Bicycle Therapeutics plc
BCYCHealthcareNASDAQBiotechnology · Last scanned May 30, 2026
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Daily timeframeBicycle Therapeutics plc, a clinical-stage pharmaceutical company, develops a class of medicines for diseases that are underserved by existing therapeutics in the United States and the United Kingdom. The $327.4M market capitalization puts BCYC squarely in small-cap range for its industry. The company's products pipeline include zelenectide pevedotin, a bicycle toxin conjugate (BTC), which is in phase II clinical trials for the treatment of high nectin-4 expressing tumors; nuzefatide pevedotin (EphA2), a BTC that is in phase I/II clinical trials to treat Ephrin type A receptor 2 expressing tumor; BT7480, a Bicycle tumor-targeted immune cell agonist molecule, which is in phase I/II targeting nectin-4 and agonizing CD137; and BT1702, a theranostic BRC molecule targeting MT1-MMP for which IND-enabling activities are ongoing.
Market Cap
$327.4M
Beta
1.56
P/E (TTM)
—
P/E (Fwd)
-2.20
EPS (TTM)
$-3.15
EPS (Fwd)
$-2.13
ROE
-33.8%
ROA
-19.4%
Cash
$559.5M
Total Debt
$15.3M
Free CF
-$109.7M
52W Change
-45.1%
Annual Financials
Cash vs Debt
With $559.5M in cash and $15.3M in debt, BCYC maintains more liquidity than leverage. This favorable balance sheet position can be an asset when capital markets become less accommodating. Free cash flow is running at -$109.7M, which bears watching. Negative free cash flow can be acceptable during heavy investment periods but needs to improve over time. ROE of -33.8% points to negative capital efficiency, indicating how much profit the company produces per dollar of shareholder equity. Revenue has grown from $11.7M (2021) to $72.6M (2025), reflecting a 521% increase over the period.
A beta of 1.56 means BCYC is more volatile than average. Investors should be prepared for wider price swings relative to broader indices. The strong cash position relative to debt provides a financial cushion that reduces balance sheet risk. The company is burning cash at the operating level, which is not unusual for growth-phase companies but adds risk if it persists. These risk factors are not exhaustive — macroeconomic shifts, regulatory changes, and competitive dynamics can all influence Bicycle Therapeutics plc's trajectory.