BICYCLE THERAPEUTICS PLC

Listed Company

BCYCCIK 0001761612NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsX0GBFY ends Dec 31

Period

FY 2025

Revenue

$72.59M

Net Income

$-219.00M

Total Assets

$717.60M

Equity

$609.98M

Shares Out

69.71M

Op. Cash Flow

$-249.68M

Business

BICYCLE THERAPEUTICS PLC is a clinical-stage pharmaceutical company developing Bicycle® molecules, a novel class of fully synthetic constrained bicyclic peptides for therapeutic use. Its main offerings include Bicycle Toxin Conjugates (BTCs), Bicycle Tumor-Targeted Immune Cell Agonists (TICA®), Bicycle Radionuclide Conjugates (BRC®), proprietary phage-display screening and molecule discovery services, and clinical-stage product candidates such as zelenectide pevedotin, BT5528 and BT7480. The company operates internal oncology programs, a discovery platform business and partnered research collaborations. It advances candidates through clinical trials and works with biopharmaceutical and academic partners worldwide for development and potential commercialization.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Collaboration revenue	73	35	27	14	12
Research and development	240	173	156	82	45
General and administrative	79	72	60	50	32
Total operating expenses	320	245	217	131	77
Loss from operations	−247	−210	−190	−117	−66
Interest and other income	28	34	14	6	120,000
Interest expense	−206,000	−2	−3	−3	—
Loss on extinguishment of debt	—	−1	—	—	—
Gain on extinguishment of research and development funding liability	—	4	—	—	—
Total other income, net	28	36	11	2	−3
Net loss before income tax provision	−219	−174	−179	−114	−68
Provision for (benefit from) income taxes	200,000	−5	2	−2	−2
Net loss	−219	−169	−181	−113	−67
Net loss per share, basic (in dollars per share)	−3.16	−2.9	−5.08	−3.8	−2.67
Net loss per share, diluted (in dollars per share)	−3.16	−2.9	−5.08	−3.8	−2.67
Weighted average ordinary shares outstanding, basic (in shares)	69	58	36	30	25
Weighted average ordinary shares outstanding, diluted (in shares)	69	58	36	30	25
Foreign currency translation adjustment	−4	1	−2	4	−195,000
Total comprehensive loss	−223	−168	−182	−109	−67

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	628	880	526	339	439
Prepaid expenses and other current assets	19	13	11	9	8
Research and development incentives receivable	36	36	24	19	11
Total current assets	683	929	562	369	459
Property and equipment, net	6	10	15	19	3
Operating lease right-of-use assets	16	8	13	14	15
Other assets	13	11	6	8	3
Total assets	718	957	595	411	480
Accounts payable	10	16	13	6	3
Accrued expenses and other current liabilities	44	41	32	26	14
Deferred revenue, current portion	3	10	25	20	19
Total current liabilities	57	67	70	53	36
Operating lease liabilities, net of current portion	14	4	9	11	12
Deferred revenue, net of current portion	36	91	110	41	52
Other longterm liabilities	1	1	5	4	3
Total liabilities	108	164	224	140	134
Commitments and contingencies (Note 11)	—	—	—	—	—
Ordinary shares, including non-voting ordinary shares, 0.01 nominal value; 159,685,229 and 155,876,645 shares authorized at December 31, 2025 and December 31, 2024, respectively; 69,367,896 and 69,061,418 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	894,000	890,000	550,000	387,000	384,000
Additional paid-in capital	1,512	1,473	883	601	568
Accumulated other comprehensive (loss) income	−4	119,000	−1	387,000	−3
Accumulated deficit	−900	−681	−512	−331	−218
Total shareholders' equity	610	793	371	271	346
Total liabilities and shareholders' equity	718	957	595	411	480

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−219	−169	−181	−113	−67
Share-based compensation expense	39	38	32	27	12
Depreciation and amortization	6	7	7	4	1
Non-cash interest	—	211,000	383,000	442,000	468,000
Deferred income tax (benefit) provision	−850,000	−5	3	−5	−2
Other non-cash charges	—	1	661,000	—	—
Accounts receivable	—	—	2	−2	5
Research and development incentives receivable	3	−12	−4	−10	−2
Prepaid expenses and other assets	−6	−2	−2	−2	−3
Operating lease rightofuse assets	5	4	4	3	404,000
Accounts payable	−7	3	8	3	1
Accrued expenses and other current liabilities	4	10	2	12	1
Operating lease liabilities	−5	−5	−4	−2	−582,000
Deferred revenue	−69	−32	69	−2	37
Other long-term liabilities	—	189,000	509,000	668,000	710,000
Net cash used in operating activities	−250	−165	−61	−86	−15
Purchases of property and equipment	−2	−1	−3	−19	−2
Net cash used in investing activities	−2	−1	−3	−19	−2
Repayment of debt	—	−32	—	—	—
Proceeds from the issuance of ADSs and non-voting ordinary shares, net of issuance costs	—	544	249	6	291
Proceeds from the exercise of share options and settlement of restricted share units	37,000	8	682,000	989,000	7
Principal payments on finance lease obligations	−168,000	−42,000	—	—	—
Net cash (used in) provided by financing activities	−131,000	520	250	7	321
Effect of exchange rate changes on cash, cash equivalents and restricted cash	804,000	−694,000	1	−1	−1
Net increase (decrease) in cash, cash equivalents and restricted cash	−251	353	188	−100	303
Cash paid for interest on debt	—	1	3	3	3
Cash paid for interest on finance lease obligations	78,000	23,000	—	—	—
Cash (received from) paid for income taxes	−717,000	792,000	562,000	2	73,000
Cash paid for amounts included in the measurement of operating lease liabilities	6	6	6	3	911,000
Changes in purchases of property and equipment in accounts payable and accrued expenses	—	−4,000	−2	2	324,000
Non-cash impact to operating lease right-of-use assets and operating lease liabilities	12	—	4	3	14
Property and equipment obtained under finance leases	—	1	—	—	—

Filings

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