undamentalytics Newsletter
Sign in

Bicycle Therapeutics PLC (BCYC) stock

Add to watchlist

Add holding +

NASDAQ: BCYC Nasdaq Biotechnology Next results ~January 28, 2027

C+ Fundamentals grade

Bicycle Therapeutics PLC is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Model estimate per share

~$5.9

Growth cash-flow model

Base case. Range ~$5.9–$5.9. Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Bicycle Therapeutics PLC valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds53 adding, 31 cuttingOf 18 active managers that changed their stake, 14 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Bicycle Therapeutics files

Where Bicycle Therapeutics PLC stands after its latest 10-Q

Revenue for the twelve months to September 2026 was $84m, up 194.7% on a year earlier, slower than the 217.4% growth a quarter earlier. That growth ranks 19 of 128 among the biotechnology companies we cover. Free-cash-flow margin rose to -211.9% from -853.5% a year earlier. Operating margin widened to -189.4% from -1023.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 3 financial-health checks. Our growth cash-flow model value is $5.91 a share.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Bicycle Therapeutics PLC's trailing-twelve-month revenue grew 194.7% year on year, with a free-cash-flow margin of -211.9%. Where it stands out: revenue growth of 194.7% ranks 25 of 172 biotechnology companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 194.7% (-22.7pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 194.7% over the last 12 months, against a median of 12.6% for biotechnology companies we cover.
  • Margins widening. Operating margin is up 834.0 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.5bn.

Things to watch

  • Growth slowing. The growth rate is 22.7 points lower than a quarter earlier.
  • Loss-making. Operating margin is -189.4%: costs exceed revenue.
  • Burning cash. Free cash flow was -211.9% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 36.4% of revenue, against a median of 19.2% for biotechnology companies we cover: a real cost that cash-flow figures leave out.
  • Volatile shares. Over the past year the shares showed annualised volatility of 52% and a beta of 1.6 against the S&P 500.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
-$0.15 against an average estimate of -$0.46: beat by 67.3%
Revenue
$34m, up 190.2% on a year earlier
Share reaction
-5.7% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Next report
October 29, 2026; average EPS estimate -$0.38

Bicycle Therapeutics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.1%
  • 1 week-0.8%
  • 1 month+7.1%
  • This year-48.9%
  • 1 year-55.1%
  • 5 years-93.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$83.5M
Operating margin
-189.4%
Net margin
-169.8%
EPS (TTM, diluted)
$-2.03

Growth

Revenue growth
+194.7%
Change in growth rate
−22.7 pts
Share count change
+0.6%

Cash

Free cash flow (TTM)
-$177M
FCF margin
-211.9%
Stock pay % of revenue
36.4%

Earnings

Last results
October 29, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Leadership
  3. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Bicycle Therapeutics PLC valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Bicycle Therapeutics PLC as an operating company, with every model that fits that kind of business. Cost of equity 10.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.2 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$5.9 ~$5.9–$5.9 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$0.3 ~$0.3–$1.2 Left out: out of range vs price (0.09x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$5.9 ~$5.9–$5.9 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Bicycle Therapeutics PLC with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2019202020212022202320242025Now
Share price$9.43$17.95$60.87$29.60$18.08$14.00$7.08$3.62
Market value$104m$344m$1.5bn$878m$644m$815m$491m$252m
+ Net debt (− = net cash)$0$15m−$409m−$309m−$496m−$849m−$628m−$470m
Enterprise value$104m$359m$1.1bn$569m$148m−$34m−$138m−$218m
Multiples
Price / sales 7.5x33.1x130.4x60.7x23.9x23.1x6.8x3.0x
Price / earnings ————————
Price / free cash flow ————————
EV / EBITDA ————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

8 /100

Weak moat

How hard Bicycle Therapeutics's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -24.6% of total assets over 8 years.

  • Durability 10 / 20

    Operating margin has been a median -612.7%; its worst year was -1200.9%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 8 years, at a median -287.1% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 202.3% over five years; stock-based pay has been a median 109.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (12 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$2.39 +24% $19m −74%
Next −$2.28 +5% $7m −63%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −4.3% on 90 days ago. In the last 30 days, 2 analysts raised Bicycle Therapeutics PLC's forecast and 1 cut it.

Consensus EPS forecast Bicycle Therapeutics PLC, last 90 days
−$3.00 −$2.00 −$1.00 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$2.50 Current fiscal year, 60 days ago: −$2.45 Current fiscal year, 30 days ago: −$2.45 Current fiscal year, 7 days ago: −$2.45 Current fiscal year, Now: −$2.39 −$2.39 Next fiscal year, 90 days ago: −$2.21 Next fiscal year, 60 days ago: −$2.22 Next fiscal year, 30 days ago: −$2.22 Next fiscal year, 7 days ago: −$2.21 Next fiscal year, Now: −$2.28 −$2.28

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$2.50−$2.21
60 days ago −$2.45−$2.22
30 days ago −$2.45−$2.22
7 days ago −$2.45−$2.21
Now −$2.39−$2.28

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 −$0.46 −$0.15 +67.3%
Jun 2026 −$0.58 −$0.72 −23.9%
Mar 2026 −$0.65 −$0.87 −34.5%
Dec 2025 −$0.95 −$0.29 +69.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026

No numeric guidance in Bicycle Therapeutics PLC's latest earnings release (filed October 29, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

9 analysts, Oct 2026
Buy667%
Hold333%
Sell00%

Monthly trend

  1. Oct 20262439
  2. Sep 20262439
  3. Aug 20262439

Counts of recommendations published by analysts covering Bicycle Therapeutics PLC, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.8%
of tradable shares
Days to cover
7.22
at average volume
Short interest, 1 month
+4%
to October 15, 2026
Held by institutions
72%
of shares
Held by insiders
4.6%
of shares
Employees
288
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −55.1%

$8.07 on October 31, 2025 to $3.62

ThenNowEffect
Revenue (last 12 months) $19m $61m +217.4%
P/S multiple 29.0x 4.1x −85.8%
Share count 69m 70m −0.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BCYC+239%−51%−39%−23%−49%−49%
Industry peers (median)−36%−57%−17%−29%−5%−26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BCYC83%50%25%33%33%18%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BCYC−26%−79%−58%−50%−59%−53%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since May 23, 2019: 95% from November 15, 2021 to October 2, 2026. Getting back needed a 1709% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$3.38 – $7.52
From 52-week high
−51.9%
vs 50-day average
−5.2%
vs 200-day average
−20.4%
Volatility (1 year)
52%
Beta vs S&P 500
1.60

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±3.0%
After a week
4 up, 7 down
typical move ±6.8%
After a month
3 up, 8 down
typical move ±9.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −5.7% −2.1% — —
July 30, 2026 0.0% +2.4% +2.8% +8.8%
April 30, 2026 +1.5% +1.3% +3.4% −4.2%
March 17, 2026 −6.9% −1.1% −10.9% +1.8%
October 30, 2025 −1.3% −0.8% −20.4% −13.9%
August 8, 2025 0.0% +0.6% −0.3% −4.6%
May 1, 2025 +8.6% +2.2% −4.4% −0.1%
February 25, 2025 +0.6% −0.4% −9.9% −22.4%
October 31, 2024 −5.5% −1.5% +2.8% −16.7%
August 6, 2024 −0.7% +0.2% −1.4% −10.0%
May 2, 2024 +1.6% +2.2% −2.6% −4.8%
February 20, 2024 +3.1% −0.5% +16.0% +13.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Bicycle Therapeutics PLC in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Bicycle Therapeutics PLC
$0 $50M $100M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $27M Revenue (TTM), FY24 Q1: $41.6M Revenue (TTM), FY24 Q2: $39.6M Revenue (TTM), FY24 Q3: $36.9M Revenue (TTM), FY24 Q4: $35.3M Revenue (TTM), FY25 Q1: $25.7M Revenue (TTM), FY25 Q2: $19.3M Revenue (TTM), FY25 Q3: $28.3M Revenue (TTM), FY25 Q4: $72.6M Revenue (TTM), FY26 Q1: $63.5M Revenue (TTM), FY26 Q2: $61.2M Revenue (TTM), FY26 Q3: $83.5M $83.5M

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $27M
FY24 Q1 $41.6M
FY24 Q2 $39.6M
FY24 Q3 $36.9M
FY24 Q4 $35.3M
FY25 Q1 $25.7M
FY25 Q2 $19.3M
FY25 Q3 $28.3M
FY25 Q4 $72.6M
FY26 Q1 $63.5M
FY26 Q2 $61.2M
FY26 Q3 $83.5M
Revenue growth, TTM YoY Bicycle Therapeutics PLC
-100% 0% 100% 200% 300% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 86.5% Revenue growth, TTM YoY, FY24 Q1: 168.5% Revenue growth, TTM YoY, FY24 Q2: 75.7% Revenue growth, TTM YoY, FY24 Q3: 48.6% Revenue growth, TTM YoY, FY24 Q4: 30.8% Revenue growth, TTM YoY, FY25 Q1: -38.2% Revenue growth, TTM YoY, FY25 Q2: -51.3% Revenue growth, TTM YoY, FY25 Q3: -23.2% Revenue growth, TTM YoY, FY25 Q4: 105.8% Revenue growth, TTM YoY, FY26 Q1: 146.9% Revenue growth, TTM YoY, FY26 Q2: 217.4% Revenue growth, TTM YoY, FY26 Q3: 194.7% 194.7%

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 86.5%
FY24 Q1 168.5%
FY24 Q2 75.7%
FY24 Q3 48.6%
FY24 Q4 30.8%
FY25 Q1 -38.2%
FY25 Q2 -51.3%
FY25 Q3 -23.2%
FY25 Q4 105.8%
FY26 Q1 146.9%
FY26 Q2 217.4%
FY26 Q3 194.7%
Operating margin (TTM) Bicycle Therapeutics PLC
-1500% -1000% -500% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -704.1% Operating margin (TTM), FY24 Q1: -432.2% Operating margin (TTM), FY24 Q2: -463.4% Operating margin (TTM), FY24 Q3: -532.4% Operating margin (TTM), FY24 Q4: -595.0% Operating margin (TTM), FY25 Q1: -965.6% Operating margin (TTM), FY25 Q2: -1495.3% Operating margin (TTM), FY25 Q3: -1023.4% Operating margin (TTM), FY25 Q4: -340.4% Operating margin (TTM), FY26 Q1: -381.7% Operating margin (TTM), FY26 Q2: -343.6% Operating margin (TTM), FY26 Q3: -189.4% -189.4%

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -704.1%
FY24 Q1 -432.2%
FY24 Q2 -463.4%
FY24 Q3 -532.4%
FY24 Q4 -595.0%
FY25 Q1 -965.6%
FY25 Q2 -1495.3%
FY25 Q3 -1023.4%
FY25 Q4 -340.4%
FY26 Q1 -381.7%
FY26 Q2 -343.6%
FY26 Q3 -189.4%
FCF margin (TTM) Bicycle Therapeutics PLC
-1500% -1000% -500% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -235.6% FCF margin (TTM), FY24 Q1: -206.5% FCF margin (TTM), FY24 Q2: -416.4% FCF margin (TTM), FY24 Q3: -551.6% FCF margin (TTM), FY24 Q4: -470.5% FCF margin (TTM), FY25 Q1: -707.8% FCF margin (TTM), FY25 Q2: -1090.7% FCF margin (TTM), FY25 Q3: -853.5% FCF margin (TTM), FY25 Q4: -347.2% FCF margin (TTM), FY26 Q1: -364.9% FCF margin (TTM), FY26 Q2: -340.3% FCF margin (TTM), FY26 Q3: -211.9% -211.9%

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -235.6%
FY24 Q1 -206.5%
FY24 Q2 -416.4%
FY24 Q3 -551.6%
FY24 Q4 -470.5%
FY25 Q1 -707.8%
FY25 Q2 -1090.7%
FY25 Q3 -853.5%
FY25 Q4 -347.2%
FY26 Q1 -364.9%
FY26 Q2 -340.3%
FY26 Q3 -211.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 2 7 14 10 12 14 27 35 73 84
EBITDA −16 −21 −25 −51 −64 −113 −183 −203 −241 −154
Operating income −16 −22 −26 −52 −66 −117 −190 −210 −247 −158
Net income −16 −22 −31 −51 −67 −113 −181 −169 −219 −142
Diluted EPS −$48.81 −$49.78 −$2.77 −$2.66 −$2.67 −$3.80 −$5.08 −$2.90 −$3.16 −$2.03
Growth (year on year)
Revenue — +246.4% +93.4% −24.7% +12.6% +23.6% +86.5% +30.8% +105.8% +194.7%
Margins
EBITDA margin −770.9% −294.8% −183.6% −487.8% −548.9% −781.1% −679.9% −574.6% −331.5% −183.8%
Operating margin −787.0% −304.7% −190.6% −500.1% −561.0% −806.6% −704.1% −595.0% −340.4% −189.4%
Net margin −789.3% −306.1% −221.8% −491.0% −571.2% −779.3% −669.7% −479.2% −301.7% −169.8%
Free-cash-flow margin −122.7% −382.1% −218.6% −182.8% −143.8% −726.7% −235.6% −470.5% −347.2% −211.9%
Cash flow
Cash from operations −1 −26 −29 −18 −15 −86 −61 −165 −250 −175
Capital spending 1 1 2 1 2 19 3 1 2 2
Free cash flow −3 −27 −30 −19 −17 −105 −64 −166 −252 −177
Stock-based pay 1 1 3 7 12 27 32 38 39 30
Free cash flow after stock pay −3 −28 −33 −26 −29 −132 −96 −204 −291 −207
Balance sheet
Cash 68 0 0 0 439 339 526 880 628 470
Total debt 0 0 0 15 30 30 31 31 0 0
Net debt (negative = net cash) −68 0 0 15 −409 −309 −496 −849 −628 −470
Diluted shares — — 11m 19m 25m 30m 36m 58m 69m 70m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 3 checks passed · September 30, 2026
What it owns · $567m
Short-term assets $538mLonger-term assets $30m
What it owes, and who funded it · $567m
Short-term liabilities $44mLonger-term liabilities $17mShareholders' equity $505m
  • Short-term assets cover short-term liabilities $538m of assets due within a year against $44m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $538m short-term assets against $17m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$158m against $194,000 of interest.

From Bicycle Therapeutics PLC's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+0.6%
year over year
R&D spending
209.8%
of revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated BCYC PLX AAPG VSTM ADCT FDMT Median
Revenue, last 12 months $84m $81m $80m $88m $80m $92m $56m
Revenue growth, last 12 months 194.7% 30.1% −41.4% 26.4% 3.0% >999% 12.6%
Revenue growth, 3-year average 49.8% 6.1% — 58.4% — 242.8% 13.7%
Revenue growth, latest quarter 190.2% 27.1% — >999% 2.2% >999% 10.2%
Gross margin — 69.2% 91.5% — — — 82.9%
Operating margin −189.4% 28.9% — −182.6% −125.1% −214.2% −189.4%
Operating margin, 3-year average −581.7% 1.1% — −813.6% −171.7% <−999% −363.5%
Net margin −169.8% 23.5% −216.5% −231.6% −121.8% −194.7% −169.8%
Cash from operations / revenue −209.7% 12.3% −204.5% −185.3% −128.5% −169.6% −168.0%
Free-cash-flow margin −211.9% 9.5% −209.3% −185.3% −128.5% −169.6% −162.4%
Free-cash-flow margin, 3-year average −539.0% −2.3% — — −171.3% <−999% −310.0%
Stock pay / revenue 36.4% 2.4% 3.6% 11.1% 12.2% 22.2% 20.0%
Change in share count 0.6% −4.1% 17.9% 33.4% 38.3% 15.9% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 194.7% 12.6% 25 of 172
Change in growth rate Growth -22.7pp -0.1pp 126 of 172
Operating margin Profitability -189.4% -189.4% 88 of 175
Net margin Profitability -169.8% -157.3% 91 of 180
Free-cash-flow margin Cash generation -211.9% -145.4% 104 of 176
Stock pay as % of revenue Cash generation 36.4% 19.2% 107 of 179
Change in share count Balance sheet 0.6% 7.9% 31 of 156

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$159M
Institutions reporting
104
Shares held vs prior quarter
0.0%
Positions opened / closed
19 / 13

Top buyers and sellers, Q2 2026: 53 institutions bought and 31 sold ; the biggest buyer was Renaissance Technologies LLC (+554K shares) and the biggest seller Siren, L.L.C (−1.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Baker Bros. Advisors LP $46.2M 10.9M 29.1% 0.0%
Fcpm Iii Services B.V. $14.7M 3.5M 9.3% 0.0%
Armistice Capital, LLC $14.4M 3.4M 9.1% 0.0%
Long Focus Capital Management, LLC $14M 3.3M 8.8% 0.0%
Acadian Asset Management LLC $8.3M 2.0M 5.2% 0.0%
Renaissance Technologies LLC $6.5M 1.5M 4.1% ▲ 56.6%
Gsk PLC $6.5M 1.5M 4.1% 0.0%
Price T Rowe Associates Inc $3.8M 902K 2.4% ▼ 12.3%
Marshall Wace, LLP $3.4M 798K 2.1% ▲ 111.5%
Qube Research & Technologies Ltd $3.3M 776K 2.1% ▲ 151.3%
Morgan Stanley $2.8M 667K 1.8% ▲ 7.9%
Schroder Investment Management Group $2.6M 616K 1.6% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Bicycle Therapeutics PLC's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • March 17, 2026
  • October 30, 2025
  • August 8, 2025

Recent SEC filings

Data status

When each part of this page on Bicycle Therapeutics PLC was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Bicycle Therapeutics PLC in brief

What does Bicycle Therapeutics PLC do?
Bicycle Therapeutics PLC is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Bicycle Therapeutics PLC's stock ticker?
Bicycle Therapeutics PLC trades under the ticker BCYC on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Bicycle Therapeutics PLC's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Bicycle Therapeutics PLC reported revenue of $83.5M, 194.7% higher than a year earlier, according to its SEC filings.
What is Bicycle Therapeutics PLC's free cash flow?
Bicycle Therapeutics PLC's free-cash-flow margin is -211.9% of revenue over the trailing twelve months, ranking 104 of the 176 biotechnology companies we cover.
Who are Bicycle Therapeutics PLC's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Baker Bros. Advisors LP, Fcpm Iii Services B.V. and Armistice Capital, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Bicycle Therapeutics PLC's market cap?
On November 2, 2026, Bicycle Therapeutics PLC's market capitalisation was about $252M and net debt of -$470M. Market figures come from third-party market data and may be delayed.
Who are Bicycle Therapeutics PLC's competitors?
In our Biotechnology peer group, the companies closest to Bicycle Therapeutics PLC are Protalix Biotherapeutics, Inc., Ascentage Pharma Group International, Verastem, Inc., ADC Therapeutics SA and 4d Molecular Therapeutics, Inc. The side-by-side comparison below sets their revenue, margins and growth against Bicycle Therapeutics PLC's.
When is Bicycle Therapeutics PLC's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Bicycle Therapeutics PLC announces its own schedule.