Bicycle Therapeutics plc ownership disclosure: Invus Public Equities directly held 1,368,586 ADSs and Avicenna Life Sci Master Fund directly held 192,296 ADSs as of March 31, 2026. Each ADS represents one Ordinary Share, nominal value GBP 0.01. The filing states 50,269,082 Shares outstanding as of March 12, 2026. Reporting Persons and related entities may be deemed beneficial owners through control relationships; Raymond Debbane is identified as a controlling person across the reporting entities.
Positive
None.
Negative
None.
Insights
Ownership update shows passive institutional positions under 5%.
The filing lists institutional holdings: Invus Public Equities 1,368,586 ADSs (2.7%) and Avicenna 192,296 ADSs (0.4%), with aggregated attribution to Raymond Debbane at 1,560,882 ADSs (3.1%). Calculations reference March 12, 2026 outstanding shares.
These positions are described as not acquired to influence control. Cash‑flow treatment and sale intent are not stated; subsequent filings would disclose any changes in position.
Key Figures
Invus Public Equities holdings:1,368,586 ADSsAvicenna Life Sci holdings:192,296 ADSsRaymond Debbane attributed holdings:1,560,882 ADSs+4 more
7 metrics
Invus Public Equities holdings1,368,586 ADSsDirect holdings as of March 31, 2026
Avicenna Life Sci holdings192,296 ADSsDirect holdings as of March 31, 2026
Raymond Debbane attributed holdings1,560,882 ADSsAggregate attribution across reporting persons as of March 31, 2026
Shares outstanding used50,269,082 SharesShares outstanding as of March 12, 2026 per issuer 10-K
Invus percent of class2.7%Percent based on 50,269,082 shares outstanding
Avicenna percent of class0.4%Percent based on 50,269,082 shares outstanding
Debbane percent of class3.1%Percent based on 50,269,082 shares outstanding
Key Terms
ADS, beneficial owner, sole dispositive power, Shares outstanding
4 terms
ADSfinancial
"holds 1,368,586 American Depositary Shares ("ADSs")"
Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.
beneficial ownerregulatory
"may be deemed to be the beneficial owner of the percentage"
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
sole dispositive powerregulatory
"Sole Dispositive Power 1,368,586.00"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
Shares outstandingmarket
"50,269,082 Shares outstanding as of March 12, 2026"
Shares outstanding are the total number of a company’s stock units held by all shareholders, including institutional investors and company insiders — think of them as the total number of slices of the company’s ownership pie. Investors use this number to calculate how much of the company each share represents, and it directly affects per-share measures like earnings per share, ownership percentage and valuation; when the slice count changes, an investor’s claim and the company’s per-share metrics change too.
What stake does Invus hold in Bicycle Therapeutics (BCYC)?
Invus Public Equities directly holds 1,368,586 ADSs, representing 2.7% of the class based on 50,269,082 shares outstanding as of March 12, 2026.
How many shares does Avicenna Life Sci Master Fund own in BCYC?
Avicenna Life Sci Master Fund directly holds 192,296 ADSs, representing 0.4% of the class using the issuer’s 50,269,082 share count as of March 12, 2026.
What is the total position attributed to Raymond Debbane?
Raymond Debbane is attributed with 1,560,882 ADSs, equal to 3.1% of outstanding shares, reflecting holdings held by entities he controls as disclosed in the filing.
What does one ADS represent for Bicycle Therapeutics?
Each American Depositary Share (ADS) represents one Ordinary Share of Bicycle Therapeutics, nominal value GBP 0.01, as stated in the filing.
What outstanding share count does the filing use to calculate percentages?
The filing uses 50,269,082 Shares outstanding as of March 12, 2026, based on information provided by Bicycle Therapeutics in its annual report on Form 10-K dated March 17, 2026.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Bicycle Therapeutics plc
(Name of Issuer)
Ordinary Shares, nominal value GBP 0.01 per share
(Title of Class of Securities)
088786108
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
088786108
1
Names of Reporting Persons
Invus Public Equities, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
BERMUDA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
1,368,586.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,368,586.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,368,586.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.7 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Invus Public Equities, L.P. holds 1,368,586 American Depositary Shares ("ADSs"), each of which ADS represents one Ordinary Share, nominal value GBP 0.01 per share.
SCHEDULE 13G
CUSIP Number(s):
088786108
1
Names of Reporting Persons
Invus Public Equities Advisors, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
1,368,586.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,368,586.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,368,586.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.7 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Invus Public Equities, L.P. holds 1,368,586 American Depositary Shares ("ADSs"), each of which ADS represents one Ordinary Share, nominal value GBP 0.01 per share.
SCHEDULE 13G
CUSIP Number(s):
088786108
1
Names of Reporting Persons
Invus Global Management, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
1,368,586.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,368,586.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,368,586.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.7 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Invus Public Equities, L.P. holds 1,368,586 American Depositary Shares ("ADSs"), each of which ADS represents one Ordinary Share, nominal value GBP 0.01 per share.
SCHEDULE 13G
CUSIP Number(s):
088786108
1
Names of Reporting Persons
Siren, L.L.C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
1,368,586.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,368,586.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,368,586.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.7 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Invus Public Equities, L.P. holds 1,368,586 American Depositary Shares ("ADSs"), each of which ADS represents one Ordinary Share, nominal value GBP 0.01 per share.
SCHEDULE 13G
CUSIP Number(s):
088786108
1
Names of Reporting Persons
Avicenna Life Sci Master Fund LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
192,296.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
192,296.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
192,296.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.4 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Avicenna Life Sci Master Fund LP holds 192,296 American Depositary Shares ("ADSs"), each of which ADS represents one Ordinary Share, nominal value GBP 0.01 per share.
SCHEDULE 13G
CUSIP Number(s):
088786108
1
Names of Reporting Persons
Avicenna Life Sci Master GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
192,296.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
192,296.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
192,296.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.4 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Avicenna Life Sci Master Fund LP holds 192,296 American Depositary Shares ("ADSs"), each of which ADS represents one Ordinary Share, nominal value GBP 0.01 per share.
SCHEDULE 13G
CUSIP Number(s):
088786108
1
Names of Reporting Persons
Ulys, L.L.C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
192,296.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
192,296.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
192,296.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.4 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Avicenna Life Sci Master Fund LP holds 192,296 American Depositary Shares ("ADSs"), each of which ADS represents one Ordinary Share, nominal value GBP 0.01 per share.
SCHEDULE 13G
CUSIP Number(s):
088786108
1
Names of Reporting Persons
Raymond Debbane
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
PANAMA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
1,560,882.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,560,882.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,560,882.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.1 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: Invus Public Equities, L.P. holds 1,368,586 American Depositary Shares ("ADSs"), and Avicenna Life Sci Master Fund LP holds 192,296 ADSs, each of which ADS represents one Ordinary Share, nominal value GBP 0.01 per share.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Bicycle Therapeutics plc
(b)
Address of issuer's principal executive offices:
Blocks A & B, Portway Building, Granta Park, Great Abington, Cambridge, United Kingdom, CB21 6GS
Item 2.
(a)
Name of person filing:
See Item 2(c) below.
(b)
Address or principal business office or, if none, residence:
See Item 2(c) below.
(c)
Citizenship:
(i) Invus Public Equities, L.P. ("Invus Public Equities")
750 Lexington Avenue, 30th Floor, New York, NY 10022
Citizenship: Bermuda limited partnership
(ii) Invus Public Equities Advisors, LLC ("Invus PE Advisors")
750 Lexington Avenue, 30th Floor, New York, NY 10022
Citizenship: Delaware limited liability company
(iii) Invus Global Management, LLC ("Global Management")
750 Lexington Avenue, 30th Floor, New York, NY 10022
Citizenship: Delaware limited liability company
(iv) Siren, L.L.C. ("Siren")
c/o The Invus Group, LLC, 750 Lexington Avenue, 30th Floor, New York, NY 10022
Citizenship: Delaware limited liability company
(v) Avicenna Life Sci Master Fund LP ("Avicenna Fund")
750 Lexington Avenue, 30th Floor, New York, NY 10022
Citizenship: Cayman Islands limited partnership
(vi) Avicenna Life Sci Master GP LLC ("Avicenna GP")
750 Lexington Avenue, 30th Floor, New York, NY 10022
Citizenship: Delaware limited liability company
(vii) Ulys, L.L.C. ("Ulys")
750 Lexington Avenue, 30th Floor, New York, NY 10022
Citizenship: Delaware limited liability company
(viii) Mr. Raymond Debbane
750 Lexington Avenue, 30th Floor, New York, NY 10022
Citizenship: Panama
The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons."
(d)
Title of class of securities:
Ordinary Shares, nominal value GBP 0.01 per share
(e)
CUSIP No.:
088786108
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
As of March 31, 2026, Invus Public Equities directly held 1,368,586 American Depositary Shares ("ADSs") of Bicycle Therapeutics plc (the "Issuer"), and Avicenna Fund directly held 192,296 ADSs of the Issuer, each of which ADS represents one ordinary share, nominal value GBP 0.01 per share (the "Shares"). Invus PE Advisors, as the general partner of Invus Public Equities, controls Invus Public Equities and, accordingly, may be deemed to beneficially own the Shares directly held by Invus Public Equities. Global Management, as the managing member of Invus PE Advisors, controls Invus PE Advisors and, accordingly, may be deemed to beneficially own the Shares that Invus PE Advisors may be deemed to beneficially own. Siren, as the managing member of Global Management, controls Global Management and, accordingly, may be deemed to beneficially own the Shares that Global Management may be deemed to beneficially own. Avicenna GP, as the general partner of Avicenna Fund, controls Avicenna Fund and, accordingly, may be deemed to beneficially own the Shares directly held by Avicenna Fund. Ulys, as the managing member of Avicenna GP, controls Avicenna GP and, accordingly, may be deemed to beneficially own the Shares that Avicenna GP may be deemed to beneficially own. Mr. Raymond Debbane, as the managing member of Siren and Ulys, controls Siren and Ulys and, accordingly, may be deemed to beneficially own the Shares that Siren and Ulys may be deemed to beneficially own.
(b)
Percent of class:
As of March 31, 2026, each of the Reporting Persons may be deemed to be the beneficial owner of the percentage of Shares listed on such Reporting Person's cover page. Calculations of the percentage of Shares beneficially owned are based on 50,269,082 Shares outstanding as of March 12, 2026, based on information provided by the Issuer in its annual report on Form 10-K as filed with the Securities and Exchange Commission on March 17, 2026.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See each cover page hereof.
(ii) Shared power to vote or to direct the vote:
See each cover page hereof.
(iii) Sole power to dispose or to direct the disposition of:
See each cover page hereof.
(iv) Shared power to dispose or to direct the disposition of:
See each cover page hereof.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Each of the Reporting Persons hereby makes the following certification:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Invus Public Equities, L.P.
Signature:
/s/ Raymond Debbane
Name/Title:
Raymond Debbane, President of Invus Public Equities Advisors, LLC, its general partner
Date:
05/04/2026
Invus Public Equities Advisors, LLC
Signature:
/s/ Raymond Debbane
Name/Title:
Raymond Debbane, President
Date:
05/04/2026
Invus Global Management, LLC
Signature:
/s/ Raymond Debbane
Name/Title:
Raymond Debbane, President
Date:
05/04/2026
Siren, L.L.C.
Signature:
/s/ Raymond Debbane
Name/Title:
Raymond Debbane, President
Date:
05/04/2026
Avicenna Life Sci Master Fund LP
Signature:
/s/ Raymond Debbane
Name/Title:
Raymond Debbane, Chief Executive Officer of Avicenna Life Sci Master GP LLC, its general partner
