BICYCLE THERAPEUTICS PLC
BCYC evidence brief
What we can confirm
- BioSniper Score:
- 6.1 / 10
- Market Cap:
- $291.8M
- Lead Asset:
- BT5528 (Phase 2)
What it means
What to watch
Prepared research question
What matters most for BCYC—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · BCYC
Bicycle Therapeutics plc (BCYC) is a clinical-stage biopharmaceutical company developing a proprietary class of synthetic, peptide-based molecules (Bicycles) for oncology and other therapeutic areas, with a lead Bicycle Drug Conjugate (BDC) program targeting EphA2 and Nectin-4.
Key risk: No approved products
BioSniper Score
Based on 4 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 5 pipeline candidates · 2 clinical trials for BICYCLE THERAPEUTICS PLC.
Bicycle Therapeutics plc (BCYC) is a clinical-stage biopharmaceutical company developing a proprietary class of synthetic, peptide-based molecules (Bicycles) for oncology and other therapeutic areas, with a lead Bicycle Drug Conjugate (BDC) program targeting EphA2 and Nectin-4.
- Cash & equivalents of $510.1M as of 2026-06-30 [sec].
- Total revenue of $0.6M and net income of -$50.3M for the six months ended 2026-06-30 [sec].
- Lead BDC candidate nuzefatide pevedotin (formerly BT5528) targeting EphA2 is in a company-sponsored Phase I/II trial for advanced solid tumors and a Phase II trial for recurrent metastatic pancreatic ductal adenocarcinoma [sec_mda · as of 2026-07-30].
- In March 2026, the company announced a strategic reprioritization of its clinical portfolio and a workforce reduction of approximately 30% [sec_mda · as of 2026-07-30].
- The company is also developing Bicycle Imaging Agents (BIAs) and next-generation Bicycle Drug Conjugates (BDCs) and Bicycle Radioligand Conjugates (BRCs) [sec_mda · as of 2026-07-30].
What works
- Strong cash position of $510.1M as of 2026-06-30 provides a multi-year runway to advance clinical programs [sec].
- Proprietary Bicycle platform enables discovery of novel synthetic peptides with potential for targeted drug delivery and imaging, as evidenced by multiple clinical-stage candidates [sec_mda · as of 2026-07-30].
- Lead program nuzefatide pevedotin is advancing in two Phase II trials, including a potentially registrational path in pancreatic cancer [sec_mda · as of 2026-07-30].
- Strategic reprioritization in March 2026 focuses resources on the most promising next-generation candidates, potentially improving capital efficiency [sec_mda · as of 2026-07-30].
What to weigh
- No approved products and minimal revenue ($0.6M for six months ended 2026-06-30) with ongoing net losses (-$50.3M) [sec].
- The company expects to incur significant expenses and increasing operating losses for the foreseeable future, though near-term costs may decrease due to reprioritization [sec_mda · as of 2026-07-30].
- The Phase II/III Duravelo-2 registrational trial for zelenectide pevedotin was converted to a randomized Phase II trial and the program was deprioritized for internal development after preliminary regulatory feedback [sec_mda · as of 2026-07-30].
- Workforce reduction of ~30% in March 2026 may indicate organizational strain and could impact development timelines [sec_mda · as of 2026-07-30].
From the filings
Quoted directly from source documents.
Deprioritization of zelenectide pevedotin program
“we converted the Phase II/III Duravelo-2 registrational trial to a randomized Phase II clinical trial and have deprioritized the program for internal development”
SEC MD&A · July 30, 2026
Risks & what to watch (4)›
Key risks
- No approved products — Company has no marketed products and minimal revenue ($0.6M for six months ended 2026-06-30) [sec].
- Clinical trial setbacks — Deprioritization of zelenectide pevedotin after regulatory feedback may signal challenges in the Nectin-4 program [sec_mda · as of 2026-07-30].
- Workforce reduction — 30% workforce reduction in March 2026 could affect operational capacity and morale [sec_mda · as of 2026-07-30].
- Sustained operating losses — Net loss of $50.3M in six months ended 2026-06-30; expenses expected to remain significant [sec].
What to watch
- Data from the ongoing Phase II trial of nuzefatide pevedotin in recurrent metastatic pancreatic ductal adenocarcinoma [sec_mda · as of 2026-07-30].
- Next steps for the zelenectide pevedotin program following deprioritization and regulatory feedback [sec_mda · as of 2026-07-30].
- Progress of IND-enabling activities for BT1702 and advancement of Bicycle radioligand pipeline [sec_mda · as of 2026-07-30].
- Impact of the March 2026 strategic reprioritization on cash runway and development timelines [sec_mda · as of 2026-07-30].
Sources: SEC filings · SEC MD&A · Generated October 4, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.19 · 0% dilution
Lead: Phase 2
5 candidates
No upcoming catalysts tracked
0 buys · 11 sells (180d)
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
97
Total value held
$159.3M
| Holder | Shares | Value |
|---|---|---|
| baker bros. advisors lp | 10,885,357 | $50.5M |
| fcpm iii services b.v. | 3,468,430 | $16.1M |
| armistice capital, llc | 3,398,000 | $15.8M |
| long focus capital management, llc | 3,310,687 | $15.4M |
| siren, l.l.c. | 1,560,882 | $7.2M |
| gsk plc | 1,529,561 | $7.1M |
| principal financial group inc | 1,174,625 | $5.5M |
| renaissance technologies llc | 979,300 | $4.5M |
| morgan stanley | 618,327 | $2.9M |
| schroder investment management group | 615,833 | $2.7M |
Showing top 10 of 97 institutional holders of BICYCLE THERAPEUTICS PLC. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 6.8%
- Days to cover
- 4.5
- Shares short
- 2,635,218
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
BCYC short interestGovernance
Frequently asked questions
What is the AI investment thesis for BICYCLE THERAPEUTICS PLC?
Bicycle Therapeutics plc (BCYC) is a clinical-stage biopharmaceutical company developing a proprietary class of synthetic, peptide-based molecules (Bicycles) for oncology and other therapeutic areas, with a lead Bicycle Drug Conjugate (BDC) program targeting EphA2 and Nectin-4.
What is BICYCLE THERAPEUTICS PLC's lead drug candidate?
BICYCLE THERAPEUTICS PLC's most advanced tracked candidate is BT5528 (Phase 2) for Advanced Solid Tumor Historically Known for High EphA2 Expression.
Who is the CEO of BICYCLE THERAPEUTICS PLC?
Dr. Kevin Lee M.B.A., Ph.D. is the chief executive officer of BICYCLE THERAPEUTICS PLC (BCYC).
Where is BICYCLE THERAPEUTICS PLC headquartered?
BICYCLE THERAPEUTICS PLC (BCYC) is headquartered in Cambridge, United Kingdom.
What therapeutic areas does BICYCLE THERAPEUTICS PLC focus on?
BICYCLE THERAPEUTICS PLC develops therapies across Oncology, Gastroenterology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.