Bicycle Therapeutics plc
BCYCHealthcare|Biotechnology|GB
$3.61
+0.13 (+3.74%)
Tangible Book / Share
$7.22
Cash / Share
$6.72
Financials
Financial Snapshot
Market Cap
$253.0M
Enterprise Value
-$202.7M
Revenue (TTM)
$83.5M
Net Income (TTM)
-$141.8M
Cash & Investments
$469.9M
Net Cash
$455.7M
Free Cash Flow (TTM)
-$174.4M
Operating CF (TTM)
-$174.8M
Debt/Equity
0.03
Cash Runway & Burn Rate
Cash on Hand
$469.9M
Quarterly Burn
$43.7M
Monthly Burn
$14.6M
Est. Runway
~10.8 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $9.4M | $67.7M | $63.4M | $92.1M | $136.0M | $438.7M | $339.2M | $526.4M | $879.5M | $628.1M | $469.9M | |
| Operating Cash Flow | -$11.3M | -$1.4M | -$26.1M | -$28.6M | -$17.8M | -$14.8M | -$86.1M | -$60.6M | -$164.7M | -$249.7M | -$174.8M | |
| Free Cash Flow | -$11.5M | -$2.5M | -$27.3M | -$30.2M | -$19.0M | -$16.8M | -$105.1M | -$63.6M | -$166.0M | -$252.6M | -$174.4M | |
| Capital Expenditure | -$243.4K | -$1.1M | -$1.2M | -$1.6M | -$1.2M | -$2.0M | -$19.0M | -$2.9M | -$1.2M | -$2.4M | $495.3K | |
| Financing Cash Flow | $16.8M | $57.9M | $25.4M | $58.4M | $62.8M | $320.7M | $6.7M | $250.0M | $519.8M | -$131.0K | -$149.8K |
R&D Spending
R&D (TTM)
$175.3M
R&D Intensity
209.8%
R&D Growth vs Prior
-27.1%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $2.1M | $7.1M | $13.8M | $10.4M | $11.7M | $14.5M | $27.0M | $35.3M | $72.6M | $83.5M | |
| R&D Expense | $9.8M | $11.9M | $20.8M | $31.6M | $33.1M | $44.9M | $81.6M | $156.5M | $173.0M | $240.3M | $175.3M | |
| R&D % of Revenue | — | 576.0% | 290.9% | 229.3% | 319.0% | 383.7% | 564.3% | 580.1% | 490.3% | 331.0% | 209.8% | |
| SG&A | $3.5M | $6.4M | $8.1M | $14.6M | $29.2M | $32.4M | $49.5M | $59.8M | $71.5M | $80.0M | $66.6M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $2.1M | $7.1M | $13.8M | $10.4M | $11.7M | $14.5M | $27.0M | $35.3M | $72.6M | $83.5M | |
| Cost of Revenue | $269.3K | $11.9M | $20.8M | $25.5M | $33.1M | $0.00 | $0.00 | $156.5M | $173.0M | $0.00 | $0.00 | |
| Gross Profit | -$269.3K | -$9.8M | -$13.6M | -$11.7M | -$22.8M | $11.7M | $14.5M | -$129.5M | -$137.7M | $72.6M | $83.5M | |
| R&D | $9.8M | $11.9M | $20.8M | $31.6M | $33.1M | $44.9M | $81.6M | $156.5M | $173.0M | $240.3M | $175.3M | |
| SG&A | $3.5M | $6.4M | $8.1M | $14.6M | $29.2M | $32.4M | $49.5M | $59.8M | $71.5M | $80.0M | $66.6M | |
| Operating Income | -$13.5M | -$16.2M | -$21.7M | -$26.3M | -$52.0M | -$65.6M | -$116.7M | -$189.9M | -$209.9M | -$247.7M | -$158.3M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $457.0K | $3.0M | $3.3M | $3.3M | $1.7M | $206.0K | $194.0K | |
| Pretax Income | -$13.5M | -$16.3M | -$22.2M | -$30.9M | -$51.7M | -$68.5M | -$114.2M | -$179.2M | -$173.8M | -$218.8M | -$139.1M | |
| Net Income | -$13.5M | -$16.3M | -$21.8M | -$30.6M | -$51.0M | -$66.8M | -$112.7M | -$180.7M | -$169.0M | -$219.0M | -$141.8M | |
| EPS (Diluted) | -0.76 | -1.22 | -1.64 | -2.77 | -2.66 | -2.67 | -3.80 | -5.08 | -2.90 | -3.16 | -2.03 | |
| EBITDA | -$13.3M | -$15.9M | -$21.5M | -$25.3M | -$50.7M | -$64.1M | -$107.2M | -$169.4M | -$164.9M | -$212.2M | -$134.3M | |
| Shares Out. (M) | 17.70 | 13.29 | 13.29 | 11.05 | 19.15 | 25.06 | 29.66 | 35.59 | 58.21 | 69.28 | 69.98 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $9.4M | $67.7M | $63.4M | $92.1M | $136.0M | $438.7M | $339.2M | $526.4M | $879.5M | $628.1M | $469.9M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $11.3M | $71.5M | $76.8M | $104.1M | $155.7M | $458.6M | $369.4M | $561.9M | $928.6M | $682.9M | $537.6M | |
| Total Assets | $11.8M | $74.0M | $81.6M | $110.2M | $161.2M | $479.8M | $410.6M | $595.3M | $956.9M | $717.6M | $567.2M | |
| Total Current Liabilities | $3.8M | $9.5M | $8.9M | $8.8M | $23.1M | $36.2M | $53.3M | $69.5M | $67.2M | $57.0M | $44.5M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $14.5M | $29.9M | $30.3M | $30.7M | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $3.8M | $121.2M | $151.5M | $17.0M | $65.7M | $133.5M | $139.8M | $224.4M | $163.8M | $107.6M | $61.9M | |
| Stockholders' Equity | $8.0M | -$47.2M | -$69.8M | $93.2M | $95.5M | $346.3M | $270.8M | $370.9M | $793.1M | $610.0M | $505.3M | |
| Retained Earnings | -$31.8M | -$48.1M | -$69.9M | -$100.5M | -$151.6M | -$218.4M | -$331.1M | -$511.8M | -$680.8M | -$899.8M | -$1.02B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$11.3M | -$1.4M | -$26.1M | -$28.6M | -$17.8M | -$14.8M | -$86.1M | -$60.6M | -$164.7M | -$249.7M | -$174.8M | |
| Capital Expenditure | -$243.4K | -$1.1M | -$1.2M | -$1.6M | -$1.2M | -$2.0M | -$19.0M | -$2.9M | -$1.2M | -$2.4M | $495.3K | |
| Free Cash Flow | -$11.5M | -$2.5M | -$27.3M | -$30.2M | -$19.0M | -$16.8M | -$105.1M | -$63.6M | -$166.0M | -$252.6M | -$174.4M | |
| Investing Cash Flow | -$243.4K | -$1.1M | -$1.2M | -$1.6M | -$1.2M | -$2.0M | -$19.0M | -$2.9M | -$1.2M | -$2.4M | -$1.9M | |
| Financing Cash Flow | $16.8M | $57.9M | $25.4M | $58.4M | $62.8M | $320.7M | $6.7M | $250.0M | $519.8M | -$131.0K | -$149.8K | |
| Issuance of Stock | $16.8M | $58.5M | $0.00 | $57.0M | $48.1M | $298.5M | $5.7M | $249.3M | $544.1M | $37.1K | $12.0K | |
| Repurchase of Stock | $0.00 | $0.00 | -$576.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $15.0M | $15.0M | $0.00 | $0.00 | -$31.9M | $0.00 | $86.0K | |
| Stock Based Comp. | $123.0K | $515.0K | $1.0M | $3.1M | $6.5M | $12.1M | $26.8M | $32.5M | $38.1M | $39.5M | -$9.1M | |
| Net Change in Cash | $3.5M | $58.3M | -$4.3M | $28.7M | $43.9M | $302.7M | -$99.5M | $187.8M | $353.1M | -$251.4M | -$178.4M |
Dilution Tracker
Shares outstanding grew 261.9% over 5 years — significant dilution
Shares Outstanding
70M
5-Year Share Growth
+261.9%
Stock Issuance (TTM)
$12.0K
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 17.70 | 13.29 | 13.29 | 11.05 | 19.15 | 25.06 | 29.66 | 35.59 | 58.21 | 69.28 | 69.98 | |
| Change vs Prior % | — | -24.9% | 0.0% | -16.9% | 73.3% | 30.9% | 18.4% | 20.0% | 63.5% | 19.0% | 1.0% | |
| Stock Issuance | $16.8M | $58.5M | $0.00 | $57.0M | $48.1M | $298.5M | $5.7M | $249.3M | $544.1M | $37.1K | $12.0K | |
| Stock Repurchase | $0.00 | $0.00 | -$576.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $123.0K | $515.0K | $1.0M | $3.1M | $6.5M | $12.1M | $26.8M | $32.5M | $38.1M | $39.5M | -$9.1M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | -476.0% | -190.9% | -85.1% | -219.0% | 100.0% | 100.0% | -480.1% | -390.3% | 100.0% | 100.0% | |
| Operating Margin % | — | -787.0% | -304.7% | -190.6% | -500.1% | -561.0% | -806.6% | -704.1% | -595.0% | -341.3% | -189.5% | |
| Net Margin % | — | -789.3% | -306.1% | -221.8% | -491.0% | -571.2% | -779.3% | -669.7% | -479.2% | -301.7% | -169.8% | |
| EBITDA Margin % | — | -770.9% | -301.7% | -183.6% | -487.8% | -547.9% | -741.3% | -628.0% | -467.4% | -292.3% | -160.8% | |
| FCF Margin % | — | -122.7% | -382.1% | -218.6% | -182.8% | -143.8% | -726.7% | -235.6% | -470.5% | -348.0% | -208.7% | |
| ROE % | -168.4% | 34.5% | 31.3% | -32.8% | -53.4% | -19.3% | -41.6% | -48.7% | -21.3% | -35.9% | -26.0% | |
| ROA % | -114.2% | -22.0% | -26.8% | -27.8% | -31.7% | -13.9% | -27.5% | -30.3% | -17.7% | -30.5% | -25.0% | |
| ROIC % | -167.9% | -25.1% | -29.4% | -25.6% | -36.9% | -14.4% | -31.9% | -35.8% | -22.8% | -37.3% | -30.2% | |
| R&D / Revenue % | — | 576.0% | 290.9% | 229.3% | 319.0% | 383.7% | 564.3% | 580.1% | 490.3% | 331.0% | 209.8% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 246.4% | 93.4% | -24.7% | 12.6% | 23.6% | 86.5% | 30.8% | 105.8% | |
| Gross Profit | 0.0% | -3541.4% | -38.9% | 13.8% | -93.9% | 151.4% | 23.6% | -995.5% | -6.3% | 152.7% | |
| Operating Income | 0.0% | -20.2% | -34.1% | -20.9% | -97.6% | -26.3% | -77.8% | -62.8% | -10.5% | -18.0% | |
| Net Income | 0.0% | -20.3% | -34.4% | -40.1% | -66.7% | -31.0% | -68.7% | -60.3% | 6.4% | -29.5% | |
| EPS (Diluted) | 0.0% | -60.5% | -34.4% | -68.9% | 4.0% | -0.4% | -42.3% | -33.7% | 42.9% | -9.0% | |
| Operating Cash Flow | 0.0% | 87.4% | -1743.0% | -9.7% | 37.8% | 16.8% | -482.1% | 29.6% | -171.7% | -51.6% | |
| Free Cash Flow | 0.0% | 78.0% | -978.5% | -10.7% | 37.1% | 11.4% | -524.7% | 39.5% | -161.1% | -52.2% | |
| R&D Expense | 0.0% | 21.4% | 75.0% | 52.4% | 4.8% | 35.4% | 81.8% | 91.8% | 10.5% | 38.9% | |
| SG&A Expense | 0.0% | 85.6% | 26.8% | 79.3% | 100.6% | 11.1% | 52.6% | 20.9% | 19.4% | 12.0% | |
| Total Assets | 0.0% | 525.3% | 10.3% | 35.0% | 46.2% | 197.7% | -14.4% | 45.0% | 60.7% | -25.0% | |
| Book Value / Share | 0.0% | -882.8% | -48.0% | 260.6% | -40.9% | 177.1% | -33.9% | 14.2% | 30.7% | -35.4% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | 734.2% | 181.1% | -0.0% | 1.4% | -78.9% | 84.6% | |
| Diluted Shares | 0.0% | -24.9% | 0.0% | -16.9% | 73.3% | 30.9% | 18.4% | 20.0% | 63.5% | 19.0% |
Valuation
P/E (TTM)At Loss
P/S3.03
10Y Low / Med / High6.76 / 23.85 / 130.42
P/B0.50
10Y Low / Med / High0.80 / 3.24 / 26.47
EV/EBITDA1.51
EV/Revenue-2.43
10Y Low / Med / High1.01 / 21.51 / 96.71
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$7.22
Net Current Assets / Share
$6.79
Graham Net-Net
$6.39
Cash / Share
$6.72
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -15.79 | -9.84 | -7.32 | -3.40 | -6.75 | -22.80 | -7.79 | -3.56 | -4.81 | -2.24 | -1.78 | |
| P/S Ratio | 0.00 | 77.44 | 22.35 | 7.55 | 33.08 | 130.42 | 60.70 | 23.85 | 23.10 | 6.76 | 3.03 | |
| P/B Ratio | 26.47 | -3.38 | -2.28 | 1.12 | 3.60 | 4.41 | 3.24 | 1.73 | 1.03 | 0.80 | 0.50 | |
| EV/EBITDA | -15.30 | -5.78 | -4.47 | -0.55 | -4.41 | -17.65 | -5.44 | -0.96 | 0.33 | 0.57 | 1.51 | |
| EV/Revenue | 0.00 | 44.59 | 13.47 | 1.01 | 21.51 | 96.71 | 40.32 | 6.01 | -1.56 | -1.65 | -2.43 |
Analyst Estimates & Quality
Altman Z-Score
0.31
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $37.7M | $9.3M | $17.6M |
| Net Income | -$157.7M | -$176.6M | -$200.8M |
| EPS | $-2.16 | $-2.33 | $-2.50 |
| # Analysts (EPS) | 7 | 7 | 7 |