Replimune Reports Fiscal First Quarter Financial Results and Provides Corporate Update Clinical proof of principle established with RP1 in combination with Opdivo for the treatment of immune-responsive tumors supporting

Replimune Reports Fiscal First Quarter

Financial Results and Provides Corporate Update

Clinical proof of principle established

with RP1 in combination with Opdivo for the treatment of immune-responsive tumors supporting registration directed development

in CSCC and anti-PD1 refractory melanoma

Pipeline progressing; initial single

agent data with RP2 for less immune-responsive tumors expected to be presented in the fourth calendar quarter with RP3 expected

to enter the clinic by the year end

Management team strengthened with the

appointment of Andrea Pirzkall, M.D. as Chief Medical Officer

Raised gross proceeds of $115 million

through a public offering; strengthened balance sheet allows for additional studies and extension of cash runway

Woburn, MA, August 7,

2020 - Replimune Group, Inc. (NASDAQ: REPL), a biotechnology company developing oncolytic immuno-gene therapies

derived from its Immulytic platform, today announced financial results for the fiscal first quarter ended June 30,

2020 and provided a business update.

"In the past few months,

we have made important progress in demonstrating the power of our Immulytic platform to deliver meaningful new treatment options

for a range of cancers," said Philip Astley-Sparke, CEO of Replimune. "In June, we provided an interim update

from the Phase 2 portion of the Phase 1/2 clinical trial of RP1 in combination with Opdivo, establishing clinical proof of principle

for RP1 in immune-responsive tumor types, including in patients with anti-PD1 refractory disease. In particular, we believe the

data generated bode well for our registration directed programs already underway with RP1 in CSCC and anti-PD1 refractory melanoma.

Following a successful follow-on offering, Replimune is now well-financed to advance and expand our pipeline with many exciting

milestones ahead of us. We look forward to providing an initial data readout from RP2 later this year, as well as initiating clinical

development with RP3 as we seek to establish our products more broadly, beyond immune-responsive tumor types, as a cornerstone

of immuno-oncology."

Recent Events and Corporate Updates

Replimune is currently developing

three oncolytic immuno-gene therapies derived from its Immulytic platform. The Company's first clinical product candidate,

RP1, is a proprietary new strain of herpes simplex virus armed with a gene encoding a potent fusogenic protein (GALV-GP-R), intended

to enhance tumor killing potency, immunogenic cell death and the activation of systemic anti-tumor immune responses and a gene

encoding the cytokine GM-CSF. In addition to expressing GALV-GP-R and GM-CSF, the Company's second clinical candidate, RP2,

also expresses a genetically encoded anti-CTLA-4 antibody-like molecule intended to block the inhibition of the initiation of immune

response caused by CTLA-4. RP3 is a further armed oncolytic immuno-gene therapy which additionally expresses two immune co-stimulatory

activating ligands - CD40L and 4-1BBL - together with anti-CTLA-4 and GALV-GP-R. CD40L activates CD40, with the goal

of achieving broad activation of both innate and adaptive immunity, and 4-1BBL activates 4-1BB (CD137), intended to promote

the expansion of cellular and memory immune responses.

Financial Highlights

believes that the existing cash and cash equivalents and short-term investments, along with a limited use of debt, will enable

the Company to fund additional studies and the overall operating plan to mid-2023.

RP1 is Replimune's lead Immulytic product candidate

and is based on a proprietary new strain of herpes simplex virus engineered to maximize tumor killing potency, the immunogenicity

of tumor cell death and the activation of a systemic anti-tumor immune response.

RP2 and RP3 are derivatives of RP1 that express additional proteins.

RP2 expresses an anti-CTLA-4 antibody-like molecule and RP3 additionally expresses a pair of optimized immune co-stimulatory pathway

ligands. These therapeutics are intended to provide targeted and potent delivery to the sites of immune response initiation in

the tumor and draining lymph nodes, with the goal of focusing systemic immune-based efficacy on tumors and limiting off-target

Replimune Group, Inc., headquartered

in Woburn, MA, was founded in 2015 to develop the next generation of oncolytic immune-gene therapies for the treatment of cancer.

Replimune is developing novel, proprietary therapeutics intended to improve the direct cancer-killing effects of selective virus

replication and the potency of the immune response to the tumor antigens released. Replimune's Immulytic platform

is designed to maximize systemic immune activation, in particular to tumor neoantigens, through robust viral-mediated immunogenic

tumor cell killing and the delivery of optimal combinations of immune-activating proteins to the tumor and draining lymph nodes.

The approach is expected to be highly synergistic with immune checkpoint blockade and other approaches to cancer treatment across

a broad range of cancers. Replimune intends to progress these therapies rapidly through clinical development in combination with

other immuno-oncology products with complementary mechanisms of action. For more information, please visit www.replimune.com.

Forward Looking Statements

This press release contains forward looking statements within

the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act

of 1934, as amended, including statements regarding our expectations about our cash runway, the advancement of our clinical trials,

our plans to initiate new clinical trials, our goals to develop and commercialize our product candidates, patient enrollments in

our existing and planned clinical trials and the timing thereof, the potential impact of COVID-19 on our operations and milestones,

and other statements identified by words such as "could," "expects," "intends," "may,"

"plans," "potential," "should," "will," "would," or similar expressions

and the negatives of those terms. Forward-looking statements are not promises or guarantees of future performance, and are subject

to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially

from those contemplated in such forward-looking statements. These factors include risks related to our limited operating history,

our ability to generate positive clinical trial results for our product candidates, the costs and timing of operating our in-house

manufacturing facility, the timing and scope of regulatory approvals, changes in laws and regulations to which we are subject,

competitive pressures, our ability to identify additional product candidates, political and global macro factors including the

impact of the coronavirus as a global pandemic and related public health issues, and other risks as may be detailed from time to

time in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other reports we file with the Securities

and Exchange Commission. Our actual results could differ materially from the results described in or implied by such forward-looking

statements. Forward-looking statements speak only as of the date hereof, and, except as required by law, we undertake no obligation

to update or revise these forward-looking statements.

Westwicke, an ICR Company

Verge Scientific Communications

Replimune Group, Inc.

Condensed Consolidated Statements of

(Amounts in thousands,

except share and per share amounts)

Replimune Group, Inc.

Condensed Consolidated

(Amounts In thousands,

except share and per share amounts)