Bicycle Therapeutics plc reporting persons Long Focus Capital Management, LLC and John Helmers disclosed beneficial ownership of 3,310,687 American Depositary Shares, representing 6.6% of the class as of the close of business on March 31, 2026.
The filing states Long Focus holds shared voting and dispositive power over these ADSs under investment management agreements and that the shares were purchased on behalf of clients; no single client owns more than 5% of the class.
Positive
None.
Negative
None.
Insights
Large passive stake disclosed: 3,310,687 ADS (6.6%) as of March 31, 2026.
Long Focus Capital Management and John Helmers report shared voting and dispositive power over 3,310,687 ADS, representing 6.6% of Bicycle Therapeutics' ADS class. The stake reflects client holdings managed by Long Focus under investment management agreements.
Disclosure notes no single client holds more than 5%. Subsequent filings would reveal any change in ownership or voting arrangements; the filing itself does not state intent to acquire or dispose.
Key Figures
Beneficial ownership:3,310,687 sharesPercent of class:6.6%CUSIP:088786108
3 metrics
Beneficial ownership3,310,687 sharesAmerican Depositary Shares as of March 31, 2026
Percent of class6.6%Percentage of ADS class as of March 31, 2026
CUSIP088786108ADS class identifier in filing
Key Terms
American Depositary Shares, dispositive power, beneficially owned
3 terms
American Depositary Sharesfinancial
"American Depositary Shares, each representing 1 ordinary share"
American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.
dispositive powerregulatory
"Shared Dispositive Power 3,310,687.00"
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
beneficially ownedregulatory
"Amount beneficially owned: The information required by Item 4(a)"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
BICYCLE THERAPEUTICS PLC
(Name of Issuer)
American Depositary Shares, each representing 1 ordinary 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
LONG FOCUS CAPITAL 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
0.00
6
Shared Voting Power
3,310,687.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,310,687.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,310,687.00
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)
6.6 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
088786108
1
Names of Reporting Persons
JOHN HELMERS
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
3,310,687.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,310,687.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,310,687.00
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)
6.6 %
12
Type of Reporting Person (See Instructions)
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
Item 2.
(a)
Name of person filing:
LONG FOCUS CAPITAL MANAGEMENT LLC
JOHN HELMERS
(b)
Address or principal business office or, if none, residence:
207 CALLE DEL PARQUE
A&M TOWER, 8TH FLOOR SAN JUAN, PR 00912
(c)
Citizenship:
Long Focus Capital Management, LLC, a Delaware single member limited liability company; and
John Helmers, a United States citizen.
(d)
Title of class of securities:
American Depositary Shares, each representing 1 ordinary share
(e)
CUSIP Number(s):
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 Reporting Person hereto and is incorporated herein by reference for each Reporting Person. Such information is as of the close of business on March 31, 2026.
Long Focus Capital Management, LLC and John Helmers directly own no American Depositary Shares. Pursuant to investment management agreements with its clients, Long Focus Capital Management, LLC maintains dispositive and voting power with respect to the securities held in its clients' accounts. John Helmers controls Long Focus Capital Management, LLC.
(b)
Percent of class:
The information required by Item 4(b) is set forth in Row (11) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each Reporting Person. Such information is as of the close of business on March 31, 2026.
(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 Reporting Person hereto and is incorporated herein by reference for each Reporting Person. Such information is as of the close of business on March 31, 2026.
(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 Reporting Person hereto and is incorporated herein by reference for each Reporting Person. Such information is as of the close of business on March 31, 2026.
(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 Reporting Person hereto and is incorporated herein by reference for each Reporting Person. Such information is as of the close of business on March 31, 2026.
(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 Reporting Person hereto and is incorporated herein by reference for each Reporting Person. Such information is as of the close of business on March 31, 2026.
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.
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.
Securities reported on this statement on Schedule 13G as being beneficially owned by Long Focus Capital Management, LLC were purchased on behalf of its clients and no one client owns more than 5 percent of a class of such securities.
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 acquired and are held in the ordinary course of business and 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.
Long Focus Capital Management and John Helmers reported beneficial ownership of 3,310,687 ADS, equal to 6.6% of the class as of March 31, 2026. This figure appears on the Schedule 13G cover and Item 4 disclosure.
Do Long Focus or John Helmers directly own the ADSs?
No. The filing states Long Focus and John Helmers directly own no ADSs; rather, Long Focus has shared voting and dispositive power over client accounts holding those ADSs under investment management agreements.
What voting and disposition powers are reported?
The Schedule 13G shows 0 sole voting/dispositive power and 3,310,687 shared voting and shared dispositive power as of March 31, 2026, per the cover page rows incorporated into Item 4.
Was any single client reported to own more than 5%?
No. The filing states securities were purchased on behalf of clients and expressly says no one client owns more than 5% of the class, per Item 6 of the Schedule 13G disclosure.
What class of security is referenced in the filing?
The filing covers American Depositary Shares, each representing one ordinary share of Bicycle Therapeutics plc, with CUSIP 088786108, as stated in Item 2 and on the cover page.
What is the reporting date for the ownership figures?
The ownership amounts and percentages are reported as of the close of business on March 31, 2026, which is the time anchor cited for the Item 4 figures incorporated from the cover page.
