2023 Q2 Form 10-K Financial Statement

#000173795323000009 Filed on May 18, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $15.21M $15.04M $50.20M
YoY Change 33.45% 46.71% 29.47%
% of Gross Profit
Research & Development $40.44M $37.44M $126.5M
YoY Change 37.18% 76.43% 59.06%
% of Gross Profit
Depreciation & Amortization $621.0K $528.0K $2.400M
YoY Change 0.16% -3.83% 11.78%
% of Gross Profit
Operating Expenses $55.65M $53.00M $177.1M
YoY Change 36.14% 65.67% 49.67%
Operating Profit -$55.65M -$177.1M
YoY Change 36.14% 49.67%
Interest Expense $4.527M $4.307M $5.846M
YoY Change -2266.03% -1120.62% -418.93%
% of Operating Profit
Other Income/Expense, Net $6.294M -$263.0K $3.084M
YoY Change -557.08% -136.83% 1009.35%
Pretax Income -$49.35M -$48.95M -$174.0M
YoY Change 16.81% 54.44% 500.3%
Income Tax $200.0K $288.0K $300.0K
% Of Pretax Income
Net Earnings -$49.60M -$49.24M -$174.3M
YoY Change 17.26% 55.35% 47.71%
Net Earnings / Revenue
Basic Earnings Per Share -$0.75 -$2.99
Diluted Earnings Per Share -$0.75 -$0.75 -$2.99
COMMON SHARES
Basic Shares Outstanding 57.78M shares 56.65M shares 58.21M shares
Diluted Shares Outstanding 66.37M shares 58.21M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $539.1M $583.4M $583.4M
YoY Change 36.45% 47.45% 47.45%
Cash & Equivalents $106.5M $146.6M $146.6M
Short-Term Investments $432.6M $436.8M $436.8M
Other Short-Term Assets $7.895M $6.278M $6.278M
YoY Change 95.42% 19.19% 19.19%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $550.0M $592.6M $592.6M
YoY Change 36.84% 46.69% 46.69%
LONG-TERM ASSETS
Property, Plant & Equipment $7.616M $7.479M $52.35M
YoY Change -7.87% -5.72% -5.81%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.636M $1.636M $1.636M
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $53.85M $53.99M $53.99M
YoY Change -6.32% -5.64% -5.64%
TOTAL ASSETS
Total Short-Term Assets $550.0M $592.6M $592.6M
Total Long-Term Assets $53.85M $53.99M $53.99M
Total Assets $603.9M $646.6M $646.6M
YoY Change 31.44% 40.2% 40.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.883M $5.364M $5.364M
YoY Change 8.95% 43.73% 43.73%
Accrued Expenses $21.70M $22.83M $22.83M
YoY Change 77.86% 73.7% 73.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.658M $2.639M $2.639M
YoY Change 2.98% 3.01% 3.01%
Total Short-Term Liabilities $32.24M $33.83M $33.83M
YoY Change 58.72% 62.96% 62.96%
LONG-TERM LIABILITIES
Long-Term Debt $52.75M $28.65M $52.61M
YoY Change 116.98% 17.38% 115.57%
Other Long-Term Liabilities $578.0K $472.0K $4.861M
YoY Change -87.27% -90.17% 1.25%
Total Long-Term Liabilities $578.0K $29.12M $57.47M
YoY Change -98.0% -0.3% 96.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.24M $33.83M $33.83M
Total Long-Term Liabilities $578.0K $29.12M $57.47M
Total Liabilities $89.86M $91.30M $91.30M
YoY Change 82.78% 82.73% 82.73%
SHAREHOLDERS EQUITY
Retained Earnings -$535.0M -$485.5M
YoY Change 51.34% 56.01%
Common Stock $57.00K $57.00K
YoY Change 16.33% 21.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $514.0M $555.3M $555.3M
YoY Change
Total Liabilities & Shareholders Equity $603.9M $646.6M $646.6M
YoY Change 31.44% 40.2% 40.2%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2023
OPERATING ACTIVITIES
Net Income -$49.60M -$49.24M -$174.3M
YoY Change 17.26% 55.35% 47.71%
Depreciation, Depletion And Amortization $621.0K $528.0K $2.400M
YoY Change 0.16% -3.83% 11.78%
Cash From Operating Activities -$48.59M -$32.80M -$128.1M
YoY Change 45.23% 45.39% 55.82%
INVESTING ACTIVITIES
Capital Expenditures $449.0K $251.0K $2.270M
YoY Change -57.96% -121.79% -2.83%
Acquisitions
YoY Change
Other Investing Activities $7.810M -$22.50M -$140.2M
YoY Change 22.36% 608.92% -26558.87%
Cash From Investing Activities $7.361M -$22.75M -$142.5M
YoY Change 38.49% 425.94% 7790.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $149.9M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.105M -77.00K $311.3M
YoY Change -96.6% -121.45% 4618.14%
NET CHANGE
Cash From Operating Activities -$48.59M -32.80M -$128.1M
Cash From Investing Activities $7.361M -22.75M -$142.5M
Cash From Financing Activities $1.105M -77.00K $311.3M
Net Change In Cash -$40.11M -55.63M $40.64M
YoY Change -736.95% 109.72% -153.08%
FREE CASH FLOW
Cash From Operating Activities -$48.59M -$32.80M -$128.1M
Capital Expenditures $449.0K $251.0K $2.270M
Free Cash Flow -$49.04M -$33.05M -$130.3M
YoY Change 42.04% 54.39% 54.2%

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Nature of the business<div style="margin-top:8pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Replimune Group, Inc. (the “Company”) is a clinical-stage biotechnology company focused on the development of oncolytic immunotherapies to treat cancer. Replimune Group, Inc., whose predecessor was founded in 2015, is the parent company of its wholly owned, direct and indirect subsidiaries: Replimune Limited (“Replimune UK”); Replimune, Inc. (“Replimune US”); Replimune Securities Corporation; and Replimune (Ireland) Limited.</span></div><div style="margin-top:8pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance and reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.</span></div><div style="margin-top:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Basis of presentation</span></div><div style="margin-top:8pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company has incurred recurring losses since its inception, including net losses of $174.3 million and $118.0 million for the years ended March 31, 2023 and 2022, respectively. In addition, as of March 31, 2023, the Company had an accumulated deficit of $485.5 million. The Company expects to continue to generate operating losses for the foreseeable future. As of the issuance date of these consolidated financial statements, the Company expects that its cash and cash equivalents and short-term investments will be sufficient to fund its operating expenses and capital expenditure requirements through at least 12 months from the issuance of the consolidated financial statements.</span></div>
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<div style="margin-top:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of estimates</span></div><div style="margin-top:8pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual for research and development expenses and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances.</span></div>
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
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58213010 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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52212269 shares
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CY2022 us-gaap Lease Cost
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CY2023Q1 us-gaap Finance Lease Liability Payments Due After Year Five
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CY2023Q1 repl Operating And Finance Lease Liability Payments Due After Year Five
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q1 repl Operating And Finance Lease Liability Payments Due
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2028000 usd
CY2023Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
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22457000 usd
CY2023Q1 repl Operating And Finance Lease Liability Undiscounted Excess Amount
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CY2023Q1 us-gaap Operating Lease Liability
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