Were Kevin Lee’s BCYC share sales discretionary open-market trades?

The filing states the sales were not discretionary. A footnote explains the shares were sold under a mandatory “sell to cover” arrangement to satisfy statutory tax withholding obligations triggered by RSU vesting and settlement.

What prices were received for Kevin Lee’s BCYC share sales?

The reported prices are weighted averages. Shares sold on July 2, 2026 averaged $4.27, from a range of $4.26 to $4.29. Shares sold on July 6, 2026 averaged $4.31, from a range of $4.30 to $4.31.

How significant are Kevin Lee’s BCYC tax-related sales versus his total holdings?

The sales totaled 7,642 shares compared with 603,671 shares he holds afterward. This indicates only a small portion of his stake was sold as part of the tax withholding process linked to RSU vesting.

BICYCLE THERAPEUTICS (BCYC) CEO executes 7,642-share tax sell-to-cover

Filing Impact

(Neutral)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

BICYCLE THERAPEUTICS PLC chief executive Kevin Lee reported two small share sales that were executed solely to cover taxes on vested RSUs. On July 2, 2026, he sold 5,905 ordinary shares at a weighted average price of $4.27 per share, followed by 1,737 shares on July 6, 2026 at a weighted average price of $4.31. A footnote explains these “sell to cover” transactions were mandated by his award agreement to satisfy statutory tax withholding obligations and were not discretionary market sales. After these transactions, Lee directly owns 603,671 ordinary shares, so the 7,642 shares sold represent only a small fraction of his holdings.

Insider Trade Summary

Net Seller: 7,642 shares ($32,701)

Net Sell 2 txns

Insider Lee Kevin

Role CHIEF EXECUTIVE OFFICER

Sold 7,642 shs ($33K)

Type	Security	Shares	Price	Value
Sale	Ordinary Shares	1,737	$4.31	$7K
Sale	Ordinary Shares	5,905	$4.27	$25K

Holdings After Transaction: Ordinary Shares — 603,671 shares (Direct, null)

Footnotes (1)

Represents the number of shares required to be sold to cover the statutory tax withholding obligations in connection with the vesting and settlement of the RSUs. This sale is mandated by the Reporting Person's award agreement that requires the satisfaction of minimum statutory tax withholding obligations to be funded by a "sell to cover" transaction and does not represent a discretionary sale by the Reporting Person. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $4.26 to $4.29 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (2) and (3). The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $4.30 to $4.31 inclusive.

Key Figures

Shares sold July 2, 2026: 5,905 shares at $4.27 Shares sold July 6, 2026: 1,737 shares at $4.31 Total shares sold: 7,642 shares +3 more

6 metrics

Shares sold July 2, 2026 5,905 shares at $4.27 Weighted average sale price for ordinary shares

Shares sold July 6, 2026 1,737 shares at $4.31 Weighted average sale price for ordinary shares

Total shares sold 7,642 shares Combined sell-to-cover transactions in July 2026

Holdings after transactions 603,671 shares Directly owned ordinary shares following sales

Price range July 2, 2026 $4.26–$4.29 Weighted-average pricing range disclosed in footnote

Price range July 6, 2026 $4.30–$4.31 Weighted-average pricing range disclosed in footnote

Key Terms

sell to cover, RSUs, weighted average price, statutory tax withholding obligations

4 terms

sell to cover financial

"to be funded by a "sell to cover" transaction and does not represent a discretionary sale"

Sell to cover is when a person who receives company stock through options or awards sells just enough shares immediately to pay required taxes, exercise costs, or fees, keeping the rest. Think of it like cashing part of a bonus to cover the tax bill so you can keep the remainder. For investors, it can create predictable small selling pressure and slightly change the number of shares actually held by insiders without increasing long‑term dilution.

RSUs financial

"statutory tax withholding obligations in connection with the vesting and settlement of the RSUs"

RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

statutory tax withholding obligations financial

"sold to cover the statutory tax withholding obligations in connection with the vesting"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/07/2026 - 05:00 PM Accepted by SEC EDGAR 07/07/2026 - 05:00 PM

FAQ

What insider transactions did BICYCLE THERAPEUTICS (BCYC) CEO Kevin Lee report?

Kevin Lee reported two sales totaling 7,642 ordinary shares. He sold 5,905 shares at about $4.27 and 1,737 shares at about $4.31 per share, according to the Form 4 filing and accompanying footnotes.

How many BICYCLE THERAPEUTICS shares does Kevin Lee hold after these transactions?

After the reported transactions, Kevin Lee directly holds 603,671 ordinary shares. This post-transaction balance is disclosed in the Form 4 for each sale and shows he retains a large position in the company.

Does the BCYC Form 4 mention how the weighted average prices were calculated?

Yes. Footnotes explain each reported price is a weighted average across multiple trades within narrow price ranges. The reporting person undertakes to provide detailed trade-level pricing information upon request to investors, the issuer, or SEC staff.

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Lee Kevin

(Last)

(First)

(Middle)

C/O BICYCLE THERAPEUTICS PLC

BLOCKS A & B, PORTWAY BUILDING

(Street)

CAMBRIDGE

CB21 6GS

(City)

(State)

(Zip)

UNITED KINGDOM

(Country)

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
X	Officer (give title below)	Other (specify below)
	CHIEF EXECUTIVE OFFICER

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/02/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Ordinary Shares	07/02/2026		S⁽¹⁾		5,905	D	$4.27⁽²⁾	605,408	D
Ordinary Shares	07/06/2026		S⁽¹⁾		1,737	D	$4.31⁽³⁾	603,671	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Represents the number of shares required to be sold to cover the statutory tax withholding obligations in connection with the vesting and settlement of the RSUs. This sale is mandated by the Reporting Person's award agreement that requires the satisfaction of minimum statutory tax withholding obligations to be funded by a "sell to cover" transaction and does not represent a discretionary sale by the Reporting Person.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $4.26 to $4.29 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (2) and (3).

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $4.30 to $4.31 inclusive.

	/s/ Travis Thompson, Attorney-in-Fact	07/07/2026
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR