Replimune Reports Fiscal Fourth Quarter and Year-Ended 2021 Financial Results and Provides Corporate Update Added complete response as an independent primary endpoint in registration-directed CERPASS study in CSCC and he

Replimune Reports Fiscal Fourth Quarter and

Year-Ended 2021 Financial Results and Provides Corporate Update

Added complete response as an independent primary

endpoint in registration-directed CERPASS study in CSCC and held Type B meeting with FDA to discuss the IGNYTE study in anti-PD1 failed

Dosed first patient with RP1 in the anti-PD1

failed NSCLC lung cancer cohort of the IGNYTE study

Data update on lead programs to be provided

during virtual investor event on June 3, 2021

Strengthened management team to prepare for

potential commercial launch and enable further later stage development

Ended fiscal year 2021 with approximately $476

million in Cash; Capitalized into second half of 2024

Woburn, MA, May 20, 2021

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

from its Immulytic platform, today announced financial results for the fiscal fourth quarter and year ended March 31, 2021 and

provided a business update.

"We have made good progress advancing our programs over the quarter

and look forward to providing a data update with RP1 and RP2 at our virtual investor event being held in June as we continue to enroll

into our registration-directed clinical trials in CSCC and anti-PD1 failed melanoma, with expected readouts in 2022," said Philip

Astley-Sparke, CEO of Replimune. "Our vision extends well beyond our initial lead skin cancer indications, with the broader aim

of becoming a cornerstone for immuno-oncology treatments across a wide spectrum of tumor types. With this in mind, and as we move closer

to market, we recently expanded our senior management team with two key hires with a considerable track record of success in bringing

multiple high profile programs to BLA approval and in overseeing the launch of new drugs in the immuno-oncology space."

Program Highlights and Upcoming Milestones

Financial Fiscal Quarter Four and Year End Highlights:

Based on the current

operating plan, Replimune believes that existing cash and cash equivalents and short-term investments will fund operating expenses and

capital expenditure requirements into the second half of 2024.

CERPASS is Replimune's registration-directed randomized, global

Phase 2 clinical study to compare the effects of Libtayo alone versus a combination of Libtayo and Replimune's investigational oncolytic

immunotherapy RP1. The clinical trial will enroll 180 patients with locally advanced or metastatic cutaneous squamous cell carcinoma (CSCC)

who are na ve to anti-PD1 therapy. The trial will evaluate complete response (CR) rate and overall response rate (ORR) as its two

primary efficacy endpoints as assessed by independent review, as well as duration of response, progression-free survival (PFS), and overall

survival (OS) as its secondary endpoints. The study is being run under a clinical trial collaboration agreement with Regeneron in which

the costs of the trial are shared and full commercial rights retained by Replimune. Libtayo is being jointly developed by Regeneron and

Libtayo is a registered trademark of Regeneron.

IGNYTE is Replimune's multi-cohort Phase 1/2 trial of RP1 plus

Opdivo . There are 4 tumor specific cohorts currently enrolling in this trial including a 125-patient extension cohort of RP1 combined

with Opdivo in anti-PD-1 failed cutaneous melanoma. This cohort was initiated after completing enrollment in a prior Phase 2 cohort in

the same trial of approximately 30 patients with melanoma. The additional thirty patient cohorts are studying RP1 in combination with

Opdivo in non-melanoma skin cancers which includes both na ve and anti-PD-1 failed CSCC, in microsatellite instability high, or MSI-H/dMMR

tumor types and anti-PD-1 failed non-small cell lung cancer, or NSCLC. This trial is being done under a collaboration and supply agreement

with Bristol Myer Squibb.

Opdivo is a registered trademark of Bristol-Myers Squibb Company.

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 the immune co-stimulatory pathway activating proteins

CD40L and 4-1BBL. RP2 and RP3 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 toxicity.

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 as well as in standalone indications. 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 design and advancement of our clinical trials, the sufficiency

of our clinical trial outcomes to support potential approval of any of our product candidates, 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 Operations

(Amounts in thousands, except

share and per share amounts)

Replimune Group, Inc.

Condensed Consolidated Balance Sheets

(Amounts In thousands, except share and per