Replay

Executive Summary

Replay is a San Diego-based biotechnology company founded in 2022, pioneering a novel approach to gene therapy by leveraging engineered Herpes Simplex Virus (HSV) vectors to deliver large DNA payloads. Conventional gene therapy vectors like AAV are limited by small cargo capacity, restricting their application to many genetic disorders. Replay’s platform overcomes this barrier, enabling the delivery of large or multiple genes to treat rare diseases that currently lack effective therapies. The company’s technology is designed to address the root cause of these conditions by writing and delivering therapeutic DNA sequences into cells with high precision and durability. As a private, early-stage entity, Replay has not yet disclosed its lead indications or funding history, but its platform holds promise for expanding the treatable patient population in gene therapy. Looking ahead, Replay’s value inflection points will likely center on validating its HSV vector platform in preclinical studies and securing financing to advance its pipeline. The company may aim to initiate IND-enabling studies within the next 12-18 months, with initial in vivo proof-of-concept data serving as a key de-risking event. Partnerships with larger pharmaceutical companies could also provide non-dilutive capital and manufacturing expertise. While still pre-revenue and pre-clinical, Replay’s differentiated technology positions it as a potential leader in large-payload gene therapy, though execution risk remains high given the early stage and novel vector biology.

Upcoming Catalysts (preview)

• TBDSeries A or B Financing Round70% success
• TBDPreclinical In Vivo Proof-of-Concept Data for Lead Indication50% success
• TBDStrategic Partnership or Licensing Deal for HSV Vector Platform40% success