<span item_type="fundamental" item_id="8e10d28907f4ffea564f77fa9e4cca36" counter_id="ST/US/BCYC" env="prod"></span><span item_type="announcement" item_id="640940094648818817" env="prod"></span><p>Revenue: As of FY2025, the actual value is USD 72.59 M, beating the estimate of USD 32.18 M.</p><p>EPS: As of FY2025, the actual value is USD -3.16, beating the estimate of USD -3.8791.</p><p>EBIT: As of FY2025, the actual value is USD -275.32 M.</p><p></p><h3>Operational Metrics</h3><h4>Net Loss</h4><p>Bicycle Therapeutics plc reported a net loss of - $219.0 million for the year ended December 31, 2025, compared to - $169.0 million for 2024 and - $180.7 million for 2023. The accumulated deficit as of December 31, 2025, was - $899.8 million <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1761612/000110465926028971/bcyc-20251231x10k.htm"></span>.</p><h4>Collaboration Revenue</h4><p>Collaboration revenue increased by $37.3 million in 2025 compared to 2024, reaching $72,586 thousand in 2025 from $35,275 thousand in 2024 and $26,976 thousand in 2023. This increase was primarily driven by a $38.8 million increase from the Novartis collaboration and a $5.5 million increase from the Bayer collaboration, partially offset by a $6.9 million decrease from the Ionis collaboration <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1761612/000110465926028971/bcyc-20251231x10k.htm"></span>.</p><h4>Research and Development Expenses</h4><p>Research and development expenses increased by $67.3 million in 2025 compared to 2024, totaling $240,283 thousand in 2025, up from $172,966 thousand in 2024 and $156,496 thousand in 2023. This rise was mainly due to a $44.1 million increase in clinical program expenses for zelenectide pevedotin, a $12.9 million increase in discovery, platform, and other expenses, and an $11.0 million increase in employee and contractor related expenses (including $2.2 million in severance-related costs) <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1761612/000110465926028971/bcyc-20251231x10k.htm"></span>. These increases were partially offset by decreases in Bicycle TICA program development expenses, share-based compensation, and facility expenses, alongside an $8.3 million impact from a decrease in research and development incentives <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1761612/000110465926028971/bcyc-20251231x10k.htm"></span>. Cumulative direct external expenses through December 31, 2025, were approximately $283.4 million for zelenectide pevedotin, $57.2 million for nuzefatide pevedotin, and $51.3 million for Bicycle TICA candidates <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1761612/000110465926028971/bcyc-20251231x10k.htm"></span>.</p><h4>General and Administrative Expenses</h4><p>General and administrative expenses increased by $7.2 million in 2025 compared to 2024, totaling $79,368 thousand in 2025, up from $72,181 thousand in 2024 and $60,426 thousand in 2023. This increase was mainly due to a $4.9 million rise in personnel-related costs (including $1.6 million in severance-related costs) and a $2.8 million increase in share-based compensation, partially offset by a $1.4 million favorable impact from foreign exchange rates <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1761612/000110465926028971/bcyc-20251231x10k.htm"></span>.</p><h4>Other Income (Expense), Net</h4><p>Other income (expense), net, decreased by $7.8 million in 2025 compared to 2024, primarily due to a $5.8 million decrease in interest and other income (from $34,284 thousand in 2024 to $28,463 thousand in 2025), and a $4.5 million gain on extinguishment of research and development funding liability recognized in 2024 that did not recur in 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1761612/000110465926028971/bcyc-20251231x10k.htm"></span>. These were partially offset by a $1.5 million decrease in interest expense (from - $1,730 thousand in 2024 to - $206 thousand in 2025) and a - $954 thousand loss on extinguishment of debt in 2024 that did not recur <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1761612/000110465926028971/bcyc-20251231x10k.htm"></span>.</p><h4>Provision for (Benefit from) Income Taxes</h4><p>Bicycle Therapeutics plc reported a provision for income taxes of $152 thousand in 2025, compared to a benefit of - $4,765 thousand in 2024 and a provision of $1,457 thousand in 2023 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1761612/000110465926028971/bcyc-20251231x10k.htm"></span>.</p><h3>Cash Flow</h3><h4>Net Cash Used in Operating Activities</h4><p>Net cash used in operating activities was - $249,675 thousand in 2025, compared to - $164,724 thousand in 2024 and - $60,628 thousand in 2023. The increase in cash used in operations by $85.0 million in 2025 was primarily due to increased cash payments for clinical program activities for zelenectide pevedotin <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1761612/000110465926028971/bcyc-20251231x10k.htm"></span>.</p><h4>Net Cash Used in Investing Activities</h4><p>Net cash used in investing activities was - $2,350 thousand in 2025, compared to - $1,235 thousand in 2024 and - $2,929 thousand in 2023, primarily for purchases of property and equipment <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1761612/000110465926028971/bcyc-20251231x10k.htm"></span>.</p><h4>Net Cash (Used in) Provided by Financing Activities</h4><p>Net cash (used in) provided by financing activities was - $131 thousand in 2025, compared to $519,750 thousand in 2024 and $250,027 thousand in 2023. The 2024 figure primarily includes $544.1 million net proceeds from a private placement and $7.5 million from share option exercises, offset by $31.9 million in debt payments <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1761612/000110465926028971/bcyc-20251231x10k.htm"></span>.</p><h3>Unique Metrics</h3><h4>Cash and Cash Equivalents</h4><p>Cash and cash equivalents were $628.1 million as of December 31, 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1761612/000110465926028971/bcyc-20251231x10k.htm"></span>.</p><h3>Outlook / Guidance</h3><p>Bicycle Therapeutics plc anticipates a near-term decrease in expenses and capital requirements due to cost-saving initiatives and a strategic reprioritization, including a proposed 30% workforce reduction by the end of 2026, incurring approximately $8.0 million in severance costs. However, research and development expenses are projected to increase over the longer term as the company advances its product candidates and expands its pipeline. The company expects its existing cash and cash equivalents of $628.1 million to fund operations and capital expenditures for at least 12 months from the Annual Report’s filing date <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1761612/000110465926028971/bcyc-20251231x10k.htm"></span>.</p>

Bicycle Therapeutics | 10-K: FY2025 Revenue Beats Estimate at USD 72.59 M