Bicycle Therapeutics plc (BCYC) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 17, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BCYC SEC filings page.
Bicycle Therapeutics plc (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).
The business is scaling revenue, but R&D spending and cash outflows are scaling faster than operating progress.
Revenue more than doubled over the latest year, but operating cash outflow widened52% , showing that greater commercial activity has not yet translated into self-funding operations. The cash result is broadly consistent with a net loss of$219M , rather than suggesting that working-capital timing is the main explanation for the shortfall.
R&D was 3.3x revenue, while operating margin remained
Free cash flow nearly matched operating cash flow in the latest year because capital expenditures were only
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 plc'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 plc held $628.1M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $249.7M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Bicycle Therapeutics plc scores 56/100 among other emerging companies.
Bicycle Therapeutics plc had 69M shares outstanding at the end of fiscal year 2025, against 69M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Bicycle Therapeutics plc scores 27/100 among other emerging companies.
Bicycle Therapeutics plc spent $240.3M on research and development in fiscal year 2025, which was 75.2% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Bicycle Therapeutics plc scores 94/100 among other emerging companies.
Bicycle Therapeutics plc reported revenue of $72.6M in fiscal year 2025, against $35.3M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Bicycle Therapeutics plc scores 82/100 among other emerging companies.
Bicycle Therapeutics plc's operations used $249.7M of cash in fiscal year 2025, against $164.7M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Bicycle Therapeutics plc scores 7/100 among other emerging companies.
Bicycle Therapeutics plc's cash, cash equivalents and investments came to $628.1M at the end of fiscal year 2025, against $107.6M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Bicycle Therapeutics plc scores 91/100 among other emerging companies.
Bicycle Therapeutics plc scores -0.39, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($242.2M) 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 plc 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 plc 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 plc 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 plc generated $629K in revenue in Q2 2026. This represents a decrease of 78.5% from the same quarter a year earlier. Against the prior quarter it is down 29.1%.
Bicycle Therapeutics plc's EBITDA was -$53.5M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 37.0% from the same quarter a year earlier. Against the prior quarter it is up 16.9%.
Bicycle Therapeutics plc reported -$50.3M in net income in Q2 2026. This represents an increase of 36.2% from the same quarter a year earlier. Against the prior quarter it is up 17.2%.
Bicycle Therapeutics plc earned -$0.72 per diluted share (EPS) in Q2 2026. This represents an increase of 36.8% from the same quarter a year earlier. Against the prior quarter it is up 17.2%.
Cash & Balance Sheet
Bicycle Therapeutics plc recorded an outflow of $49.9M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 31.9% from the same quarter a year earlier. Against the prior quarter it is up 25.2%.
Bicycle Therapeutics plc held $510.1M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Bicycle Therapeutics plc's ROE was -9.9% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 1.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.1 percentage points.
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Bicycle Therapeutics plc invested $41.2M in research and development in Q2 2026. This represents a decrease of 42.1% from the same quarter a year earlier. Against the prior quarter it is down 15.8%.
Bicycle Therapeutics plc invested $265K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 46.8% from the same quarter a year earlier. Against the prior quarter it is down 62.8%.
Not reported for Q2 2026.
BCYC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $629K-78.5% | $887K-91.1% | $48.0M+1193.3% | $11.7M+338.5% | $2.9M-68.8% | $10.0M-48.9% | $3.7M-30.4% | $2.7M-50.0% |
| R&D Expenses | $41.2M-42.1% | $48.9M-17.2% | $51.8M+4.0% | $58.4M+21.1% | $71.0M+77.3% | $59.1M+69.4% | $49.8M+11.4% | $48.3M+21.1% |
| SG&A Expenses | $14.0M-24.1% | $17.5M-17.3% | $20.9M-3.2% | $18.9M+3.3% | $18.5M+16.0% | $21.1M+28.9% | $21.6M+45.2% | $18.3M+12.1% |
| Operating Income | -$54.6M+37.0% | -$65.5M+6.7% | -$24.7M+63.5% | -$65.6M-2.7% | -$86.6M-85.7% | -$70.2M-121.4% | -$67.7M-24.8% | -$63.8M-25.7% |
| EBITDA | -$53.5M+37.0% | -$64.4M+6.1% | -$23.4M+64.5% | -$63.8M-3.4% | -$84.9M-88.5% | -$68.6M-128.1% | -$65.9M-25.5% | -$61.6M-25.6% |
| Interest Expense | $44K-18.5% | $48K-5.9% | $57K+9.6% | $44K+33.3% | $54K-93.4% | $51K-93.8% | $52K-93.7% | $33K-95.9% |
| Income Tax | $90K+139.0% | $172K+115.8% | $1.3M+216.9% | $205K+105.9% | -$231K-300.9% | -$1.1M-210.6% | -$1.1M-438.1% | -$3.4M-251.8% |
| Net Income | -$50.3M+36.2% | -$60.8M-0.1% | -$20.2M+61.1% | -$59.1M-16.3% | -$79.0M-98.3% | -$60.8M-128.7% | -$51.9M-5.6% | -$50.8M-1.8% |
| EPS (Basic) | -$0.72+36.8% | -$0.87+1.1% | -$0.29+61.3% | -$0.85-14.9% | -$1.14-48.1% | -$0.88-41.9% | -$0.75+33.6% | -$0.74+41.3% |
| EPS (Diluted) | -$0.72+36.8% | -$0.87+1.1% | -$0.29+61.3% | -$0.85-14.9% | -$1.14-48.1% | -$0.88 | -$0.75 | -$0.74 |
| Diluted Shares (Avg) | 70M+0.8% | 70M+0.7% | N/A | 69M+0.5% | 69M+33.2% | 69M | N/A | 69M |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $606.6M-27.1% | $652.4M-26.2% | $717.6M-25.0% | $764.0M-23.4% | $832.2M-21.3% | $883.9M+61.5% | $956.9M+60.7% | $996.7M+56.1% |
| Current Assets | $575.2M-28.5% | $619.1M-27.7% | $682.9M-26.5% | $738.8M-23.5% | $804.3M-21.8% | $856.1M+65.9% | $928.6M+65.3% | $966.2M+60.2% |
| Cash & Equivalents | $510.1M-29.3% | $559.5M-29.4% | $628.1M-28.6% | $648.3M-27.2% | $721.5M-25.0% | $793.0M+73.5% | $879.5M+67.1% | $890.9M+55.7% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | N/A | N/A | $0 | N/A | N/A | $136K | $0 | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $96.3M-41.0% | $98.1M-31.7% | $107.6M-34.3% | $145.5M-12.2% | $163.3M-11.0% | $143.6M-24.9% | $163.8M-27.0% | $165.7M-25.6% |
| Current Liabilities | $47.6M-38.5% | $48.9M-15.2% | $57.0M-15.2% | $69.3M+22.8% | $77.4M+11.2% | $57.6M+16.4% | $67.2M-3.3% | $56.4M-19.1% |
| Non-Current Liabilities | $48.7M-43.3% | $49.2M-42.8% | $50.6M-47.6% | $76.2M-30.3% | $85.8M-24.7% | $85.9M-39.3% | $96.6M-37.6% | $109.3M-28.5% |
| Total Equity | $510.3M-23.7% | $554.3M-25.1% | $610.0M-23.1% | $618.5M-25.6% | $668.9M-23.4% | $740.3M+107.9% | $793.1M+113.8% | $831.0M+99.8% |
| Retained Earnings | -$1.0B-23.2% | -$960.6M-29.5% | -$899.8M-32.2% | -$879.6M-39.9% | -$820.5M-41.9% | -$741.5M-37.8% | -$680.8M-33.0% | -$628.9M-35.9% |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$49.6M+31.8% | -$65.9M+23.7% | -$19.3M-105.9% | -$71.2M-78.7% | -$72.8M-63.1% | -$86.4M-21.9% | -$9.4M+80.1% | -$39.8M-3786.0% |
| Depreciation & Amortization | $1.1M-35.3% | $1.1M-30.9% | $1.3M-21.6% | $1.8M-18.2% | $1.7M+6.3% | $1.6M-1.4% | $1.7M+3.0% | $2.2M+29.4% |
| Stock-Based Compensation | $6.4M-32.1% | $6.9M-27.9% | N/A | $8.8M-4.7% | $9.4M+1.8% | $9.6M+3.5% | N/A | $9.2M+23.8% |
| Capital Expenditures | $265K-46.8% | $713K+18.0% | $574K+56.0% | $674K+54.9% | $498K+18.6% | $604K+4933.3% | $368K+621.6% | $435K-13.3% |
| Free Cash Flow | -$49.9M+31.9% | -$66.6M+23.4% | -$19.9M-104.0% | -$71.8M-78.4% | -$73.3M-62.7% | -$87.0M-22.7% | -$9.8M+79.4% | -$40.3M-2537.0% |
| Investing Cash Flow | -$265K+46.8% | -$713K-18.0% | -$574K-56.0% | -$674K-54.9% | -$498K-18.6% | -$604K-4933.3% | -$368K-621.6% | -$435K+13.3% |
| Financing Cash Flow | -$50K-11.1% | -$54K-31.7% | -$15K-107.4% | -$30K+99.9% | -$45K-100.0% | -$41K-102.2% | $203K-47.4% | -$31.9M-113.6% |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| 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%+1.9pp | -11.0%-2.8pp | -3.3%+3.2pp | -9.6%-3.5pp | -11.8%-7.2pp | -8.2%-0.8pp | -6.5%+6.7pp | -6.1%+5.9pp |
| Return on Assets | -8.3%+1.2pp | -9.3%-2.5pp | -2.8%+2.6pp | -7.7%-2.6pp | -9.5%-5.7pp | -6.9%-2.0pp | -5.4%+2.8pp | -5.1%+2.7pp |
| Current Ratio | 12.08+1.7x | 12.66-2.2x | 11.98-1.8x | 10.66-6.5x | 10.39-4.4x | 14.86+4.4x | 13.81+5.7x | 17.13+8.5x |
| Debt-to-Equity | 0.19-0.1x | 0.180.0x | 0.180.0x | 0.240.0x | 0.24+0.2x | 0.19+0.1x | 0.21+0.1x | 0.20+0.1x |
| Asset Turnover | 0.000.0x | 0.000.0x | 0.07+0.1x | 0.020.0x | 0.000.0x | 0.010.0x | 0.000.0x | 0.000.0x |
| 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
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Bicycle Therapeutics plc BCYC | FY2025 | $72.6M | -$219.0M | N/A | $242.2M | 60/100 |
| Replimune Group, Inc. REPL | FY2026 | N/A | -$313.9M | N/A | $1.0B | — |
| Opthea Limited American OPT | FY2025 | $25K | -$162.8M | N/A | $524.8M | — |
| aTyr Pharma, Inc. ATYR | FY2025 | $190K | -$74.1M | N/A | $17.1M | — |
| Arcturus Therapeutics Holdings Inc. ARCT | FY2025 | $82.0M | -$65.8M | -80.2% | $293.9M | 54/100 |
Where Bicycle Therapeutics plc Ranks
Frequently Asked Questions
What is Bicycle Therapeutics plc's annual revenue?
Bicycle Therapeutics plc (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 plc's revenue growing?
Bicycle Therapeutics plc (BCYC) revenue grew by 105.8% year-over-year, from $35.3M to $72.6M in fiscal year 2025.
Is Bicycle Therapeutics plc profitable?
No, Bicycle Therapeutics plc (BCYC) reported a net income of -$219.0M in fiscal year 2025.
What is Bicycle Therapeutics plc's EBITDA?
Bicycle Therapeutics plc (BCYC) had EBITDA of -$240.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Bicycle Therapeutics plc's return on equity (ROE)?
Bicycle Therapeutics plc (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 plc's free cash flow?
Bicycle Therapeutics plc (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 plc's operating cash flow?
Bicycle Therapeutics plc (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 plc's total assets?
Bicycle Therapeutics plc (BCYC) had $717.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Bicycle Therapeutics plc's capital expenditures?
Bicycle Therapeutics plc (BCYC) invested $2.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Bicycle Therapeutics plc spend on research and development?
Bicycle Therapeutics plc (BCYC) invested $240.3M in research and development during fiscal year 2025.
What is Bicycle Therapeutics plc's current ratio?
Bicycle Therapeutics plc (BCYC) had a current ratio of 11.98 as of fiscal year 2025, which is generally considered healthy.
What is Bicycle Therapeutics plc's debt-to-equity ratio?
Bicycle Therapeutics plc (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 plc's return on assets (ROA)?
Bicycle Therapeutics plc (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 plc's P/E ratio?
Bicycle Therapeutics plc (BCYC) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $242.2M as of Oct 17, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Bicycle Therapeutics plc's price-to-sales ratio?
Bicycle Therapeutics plc (BCYC) trades at 4.0x sales, its market capitalization divided by revenue of $61.2M revenue, trailing 12 months to June 30, 2026. The market capitalization is $242.2M as of Oct 17, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Bicycle Therapeutics plc's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Bicycle Therapeutics plc (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 plc's Altman Z-Score?
Bicycle Therapeutics plc (BCYC) has an Altman Z-Score of -0.39, 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 plc's Piotroski F-Score?
Bicycle Therapeutics plc (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 plc's earnings high quality?
Bicycle Therapeutics plc (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 plc cover its interest payments?
Bicycle Therapeutics plc (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 plc?
Bicycle Therapeutics plc (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.