 54.75M | 15M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 97.27M | 0 | 96.22M | 0 | 96.5M | 28.34M | -1.95M | 0 | 0 |
| Net Change in Cash | 97.91M | 36.66M | -72.07M | 40.64M | -76.57M | 123.02M | 34.25M | 9.23M | -3.01M | 6.27M |
| Free Cash Flow | -284.57M | -198.94M | -191.13M | -130.32M | -84.52M | -63.78M | -67.09M | -27.98M | -16.15M | -7.32M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -43.04% | -4.09% | -46.66% | -54.2% | -32.51% | 4.93% | -139.8% | -73.24% | -120.78% | - |
| FCF per Share | -3.07 | -2.47 | -2.87 | -2.24 | -1.62 | -1.38 | -1.96 | -1.21 | -0.52 | -0.24 |
| FCF Conversion (FCF/Net Income) | 0.89x | 0.78x | 0.86x | 0.73x | 0.70x | 0.76x | 1.15x | 0.82x | 0.81x | 0.92x |
| Interest Paid | 4.69M | 4.2M | 3.04M | 0 | 0 | 636K | 0 | 0 | 0 | 0 |
| Taxes Paid | 5K | 105K | 300K | 0 | 55K | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding exhaustion
According to quarterly financial data, Replimune's operating cash flow consistently tracks net losses, with an OCF/NI ratio of 0.93 in 2026Q3, highlighting that the company's cash outflows are almost entirely driven by its ongoing, non-revenue-generating clinical development activities rather than operational efficiencies.
The tight correlation between net income and operating cash flow suggests that the company lacks significant non-cash accruals that would otherwise decouple these metrics. Investors should interpret this as a pure-play burn profile where every dollar of loss translates directly into a reduction of the company's finite cash reserves.
As reported in recent filings, the company's free cash flow trajectory has deteriorated significantly, moving from a $45.3M deficit in 2024Q2 to a $66.1M deficit by 2026Q3, indicating an intensifying cash requirement as the firm progresses through its late-stage clinical trial milestones.
The widening FCF gap suggests that the company's capital intensity is rising as it scales its internal manufacturing and clinical operations. This trend warrants close monitoring, as the current rate of cash consumption appears to be outpacing the company's ability to maintain a stable liquidity runway.
Based on historical cash flow statements, Replimune's capital expenditures reached $135.0K in 2026Q3, following a period of higher investment, which reflects the company's strategic decision to internalize manufacturing capabilities rather than relying on external CDMOs for its viral vector production.
While the lower recent CAPEX might suggest a transition from facility build-out to operational maintenance, the high fixed-cost nature of the Woburn facility remains a permanent drag on cash flow. This investment strategy appears to prioritize long-term control over short-term liquidity, which may prove risky if clinical timelines face further delays.
Financial statements reveal that stock-based compensation has become a recurring feature of the company's cash flow adjustments, with $7.0M recorded in 2026Q3, which effectively masks the true economic cost of talent retention required to sustain the firm's complex R&D and manufacturing operations.
By adding back these non-cash expenses, the company's reported operating cash flow may appear slightly more resilient than the underlying cash-based burn rate suggests. Investors should consider the dilutive impact of this compensation alongside the cash burn to fully understand the true cost of the company's human capital strategy.
Quick answers to the most common questions about buying REPL stock.
Replimune Group, Inc. (REPL) generated $-280.3M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Replimune Group, Inc. (REPL) reported negative free cash flow of $284.6M in 2026, indicating capital requirements exceeded cash from operations.
Replimune Group, Inc. (REPL) spent $4.2M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.