Bicycle Therapeutics Limited Financials
Bicycle Therapeutics Limited (BCYC) reported $61.2M in revenue over the twelve months to Jun 30, 2026, up 217.4% from the prior twelve months. This page shows its 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).
BCYC’s dominant mechanic is development spending that scales revenue, yet operating losses still convert almost directly into cash use.
The earnings-quality signal is that FY2025 operating cash flow of-$249.7M nearly matched operating loss of-$247.1M . With free cash flow of-$252.0M and capital expenditures of only$2.4M , the cash shortfall was driven mainly by ongoing operations rather than a large physical build-out.
Research and development reached
FY2024 financing cash flow was
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Bicycle Therapeutics Limited's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Bicycle Therapeutics Limited scores -0.13, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($289.1M) relative to total liabilities ($107.6M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Bicycle Therapeutics Limited passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Bicycle Therapeutics Limited reported a net loss of $219.0M while operations used $249.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Bicycle Therapeutics Limited reported an operating loss of $247.1M against $206K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
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 recorded an outflow of $252.0M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 51.9% from the prior year.
Bicycle Therapeutics Limited held $628.1M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Bicycle Therapeutics Limited paid $0.00 per share in dividends in fiscal year 2025.
Margins & Returns
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.
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
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.
Not reported for fiscal year 2025.
BCYC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $629K-29.1% | $887K-98.2% | $48.0M+308.7% | $11.7M+301.8% | $2.9M-70.7% | $10.0M+169.1% | $3.7M+38.6% | $2.7M |
| R&D Expenses | $41.2M-15.8% | $48.9M-5.5% | $51.8M-11.4% | $58.4M-17.7% | $71.0M+20.3% | $59.1M+18.6% | $49.8M+3.1% | $48.3M |
| SG&A Expenses | $14.0M-19.7% | $17.5M-16.4% | $20.9M+10.8% | $18.9M+2.0% | $18.5M-12.5% | $21.1M-2.2% | $21.6M+18.3% | $18.3M |
| Operating Income | -$54.6M+16.7% | -$65.5M-165.0% | -$24.7M+62.3% | -$65.6M+24.3% | -$86.6M-23.4% | -$70.2M-3.8% | -$67.7M-6.0% | -$63.8M |
| Interest Expense | $44K-8.3% | $48K-15.8% | $57K+29.5% | $44K-18.5% | $54K+5.9% | $51K-1.9% | $52K+57.6% | $33K |
| Income Tax | $90K-47.7% | $172K-86.4% | $1.3M+517.1% | $205K+188.7% | -$231K+78.7% | -$1.1M-0.5% | -$1.1M+68.6% | -$3.4M |
| Net Income | -$50.3M+17.2% | -$60.8M-201.8% | -$20.2M+65.9% | -$59.1M+25.1% | -$79.0M-30.0% | -$60.8M-17.2% | -$51.9M-2.1% | -$50.8M |
| EPS (Diluted) | -$0.72+17.2% | -$0.87-200.0% | -$0.29+65.9% | -$0.85+25.4% | -$1.14-29.5% | -$0.88-17.3% | -$0.75-1.4% | -$0.74 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
BCYC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $606.6M-7.0% | $652.4M-9.1% | $717.6M-6.1% | $764.0M-8.2% | $832.2M-5.9% | $883.9M-7.6% | $956.9M-4.0% | $996.7M |
| Current Assets | $575.2M-7.1% | $619.1M-9.3% | $682.9M-7.6% | $738.8M-8.1% | $804.3M-6.1% | $856.1M-7.8% | $928.6M-3.9% | $966.2M |
| Cash & Equivalents | $510.1M-8.8% | $559.5M-10.9% | $628.1M-3.1% | $648.3M-10.1% | $721.5M-9.0% | $793.0M-9.8% | $879.5M-1.3% | $890.9M |
| Accounts Receivable | N/A | N/A | $0 | N/A | N/A | $136K | $0 | N/A |
| Total Liabilities | $96.3M-1.8% | $98.1M-8.9% | $107.6M-26.0% | $145.5M-10.9% | $163.3M+13.7% | $143.6M-12.4% | $163.8M-1.2% | $165.7M |
| Current Liabilities | $47.6M-2.6% | $48.9M-14.2% | $57.0M-17.8% | $69.3M-10.5% | $77.4M+34.4% | $57.6M-14.3% | $67.2M+19.2% | $56.4M |
| Total Equity | $510.3M-7.9% | $554.3M-9.1% | $610.0M-1.4% | $618.5M-7.5% | $668.9M-9.6% | $740.3M-6.6% | $793.1M-4.6% | $831.0M |
| Retained Earnings | -$1.0B-5.2% | -$960.6M-6.8% | -$899.8M-2.3% | -$879.6M-7.2% | -$820.5M-10.6% | -$741.5M-8.9% | -$680.8M-8.2% | -$628.9M |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
BCYC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$49.6M+24.8% | -$65.9M-240.8% | -$19.3M+72.8% | -$71.2M+2.2% | -$72.8M+15.7% | -$86.4M-819.2% | -$9.4M+76.4% | -$39.8M |
| Capital Expenditures | $265K-62.8% | $713K+24.2% | $574K-14.8% | $674K+35.3% | $498K-17.5% | $604K+64.1% | $368K-15.4% | $435K |
| Free Cash Flow | -$49.9M+25.2% | -$66.6M-234.5% | -$19.9M+72.3% | -$71.8M+2.0% | -$73.3M+15.7% | -$87.0M-790.8% | -$9.8M+75.8% | -$40.3M |
| Investing Cash Flow | -$265K+62.8% | -$713K-24.2% | -$574K+14.8% | -$674K-35.3% | -$498K+17.5% | -$604K-64.1% | -$368K+15.4% | -$435K |
| Financing Cash Flow | -$50K+7.4% | -$54K-260.0% | -$15K+50.0% | -$30K+33.3% | -$45K-9.8% | -$41K-120.2% | $203K+100.6% | -$31.9M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
BCYC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -8673.9% | -7382.4% | -51.5% | -558.6% | -2965.8% | -703.7% | -1824.8% | -2385.9% |
| Net Margin | -8002.1% | -6857.4% | -42.0% | -503.7% | -2703.8% | -608.9% | -1398.4% | -1898.4% |
| Return on Equity | -9.9%+1.1pp | -11.0%-7.7pp | -3.3%+6.3pp | -9.6%+2.2pp | -11.8%-3.6pp | -8.2%-1.7pp | -6.5%-0.4pp | -6.1% |
| Return on Assets | -8.3%+1.0pp | -9.3%-6.5pp | -2.8%+4.9pp | -7.7%+1.8pp | -9.5%-2.6pp | -6.9%-1.4pp | -5.4%-0.3pp | -5.1% |
| Current Ratio | 12.08-0.6x | 12.66+0.7x | 11.98+1.3x | 10.66+0.3x | 10.39-4.5x | 14.86+1.0x | 13.81-3.3x | 17.13 |
| Debt-to-Equity | 0.190.0x | 0.180.0x | 0.18-0.1x | 0.240.0x | 0.24+0.1x | 0.190.0x | 0.210.0x | 0.20 |
| FCF Margin | -7928.6% | -7512.7% | -41.5% | -612.3% | -2509.7% | -871.7% | -263.3% | -1504.8% |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Where Bicycle Therapeutics Limited Ranks
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.
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 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) recorded an outflow of $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) recorded an outflow of $249.7M in operating cash flow during fiscal year 2025, representing cash used by 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.
How does Bicycle Therapeutics Limited's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Bicycle Therapeutics Limited (BCYC) held $628.1M in cash, cash equivalents and investments, and reported an operating cash outflow of $249.7M over that year. Dividing the one by the other, the reported balance equals about 30 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Bicycle Therapeutics Limited's Altman Z-Score?
Bicycle Therapeutics Limited (BCYC) has an Altman Z-Score of -0.13, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Bicycle Therapeutics Limited's Piotroski F-Score?
Bicycle Therapeutics Limited (BCYC) has a Piotroski F-Score of 1 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $219.0M while operations used $249.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $247.1M against $206K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 60 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.