BCYC Stock — Bicycle Therapeutics plc: Cash, EV, Pipeline

What they do

We are a clinical-stage pharmaceutical company developing a novel class of medicines, which we refer to as Bicycle ® molecules, for diseases that are underserved by existing therapeutics. Bicycle molecules are fully synthetic short peptides constrained to form two loops which stabilize their structural geometry.

Source: 10-K FY2025 via SEC EDGAR

Share price

$3.73

Market cap

Not disclosed

Cash

$469.9M

Enterprise value

Not disclosed

Balance sheet

Cash	$469.9M
Debt	$0.0M
Net cash	$469.9M
Enterprise value	Not disclosed
Basic shares	70.0M shares
Fully diluted shares	85.3M shares
Fully diluted market cap	$318.3M
Cash per share	$6.71
Quarterly burn	$49.6M
Cash runway	9.5 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-11.

Share structure

Common

70.0M

Pre-funded warrants

—

Options

10.2M

RSUs

2.7M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

2.4M

FDSO

85.3M

Cap table as of 2026-03-12.

Price history

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Upcoming catalysts

No upcoming catalysts on file for this company.

Full readout calendar →

Pipeline assets

nuzefatide pevedotin

Phase 2 · Active Modality: Bicycle Drug Conjugate (BDC): Bicycle peptide + valine-citrulline cleavable linker + MMAE cytotoxin payload

Aliases BT5528

Target EphA2

Indications

Advanced solid tumors incl. metastatic urothelial cancer and ovarian cancer (Phase 1)
Recurrent metastatic pancreatic ductal adenocarcinoma (Phase 2)

Status note Most advanced internal candidate per this filing; retained focus asset of Mar 2026 strategic reprioritization (~30% workforce reduction). Fast Track Designation for previously treated locally advanced/metastatic urothelial cancer. Phase II pancreatic trial commenced recruiting Q1 2026; nuzefatide + nivolumab combo in metastatic urothelial cancer under evaluation.

zelenectide pevedotin

Phase 2 · Active Modality: Bicycle Drug Conjugate (BDC)

Target Nectin-4

Indications

Metastatic urothelial cancer (Phase 2)
NECTIN4-amplified advanced breast cancer and NSCLC (Phase 1)

Status note Mar 2026 reprioritization: Phase II/III registrational Duravelo-2 being converted to randomized Phase II; program deprioritized for internal development while company evaluates next steps. Phase I/II trials in NECTIN4-amplified breast cancer and NSCLC being discontinued (enrollment closed; enrolled patients complete treatment).

BT7480

Phase 1 · Active Modality: Bicycle Tumor-Targeted Immune Cell Agonist (Bicycle TICA)

Target Nectin-4 / CD137 agonism

Indications

Solid tumors (Nectin-4 expressing) (Phase 1)

Status note Company-sponsored Phase I/II ongoing; after reporting certain data in H1 2026, company will no longer develop BT7480 internally and intends to explore partnership opportunities.

BT1702

Preclinical · Active Modality: Bicycle Radioconjugate (BRC) theranostic, 212Pb radioisotope payload

Target MT1-MMP

Indications

Oncology (indications not specified) (Preclinical)

Status note IND-enabling activities ongoing.

Per-asset detail extracted from the 10-Q filed 2026-07-30. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

No lead program on file for this company.

No active ClinicalTrials.gov trials matched to this company as sponsor or collaborator.

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Baker Bros. Advisors	10,885,357	no change	0.23%	2026-08-14
DAFNA Capital	64,492	no change	0.05%	2026-08-14
ADAR1 Capital Management	50,638	-20,660	0.01%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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BCYC — Bicycle Therapeutics plc ☆

What they do

Balance sheet

Share structure

Price history

Upcoming catalysts

Pipeline assets

Specialist fund holders

Latest news

BCYC — Bicycle Therapeutics plc