Bicycle Therapeutics (BCYC) AI Stock Analysis

• Market Cap: $301.75M
• Dividend Yield: N/A
• Average Volume (3M): 388.11K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.64
• Revenue Growth: -23.43%
• EPS Growth: -9.84%
• Country: US
• Employees: 305
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.29
• Shares Outstanding: 50,269,080
• 10 Day Avg. Volume: 542,326
• 30 Day Avg. Volume: 388,109
• PEG Ratio: -0.26
• Price to Book (P/B): 0.80
• Price to Sales (P/S): 6.76
• P/FCF Ratio: -1.94
• Enterprise Value/Market Cap: -1.03
• Enterprise Value/Revenue: -4.26
• Enterprise Value/Gross Profit: 3.41
• Enterprise Value/Ebitda: 1.32
• 1Y Price Target: $14.80
• Price Target Upside: 240.23% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): -3.73
• Revenue Forecast (FY): $30.53M

• Rating: 46 Neutral
• Price Target: $4.50 ▲(3.45% Upside)
• Action: Reiterated Date: 03/19/26
• Date: Action: Reiterated 03/19/26

The score is primarily held back by weak financial quality—large ongoing losses and an accelerating cash burn—despite strong revenue growth and a relatively low-debt balance sheet. Technicals also reflect a sustained downtrend and weak momentum. A positive corporate update and stated runway into 2028 provide some support, but do not fully offset the funding and profitability risks implied by current cash outflows.

Positive Factors

Strong revenue growth

Bicycle shows a clear upward revenue trajectory driven by collaboration/licensing and program progress. Sustained top-line growth at this stage validates the platform, supports partner interest, and can help fund R&D and milestone-driven value creation over the next several quarters.

Low leverage, sizable equity base

A low-debt balance sheet provides financial flexibility and reduces near-term solvency risk while the company advances clinical programs. This capital structure supports sustained R&D investment and partnership negotiations without immediate pressure from lenders.

Strategic update: runway into 2028 and radiopharma expansion

Management’s stated runway into 2028 and a strategic push into radiopharmaceuticals extend execution time and diversify modalities. The confirmed milestone schedule and imaging data program materially increase the chance of value-accretive clinical readouts before requiring near-term financings.

Negative Factors

High and worsening cash burn

The company’s operating and free cash outflows accelerated materially in 2025, increasing funding needs. Persistent large cash burn strains resources, raises reliance on external financing or partner payments, and heightens dilution and execution risk if markets tighten.

Large ongoing net losses

Substantial multi-year losses reflect heavy clinical and development spending without product revenue. Continued negative profitability erodes book value, pressures margin sustainability, and means long-term investor returns depend on successful trial outcomes or partner-led commercialization.

Dependence on partnerships / external funding

As a clinical-stage biotech with no commercial products, Bicycle’s model relies on collaborations, milestone payments, and capital markets. This structural dependence increases vulnerability to partner timing, deal terms, and capital availability, which can delay programs or dilute shareholders.

Bicycle Therapeutics Business Overview & Revenue Model

Company Description

Bicycle Therapeutics plc, a clinical-stage biopharmaceutical company, develops a class of medicines for diseases that are underserved by existing therapeutics. Its lead product candidate is BT1718, a bicycle toxin conjugate (BTC), which is in Phase I/IIa clinical trials targeting tumors that express Membrane Type 1 matrix metalloprotease. The company's oncology product candidates also comprise BT5528, a BTC that is in a Phase I/II clinical trial targeting EphA2; and BT8009, which is in Phase I/II clinical trial targeting Nectin-4. In addition, it is developing THR-149, a plasma kallikrein inhibitor that completed Phase II clinical trials for the treatment of diabetic macular edema; BT7480, a Bicycle tumor-targeted immune cell agonist (TICA) targeting Nectin-4 and agonizing; BT7455, an EphA2/CD137 Bicycle TICA, which is in preclinical studies; and BT1718, a BTC that target tumors, that is in Phase I/IIa clinical trial that express Membrane Type 1 matrix metalloproteinase. Further, the company collaborates with biopharmaceutical companies and organizations to develop programs in therapeutic areas, such as anti-infective, cardiovascular, ophthalmology, and respiratory indications. It has a clinical trial and license agreement with the Cancer Research Technology Limited and Cancer Research UK; research collaboration agreements with AstraZeneca, Sanofi, Oxurion, and the Dementia Discovery Fund; and discovery collaboration and license agreement with Genentech for the discovery and development of Bicycle peptides for multiple immuno-oncology targets. Bicycle Therapeutics plc was incorporated in 2009 and is headquartered in Cambridge, the United Kingdom.

How the Company Makes Money

Bicycle Therapeutics primarily makes money through (1) collaboration and licensing arrangements and (2) other early-stage, non-product revenue sources typical of a clinical-stage biotech, rather than from selling approved medicines. Under collaboration/licensing deals, the company can earn upfront payments (paid at signing), research funding or cost reimbursement (payments that support ongoing R&D work performed under the agreement), milestone payments (triggered by achieving specified development, regulatory, or commercial events), and royalties on net sales (a percentage of partner product sales if partnered products are approved and commercialized). The company may also generate revenue from providing research services under partnered programs when it performs discovery or development work for a collaborator. If the company has not publicly disclosed specific partner names, deal economics, or the amounts/timing of these components, those details are null.

Bicycle Therapeutics Financial Statement Overview

Summary

Strong revenue growth (2025 revenue $72.6M vs. $35.3M in 2024) is outweighed by very large losses (2025 net loss -$219.0M) and a sharply worsening cash burn (2025 operating/free cash flow about -$249.7M). The balance sheet is a relative strength with modest debt ($14.1M) versus sizable equity ($610.0M), but equity is declining due to ongoing losses.

Income Statement

Revenue growth is strong, with 2025 revenue up sharply to $72.6M (from $35.3M in 2024) and a multi-year upward trajectory. However, profitability remains weak: the company is deeply loss-making (2025 net loss of $219.0M; 2024 net loss of $169.0M), and margins have been heavily negative in recent years, signaling a business model still in investment/clinical-stage spend mode rather than operating leverage.

Balance Sheet

The balance sheet is a relative strength with low leverage and substantial equity support. Total debt is modest ($14.1M in 2025) versus a large equity base ($610.0M), which reduces near-term financial risk despite operating losses. The main weakness is ongoing value erosion from losses (equity down from $793.1M in 2024), indicating the company is consuming capital over time.

Cash Flow

Cash generation is a key concern: operating cash flow and free cash flow are consistently negative and worsened materially in 2025 (operating cash flow of -$249.7M; free cash flow of -$249.7M versus -$164.7M/-$166.0M in 2024). While cash outflows are not unusual for biotechnology development companies, the current burn rate is high and implies continued dependence on financing or partnership inflows to sustain operations.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	72.59M	35.27M	26.98M	14.46M	11.70M
Gross Profit	66.32M	-137.69M	-129.52M	14.46M	11.70M
EBITDA	-276.86M	-164.89M	-183.40M	-107.21M	-64.09M
Net Income	-218.96M	-169.03M	-180.66M	-112.72M	-66.82M
Balance Sheet
Total Assets	717.60M	956.87M	595.34M	410.61M	479.79M
Cash, Cash Equivalents and Short-Term Investments	628.11M	879.52M	526.42M	339.15M	438.68M
Total Debt	17.52M	9.49M	44.96M	44.33M	44.34M
Total Liabilities	107.62M	163.81M	224.41M	139.83M	133.54M
Stockholders Equity	609.98M	793.06M	370.93M	270.78M	346.25M
Cash Flow
Free Cash Flow	-252.61M	-165.96M	-63.56M	-105.10M	-16.82M
Operating Cash Flow	-249.68M	-164.72M	-60.63M	-86.11M	-14.79M
Investing Cash Flow	-2.35M	-1.24M	-2.93M	-18.99M	-2.03M
Financing Cash Flow	-131.00K	519.75M	250.03M	6.69M	320.73M

Bicycle Therapeutics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.35
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BCYC, the sentiment is Negative. The current price of 4.35 is below the 20-day moving average (MA) of 5.25, below the 50-day MA of 5.81, and below the 200-day MA of 7.07, indicating a bearish trend. The MACD of -0.33 indicates Positive momentum. The RSI at 28.84 is Positive, neither overbought nor oversold. The STOCH value of 8.57 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BCYC.

Bicycle Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ETON	66 Neutral	$608.99M	-98.89	-18.84%	―	102.77%	-17.00%
BCAX	56 Neutral	$1.17B	-5.93	-27.17%	―	―	-103.95%
KOD	54 Neutral	$1.36B	-3.52	-246.19%	―	―	-12.93%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
NBTX	48 Neutral	$1.44B	-8.84	76.70%	―	―	―
BCYC	46 Neutral	$301.75M	-2.24	-33.20%	―	-23.43%	-9.84%

Bicycle Therapeutics Corporate Events

Bicycle Therapeutics Sets 2026 Oncology and Radiopharma Priorities

On January 12, 2026, Bicycle Therapeutics outlined its 2025 achievements and strategic priorities for 2026, emphasizing clinical progress in its oncology pipeline and expansion of its radiopharmaceutical capabilities. During 2025 the company advanced zelenectide pevedotin through updated Phase 1 Duravelo-1 data in metastatic urothelial cancer, initiated the Phase 1/2 Duravelo-3 and Duravelo-4 trials in NECTIN4-amplified breast and non-small cell lung cancers, and presented initial human imaging results for its EphA2- and MT1-MMP-targeting radioconjugates, reinforcing the therapeutic potential of these targets and its BRC platform. For 2026, Bicycle plans a series of clinical and data milestones, including dose selection and an update on the potential approval pathway for zelenectide pevedotin from the Phase 2/3 Duravelo-2 pivotal trial in metastatic urothelial cancer in the first quarter, multiple additional readouts across its Nectin-4 and EphA2 programs over the year, and further human imaging data for EphA2, all supported by an expected cash runway into 2028 that underpins execution of its clinical and strategic agenda.

The most recent analyst rating on (BCYC) stock is a Hold with a $7.00 price target. To see the full list of analyst forecasts on Bicycle Therapeutics stock, see the BCYC Stock Forecast page.