Bicycle Therapeutics Limited SEC Filings

Bicycle Therapeutics (BCYC) reported a larger quarterly loss while maintaining a strong cash position. For the three months ended September 30, 2025, collaboration revenue rose to $11.7 million from $2.7 million a year ago, driven by $6.5 million recognized upon termination of the Genentech collaboration and a $2.0 million milestone from Ionis tied to IND acceptance. Operating expenses were $77.3 million versus $66.5 million, reflecting pipeline advancement. Net loss was $59.1 million, or $0.85 per share, compared with $50.8 million, or $0.74 per share, last year.

Cash and cash equivalents were $648.3 million as of September 30, 2025. Deferred revenue totaled $86.4 million, including balances from Bayer ($40.4 million), Novartis ($42.1 million) and Ionis ($3.8 million). The company recorded $7.6 million of U.K. R&D incentives in the quarter and held $67.3 million receivable; $38.2 million was collected in October 2025. In August, Bicycle launched cost reduction initiatives targeting ~30% lower planned operating costs over its runway, including a workforce reduction of ~25%, with $4.1 million in Q3 charges.

Bicycle Therapeutics plc (BCYC) furnished an 8-K announcing quarterly results. The company reported it issued a press release covering financial results for the fiscal quarter ended September 30, 2025, along with other business highlights. The press release is furnished as Exhibit 99.1 and incorporated by reference. The Item 2.02 information, including Exhibit 99.1, is furnished and not deemed filed under Section 18 of the Exchange Act.

American Depositary Shares, each representing one ordinary share, trade on Nasdaq under the symbol BCYC.

Insider sale tied to RSU tax withholding; small net reduction in holdings. The CEO and director Kevin Lee reported two sell transactions on 10/02/2025 and 10/03/2025 that together disposed of 5,494 ordinary shares at weighted average prices of $8.40 and $8.41 respectively. The filing states these sales were mandated "sell to cover" transactions to satisfy statutory tax withholding on vested restricted stock units and were not discretionary trades. After the transactions, the Reporting Person beneficially owned 475,310 ordinary shares, held directly. The filer certified the usual Section 16 reporting and provided weighted price ranges for the multiple executions.

Bicycle Therapeutics PLC (BCYC) reported two insider sales by Chief Technology Officer Michael Skynner tied to restricted stock unit vesting. On 10/02/2025 he sold 824 ordinary shares at a weighted average price of $8.40 and on 10/03/2025 he sold 978 shares at a weighted average price of $8.41.

The filings state these were mandatory "sell-to-cover" transactions executed to satisfy statutory tax withholding required by his award agreement rather than discretionary sales. After the transactions his direct beneficial ownership is reported as 118,277 ordinary shares.

Reporting person: Alistair Milnes, Chief Operating Officer of Bicycle Therapeutics PLC (BCYC), reported two required "sell to cover" stock sales tied to the vesting and settlement of restricted stock units. On 10/02/2025 he sold 1,147 ordinary shares at a weighted average price of $8.40, and on 10/03/2025 he sold 978 shares at a weighted average price of $8.41, totaling 2,125 shares sold to satisfy statutory tax withholding. After these transactions he beneficially owned 93,377 ordinary shares. The filing notes the sales were mandated by the award agreement and not discretionary; prices reported are weighted averages across multiple trades.

Bicycle Therapeutics (BCYC) reported insider sales by Michael Charles Hannay, the company's Chief Product & Supply Chain Officer and a director. He recorded sales on 10/02/2025 and 10/03/2025 totaling 723 ordinary shares sold at weighted average prices near $8.40. The filing explains these were sell-to-cover transactions required to satisfy statutory tax-withholding on vested restricted stock units, not discretionary dispositions. After the transactions the reporting person owned 53,102 ordinary shares, indicating continued significant direct ownership.

Bicycle Therapeutics plc (BCYC) Chief Financial Officer Alethia Young reported sale of ordinary shares on 10/02/2025 to cover tax withholding and under a Rule 10b5-1 plan. The filing shows a sell-to-cover disposal of 217 shares at a weighted average price of $8.40 (sales ranged $8.37–$8.45) and a separate sale of 265 shares at $8.605. After the transactions the reporting person beneficially owned 44,704 ordinary shares (direct).

The report notes the 217-share sale was mandatory under the award agreement to satisfy statutory tax withholding on vested restricted stock units, while the 265-share sale followed a trading plan adopted on 04/03/2025. The filing is signed by an attorney-in-fact on 10/06/2025.

Bicycle Therapeutics PLC (BCYC) Chief Accounting Officer Travis Thompson reported two routine share sales tied to the vesting and settlement of restricted stock units. On 10/02/2025 he sold 221 ordinary shares at a weighted average price of $8.40 and on 10/03/2025 he sold 103 ordinary shares at a weighted average price of $8.41. The filings state these were "sell to cover" transactions required to meet statutory tax withholding for RSU vesting and were not discretionary sales. Following the transactions his direct beneficial ownership is shown as 31,197 ordinary shares.

Bicycle Therapeutics plc (BCYC) director Robert Charles Swanton reported a sale of 102 ordinary shares on 10/02/2025 at a price of $8.55 per share. The filing shows the sale was executed under a Rule 10b5-1 trading plan adopted on 10/14/2024, and the reporting person held 15,487 shares following the transaction. The form is a standard Section 16 filing reporting a non-derivative disposition by an insider; no options, grants, or other derivative transactions are reported.