Every 10-Q that Bicycle Therapeutics plc (BCYC) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow BCYC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BCYC filings page.
Bicycle Therapeutics, a clinical-stage oncology company, reported collaboration revenue of $0.6 million for the quarter ended June 30 2026, compared with $2.9 million a year earlier as prior partnerships wound down. Operating expenses were $55.2 million, including $41.2 million in research and development and $14.0 million in general and administrative costs, leading to a net loss of $50.3 million or $0.72 per share.
Cash and cash equivalents totaled $510.1 million at June 30 2026. Net cash used in operating activities was $115.5 million in the first half of 2026, and management expects existing cash to fund operating expenses and capital needs for at least twelve months. A March 2026 strategic reprioritization, including an approximately 30% workforce reduction, is expected to reduce annual operating expenses by about 50%, and generated $5.5 million in severance-related charges in the first half.
The company is concentrating resources on nuzefatide pevedotin and next-generation Bicycle conjugates, while deprioritizing zelenectide pevedotin and BT7480 for internal development. Several collaborations have ended; Bayer has given notice to terminate its agreement effective September 2026, and approximately $33.2 million of remaining deferred revenue from that collaboration is expected to be recognized in the third quarter of 2026.
Bicycle Therapeutics plc reported a Q1 2026 net loss of $60.8 million, essentially flat versus Q1 2025, as it continues investing in its clinical pipeline of Bicycle® molecules for oncology.
Collaboration revenue fell sharply to $0.9 million from $10.0 million, mainly reflecting the wind-down of prior Novartis and Genentech collaborations. Operating expenses declined to $66.4 million from $80.2 million, helped by lower research and development and general and administrative costs and U.K. R&D incentives of $6.0 million.
The company ended the quarter with $559.5 million in cash and cash equivalents and expects this to fund operations for at least 12 months. In March 2026 it announced a strategic reprioritization toward next‑generation conjugates and nuzefatide pevedotin, plus an approximately 30% workforce reduction targeting about a 50% annual operating expense reduction, with $7.2 million in expected severance charges.
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) reported Q2-25 results in its Form 10-Q. Collaboration revenue fell to $2.9 m (-69% YoY), reflecting timing of milestone receipts from Bayer, Novartis, Ionis and Genentech. Operating spend accelerated: R&D $71.0 m (+77%) as three clinical programs and the Duravelo-2 registrational trial ramped; G&A $18.5 m (+16%). Operating loss widened to $86.6 m; after $7.4 m of interest & other income, net loss was $79.0 m (-$1.14/sh), nearly double the prior-year quarter.
For the first six months, revenue dropped 56% to $12.9 m, while cumulative R&D rose 74% to $130.1 m. Six-month net loss reached $139.7 m (-$2.02/sh) and operating cash burn was $159.2 m.
Balance sheet strength remains the key offset. Cash & cash equivalents totaled $721.5 m (down $158 m YTD) following the $544 m May-24 private placement; management believes this funds operations for at least 12 months. Total liabilities are modest at $163.3 m; the $30 m Hercules term loan was fully repaid in July 2024, eliminating interest expense.
Share count at 8-5-25 was 49.9 m voting and 19.4 m non-voting shares, reflecting equity offerings and equity-based compensation.
Investment view: Ample cash provides runway to complete pivotal BT8009 trial, but the sharply rising R&D burn and highly dependent collaboration revenue increase execution risk and potential future dilution.