[Form 4] Bicycle Therapeutics plc American Insider Trading Activity

Rhea-AI Filing Summary

Bicycle Therapeutics plc director Herve Hoppenot received equity awards on September 8, 2025. The filing reports an award of 12,500 restricted share units (RSUs), each representing a contingent right to one ordinary share, and a grant of a stock option to purchase 25,000 ordinary shares at an exercise price of $7.16 per share. Both the RSUs and option vest in three equal annual installments on September 8, 2026, 2027 and 2028. Following the grants, Mr. Hoppenot beneficially owns 12,500 ordinary shares and has options covering 25,000 shares.

Positive

• Equity alignment: Director received RSUs and options that align his financial interests with long-term shareholder performance
• Staggered vesting: Three-year vesting schedule supports retention and continued board alignment

Negative

• Potential dilution: Grants could dilute existing shareholders if and when RSUs convert and options are exercised

Insights

Corporate Governance Expert

TL;DR: Routine director compensation via equity grants aligns interests but is standard practice and not materially transformative.

The Form 4 documents standard equity compensation awarded to a non-executive director: 12,500 RSUs and an option for 25,000 shares vesting over three years. Such awards are commonly used to align board members with shareholder interests and to retain directors. The option strike of $7.16 establishes the economic threshold for future gain but does not indicate immediate cash flows. Absent additional context on total share count or recent dilutive activity, these grants appear customary rather than materially dilutive or value-altering.

Securities Analyst

TL;DR: Transaction is a standard disclosure of insider grants with limited immediate market impact.

The filing discloses acquisition codes for awards on 09/08/2025 executed under compensation arrangements. RSUs convert to ordinary shares upon vesting and the option provides upside if share price exceeds $7.16. For investors, the key data points are award sizes and vesting schedule; without company market-cap or outstanding share data here, the absolute impact on ownership stakes or EPS dilution cannot be determined from this Form 4 alone.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Hoppenot Herve

(Last) (First) (Middle)

C/O BICYCLE THERAPEUTICS PLC

BLOCKS A & B, PORTWAY BUILDING

(Street)

CAMBRIDGE X0 CB21 6GS

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BICYCLE THERAPEUTICS PLC [ BCYC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Ordinary Shares	09/08/2025		A		12,500(1)	A	$0(2)	12,500	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$7.16	09/08/2025		A		25,000		(3)	09/08/2035	Ordinary Shares	25,000	$0	25,000	D

Explanation of Responses:

1. Represents a restricted share unit ("RSU") award. The RSUs will vest in three equal installments on each of September 8, 2026, September 8, 2027 and September 8, 2028.

2. Each RSU represents a contingent right to receive one ordinary share.

3. This option will vest in three equal installments on each of September 8, 2026, September 8, 2027 and September 8, 2028.

	/s/ Travis Thompson, Attorney-in-Fact	09/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What did Herve Hoppenot acquire on 09/08/2025 according to the BCYC Form 4?

The filing reports acquisition of 12,500 RSUs and a stock option for 25,000 shares at a $7.16 exercise price, both granted on 09/08/2025.

When do the RSUs and options vest for the BCYC grants?

Both the RSUs and the option vest in three equal installments on September 8, 2026, 2027 and 2028.

How many shares does Herve Hoppenot beneficially own after the transaction?

The Form 4 reports 12,500 ordinary shares beneficially owned following the reported transaction and options covering 25,000 shares.

What is the exercise price of the options granted to Hoppenot?

The stock option has an exercise price of $7.16 per share and an expiration date of 09/08/2035.

Does the Form 4 indicate any sale or disposition by the reporting person?

No. The transactions reported are acquisitions (code A); there are no disposals reported in this Form 4.