7Baggers

Replimune Group, Inc
(NASDAQ:REPL) 

REPL stock logo

Replimune Group, Inc., a biotechnology company, develops oncolytic immune-gene therapies to treat cancer. It uses its proprietary Immulytic platform to design and develop product candidates that are intended to activate the immune system against cancer. The company's lead product candidate is RP1, a...

Founded: 2015
Full Time Employees: 122
Sector: Healthcare
Industry: Biotechnology
Pharmaceuticals
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2019-12-31 2019-09-30 2019-06-30 2018-12-31 2018-09-30 2018-06-30 
                                  
      operating expenses:
    		                              
      research and development
    		52,324,000 53,140,000 57,877,000 57,843,000 53,975,000 48,004,000 43,448,000 42,972,000 42,579,000 42,847,000 49,101,000 40,437,000 37,954,000 30,261,000 28,834,000 29,478,000 21,736,000 19,353,000 19,902,000 18,554,000 16,225,000 14,322,000 14,050,000 12,157,000 11,948,000 8,168,000 7,457,000 7,857,000 4,962,000 3,936,000 
      selling, general and administrative
    		21,014,000 18,728,000 26,414,000 32,579,000 25,353,000 18,015,000 15,468,000 14,395,000 16,177,000 13,693,000 14,730,000 15,211,000 15,041,000 11,369,000 12,745,000 11,398,000               
      total operating expenses
    		73,338,000 71,868,000 84,291,000 90,422,000 79,328,000 66,019,000 58,916,000 57,367,000 58,756,000 56,540,000 63,831,000 55,648,000 52,995,000 41,630,000 41,579,000 40,876,000 31,988,000 29,698,000 29,247,000 27,381,000 22,184,000 20,275,000 19,663,000 17,833,000 16,664,000 12,242,000 10,907,000 10,137,000 7,104,000 5,879,000 
      income from operations
    		-73,338,000 -71,868,000 -84,291,000 -90,422,000 -79,328,000 -66,019,000 -58,916,000 -57,367,000 -58,756,000 -56,540,000 -63,831,000 -55,648,000 -52,995,000 -41,630,000 -41,579,000 -40,876,000 -31,988,000 -29,698,000 -29,247,000 -27,381,000 -22,184,000 -20,275,000 -19,663,000 -17,833,000       
      yoy
    		-7.55% 8.86% 43.07% 57.62% 35.01% 16.77% -7.70% 3.09% 10.87% 35.82% 53.52% 36.14% 65.67% 40.18% 42.17% 49.29% 44.19% 46.48% 48.74% 53.54%           
      qoq
    		2.05% -14.74% -6.78% 13.98% 20.16% 12.06% 2.70% -2.36% 3.92% -11.42% 14.70% 5.01% 27.30% 0.12% 1.72% 27.79% 7.71% 1.54% 6.81% 23.43% 9.42% 3.11% 10.26%        
      other income:
    		                              
      research and development incentives
    		466,000 341,000 377,000 420,000 551,000 376,000 408,000 438,000 669,000 415,000 443,000 393,000 882,000 607,000 574,000 851,000 924,000 733,000 725,000 788,000 816,000 550,000 755,000 686,000 951,000 620,000 621,000 1,577,000  438,000 
      investment income
    		2,369,000 2,846,000 3,696,000 4,714,000 5,877,000 5,137,000 5,394,000 4,711,000 5,434,000 5,686,000 6,049,000 6,186,000 5,876,000 2,675,000 1,112,000 343,000 131,000 87,000 80,000 92,000 95,000 116,000 178,000 527,000 550,000 567,000 687,000    
      interest expense on finance lease liability
    		-510,000 -514,000 -518,000 -521,000 -524,000 -528,000 -531,000 -534,000 -537,000 -540,000 -542,000 -544,000 -547,000 -548,000 -550,000 -552,000 -553,000 -555,000 -557,000 -558,000 -559,000 -560,000 -562,000 -561,000       
      interest expense on debt obligations
    		-2,367,000 -1,466,000 -1,488,000 -1,475,000 -1,461,000 -1,450,000 -1,438,000 -1,426,000 -1,414,000 -1,012,000 -955,000 -1,115,000 -1,022,000 -941,000       -1,000 -247,000 -286,000 -284,000       
      other income
    		-216,250 -580,000 -876,000 591,000 648,000 -3,281,000 2,028,000 406,000 -536,000 1,344,000 -1,409,000 1,374,000 -1,145,000 147,000 -2,659,000 -2,019,000 -210,000 -241,000 -356,000 -252,000 334,000 -454,000 -517,000 -28,000  111,000 91,000 5,000   
      total other income
    		-119,000 627,000 1,191,000 3,729,000 5,091,000 254,000 5,861,000 3,595,000 3,616,000 5,893,000 3,586,000 6,294,000 4,044,000 1,940,000 -1,523,000 -1,377,000 292,000 24,000 -108,000 70,000 685,000 -1,508,000 -432,000 340,000 475,000 1,103,000 1,399,000 2,464,000 643,000  
      income before income taxes
    		-73,457,000 -71,241,000   -74,237,000 -65,765,000 -53,055,000 -53,772,000 -55,140,000 -50,647,000 -60,245,000 -49,354,000                   
      income tax provision
    		-240,000 -311,000   -107,000 575,000   -65,000 473,000  201,000                   
      net income
    		-73,217,000 -70,930,000 -83,100,000 -86,693,000 -74,130,000 -66,340,000 -53,055,000 -53,772,000 -55,075,000 -51,120,000 -60,044,000 -49,555,000 -49,239,000 -39,690,000 -43,102,000 -42,253,000 -31,696,000 -29,674,000 -29,355,000          -6,461,000  
      yoy
    		-1.23% 6.92% 56.63% 61.22% 34.60% 29.77% -11.64% 8.51% 11.85% 28.80% 39.31% 17.28% 55.35% 33.75% 46.83%                
      qoq
    		3.22% -14.65% -4.14% 16.95% 11.74% 25.04% -1.33% -2.37% 7.74% -14.86% 21.17% 0.64% 24.06% -7.92% 2.01% 33.31% 6.81% 1.09%             
      net loss per common share, basic and diluted
    		-760 -770 -900 -950 -820 -790 -680 -780 -820 -770 -900 -750 -740 -690  -780 -600 -570 -560            
      weighted-average common shares outstanding, basic and diluted
    		92,803,711,000 92,187,581,000 91,915,769,000 91,516,199,000 80,564,147,000 83,498,892,000 78,570,135,000 69,185,885,000 66,569,894,000 66,645,691,000 66,582,280,000 66,367,702,000 58,213,010,000 57,857,132,000 54,770,291,000 54,211,446,000 52,212,269,000 52,319,877,000 52,081,325,000 51,910,331 46,248,969 49,382,213 44,015,786 39,862,319 34,877,944 31,675,323 31,661,430  24,574,239 4,981,227 
      income tax
    		          -201,000                    
      net income per common share, basic and diluted
    		              -790                
      general and administrative
    		                7,129,250 10,345,000 9,345,000 8,827,000 5,959,000 5,953,000 5,613,000 5,676,000 4,716,000 4,074,000 3,450,000 2,280,000 2,142,000 1,943,000 
      loss on extinguishment of debt
    		                     -913,000         
      net loss attributable to common stockholders
    		                   -27,311,000 -21,499,000 -21,783,000 -20,095,000 -17,493,000 -16,189,000 -11,139,000 -9,508,000  -6,461,000 -10,044,000 
      net income per share
    		                   -0.53 -0.41 -0.44 -0.46 -0.44 -0.46 -0.35 -0.3 -0.24 -0.26 -2.02 
      interest expense
    		                              
      change in fair value of warrant liability
    		                              
      interest income
    		                           882,000 664,000 227,000 
      net loss attributable to common shareholders
    		                           -7,673,000   
      weighted-average common shares outstanding—basic and diluted
    		                           31,577,313   
      other income (expense)
    		                            58,000 620,000 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2019-12-31 2019-09-30 2019-06-30 2018-12-31 2018-09-30 2018-06-30 
                                    
        assets
      		                              
        current assets:
      		                              
        cash and cash equivalents
      		209,024,000 122,951,000 102,298,000 97,373,000 111,119,000 172,245,000 113,494,000 151,658,000 74,457,000 97,672,000 75,996,000 106,481,000 146,590,000 206,667,000 88,930,000 112,245,000 105,948,000 132,275,000 159,969,000 192,528,000 182,518,000 324,475,000 43,326,000 104,797,000 63,002,000 53,298,000 38,364,000 21,052,000 23,282,000 12,910,000 
        short-term investments
      		59,865,000 146,186,000 221,346,000 305,967,000 372,685,000 364,294,000 318,565,000 317,466,000 346,211,000 368,679,000 420,765,000 432,619,000 436,796,000 409,707,000 282,890,000 282,837,000 289,707,000 287,897,000 275,802,000 265,803,000 293,784,000 168,797,000 201,320,000 156,962,000 117,877,000 56,581,000 82,435,000 120,751,000 124,612,000 39,119,000 
        research and development incentives receivable
      		1,619,000 2,955,000 1,806,000 1,843,000 3,725,000 3,066,000 2,049,000 4,933,000 4,922,000 4,295,000 2,900,000 3,047,000 2,939,000 1,996,000 2,589,000 2,825,000 3,055,000 2,210,000 2,887,000 2,968,000 2,953,000 2,121,000 3,081,000 2,951,000 4,775,000 2,337,000 2,410,000 1,843,000 2,221,000 2,251,000 
        prepaid expenses and other current assets
      		8,611,000 8,262,000 8,299,000 8,188,000 8,351,000 7,972,000 8,527,000 6,263,000 8,077,000 8,518,000 8,514,000 7,895,000 6,278,000 5,591,000 4,981,000 4,040,000 5,267,000 5,413,000 5,726,000 3,264,000 4,492,000 4,035,000 4,687,000 3,031,000 5,220,000 5,796,000 4,529,000 1,300,000 1,752,000 944,000 
        total current assets
      		279,119,000 280,354,000 333,749,000 413,371,000 495,880,000 547,577,000 442,635,000 480,320,000 433,667,000 479,164,000 508,175,000 550,042,000 592,603,000 623,961,000 379,390,000 401,947,000 403,977,000 427,795,000 444,384,000 464,563,000 483,747,000 499,428,000 252,414,000 267,741,000 190,874,000 118,012,000 127,738,000 144,946,000 151,867,000 55,224,000 
        property, plant and equipment
      		12,974,000 13,847,000 14,711,000 14,679,000 13,739,000 13,616,000 12,591,000 11,403,000 10,483,000 9,473,000 8,445,000 7,616,000 7,479,000 7,679,000 7,910,000 8,267,000 7,933,000 7,412,000 7,178,000 7,176,000 7,442,000 7,166,000 7,166,000 7,357,000 5,654,000 3,528,000 963,000  420,000 443,000 
        restricted cash
      		1,703,000 1,704,000 1,705,000 1,707,000 1,703,000 1,700,000 1,705,000 1,700,000 1,700,000 1,636,000 1,636,000 1,636,000 1,636,000 1,636,000 1,636,000 1,636,000 1,636,000 1,636,000 1,636,000 1,636,000 1,636,000 1,636,000 1,636,000 1,636,000 1,636,000 1,636,000 1,636,000 1,186,000 1,186,000 1,856,000 
        other non-current assets
      		2,942,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000                         
        right-of-use asset – operating leases
      		3,270,000                              
        right-of-use asset – finance leases
      		32,380,000                              
        total assets
      		332,388,000 333,590,000 389,450,000 469,507,000 551,328,000 603,628,000 498,202,000 534,965,000 487,722,000 532,930,000 562,398,000 603,891,000 646,591,000 678,550,000 436,095,000 459,427,000 461,192,000 485,282,000 503,464,000 523,724,000 543,098,000 559,198,000 314,244,000 329,583,000 250,423,000 151,438,000 143,541,000 152,187,000 153,816,000 59,293,000 
        liabilities and stockholders’ equity
      		                              
        current liabilities:
      		                              
        accounts payable
      		6,671,000 5,647,000 6,404,000 15,483,000 12,463,000 7,188,000 8,410,000 864,000 2,578,000 3,903,000 4,365,000 4,883,000 5,364,000 3,648,000 3,996,000 4,482,000 3,732,000 3,922,000 3,154,000 2,382,000 2,355,000 2,350,000 2,374,000 3,480,000 6,256,000 7,965,000 10,830,000 1,501,000 2,072,000 2,854,000 
        accrued expenses and other current liabilities
      		47,516,000 40,365,000 42,445,000 40,041,000 45,916,000 36,759,000 31,423,000 30,914,000 33,981,000 30,886,000 31,651,000 23,562,000 24,704,000 19,158,000 15,939,000 12,215,000 13,392,000 10,754,000 9,991,000 9,186,000 8,735,000 7,234,000 7,245,000 5,139,000 4,557,000 3,352,000 1,829,000 2,307,000 1,672,000 1,642,000 
        operating lease liabilities, current
      		1,158,000 1,213,000 1,210,000 1,220,000 1,184,000 1,164,000 1,199,000 1,164,000 1,161,000 1,163,000 1,138,000 1,139,000 1,118,000 1,039,000 1,002,000 1,036,000 1,070,000 1,072,000 967,000 975,000 970,000 965,000 896,000 830,000 1,011,000 631,000     
        finance lease liabilities, current
      		2,883,000                              
        total current liabilities
      		58,228,000 50,087,000 52,900,000 59,564,000 62,362,000 47,890,000 43,790,000 35,680,000 40,438,000 38,650,000 39,832,000 32,242,000 33,825,000 26,464,000 23,537,000 20,314,000 20,756,000 18,291,000 16,636,000 15,049,000 14,547,000 13,018,000 12,965,000 11,878,000 14,217,000 11,982,000 13,053,000 3,808,000 3,744,000 4,496,000 
        operating lease liabilities, non-current
      		2,328,000 2,514,000 2,723,000 2,953,000 3,076,000 3,225,000 3,502,000 3,600,000 3,771,000 3,955,000 4,052,000 4,295,000 4,389,000 4,265,000 4,280,000 4,541,000 4,801,000 4,981,000 4,822,000 4,978,000 5,078,000 5,170,000 5,177,000 5,210,000 3,886,000 4,384,000     
        finance lease liabilities, non-current
      		21,909,000                              
        long term debt, net of discount
      		83,308,000 47,628,000 47,206,000 46,792,000 46,377,000 45,960,000 45,572,000 45,192,000 44,809,000 44,434,000 29,161,000 28,905,000 28,648,000 28,390,000                 
        other liabilities, non-current
      		455,000 693,000 941,000 941,000 941,000 1,266,000 786,000 786,000 786,000 793,000 472,000 578,000 472,000                  
        total liabilities
      		166,228,000 123,051,000 126,114,000 132,792,000 135,485,000 121,254,000 116,743,000 108,514,000 113,214,000 111,393,000 97,226,000 89,862,000 91,299,000 83,205,000 52,023,000 49,165,000 49,963,000 47,773,000 46,052,000 44,700,000 44,370,000 43,003,000 52,854,000  52,858,000 30,797,000 13,389,000 8,948,000 3,780,000 11,631,000 
        commitments and contingencies
      		                              
        stockholders’ equity:
      		                              
        common stock, 0.001 par value...
      		82,000 79,000 78,000 78,000 77,000 77,000 68,000 68,000 61,000 61,000 59,000 57,000 57,000 57,000 50,000 49,000 47,000 47,000 47,000 47,000 47,000 46,000 40,000  37,000 32,000 32,000 32,000 32,000 5,000 
        additional paid-in capital
      		1,423,194,000 1,394,198,000 1,376,507,000 1,367,668,000 1,358,897,000 1,350,587,000 1,185,866,000 1,177,113,000 1,070,874,000 1,062,949,000 1,054,712,000 1,045,049,000 1,034,994,000 1,027,798,000 777,650,000 763,150,000 723,359,000 717,151,000 707,190,000 699,666,000 692,243,000 687,934,000 411,847,000  295,084,000 202,359,000 200,473,000 197,697,000 196,664,000 1,322,000 
        accumulated deficit
      		-1,262,519,000 -1,189,302,000 -1,118,372,000 -1,035,272,000 -948,579,000 -874,449,000 -808,109,000 -755,054,000 -701,282,000 -646,207,000 -595,087,000 -535,043,000 -485,488,000 -436,249,000 -396,559,000 -353,457,000 -311,204,000 -279,508,000 -249,834,000 -220,479,000 -193,168,000 -171,669,000 -149,886,000        
        accumulated other comprehensive income
      		5,403,000 5,564,000 5,123,000 4,241,000 5,448,000 6,159,000 3,634,000 4,324,000 4,855,000 4,734,000 5,488,000 3,966,000 5,729,000 3,739,000 2,931,000 520,000               
        total stockholders’ equity
      		166,160,000    415,843,000    374,508,000    555,292,000    411,229,000    498,728,000    197,565,000 120,641,000 130,152,000 143,239,000 150,036,000  
        total liabilities and stockholders’ equity
      		332,388,000    551,328,000    487,722,000    646,591,000    461,192,000    543,098,000    250,423,000 151,438,000 143,541,000    
        right-of-use asset - operating leases
      		 3,498,000 3,692,000 3,918,000                           
        right-of-use asset - financing leases
      		 32,987,000 33,594,000 34,201,000                           
        liabilities and stockholders' equity
      		                              
        financing lease liabilities, current
      		 2,862,000 2,841,000 2,820,000 2,799,000 2,779,000 2,758,000 2,738,000 2,718,000 2,698,000 2,678,000 2,658,000 2,639,000 2,619,000 2,600,000 2,581,000 2,562,000 2,543,000 2,524,000 2,506,000 2,487,000 2,469,000 2,450,000 2,429,000 2,393,000 34,000     
        financing lease liabilities, non-current
      		 22,129,000 22,344,000 22,542,000 22,729,000 22,913,000 23,093,000 23,256,000 23,410,000 23,561,000 23,709,000 23,842,000 23,965,000 24,086,000 24,206,000 24,310,000 24,406,000 24,501,000 24,594,000 24,673,000 24,745,000 24,815,000 24,885,000  25,016,000 4,772,000     
        stockholders' equity
      		                              
        total stockholders' equity
      		 210,539,000 263,336,000 336,715,000  482,374,000 381,459,000 426,451,000  421,537,000 465,172,000 514,029,000  595,345,000 384,072,000 410,262,000  437,509,000 457,412,000 479,024,000  516,195,000 261,390,000        
        total liabilities and stockholders' equity
      		 333,590,000 389,450,000 469,507,000  603,628,000 498,202,000 534,965,000  532,930,000 562,398,000 603,891,000  678,550,000 436,095,000 459,427,000  485,282,000 503,464,000 523,724,000  559,198,000 314,244,000        
        research and development incentives receivable, non-current
      		  799,000 431,000   832,000 438,000   809,000 402,000   1,296,000 821,000   1,467,000 781,000           
        right-to-use asset – operating leases
      		    3,998,000    4,635,000    5,208,000    5,552,000    5,751,000          
        right-to-use asset – financing leases
      		    34,808,000    37,237,000    39,665,000    42,094,000    44,522,000          
        right-to-use asset - operating leases
      		     4,120,000 4,417,000 4,475,000  4,813,000 4,882,000 5,137,000  5,002,000 4,984,000 5,269,000  5,738,000 5,491,000 5,653,000  5,839,000 5,830,000 5,852,000 4,731,000 4,873,000     
        right-to-use asset - financing leases
      		     35,415,000 36,022,000 36,629,000  37,844,000 38,451,000 39,058,000  40,272,000 40,879,000 41,487,000  42,701,000 43,308,000 43,915,000  45,129,000 45,736,000 46,318,000 47,528,000 7,105,000     
        accumulated other comprehensive loss
      		                -973,000 -181,000 9,000 -210,000 -394,000 -116,000 -611,000        
        long term debt, net of debt discount
      		                      9,827,000 9,764,000 9,739,000 9,659,000     
        stockholders’ equity
      		                              
        research and development incentives receivable - long term
      		                      1,462,000 679,000  1,212,000 613,000  343,000 426,000 
        deferred rent, net of current portion
      		                           168,000 36,000 43,000 
        financing obligation
      		                              
        long term prepaid rent
      		                         15,072,000 11,901,000    
        right-to-use asset
      		                          690,000    
        lease liabilities, current
      		                          394,000    
        lease liabilities, non-current
      		                          336,000    
        property and equipment
      		                           6,055,000   
        liabilities, convertible preferred stock and stockholders’ equity
      		                              
        warrant liability
      		                             7,092,000 
        lease liabilities
      		                           4,972,000   
        convertible preferred stock (series seed, a and b), 0.001 par value...
      		                             86,361,000 
        total liabilities, convertible preferred stock and stockholders’ equity
      		                           152,187,000 153,816,000  
        deferred offering costs
      		                             1,344,000 
        liabilities, convertible preferred stock and stockholders’ deficit
      		                              
        stockholders’deficit:
      		                              
        total stockholders’ deficit
      		                              
        total liabilities, convertible preferred stock and stockholders’ deficit
      		                             59,293,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2019-12-31 2019-09-30 2019-06-30 2018-12-31 2018-09-30 2018-06-30 
                                      
          cash flows from operating activities:
        		                              
          net loss
        		-73,217,000 -70,930,000 -83,100,000 -86,693,000 -74,130,000 -66,340,000 -53,055,000 -53,772,000 -55,075,000 -51,120,000 -60,044,000 -49,555,000 -49,239,000   -42,253,000 -31,696,000 -29,674,000 -29,355,000 -27,311,000 -21,499,000 -21,783,000 -20,095,000 -17,493,000 -16,189,000 -11,139,000 -9,508,000 -7,673,000 -6,461,000 -10,044,000 
          adjustments to reconcile net loss to net cash from operating activities:
        		                              
          stock-based compensation expense
        		8,125,000 7,047,000 8,338,000 8,762,000 8,280,000 8,639,000 8,650,000 9,475,000 7,924,000 8,240,000 9,115,000 8,846,000 6,922,000 7,023,000 6,992,000 7,194,000 5,773,000 5,918,000 6,313,000 6,250,000 3,472,000 3,049,000 2,801,000 2,468,000 2,344,000 1,781,000 1,810,000 880,000 718,000 225,000 
          depreciation and amortization
        		769,000 848,000 842,000 873,000 848,000 993,000 925,000 736,000         549,000 548,000 532,000 518,000 494,000 401,000 425,000 391,000 107,000 42,000 42,000 37,000 36,000 33,000 
          operating lease, right-of-use-asset amortization
        		201,000 194,000 191,000 185,000                           
          finance lease, right-of-use-asset amortization
        		607,000 607,000 607,000 607,000                           
          net amortization of premiums and discounts on short-term investments
        		-313,000 -134,000 -759,000 -1,339,000 -1,939,000 -1,793,000 -2,427,000 -2,788,000 -2,811,000 -3,056,000 -2,368,000 -4,091,000 -3,856,000 -1,621,000 -404,000 243,000 428,000 508,000 626,000 658,000 535,000 432,000 318,000 91,000       
          impairment on property, plant and equipment
        		                              
          noncash interest expense
        		679,000 425,000 414,000 415,000 418,000 392,000 375,000 383,000 375,000 273,000 256,000 257,000 259,000        0 55,000 63,000 63,000 80,000      
          unrealized foreign currency transaction gains
        		                              
          changes in operating assets and liabilities:
        		                              
          research and development incentives receivable
        		-464,000 -349,000 -367,000 1,631,000 -561,000 -377,000 2,678,000 -437,000 -667,000 -414,000 -442,000 -393,000 -873,000 2,229,000 -567,000 -850,000 -947,000 2,213,000 -725,000 -788,000 -753,000 2,516,000 -754,000 -684,000       
          prepaid expenses and other current assets
        		-362,000 36,000 -140,000 234,000 -351,000 506,000 -2,224,000 1,817,000 433,000 32,000 -666,000 -1,577,000 -663,000 -555,000 -999,000 1,158,000 119,000 318,000 -2,480,000 1,228,000 -469,000 694,000 -1,631,000 -301,000       
          other non-current assets
        		    0                          
          accounts payable
        		956,000 -730,000 -8,930,000 3,765,000 5,241,000 -1,149,000 7,464,000 -1,615,000 -1,289,000 -476,000 -213,000 -816,000 1,624,000 -341,000 -197,000 895,000 -75,000 443,000 684,000 66,000 -13,000 180,000 -974,000 -224,000   3,764,000    
          accrued expenses and other current liabilities
        		6,863,000 -1,913,000 2,770,000 -5,536,000 9,242,000 5,256,000 405,000 -3,160,000 3,111,000 -854,000 8,192,000 -1,215,000 5,751,000 2,846,000 3,846,000 -1,067,000 2,678,000 754,000 837,000 456,000 1,494,000 -104,000 2,034,000 -11,000 1,112,000      
          operating lease liabilities
        		-213,000 -207,000 -203,000 -195,000 -187,000 -183,000 -179,000 -171,000 -187,000 -143,000 -137,000 -153,000 153,000 -134,000 -129,000 -128,000 -121,000 263,000 -109,000 -106,000 -103,000 -55,000 -50,000 -132,000       
          other non-current liabilities
        		97,000 -268,000 0 -316,000 -325,000    -6,000   107,000                   
          net cash from operating activities
        		-56,161,000 -65,955,000 -81,212,000 -77,016,000 -53,731,000 -50,713,000 -38,639,000 -49,167,000 -46,166,000 -47,123,000 -43,590,000 -48,588,000 -32,796,000 -28,589,000 -33,210,000 -33,455,000 -22,557,000 -18,348,000 -22,961,000 -18,314,000 -16,128,000 -12,992,000 -17,179,000 -15,090,000       
          capital expenditures
        		-5,000 0 -1,811,000 -2,095,000 -1,134,000 -1,611,000 -2,051,000 -1,582,000 -26,000 -1,730,000 -274,000 -37,000 -167,000 -632,000 -618,000 -750,000 -1,228,000 -151,000 -290,000 -252,000 -771,000 -595,000 -60,000 -868,000       
          free cash flows
        		-56,166,000 -65,955,000 -83,023,000 -79,111,000 -54,865,000 -52,324,000 -40,690,000 -50,749,000 -46,192,000 -48,853,000 -43,864,000 -48,625,000 -32,963,000 -29,221,000 -33,828,000 -34,205,000 -23,785,000 -18,499,000 -23,251,000 -18,566,000 -16,899,000 -13,587,000 -17,239,000 -15,958,000       
          cash flows from investing activities:
        		                              
          purchases of property, plant and equipment and software capitalization
        		-5,000    -1,134,000 -1,800,000 -2,084,000 -1,669,000  -1,719,000                     
          purchase of short-term investments
        		-3,953,000 -26,511,000 -9,849,000 -37,581,000 -71,633,000 -137,020,000 -89,458,000 -105,475,000 -108,401,000 -99,869,000 -111,916,000 -169,330,000 -149,501,000 -240,226,000 -133,068,000 -60,617,000 -63,174,000 -81,190,000 -79,124,000 -32,232,000 -167,405,000 -28,494,000 -70,723,000 -125,812,000       
          proceeds from sales and maturities of short-term investments
        		90,464,000 101,766,000 95,361,000 105,369,000 65,067,000 92,500,000 92,000,000 136,910,000 133,342,000 155,544,000 126,353,000 177,140,000 127,000,000 115,680,000 133,500,000 67,000,000 60,000,000 68,235,000 68,500,000 59,515,000 41,902,000 60,530,000 26,000,000 77,618,000 27,830,000      
          net cash from investing activities
        		86,506,000 75,120,000 84,169,000 65,048,000 -7,700,000 -46,320,000 458,000 29,766,000 23,201,000 53,956,000 12,683,000 7,361,000 -22,752,000 -125,101,000 36,000 5,315,000 -4,326,000 -13,420,000 -11,052,000 26,992,000 -126,273,000 31,421,000 -44,798,000 -49,126,000      4,890,000 
          cash flows from financing activities:
        		                              
          proceeds from issuance of common stock, net of fees and offering costs
        		                              
          proceeds from issuance of prefunded warrants to purchase common stock, net of underwriting fees and offering costs
        		    0                          
          proceeds from issuance of common stock through atm sales, net of offering costs
        		20,783,000            0 0 6,401,000 31,037,000               
          proceeds from long-term debt
        		                        0      
          principal payment of finance lease obligation
        		-198,000 -195,000 -177,000 -166,000 -163,000 -159,000 -143,000 -134,000 -131,000 -128,000 -113,000 -104,000 -103,000 -99,000 -86,000 -77,000 -76,000 -74,000 -61,000 -53,000 -53,000 -50,000 -10,000 -32,000       
          proceeds from exercise of stock options and pre-funded warrants
        		92,000 282,000 501,000 8,000  64,000 104,000 67,000                       
          net cash from financing activities
        		55,677,000 10,451,000 324,000 -158,000 -132,000 155,930,000 -39,000 96,637,000 -130,000 14,870,000 438,000 1,105,000 -77,000 271,435,000 7,423,000 32,522,000 359,000 3,969,000 1,150,000 1,120,000 785,000 262,198,000 -35,000 109,514,000 90,364,000 9,750,000 18,000    
          effect of exchange rate changes on cash, cash equivalents and restricted cash
        		50,000 1,036,000 1,642,000 -1,616,000 440,000 -151,000 61,000 -35,000 -56,000 -27,000 -16,000 13,000 -4,452,000 -8,000 2,436,000 1,915,000 197,000 105,000 304,000 212,000 -341,000 522,000 541,000 -1,000       
          net increase in cash, cash equivalents and restricted cash
        		86,072,000 20,652,000 4,923,000 -13,742,000 -61,123,000 58,746,000 -38,159,000 77,201,000 -23,151,000 21,676,000 -30,485,000 -40,109,000    6,297,000 -26,327,000 -27,694,000 -32,559,000 10,010,000 -141,957,000 281,149,000 -61,471,000 45,297,000 9,704,000 14,934,000 13,110,000    
          cash, cash equivalents and restricted cash at beginning of period
        		0 0 0 112,822,000 0 0 0 76,157,000 0 0 0 148,226,000 0 0 0 107,584,000 0 0 0 184,154,000 0 0 0 61,136,000 0 0 26,890,000 0 0 17,661,000 
          cash, cash equivalents and restricted cash at end of period
        		86,072,000 20,652,000 4,923,000 99,080,000 -61,123,000 58,746,000 -38,159,000 153,358,000 -23,151,000 21,676,000 -30,485,000 108,117,000 -60,077,000 117,737,000 -23,315,000 113,881,000 -26,327,000 -27,694,000 -32,559,000 194,164,000 -141,957,000 281,149,000 -61,471,000 106,433,000 9,704,000 14,934,000 40,000,000 -2,230,000 9,702,000 14,766,000 
          supplemental disclosure of cash flow information:
        		                              
          cash paid during the period for interest
        		1,513,000 1,041,000 1,075,000 1,059,000 1,041,000 293,000 1,812,000 1,052,000 1,008,000 693,000 690,000 653,000         0 191,000 224,000 221,000       
          cash received for income taxes
        		                              
          supplemental disclosure of non-cash investing and financing activities:
        		                              
          purchases of property and equipment included in accounts payable and accrued expenses
        		  -468,000 645,000  189,000 33,000 87,000                       
          unrealized foreign currency transaction losses
        		   591,000 -1,051,000 3,283,000 -2,027,000 -406,000 536,000 -1,344,000 1,411,000 -1,374,000                   
          cash paid for income taxes
        		    0    0 0       0 12,000             
          unrealized foreign currency transaction
        		                              
          purchases of property, plant and equipment
        		  -1,343,000 -2,740,000        -449,000 -251,000 -555,000 -396,000 -1,068,000 -1,152,000 -465,000 -428,000 -291,000 -770,000 -615,000 -75,000 -932,000       
          operating lease, right-of-use-asset
        		    177,000 173,000 169,000 164,000 178,000 137,000 152,000 148,000 -157,000 130,000 126,000 126,000 128,000 -246,000 109,000 108,000 106,000 103,000 103,000 135,000 171,000 165,000 85,000    
          finance lease, right-of-use-asset
        		    607,000 607,000 607,000 607,000 607,000 607,000 607,000 607,000 607,000 607,000 607,000 607,000 607,000 607,000 607,000 607,000 608,000 607,000 581,000 607,000 606,000      
          proceeds from issuance of common stock, net of underwriting fees and offering costs
        		                              
          proceeds from exercise of stock options
        		        1,000 -2,000 551,000 1,209,000 274,000 500,000 1,108,000 1,562,000 435,000 4,043,000 1,211,000 1,173,000           
          purchases of property and equipment included in accounts payable
        		        -26,000 -11,000 -274,000 412,000 84,000 -77,000 -222,000 318,000 -76,000 314,000 138,000 39,000 -1,000 20,000 15,000 64,000      21,000 
          proceeds from issuance of common stock in connection with private placement, net of placement agent fees and offering costs
        		      0 48,204,000                       
          proceeds from issuance of prefunded warrants to purchase common stock, net of placement agent fees and offering costs
        		      0 48,500,000                       
          proceeds from issuance of common stock, net of underwriting fees and discounts
        		            -248,000                  
          proceeds from issuance of prefunded warrants to purchase common stock, net of underwriting fees and discounts
        		            0        0   32,900,000       
          proceeds from long-term debt, net of debt issuance costs
        		                              
          lease assets obtained in exchange for new operating lease liabilities
        		                -2,000    0 0 0 1,580,000 0 4,363,000 789,000    
          depreciation
        		         675,000 654,000 621,000  682,000 617,000 620,000               
          payment of debt issuance costs
        		                              
          common stock issuance costs included in accrued expenses
        		                              
          net decrease in cash, cash equivalents and restricted cash
        		             117,737,000                 
          net income
        		                              
          adjustments to reconcile net income to net cash from operating activities:
        		                              
          loss on extinguishment of debt
        		                    0          
          proceeds from issuance of common stock in follow-on public offering, net of underwriting fees and discounts
        		                    0   75,199,000       
          principal payment of long-term debt
        		                    0          
          payment of long-term debt extinguishment costs
        		                    0          
          payments of debt issuance costs
        		                              
          payment of issuance costs
        		                       -100,000       
          net unrealized (loss) on short-term investments
        		                   -40,000           
          issuance costs included in accounts payable
        		                       317,000       
          long term prepaid rent
        		                              
          proceeds from issuance of common stock through atm sales
        		                              
          exercise of stock options
        		                    838,000 3,069,000 291,000 1,547,000 357,000 105,000 18,000 153,000   
          net unrealized gain on short-term investments
        		                    18,000 -52,000 -48,000 -196,000  -40,000 65,000    
          lease assets obtained in exchange for new financing lease liabilities
        		                        41,059,000      
          adjustments for non-cash lease termination
        		                              
          proceeds from issuance of common stock in follow-on public offering, net of issuance costs
        		                              
          proceeds from issuance of prefunded warrants to purchase common stock, net of issuance costs
        		                              
          change in fair value of warrant liability
        		                           0 2,000 5,450,000 
          deferred rent
        		                              
          proceeds from issuance of common stock in initial public offering, net of underwriting fees and discounts
        		                           0   
          cash paid for interest
        		                              
          conversion of convertible preferred stock warrants into common stock warrants
        		                           -79,267,000   
          conversion of convertible preferred stock into common stock
        		                              
          amounts capitalized under the built-to-suit lease transaction
        		                              
          proceed from sales and maturities of short-term investments
        		                          45,659,000    
          net cash provided by investing activities
        		                          26,811,000    
          deferred offering costs included in accounts payable
        		                             1,149,000 
          accretion of discounts on short-term investments
        		                              
          non-cash rent expense
        		                              
          sales and maturities of short-term investments
        		                           28,208,000 15,000,000 15,750,000 
          proceeds from issuance of series b convertible preferred stock, net of issuance costs
        		                              
          effect of exchange rate changes on cash and cash equivalents
        		                              
          net increase in cash, cash equivalent and restricted cash
        		                              
          conversion of preferred stock into common stock
        		                              
          amounts capitalized under built-to-suit lease transaction
        		                              
          net amortization/accretion of premiums and discounts on short-term investments
        		                              
          net cash provided by financing activities
        		                              
          net increase in cash
        		                              
          net decrease in cash