Bicycle Therapeutics Limited Financials
This page shows Bicycle Therapeutics Limited (BCYC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Bicycle Therapeutics Limited has an operating margin of -340.4%, meaning the company retains $-340 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -595.0% the prior year.
Bicycle Therapeutics Limited's revenue surged 105.8% year-over-year to $72.6M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Bicycle Therapeutics Limited carries a low D/E ratio of 0.18, meaning only $0.18 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 11.98, Bicycle Therapeutics Limited holds $11.98 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Bicycle Therapeutics Limited generated -$249.7M in operating cash flow, capex of $2.4M consumed most of it, leaving -$252.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Bicycle Therapeutics Limited generates a -35.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -21.3% the prior year.
Bicycle Therapeutics Limited passes 1 of 9 financial strength tests. No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Bicycle Therapeutics Limited generates $1.14 in operating cash flow (-$249.7M OCF vs -$219.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Bicycle Therapeutics Limited earns $-1199.3 in operating income for every $1 of interest expense (-$247.1M vs $206K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Bicycle Therapeutics Limited generated $72.6M in revenue in fiscal year 2025. This represents an increase of 105.8% from the prior year.
Bicycle Therapeutics Limited's EBITDA was -$240.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 18.7% from the prior year.
Bicycle Therapeutics Limited reported -$219.0M in net income in fiscal year 2025. This represents a decrease of 29.5% from the prior year.
Bicycle Therapeutics Limited earned $-3.16 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 9.0% from the prior year.
Cash & Balance Sheet
Bicycle Therapeutics Limited generated -$252.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 51.9% from the prior year.
Bicycle Therapeutics Limited held $628.1M in cash against $0 in long-term debt as of fiscal year 2025.
Bicycle Therapeutics Limited paid $0.00 per share in dividends in fiscal year 2025.
Bicycle Therapeutics Limited had 69M shares outstanding in fiscal year 2025. This represents an increase of 0.4% from the prior year.
Margins & Returns
Bicycle Therapeutics Limited's operating margin was -340.4% in fiscal year 2025, reflecting core business profitability. This is up 254.6 percentage points from the prior year.
Bicycle Therapeutics Limited's net profit margin was -301.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 177.5 percentage points from the prior year.
Bicycle Therapeutics Limited's ROE was -35.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 14.6 percentage points from the prior year.
Capital Allocation
Bicycle Therapeutics Limited invested $240.3M in research and development in fiscal year 2025. This represents an increase of 38.9% from the prior year.
Bicycle Therapeutics Limited invested $2.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 90.3% from the prior year.
BCYC Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $48.0M+308.7% | $11.7M+301.8% | $2.9M-70.7% | $10.0M+169.1% | $3.7M+38.6% | $2.7M-71.4% | $9.4M-52.1% | $19.5M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $51.8M-11.4% | $58.4M-17.7% | $71.0M+20.3% | $59.1M+18.6% | $49.8M+3.1% | $48.3M+20.5% | $40.1M+14.9% | $34.9M |
| SG&A Expenses | $20.9M+10.8% | $18.9M+2.0% | $18.5M-12.5% | $21.1M-2.2% | $21.6M+18.3% | $18.3M+14.5% | $15.9M-2.6% | $16.4M |
| Operating Income | -$24.7M+62.3% | -$65.6M+24.3% | -$86.6M-23.4% | -$70.2M-3.8% | -$67.7M-6.0% | -$63.8M-36.9% | -$46.6M-47.1% | -$31.7M |
| Interest Expense | $57K+29.5% | $44K-18.5% | $54K+5.9% | $51K-1.9% | $52K+57.6% | $33K-96.0% | $824K+0.4% | $821K |
| Income Tax | $1.3M+517.1% | $205K+188.7% | -$231K+78.7% | -$1.1M-0.5% | -$1.1M+68.6% | -$3.4M-3098.3% | $115K+132.9% | -$350K |
| Net Income | -$20.2M+65.9% | -$59.1M+25.1% | -$79.0M-30.0% | -$60.8M-17.2% | -$51.9M-2.1% | -$50.8M-27.6% | -$39.8M-49.9% | -$26.6M |
| EPS (Diluted) | N/A | $-0.85+25.4% | $-1.14-29.5% | $-0.88 | N/A | $-0.74+3.9% | $-0.77-24.2% | $-0.62 |
BCYC Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $717.6M-6.1% | $764.0M-8.2% | $832.2M-5.9% | $883.9M-7.6% | $956.9M-4.0% | $996.7M-5.7% | $1.1B+93.3% | $547.1M |
| Current Assets | $682.9M-7.6% | $738.8M-8.1% | $804.3M-6.1% | $856.1M-7.8% | $928.6M-3.9% | $966.2M-6.0% | $1.0B+99.3% | $516.0M |
| Cash & Equivalents | $628.1M-3.1% | $648.3M-10.1% | $721.5M-9.0% | $793.0M-9.8% | $879.5M-1.3% | $890.9M-7.3% | $961.4M+110.4% | $457.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $0 | N/A | N/A | $136K | $0 | N/A | $233K | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $107.6M-26.0% | $145.5M-10.9% | $163.3M+13.7% | $143.6M-12.4% | $163.8M-1.2% | $165.7M-9.7% | $183.5M-4.0% | $191.1M |
| Current Liabilities | $57.0M-17.8% | $69.3M-10.5% | $77.4M+34.4% | $57.6M-14.3% | $67.2M+19.2% | $56.4M-19.0% | $69.6M+40.6% | $49.5M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | $8.5M-72.4% | $30.8M |
| Total Equity | $610.0M-1.4% | $618.5M-7.5% | $668.9M-9.6% | $740.3M-6.6% | $793.1M-4.6% | $831.0M-4.9% | $873.8M+145.4% | $356.0M |
| Retained Earnings | -$899.8M-2.3% | -$879.6M-7.2% | -$820.5M-10.6% | -$741.5M-8.9% | -$680.8M-8.2% | -$628.9M-8.8% | -$578.1M-7.4% | -$538.3M |
BCYC Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$19.3M+72.8% | -$71.2M+2.2% | -$72.8M+15.7% | -$86.4M-819.2% | -$9.4M+76.4% | -$39.8M+10.7% | -$44.6M+37.0% | -$70.9M |
| Capital Expenditures | $574K-14.8% | $674K+35.3% | $498K-17.5% | $604K+64.1% | $368K-15.4% | $435K+3.6% | $420K+3400.0% | $12K |
| Free Cash Flow | -$19.9M+72.3% | -$71.8M+2.0% | -$73.3M+15.7% | -$87.0M-790.8% | -$9.8M+75.8% | -$40.3M+10.6% | -$45.0M+36.4% | -$70.9M |
| Investing Cash Flow | -$574K+14.8% | -$674K-35.3% | -$498K+17.5% | -$604K-64.1% | -$368K+15.4% | -$435K-3.6% | -$420K-3400.0% | -$12K |
| Financing Cash Flow | -$15K+50.0% | -$30K+33.3% | -$45K-9.8% | -$41K-120.2% | $203K+100.6% | -$31.9M-105.8% | $549.6M+29275.0% | $1.9M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BCYC Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -51.5%+507.1pp | -558.6%+2407.2pp | -2965.8%-2262.2pp | -703.7%+1121.1pp | -1824.8%+561.1pp | -2385.9%-1887.6pp | -498.3%-335.9pp | -162.4% |
| Net Margin | -42.0%+461.6pp | -503.7%+2200.2pp | -2703.8%-2094.9pp | -608.9%+789.5pp | -1398.4%+500.0pp | -1898.4%-1473.1pp | -425.3%-289.3pp | -136.0% |
| Return on Equity | -3.3%+6.3pp | -9.6%+2.2pp | -11.8%-3.6pp | -8.2%-1.7pp | -6.5%-0.4pp | -6.1%-1.6pp | -4.6%+2.9pp | -7.5% |
| Return on Assets | -2.8%+4.9pp | -7.7%+1.8pp | -9.5%-2.6pp | -6.9%-1.4pp | -5.4%-0.3pp | -5.1%-1.3pp | -3.8%+1.1pp | -4.9% |
| Current Ratio | 11.98+1.3 | 10.66+0.3 | 10.39-4.5 | 14.86+1.0 | 13.81-3.3 | 17.13+2.4 | 14.77+4.4 | 10.42 |
| Debt-to-Equity | 0.18-0.1 | 0.240.0 | 0.24+0.1 | 0.19-0.0 | 0.210.0 | 0.20+0.2 | 0.01-0.1 | 0.09 |
| FCF Margin | -41.5%+570.8pp | -612.3%+1897.4pp | -2509.7%-1638.0pp | -871.7%-608.4pp | -263.3%+1241.4pp | -1504.8%-1023.5pp | -481.2%-118.3pp | -362.9% |
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Frequently Asked Questions
What is Bicycle Therapeutics Limited's annual revenue?
Bicycle Therapeutics Limited (BCYC) reported $72.6M in total revenue for fiscal year 2025. This represents a 105.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Bicycle Therapeutics Limited's revenue growing?
Bicycle Therapeutics Limited (BCYC) revenue grew by 105.8% year-over-year, from $35.3M to $72.6M in fiscal year 2025.
Is Bicycle Therapeutics Limited profitable?
No, Bicycle Therapeutics Limited (BCYC) reported a net income of -$219.0M in fiscal year 2025, with a net profit margin of -301.7%.
What is Bicycle Therapeutics Limited's EBITDA?
Bicycle Therapeutics Limited (BCYC) had EBITDA of -$240.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Bicycle Therapeutics Limited's operating margin?
Bicycle Therapeutics Limited (BCYC) had an operating margin of -340.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Bicycle Therapeutics Limited's net profit margin?
Bicycle Therapeutics Limited (BCYC) had a net profit margin of -301.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Bicycle Therapeutics Limited's return on equity (ROE)?
Bicycle Therapeutics Limited (BCYC) has a return on equity of -35.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Bicycle Therapeutics Limited's free cash flow?
Bicycle Therapeutics Limited (BCYC) generated -$252.0M in free cash flow during fiscal year 2025. This represents a -51.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Bicycle Therapeutics Limited's operating cash flow?
Bicycle Therapeutics Limited (BCYC) generated -$249.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Bicycle Therapeutics Limited's total assets?
Bicycle Therapeutics Limited (BCYC) had $717.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Bicycle Therapeutics Limited's capital expenditures?
Bicycle Therapeutics Limited (BCYC) invested $2.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Bicycle Therapeutics Limited spend on research and development?
Bicycle Therapeutics Limited (BCYC) invested $240.3M in research and development during fiscal year 2025.
What is Bicycle Therapeutics Limited's current ratio?
Bicycle Therapeutics Limited (BCYC) had a current ratio of 11.98 as of fiscal year 2025, which is generally considered healthy.
What is Bicycle Therapeutics Limited's debt-to-equity ratio?
Bicycle Therapeutics Limited (BCYC) had a debt-to-equity ratio of 0.18 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Bicycle Therapeutics Limited's return on assets (ROA)?
Bicycle Therapeutics Limited (BCYC) had a return on assets of -30.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Bicycle Therapeutics Limited's cash runway?
Based on fiscal year 2025 data, Bicycle Therapeutics Limited (BCYC) had $628.1M in cash against an annual operating cash burn of $249.7M. This gives an estimated cash runway of approximately 30 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Bicycle Therapeutics Limited's Piotroski F-Score?
Bicycle Therapeutics Limited (BCYC) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Bicycle Therapeutics Limited's earnings high quality?
Bicycle Therapeutics Limited (BCYC) has an earnings quality ratio of 1.14x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Bicycle Therapeutics Limited cover its interest payments?
Bicycle Therapeutics Limited (BCYC) has an interest coverage ratio of -1199.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Bicycle Therapeutics Limited?
Bicycle Therapeutics Limited (BCYC) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.