BCYC

MKT CAP:$335M

Bicycle Therapeutics plc

Market Cap

$335M

Healthcare·Biotechnology·🇬🇧 United Kingdom·NASDAQ

Healthcare·Biotechnology·🇬🇧·NASDAQ

Stock Price

$4.87-$1.81 (-27.17%)

Apr 24, 2026

Company Details

Bicycle Therapeutics plc, a clinical-stage biopharmaceutical company, develops a class of medicines for diseases that are underserved by existing therapeutics. Its lead product candidate is BT1718, a bicycle toxin conjugate (BTC), which is ...

CEO

Kevin Lee

IPO Date

May 23, 2019

Website

www.bicycletherapeutics.com

Key Metrics TTM

Revenue

$28M

-28.4% YoY

Net Income

-$251M

EPS (Diluted)

-$3.61

Free Cash Flow

-$242M

Revenue / Share

$0.41

Gross Margin

-550.6%

Operating Margin

-1023.4%

Net Margin

-884.5%

FCF Margin

-854.7%

P/S

11.8x

P/E

—

Earnings Reports

Q4 2025

May 7, 2026

PENDING

FY 2025

Mar 17, 2026

$73M+105.8%EPS -$3.16

Q3 2025

Oct 30, 2025

$12MEPS -$0.85

Q2 2025

Aug 8, 2025

$3M-68.8%EPS -$1.14

Q1 2025

May 1, 2025

$10M-48.9%EPS -$0.88

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$4M	-$6M	-$17M
Q1 21	$2M	$2M	-$16M
Q2 21	$2M	$2M	-$17M
Q3 21	$4M	$4M	-$14M
Q4 21	$4M	$4M	-$18M
Q4 22	$3M	$3M	-$32M
Q1 23	$5M	$5M	-$42M
Q2 23	$11M	$11M	-$43M
Q3 23	$5M	$5M	-$51M
Q4 23	$5M	$5M	-$54M
Q1 24	$20M	$20M	-$32M
Q2 24	$9M	$9M	-$47M
Q4 24	$4M	-$52M	-$68M
Q1 25	$10M	-$47M	-$70M
Q2 25	$3M	-$68M	-$87M
Q3 25	$12M	$12M	-$66M

Valuation

Quarter	P/S	P/E
Q4 20	39.1x	—
Q1 21	51.9x	—
Q2 21	64.3x	—
Q3 21	90.6x	—
Q4 21	150.6x	—
Q4 22	69.4x	—
Q1 23	40.2x	—
Q2 23	42.3x	—
Q3 23	34.0x	—
Q4 23	29.8x	—
Q1 24	30.3x	—
Q2 24	35.4x	—
Q4 24	25.7x	—
Q1 25	13.8x	—
Q2 25	18.5x	—
Q3 25	18.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	-$17M	-$17M
Q1 21	-$14M	-$14M
Q2 21	-$12M	-$13M
Q3 21	$22M	$22M
Q4 21	-$10M	-$12M
Q4 22	-$30M	-$32M
Q1 23	-$46M	-$49M
Q2 23	$34M	$34M
Q3 23	-$1M	-$2M
Q4 23	-$47M	-$47M
Q1 24	-$71M	-$71M
Q2 24	-$45M	-$45M
Q4 24	-$9M	-$10M
Q1 25	-$87M	-$87M
Q2 25	-$73M	-$73M
Q3 25	-$71M	-$72M

Capital Expenditures

Quarter	CapEx
Q4 20	$484.0K
Q1 21	$623.0K
Q2 21	$171.0K
Q3 21	$170.6K
Q4 21	$1M
Q4 22	$1M
Q1 23	$2M
Q2 23	$277.0K
Q3 23	$502.0K
Q4 23	$51.0K
Q1 24	$12.0K
Q2 24	$420.1K
Q4 24	$368.0K
Q1 25	$606.3K
Q2 25	$498.0K
Q3 25	$674.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	+526.7%	+92.4%
Q1 21	+60.1%	+39.6%
Q2 21	+13.6%	+34.7%
Q3 21	+12.8%	+28.3%
Q4 21	-2.0%	+4.2%
Q4 22	+76.2%	+98.5%
Q1 23	+174.3%	+145.0%
Q2 23	+163.0%	+192.6%
Q3 23	+41.9%	+157.6%
Q4 23	+67.4%	+68.3%
Q1 24	+298.9%	+9.7%
Q2 24	-17.9%	+2.8%
Q4 24	-30.7%	+27.1%
Q1 25	+87.2%	+34.6%
Q2 25	-85.0%	+74.7%
Q3 25	+25.3%	+38.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$2M	40.6%
Q1 21	$4M	211.3%
Q2 21	$3M	144.3%
Q3 21	$0	0.0%
Q4 21	$3M	79.5%
Q4 22	$6M	173.9%
Q1 23	$9M	184.7%
Q2 23	$8M	71.9%
Q3 23	$7M	138.8%
Q4 23	$8M	146.5%
Q1 24	$9M	47.5%
Q2 24	$9M	99.0%
Q4 24	$10M	278.7%
Q1 25	$10M	96.3%
Q2 25	$9M	323.1%
Q3 25	$9M	74.7%

OpEx Breakdown

Quarter	R&D	G&A
Q4 20	$13M	$11M
Q1 21	$10M	$8M
Q2 21	$12M	$7M
Q3 21	$11M	$8M
Q4 21	$13M	$9M
Q4 22	$25M	$11M
Q1 23	$32M	$14M
Q2 23	$40M	$15M
Q3 23	$40M	$16M
Q4 23	$45M	$15M
Q1 24	$35M	$16M
Q2 24	$40M	$16M
Q4 24	$50M	$21M
Q1 25	$59M	$21M
Q2 25	$71M	$19M
Q3 25	$58M	$19M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$407M	$0	$407M
Q2 22	$373M	$0	$373M
Q3 22	$361M	$0	$361M
Q4 22	$339M	$0	$339M
Q1 23	$294M	$0	$294M
Q2 23	$340M	$0	$340M
Q3 23	$572M	$0	$572M
Q4 23	$526M	$0	$526M
Q1 24	$457M	$0	$457M
Q2 24	$961M	$0	$961M
Q3 24	$891M	$0	$891M
Q4 24	$880M	$0	$880M
Q1 25	$793M	$0	$793M
Q2 25	$721M	$0	$721M
Q3 25	$648M	$0	$648M
Q4 25	$628M	$0	$628M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	21M	+8.4%	+17.6%
Q1 21	22M	+5.0%	+22.8%
Q2 21	24M	+8.8%	+33.0%
Q3 21	25M	+4.1%	+28.9%
Q4 21	29M	+15.0%	+36.7%
Q4 22	30M	+3.2%	+34.4%
Q1 23	30M	+1.0%	+24.7%
Q2 23	30M	+0.6%	+20.6%
Q3 23	40M	+31.1%	+37.5%
Q4 23	42M	+7.2%	+42.8%
Q1 24	43M	+0.3%	+41.9%
Q2 24	52M	+22.2%	+72.2%
Q4 24	69M	+32.8%	+74.5%
Q1 25	69M	+0.2%	+63.1%
Q2 25	69M	+0.1%	+62.7%
Q3 25	69M	+0.1%	+33.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	$44.2K	87
Q1 21	$20.8K	87
Q2 21	$20.5K	87
Q3 21	$49.8K	87
Q4 21	$31.7K	119
Q4 22	$13.5K	236
Q1 23	$20.7K	236
Q2 23	$48.3K	236
Q3 23	$22.7K	236
Q4 23	$18.8K	284
Q1 24	$68.8K	284
Q2 24	$33.0K	284
Q4 24	$12.2K	305
Q1 25	$32.7K	305
Q2 25	$9.6K	305
Q3 25	$38.5K	305

Revenue / Employee