BICYCLE THERAPEUTICS PLC BCYC
We are a clinical-stage pharmaceutical company developing a novel class of medicines, which we refer to as Bicycle® molecules, for diseases that are underserved by existing therapeutics. Bicycle molecules are fully synthetic short peptides constrained to form two loops which stabilize their structural geometry. This constraint facilitates target binding with high affinity and selectivity, making Bicycle molecules attractive candidates for drug development. Bicycle molecules are a unique therapeutic modality combining the pharmacology usually associated with a biologic with the manufacturing and pharmacokinetic, or PK, properties of a small molecule. The relatively large surface area presented by Bicycle molecules allows targets to be drugged that have historically been intractable to non-biological approaches. Bicycle molecules are excreted by the kidney rather than the liver and have shown no significant signs of immunogenicity to date, qualities which we believe explain the molecules' favorable toxicological profile.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $72.6M | $35.3M | $27.0M | $14.5M | $11.7M | $10.4M | $13.8M | $7.1M | $2.1M | — |
| R&D | $240.3M | $173.0M | $156.5M | $81.6M | $44.9M | $33.1M | $25.5M | $20.8M | $11.9M | — |
| SG&A | $79.4M | $72.2M | $60.4M | $49.5M | $32.4M | $29.2M | $14.6M | $8.1M | $6.4M | — |
| Total operating expenses | $319.7M | $245.1M | $216.9M | $131.1M | $77.3M | $62.4M | $40.1M | $28.9M | $18.3M | — |
| Operating income | -$247.1M | -$209.9M | -$189.9M | -$116.7M | -$65.6M | -$52.0M | -$26.3M | -$21.7M | -$16.2M | — |
| Interest expense | $206.0K | $1.7M | $3.3M | $3.3M | $3.0M | $457.0K | — | — | — | — |
| Pre-tax income | -$218.8M | -$173.8M | -$179.2M | -$114.2M | -$68.5M | -$51.7M | -$30.9M | -$22.2M | -$16.3M | — |
| Income tax | $152.0K | $4.8M | $1.5M | $1.5M | $1.7M | $724.0K | $254.0K | $396.0K | $23.0K | — |
| Net income | -$219.0M | -$169.0M | -$180.7M | -$112.7M | -$66.8M | -$51.0M | -$30.6M | -$21.8M | -$16.3M | — |
| EPS, basic | -3.16 | -2.90 | -5.08 | -3.80 | -2.67 | -2.66 | -2.77 | — | — | — |
| EPS, diluted | -3.16 | -2.90 | -5.08 | -3.80 | -2.67 | -2.66 | -2.77 | -49.78 | -48.81 | — |
| Shares, diluted (wtd. avg.) | $69.3M | $58.2M | $35.6M | $29.7M | $25.1M | $19.1M | $11.0M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $628.1M | $879.5M | $526.4M | $339.2M | $438.7M | $136.0M | $92.1M | $63.4M | $67.7M | $9.4M |
| Receivables | $0 | $0 | $0 | $2.0M | $1.0M | $5.5M | $201.0K | $5.0M | — | — |
| Total current assets | $682.9M | $928.6M | $561.9M | $369.4M | $458.6M | $155.7M | $104.1M | $76.8M | — | — |
| Property, plant and equipment | $6.0M | $9.5M | $14.5M | $19.1M | $3.1M | $2.3M | $2.3M | $1.8M | — | — |
| Total assets | $717.6M | $956.9M | $595.3M | $410.6M | $479.8M | $161.2M | $110.2M | $81.6M | — | — |
| Accounts payable | $9.7M | $15.8M | $13.1M | $6.5M | $2.7M | $1.4M | $1.9M | $1.9M | — | — |
| Total current liabilities | $57.0M | $67.2M | $69.5M | $53.3M | $36.2M | $23.1M | $8.8M | $8.9M | — | — |
| Long-term debt | — | — | $30.7M | $30.3M | $29.9M | $14.5M | — | — | — | — |
| Total liabilities | $107.6M | $163.8M | $224.4M | $139.8M | $133.5M | $65.7M | $17.0M | $29.3M | — | — |
| Retained earnings | -$899.8M | -$680.8M | -$511.8M | -$331.1M | -$218.4M | -$151.6M | -$100.5M | -$69.9M | — | — |
| Total equity | $610.0M | $793.1M | $370.9M | $270.8M | $346.3M | $95.5M | $93.2M | -$69.8M | -$47.2M | -$33.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$249.7M | -$164.7M | -$60.6M | -$86.1M | -$14.8M | -$17.8M | -$28.6M | -$26.1M | -$1.4M | — |
| Depreciation and amortisation | $6.4M | $7.2M | $6.5M | $3.7M | $1.4M | $1.3M | $960.0K | $712.0K | $332.0K | — |
| Stock-based compensation | $39.5M | $38.1M | $32.5M | $26.8M | $12.1M | $6.5M | $3.1M | $1.0M | $515.0K | — |
| Capital expenditure | $2.4M | $1.2M | $2.9M | $19.0M | $2.0M | $1.2M | $1.6M | $1.2M | $1.1M | — |
| Investing cash flow | -$2.4M | -$1.2M | -$2.9M | -$19.0M | -$2.0M | -$1.2M | -$1.6M | -$1.2M | -$1.1M | — |
| Financing cash flow | -$131.0K | $519.8M | $250.0M | $6.7M | $320.7M | $62.8M | $58.4M | $25.4M | $57.9M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-046806.
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