Bicycle Therapeutics PLC income statement

In fiscal 2025, Bicycle Therapeutics PLC reported revenue of $72.6m, up 105.8% on the year before, operating income of −$247m (a -340.4% margin) and net income of −$219m, or −$3.16 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

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

Bicycle Therapeutics PLC: income statement, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Revenue	2	7	14	10	12	14	27	35	73	84
Research and development	12	21	26	33	45	82	156	173	240	175
General and administrative	6	8	15	29	32	50	60	72	79	67
Operating income	−16	−22	−26	−52	−66	−117	−190	−210	−247	−158
Interest expense	—	—	—	0	3	3	3	2	0	0
Income before tax	−16	−22	−31	−52	−68	−114	−179	−174	−219	−139
Income tax	−0	−0	−0	−1	−2	−2	1	−5	0	3
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
Diluted shares (average)	—	—	11m	19m	25m	30m	36m	58m	69m	70m
EBITDA	−16	−21	−25	−51	−64	−113	−183	−203	−241	−154

US$ millions unless shown otherwise. Fiscal quarters.

Bicycle Therapeutics PLC: income statement, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Revenue	4	10	3	12	48	1	1	34
Research and development	50	59	71	58	52	49	41	33
General and administrative	22	21	18	19	21	17	14	14
Operating income	−68	−70	−87	−66	−25	−65	−55	−13
Interest expense	0	0	0	0	0	0	0	0
Income before tax	−53	−62	−79	−59	−19	−61	−50	−9
Income tax	−1	−1	−0	0	1	0	0	1
Net income	−52	−61	−79	−59	−20	−61	−50	−10
Diluted EPS	−$0.75	−$0.88	−$1.14	−$0.85	−$0.29	−$0.87	−$0.72	−$0.15
EBITDA	−66	−69	−85	−64	−23	−64	−53	−12

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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Figures from Bicycle Therapeutics PLC's SEC filings (10-K and 10-Q), retrieved October 31, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Bicycle Therapeutics PLC.