BICYCLE THERAPEUTICS PLC Segments Disclosure
15. Segments and geographic information
The Company operates and manages its business as a operating , which is developing a unique class of chemically synthesized medicines based on its proprietary platform. The Company’s chief operating decision maker (“CODM”) is the Company’s Chief Executive Officer (“CEO”). The CODM reviews consolidated operating results, manages the business on a consolidated basis and utilizes consolidated net loss from the consolidated statements of operations and comprehensive loss as the primary measure of segment profit or loss in making decisions surrounding allocating resources and assessing performance of the Company. The CODM is regularly provided detailed expense information, including expenses by program and expense category, and the CODM makes decisions surrounding capital and personnel allocation using this information on a consolidated basis.
The following table presents information about the Company’s single operating segment, including significant segment expenses, for the years ended December 31, 2025, 2024 and 2023 (in thousands):
Year Ended | |||||||||
December 31, | |||||||||
2025 | | 2024 | | 2023 | |||||
Collaboration revenue | $ | 72,586 | $ | 35,275 | $ | 26,976 | |||
Significant segment expenses: | |||||||||
Research and development: | |||||||||
Zelenectide pevedotin (Nectin-4) | 126,780 | 82,705 | 44,135 | ||||||
Nuzefatide pevedotin (EphA2) | 8,487 | 9,119 | 9,195 | ||||||
Bicycle tumor-targeted immune cell agonists | 1,991 | 7,840 | 18,878 | ||||||
Discovery, platform and other expense | 43,221 | 30,293 | 37,815 | ||||||
Employee and contractor related expenses | 69,701 | 58,687 | 46,506 | ||||||
Share-based compensation | 18,024 | 19,424 | 15,581 | ||||||
Facility expenses | 6,999 | 8,105 | 8,845 | ||||||
Research and development incentives and government grants | (34,920) | (43,207) | (24,459) | ||||||
Total research and development | 240,283 | 172,966 | 156,496 | ||||||
General and administrative: | |||||||||
Personnel-related costs | 28,358 | 23,500 | 18,985 | ||||||
Professional and consulting fees | 20,646 | 20,258 | 14,814 | ||||||
Other general and administrative costs | 9,577 | 9,047 | 9,137 | ||||||
Share-based compensation | 21,440 | 18,657 | 16,896 | ||||||
Effect of foreign exchange rates | (653) | 719 | 594 | ||||||
Total general and administrative | 79,368 | 72,181 | 60,426 | ||||||
Total significant segment expenses | 319,651 | 245,147 | 216,922 | ||||||
Other segment items(1) | 28,105 | 40,841 | 9,282 | ||||||
Net loss | $ | (218,960) | $ | (169,031) | $ | (180,664) | |||
| (1) | Other segment items include interest and other income, interest expense, loss on extinguishment of debt, gain on extinguishment of research and development funding liability and provision for (benefit from) income taxes. |
The Company does not regularly provide the CODM with detailed segment asset information other than what is included in the consolidated balance sheets. Please refer to the consolidated financial statements and the accompanying notes to the consolidated financial statements for segment asset information.
The Company operates in two geographic regions: the United States and the United Kingdom. Information about the Company’s long-lived assets, including operating lease ROU assets, held in different geographic regions is presented in the table below (in thousands):
| December 31, | |||||
| 2025 | | 2024 | |||
United States | $ | 863 | $ | 3,037 | ||
United Kingdom |
| 21,044 |
| 14,152 | ||
$ | 21,907 | $ | 17,189 | |||
The Company’s collaboration revenue is attributed to the operations of the Company in the United Kingdom.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 17, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.