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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934
March 17, 2026
Date of Report (Date of earliest event reported)
Bicycle
Therapeutics plc
(Exact name of registrant as specified in its
charter)
| England
and Wales |
|
001-38916 |
|
Not
applicable |
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
Blocks
A & B, Portway Building,
Granta
Park Great Abington, Cambridge
United Kingdom |
CB21
6GS |
| (Address of principal
executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: +44
1223 261503
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| | |
| ¨ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| | |
| ¨ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| | |
| ¨ | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
| Title
of each class |
Trading
Symbol (s) |
Name
of each exchange on which registered |
| Ordinary
shares, nominal value £0.01 per share |
n/a |
The
Nasdaq
Stock Market LLC* |
| American
Depositary Shares, each representing one ordinary share, nominal value £0.01 per share |
BCYC |
The
Nasdaq
Stock Market LLC |
* Not
for trading, but only in connection with the listing of the American Depositary Shares on The Nasdaq Stock Market LLC.
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 2.02. |
Results of Operations
and Financial Condition |
On March 17, 2026, Bicycle Therapeutics plc (the “Company”)
issued a press release announcing financial results for the fiscal quarter and the year ended December 31, 2025 and other business
highlights. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated
herein by reference.
The information contained in Item 2.02 in this Current Report
on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities
Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth
by specific reference in such a filing.
| Item 5.02. |
Departure of
Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers |
On March 11, 2026, the Company’s Board of Directors appointed
Jennifer Perry, Pharm.D. as Chief Operating Officer, effective as of March 17, 2026 (the “Transition Date”). Dr. Perry
will succeed Alistair Milnes, who will serve as the Company’s Chief Corporate Development Officer, effective as of the Transition
Date.
Prior to her appointment as Chief Operating Officer, Dr. Perry,
age 52, served as the Company’s Chief Strategy Officer and Head of Commercial, a role she held since July 2024. Dr. Perry
previously served as the Company’s Senior Vice President, Commercial, from April 2023 to July 2024, and as the Company’s
Vice President, Global Scientific Engagement and Medical Affairs from August 2022 to April 2023. Dr. Perry has over 20
years of experience in the biotech and pharmaceutical industries, with 15 years in oncology. Prior to joining the Company, from August 2020
to August 2022, Dr. Perry served as Vice President, Hematology Oncology Sales at TG Therapeutics, Inc. and previously
served as Vice President, US Oncology Sales at GSK/Tesaro from July 2019 to August 2020. Dr. Perry attended Loyola University
Chicago for her undergraduate education before earning her Pharm.D. from the University of Illinois Chicago.
In connection with her appointment as Chief Operating Officer, Dr. Perry’s
will receive a base salary of $550,000 and will be eligible to receive a target annual cash performance bonus of 50% of her base salary.
Dr. Perry will continue to be eligible to participate in the Company’s or its subsidiaries’ health, welfare, and retirement
plans on the same basis as all of the other employees. During her employment, Dr. Perry will be subject to the Company’s standard
Proprietary Information, Inventions and Non-Solicitation Agreement.
Dr. Perry will be eligible to receive severance benefits upon
certain employment termination scenarios if she signs a separation agreement containing a general release of claims in favor of the Company
and its subsidiaries and other standard terms. If Dr. Perry’s employment is terminated without cause, or by Dr. Perry
for good reason, she will receive nine months of her base salary in effect at the time of her employment termination and up to nine months
of COBRA insurance continuation. In the event her employment is terminated without cause, or by Dr. Perry for good reason, within
12 months following a change in control of the Company, she will receive 18 months of her base salary in effect at the time of her employment
termination, up to 18 months of COBRA insurance continuation, a lump sum equal to her full annual bonus at the target percentage for
the year in which her employment is terminated (in addition to any unpaid bonus earned in the prior year but still unpaid), and full
acceleration of vesting for any unvested equity awards.
Dr. Perry also entered into the Company’s standard form
of indemnity agreement, which requires the Company to indemnify Dr. Perry to the fullest extent permitted by the law of England
and Wales, for certain liabilities to which she may become subject as a result of her affiliation with the Company.
There are no family relationships among Dr. Perry and any of
the Company’s directors or executive officers, nor are there any related party transactions between Dr. Perry and the Company
that would be required to be reported under Item 404(a) of Regulation S-K.
The foregoing description of the employment terms is not complete
and is qualified in part by reference to the full text of Dr. Perry’s employment agreement, which will be filed with the Company’s
Quarterly Report on Form 10-Q for the period ending March 31, 2026.
| Item
9.01 |
Financial
Statements and Exhibits |
(d) Exhibits
| Exhibit No. |
|
Description |
| 99.1 |
|
Press Release issued March 17, 2026 |
| 104 |
|
Cover Page Interactive Data File (formatted in
Inline XBRL) |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| Date: March 17, 2026 |
BICYCLE THERAPEUTICS PLC |
| |
|
| |
By: |
/s/ Travis Thompson |
| |
Name: Travis Thompson |
| |
Title: Chief Financial Officer |
Exhibit 99.1
Bicycle Therapeutics Reports Recent Business Progress and Fourth
Quarter and Full Year 2025 Financial Results
Phase 2/3 Duravelo-2 pivotal trial evaluating
zelenectide pevedotin (zelenectide) plus pembrolizumab in metastatic urothelial cancer (mUC) successfully identifies 6mg/m2
zelenectide two weeks on, one week off dose (6mg dose) as optimal, demonstrating response rates comparable to published rates for standards
of care with a differentiated tolerability profile
Bicycle to convert Duravelo-2 to a randomized
Phase 2 trial while determining appropriate next steps for the program
Strategic reprioritization to focus on BT5528 and next
generation Bicycle® conjugates,
including Bicycle® Radioconjugates (BRC®);
additional EphA2 human imaging data and Phase 1 BT5528 combination data planned for the first half of 2026
Strategic partnerships established to enable
an end-to-end isotope agnostic strategy to support the potential discovery, development and commercial supply of a portfolio of BRCs
Cash and cash equivalents of $628 million as
of December 31, 2025, with expected cash runway extended into 2030 following a strategic reprioritization, including a proposed workforce
reduction of approximately 30%
CAMBRIDGE, England & BOSTON, March 17,
2026 – Bicycle Therapeutics plc (NASDAQ: BCYC), a pharmaceutical company pioneering a new and differentiated class of therapeutics
based on its proprietary bicyclic peptide (Bicycle®)
technology, today reported financial results for the fourth quarter and full year ended December 31, 2025, and provided recent corporate
updates.
“We have successfully completed the dose
selection portion of the Duravelo-2 trial and received regulatory alignment that the 6mg dose and schedule is optimal for zelenectide
in mUC based on strong anti-tumor activity and its differentiated safety profile. We look forward to sharing these data at an upcoming
scientific conference. Based on the regulatory feedback we have received, the existing Duravelo-2 trial design is no longer considered
acceptable as an approval path for zelenectide in mUC. Preliminary discussions with regulatory agencies have outlined several potential
paths for zelenectide’s approval in mUC. While we believe the strength of these data and the clear medical need justify continued
development of zelenectide, we have reached the difficult decision to deprioritize this program for internal development at this time.
We have initiated a process to convert our ongoing Duravelo-2 trial to a randomized Phase 2 study. Once we have these randomized Phase
2 data in hand, we will determine the most appropriate path for zelenectide,” said Bicycle Therapeutics CEO Kevin Lee, Ph.D. “We
believe these data provide further validation of the ability of our Bicycle technology to deliver oncology therapeutics with a potentially
improved benefit/risk profile compared to existing modalities. In view of this, we have decided to conduct a strategic reprioritization,
which includes a proposed workforce reduction, to best position the company to focus our resources on our promising pipeline of next-generation
therapeutics.”
Fourth Quarter 2025 and Recent Events
| · | Promising Duravelo-2 data and multiple
potential regulatory pathways provide a range of options for a Phase 3 trial and potential commercialization of zelenectide in mUC. Initial
dose selection data from the Duravelo-2 trial demonstrate response rates comparable to those published for existing standards of
care, with physician assessed overall response rate (ORR) of 65%, blinded independent central review (BICR) confirmed ORR of 58% at
the 27-week cutoff and a differentiated safety profile. Subsequent to the 27-week cutoff, an additional confirmed BICR response was
observed, which would result in an ORR of 62%. The 6mg dose demonstrated a differentiated safety profile with only one patient
discontinuing therapy due to a treatment-related adverse event (TRAE) at the 27-week cutoff. Bicycle Therapeutics expects to present
initial dose selection data from the Duravelo-2 trial at an upcoming scientific conference. While Bicycle Therapeutics evaluates
preliminary regulatory feedback from the European Medicines Agency, U.S. Food and Drug Administration (FDA), and Medicines and
Healthcare products Regulatory Agency, and the potential paths for this program, the company plans to convert the ongoing Duravelo-2
trial to a randomized Phase 2 trial and deprioritize this program for internal development at this time. Once available, data from
the randomized Phase 2 trial will be shared with the scientific and medical community. |
| | | |
| · | Strategic
reprioritization focuses on promising pipeline of next-generation therapeutics. Bicycle
Therapeutics has initiated a strategic reprioritization in order to focus its resources on
its promising pipeline of next-generation therapeutics, including BT5528, a potentially first-in-class
EphA2 targeting Bicycle® Drug Conjugate
(BDC®), as well as its emerging bicycle
conjugate pipeline, including BRCs. As part of the reprioritization, Bicycle Therapeutics
will seek to discontinue the Phase 1/2 Duravelo-3 trial for zelenectide in NECTIN4-amplified
breast cancer and the Phase 1/2 Duravelo-4 trial for zelenectide in NECTIN4-amplified non-small
cell lung cancer. Further enrollment for these trials will be closed, and patients already
enrolled will complete their course of treatment. In addition, Bicycle Therapeutics is
proposing to implement a workforce reduction pursuant to which it would reduce its workforce
by approximately 30%. Anticipated annual operational savings related to the workforce reduction
and strategic reprioritization are expected to reduce annual operating expenses by approximately
50% based on the company’s current plans. These actions are expected to extend
Bicycle Therapeutics’ cash runway by approximately two years, into 2030. |
| | | |
| · | Established
multiple strategic partnerships to create end-to-end supply chain to support wholly owned
radiopharmaceutical pipeline. Bicycle Therapeutics entered into a 15-year contract including
an option to renew with the UK Nuclear Decommissioning Authority (NDA) for access
to up to 400 tonnes of reprocessed uranium (RepU). RepU continually regenerates providing
a potentially sustainable supply of 212Pb.
In addition, Bicycle Therapeutics announced a collaboration with United Kingdom National
Nuclear Laboratory (UKNNL), pursuant to which it plans to extract 228Th from
the RepU obtained from NDA. The extracted 228Th
will then be further processed into 224Ra and
loaded into bespoke 212Pb generators being
developed exclusively for Bicycle Therapeutics by SpectronRx. Collectively, this bespoke
set of arrangements is designed to support the potential discovery, development, and commercial
supply of a portfolio of BRCs containing 212Pb.
These arrangements build on a previously announced agreement with Eckert & Ziegler
to supply a range of radioisotopes for the manufacture and development of BRCs and Bicycle
Imaging Agents (BIA), enabling an isotope agnostic strategy. |
| | | |
| · | Data
for an early BIA targeting MT1-MMP presented at European Association of Nuclear Medicine
(EANM) 2025 Congress. An e-poster presentation outlined the first clinical experience
with an early BIA targeting MT1-MMP. An additional e-poster presented by the German Cancer
Consortium (DKTK), part of a cooperative network with the German Cancer Research Center (DKFZ),
highlighted preclinical BRC data demonstrating the potential of this approach for radiotheranostic
use. Altogether, these data build on preclinical and first human imaging data previously
disclosed at the American Association for Cancer Research (AACR) Annual Meeting 2025 and
EANM 2024 Congress. Bicycle Therapeutics believes these data further support the potential
of MT1-MMP as a novel target in the treatment of cancer, demonstrate the translatability
of BRC preclinical data and highlight the potential of Bicycle® molecules
for targeted radionuclide therapies and radiopharmaceutical imaging. |
Bicycle Therapeutics continues to advance
its emerging radioligand pipeline, with additional EphA2 human imaging data expected in the first half of 2026 and the initiation of the
first company-sponsored radioligand clinical trial, for BT1702, an MT1-MMP targeting BRC, expected in 2027.
| · | BT5528, a potential first-in-class EphA2 targeting
BDC molecule. Bicycle Therapeutics announced nuzefatide pevedotin (nuzefatide) as the International Nonproprietary Name for BT5528.
Phase 1 nuzefatide combination data with nivolumab in mUC patients will be presented at a scientific conference in the first half of 2026. |
In March 2026, Bicycle Therapeutics
began enrolling a Phase 2 clinical trial to evaluate efficacy, safety, and pharmacokinetics of nuzefatide in adult patients with recurrent
pancreatic ductal adenocarcinoma (PDAC). Additional information regarding this indication will be presented at a scientific conference
in the first half of 2026.
| · | BT7480,
a Bicycle tumor-targeted immune cell agonist®
(Bicycle TICA®), is a Nectin-4 targeted
CD137 agonist designed to overcome immune agonist toxicities and activate the immune system
in Nectin-4 expressing tumors. Phase 1 BT7480 combination data with nivolumab will be
presented at a scientific conference in the first half of 2026. After reporting combination
data, Bicycle Therapeutics will no longer develop BT7480 internally and intends to seek a
potential partner for future development. |
| · | Evolving leadership team strengthens transition
to next phase of innovation across oncology pipeline. Bicycle Therapeutics has appointed Jennifer Perry, Pharm.D. as chief operating
officer (COO), and Alistair Milnes as chief corporate development officer (CCDO). In her role as COO, Jennifer will oversee portfolio
and new product strategy, business development, commercial and medical affairs, while in his role as CCDO, Alistair will oversee government
affairs, human resources and information technology. Bicycle Therapeutics also recently promoted Travis Thompson as chief financial officer,
overseeing the finance, accounting and investor relations functions and Michael Method, M.D., MPH, MBA, to chief medical officer, overseeing
all clinical development and the relationship with Bicycle Therapeutics’ Clinical Advisory Board. In addition, Michael Skynner,
Ph.D., now serves as chief scientific officer, overseeing scientific discovery, early-stage pipeline development and the relationship
with Bicycle Therapeutics’ Research and Innovation Advisory Board. |
Fourth Quarter and Year End 2025 Financial
Results
| · | Cash and cash equivalents were $628.1 million
as of December 31, 2025, compared to $879.5 million as of December 31, 2024. The decrease in cash and cash equivalents is primarily
due to cash used in operations, including increased cash payments for clinical program activities. |
| · | Collaboration revenue was $48.0 million for the
three months ended December 31, 2025 and $72.6 million for the year ended December 31, 2025, compared to $3.7 million for the
three months ended December 31, 2024 and $35.3 million for the year ended December 31, 2024. The increases in collaboration
revenue of $44.3 million and $37.3 million for the three months and year ended December 31, 2025, respectively, were primarily due
to the recognition of all remaining revenue under Bicycle Therapeutics’ collaboration with Novartis Pharma AG upon a notice of termination
of the collaboration agreement, as well as the recognition of revenue under Bicycle Therapeutics’ collaboration with Bayer Consumer
Care AG upon a notice of termination of one of the target programs under the collaboration agreement. |
| · | R&D
expenses were $51.8 million for the three months ended December 31, 2025,
and $240.3 million for the year ended December 31, 2025, compared to $49.8 million for
the three months ended December 31, 2024, and $173.0 million for the year ended December 31,
2024. The increase in expense of $2.0 million for the three months ended December 31,
2025 was primarily due to increased discovery, platform and other expenses and lower U.K.
R&D tax credits period over period, offset by decreased clinical program expenses for
zelenectide development and Bicycle TICA®
molecules. The increase in expense of $67.3 million for the year ended December 31,
2025 was primarily due to increased clinical program expenses for zelenectide development,
discovery, platform and other expenses, higher personnel-related costs, including severance-related
expenses of the workforce reduction completed in August 2025, and lower U.K. R&D
tax credits period over period, offset by decreased clinical program expenses for Bicycle
TICA® molecules. |
| · | General and administrative expenses were $20.9
million for the three months ended December 31, 2025, and $79.4 million for the year ended December 31, 2025, compared to $21.6
million for the three months ended December 31, 2024, and $72.2 million for the year ended December 31, 2024. The decrease in
expense of $0.7 million for the three months ended December 31, 2025 was primarily due to decreased professional and consulting fees.
The increase in expense of $7.2 million for the year ended December 31, 2025 was primarily due to increased personnel-related costs
including share-based payments, offset by a favorable impact of foreign exchange rates. |
| · | Net loss was $20.2 million, or $(0.29)
basic and diluted net loss per share, for the three months ended December 31, 2025, and net loss was $219.0 million, or $(3.16)
basic and diluted net loss per share, for the year ended December 31, 2025, compared to net loss of $51.9 million, or $(0.75) basic
and diluted net loss per share, for the three months ended December 31, 2024, and net loss was $169.0 million, or $(2.90) basic and
diluted net loss per share, for the year ended December 31, 2024. |
About Bicycle Therapeutics
Bicycle Therapeutics is a clinical-stage
pharmaceutical company developing a novel class of medicines, referred to as Bicycle® molecules,
for diseases that are underserved by existing therapeutics. Bicycle molecules are fully synthetic short peptides constrained with small
molecule scaffolds to form two loops that stabilize their structural geometry. This constraint facilitates target binding with high affinity
and selectivity, making Bicycle molecules attractive candidates for drug development. The company is evaluating nuzefatide pevedotin,
formerly BT5528, a Bicycle® Drug
Conjugate (BDC®) targeting EphA2, a historically
undruggable target; a pipeline of other bicycle-based conjugate molecules, including Bicycle® Radioconjugates
(BRC®) for radiopharmaceutical use; zelenectide
pevedotin (formerly BT8009), a BDC® targeting
Nectin-4, a well-validated tumor antigen; BT7480, a Bicycle Tumor-Targeted Immune Cell Agonist®
(Bicycle TICA®) targeting Nectin-4 and
agonizing CD137; and, through various partnerships, is exploring the use of Bicycle® technology
to develop therapies for diseases in additional therapeutic areas.
Bicycle Therapeutics is headquartered in Cambridge,
UK, with many key functions and members of its leadership team located in Lexington, Mass. For more information, visit bicycletherapeutics.com.
Forward Looking Statements
This press release may contain forward-looking
statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may
be identified by words such as “aims,” “anticipates,” “believes,” “could,” “estimates,”
“expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,”
“potential,” “seeks,” “will” and variations of these words or similar expressions that are intended
to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements in
this press release include, but are not limited to, statements regarding: Bicycle Therapeutics’ efforts to identify partners to
help advance its product candidates, such as BT7480; the potential benefits of Bicycle Therapeutics’ strategic reprioritization,
including the potential extension of financial runway; the proposed workforce reduction and its impact on Bicycle Therapeutics’
expenditures; Bicycle Therapeutics’ expectations with respect to the benefits of its agreements and collaborations with the NDA,
UKNNL and SpectronRx, respectively; Bicycle Therapeutics’ ability to leverage its agreements with NDA and SpectronRx and collaboration
with UKNNL to support the potential discovery, development and commercial supply of a portfolio of BRCs containing 212Pb;
the initiation of new clinical trials, including for BT1702, an MT1-MMP targeting BRC, the progress of Bicycle Therapeutics’ clinical
trials, reporting data from Bicycle Therapeutics’ clinical trials, including for BT5528 and BT7480, the timing of EphA2 human imaging
data and updates on future clinical development plans for BT5528 and approval pathway; the development of the Bicycle®
radioligands pipeline, including BRCs and BIAs; the validation of MT1-MMP as a cancer target and BRC molecules having positive properties
for radiopharmaceutical imaging; communications with and feedback from the FDA and other regulatory agencies including the potential
for multiple regulatory pathways for zelenectide pevedotin in mUC; the existence of a range of options for a Phase 3 trial and potential
commercialization of zelenectide pevedotin in mUC; Bicycle Therapeutics’ expected financial runway; and the use of Bicycle Therapeutics’
technology through various partnerships to develop therapies for diseases in additional therapeutic areas. Bicycle Therapeutics may
not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue
reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations
disclosed in these forward-looking statements as a result of various factors, including: the proposed workforce reduction may take longer
or result in more significant charges or cash expenditures than anticipated or otherwise negatively impact Bicycle Therapeutics’
and its business plans during and after the period during which the proposed workforce reduction is being executed; uncertainties related
to the benefits of the strategic reprioritization; uncertainties inherent in research and development and in the initiation, progress
and completion of clinical trials and clinical development of Bicycle Therapeutics’ product candidates; the risk that Bicycle
Therapeutics may not realize the intended benefits of its technology or partnerships; the risk that Bicycle Therapeutics may not achieve
any of its clinical development strategies; timing of results from clinical trials; whether the outcomes of preclinical studies and prior
clinical trials will be predictive of future clinical trial results; the risk that trials may have unsatisfactory outcomes; potential
adverse effects arising from the testing or use of Bicycle Therapeutics’ product candidates; the risk that Bicycle Therapeutics’
projections regarding its expected cash runway are inaccurate or that its conduct of its business requires more cash than anticipated;
and other important factors, any of which could cause Bicycle Therapeutics’ actual results to differ from those contained in the
forward-looking statements, are described in greater detail in the section entitled “Risk Factors” in Bicycle Therapeutics’
Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on October 30, 2025, as
well as in other filings Bicycle Therapeutics may make with the SEC in the future. Any forward-looking statements
contained in this press release speak only as of the date hereof, and Bicycle Therapeutics expressly disclaims any obligation
to update any forward-looking statements contained herein, whether because of any new information, future events, changed circumstances
or otherwise, except as otherwise required by law.
Bicycle Therapeutics plc
Condensed Consolidated Statements of Operations
and Comprehensive Loss
(In thousands, except share and per share data)
(Unaudited)
| | |
Three Months Ended | | |
Year Ended | |
| | |
December 31, | | |
December 31, | |
| | |
2025 | | |
2024 | | |
2025 | | |
2024 | |
| Collaboration revenue | |
$ | 47,955 | | |
$ | 3,708 | | |
$ | 72,586 | | |
$ | 35,275 | |
| Operating expenses: | |
| | | |
| | | |
| | | |
| | |
| Research and development | |
| 51,770 | | |
| 49,778 | | |
| 240,283 | | |
| 172,966 | |
| General and administrative | |
| 20,893 | | |
| 21,593 | | |
| 79,368 | | |
| 72,181 | |
| Total operating expenses | |
| 72,663 | | |
| 71,371 | | |
| 319,651 | | |
| 245,147 | |
| Loss from operations | |
| (24,708 | ) | |
| (67,663 | ) | |
| (247,065 | ) | |
| (209,872 | ) |
| Other income (expense): | |
| | | |
| | | |
| | | |
| | |
| Interest and other income | |
| 5,876 | | |
| 10,303 | | |
| 28,463 | | |
| 34,284 | |
| Interest expense | |
| (57 | ) | |
| (52 | ) | |
| (206 | ) | |
| (1,730 | ) |
| Loss on extinguishment of debt | |
| — | | |
| — | | |
| — | | |
| (954 | ) |
| Gain on extinguishment of research and development funding liability | |
| — | | |
| 4,476 | | |
| — | | |
| 4,476 | |
| Total other income, net | |
| 5,819 | | |
| 14,727 | | |
| 28,257 | | |
| 36,076 | |
| Net loss before income tax provision | |
| (18,889 | ) | |
| (52,936 | ) | |
| (218,808 | ) | |
| (173,796 | ) |
| Provision for (benefit from) income taxes | |
| 1,265 | | |
| (1,082 | ) | |
| 152 | | |
| (4,765 | ) |
| Net loss | |
$ | (20,154 | ) | |
$ | (51,854 | ) | |
$ | (218,960 | ) | |
$ | (169,031 | ) |
| Net loss per share, basic and diluted | |
$ | (0.29 | ) | |
$ | (0.75 | ) | |
$ | (3.16 | ) | |
$ | (2.90 | ) |
| Weighted average ordinary shares outstanding, basic and diluted | |
| 69,364,546 | | |
| 69,051,745 | | |
| 69,279,838 | | |
| 58,207,593 | |
Balance Sheets Data
(In thousands)
(Unaudited)
| | |
December 31, | | |
December 31, | |
| | |
2025 | | |
2024 | |
| Cash and cash equivalents | |
$ | 628,110 | | |
$ | 879,520 | |
| Working capital | |
| 625,901 | | |
| 861,375 | |
| Total assets | |
| 717,597 | | |
| 956,868 | |
| Total shareholders’ equity | |
| 609,977 | | |
| 793,060 | |
###
Investors:
Matthew DeYoung
Argot Partners
ir@bicycletx.com
212-600-1902
Media:
Argot Partners
media@bicycletx.com
