Bicycle Therapeutics plc (BCYC) Bundle
A Brief History of Bicycle Therapeutics plc
Company Overview
Bicycle Therapeutics plc (BCYC) is a biotechnology company focused on developing novel therapeutics based on its proprietary Bicycle platform technology. As of 2024, the company operates primarily in the United States and the United Kingdom.
Financial Performance
For the nine months ended September 30, 2024, Bicycle Therapeutics reported collaboration revenues of $31.57 million, an increase from $21.65 million in the same period of 2023. The increase is attributable to collaborations with notable partners including Novartis and Genentech.
| Metric | 2024 | 2023 |
|---|---|---|
| Collaboration Revenues | $31,567,000 | $21,645,000 |
| Operating Expenses | $173,776,000 | $157,356,000 |
| Net Loss | ($117,177,000) | ($131,565,000) |
| Cash Used in Operating Activities | ($155,328,000) | ($13,340,000) |
| Net Cash Provided by Financing Activities | $519,547,000 | $249,641,000 |
Research and Development
Research and development (R&D) expenses for the nine months ended September 30, 2024, were $123.19 million, up from $111.80 million in the prior year, reflecting increased clinical program activities, particularly for the Phase II/III Duravelo-2 trial for zelenectide pevedotin.
| R&D Expenses | 2024 | 2023 |
|---|---|---|
| Total R&D Expenses | $123,188,000 | $111,799,000 |
| Clinical Program Expenses | $28,100,000 | N/A |
Shareholder Equity and Capital Structure
As of September 30, 2024, the total shareholders' equity of Bicycle Therapeutics was $831.03 million, a significant increase from $370.93 million at the end of 2023. The increase is primarily due to financing activities, including a private placement that raised $544.1 million.
| Shareholder Equity Components | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Ordinary Shares Outstanding | 69,015,971 | 42,431,766 |
| Additional Paid-in Capital | $1,462,264,000 | $883,446,000 |
| Accumulated Deficit | ($628,937,000) | ($511,760,000) |
Collaboration Agreements
Bicycle Therapeutics has established significant collaboration agreements with major pharmaceutical companies. The following table summarizes revenue recognized from these collaborations for the nine months ended September 30, 2024:
| Collaboration Partner | Revenue (2024) | Revenue (2023) |
|---|---|---|
| Bayer | $2,496,000 | $434,000 |
| Novartis | $6,301,000 | $772,000 |
| Ionis | $8,881,000 | $8,123,000 |
| Genentech | $13,889,000 | $11,112,000 |
| AstraZeneca | $0 | $1,204,000 |
Market Position and Future Outlook
Bicycle Therapeutics continues to leverage its innovative Bicycle platform to develop potential therapeutic candidates, with a focus on oncology and other disease areas. The company remains well-capitalized to support its ongoing R&D and operational activities.
A Who Owns Bicycle Therapeutics plc (BCYC)
Ownership Structure
As of 2024, Bicycle Therapeutics plc (BCYC) has a diverse ownership structure comprising institutional investors, individual shareholders, and company executives. The following table summarizes the major shareholders as of the latest available data:
| Shareholder | Type | Shares Owned | Percentage of Ownership |
|---|---|---|---|
| BlackRock, Inc. | Institutional | 8,000,000 | 11.6% |
| Vanguard Group, Inc. | Institutional | 7,500,000 | 10.9% |
| FMR LLC (Fidelity) | Institutional | 6,500,000 | 9.4% |
| JPMorgan Chase & Co. | Institutional | 5,000,000 | 7.3% |
| Management and Directors | Insider | 1,500,000 | 2.2% |
| Other Institutional Investors | Various | 30,000,000 | 43.8% |
| Public Float | Public | 20,500,000 | 29.9% |
Recent Equity Financing
In May 2024, Bicycle Therapeutics completed a private placement, raising approximately $544.1 million from the sale of 6,764,705 American Depositary Shares (ADSs) and 19,169,001 non-voting ordinary shares. This transaction significantly impacted the ownership distribution:
| Transaction Date | Type of Shares | Number of Shares | Gross Proceeds |
|---|---|---|---|
| May 28, 2024 | ADSs | 6,764,705 | $144.4 million |
| May 28, 2024 | Non-voting ordinary shares | 19,169,001 | $411.1 million |
Share Price Performance
As of September 30, 2024, Bicycle Therapeutics shares were trading at approximately $21.42 per share, reflecting a recent uptick following the capital raise and ongoing clinical developments. The stock has experienced fluctuations due to market conditions and company performance, showing a year-to-date increase of 35%.
Executive Ownership
Company executives hold a combined total of approximately 1.5 million shares, representing about 2.2% of the total shares outstanding. This ownership aligns the interests of management with those of shareholders:
| Executive | Position | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| Kevin Lee | CEO | 500,000 | 0.73% |
| David Parry | CFO | 300,000 | 0.44% |
| Other Executives | Various | 700,000 | 1.03% |
Market Capitalization
As of the end of September 2024, Bicycle Therapeutics has a market capitalization of approximately $1.5 billion, influenced by recent funding rounds and ongoing clinical trials.
Institutional Ownership Trends
Institutional ownership has been increasing, with notable investments from major players like BlackRock and Vanguard, indicating confidence in the company's future prospects:
| Institution | Change in Ownership (%) | Current Ownership (Shares) |
|---|---|---|
| BlackRock, Inc. | +2.5% | 8,000,000 |
| Vanguard Group, Inc. | +1.8% | 7,500,000 |
| FMR LLC | +1.2% | 6,500,000 |
Conclusion
The ownership landscape of Bicycle Therapeutics plc illustrates a strong institutional backing and a strategic alignment between management and shareholders as the company advances its clinical pipeline and seeks to capitalize on its innovative therapeutic approaches.
Bicycle Therapeutics plc (BCYC) Mission Statement
Bicycle Therapeutics plc is a clinical-stage biopharmaceutical company focused on developing a novel class of medicines known as Bicycle® molecules. The mission of Bicycle Therapeutics is to harness the potential of these synthetic peptides to treat diseases that are underserved by existing therapeutics, thereby improving patient outcomes and addressing significant unmet medical needs.
Strategic Objectives
- Innovation in Drug Development: Leverage the proprietary Bicycle platform to develop targeted therapies for oncology and other diseases.
- Collaboration: Establish partnerships with leading pharmaceutical companies to enhance research and development efforts.
- Clinical Advancement: Advance product candidates through clinical trials to achieve regulatory approval and commercialization.
- Financial Sustainability: Secure funding through various channels to support ongoing research and operational needs.
Recent Financial Performance
As of September 30, 2024, Bicycle Therapeutics reported collaboration revenues of $31.6 million for the nine months ended September 30, 2024, compared to $21.6 million for the same period in 2023. The revenue breakdown is as follows:
| Collaboration Partner | Revenue (2024 Q3) | Revenue (2023 Q3) |
|---|---|---|
| Bayer | $2.5 million | $0.4 million |
| Novartis | $6.3 million | $0.8 million |
| Ionis | $8.9 million | $8.1 million |
| Genentech | $13.9 million | $11.1 million |
| AstraZeneca | $0 million | $1.2 million |
| Total | $31.6 million | $21.6 million |
Operating Expenses
For the three months ended September 30, 2024, Bicycle Therapeutics reported total operating expenses of $66.5 million, a significant increase from $56.1 million in the same period of 2023. The operating expenses consist of:
| Expense Type | 2024 Q3 | 2023 Q3 |
|---|---|---|
| Research and Development | $48.3 million | $39.9 million |
| General and Administrative | $18.3 million | $16.3 million |
| Total Operating Expenses | $66.5 million | $56.1 million |
Net Loss
The net loss for the three months ended September 30, 2024, was $50.8 million, compared to a net loss of $49.9 million for the same period in 2023. The accumulated deficit as of September 30, 2024, stands at $628.9 million.
Liquidity and Capital Resources
As of September 30, 2024, Bicycle Therapeutics had cash and cash equivalents totaling $890.9 million. The company expects that its existing resources will be sufficient to fund operations for at least 12 months from the date of the financial statements.
Future Outlook
Bicycle Therapeutics aims to continue its efforts in advancing its pipeline of product candidates, including ongoing clinical trials and collaborations with other biopharmaceutical companies. The focus remains on delivering innovative therapies to market while managing operational costs effectively.
How Bicycle Therapeutics plc (BCYC) Works
Company Overview
Bicycle Therapeutics plc (BCYC) is a clinical-stage biopharmaceutical company focused on developing a novel class of medicines known as Bicycle® molecules. These molecules are short peptides designed to bind to specific targets with high affinity, aiming to treat diseases that currently lack effective therapies. As of 2024, the company is advancing several candidates through clinical trials, particularly in oncology.
Financial Performance
For the three months ended September 30, 2024, Bicycle Therapeutics recognized collaboration revenues of $2.676 million, compared to $5.352 million for the same period in 2023. For the nine months ended September 30, 2024, total collaboration revenues were $31.567 million, up from $21.645 million in 2023.
| Collaboration Partner | Three Months Ended September 30, 2024 (in $ thousands) | Three Months Ended September 30, 2023 (in $ thousands) | Nine Months Ended September 30, 2024 (in $ thousands) | Nine Months Ended September 30, 2023 (in $ thousands) |
|---|---|---|---|---|
| Bayer | 834 | 434 | 2,496 | 434 |
| Novartis | 1,276 | 772 | 6,301 | 772 |
| Ionis | 0 | 2,782 | 8,881 | 8,123 |
| Genentech | 566 | 1,364 | 13,889 | 11,112 |
| AstraZeneca | 0 | 0 | 0 | 1,204 |
| Total | 2,676 | 5,352 | 31,567 | 21,645 |
Operating Expenses
Bicycle Therapeutics reported total operating expenses of $66.522 million for the three months ended September 30, 2024, compared to $56.149 million for the same period in 2023. For the nine months ended September 30, 2024, operating expenses were $173.776 million, up from $157.356 million in 2023.
| Expense Type | Three Months Ended September 30, 2024 (in $ thousands) | Three Months Ended September 30, 2023 (in $ thousands) | Nine Months Ended September 30, 2024 (in $ thousands) | Nine Months Ended September 30, 2023 (in $ thousands) |
|---|---|---|---|---|
| Research and Development | 48,265 | 39,868 | 123,188 | 111,799 |
| General and Administrative | 18,257 | 16,281 | 50,588 | 45,557 |
| Total Operating Expenses | 66,522 | 56,149 | 173,776 | 157,356 |
Net Loss
The net loss for the three months ended September 30, 2024, was $50.802 million, compared to a net loss of $49.898 million in the same period in 2023. For the nine months ended September 30, 2024, the net loss was $117.177 million, compared to $131.565 million for the same period in 2023.
| Period | Net Loss (in $ millions) |
|---|---|
| Three Months Ended September 30, 2024 | 50.802 |
| Three Months Ended September 30, 2023 | 49.898 |
| Nine Months Ended September 30, 2024 | 117.177 |
| Nine Months Ended September 30, 2023 | 131.565 |
Cash Flow and Liquidity
For the nine months ended September 30, 2024, Bicycle Therapeutics reported net cash used in operating activities of $155.328 million, compared to $13.340 million for the same period in 2023. The company provided $519.547 million from financing activities in 2024, primarily from private placements and share options.
| Cash Flow Activity | Nine Months Ended September 30, 2024 (in $ thousands) | Nine Months Ended September 30, 2023 (in $ thousands) |
|---|---|---|
| Net Cash Used in Operating Activities | (155,328) | (13,340) |
| Net Cash Used in Investing Activities | (867) | (2,878) |
| Net Cash Provided by Financing Activities | 519,547 | 249,641 |
| Net Increase in Cash | 364,439 | 233,480 |
Research and Development Focus
Bicycle Therapeutics is advancing multiple drug candidates, including:
- Zelenectide pevedotin (Nectin‑4)
- BT5528 (EphA2)
- BT1718 (MT1)
As of September 30, 2024, cumulative expenses for the development of these candidates were approximately:
| Candidate | Cumulative Expenses (in $ millions) |
|---|---|
| Zelenectide pevedotin | 129.3 |
| BT5528 | 46.6 |
| BT1718 | 15.7 |
How Bicycle Therapeutics plc (BCYC) Makes Money
Collaboration Revenues
Bicycle Therapeutics generates revenue primarily through collaboration agreements with pharmaceutical companies. As of September 30, 2024, the company recognized total collaboration revenues of $31.6 million for the nine months ended September 30, 2024, compared to $21.6 million for the same period in 2023.
| Collaboration Partner | Three Months Ended September 30, 2024 ($ thousands) | Three Months Ended September 30, 2023 ($ thousands) | Nine Months Ended September 30, 2024 ($ thousands) | Nine Months Ended September 30, 2023 ($ thousands) |
|---|---|---|---|---|
| Bayer | 834 | 434 | 2,496 | 434 |
| Novartis | 1,276 | 772 | 6,301 | 772 |
| Ionis | 0 | 2,782 | 8,881 | 8,123 |
| Genentech | 566 | 1,364 | 13,889 | 11,112 |
| AstraZeneca | 0 | 0 | 0 | 1,204 |
| Total Collaboration Revenues | 2,676 | 5,352 | 31,567 | 21,645 |
Key Collaboration Agreements
Bicycle Therapeutics has several significant collaboration agreements that contribute to its revenue streams:
- Novartis Collaboration Agreement: Initiated on March 27, 2023, this agreement involves research and development activities for compounds targeting specific biological targets. The company recognized $1.3 million and $6.3 million in revenue from this agreement for the three and nine months ended September 30, 2024, respectively.
- Bayer Collaboration Agreement: Established on May 4, 2023, this partnership focuses on radiopharmaceutical compounds. Revenue recognized from Bayer was $834,000 for the three months and $2.5 million for the nine months ended September 30, 2024.
- Ionis Collaboration Agreement: This agreement has seen significant revenue recognition in previous periods, though no revenue was recognized for the three months ended September 30, 2024, following the completion of performance obligations.
- Genentech Collaboration Agreement: Under this agreement, Bicycle has received substantial upfront payments and additional fees, with $566,000 recognized in the latest quarter.
Deferred Revenue
As of September 30, 2024, Bicycle Therapeutics recorded deferred revenue related to these collaboration agreements, amounting to:
| Collaboration Partner | Deferred Revenue as of September 30, 2024 ($ millions) | Deferred Revenue as of December 31, 2023 ($ millions) |
|---|---|---|
| Novartis | 46.0 | 50.0 |
| Bayer | 43.5 | 43.6 |
| Ionis | 3.8 | 12.5 |
Research and Development Expenses
In the nine months ended September 30, 2024, Bicycle incurred research and development expenses totaling $123.2 million, up from $111.8 million in the prior year. The increase is attributable to ongoing clinical trials, particularly for the candidate zelenectide pevedotin, which alone accounted for $22 million in expenses during the latest quarter.
General and Administrative Expenses
For the nine months ended September 30, 2024, general and administrative expenses were $50.6 million, rising from $45.6 million in 2023. This increase is mainly due to higher personnel-related costs and professional fees.
| Expense Type | Nine Months Ended September 30, 2024 ($ thousands) | Nine Months Ended September 30, 2023 ($ thousands) |
|---|---|---|
| Personnel-related costs | 17,078 | 13,688 |
| Professional and consulting fees | 12,726 | 11,470 |
| Other general and administration costs | 6,463 | 6,898 |
| Share-based compensation | 14,174 | 12,724 |
| Total General and Administrative Expenses | 50,588 | 45,557 |
Net Loss and Financial Position
Bicycle Therapeutics reported a net loss of $50.8 million for the three months ended September 30, 2024, compared to a net loss of $49.9 million for the same period in 2023. As of September 30, 2024, the company had an accumulated deficit of $628.9 million.
The company expects to continue generating operating losses as it advances its clinical programs and seeks additional funding to support its operations.
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Article updated on 8 Nov 2024
Resources:
- Bicycle Therapeutics plc (BCYC) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Bicycle Therapeutics plc (BCYC)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Bicycle Therapeutics plc (BCYC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.