Bicycle Therapeutics plc
BCYC · Price history
Price at last available close
$3.88
+$0.23 (+6.30%) 1M
2026-10-28
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Company & revenue
About Bicycle Therapeutics plc
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
Bicycle Therapeutics plc, founded in 2009 and based in Cambridge, UK, is a clinical-stage biopharmaceutical company. Its core mission is to create innovative therapeutic classes for diseases currently lacking effective treatments. The company's leading investigational product, BT1718, is a Bicycle Toxin Conjugate (BTC) that is undergoing Phase I/IIa clinical trials.
How they make money
Bicycle Therapeutics is a clinical-stage biopharmaceutical company that generates revenue primarily through research and development collaborations and licensing agreements with other pharmaceutical companies. The company does not currently have any products approved for sale and has not generated revenue from product sales, relying instead on upfront payments, milestone payments, and research funding from its strategic partners to support its operations.
Products & services
The company develops a proprietary class of medicines called Bicycle molecules, which are fully synthetic short peptides constrained to form two loops. Its pipeline includes Bicycle Drug Conjugates (BDCs), Bicycle Radioconjugates (BRCs), and Bicycle Tumor-Targeted Immune Cell Agonists (Bicycle TICAs) targeting various oncology indications.
Brands & revenue mix
Proprietary therapeutic modality consisting of constrained peptides.
Separate brand revenue is not available in this research.Source
Revenue share is not unit sales or a best-seller ranking. Parent brands and included sub-brands can overlap; do not add overlapping rows.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer types
- Biopharmaceutical companiesSource
Customer concentration
The company has not generated any revenue from product sales and its revenue is derived from a limited number of collaboration partners, creating significant concentration risk.
Suppliers, materials & equipment
- Contract Research Organizations (CROs) — The company relies on various third-party CROs to conduct clinical trials and preclinical studies; specific supplier names are not disclosed.Source
- Contract Manufacturing Organizations (CMOs) — The company utilizes third-party CMOs for the manufacturing of drug substances and drug products; specific supplier names are not disclosed.Source
Business relationships & partnerships
Competitors
- Biotechnology and pharmaceutical companies — The company competes with various entities developing oncology therapeutics, including those using antibody-drug conjugates, radiopharmaceuticals, and other novel modalities.Source
Strengths
Sources
Financial risk observations and what to check
These are saved observations about business performance, not predictions. Review the company filings alongside the interpretation below. Latest stored financial period end: 2026-06-30.
Quarterly revenue fell 78.5% versus the same quarter last year.
Check comparable business scope and currency, then separate volume, pricing and divestitures. One weaker quarter does not establish that the same decline will continue.
Total debt increased 71.3% versus the same quarter last year.
Compare the added borrowing with available cash, cash generation and maturities. A percentage increase from a small starting balance can look large without measuring the full debt burden.
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
31
Poor
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
43
Weak
Financial Strength
55
Business Quality / Moat
67
Management
40
Growth Quality
0
Risk / Durability
20
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
18
Avoid
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
32/100
Building Historical Record
Model Score 32/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
At today’s price, the WSS valuation framework currently reads as less attractive based on the available valuation and market data.
The model outlook is currently cautious.
- •Balance-sheet / debt profile scores strongly
- •Debt service risk
- •M&A headline · Aug 3, 2026
- •Valuation is a weaker part of the current profile
- •Revenue fundamentals are weak
Company-specific research
Questions worth answering for BCYC
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •What is driving BCYC's revenue decline, and does the latest company filing suggest the weakness is temporary or structural?
- •How long can BCYC fund negative free cash flow using its current cash position before it may need more debt or new shares?
- •How is BCYC likely to use its cash advantage: reinvestment, acquisitions, debt reduction, dividends or buybacks?
- •What specifically needs to improve for BCYC to reach sustainable profitability?
- •What future growth or profitability would be needed to justify BCYC's current valuation?
Essential Investment Snapshot
Wall Street Score
31
Opportunity Score
18
Market Cap
$270.9M
P/E Ratio
-1.3
EPS
$-2.73
52-Week High
$9.16
52-Week Low
$3.57
Beta
1.54
Analyst Target
$12.00
Shares Outstanding
69.3M
Total Revenue
$61.2M
Total Debt
$13.7M
Dividend
No current dividend
Liquidation Value / Share
$7.37
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Neutral / mixed momentum
High movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for BCYC
Detected from reported data — verify before acting.Debt service risk
Interest coverage is low (~-1202.5x). Earnings may be strained to cover interest expense.
M&A headline · Aug 3, 2026
Visa Inks $2.4 Billion Deal to Acquire Fraud Prevention Firm BioCatch — This is a provider-linked headline, not an independently confirmed event. Check the article and company filings for the subject, proposed/completed status, and subsequent updates.
PYMNTSCommunity Sentiment
0 active · 0 total callsNo personal call yet on BCYC.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Proprietary Bicycle technology platform.
- +Strategic collaborations with established pharmaceutical companies.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Biotechnology industry.
- −History of operating losses and lack of profitable product sales.
- −Dependence on third-party manufacturers and clinical trial providers.
- −Negative free cash flow may increase the need for outside financing and dilution.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
5 historical score records availablePrevious Score
31
Sep 9, 2026
Change
Unchanged
Current Score
31
Oct 1, 2026
Category Changes
BCYC score was unchanged.
Projected Score
Projected Score
18
Projected Change
-13.0 points
Preliminary comparable-period financial changes suggest decline of approximately 13.0 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Valuation unavailableCurrent Price
$3.88
Model Intrinsic Value
—
Difference
—
Margin of Safety
—
Intrinsic value is not currently available for this stock, so valuation can't be calculated.
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Large reported revenue change: +105.8%
Revenue changed sharply from 2024 to 2025. This can reflect a real business change, acquisition, divestiture, discontinued operations, restatement, or reporting-basis change. Compare the underlying filing before treating it as normal growth or decline.
TTM may combine quarters from before and after the event, so its trend can also be distorted.
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $61.2M | $72.6M | $35.3M | $27.0M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Cost of Revenue | -$128.3M | $0.00 | $173.0M | $156.5M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Gross Profit | $189.5M | $72.6M | -$137.7M | -$129.5M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Research & Development | $200.3M | $240.3M | $173.0M | $156.5M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| SG&A Expenses | $71.5M | $80.0M | $71.5M | $59.8M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Expenses | $400.6M | $320.3M | $72.2M | $60.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| EBITDA | -$183.1M | -$212.2M | -$164.9M | -$169.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Income | -$211.1M | -$247.7M | -$209.9M | -$189.9M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Interest Expense | $193K | $206K | $1.7M | $3.3M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Before Tax | -$188.7M | -$218.8M | -$173.8M | -$179.2M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Tax Expense | $1.7M | $152K | -$4.8M | $1.5M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Net Income | -$190.4M | -$219.0M | -$169.0M | -$180.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic EPS | $-2.73 | $-3.16 | $-2.91 | $-5.08 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic Shares | 69.80M | 69.28M | 58.21M | 35.59M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Diluted Shares | 69.80M | 69.28M | 58.21M | 35.59M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$629000
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
-$0.72
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
+71.3%
Cash Change
-29.3%
Margin Change
-5298.2 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Weakened
- Margins contracted
- Cash position declined
- Debt increased
Potential Score Impact
Pressure indicators included revenue growth, EPS growth, cash levels, debt levels. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue declined 78.5%. EPS declined 36.8%. Cash declined 29.3%. Total debt increased 71.3%. Net income margin declined by 5298.2 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
Smart Money
Number of Gurus
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Dividend data is not available yet. Missing data does not mean this company pays no dividend.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
5 historical recordsHistorical Score Chart
3 of 5 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
Related Companies
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Head-To-Head Survey: Celldex Therapeutics (NASDAQ:CLDX) & Bicycle Therapeutics (NASDAQ:BCYC)
Financial Review: Intellia Therapeutics (NASDAQ:NTLA) vs. Bicycle Therapeutics (NASDAQ:BCYC)
Visa Inks $2.4 Billion Deal to Acquire Fraud Prevention Firm BioCatch
Rumor Mill · BCYC
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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