Bicycle Therapeutics plc
- Open
- 4.23
- Day high
- 4.33
- Day low
- 4.23
- Prev close
- 4.24
- Volume
- 50K
- Mkt cap
- $299M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.5
- P/S
- 4.7
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$70K over the last 3 months (0 open-market buys, 11 sales)
- 🏛Institutions accumulating (13F)
Bicycle Therapeutics plc (BCYC) is a Healthcare company listed on NASDAQ. The stock is down 40% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 11 sales (SEC Form 4).
Bicycle Therapeutics plc (BCYC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BCYC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $-0.60 | $-0.87 | -45.3% | $887000 | -88.2% |
| Mar 17, 2026 | $-0.94 | $-0.29 | +69.1% | $48M | +509.2% |
| Oct 30, 2025 | $-1.09 | $-0.85 | +22.0% | $12M | +65.8% |
| Aug 8, 2025 | $-0.95 | $-1.14 | -20.0% | $3M | -65.2% |
| May 1, 2025 | $-0.86 | $-0.88 | -2.3% | $10M | +8.0% |
| Feb 25, 2025 | $-0.85 | $-0.80 | +5.9% | $4M | -48.9% |
| Oct 31, 2024 | $-0.78 | $-0.74 | +5.1% | $3M | -56.9% |
| May 2, 2024 | $-1.26 | $-0.62 | +50.8% | $20M | +223.7% |
| Feb 20, 2024 | $-1.23 | $-1.16 | +5.7% | $5M | -25.3% |
| Nov 2, 2023 | $-1.06 | $-1.26 | -18.9% | $5M | -19.4% |
| Aug 3, 2023 | $-1.10 | $-1.41 | -28.2% | $11M | +148.8% |
| May 4, 2023 | $-1.06 | $-1.30 | -22.6% | $5M | +26.2% |
BCYC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Apr 6, 2026 | Hannay Michael Charles Fergusonofficer: CHIEF PROD & SUPPLY CHAIN OFF | Sell | 251 | $5.05 |
| Apr 6, 2026 | Perry Jennifer Scottofficer: Chief Operating Officer | Sell | 1,038 | $4.91 |
| Apr 6, 2026 | Perry Jennifer Scottofficer: Chief Operating Officer | Sell | 37 | $5.05 |
| Apr 6, 2026 | Perry Jennifer Scottofficer: Chief Operating Officer | Sell | 333 | $5.04 |
| Apr 6, 2026 | Skynner Michaelofficer: CHIEF SCIENTIFIC OFFICER | Sell | 525 | $5.05 |
| Apr 6, 2026 | Lee Kevindirector, officer: CHIEF EXECUTIVE OFFICER | Sell | 1,716 | $5.05 |
| Apr 6, 2026 | Hannay Michael Charles Fergusonofficer: CHIEF PROD & SUPPLY CHAIN OFF | Sell | 1,521 | $4.91 |
| Apr 6, 2026 | Thompson Travis Alvinofficer: Chief Financial Officer | Sell | 799 | $4.91 |
| Apr 6, 2026 | Thompson Travis Alvinofficer: Chief Financial Officer | Sell | 102 | $5.05 |
| Apr 6, 2026 | Skynner Michaelofficer: CHIEF SCIENTIFIC OFFICER | Sell | 1,879 | $4.91 |
| Apr 6, 2026 | Lee Kevindirector, officer: CHIEF EXECUTIVE OFFICER | Sell | 5,967 | $4.91 |
| Feb 4, 2026 | Thompson Travis Alvinofficer: Chief Financial Officer | Grant | 58,000 | $6.49 |
| Jan 6, 2026 | DANSEY ROGER Ddirector | Grant | 3,032 | — |
| Jan 6, 2026 | Skynner Michaelofficer: CHIEF TECHNOLOGY OFFICER | Sell | 3,045 | $6.80 |
| Jan 6, 2026 | Riva Alessandrodirector | Grant | 14,761 | $7.08 |
Source: BCYC SEC Form 4 filings, latest Apr 6, 2026. For informational purposes only — not investment advice.
See the full BCYC insider & 13F page →Bicycle Therapeutics plc company profile
Overview
Bicycle Therapeutics plc (NASDAQ:BCYC) is a clinical-stage biopharmaceutical company founded in 2009 and headquartered in Cambridge, United Kingdom. The company went public on NASDAQ in May 2019, raising capital to advance its innovative bicycle peptide drug platform. Bicycle Therapeutics specializes in developing a novel class of medicines called bicycle peptides, which are designed to address diseases that are poorly served by existing therapeutic options, particularly in oncology and other therapeutic areas.
Business
Bicycle Therapeutics operates in the biotechnology sector, specifically focusing on drug discovery and development using its proprietary bicycle peptide platform. The company's core innovation lies in bicycle peptides - small, synthetic molecules that combine the advantages of both small molecule drugs and larger biologics. These bicycle-shaped peptides are engineered to be highly selective, stable, and capable of penetrating tissues more effectively than traditional antibodies while maintaining the specificity of larger protein drugs. The company's pipeline is primarily focused on oncology, with several bicycle toxin conjugates (BTCs) and bicycle tumor-targeted immune cell agonists (TICAs) in clinical development. **BT1718** is the lead product candidate, a BTC currently in Phase I/IIa clinical trials that targets tumors expressing Membrane Type 1 matrix metalloprotease. **BT5528** is another BTC in Phase I/II trials targeting EphA2, while **BT8009** targets Nectin-4 and is also in Phase I/II development. Beyond oncology, the company has diversified into other therapeutic areas. **THR-149** is a plasma kallikrein inhibitor that completed Phase II trials for diabetic macular edema treatment, representing the company's expansion into ophthalmology. The company also develops bicycle tumor-targeted immune cell agonists (TICAs), including **BT7480** targeting Nectin-4 and **BT7455** targeting EphA2/CD137, both designed to activate the immune system against cancer cells. Revenue is primarily generated through collaboration agreements rather than product sales, as the company has not yet commercialized any products. Based on recent financial data, collaboration revenue represents essentially 100% of the company's current revenue stream, with amounts varying significantly quarter to quarter depending on milestone achievements and partnership activities.
Revenue model
Bicycle Therapeutics generates revenue primarily through strategic partnerships and collaboration agreements with major pharmaceutical companies, rather than direct product sales since none of its drug candidates have reached commercialization. The company receives upfront payments, research funding, milestone payments tied to development progress, and potential future royalties from partners including **AstraZeneca**, **Sanofi**, **Genentech**, and **Oxurion**. Revenue fluctuates significantly based on milestone achievements, with quarterly revenue ranging from $2.7 million to nearly $10 million in recent periods. The company's business model is typical of clinical-stage biotechnology firms - it operates at a loss while investing heavily in research and development to advance its drug pipeline through clinical trials. With annual operating cash flow losses of approximately $165 million in 2024, the company relies on its substantial cash reserves (approximately $793 million as of Q1 2025) and periodic equity raises to fund operations. Several factors could positively impact margins and revenue generation. Successful clinical trial results would trigger milestone payments from partners and potentially attract new collaboration deals. The unique properties of bicycle peptides - their ability to target previously "undruggable" proteins - could command premium pricing if commercialized. Additionally, the platform's versatility across multiple therapeutic areas provides diversification opportunities. Conversely, clinical trial failures would eliminate milestone revenue streams and potentially terminate partnerships. The competitive biotechnology landscape, particularly in oncology, creates pressure on deal terms and potential market share. Regulatory delays or safety concerns could extend development timelines and increase costs. The company's dependence on partnership revenue also creates vulnerability to partner strategic changes or financial difficulties.
Competitive moat
Bicycle Therapeutics possesses a potentially strong but still unproven competitive moat based on its proprietary bicycle peptide platform technology. The company's core intellectual property centers around its ability to create highly constrained, bicycle-shaped peptides that can target proteins previously considered "undruggable" by traditional small molecules or biologics. This platform approach allows the company to address multiple targets across various therapeutic areas using the same underlying technology, creating potential economies of scale in drug development. The company's moat is strengthened by its extensive patent portfolio covering the bicycle peptide platform, manufacturing processes, and specific drug candidates. Strategic partnerships with major pharmaceutical companies like Genentech, AstraZeneca, and Sanofi provide validation of the technology and create barriers for competitors seeking similar partnerships. The company's early-mover advantage in bicycle peptide technology and its growing clinical database provide additional competitive protection. However, the moat remains vulnerable to several competitive threats. Large pharmaceutical companies with substantial resources could potentially develop competing constrained peptide technologies or acquire rival platforms. The biotechnology sector's rapid pace of innovation means that alternative approaches to targeting difficult proteins could emerge. Additionally, since the company has not yet proven commercial viability with any approved drugs, the ultimate value and defensibility of the bicycle peptide approach remains uncertain. Traditional drug modalities continue to advance, potentially addressing some of the same targets through different mechanisms. The company's reliance on partnerships also means that competitive dynamics in deal-making could erode the value of its platform over time.
Risks & safety
Bicycle Therapeutics maintains a strong financial position with substantial margin of safety, though faces typical biotech cash burn challenges. **Cash Position & Solvency**: The company holds approximately $793 million in cash and short-term investments as of Q1 2025, providing significant runway. With current quarterly cash burn of approximately $87 million, this represents roughly 2.3 years of operating runway at current burn rates. The company has minimal debt with a debt-to-equity ratio of just 0.011, indicating very low leverage risk. **Liquidity Metrics**: Current ratio of 14.9 and quick ratio of 14.9 demonstrate exceptional short-term liquidity. The company can easily cover current liabilities of $58 million with current assets of $856 million. **Valuation Considerations**: Trading at approximately 0.8x book value suggests the market values the company below its tangible assets. However, traditional valuation metrics are less meaningful for pre-revenue biotech companies where value depends primarily on pipeline success rather than current financial performance. **Other Risk Factors**: Primary risks include clinical trial failures, regulatory setbacks, and partnership dependencies. The company's concentrated revenue from collaborations creates vulnerability to partner decisions or industry downturns.
Recent development
Based on the company's recent financial progression, Bicycle Therapeutics has been executing a strategy focused on advancing its clinical pipeline while building strategic partnerships. The company has maintained relatively stable collaboration revenue, generating $35.3 million in 2024 compared to $27.0 million in 2023, indicating continued partner engagement and milestone achievements. The company has significantly strengthened its financial position, with cash and short-term investments increasing from $339 million at the end of 2022 to $793 million in Q1 2025, likely through equity raises that provide substantial runway for clinical development. This capital infusion has enabled the company to accelerate research and development activities, with R&D expenses increasing correspondingly. Clinical development progress appears steady across the pipeline, with multiple programs advancing through Phase I/II trials simultaneously. The company has expanded beyond its initial oncology focus, with THR-149 completing Phase II trials for diabetic macular edema, demonstrating the versatility of the bicycle peptide platform across therapeutic areas. Partnership expansion has been a key strategic focus, with ongoing collaborations with major pharmaceutical companies providing both validation and funding. The collaboration with Genentech for immuno-oncology targets represents a significant strategic relationship that could drive future milestone payments and royalties. The company has also maintained its research collaborations across multiple therapeutic areas including anti-infective, cardiovascular, ophthalmology, and respiratory indications, positioning the platform for broad application.
BCYC company profile · for informational purposes only — not investment advice.
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