Bicycle Therapeutics (BCYC) AI Stock Analysis

• Market Cap: $601.37M
• Dividend Yield: N/A
• Average Volume (3M): 293.08K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.64
• Revenue Growth: -38.14%
• EPS Growth: 29.69%
• Country: US
• Employees: 305
• Sector: Healthcare
• Sector Strength: 58
• Industry: Biotechnology
• EPS (TTM): -0.88
• Shares Outstanding: 47,761,845
• 10 Day Avg. Volume: 234,712
• 30 Day Avg. Volume: 293,077
• PEG Ratio: -0.18
• Price to Book (P/B): 3.24
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -8.35
• Enterprise Value/Market Cap: 0.02
• Enterprise Value/Revenue: 0.10
• Enterprise Value/Gross Profit: 0.69
• Enterprise Value/Ebitda: -0.02
• 1Y Price Target: $23.14
• Price Target Upside: 176.46% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 9

• Rating: 59 Neutral
• Price Target: $8.50 ▲(1.55%Upside)

Bicycle Therapeutics' score is primarily driven by its strong revenue growth and promising corporate developments in its radiopharmaceutical pipeline. However, financial challenges, including net losses and reliance on external financing, weigh on the score. The technical analysis suggests neutral market conditions, while valuation metrics indicate potential overvaluation.

Positive Factors

Market Potential

There is meaningful upside to BCYC in the medium/long term, driven by zelenectide's differentiated profile in various cancer types.

Pipeline Development

The company is planning to disclose additional data and initiate multiple studies, indicating active development and potential future advancements in their pipeline.

Safety Profile

Zelenectide pevedotin continued to show a more favorable safety and tolerability profile vs. Padcev in the combination setting with lower Grade 3+ treatment-related skin reactions.

Negative Factors

Efficacy Concerns

The efficacy still falls short of the 64-73% overall response rate seen with Padcev, which has increasingly become the standard of care for 1L metastatic urothelial cancer.

Event Expectations

The company's next presentation at ASCO 2025 is not expected to provide any meaningful new data.

Safety Concerns

The safety profile has deteriorated with an increased incidence of peripheral neuropathy.

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 generates revenue primarily through collaboration and licensing agreements with larger pharmaceutical companies. These partnerships often involve upfront payments, milestone payments based on the achievement of specific development or regulatory goals, and royalties on sales of any resulting products. The company also invests in proprietary drug development, aiming to bring its own therapies to market, which could provide significant revenue through direct sales in the future. Additionally, government grants and research funding may contribute to its income, supporting its development activities and innovation in the biopharmaceutical field.

Bicycle Therapeutics Financial Statement Overview

Summary

Bicycle Therapeutics demonstrates strong revenue growth and maintains a robust cash position, crucial for its R&D activities in biotechnology. However, consistent net losses and negative cash flows from operations indicate financial challenges. The company relies on external financing to sustain operations, typical for companies in the biotechnology sector, but it also poses a risk if financing conditions change.

Income Statement

Bicycle Therapeutics shows strong revenue growth over the years, with Total Revenue increasing from $10.39M in 2020 to $25.73M in TTM. However, the company is still experiencing significant net losses, as reflected in the negative Net Profit Margin and EBIT Margin. The Gross Profit Margin has improved, but the high negative EBIT and EBITDA margins indicate operational inefficiencies.

Balance Sheet

The balance sheet is supported by a strong cash position, with substantial cash reserves exceeding total debt, resulting in negative net debt. The Debt-to-Equity ratio is low, indicating low leverage. However, the Return on Equity is negative due to ongoing net losses, which is a concern for profitability.

Cash Flow

The company has a negative Free Cash Flow, but the cash flow from financing activities remains strong, indicating reliance on external funding. The Operating Cash Flow to Net Income ratio is below ideal levels, reflecting operational challenges. However, the company’s ability to raise significant financing is a positive factor.

Breakdown
TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
25.73M	35.27M	26.98M	14.46M	11.70M	10.39M
	Gross Profit
20.17M	28.11M	20.51M	10.78M	-33.18M	-22.76M
	EBIT
-255.83M	-209.87M	-189.95M	-116.65M	-65.62M	-51.96M
	EBITDA
-219.83M	-164.89M	-183.40M	-112.96M	-64.08M	-50.39M
	Net Income Common Stockholders
-203.27M	-169.03M	-180.66M	-112.72M	-66.82M	-51.01M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
792.97M	879.52M	526.42M	339.15M	438.68M	135.99M
	Total Assets
883.89M	956.87M	595.34M	410.61M	479.79M	161.15M
	Total Debt
8.32M	9.49M	44.96M	44.33M	44.34M	15.78M
	Net Debt
-784.65M	-870.03M	-481.47M	-294.83M	-394.34M	-120.22M
	Total Liabilities
143.56M	163.81M	224.41M	139.83M	133.54M	65.69M
	Stockholders Equity
740.33M	793.06M	370.93M	270.78M	346.25M	95.46M
Cash Flow		Free Cash Flow
-182.13M	-165.96M	-63.56M	-105.10M	-16.82M	-18.99M
	Operating Cash Flow
-180.23M	-164.72M	-60.63M	-86.11M	-14.79M	-17.79M
	Investing Cash Flow
-1.83M	-1.24M	-2.93M	-18.99M	-2.03M	-1.20M
	Financing Cash Flow
518.01M	519.75M	250.03M	6.69M	320.73M	62.84M

Bicycle Therapeutics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 8.37
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 8.37 is below the 20-day moving average (MA) of 8.40, above the 50-day MA of 8.09, and below the 200-day MA of 15.34, indicating a neutral trend. The MACD of 0.08 indicates Negative momentum. The RSI at 49.08 is Neutral, neither overbought nor oversold. The STOCH value of 36.96 is Neutral, 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
MGTX	59 Neutral	$529.61M	―	-216.14%	―	203.23%	-80.71%
BCYC	59 Neutral	$601.37M	―	-37.13%	―	-38.14%	29.69%
QURE	54 Neutral	$875.43M	―	-241.16%	―	6.30%	29.17%
URGN	54 Neutral	$510.87M	―	-452.20%	―	8.98%	6.32%
Sector *	54 Neutral	$5.41B	3.27	-45.10%	3.29%	16.81%	0.02%
KURA	47 Neutral	$576.59M	―	-41.84%	―	―	3.95%
OPT	39 Underperform	$480.05M	―		―	-25.10%	-7.06%

Bicycle Therapeutics Corporate Events

Bicycle Therapeutics Reveals Promising Imaging Data at AACR

On April 29, 2025, Bicycle Therapeutics announced additional human radiopharmaceutical imaging data for MT1-MMP at the AACR Annual Meeting 2025, demonstrating the potential of MT1-MMP as a novel cancer target. The data, involving 12 patients with various solid tumors, highlighted the efficacy of Bicycle® Radioconjugates (BRC®) in radiopharmaceutical imaging, showing promising results in tumor targeting and tracer uptake. The company plans to advance its radiopharmaceutical pipeline with initial human imaging data for a second target, EphA2, expected later in 2025, and company-sponsored clinical trials planned for 2026.

Bicycle Therapeutics Announces Key Leadership Changes

Bicycle Therapeutics announced several key leadership changes and appointments on March 27, 2025, including the addition of Alessandro Riva, M.D., to the Board of Directors and the Scientific Committee, and the promotion of Eric Westin, M.D., to Chief Medical Officer. These changes, along with the retirement of Pierre Legault and Richard Kender from the Board, are part of the company’s strategy to strengthen its expertise in oncology and position itself as a leader in cancer drug development. The company also highlighted the transition of Santiago Arroyo, M.D., Ph.D., to a consulting role, ensuring continued strategic advice and support.