Replimune Reports Fiscal Second Quarter Financial Results and Provides Corporate Update RP1: Updated deep and durable response data with Opdivo in CSCC and anti-PD1 failed melanoma continue to support ongoing registratio

Replimune Reports Fiscal Second Quarter

Financial Results and Provides Corporate Update

RP1: Updated deep and durable response

data with Opdivo in CSCC and anti-PD1 failed melanoma continue to support ongoing registration-directed development

RP2: Single agent deep and durable responses

in heavily pre-treated patients with immune insensitive tumor-types demonstrates the potential of the platform to become the second

cornerstone of immune-based cancer treatments

RP3: Regulatory clearance to initiate

Phase 1 clinical development obtained

Raised gross proceeds of approximately

$287 million through October upsized public offering; strengthened balance sheet allows for additional clinical

trials, initial build of commercial infrastructure

Woburn, MA, November 5, 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 second quarter ended September 30, 2020 and provided a business update.

"In October, we released clinical data with our second

product candidate, RP2, demonstrating durable single agent responses in heavily pre-treated patients with immune insensitive tumor

types that provides validation of our platform," said Philip Astley-Sparke, CEO of Replimune. "We also presented updated

data for RP1 in combination with Opdivo in melanoma and non-melanoma skin cancers that continues to improve upon our recent June update

in terms of depth and durability of response, and supports our two registration-directed clinical programs in both cutaneous squamous

cell carcinoma and anti-PD1 failed melanoma. Following a successful follow-on offering in October, we are well-financed to advance

and expand our pipeline of product candidates and to fund the initial build of our commercial infrastructure with many exciting

milestones ahead. In particular, we look forward to initiating clinical development with RP3 as we seek to establish our products

more broadly beyond immune-responsive tumor types, as a cornerstone of immune-based cancer treatments."

Recent Events and Corporate Updates

The Company has been selected to participate in the SITC 2020

Virtual Press Conference being held on Monday, November 9, 2020 at 7:45 AM ET where the principal investigator will discuss the

Company's poster titled "An Open-label, multicenter, Phase 1/2 clinical trial of RP1, an enhanced potency oncolytic

HSV, combined with nivolumab: Updated results from the skin cancer cohorts".

Financial Highlights

company closed on an offering of common stock and pre-funded warrants raising approximately $287 million in gross proceeds and

received aggregate net proceeds of approximately $270 million after deducting underwriting discounts, commissions, and other offering

expenses. This includes the exercise in full by the underwriters of their option to purchase additional shares of common stock.

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 through the expression of a GALV-GP R- fusogenic

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

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 our expectations about the appointment of a new director, our expectation about the timing of the release of product from our

manufacturing facility 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 SEC. 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 Balance Sheets

(Amounts In thousands, except share

and per share amounts)