10-K · March 17, 2026
Bicycle Therapeutics (BCYC) is a clinical‑stage pharma company focused on its proprietary Bicycle® molecules and a reprioritized oncology pipeline led by nuzefatide pevedotin (EphA2). The 2025 filing highlights a…
Earnings analysis · 10-Q
BCYC earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
Bicycle Therapeutics (BCYC) reported Q4 2025 results with remarkable revenue growth of 1,170% sequentially to $48 million, significantly exceeding analyst expectations. Despite a narrower loss per share of -$0.29…
Read full summary
Bicycle Therapeutics (BCYC) reported Q4 2025 results with remarkable revenue growth of 1,170% sequentially to $48 million, significantly exceeding analyst expectations. Despite a narrower loss per share of -$0.29 compared to -$0.88 in Q3 2025, ongoing operational challenges and termination of key collaborations pose risks to future performance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.29
- Gross margin
- 100.0%
What stood out
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Significant Revenue Surge
Revenue for Q4 2025 was $48 million, up from $12 million in Q3 2025, representing a 300% increase year-over-year.
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Narrowed EPS Loss
EPS improved to -$0.29 in Q4 2025 compared to -$0.85 in Q3 2025, reflecting a positive trend toward reduced losses.
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Robust Cash Position
As of March 31, 2026, cash and cash equivalents were reported at $559.5 million, sufficient to cover operational costs for over 12 months.
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Maintained Gross Margin
Gross margin remained at a strong 100%, consistent with previous quarters, indicating effective cost management.
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Collaboration Milestones
Despite recent contract terminations, the pipeline remains active with ongoing trials for nuzefatide pevedotin.
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R&D Focus Intensified
Strategic reprioritization towards promising oncology drugs in the pipeline, particularly BDC and BRC molecules.
What to watch
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Collaboration Agreements Terminated
Termination of collaborations with Genentech and Novartis may significantly impact future revenue streams and pipeline advancements.
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High Operational Losses
Continued significant operating losses, exceeding $60 million in Q4 2025, raise concerns regarding financial sustainability.
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Clinical Development Risks
Ongoing trials may not yield favorable results, affecting the future efficacy and approval of key drug candidates.
Management's outlook
Management has not provided specific forward guidance for revenue or EPS in the filing.
Earlier filings 4
10-Q · August 8, 2025
Bicycle Therapeutics reported Q2 revenue of $2.92M and a net loss of $78.95M (EPS -$1.14), driven by significantly higher R&D spending. Cash remains large at $721.5M but fell $158.1M over the six months; operating cash…
10-Q · May 1, 2025
Bicycle Therapeutics exhibited a notable improvement in revenue with Q1 2025 revenue reaching $9.977 million, up 469% from $1.75 million in Q1 2024. However, the company reported a net loss of $60.754 million, a…
10-Q · October 31, 2024
Bicycle Therapeutics reported Q3 collaboration revenue of $2.676 million and a net loss of $50.8 million (EPS -$0.74) for the three months ended September 30, 2024. Collaboration revenue declined versus the prior-year…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.