Bicycle Therapeutics plc reports significant institutional holdings in a Schedule 13G filing. As of February 25, 2026, Invus Public Equities, L.P. directly held 2,719,707 American Depositary Shares (ADSs) and Avicenna Life Sci Master Fund LP directly held 429,342 ADSs, each ADS representing one Ordinary Share, nominal value GBP 0.01 per share.
The filing states 49,929,952 Shares outstanding as of October 27, 2025. Related entities and principals—including Invus advisors and Mr. Raymond Debbane—are reported as having beneficial ownership interests; Mr. Debbane is shown with aggregate control of 3,149,049 ADSs (combined holdings noted above).
Positive
None.
Negative
None.
Insights
Institutional stakes and control lines are clearly mapped; ownership exceeds single‑digit percentages.
The Schedule 13G lists Invus Public Equities with 2,719,707 ADSs and Avicenna Fund with 429,342 ADSs as of February 25, 2026, with percentage calculations based on 49,929,952 Shares outstanding as of October 27, 2025. The filing attributes beneficial ownership through the managing entities, showing layered control by Invus affiliates and Mr. Raymond Debbane.
Because the filing is a passive ownership disclosure, it includes the certification that holdings were not acquired to change control. Subsequent filings would show any change in intent or ownership thresholds.
Reported stakes equal roughly mid-single-digit ownership positions; aggregate control by an individual is disclosed.
Using the issuer's outstanding share base of 49,929,952, the filing shows Invus Public Equities at 2,719,707 ADSs (reported as 5.4%) and Avicenna Fund at 429,342 ADSs (reported as 0.9%). The combined position tied to Mr. Raymond Debbane is reported as 3,149,049 ADSs (6.3%).
These holdings may influence disclosure needs if thresholds change; cash‑flow treatment or planned dispositions are not included in the excerpt.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Bicycle Therapeutics plc
(Name of Issuer)
Ordinary Shares, nominal value GBP 0.01 per share
(Title of Class of Securities)
02/25/2026
(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)
SCHEDULE 13G
CUSIP Number(s):
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
2,719,707.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,719,707.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,719,707.00
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)
5.4 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Invus Public Equities, L.P. holds 2,719,707 American Depositary Shares ("ADSs"), each of which ADS represents one Ordinary Share, nominal value GBP 0.01 per share.
SCHEDULE 13G
CUSIP Number(s):
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
2,719,707.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,719,707.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,719,707.00
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)
5.4 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Invus Public Equities, L.P. holds 2,719,707 American Depositary Shares ("ADSs"), each of which ADS represents one Ordinary Share, nominal value GBP 0.01 per share.
SCHEDULE 13G
CUSIP Number(s):
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
2,719,707.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,719,707.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,719,707.00
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)
5.4 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Invus Public Equities, L.P. holds 2,719,707 American Depositary Shares ("ADSs"), each of which ADS represents one Ordinary Share, nominal value GBP 0.01 per share.
SCHEDULE 13G
CUSIP Number(s):
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
2,719,707.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,719,707.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,719,707.00
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)
5.4 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Invus Public Equities, L.P. holds 2,719,707 American Depositary Shares ("ADSs"), each of which ADS represents one Ordinary Share, nominal value GBP 0.01 per share.
SCHEDULE 13G
CUSIP Number(s):
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
429,342.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
429,342.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
429,342.00
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)
0.9 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Avicenna Life Sci Master Fund LP holds 429,342 American Depositary Shares ("ADSs"), each of which ADS represents one Ordinary Share, nominal value GBP 0.01 per share.
SCHEDULE 13G
CUSIP Number(s):
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
429,342.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
429,342.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
429,342.00
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)
0.9 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Avicenna Life Sci Master Fund LP holds 429,342 American Depositary Shares ("ADSs"), each of which ADS represents one Ordinary Share, nominal value GBP 0.01 per share.
SCHEDULE 13G
CUSIP Number(s):
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
429,342.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
429,342.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
429,342.00
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)
0.9 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Avicenna Life Sci Master Fund LP holds 429,342 American Depositary Shares ("ADSs"), each of which ADS represents one Ordinary Share, nominal value GBP 0.01 per share.
SCHEDULE 13G
CUSIP Number(s):
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
3,149,049.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
3,149,049.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,149,049.00
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)
6.3 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: Invus Public Equities, L.P. holds 2,719,707 American Depositary Shares ("ADSs"), and Avicenna Life Sci Master Fund LP holds 429,342 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 February 25, 2026, Invus Public Equities directly held 2,719,707 American Depositary Shares ("ADSs"), and Avicenna Fund directly held 429,342 ADSs, each of which ADS represents one Ordinary Share, nominal value GBP 0.01 per share. 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 February 25, 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 49,929,952 Shares outstanding as of October 27, 2025, based on information provided by the Issuer in its quarterly report on Form 10-Q as filed with the Securities and Exchange Commission on October 30, 2025.
(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.
Not Applicable
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:
03/03/2026
Invus Public Equities Advisors, LLC
Signature:
/s/ Raymond Debbane
Name/Title:
Raymond Debbane, President
Date:
03/03/2026
Invus Global Management, LLC
Signature:
/s/ Raymond Debbane
Name/Title:
Raymond Debbane, President
Date:
03/03/2026
Siren, L.L.C.
Signature:
/s/ Raymond Debbane
Name/Title:
Raymond Debbane, President
Date:
03/03/2026
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
What holdings does Invus report in Bicycle Therapeutics (BCYC)?
Invus Public Equities reports owning 2,719,707 ADSs as of February 25, 2026. The filing shows this position equals 5.4% based on 49,929,952 Shares outstanding as of October 27, 2025.
How many ADSs does Avicenna Life Sci Master Fund report for BCYC?
Avicenna Life Sci Master Fund LP reports holding 429,342 ADSs as of February 25, 2026. The filing lists this as 0.9% of the stated outstanding share count of 49,929,952.
What aggregate ownership does Raymond Debbane control in BCYC?
The filing attributes beneficial ownership to Raymond Debbane totaling 3,149,049 ADSs as of February 25, 2026. That figure is shown as 6.3% of the issuer's 49,929,952 shares outstanding (as of October 27, 2025).
Does the Schedule 13G state these holdings aim to change control of BCYC?
No. Each Reporting Person certifies the securities "were not acquired and are not held for the purpose of or with the effect of changing or influencing the control" of the issuer, per the filing's certification language.
What share count does the filing use to calculate percentages for BCYC?
Percentages are based on 49,929,952 Shares outstanding as of October 27, 2025, referenced in the filing and sourced to the company's Form 10-Q filed October 30, 2025.
