Replimune Reports Fiscal Fourth Quarter and Year Ended 2024 Financial Results and Provides Corporate Update Twelve-month primary analysis results by independent central review from the IGNYTE clinical trial of RP1 (vusol

Fiscal Fourth Quarter and Year Ended 2024 Financial Results and Provides Corporate Update

Woburn, MA, May 16, 2024

- Replimune Group, Inc. (Nasdaq: REPL), a clinical stage biotechnology company pioneering the development of a novel class

of oncolytic immunotherapies, today announced financial results for the fiscal fourth quarter and year ended March 31, 2024 and

provided a business update.

"We have exciting milestones in

the coming months, including sharing the investigator-assessed 12-month IGNYTE data at ASCO and then the official primary analysis by

independent central review later in the second quarter," said Sushil Patel, Ph.D., CEO of Replimune. "Importantly, the design

of our Phase 3 confirmatory IGNYTE-3 clinical trial has been agreed with the FDA, with patient enrollment planned to initiate in the

second half of the year prior to the submission of our BLA for RP1. We also completed a successful Type C meeting with the FDA to align

on our CMC plans ahead of the intended BLA. These are all critical steps as we plan for our next phase as a commercial stage company

and, pending FDA approval, prepare to bring our first oncolytic immunotherapy to patients with advanced skin cancer."

Program Highlights & Milestones

Financial Highlights

on the current operating plan, the Company believes that existing cash, cash equivalents and short-term investments, as of March 31,

2024 will enable the Company to fund operations into the second half of 2026.

RP1 (vusolimogene oderparepvec) is Replimune's

lead product candidate and is based on a proprietary strain of herpes simplex virus engineered and genetically armed with a fusogenic

protein (GALV-GP R-) and GM-CSF intended to maximize tumor killing potency, the immunogenicity of tumor cell death, and the activation

of a systemic anti-tumor immune response.

RP2 is based on a proprietary strain

of herpes simplex virus engineered and genetically armed with a fusogenic protein (GALV-GP R-) and GM-CSF to maximize tumor killing potency,

the immunogenicity of tumor cell death and the activation of a systemic anti-tumor immune response. RP2 additionally expresses an anti-CTLA-4

antibody-like molecule, as well as GALV-GP R- and GM-CSF. RP2 is intended to provide targeted and potent delivery of these proteins 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.

Group, Inc., headquartered in Woburn, MA, was founded in 2015 with the mission to transform cancer treatment by pioneering the development

of a novel portfolio of oncolytic immunotherapies. Replimune's proprietary RPx platform is based on a potent HSV-1 backbone intended

to maximize immunogenic cell death and the induction of a systemic anti-tumor immune response. The RPx platform is designed to have a

unique dual local and systemic activity consisting of direct selective virus-mediated killing of the tumor resulting in the release of

tumor derived antigens and altering of the tumor microenvironment to ignite a strong and durable systemic response. The RPx product candidates

are expected to be synergistic with most established and experimental cancer treatment modalities, leading to the versatility to be developed

alone or combined with a variety of other treatment options. 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 timing and 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, 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, the availability of combination therapies needed to conduct our clinical trials, 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 the Russian-Ukrainian

and Israel-Hamas political and military conflicts, 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.

Replimune Group, Inc.

Condensed Consolidated

Statements of Operations

(Amounts in thousands,

except share and per share amounts)

Replimune Group, Inc.

Condensed Consolidated

(Amounts In thousands,

except share and per share amounts)