Summary of significant accounting policies	6 Months Ended
Sep. 30, 2026
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies Principles of consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company and its direct and indirect wholly owned subsidiaries, Replimune Limited (UK), Replimune, Inc. (US), Replimune Securities Corporation and Replimune (Ireland) Limited after elimination of all intercompany accounts and transactions. Use of estimates 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 condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed 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. Revenue The Company will recognize revenue from sales of a single product, TUDRIQEV in accordance with ASC Topic 606 - Revenue from Contracts with Customers. TUDRIQEV became available for commercial sale on October 1, 2026 and shipments to customers commenced in the third quarter of fiscal year 2027. The Company contracted with Cardinal Health as its 3rd Party Logistic (“3PL”) service provider to deliver TUDRIQEV to the end customer under Cardinal Health's Title Model services in the United States. Cardinal 3PL will provide services to the Company that include storage, distribution, returns, customer support, and financial and system access support. Under this model, the end customers will place purchase orders with the specialty distributors who take flash title (title and risk of loss) when the product is received by the end customer. Under the Exclusive Distribution Agreement between Replimune and Cardinal, the product will be warehoused in Cardinal’s 3PL facility where Replimune retains title and risk of loss. Title and risk of loss transfers from Replimune to Cardinal Title when Cardinal Title purchases the product from Cardinal 3PL. Under the title model, Cardinal will take legal title of the product when purchased from Cardinal 3PL on behalf of Replimune, allowing Replimune to leverage Cardinal Title’s licensing to distribute the product to the end customers, which is currently limited to the specialty distributors. The Company recognizes revenue when the specialty distributor has received the product and title and risk of loss has been transferred (i.e. when the specialty distributor has taken "flash" title and risk of loss of the product). Product revenue is recorded with each sale net of consideration payable to customers and variable consideration. The Company pays fees to the specialty distributors for certain administrative services associated with the distribution of the product. As these fees are not for a distinct good or service, they are a recorded as a reduction of revenue, as well as a deduction of accounts receivable. The variable consideration components include, but are not limited to, the right of return, chargebacks, rebates, Group Purchasing Organization ("GPO") administrative fees and co-pay assistance programs, which are collectively referred to as gross-to-net adjustments. In accordance with ASC 606, the Company must make judgments to determine the estimates for certain variable considerations. Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company will estimate the amount of variable consideration to include in the transaction price with respect to each of the components of variable consideration using the expected value method. Where appropriate, these estimates are based on factors such as industry and forecasted customer buying and payment patterns, our experience, current contractual and statutory requirements, and specific known market trends. Variable consideration is reassessed each reporting period, and adjustments are recorded on a cumulative catch-up basis, which affects product revenue and net income in the period of adjustment. The actual amounts of variable consideration ultimately received may differ from our estimates. If actual results in future periods vary from our estimates, we adjust these estimates accordingly. As we gain more experience, estimates will be more heavily based on the expected utilization from historical data we have accumulated since the TUDRIQEV product launch. Cost of sales Cost of sales will represent production costs including raw materials, employee-related expenses, including salaries, related benefits, travel and share-based compensation expense for employees engaged in commercial manufacturing functions, external manufacturing costs including outsourced professional expenses services, allocated facilities costs, depreciation and other expenses, and other costs incurred in bringing the inventory to the location and condition prior to sale. Cost of sales may also include costs related to excess or obsolete inventory adjustment charges. All costs associated with the production of TUDRIQEV prior to receiving regulatory approval were expensed in research and development expense, on the condensed consolidated statement of operations in the period incurred and therefore will not be reflected in cost of sales. Accounts Receivable, Net Accounts receivable will be recorded net of allowances for product returns, chargebacks, and credit losses. The Company will estimate an allowance for credit losses by considering factors such as credit quality, the age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay. In addition, the Company will estimate the chargebacks, rebates, GPO administrative fees and other discounts it will provide and will deduct these estimated amounts from its gross product revenues at the time revenues are recognized. The Company will estimate these reserves based upon a range of possible outcomes that are probability-weighted for the estimated volume mix subject to various chargebacks, rebates, GPO administrative fees, and other discounts that are either negotiated or required (i.e., government programs). These reserves will be recorded in the same period the revenue is recognized, resulting in a reduction of revenue and the establishment of a current liability, which will be presented in accrued expenses and other current liabilities or as a contra-asset in accounts receivable on the condensed consolidated balance sheet. Inventory, net The Company values its inventory at the lower of cost or net realizable value, with cost determined using weighted average method for different components of inventory. The Company reviews the recoverability of inventory at each reporting period to determine any changes to net realizable value arising from excess, slow-moving or obsolete inventory. If net realizable value is lower than cost, the inventory will be written down to net realizable value and an impairment charge will be recognized in cost of sales. The Company commences capitalization of inventory once regulatory approval is received. Until this date, the Company expenses all such costs as incurred as research and development expenses. The Company capitalizes material costs, labor and applicable overheads that are incurred in the production of its commercial product. Inventory that can be used for either clinical, research or commercial purposes is classified initially as inventory. Inventory that is subsequently used in clinical trials or research activities is expensed once it has been used for research and development purposes. On August 6, 2026 the Company received FDA accelerated approval for TUDRIQEV and commenced capitalization of inventory related to this approved product, from this date. Unaudited interim financial information The accompanying condensed consolidated balance sheet as of September 30, 2026, the condensed consolidated statements of operations, condensed consolidated statements of comprehensive loss and consolidated statements of stockholders’ equity for the three and six months ended September 30, 2026 and 2025 and the condensed consolidated statements of cash flows for the six months ended September 30, 2026 and 2025 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2026 and the results of its operations for the three and six months ended September 30, 2026 and 2025 and its cash flows for the six months ended September 30, 2026 and 2025. The financial data and other information disclosed in these consolidated notes related to the three and six months ended September 30, 2026 and 2025 are unaudited. The results for the three and six months ended September 30, 2026 are not necessarily indicative of results to be expected for the year ending March 31, 2027, any other interim periods or any future year or period. The financial information included herein should be read in conjunction with the financial statements and notes in the Company's Annual Report on Form 10-K for the year ended March 31, 2026, which was filed with the U.S. Securities and Exchange Commission, or the SEC, on June 29, 2026 (the "Annual Report"). The Company has included accounting policies for revenue recognition related to product sales, cost of sales, accounts receivable and inventory as a result of the launch of TUDRIQEV. During the three and six months ended September 30, 2026, there have been no other changes to the Company’s significant accounting policies as described in the Annual Report. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU-2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses. The ASU requires more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation, amortization, and depletion) included in certain expense captions presented on the face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-06, "Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40) Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06)", which is intended to simplify the capitalization guidance for internal-use software by removing references to project stages and clarifying when the capitalizing of eligible costs is required. The new guidance is effective for annual periods beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. ASU 2025-06 may be applied retrospectively or prospectively. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements and related disclosures.

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company and its direct and indirect wholly owned subsidiaries, Replimune Limited (UK), Replimune, Inc. (US), Replimune Securities Corporation and Replimune (Ireland) Limited after elimination of all intercompany accounts and transactions.

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 condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed 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.

The Company will recognize revenue from sales of a single product, TUDRIQEV in accordance with ASC Topic 606 - Revenue from Contracts with Customers. TUDRIQEV became available for commercial sale on October 1, 2026 and shipments to customers commenced in the third quarter of fiscal year 2027. The Company contracted with Cardinal Health as its 3rd Party Logistic (“3PL”) service provider to deliver TUDRIQEV to the end customer under Cardinal Health's Title Model services in the United States. Cardinal 3PL will provide services to the Company that include storage, distribution, returns, customer support, and financial and system access support. Under this model, the end customers will place purchase orders with the specialty distributors who take flash title (title and risk of loss) when the product is received by the end customer.

Under the Exclusive Distribution Agreement between Replimune and Cardinal, the product will be warehoused in Cardinal’s 3PL facility where Replimune retains title and risk of loss. Title and risk of loss transfers from Replimune to Cardinal Title when Cardinal Title purchases the product from Cardinal 3PL. Under the title model, Cardinal will take legal title of the product when purchased from Cardinal 3PL on behalf of Replimune, allowing Replimune to leverage Cardinal Title’s licensing to distribute the product to the end customers, which is currently limited to the specialty distributors. The Company recognizes revenue when the specialty distributor has received the product and title and risk of loss has been transferred (i.e. when the specialty distributor has taken "flash" title and risk of loss of the product).

Product revenue is recorded with each sale net of consideration payable to customers and variable consideration. The Company pays fees to the specialty distributors for certain administrative services associated with the distribution of the product. As these fees are not for a distinct good or service, they are a recorded as a reduction of revenue, as well as a deduction of accounts receivable. The variable consideration components include, but are not limited to, the right of return, chargebacks, rebates, Group Purchasing Organization ("GPO") administrative fees and co-pay assistance programs, which are collectively referred to as gross-to-net adjustments. In accordance with ASC 606, the Company must make judgments to determine the estimates for certain variable considerations. Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company will estimate the amount of variable consideration to include in the transaction price with respect to each of the components of variable consideration using the expected value method. Where appropriate, these estimates are based on factors such as industry and forecasted customer buying and payment patterns, our experience, current contractual and statutory requirements, and specific known market trends.

Variable consideration is reassessed each reporting period, and adjustments are recorded on a cumulative catch-up basis, which affects product revenue and net income in the period of adjustment. The actual amounts of variable consideration ultimately received may differ from our estimates. If actual results in future periods vary from our estimates, we adjust these estimates accordingly. As we gain more experience, estimates will be more heavily based on the expected utilization from historical data we have accumulated since the TUDRIQEV product launch.

Cost of sales will represent production costs including raw materials, employee-related expenses, including salaries, related benefits, travel and share-based compensation expense for employees engaged in commercial manufacturing functions, external manufacturing costs including outsourced professional expenses services, allocated facilities costs, depreciation and other expenses, and other costs incurred in bringing the inventory to the location and condition prior to sale. Cost of sales may also include costs related to excess or obsolete inventory adjustment charges. All costs associated with the production of TUDRIQEV prior to receiving regulatory approval were expensed in research and development expense, on the condensed consolidated statement of operations in the period incurred and therefore will not be reflected in cost of sales.

receivable balances, and current economic conditions that may affect a customer’s ability to pay. In addition, the Company will estimate the chargebacks, rebates, GPO administrative fees and other discounts it will provide and will deduct these estimated amounts from its gross product revenues at the time revenues are recognized. The Company will estimate these reserves based upon a range of possible outcomes that are probability-weighted for the estimated volume mix subject to various chargebacks, rebates, GPO administrative fees, and other discounts that are either negotiated or required (i.e., government programs). These reserves will be recorded in the same period the revenue is recognized, resulting in a reduction of revenue and the establishment of a current liability, which will be presented in accrued expenses and other current liabilities or as a contra-asset in accounts receivable on the condensed consolidated balance sheet.

The Company values its inventory at the lower of cost or net realizable value, with cost determined using weighted average method for different components of inventory. The Company reviews the recoverability of inventory at each reporting period to determine any changes to net realizable value arising from excess, slow-moving or obsolete inventory. If net realizable value is lower than cost, the inventory will be written down to net realizable value and an impairment charge will be recognized in cost of sales.

The Company commences capitalization of inventory once regulatory approval is received. Until this date, the Company expenses all such costs as incurred as research and development expenses. The Company capitalizes material costs, labor and applicable overheads that are incurred in the production of its commercial product. Inventory that can be used for either clinical, research or commercial purposes is classified initially as inventory. Inventory that is subsequently used in clinical trials or research activities is expensed once it has been used for research and development purposes.

The accompanying condensed consolidated balance sheet as of September 30, 2026, the condensed consolidated statements of operations, condensed consolidated statements of comprehensive loss and consolidated statements of stockholders’ equity for the three and six months ended September 30, 2026 and 2025 and the condensed consolidated statements of cash flows for the six months ended September 30, 2026 and 2025 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2026 and the results of its operations for the three and six months ended September 30, 2026 and 2025 and its cash flows for the six months ended September 30, 2026 and 2025. The financial data and other information disclosed in these consolidated notes related to the three and six months ended September 30, 2026 and 2025 are unaudited. The results for the three and six months ended September 30, 2026 are not necessarily indicative of results to be expected for the year ending March 31, 2027, any other interim periods or any future year or period. The financial information included herein should be read in conjunction with the financial statements and notes in the Company's Annual Report on Form 10-K for the year ended March 31, 2026, which was filed with the U.S. Securities and Exchange Commission, or the SEC, on June 29, 2026 (the "Annual Report").

The Company has included accounting policies for revenue recognition related to product sales, cost of sales, accounts receivable and inventory as a result of the launch of TUDRIQEV. During the three and six months ended September 30, 2026, there have been no other changes to the Company’s significant accounting policies as described in the Annual Report.

In November 2024, the FASB issued ASU-2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses. The ASU requires more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation, amortization, and depletion) included in certain expense captions presented on the face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, "Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40) Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06)", which is intended to simplify the capitalization guidance for internal-use software by removing references to project stages and clarifying when the capitalizing of eligible costs is required. The new guidance is effective for annual periods beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. ASU 2025-06 may be applied retrospectively or prospectively. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements and related disclosures.