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BCYC

Bicycle Therapeutics plc

BCYC

Bicycle Therapeutics plc • NASDAQ
$7.48 ▲ 2.33% (+0.17)
Market Cap $518.28 M
52w High $21.50
52w Low $6.03
Dividend Yield 0%
P/E -2.07
Volume 239.88K
Outstanding Shares 69.29M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $11.734M ▲ $77.285M ▲ $-59.1M ▲ -503.665% ▲ $-0.85 ▲ $-57.095M ▲
Q2-2025 $2.92M ▼ $18.493M ▼ $-78.952M ▼ -2.704K% ▼ $-1.14 ▼ $-77.433M ▼
Q1-2025 $9.977M ▲ $22.91M ▲ $-60.754M ▼ -608.941% ▲ $-0.88 ▼ $-70.204M ▼
Q4-2024 $3.708M ▲ $15.299M ▼ $-51.854M ▼ -1.398K% ▲ $-0.74 $-65.959M ▼
Q3-2024 $2.676M $20.874M $-50.802M -1.898K% $-0.74 $-61.208M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $648.325M ▼ $763.954M ▼ $145.475M ▼ $618.479M ▼
Q2-2025 $721.451M ▼ $832.184M ▼ $163.269M ▲ $668.915M ▼
Q1-2025 $792.973M ▼ $883.894M ▼ $143.561M ▼ $740.333M ▼
Q4-2024 $879.52M ▼ $956.868M ▼ $163.808M ▼ $793.06M ▼
Q3-2024 $890.862M $996.746M $165.714M $831.032M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-59.1M ▲ $-71.173M ▲ $-674K ▼ $-30K ▲ $-73.126M ▼ $-71.847M ▲
Q2-2025 $-78.952M ▼ $-72.786M ▲ $-498K ▲ $-45K ▼ $-71.522M ▲ $-73.284M ▲
Q1-2025 $-60.987M ▼ $-86.702M ▼ $-606.319K ▼ $-41.157K ▼ $-86.547M ▼ $-87.308M ▼
Q4-2024 $-51.854M ▼ $-9.396M ▲ $-368K ▲ $203K ▲ $-11.342M ▲ $-9.764M ▲
Q3-2024 $-51.323M $-39.832M $-435K $-31.93M $-70.502M $-40.267M

Five-Year Company Overview

Income Statement

Income Statement Bicycle Therapeutics is still very much a research-focused company, not a commercial one. Revenue is minimal and has not yet scaled in a meaningful way, which is typical for an early-stage biotech relying mainly on partnerships and milestone payments rather than product sales. Operating losses have widened over time as the company invests more heavily in clinical trials, staff, and infrastructure. Net losses and per-share losses are sizable and persistent, reflecting a business model centered on long-term drug development rather than short-term profitability. The key takeaway: the company is still in the “spend to build the pipeline” phase, with no sign yet of a revenue inflection from product launches.

Balance Sheet

Balance Sheet The balance sheet shows a strong tilt toward cash and cash-like assets, with very little debt. Cash balances have grown over the years, likely supported by equity raises and partnership funding, giving the company a meaningful financial cushion to pursue its clinical programs. Total assets are dominated by cash rather than hard assets or existing products, which is typical for a platform biotech. Shareholders’ equity has increased over time, indicating continued capital inflows and investment into the platform. Overall, the balance sheet looks relatively clean and conservative, but it is clearly built around funding R&D rather than generating returns from established products.

Cash Flow

Cash Flow Cash flow from operations is consistently negative, as the company spends more on research and development than it brings in through collaboration revenue. Free cash flow is also negative, reflecting the ongoing cash burn required to run multiple clinical programs and build out the platform. Capital spending needs appear modest, so the main driver of cash usage is operating expenses, not heavy investment in physical facilities or equipment. The sustainability of the current strategy depends on continued access to external funding sources—equity, partnerships, or other non-dilutive capital—as there is no operating cash engine yet from product sales.

Competitive Edge

Competitive Edge Bicycle occupies a differentiated niche within biotechnology by focusing on its proprietary bicyclic peptide platform, which sits between traditional antibodies and small molecules. This gives it a distinctive technology story: the potential for precise targeting like biologics, combined with better tissue penetration and faster clearance. The company benefits from a substantial patent estate, early-mover status in this modality, and multiple partnerships with large pharmaceutical companies, which all help reinforce its competitive moat. Its candidates are aimed at challenging oncology targets, including areas where previous technologies ran into safety issues, which, if successful, could position Bicycle as a key innovator. However, it still faces intense competition from more established modalities such as antibody-drug conjugates, small molecules, and other emerging platforms, and the ultimate clinical differentiation remains to be fully proven in larger trials.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of Bicycle’s identity. The Bicycle platform is modular, allowing the company to attach different payloads—toxins, immune activators, or radioactive elements—to its peptide scaffold, creating several product families from a common technology base. The lead programs target well-known cancer markers, but with a new delivery approach that aims for strong tumor penetration and a more favorable safety profile. Beyond toxin-conjugates, the company is advancing immune cell agonists that try to focus immune activation at the tumor site, as well as radio-conjugates that deliver targeted radiation. Strategic alliances with major pharma players around immuno-oncology and radiopharmaceuticals underline external confidence in the platform. The R&D strategy is high-risk, high-reward: many shots on goal, but each depends on clinical validation of a relatively new therapeutic modality.

Summary

Bicycle Therapeutics is a classic early-stage biotech: substantial scientific ambition, growing R&D investment, and limited current revenue. Financially, it runs with ongoing losses and negative cash flow, balanced by a solid cash position and minimal debt, which provide some runway to execute on its clinical plans. Its real strength lies in a differentiated bicyclic peptide platform, a robust intellectual property position, and meaningful partnerships with large pharmaceutical companies. The pipeline is focused on oncology, particularly difficult solid tumors, with a goal of delivering better targeting and safety than older approaches. The main uncertainties center on clinical success, regulatory outcomes, and future funding needs. For observers, Bicycle is primarily a long-term innovation and execution story rather than a near-term earnings story.

NEWS

November 20, 2025 · 10:00 AM UTC

INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Bicycle Therapeutics plc - BCYC

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November 18, 2025 · 3:09 PM UTC

ATTENTION BCYC Investors: Securities Fraud Investigation Underway - Contact Levi & Korsinsky

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November 12, 2025 · 4:05 PM UTC

Bicycle Therapeutics to Participate in the Jefferies London Healthcare Conference

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October 30, 2025 · 7:00 AM UTC

Bicycle Therapeutics Reports Recent Business Progress and Third Quarter 2025 Financial Results

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September 8, 2025 · 4:05 PM UTC

Bicycle Therapeutics Strengthens Board of Directors with New Appointments

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