8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section

13 or 15(d) of the Securities Exchange Act of 1934

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March 17, 2026

Date of Report (Date of earliest event reported)

Bicycle

Therapeutics plc

(Exact name of registrant as specified in its charter)

England and Wales	001-38916	Not applicable
(State or other jurisdiction <br><br> of incorporation)	(Commission<br><br> <br>File Number)	(IRS Employer<br><br> <br>Identification No.)
Blocks A & B, Portway Building**, Granta Park Great Abington** , Cambridge United Kingdom	CB21 6GS
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(Address of principal<br> executive offices)	(Zip Code)

Registrant’s telephone number, including area code: +44

1223 261503

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨	Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨	Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨	Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol (s)	Name of each exchange on which registered
Ordinary<br> shares, nominal value £0.01 per share	n/a	The<br> Nasdaq<br> Stock Market LLC*
American<br> Depositary Shares, each representing one ordinary share, nominal value £0.01 per share	BCYC	The<br> Nasdaq<br> Stock Market LLC

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* Not for trading, but only in connection with the listing of the American Depositary Shares on The Nasdaq Stock Market LLC.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company  ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02.	Results of Operations and Financial Condition

On March 17, 2026, Bicycle Therapeutics plc (the “Company”) issued a press release announcing financial results for the fiscal quarter and the year ended December 31, 2025 and other business highlights. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information contained in Item 2.02 in this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 5.02.	Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers

On March 11, 2026, the Company’s Board of Directors appointed Jennifer Perry, Pharm.D. as Chief Operating Officer, effective as of March 17, 2026 (the “Transition Date”). Dr. Perry will succeed Alistair Milnes, who will serve as the Company’s Chief Corporate Development Officer, effective as of the Transition Date.

Prior to her appointment as Chief Operating Officer, Dr. Perry, age 52, served as the Company’s Chief Strategy Officer and Head of Commercial, a role she held since July 2024. Dr. Perry previously served as the Company’s Senior Vice President, Commercial, from April 2023 to July 2024, and as the Company’s Vice President, Global Scientific Engagement and Medical Affairs from August 2022 to April 2023. Dr. Perry has over 20 years of experience in the biotech and pharmaceutical industries, with 15 years in oncology. Prior to joining the Company, from August 2020 to August 2022, Dr. Perry served as Vice President, Hematology Oncology Sales at TG Therapeutics, Inc. and previously served as Vice President, US Oncology Sales at GSK/Tesaro from July 2019 to August 2020. Dr. Perry attended Loyola University Chicago for her undergraduate education before earning her Pharm.D. from the University of Illinois Chicago.

In connection with her appointment as Chief Operating Officer, Dr. Perry’s will receive a base salary of $550,000 and will be eligible to receive a target annual cash performance bonus of 50% of her base salary. Dr. Perry will continue to be eligible to participate in the Company’s or its subsidiaries’ health, welfare, and retirement plans on the same basis as all of the other employees. During her employment, Dr. Perry will be subject to the Company’s standard Proprietary Information, Inventions and Non-Solicitation Agreement.

Dr. Perry will be eligible to receive severance benefits upon certain employment termination scenarios if she signs a separation agreement containing a general release of claims in favor of the Company and its subsidiaries and other standard terms. If Dr. Perry’s employment is terminated without cause, or by Dr. Perry for good reason, she will receive nine months of her base salary in effect at the time of her employment termination and up to nine months of COBRA insurance continuation. In the event her employment is terminated without cause, or by Dr. Perry for good reason, within 12 months following a change in control of the Company, she will receive 18 months of her base salary in effect at the time of her employment termination, up to 18 months of COBRA insurance continuation, a lump sum equal to her full annual bonus at the target percentage for the year in which her employment is terminated (in addition to any unpaid bonus earned in the prior year but still unpaid), and full acceleration of vesting for any unvested equity awards.

Dr. Perry also entered into the Company’s standard form of indemnity agreement, which requires the Company to indemnify Dr. Perry to the fullest extent permitted by the law of England and Wales, for certain liabilities to which she may become subject as a result of her affiliation with the Company.

There are no family relationships among Dr. Perry and any of the Company’s directors or executive officers, nor are there any related party transactions between Dr. Perry and the Company that would be required to be reported under Item 404(a) of Regulation S-K.

The foregoing description of the employment terms is not complete and is qualified in part by reference to the full text of Dr. Perry’s employment agreement, which will be filed with the Company’s Quarterly Report on Form 10-Q for the period ending March 31, 2026.

Item 9.01	Financial Statements and Exhibits

(d)       Exhibits

Exhibit No.	Description
99.1	Press Release issued March 17, 2026
104	Cover Page Interactive Data File (formatted in<br> Inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 17, 2026	BICYCLE THERAPEUTICS PLC
	By:	/s/ Travis Thompson
	Name: Travis Thompson
	Title: Chief Financial Officer

Exhibit 99.1

Bicycle Therapeutics Reports Recent Business Progress and FourthQuarter and Full Year 2025 Financial Results

Phase 2/3 Duravelo-2 pivotal trial evaluatingzelenectide pevedotin (zelenectide) plus pembrolizumab in metastatic urothelial cancer (mUC) successfully identifies 6mg/m^2^zelenectide two weeks on, one week off dose (6mg dose) as optimal, demonstrating response rates comparable to published rates for standardsof care with a differentiated tolerability profile

Bicycle to convert Duravelo-2 to a randomizedPhase 2 trial while determining appropriate next steps for the program

Strategic reprioritization to focus on BT5528 and nextgeneration Bicycle^®^ conjugates,including Bicycle^®^ Radioconjugates (BRC^®^);additional EphA2 human imaging data and Phase 1 BT5528 combination data planned for the first half of 2026

Strategic partnerships established to enablean end-to-end isotope agnostic strategy to support the potential discovery, development and commercial supply of a portfolio of BRCs

Cash and cash equivalents of $628 million asof December 31, 2025, with expected cash runway extended into 2030 following a strategic reprioritization, including a proposed workforcereduction of approximately 30%

CAMBRIDGE, England & BOSTON, March 17, 2026 – Bicycle Therapeutics plc (NASDAQ: BCYC), a pharmaceutical company pioneering a new and differentiated class of therapeutics based on its proprietary bicyclic peptide (Bicycle^®^) technology, today reported financial results for the fourth quarter and full year ended December 31, 2025, and provided recent corporate updates.

“We have successfully completed the dose selection portion of the Duravelo-2 trial and received regulatory alignment that the 6mg dose and schedule is optimal for zelenectide in mUC based on strong anti-tumor activity and its differentiated safety profile. We look forward to sharing these data at an upcoming scientific conference. Based on the regulatory feedback we have received, the existing Duravelo-2 trial design is no longer considered acceptable as an approval path for zelenectide in mUC. Preliminary discussions with regulatory agencies have outlined several potential paths for zelenectide’s approval in mUC. While we believe the strength of these data and the clear medical need justify continued development of zelenectide, we have reached the difficult decision to deprioritize this program for internal development at this time. We have initiated a process to convert our ongoing Duravelo-2 trial to a randomized Phase 2 study. Once we have these randomized Phase 2 data in hand, we will determine the most appropriate path for zelenectide,” said Bicycle Therapeutics CEO Kevin Lee, Ph.D. “We believe these data provide further validation of the ability of our Bicycle technology to deliver oncology therapeutics with a potentially improved benefit/risk profile compared to existing modalities. In view of this, we have decided to conduct a strategic reprioritization, which includes a proposed workforce reduction, to best position the company to focus our resources on our promising pipeline of next-generation therapeutics.”

Fourth Quarter 2025 and Recent Events

·	Promising Duravelo-2 data and multiple potential regulatory pathways provide a range of options for a Phase 3 trial and potential commercialization of zelenectide in mUC. Initial<br> dose selection data from the Duravelo-2 trial demonstrate response rates comparable to those published for existing standards of<br> care, with physician assessed overall response rate (ORR) of 65%, blinded independent central review (BICR) confirmed ORR of 58% at<br> the 27-week cutoff and a differentiated safety profile. Subsequent to the 27-week cutoff, an additional confirmed BICR response was<br> observed, which would result in an ORR of 62%. The 6mg dose demonstrated a differentiated safety profile with only one patient<br> discontinuing therapy due to a treatment-related adverse event (TRAE) at the 27-week cutoff. Bicycle Therapeutics expects to present<br> initial dose selection data from the Duravelo-2 trial at an upcoming scientific conference. While Bicycle Therapeutics evaluates<br> preliminary regulatory feedback from the European Medicines Agency, U.S. Food and Drug Administration (FDA), and Medicines and<br> Healthcare products Regulatory Agency, and the potential paths for this program, the company plans to convert the ongoing Duravelo-2<br> trial to a randomized Phase 2 trial and deprioritize this program for internal development at this time. Once available, data from<br> the randomized Phase 2 trial will be shared with the scientific and medical community.
·	Strategic reprioritization focuses on promising pipeline of next-generation therapeutics. Bicycle<br> Therapeutics has initiated a strategic reprioritization in order to focus its resources on<br> its promising pipeline of next-generation therapeutics, including BT5528, a potentially first-in-class<br> EphA2 targeting Bicycle^®^ Drug Conjugate<br> (BDC^®^), as well as its emerging bicycle<br> conjugate pipeline, including BRCs. As part of the reprioritization, Bicycle Therapeutics<br> will seek to discontinue the Phase 1/2 Duravelo-3 trial for zelenectide in NECTIN4-amplified<br> breast cancer and the Phase 1/2 Duravelo-4 trial for zelenectide in NECTIN4-amplified non-small<br> cell lung cancer. Further enrollment for these trials will be closed, and patients already<br> enrolled will complete their course of treatment. In addition, Bicycle Therapeutics is<br> proposing to implement a workforce reduction pursuant to which it would reduce its workforce<br> by approximately 30%. Anticipated annual operational savings related to the workforce reduction<br> and strategic reprioritization are expected to reduce annual operating expenses by approximately<br> 50% based on the company’s current plans. These actions are expected to extend<br> Bicycle Therapeutics’ cash runway by approximately two years, into 2030.
·	Established multiple strategic partnerships to create end-to-end supply chain to support wholly owned radiopharmaceutical pipeline. Bicycle Therapeutics entered into a 15-year contract including<br> an option to renew with the UK Nuclear Decommissioning Authority (NDA) for access<br> to up to 400 tonnes of reprocessed uranium (RepU). RepU continually regenerates providing<br> a potentially sustainable supply of ^212^Pb.<br> In addition, Bicycle Therapeutics announced a collaboration with United Kingdom National<br> Nuclear Laboratory (UKNNL), pursuant to which it plans to extract ^228^Th from<br> the RepU obtained from NDA. The extracted ^228^Th<br> will then be further processed into ^224^Ra and<br> loaded into bespoke ^212^Pb generators being<br> developed exclusively for Bicycle Therapeutics by SpectronRx. Collectively, this bespoke<br> set of arrangements is designed to support the potential discovery, development, and commercial<br> supply of a portfolio of BRCs containing ^212^Pb.<br> These arrangements build on a previously announced agreement with Eckert & Ziegler<br> to supply a range of radioisotopes for the manufacture and development of BRCs and Bicycle<br> Imaging Agents (BIA), enabling an isotope agnostic strategy.
·	Data for an early BIA targeting MT1-MMP presented at European Association of Nuclear Medicine (EANM) 2025 Congress. An e-poster presentation outlined the first clinical experience<br> with an early BIA targeting MT1-MMP. An additional e-poster presented by the German Cancer<br> Consortium (DKTK), part of a cooperative network with the German Cancer Research Center (DKFZ),<br> highlighted preclinical BRC data demonstrating the potential of this approach for radiotheranostic<br> use. Altogether, these data build on preclinical and first human imaging data previously<br> disclosed at the American Association for Cancer Research (AACR) Annual Meeting 2025 and<br> EANM 2024 Congress. Bicycle Therapeutics believes these data further support the potential<br> of MT1-MMP as a novel target in the treatment of cancer, demonstrate the translatability<br> of BRC preclinical data and highlight the potential of Bicycle^®^^^molecules<br> for targeted radionuclide therapies and radiopharmaceutical imaging.

Bicycle Therapeutics continues to advance its emerging radioligand pipeline, with additional EphA2 human imaging data expected in the first half of 2026 and the initiation of the first company-sponsored radioligand clinical trial, for BT1702, an MT1-MMP targeting BRC, expected in 2027.

·	BT5528, a potential first-in-class EphA2 targetingBDC molecule. Bicycle Therapeutics announced nuzefatide pevedotin (nuzefatide) as the International Nonproprietary Name for BT5528.<br>Phase 1 nuzefatide combination data with nivolumab in mUC patients will be presented at a scientific conference in the first half of 2026.

In March 2026, Bicycle Therapeutics began enrolling a Phase 2 clinical trial to evaluate efficacy, safety, and pharmacokinetics of nuzefatide in adult patients with recurrent pancreatic ductal adenocarcinoma (PDAC). Additional information regarding this indication will be presented at a scientific conference in the first half of 2026.

·	BT7480, a Bicycle tumor-targeted immune cell agonist^®^ (Bicycle TICA^®^), is a Nectin-4 targeted CD137 agonist designed to overcome immune agonist toxicities and activate the immune system in Nectin-4 expressing tumors. Phase 1 BT7480 combination data with nivolumab will be<br> presented at a scientific conference in the first half of 2026. After reporting combination<br> data, Bicycle Therapeutics will no longer develop BT7480 internally and intends to seek a<br> potential partner for future development.
·	Evolving leadership team strengthens transitionto next phase of innovation across oncology pipeline. Bicycle Therapeutics has appointed Jennifer Perry, Pharm.D. as chief operating<br>officer (COO), and Alistair Milnes as chief corporate development officer (CCDO). In her role as COO, Jennifer will oversee portfolio<br>and new product strategy, business development, commercial and medical affairs, while in his role as CCDO, Alistair will oversee government<br>affairs, human resources and information technology. Bicycle Therapeutics also recently promoted Travis Thompson as chief financial officer,<br>overseeing the finance, accounting and investor relations functions and Michael Method, M.D., MPH, MBA, to chief medical officer, overseeing<br>all clinical development and the relationship with Bicycle Therapeutics’ Clinical Advisory Board.  In addition, Michael Skynner,<br>Ph.D., now serves as chief scientific officer, overseeing scientific discovery, early-stage pipeline development and the relationship<br>with Bicycle Therapeutics’ Research and Innovation Advisory Board.
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Fourth Quarter and Year End 2025 FinancialResults

·	Cash and cash equivalents were $628.1 million<br>as of December 31, 2025, compared to $879.5 million as of December 31, 2024. The decrease in cash and cash equivalents is primarily<br>due to cash used in operations, including increased cash payments for clinical program activities.
·	Collaboration revenue was $48.0 million for the<br>three months ended December 31, 2025 and $72.6 million for the year ended December 31, 2025, compared to $3.7 million for the<br>three months ended December 31, 2024 and $35.3 million for the year ended December 31, 2024. The increases in collaboration<br>revenue of $44.3 million and $37.3 million for the three months and year ended December 31, 2025, respectively, were primarily due<br>to the recognition of all remaining revenue under Bicycle Therapeutics’ collaboration with Novartis Pharma AG upon a notice of termination<br>of the collaboration agreement, as well as the recognition of revenue under Bicycle Therapeutics’ collaboration with Bayer Consumer<br>Care AG upon a notice of termination of one of the target programs under the collaboration agreement.
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·	R&D<br> expenses were $51.8 million for the three months ended December 31, 2025,<br> and $240.3 million for the year ended December 31, 2025, compared to $49.8 million for<br> the three months ended December 31, 2024, and $173.0 million for the year ended December 31,<br> 2024. The increase in expense of $2.0 million for the three months ended December 31,<br> 2025 was primarily due to increased discovery, platform and other expenses and lower U.K.<br> R&D tax credits period over period, offset by decreased clinical program expenses for<br> zelenectide development and Bicycle TICA^®^<br> molecules. The increase in expense of $67.3 million for the year ended December 31,<br> 2025 was primarily due to increased clinical program expenses for zelenectide development,<br> discovery, platform and other expenses, higher personnel-related costs, including severance-related<br> expenses of the workforce reduction completed in August 2025, and lower U.K. R&D<br> tax credits period over period, offset by decreased clinical program expenses for Bicycle<br> TICA^®^ molecules.
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·	General and administrative expenses were $20.9<br>million for the three months ended December 31, 2025, and $79.4 million for the year ended December 31, 2025, compared to $21.6<br>million for the three months ended December 31, 2024, and $72.2 million for the year ended December 31, 2024. The decrease in<br>expense of $0.7 million for the three months ended December 31, 2025 was primarily due to decreased professional and consulting fees.<br>The increase in expense of $7.2 million for the year ended December 31, 2025 was primarily due to increased personnel-related costs<br>including share-based payments, offset by a favorable impact of foreign exchange rates.
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·	Net loss was $20.2 million, or $(0.29)<br>basic and diluted net loss per share, for the three months ended December 31, 2025, and net loss was $219.0 million, or $(3.16)<br>basic and diluted net loss per share, for the year ended December 31, 2025, compared to net loss of $51.9 million, or $(0.75) basic<br>and diluted net loss per share, for the three months ended December 31, 2024, and net loss was $169.0 million, or $(2.90) basic and<br>diluted net loss per share, for the year ended December 31, 2024.
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About Bicycle Therapeutics

Bicycle Therapeutics is a clinical-stage pharmaceutical company developing a novel class of medicines, referred to as Bicycle^®^ molecules, for diseases that are underserved by existing therapeutics. Bicycle molecules are fully synthetic short peptides constrained with small molecule scaffolds to form two loops that stabilize their structural geometry. This constraint facilitates target binding with high affinity and selectivity, making Bicycle molecules attractive candidates for drug development. The company is evaluating nuzefatide pevedotin, formerly BT5528, a Bicycle^®^ Drug Conjugate (BDC^®^) targeting EphA2, a historically undruggable target; a pipeline of other bicycle-based conjugate molecules, including Bicycle^®^ Radioconjugates (BRC^®^) for radiopharmaceutical use; zelenectide pevedotin (formerly BT8009), a BDC^®^ targeting Nectin-4, a well-validated tumor antigen; BT7480, a Bicycle Tumor-Targeted Immune Cell Agonist^®^ (Bicycle TICA^®^) targeting Nectin-4 and agonizing CD137; and, through various partnerships, is exploring the use of Bicycle^®^ technology to develop therapies for diseases in additional therapeutic areas.

Bicycle Therapeutics is headquartered in Cambridge, UK, with many key functions and members of its leadership team located in Lexington, Mass. For more information, visit bicycletherapeutics.com.

Forward Looking Statements

This press release may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “aims,” “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “seeks,” “will” and variations of these words or similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to, statements regarding: Bicycle Therapeutics’ efforts to identify partners to help advance its product candidates, such as BT7480; the potential benefits of Bicycle Therapeutics’ strategic reprioritization, including the potential extension of financial runway; the proposed workforce reduction and its impact on Bicycle Therapeutics’ expenditures; Bicycle Therapeutics’ expectations with respect to the benefits of its agreements and collaborations with the NDA, UKNNL and SpectronRx, respectively; Bicycle Therapeutics’ ability to leverage its agreements with NDA and SpectronRx and collaboration with UKNNL to support the potential discovery, development and commercial supply of a portfolio of BRCs containing ^212^Pb; the initiation of new clinical trials, including for BT1702, an MT1-MMP targeting BRC, the progress of Bicycle Therapeutics’ clinical trials, reporting data from Bicycle Therapeutics’ clinical trials, including for BT5528 and BT7480, the timing of EphA2 human imaging data and updates on future clinical development plans for BT5528 and approval pathway; the development of the Bicycle^®^ radioligands pipeline, including BRCs and BIAs; the validation of MT1-MMP as a cancer target and BRC molecules having positive properties for radiopharmaceutical imaging; communications with and feedback from the FDA and other regulatory agencies including the potential for multiple regulatory pathways for zelenectide pevedotin in mUC; the existence of a range of options for a Phase 3 trial and potential commercialization of zelenectide pevedotin in mUC; Bicycle Therapeutics’ expected financial runway; and the use of Bicycle Therapeutics’ technology through various partnerships to develop therapies for diseases in additional therapeutic areas. Bicycle Therapeutics may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various factors, including: the proposed workforce reduction may take longer or result in more significant charges or cash expenditures than anticipated or otherwise negatively impact Bicycle Therapeutics’ and its business plans during and after the period during which the proposed workforce reduction is being executed; uncertainties related to the benefits of the strategic reprioritization; uncertainties inherent in research and development and in the initiation, progress and completion of clinical trials and clinical development of Bicycle Therapeutics’ product candidates; the risk that Bicycle Therapeutics may not realize the intended benefits of its technology or partnerships; the risk that Bicycle Therapeutics may not achieve any of its clinical development strategies; timing of results from clinical trials; whether the outcomes of preclinical studies and prior clinical trials will be predictive of future clinical trial results; the risk that trials may have unsatisfactory outcomes; potential adverse effects arising from the testing or use of Bicycle Therapeutics’ product candidates; the risk that Bicycle Therapeutics’ projections regarding its expected cash runway are inaccurate or that its conduct of its business requires more cash than anticipated; and other important factors, any of which could cause Bicycle Therapeutics’ actual results to differ from those contained in the forward-looking statements, are described in greater detail in the section entitled “Risk Factors” in Bicycle Therapeutics’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on October 30, 2025, as well as in other filings Bicycle Therapeutics may make with the SEC in the future. Any forward-looking statements contained in this press release speak only as of the date hereof, and Bicycle Therapeutics expressly disclaims any obligation to update any forward-looking statements contained herein, whether because of any new information, future events, changed circumstances or otherwise, except as otherwise required by law.

Bicycle Therapeutics plc

Condensed Consolidated Statements of Operationsand Comprehensive Loss

(In thousands, except share and per share data)

(Unaudited)

	Three Months Ended						Year Ended
	December 31,						December 31,
	2025			2024			2025			2024
Collaboration revenue	$	47,955		$	3,708		$	72,586		$	35,275
Operating expenses:
Research and development		51,770			49,778			240,283			172,966
General and administrative		20,893			21,593			79,368			72,181
Total operating expenses		72,663			71,371			319,651			245,147
Loss from operations		(24,708	)		(67,663	)		(247,065	)		(209,872	)
Other income (expense):
Interest and other income		5,876			10,303			28,463			34,284
Interest expense		(57	)		(52	)		(206	)		(1,730	)
Loss on extinguishment of debt		—			—			—			(954	)
Gain on extinguishment of research and development funding liability		—			4,476			—			4,476
Total other income, net		5,819			14,727			28,257			36,076
Net loss before income tax provision		(18,889	)		(52,936	)		(218,808	)		(173,796	)
Provision for (benefit from) income taxes		1,265			(1,082	)		152			(4,765	)
Net loss	$	(20,154	)	$	(51,854	)	$	(218,960	)	$	(169,031	)
Net loss per share, basic and diluted	$	(0.29	)	$	(0.75	)	$	(3.16	)	$	(2.90	)
Weighted average ordinary shares outstanding, basic and diluted		69,364,546			69,051,745			69,279,838			58,207,593

Balance Sheets Data

(In thousands)

(Unaudited)

	December 31,		December 31,
	2025		2024
Cash and cash equivalents	$	628,110	$	879,520
Working capital		625,901		861,375
Total assets		717,597		956,868
Total shareholders’ equity		609,977		793,060

Investors:

Matthew DeYoung

Argot Partners

ir@bicycletx.com

212-600-1902

Media:

Argot Partners

media@bicycletx.com