BICYCLE THERAPEUTICS PLC
BCYC · Pharmaceutical Preparations · 30.0M shares · +34%/yr ↑ dilution · EDGAR filings ↗
Reference price $5.05 · est. market cap ~$152M — last insider sale, 2026-04-06 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Clinical/early-stage biotech — bicyclic-peptide oncology clinical, heavy burn ($252M), very well-funded.
Strengths
- Liquidity — current ratio 12.0 (84th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -301.7%)
- Cash burnNegative free cash flow (-252.0M)
- Fund exitedNotable fund(s) exited this quarter: FMR LLC
- Chronic dilutionShare count +34%/yr over 4y (dilution, book value/share -45%)
- Strong balance sheetStrong balance sheet — $628M cash & investments, ~10 quarters of runway
- Notable holderHeld by 4 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
- Insider sellingInsider selling — 24 open-market sale(s) by 7 insider(s) (cluster of 7 insiders, ~$398,233, last 6mo) Form 4 ↗
- Revenue declineRevenue -98.2% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-340.4%
Net margin
-301.7%
Return on equity
-35.9%
Return on assets
-30.5%
Revenue growth (QoQ)
-98.2%
Current ratio
12.0×
Free cash flow
-$252M
EBITDA
-$241M
Tangible book value
$610M
Cash & investments
$628M
Cash runway
10q
Stock comp / revenue
54.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-04-06 | Lee Kevin | Sell | 1.7K | $5.05 |
| 2026-04-06 | Skynner Michael | Sell | 525 | $5.05 |
| 2026-04-06 | Hannay Michael Charles Ferguson | Sell | 251 | $5.05 |
| 2026-04-06 | Thompson Travis Alvin | Sell | 102 | $5.05 |
| 2026-04-06 | Perry Jennifer Scott | Sell | 37 | $5.05 |
| 2026-04-06 | Perry Jennifer Scott | Sell | 333 | $5.04 |
| 2026-04-02 | Thompson Travis Alvin | Sell | 799 | $4.91 |
| 2026-04-02 | Lee Kevin | Sell | 6.0K | $4.91 |
| 2026-04-02 | Hannay Michael Charles Ferguson | Sell | 1.5K | $4.91 |
| 2026-04-02 | Skynner Michael | Sell | 1.9K | $4.91 |
| 2026-04-02 | Perry Jennifer Scott | Sell | 1.0K | $4.91 |
| 2026-01-05 | Young Alethia | Sell | 1.9K | $6.54 |
| 2026-01-05 | Milnes Alistair | Sell | 3.4K | $6.46 |
| 2026-01-05 | Hannay Michael Charles Ferguson | Sell | 2.4K | $6.45 |
| 2026-01-05 | Lee Kevin | Sell | 11K | $6.46 |
| 2026-01-05 | Skynner Michael | Sell | 3.3K | $6.46 |
| 2026-01-05 | Thompson Travis Alvin | Sell | 1.1K | $6.45 |
| 2026-01-05 | Young Alethia | Sell | 2.5K | $6.45 |
| 2026-01-02 | Gutierrez-Ramos Jose-Carlos | Grant | 9.5K | — |
| 2026-01-02 | Hoppenot Herve | Grant | 3.0K | — |
| 2026-01-02 | BAKER BROS. ADVISORS LP | Grant | 19K | — |
| 2026-01-02 | BAKER BROS. ADVISORS LP | Grant | 19K | — |
| 2026-01-02 | Skynner Michael | Sell | 3.0K | $6.80 |
| 2026-01-02 | Swanton Robert Charles | Grant | 3.7K | — |
| 2026-01-02 | Hannay Michael Charles Ferguson | Grant | 50K | — |
| 2026-01-02 | Hannay Michael Charles Ferguson | Sell | 2.8K | $6.80 |
| 2026-01-02 | Thompson Travis Alvin | Grant | 38K | — |
| 2026-01-02 | Thompson Travis Alvin | Sell | 1.3K | $6.80 |
| 2026-01-02 | Young Alethia | Grant | 50K | — |
| 2026-01-02 | Young Alethia | Sell | 3.3K | $6.80 |
| 2026-01-02 | Sands Stephen H. | Grant | 9.5K | — |
| 2026-01-02 | Milnes Alistair | Grant | 50K | — |
| 2026-01-02 | Milnes Alistair | Sell | 3.2K | $6.80 |
| 2026-01-02 | Riva Alessandro | Grant | 7.4K | — |
| 2026-01-02 | Bourque Janice | Grant | 9.5K | — |
| 2026-01-02 | Winter Gregory Paul | Grant | 9.5K | — |
| 2026-01-02 | Lee Kevin | Grant | 165K | — |
| 2026-01-02 | Lee Kevin | Sell | 10K | $6.80 |
| 2026-01-02 | Skynner Michael | Grant | 50K | — |
| 2026-01-02 | DANSEY ROGER D | Grant | 3.0K | — |
| 2025-10-03 | Milnes Alistair | Sell | 978 | $8.41 |
| 2025-10-03 | Thompson Travis Alvin | Sell | 103 | $8.41 |
| 2025-10-03 | Lee Kevin | Sell | 3.2K | $8.41 |
| 2025-10-03 | Hannay Michael Charles Ferguson | Sell | 250 | $8.41 |
| 2025-10-03 | Skynner Michael | Sell | 978 | $8.41 |
| 2025-10-02 | Milnes Alistair | Sell | 1.1K | $8.40 |
| 2025-10-02 | Lee Kevin | Sell | 2.3K | $8.40 |
| 2025-10-02 | Skynner Michael | Sell | 824 | $8.40 |
| 2025-10-02 | Swanton Robert Charles | Sell | 102 | $8.55 |
| 2025-10-02 | Hannay Michael Charles Ferguson | Sell | 473 | $8.40 |
| 2025-10-02 | Thompson Travis Alvin | Sell | 221 | $8.40 |
| 2025-10-02 | Young Alethia | Sell | 217 | $8.40 |
| 2025-10-02 | Young Alethia | Sell | 265 | $8.61 |
| 2025-09-08 | Hoppenot Herve | Grant | 12K | — |
| 2025-09-08 | DANSEY ROGER D | Grant | 12K | — |
| 2025-08-12 | Swanton Robert Charles | Grant | 12K | — |
| 2025-07-03 | Skynner Michael | Sell | 966 | $7.44 |
| 2025-07-03 | Lee Kevin | Sell | 3.2K | $7.44 |
| 2025-07-03 | Hannay Michael Charles Ferguson | Sell | 248 | $7.44 |
| 2025-07-03 | Thompson Travis Alvin | Sell | 100 | $7.44 |
| 2025-07-03 | Milnes Alistair | Sell | 966 | $7.44 |
| 2025-07-02 | Thompson Travis Alvin | Sell | 206 | $7.09 |
| 2025-07-02 | Milnes Alistair | Sell | 1.1K | $7.09 |
| 2025-07-02 | Hannay Michael Charles Ferguson | Sell | 474 | $7.09 |
| 2025-07-02 | Young Alethia | Sell | 204 | $7.09 |
| 2025-07-02 | Lee Kevin | Sell | 2.3K | $7.09 |
| 2025-07-02 | Skynner Michael | Sell | 825 | $7.09 |
| 2025-04-03 | Lee Kevin | Sell | 3.4K | $7.48 |
| 2025-04-03 | Milnes Alistair | Sell | 1.0K | $7.48 |
| 2025-04-03 | Thompson Travis Alvin | Sell | 109 | $7.48 |
| 2025-04-03 | Hannay Michael Charles Ferguson | Sell | 266 | $7.48 |
| 2025-04-03 | Skynner Michael | Sell | 1.0K | $7.48 |
| 2025-04-02 | Young Alethia | Sell | 215 | $8.02 |
| 2025-04-02 | Skynner Michael | Sell | 814 | $8.02 |
| 2025-04-02 | Lee Kevin | Sell | 2.2K | $8.02 |
| 2025-04-02 | Milnes Alistair | Sell | 1.1K | $8.02 |
| 2025-04-02 | Hannay Michael Charles Ferguson | Sell | 467 | $8.02 |
| 2025-04-02 | Thompson Travis Alvin | Sell | 210 | $8.02 |
| 2025-03-25 | Riva Alessandro | Grant | 12K | — |
| 2025-01-06 | Thompson Travis Alvin | Sell | 2.7K | $15.00 |
| 2025-01-03 | Thompson Travis Alvin | Sell | 159 | $14.75 |
| 2025-01-03 | Hannay Michael Charles Ferguson | Sell | 239 | $14.75 |
| 2025-01-03 | Crockett Nigel | Sell | 936 | $14.75 |
| 2025-01-03 | Skynner Michael | Sell | 936 | $14.75 |
| 2025-01-03 | Lee Kevin | Sell | 3.1K | $14.75 |
| 2025-01-03 | Milnes Alistair | Sell | 936 | $14.75 |
| 2025-01-02 | Arroyo Santiago | Sell | 4.9K | $14.09 |
| 2025-01-02 | Crockett Nigel | Grant | 8.8K | — |
| 2025-01-02 | Crockett Nigel | Sell | 2.6K | $14.09 |
| 2025-01-02 | Milnes Alistair | Grant | 35K | — |
| 2025-01-02 | Milnes Alistair | Sell | 4.6K | $14.09 |
| 2025-01-02 | Skynner Michael | Grant | 35K | — |
| 2025-01-02 | Skynner Michael | Sell | 3.3K | $14.09 |
| 2025-01-02 | Hannay Michael Charles Ferguson | Grant | 35K | — |
| 2025-01-02 | Hannay Michael Charles Ferguson | Sell | 1.9K | $14.09 |
| 2025-01-02 | Lee Kevin | Grant | 123K | — |
| 2025-01-02 | Lee Kevin | Sell | 9.0K | $14.09 |
| 2025-01-02 | Winter Gregory Paul | Grant | 6.2K | — |
| 2025-01-02 | Sands Stephen H. | Grant | 5.4K | — |
| 2025-01-02 | Kender Richard N | Grant | 6.2K | — |
| 2025-01-02 | Gutierrez-Ramos Jose-Carlos | Grant | 6.2K | — |
| 2025-01-02 | Bourque Janice | Grant | 6.2K | — |
| 2025-01-02 | BAKER BROS. ADVISORS LP | Grant | 4.4K | — |
| 2025-01-02 | Thompson Travis Alvin | Grant | 18K | — |
| 2025-01-02 | BAKER BROS. ADVISORS LP | Grant | 4.4K | — |
| 2025-01-02 | Thompson Travis Alvin | Sell | 1.8K | $14.09 |
| 2025-01-02 | Legault Pierre | Grant | 12K | — |
| 2025-01-02 | Young Alethia | Grant | 35K | — |
| 2025-01-02 | Young Alethia | Sell | 1.4K | $14.09 |
| 2025-01-02 | Arroyo Santiago | Grant | 35K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-18 | 2026-06-17 | 0001104659-26-075451 ↗ |
| 8-K | 2026-05-21 | 2026-05-21 | 0001104659-26-065231 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0001104659-26-052117 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0001104659-26-052107 ↗ |
| 8-K | 2026-04-20 | 2026-04-20 | 0001104659-26-045198 ↗ |
| 8-K | 2026-03-17 | 2026-03-17 | 0001104659-26-028954 ↗ |
| 10-K | 2026-03-17 | 2025-12-31 | 0001104659-26-028971 ↗ |
| 8-K | 2026-02-03 | 2026-01-29 | 0001104659-26-009501 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001104659-26-002706 ↗ |
| 8-K | 2025-10-30 | 2025-10-30 | 0001104659-25-104004 ↗ |
| 10-Q | 2025-10-30 | 2025-09-30 | 0001104659-25-104010 ↗ |
| 8-K | 2025-09-08 | 2025-09-08 | 0001104659-25-088238 ↗ |