Deep Track Discloses 1,203,244 ADSs in Bicycle Therapeutics (2.42%)

Rhea-AI Filing Summary

Bicycle Therapeutics' Schedule 13G/A shows that Deep Track Capital, LP, Deep Track Biotechnology Master Fund, Ltd. and David Kroin collectively beneficially own 1,203,244 American Depositary Shares, equal to 2.42% of the class. The reporting persons disclose shared voting and shared dispositive power over all reported shares and report no sole voting or dispositive power. The ownership percentage is calculated using a total of 49,816,000 Ordinary Shares (based on the issuer's reported outstanding shares plus converted non-voting shares). The filers state the holdings were not acquired to change or influence control and they filed jointly under Rule 13d-1(k).

Insights

Financial Analyst

TL;DR A small, disclosed institutional stake of 1.20M ADSs (2.42%) with shared control, below the 5% passive-reporting threshold.

The filing reports 1,203,244 ADSs beneficially owned with shared voting and dispositive power, representing 2.42% of the diluted class calculated on 49,816,000 Ordinary Shares. For investors this is a transparent, routine disclosure of a modest stake; the size is unlikely to materially affect the issuer's capital structure or control dynamics. The statement that the position was not acquired to influence control further signals a passive posture.

Corporate Governance Expert

TL;DR Joint filing and shared power indicate coordinated reporting but the stake and disclaimers point to a non-control intent.

The report is filed jointly by two Deep Track entities and David Kroin, with signatures reflecting managerial and director roles. The parties assert joint filing responsibility under Rule 13d-1(k) and certify the holdings were not intended to change control. Reporting of shared voting and shared dispositive power is important for governance records, but the 2.42% stake and explicit certifications align with routine, non-controlling investor activity.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

Bicycle Therapeutics plc

(Name of Issuer)

American Depositary Shares, each representing one ordinary share, nominal value (pound)0.01 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

Deep Track Capital, 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,203,244.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,203,244.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,203,244.00

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)

2.42 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP No. 088786108

1

Names of Reporting Persons

Deep Track Biotechnology Master Fund, Ltd.

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 0.00
6	Shared Voting Power 1,203,244.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,203,244.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,203,244.00

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)

2.42 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 088786108

1

Names of Reporting Persons

David Kroin

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 1,203,244.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,203,244.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,203,244.00

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)

2.42 %

12

Type of Reporting Person (See Instructions)

HC, IN

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: (i) Deep Track Capital, LP (ii) Deep Track Biotechnology Master Fund, Ltd. (iii) David Kroin
(b)	Address or principal business office or, if none, residence: (i) 200 Greenwich Ave, 3rd Floor, Greenwich, CT 06830 (ii) c/o Walkers Corporate Limited, 190 Elgin Ave, George Town, KY1-9001, Cayman Islands (iii) c/o Deep Track Capital, LP, 200 Greenwich Ave, 3rd Floor, Greenwich, CT 06830
(c)	Citizenship: (i) Delaware (ii) Cayman Islands (iii) United States
(d)	Title of class of securities: American Depositary Shares, each representing one ordinary share, nominal value (pound)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: 1,203,244
(b)	Percent of class: 2.42%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 1,203,244
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 1,203,244
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.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Deep Track Capital, LP is the relevant entity for which David Kroin may be considered a control person.
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.

Deep Track Capital, LP

Signature:	/s/ David Kroin
Name/Title:	David Kroin, Managing Member of the General Partner of the Investment Adviser
Date:	08/14/2025

Deep Track Biotechnology Master Fund, Ltd.

Signature:	/s/ David Kroin
Name/Title:	David Kroin, Director
Date:	08/14/2025

David Kroin

Signature:	/s/ David Kroin
Name/Title:	David Kroin
Date:	08/14/2025

Exhibit Information

Item 4: Information with respect to the Reporting Persons' ownership of the Common Stock as of August 14, 2025, is incorporated by reference to items (5) - (9) and (11) of the cover page of the respective Reporting Person The amount beneficially owned by each Reporting Person is determined based on 49,816,000 Ordinary Shares, calculated using 47,761,845 Ordinary Shares outstanding as of April 28, 2025 according to the issuer's 10-Q filed with the SEC on May 1, 2025 and 2,054,155 non-voting ordinary shares converted to Ordinary Shares by the Reporting Person. JOINT FILING STATEMENT PURSUANT TO RULE 13d-1(k) The undersigned acknowledge and agree that the foregoing statement on SCHEDULE 13G, is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on SCHEDULE 13G, shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. Dated: August 14, 2025 Deep Track Capital, LP By: /s/ David Kroin David Kroin, Managing Member of the General Partner of the Investment Adviser Deep Track Biotechnology Master Fund, Ltd. By: /s/ David Kroin David Kroin, Director David Kroin By: /s/ David Kroin David Kroin

FAQ

How many Bicycle Therapeutics (BCYC) ADSs does Deep Track report owning?

The reporting persons disclose beneficial ownership of 1,203,244 American Depositary Shares.

What percentage of BCYC does the 1,203,244 ADSs represent?

The reported stake represents 2.42% of the class.

Who are the reporting persons on the Schedule 13G/A for BCYC?

The filers are Deep Track Capital, LP, Deep Track Biotechnology Master Fund, Ltd. and David Kroin.

Do the reporting persons claim voting or dispositive power over the BCYC shares?

They report 0 sole voting/dispositive power and 1,203,244 shares with shared voting and shared dispositive power.

Did the filers state an intent to influence control of BCYC?

The filers certify the securities were not acquired and are not held to change or influence control of the issuer.

How was the ownership percentage calculated in the filing?

The percentage is based on a total of 49,816,000 Ordinary Shares, derived from the issuer's reported outstanding shares plus 2,054,155 converted non-voting shares.