REPLReplimune Group, Inc.
Biological Products, (no Diagnostic Substances)
- Revenue
- —
- Operating margin
- —
- EBITDA
- −$317M
- 23% YoY
- Market cap
- $1.7B
- Employees
- 500
- Net debt / EBITDA
- —
- −$263M net debt
- AI in 10-K
- 0.6
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo$6M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo99% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo0.6 per 10K words · 25th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.7B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$31M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Operating income | −$118M | −$177M | −$235M | −$262M | −$320M | 22% |
| Net income | −$118M | −$174M | −$216M | −$247M | −$314M | 27% |
| Operating cash flow | −$82M | −$128M | −$185M | −$192M | −$280M | 46% |
| Capex | $2M | $2M | $6M | $7M | $4M | 37% |
| Stock-based comp | $24M | $28M | $34M | $35M | $32M | 7.9% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 11, 2026 | BAKER BROS. ADVISORS LP | SCHEDULE 13D/A | 39.6% | Passive |
| Mar 7, 2025 | BAKER BROS. ADVISORS LP | SCHEDULE 13D | 14.3% | Passive |
| Dec 6, 2022 | Atlas Venture Fund X, L.P. | SC 13D/A | 4.9% | Passive |
| Sep 14, 2022 | Atlas Venture Fund X, L.P. | SC 13D/A | 4.4% | Passive |
| Sep 17, 2020 | Atlas Venture Fund X, L.P. | SC 13D/A | 6.3% | Passive |
| Jul 7, 2020 | Atlas Venture Fund X, L.P. | SC 13D/A | 7.4% | Passive |
| Jun 19, 2020 | Atlas Venture Fund X, L.P. | SC 13D/A | 8.6% | Passive |
| Nov 25, 2019 | Atlas Venture Fund X, L.P. | SC 13D | 13.9% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $2M · 17
- Net
- −$2M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $6M | $4M | 43 | — |
| FY2025 | $4M | $5M | 55 | — |
| FY2024 | $6M | $1M | 46 | — |