Point72 entities and Steven A. Cohen report beneficial ownership of 1,860,317 ADSs of Bicycle Therapeutics plc, equal to 3.9% of the outstanding ordinary share class. The ADSs are quoted on Nasdaq under ticker BCYC and each ADS represents one ordinary share. The holdings are reported as shared voting and dispositive power, with no sole voting or dispositive power disclosed.
The filing clarifies that Point72 Asset Management acts as investment manager for the fund holding these ADSs, Point72 Capital Advisors is the general partner, and Mr. Cohen controls the reporting entities. The statement notes the position was not acquired to change or influence control of the issuer.
Positive
Clear disclosure of beneficial ownership level: 1,860,317 ADSs representing 3.9% of the class.
Proper identification of reporting chain and control relationships (Point72 Asset Management, Point72 Capital Advisors, Steven A. Cohen).
Negative
None.
Insights
TL;DR: Point72 reports a non-controlling 3.9% stake (1,860,317 ADSs) in BCYC held via managed funds; disclosure signals passive investor interest.
This Schedule 13G/A shows a sub-5% beneficial position reported under passive investor rules rather than an activist 13D. The ownership is material enough to be disclosed but below thresholds that typically trigger control concerns or proxy influence. Shared voting and dispositive power indicates the position is held through managed vehicles with collective decision-making. For market impact, a 3.9% stake by a well-known asset manager can attract attention but does not alone imply governance change or strategic direction.
TL;DR: This filing documents ownership structure and control relationships without asserting intent to influence issuer control.
The filing appropriately identifies the reporting chain: Point72 Asset Management as manager, Point72 Capital Advisors as general partner, and Steven A. Cohen as control person. Filing under Schedule 13G/A and the certification language indicate a passive reporting posture. Shared voting power suggests pooled fund management rather than individual discretionary control. No governance actions, nominations, or group arrangements are disclosed.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
BICYCLE THERAPEUTICS PLC
(Name of Issuer)
Ordinary Shares, nominal value 0.01 GBP per share
(Title of Class of Securities)
088786108
(CUSIP Number)
06/30/2025
(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)
SCHEDULE 13G
CUSIP No.
088786108
1
Names of Reporting Persons
Point72 Asset Management, 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,860,317.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,860,317.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,860,317.00
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)
3.9 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Represented by 1,860,317 ADSs (as defined in Item 2(a)).
SCHEDULE 13G
CUSIP No.
088786108
1
Names of Reporting Persons
Point72 Capital Advisors, Inc.
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
0.00
6
Shared Voting Power
1,860,317.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,860,317.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,860,317.00
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)
3.9 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: Represented by 1,860,317 ADSs.
SCHEDULE 13G
CUSIP No.
088786108
1
Names of Reporting Persons
Steven A. Cohen
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,860,317.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,860,317.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,860,317.00
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)
3.9 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: Represented by 1,860,317 ADSs.
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:
This statement is filed by: (i) Point72 Asset Management, L.P. ("Point72 Asset Management") with respect to the ordinary shares, nominal value 0.01 GBP per share ("Ordinary Shares"), of Bicycle Therapeutics plc held, in the form of American Depositary Shares ("ADSs"), by an investment fund it manages; (ii) Point72 Capital Advisors, Inc. ("Point72 Capital Advisors Inc.") with respect to Ordinary Shares held, in the form of ADSs, by an investment fund managed by Point72 Asset Management; and (iii) Steven A. Cohen ("Mr. Cohen") with respect to Ordinary Shares beneficially owned, in the form of ADSs, by Point72 Asset Management and Point72 Capital Advisors Inc.
Cubist Systematic Strategies, LLC, an advisor under common control with Point72 Asset Management, acts as a sub-advisor with respect to a portion of the Ordinary Shares reported herein.
There is no CUSIP number assigned to the Ordinary Shares. The CUSIP Number 088786108 has been assigned to the ADSs of the Issuer, which are quoted on the Nasdaq Global Select Market under the symbol "BCYC." Each ADS represents 1 Ordinary Share.
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of Point72 Asset Management, Point72 Capital Advisors Inc., and Mr. Cohen is 72 Cummings Point Road, Stamford, CT 06902.
(c)
Citizenship:
Point72 Asset Management is a Delaware limited partnership. Point72 Capital Advisors Inc. is a Delaware corporation. Mr. Cohen is a United States citizen.
(d)
Title of class of securities:
Ordinary Shares, nominal value 0.01 GBP 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:
The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. Such information is as of the close of business on June 30, 2025.
Point72 Asset Management, Point72 Capital Advisors Inc., and Mr. Cohen own directly no Ordinary Shares. Pursuant to an investment management agreement, Point72 Asset Management maintains investment and voting power with respect to the securities held by an investment fund it manages. Point72 Capital Advisors Inc. is the general partner of Point72 Asset Management. Mr. Cohen controls each of Point72 Asset Management and Point72 Capital Advisors Inc. The filing of this statement should not be construed as an admission that any of the foregoing persons or any Reporting Person is, for the purposes of Section 13 of the Securities and Exchange Act of 1934, the beneficial owner of the Ordinary Shares reported herein.
(b)
Percent of class:
3.9%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference. Such information is as of the close of business on June 30, 2025.
(ii) Shared power to vote or to direct the vote:
The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference. Such information is as of the close of business on June 30, 2025.
(iii) Sole power to dispose or to direct the disposition of:
The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference. Such information is as of the close of business on June 30, 2025.
(iv) Shared power to dispose or to direct the disposition of:
The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference. Such information is as of the close of business on June 30, 2025.
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.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
See Item 2(a).
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:
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.
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