Bicycle Therapeutics (BCYC) AI Stock Analysis

• Market Cap: $458.81M
• Dividend Yield: N/A
• Average Volume (3M): 233.50K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.54
• Revenue Growth: -23.43%
• EPS Growth: -9.84%
• Country: US
• Employees: 305
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.85
• Shares Outstanding: 49,929,950
• 10 Day Avg. Volume: 248,977
• 30 Day Avg. Volume: 233,496
• PEG Ratio: 0.11
• Price to Book (P/B): 1.03
• Price to Sales (P/S): 23.10
• P/FCF Ratio: -4.91
• Enterprise Value/Market Cap: -0.23
• Enterprise Value/Revenue: -3.72
• Enterprise Value/Gross Profit: 0.68
• Enterprise Value/Ebitda: 0.39
• 1Y Price Target: $20.75
• Price Target Upside: 220.71% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): -3.95
• Revenue Forecast (FY): $30.82M

• Rating: 45 Neutral
• Price Target: $6.50 ▲(0.46% Upside)

The score is primarily held back by negative profitability and weak technical trend (below major moving averages with negative MACD). These are partially offset by strong revenue growth and a low-leverage balance sheet; valuation is difficult to assess due to the negative P/E and no dividend.

Positive Factors

Proprietary bicyclic peptide platform

Bicycle's proprietary bicyclic peptide platform is a durable competitive asset: it enables differentiated properties (stability, solubility, targeted delivery) across multiple modalities, supports repeatable program generation, and underpins long-term partnership/license revenue potential.

Strong recent top-line growth

Sustained TTM revenue growth near 47% indicates expanding commercial activity or partnership milestone recognition, improving the company's ability to fund R&D and validate its platform. Durable top-line expansion reduces reliance on capital markets over the medium term.

Long-term radiochemistry supply agreements

A 15‑year RepU supply contract and NNL collaboration materially secures 212Pb feedstock and bespoke generator development, reducing a critical supply-chain bottleneck for targeted alpha therapies and supporting scalable radioconjugate development and commercialization.

Negative Factors

Negative profitability and ROE

Negative ROE and persistent negative gross and net margins reflect structural inability to convert revenues into profits today. This signals extended runway to profitability, ongoing reliance on external funding, and potential shareholder dilution unless margins improve materially.

Negative operating cash flow

Negative operating cash flow indicates core operations currently consume cash despite positive FCF/net income ratio; this creates structural funding requirements for ongoing R&D and trials, increasing dependence on partnerships, milestone payments, or equity financing over the medium term.

Concentrated clinical and binary pipeline risk

The company's near‑term outlook rests on a small number of clinical readouts and a pivotal pathway for zelenectide pevedotin plus radioconjugate imaging data. These binary outcomes carry high regulatory and technical risk that could materially affect strategy, financing needs, and valuation.

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 through a combination of partnerships, collaborations, and licensing agreements with pharmaceutical companies for the development and commercialization of its therapeutics. The company may receive upfront payments, milestone payments based on the achievement of specific development or regulatory milestones, and royalties on future sales of approved products. Additionally, BCYC may engage in research collaborations that provide funding and support for its drug development programs, further contributing to its revenue stream.

Bicycle Therapeutics Financial Statement Overview

Summary

Bicycle Therapeutics is experiencing robust revenue growth but faces significant profitability challenges with negative margins. The balance sheet is stable with low leverage, but the company struggles to generate positive returns on equity. Cash flow management remains a concern, with negative operating cash flow despite positive free cash flow relative to net income.

Income Statement

Bicycle Therapeutics has shown a significant revenue growth rate of 46.98% in the TTM, indicating strong top-line expansion. However, the company is struggling with negative margins across the board, including a gross profit margin of -5.92% and a net profit margin of -8.85%, reflecting ongoing operational challenges and high costs relative to revenue.

Balance Sheet

The company's balance sheet shows a very low debt-to-equity ratio of 0.0016, indicating minimal leverage, which is a positive sign of financial stability. However, the return on equity is negative at -35.54%, highlighting inefficiencies in generating returns from shareholder investments. The equity ratio stands at a healthy level, suggesting a strong capital structure.

Cash Flow

Bicycle Therapeutics has a positive free cash flow to net income ratio of 1.01, indicating that it is generating free cash flow relative to its net losses. However, the operating cash flow is negative, and the company is experiencing challenges in covering its operational expenses, as reflected by the negative operating cash flow coverage ratio.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	28.34M	35.27M	26.98M	14.46M	11.70M	10.39M
Gross Profit	-156.03M	-137.69M	-129.52M	14.46M	11.70M	-22.76M
EBITDA	-270.69M	-164.89M	-183.40M	-107.21M	-64.09M	-50.68M
Net Income	-250.66M	-169.03M	-180.66M	-112.72M	-66.82M	-51.01M
Balance Sheet
Total Assets	763.95M	956.87M	595.34M	410.61M	479.79M	161.15M
Cash, Cash Equivalents and Short-Term Investments	648.33M	879.52M	526.42M	339.15M	438.68M	135.99M
Total Debt	5.74M	9.49M	44.96M	44.33M	44.34M	15.78M
Total Liabilities	145.47M	163.81M	224.41M	139.83M	133.54M	65.69M
Stockholders Equity	618.48M	793.06M	370.93M	270.78M	346.25M	95.46M
Cash Flow
Free Cash Flow	-242.20M	-165.96M	-63.56M	-105.10M	-16.82M	-18.99M
Operating Cash Flow	-240.02M	-164.72M	-60.63M	-86.11M	-14.79M	-17.79M
Investing Cash Flow	-2.15M	-1.24M	-2.93M	-18.99M	-2.03M	-1.20M
Financing Cash Flow	86.84K	519.75M	250.03M	6.69M	320.73M	62.84M

Bicycle Therapeutics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 6.47
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• 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 6.47 is below the 20-day moving average (MA) of 6.77, below the 50-day MA of 6.83, and below the 200-day MA of 7.57, indicating a bearish trend. The MACD of -0.14 indicates Positive momentum. The RSI at 41.83 is Neutral, neither overbought nor oversold. The STOCH value of 27.24 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
ETON	60 Neutral	$420.23M	-61.86	-34.17%	―	102.77%	-17.00%
BCAX	56 Neutral	$987.17M	-7.49	-26.64%	―	―	-103.95%
KOD	54 Neutral	$1.75B	―	-207.92%	―	―	-12.93%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
NBTX	48 Neutral	$1.02B	―	―	―	―	―
BCYC	45 Neutral	$458.81M	-1.78	-34.63%	―	-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.