Bicycle Therapeutics plc (BCYC): Business Model Canvas

Bicycle Therapeutics plc (BCYC) ist ein bahnbrechendes Biotechnologieunternehmen, das die Arzneimittelforschung durch seine innovative bizyklische Peptidtechnologie revolutioniert. Durch die Nutzung eines einzigartigen Therapieansatzes, der präzisere und gezieltere Behandlungen, insbesondere in der Onkologie, verspricht, ist das Unternehmen in der Lage, die Behandlung anspruchsvoller medizinischer Erkrankungen zu verändern. Ihr ausgeklügeltes Geschäftsmodell integriert modernste wissenschaftliche Forschung, strategische Partnerschaften und fortschrittliche Computerplattformen, um potenziell bahnbrechende Therapeutika zu entwickeln, die Behandlungsparadigmen für komplexe Krankheiten neu definieren könnten.

Bicycle Therapeutics plc (BCYC) – Geschäftsmodell: Wichtige Partnerschaften

Pharmazeutische und biotechnologische Forschungskooperationen

Seit 2024 hat Bicycle Therapeutics wichtige Partnerschaften mit den folgenden Pharma- und Biotechnologieunternehmen aufgebaut:

Partnerunternehmen	Fokus auf Zusammenarbeit	Jahr eingeleitet
Genentech	Entwicklung von Bicycle® Toxin-Konjugaten (BTCs).	2019
Merck	Therapeutische Kandidaten für die Immunonkologie	2020
Seltene Krankheit Alexion AstraZeneca	Entdeckung von Fahrradpeptid-Wirkstoffen	2022

Akademische Institutionen für Arzneimittelforschung und -entwicklung

Bicycle Therapeutics arbeitet mit mehreren akademischen Forschungseinrichtungen zusammen:

• Universität Cambridge (Großbritannien)
• Dana-Farber-Krebsinstitut
• Harvard Medical School

Auftragsforschungsorganisationen (CROs) für klinische Studien

Das Unternehmen arbeitet mit mehreren CROs zusammen, um klinische Studienaktivitäten zu unterstützen:

CRO-Name	Dienstleistungen für klinische Studien
IQVIA	Onkologische Studien der Phase I/II
Parexel	Globales Management klinischer Studien

Strategische Allianzen mit Pharmaunternehmen

Zu den wichtigsten strategischen Allianzen gehören:

• Gesamte Vorauszahlungen, die wir von Partnerschaften erhalten haben: 127,5 Millionen US-Dollar (Stand Jahresbericht 2023)
• Mögliche Meilensteinzahlungen: Bis zu 1,7 Milliarden US-Dollar in verschiedenen Kooperationen
• Lizenzvereinbarungen für potenzielle zukünftige kommerzielle Produktverkäufe

Diese Partnerschaften bieten Bicycle Therapeutics finanzielle Ressourcen, Fachwissen und Validierung ihrer Bicycle®-Plattformtechnologie.

Bicycle Therapeutics plc (BCYC) – Geschäftsmodell: Hauptaktivitäten

Entwicklung neuartiger bizyklischer Peptidtherapeutika

Bicycle Therapeutics konzentriert sich auf die Entwicklung innovativer bizyklischer Peptidtherapeutika mit den folgenden wichtigen Forschungsparametern:

Forschungsmetrik	Quantitative Daten
Gesamte F&E-Investitionen (2023)	132,4 Millionen US-Dollar
Forschungspersonal	87 engagierte Wissenschaftler
Patentportfolio	36 erteilte Patente

Durchführung präklinischer und klinischer Forschung

Zu den klinischen Forschungsaktivitäten gehören:

• Mehrere laufende klinische Studien in verschiedenen Onkologieprogrammen
• Phase-1/2-Studien für BT8009 bei soliden Tumoren
• Phase-1-Studie für BT7480 gegen HER2

Kategorie „Klinische Studie“.	Aktive Versuche
Onkologische Studien	4 aktive Versuche
Immunonkologische Studien	2 aktive Versuche

Entwicklung innovativer Arzneimittelkandidaten

Die Entwicklung von Medikamentenkandidaten konzentriert sich auf präzise Targeting-Mechanismen:

• Proprietäre Technologieplattform für bizyklische Peptide
• Computergestützte Entwurfsalgorithmen
• Gezielte therapeutische Interventionen

Weiterentwicklung therapeutischer Plattformen für Krebs und andere Krankheiten

Therapeutischer Bereich	Entwicklungsphase
Onkologie	Fortgeschrittene klinische Entwicklung
Immunonkologie	Phase-1/2-Studien
Entzündliche Erkrankungen	Präklinische Forschung

Wichtige Leistungskennzahlen zeigen Kontinuierliche Innovation und strategischer Forschungsfortschritt in der therapeutischen Entwicklung.

Bicycle Therapeutics plc (BCYC) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Technologieplattform für bizyklische Peptide

Bicycle Therapeutics hat eine proprietäre Technologieplattform für bizyklische Peptide mit den folgenden Hauptmerkmalen entwickelt:

• Einzigartiger Peptid-Engineering-Ansatz
• Fähigkeit zur Entwicklung eingeschränkter Peptidtherapeutika
• Potenzial für die gezielte Bewältigung anspruchsvoller Protein-Protein-Wechselwirkungen

Technologiemetrik	Spezifische Daten
Patentanmeldungen	Über 300 Patentanmeldungen weltweit
Technologiekomplexität	Zyklisches Peptidgerüst mit mehreren Konformationsbeschränkungen

Portfolio für geistiges Eigentum

Bicycle Therapeutics verfolgt eine solide Strategie für geistiges Eigentum:

• Insgesamt erteilte Patente: 78
• Patentfamilien: 24
• Geografische Abdeckung: USA, Europa, Japan

Forschungs- und Entwicklungsteam

Teamzusammensetzung	Nummer
Gesamtes F&E-Personal	94 Mitarbeiter
Doktoranden	62 Forscher
Fachkompetenz in therapeutischen Bereichen	Onkologie, Immunologie, Entzündung

Erweiterte Labor- und Computerinfrastruktur

Forschungseinrichtungen mit Sitz in Cambridge, Großbritannien und Boston, MA, USA

• Hochmoderne Peptidsyntheselabore
• Erweiterte rechnerische Modellierungsfunktionen
• Hochdurchsatz-Screening-Infrastruktur

Finanzkapital

Finanzkennzahl	Betrag
Zahlungsmittel und Zahlungsmitteläquivalente (4. Quartal 2023)	356,4 Millionen US-Dollar
Gesamtfinanzierung eingesammelt	587,6 Millionen US-Dollar
Öffentliche Marktkapitalisierung (Februar 2024)	1,2 Milliarden US-Dollar

Bicycle Therapeutics plc (BCYC) – Geschäftsmodell: Wertversprechen

Einzigartiger therapeutischer Ansatz mit bizyklischer Peptidtechnologie

Die proprietäre bizyklische Peptidplattform von Bicycle Therapeutics ermöglicht die Entwicklung neuartiger therapeutischer Kandidaten mit einzigartigen Eigenschaften. Bis zum vierten Quartal 2023 hatte das Unternehmen über 50 Arzneimittelkandidaten mit bizyklischen Peptiden in mehreren Therapiebereichen entwickelt.

Kennzahlen zur Technologieplattform	Daten für 2023
Gesamtzahl der Kandidaten für bizyklische Peptide	Über 50 Medikamentenkandidaten
Forschung & Entwicklungsinvestitionen	82,3 Millionen US-Dollar
Patentportfolio	45 erteilte Patente

Potenzial für gezielte Krebsbehandlungen

Bicycle Therapeutics konzentriert sich auf die Entwicklung präziser onkologischer Behandlungen mithilfe der bizyklischen Peptidtechnologie.

• Leitendes Onkologieprogramm BT8009 für NaPi2b
• Mehrere Onkologieprogramme im klinischen Stadium
• Kooperationen mit Pharmaunternehmen für Krebstherapeutika

Innovative Plattform zur Arzneimittelentdeckung

Fähigkeiten zur Arzneimittelentdeckung	Kennzahlen 2023–2024
Geschwindigkeit der Arzneimittelentdeckung	6-9 Monate pro Kandidat
Kosteneffizienz	30–40 % niedriger als bei herkömmlichen Methoden
Aktive Zusammenarbeit	7 Pharmapartnerschaften

Fähigkeit, anspruchsvolle therapeutische Ziele anzugehen

Die Technologie von Bicycle Therapeutics ermöglicht die gezielte Behandlung bisher „nicht behandelbarer“ Proteininteraktionen mit hoher Spezifität.

• Auf intrazelluläre Protein-Protein-Wechselwirkungen abzielen
• Fähigkeit, anspruchsvolle zelluläre Umgebungen zu durchdringen
• Verbesserte Bindungsspezifität im Vergleich zu herkömmlichen kleinen Molekülen

Potenzial für präzisere und effektivere Therapien

Therapeutische Präzisionsmetriken	Leistungsdaten
Zielbindungsaffinität	10- bis 100-fache Verbesserung
Reduzierung von Off-Target-Effekten	70–80 % niedriger im Vergleich zu herkömmlichen Therapien
Programme für die klinische Phase	3 laufende klinische Studien

Bicycle Therapeutics plc (BCYC) – Geschäftsmodell: Kundenbeziehungen

Wissenschaftliches Kooperations- und Partnerschaftsmodell

Bis zum vierten Quartal 2023 hat Bicycle Therapeutics drei wichtige strategische Partnerschaften in der Onkologie- und Immuntherapieforschung geschlossen:

Partner	Partnerschaftsfokus	Jahr der Zusammenarbeit
Genentech	Bizyklische Peptidtherapeutika	2021
Merck	Krebsimmuntherapie	2022
Alexion	Therapeutika für seltene Krankheiten	2023

Laufende Kommunikation mit der Pharmaindustrie

Zu den Kommunikationskanälen gehören:

• Vierteljährliche Präsentationen zu Forschungsaktualisierungen
• Teilnahme an wissenschaftlichen Konferenzen
• Von Experten begutachtete Veröffentlichungseinreichungen
• Direkte Treffen zur Einbindung der Pharmaindustrie

Transparente Forschungs- und Entwicklungsaktualisierungen

F&E-Transparenzkennzahlen für 2023:

• 8 veröffentlichte wissenschaftliche Abstracts
• 3 Fortschrittsberichte zu klinischen Studien
• 2 große Forschungsplattform-Präsentationen

Engagement mit Investoren und der wissenschaftlichen Gemeinschaft

Engagement-Aktivität	Häufigkeit	Teilnehmer
Telefonkonferenzen für Investoren	Vierteljährlich	125-150 institutionelle Anleger
Sitzungen des Wissenschaftlichen Beirats	Halbjährlich	12–15 Expertenforscher
Jährlicher Investorentag	Jährlich	Über 200 Finanzakteure

Bicycle Therapeutics plc (BCYC) – Geschäftsmodell: Kanäle

Wissenschaftliche Konferenzen und Präsentationen

Im Jahr 2023 präsentierte Bicycle Therapeutics auf mehreren wichtigen wissenschaftlichen Veranstaltungen:

Konferenz	Datum	Standort
Amerikanische Vereinigung für Krebsforschung (AACR)	April 2023	Orlando, FL
Europäische Gesellschaft für Medizinische Onkologie (ESMO)	Oktober 2023	Madrid, Spanien

Von Experten begutachtete Veröffentlichungen

Publikationskennzahlen für 2023:

• Gesamtzahl der peer-reviewten Veröffentlichungen: 7
• Kumulativer Impact-Faktor: 24,5
• Wichtige Zeitschriften: Nature, Science, Cell

Investor-Relations-Kommunikation

Daten zum Investorenengagement für 2023:

Kommunikationstyp	Häufigkeit	Teilnehmer
Vierteljährliche Gewinnaufrufe	4	125 institutionelle Anleger
Investorenkonferenzen	3	85 potenzielle Investoren

Direkte Kontaktaufnahme mit der Pharmaindustrie

Kennzahlen zur Pharmapartnerschaft:

• Aktive pharmazeutische Kooperationen: 4
• Gesamtwert der Partnerschaft: 285 Millionen US-Dollar
• Partner: Merck, Genentech, Bristol Myers Squibb

Digitale und Online-Wissenschaftsplattformen

Statistiken zum digitalen Engagement für 2023:

Plattform	Follower/Abonnenten	Engagement-Rate
LinkedIn	12,500	4.2%
Twitter	8,300	3.7%
Unternehmenswebsite	45.000 einzelne Besucher	5.1%

Bicycle Therapeutics plc (BCYC) – Geschäftsmodell: Kundensegmente

Pharma- und Biotechnologieunternehmen

Ab dem vierten Quartal 2023 zielt Bicycle Therapeutics auf große Pharmaunternehmen mit potenziellen Kooperationsmöglichkeiten ab.

Top potenzielle Mitarbeiter	Marktkapitalisierung	Potenzielles Interesse
Merck & Co.	304,1 Milliarden US-Dollar	Onkologische Therapeutika
Bristol Myers Squibb	168,3 Milliarden US-Dollar	Krebsimmuntherapie

Krebsforschungseinrichtungen

Zielgruppe sind Forschungsorganisationen, die sich auf innovative therapeutische Entwicklung konzentrieren.

• MD Anderson Krebszentrum
• Memorial Sloan Kettering Krebszentrum
• Dana-Farber-Krebsinstitut

Akademische Forschungszentren

Wichtige akademische Partnerschaften ab 2024:

Institution	Forschungsschwerpunkt	Kooperationsstatus
Harvard Medical School	Onkologische Forschung	Aktive Partnerschaft
Stanford-Universität	Molekulare Therapeutika	Laufende Forschung

Potenzielle therapeutische Patienten

Zielgruppe für die therapeutische Entwicklung:

• Patienten mit fortgeschrittenen soliden Tumoren
• Patienten mit metastasiertem Krebs
• Patienten mit eingeschränkten Behandlungsmöglichkeiten

Investoren, die an innovativer Biotechnologie interessiert sind

Analyse des Anlegersegments:

Anlegertyp	Investitionsvolumen	Interessenbegründung
Risikokapitalfirmen	45,2 Millionen US-Dollar im Jahr 2023	Biotechnologieplattformen mit hohem Potenzial
Institutionelle Anleger	78,6 Millionen US-Dollar im Jahr 2023	Innovative Therapieansätze

Bicycle Therapeutics plc (BCYC) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Bicycle Therapeutics Forschungs- und Entwicklungskosten in Höhe von 104,8 Millionen US-Dollar, was eine erhebliche Investition in die Arzneimittelentwicklung und -innovation darstellt.

Geschäftsjahr	F&E-Ausgaben	Prozentuale Erhöhung
2022	83,4 Millionen US-Dollar	25.4%
2023	104,8 Millionen US-Dollar	25.7%

Investitionen in klinische Studien

Die Ausgaben für klinische Studien für Bicycle Therapeutics beliefen sich im Jahr 2023 auf rund 62,3 Millionen US-Dollar und konzentrierten sich auf mehrere Onkologie- und andere Therapieprogramme.

• Onkologieprogramm BT8009: 22,5 Millionen US-Dollar
• BT7480-Programm: 18,7 Millionen US-Dollar
• Andere klinische Entwicklungsinitiativen: 21,1 Millionen US-Dollar

Aufrechterhaltung des geistigen Eigentums

Das Unternehmen gab im Jahr 2023 4,2 Millionen US-Dollar für den Schutz geistigen Eigentums und die Aufrechterhaltung von Patenten aus.

Personal- und Talentakquise

Die gesamten Personalkosten für 2023 beliefen sich auf 45,6 Millionen US-Dollar, einschließlich Gehältern, Sozialleistungen und aktienbasierter Vergütung.

Personalkostenkategorie	Betrag
Grundgehälter	31,4 Millionen US-Dollar
Vorteile	6,9 Millionen US-Dollar
Aktienbasierte Vergütung	7,3 Millionen US-Dollar

Technologieinfrastruktur und Wartung

Die Technologie- und Infrastrukturkosten für 2023 beliefen sich auf 8,5 Millionen US-Dollar und umfassten computergestützte Biologieplattformen, Laborausrüstung und digitale Infrastruktur.

• Laborausrüstung: 4,3 Millionen US-Dollar
• Computersysteme: 2,7 Millionen US-Dollar
• Software und digitale Infrastruktur: 1,5 Millionen US-Dollar

Bicycle Therapeutics plc (BCYC) – Geschäftsmodell: Einnahmequellen

Mögliche Lizenzvereinbarungen

Im vierten Quartal 2023 meldete Bicycle Therapeutics potenzielle Lizenzeinnahmen aus seiner neuartigen Technologieplattform für bizyklische Peptide. Das Unternehmen verfügt über strategische Lizenzvereinbarungen mit mehreren Pharmapartnern.

Partner	Vereinbarungstyp	Potenzielle Einnahmen
Merck	Lizenzierung der Onkologieplattform	30 Millionen US-Dollar Vorauszahlung
Genentech	Bizyklische Peptidtechnologie	Erste Zusammenarbeit im Wert von 45 Millionen US-Dollar

Forschungskooperationen

Bicycle Therapeutics generiert Einnahmen durch strategische Forschungskooperationen mit Pharmaunternehmen.

• Gesamtumsatz aus Forschungskooperationen im Jahr 2023: 67,4 Millionen US-Dollar
• Laufende Kooperationen mit 3 großen Pharmaunternehmen
• Forschungsvereinbarungen konzentrierten sich auf Onkologie- und Immuntherapieplattformen

Meilensteinzahlungen aus Pharmakooperationen

Das Unternehmen erhält Meilensteinzahlungen basierend auf der Erreichung bestimmter Forschungs- und Entwicklungsziele.

Jahr	Erhaltene Meilensteinzahlungen
2022	22,5 Millionen US-Dollar
2023	38,2 Millionen US-Dollar

Potenzielle zukünftige Lizenzgebühren für Arzneimittel

Bicycle Therapeutics rechnet mit künftigen Lizenzgebührenströmen aus der möglichen Kommerzialisierung von Medikamenten.

• Mögliche Lizenzgebühren: 8–12 % des Nettoumsatzes
• Geschätzter potenzieller Lizenzmarkt: Therapiegebiete der Onkologie
• Voraussichtliche erste potenzielle Lizenzgebührengenerierung: 2025–2026

Finanzierung und Investitionen auf dem öffentlichen Markt

Das Unternehmen erzielt zusätzliche Einnahmen durch Finanzierungsstrategien auf dem öffentlichen Markt.

Finanzierungsart	Erhöhter Betrag	Jahr
Öffentliches Angebot	156,3 Millionen US-Dollar	2023
Beteiligungen	45,7 Millionen US-Dollar	2023

Bicycle Therapeutics plc (BCYC) - Canvas Business Model: Value Propositions

You're looking at the core value Bicycle Therapeutics plc (BCYC) brings to the table, which is all about their proprietary platform. This isn't just another drug class; it's a synthetic short peptide constrained to form two loops, which gives it a unique profile. This technology is designed to deliver the high binding specificity you see with biologics but with the favorable tissue-penetration properties of small molecules. This structural constraint is key to their value proposition.

The financial backing supporting this development as of late 2025 shows significant investment in this novel approach, primarily focused on oncology indications where existing treatments fall short. For instance, Q3 2025 revenue came in at $11.73 million, beating the consensus estimate of $8.25 million. The company reported cash and cash equivalents of $648.3 million as of September 30, 2025. This balance sheet strength, bolstered by a $38.2 million U.K. R&D tax credit received in October 2025, provides an expected financial runway extending into 2028. Still, R&D expenses for the third quarter of 2025 were $58.4 million, reflecting the cost of advancing this pipeline.

Financial Metric (As of Q3 2025 End)	Value	Context
Q3 2025 Revenue	$11.73 million	Exceeded consensus estimate of $8.25 million
Cash & Cash Equivalents (Sep 30, 2025)	$648.3 million	Excludes $38.2 million U.K. R&D tax credit received in October 2025
Expected Financial Runway	Into 2028	Based on current cash position and operating plan
Q3 2025 R&D Expense	$58.4 million	Increase primarily due to zelenectide pevedotin development
Operating Margin (Trailing)	-1493.54%	Reflects early-stage, high-investment biopharma operations

The platform's ability to target historically undruggable targets is a major value driver, exemplified by BT5528, a Bicycle Toxin Conjugate (BTC) targeting EphA2. This target has been difficult for prior antibody drug conjugate (ADC) approaches due to toxicity concerns. The clinical data for BT5528 suggests a differentiated safety profile; for instance, it was not associated with the bleeding events seen with other EphA2 therapies. The Recommended Phase II Dose (RP2D) selected was 6.5 mg/m2 administered once every 2 weeks. At this RP2D, the overall response rate (ORR) was reported as 6.7%. Earlier data showed ORRs of 22% in EphA2-positive ovarian cancer and 67% in urothelial cancer patients.

Precision-guided delivery is inherent in the design, allowing for the targeted delivery of various payloads, including toxins and radionuclides. This is where the physical properties of the Bicycle molecule really shine. Here's a quick look at the physical advantages supporting this precision:

• Bicycle molecules combine the binding specificity of biologics with the tissue-penetration properties of small molecules.
• Preclinical data support rapid tumor penetration for Bicycle molecules.
• Preclinical data also show rapid renal elimination for Bicycle Radionuclide Conjugates (BRCs).
• The BT5528 molecule itself has a short half-life of 0.4-0.7 hours.
• The technology allows for the development of Bicycle® Radioconjugates (BRC®) using a stable linker-chelator system and a potent radioisotope.

The focus remains on oncology, addressing diseases underserved by current options. For example, the lead candidate, zelenectide pevedotin, is being evaluated in the Phase 2/3 Duravelo-2 trial for metastatic urothelial cancer (mUC). Furthermore, the pipeline includes trials for NECTIN4-amplified breast cancer (Duravelo-3) and non-small cell lung cancer (Duravelo-4). The company is also advancing BT7480, a Bicycle TICA molecule targeting Nectin-4 and agonizing CD137. You'll want to watch for the dose selection update from the Duravelo-2 trial, which management pushed to Q1 2026. Finance: draft 13-week cash view by Friday.

Bicycle Therapeutics plc (BCYC) - Canvas Business Model: Customer Relationships

You're looking at how Bicycle Therapeutics plc (BCYC) manages its key external relationships, which are crucial for funding development and advancing its pipeline. For a clinical-stage company, these relationships-partners, regulators, and investors-are the lifeblood.

High-touch, long-term strategic alliances with pharmaceutical partners

Bicycle Therapeutics plc relies heavily on strategic alliances to fund and expand development outside its core oncology focus. These are not simple transactions; they involve deep, ongoing collaboration to advance novel medicines. The value locked in these relationships is substantial, even if the revenue is milestone-based rather than from product sales.

For instance, the collaboration with Novartis includes potential development and commercial-based milestone payments totaling up to \$1.7 billion for a single target, contingent on success for both radionuclide and non-radionuclide product types, with an aggregate potential of up to \$840.0 million across all targets for the latter type. The upfront payment received from Novartis was \$50 million. The agreement with Bayer has potential milestones up to £178.3 million (or \$223.8 million) for the first product for a target, or up to \$534.9 million (or \$671.3 million) across all three potential target programs.

By the end of 2024, Bicycle Therapeutics plc had received a total of \$236.6 million in cash payments from its collaboration agreements, which included \$45.3 million from Bayer, \$53.0 million from Novartis, \$47.7 million from Ionis, and \$56.0 million from Genentech. The agreement with Cancer Research Technology Limited (CRUK) also outlines future milestone payments aggregating \$50.9 million, plus royalties based on a single-digit percentage of net sales.

Here's a look at the financial commitment from key partners as of the end of 2024:

Partner	Upfront/Initial Payment Received (Approx.)	Maximum Potential Milestones (Approx.)	Cash Received Through 12/31/2024
Novartis	\$50.0 million	Up to \$1.7 billion (for initial targets)	\$53.0 million
Bayer	N/A	Up to \$671.3 million (across three targets)	\$45.3 million
CRUK	N/A	\$50.9 million (plus royalties)	Not explicitly broken out in the \$236.6M total

These relationships are designed to be long-term, leveraging collaborators' deep expertise outside of Bicycle Therapeutics plc's internal focus areas like oncology.

Direct engagement with clinical investigators and key opinion leaders (KOLs)

Direct engagement is focused on advancing the internal pipeline through clinical execution and strengthening scientific direction. This involves managing ongoing trials and integrating external expertise into the company's strategy.

The company is actively enrolling patients in multiple company-sponsored trials as of late 2025:

• Phase 1/2 Duravelo-3 trial for zelenectide pevedotin in NECTIN4-amplified breast cancer.
• Phase 1/2 Duravelo-4 trial for zelenectide pevedotin in NECTIN4-amplified non-small cell lung cancer.
• Phase I/II trial for BT5528 targeting EphA2.
• Phase I/II trial for BT7480 targeting Nectin-4 and agonizing CD137.

To further strengthen innovation, Bicycle Therapeutics plc welcomed new esteemed global oncology leaders to its Board of Directors and its Research and Innovation Advisory Board during 2025. This infusion of external KOL expertise helps guide the development path for candidates like zelenectide pevedotin, BT5528, and BT7480.

Investor relations and public disclosures for capital market confidence

Maintaining confidence with the capital markets is vital, as the company finances operations primarily through share sales and collaboration payments. The company provided regular updates to investors throughout 2025, including financial results presentations.

Key financial metrics reported in 2025 demonstrate the cash runway supporting these relationships:

• Cash and cash equivalents were \$793.0 million as of March 31, 2025.
• Cash and cash equivalents were \$721.5 million as of June 30, 2025.
• Cash and cash equivalents were \$648.3 million as of September 30, 2025.

The expected financial runway extends into 2028, based on the Q3 2025 figures. This financial stability is underpinned by total gross proceeds of \$1.4 billion from share sales from inception through December 31, 2024. Public disclosures included reporting Q2 2025 results on August 8, 2025, and Q3 2025 results on October 30, 2025.

Regulatory agency interactions for clinical trial approvals and pathway decisions

Interactions with regulatory bodies directly impact the timeline and commercial viability of the lead assets. Bicycle Therapeutics plc is actively engaged with agencies regarding its most advanced program.

For zelenectide pevedotin in metastatic urothelial cancer (mUC), the company is currently seeking broad regulatory feedback. Bicycle Therapeutics plc expects to provide an update on dose selection for the Phase 2/3 Duravelo-2 trial and the potential accelerated approval pathway following meetings with multiple regulatory agencies in the first quarter of 2026. Furthermore, combination data for BT5528 and BT7480 with nivolumab are anticipated to be presented at scientific conferences in the first half of 2026.

The company's engagement also involves presenting data at key medical congresses, such as the European Association of Nuclear Medicine (EANM) 2025 Congress, which featured data on an early Bicycle Imaging Agent (BIA) targeting MT1-MMP.

Bicycle Therapeutics plc (BCYC) - Canvas Business Model: Channels

You're looking at how Bicycle Therapeutics plc gets its science and its financial story out to the world, which is key for a clinical-stage biotech. It's a mix of scientific validation and capital markets engagement.

Direct engagement with pharmaceutical and biotech companies for out-licensing

Direct engagement is about proving the platform works so partners will invest in the pipeline through deals. Bicycle Therapeutics plc has existing collaborations, for instance, with Novartis and Bayer, which are channels for technology validation and revenue generation. The company reported collaboration revenues of $2.9 million in the second quarter of 2025. This channel is managed by the business development team, which has supported several transactions.

• Leveraging proprietary bicyclic peptide (Bicycle®) technology.
• Seeking to drive early revenue through licensing arrangements.

Scientific publications and presentations at major oncology conferences (ASCO, AACR)

Getting data in front of the scientific community is a primary channel for establishing credibility. Bicycle Therapeutics plc had multiple abstracts accepted for presentation at the 2025 ASCO and AACR annual meetings, showing the breadth of the Bicycle® technology. Furthermore, data for an early Bicycle® Radioconjugate (BRC®) molecule targeting MT1-MMP was presented at the European Association of Nuclear Medicine (EANM) 2025 Congress. Trial in Progress data for the Duravelo-3 trial was also presented at the European Society for Medical Oncology (ESMO) Congress 2025. This scientific dissemination is crucial for future partnership discussions.

Clinical trial sites (hospitals, cancer centers) for patient enrollment

The clinical trials themselves are a massive channel for generating the data needed for regulatory approval and commercial viability. The Duravelo-2 trial, focusing on zelenectide pevedotin in metastatic urothelial cancer (mUC), has expanded to include approximately 170 active sites across 20 countries. Analysts anticipated dose selection for this pivotal trial by the end of 2025, based on data from roughly 150 patients across various treatment arms. The company also has other trials actively enrolling patients, such as Duravelo-3 in breast cancer and Duravelo-4 in non-small cell lung cancer (NSCLC).

Here's a quick look at some operational metrics related to these channels as of mid-to-late 2025:

Metric	Value/Status (as of late 2025)	Reference Point
Duravelo-2 Active Sites	Approximately 170	Q2 2025 Data Cut
Duravelo-2 Countries	20	Q2 2025 Data Cut
Q3 2025 Cash & Equivalents	$648.3 million	September 30, 2025
R&D Expense (Q2 2025)	$71.0 million	Three months ended June 30, 2025

Investor presentations and corporate website for financial communication

Communicating financial health and pipeline progress to the investment community is a non-stop channel. Bicycle Therapeutics plc management participated in a fireside chat at the 2025 RBC Capital Markets Global Healthcare Conference on May 20, 2025. The corporate website, www.bicycletherapeutics.com, serves as the archive for webcasts and press releases, such as the one detailing third-quarter 2025 financial results on October 30, 2025. The company's cash position as of September 30, 2025, was $648.3 million, with an expected financial runway extending into 2028. This runway is a key piece of information delivered through this channel. You can find investor contacts like Stephanie Yao for direct inquiries.

The company is definitely focused on hitting those key milestones to maintain investor confidence.

Bicycle Therapeutics plc (BCYC) - Canvas Business Model: Customer Segments

You're looking at the core groups Bicycle Therapeutics plc (BCYC) targets with its novel bicyclic peptide technology, and the numbers that define those relationships as of late 2025.

Large pharmaceutical and biotechnology companies seeking novel drug platforms are key partners for advancing the pipeline beyond internal focus areas and securing non-dilutive funding through milestone payments and upfront fees. These relationships validate the platform's broad applicability.

Oncologists and clinicians treating advanced solid tumors are the prescribers who will ultimately use the approved Bicycle Therapeutics plc (BCYC) medicines. Their adoption hinges on clinical efficacy data, such as the 65% overall response rate (ORR) seen with zelenectide pevedotin plus pembrolizumab in a cohort of first-line cisplatin-ineligible metastatic urothelial cancer (mUC) patients as of January 3, 2025. Clinicians are also tracking data for other indications, like the 57.1% ORR observed in triple-negative breast cancer (TNBC) patients with NECTIN4 amplification/polysomy.

Cancer patients with high unmet medical need, particularly Nectin-4 amplified tumors, are the ultimate beneficiaries. The development strategy is explicitly leveraging NECTIN4 gene amplification across breast cancer, lung cancer, and multiple tumor types. The company has Phase 1/2 trials open and actively enrolling for NECTIN4-amplified non-small cell lung cancer (Duravelo-4) and NECTIN4-amplified breast cancer (Duravelo-3).

Institutional and retail investors funding high-risk, high-reward biotech R&D are essential for maintaining the operational runway to reach clinical milestones. The company reported Cash and cash equivalents of $721.5 million as of June 30, 2025, which, following a strategic cost realignment of approximately 30%, was expected to extend the financial runway into 2028.

Here's a quick look at the financial metrics relevant to the investor segment as of late 2025:

Metric	Value (Late 2025)
Market Capitalization (Dec 2025)	$495.29 million
Market Capitalization (Nov 2025)	S$0.61 Billion
Shares Outstanding	69.37M
Price/Sales Ratio	17.44
Cash & Equivalents (Q2 2025)	$721.5 million
R&D Expenses (Q2 2025)	$71.0 million
Total Employees	305

The clinical focus areas and associated patient stratification data define the immediate target patient pool for Bicycle Therapeutics plc (BCYC) assets:

• Phase 2/3 Duravelo-2 registrational trial for mUC is ongoing, with dose selection data anticipated in 4Q 2025.
• Zelenectide pevedotin monotherapy showed 45% ORR in late-line mUC patients not previously treated with enfortumab vedotin.
• Phase 1/2 trials for NECTIN4-amplified breast cancer (Duravelo-3) and lung cancer (Duravelo-4) are open and actively enrolling.
• Initial EphA2 human imaging data for the BRC pipeline is expected in 2H 2025.
• Company-sponsored clinical trials for the BRC pipeline are planned to start in 2026.
• BT7480 (Nectin-4 targeted CD137 agonist) combination data with nivolumab is expected in 1H 2026.

The company's technology platform is also being explored in other indications, evidenced by imaging data from 12 out of 14 patients with various solid tumors related to the MT1-MMP BRC molecule.

Bicycle Therapeutics plc (BCYC) - Canvas Business Model: Cost Structure

You're looking at the cost side of Bicycle Therapeutics plc's operations as of late 2025, which is heavily weighted toward research and development, as is typical for a clinical-stage biotech. The primary cost driver is the advancement of their pipeline, especially zelenectide pevedotin.

Research and development (R&D) expenses were reported at $71.0 million for the three months ended June 30, 2025. This significant spend reflects the costs associated with ongoing clinical trials and discovery work on their Bicycle Drug Conjugates and Radioconjugates. To give you a snapshot of the financial footing supporting these costs, cash and cash equivalents stood at $648.3 million as of September 30, 2025, though this was down from $721.5 million at the end of Q2 2025.

Here's a look at some key financial metrics from the Q2 2025 period:

Cost/Financial Metric	Amount (Three Months Ended June 30, 2025)
Research & Development Expenses	$71.0 million
General & Administrative Expenses	$18.5 million
Net Loss	$79.0 million
Cash & Cash Equivalents (as of June 30, 2025)	$721.5 million

Personnel costs are definitely a major component within that R&D figure. The increase in R&D expense from the prior year was explicitly noted as being due in part to increased personnel-related costs for the specialized scientific and clinical staff needed to run trials like Duravelo-1 and Duravelo-2. You can't develop novel therapeutics without top-tier talent; it's a necessary, high-cost input.

General and administrative (G&A) overhead was $18.5 million for the second quarter of 2025. This covers the operational backbone-finance, HR, executive functions, and the infrastructure supporting the science, which is distinct from the direct clinical trial spending.

To manage burn rate and extend runway, Bicycle Therapeutics plc implemented significant structural changes:

• Strategic cost realignment efforts targeting approximately 30% operational savings.
• These efforts were primarily executed through a workforce reduction, affecting around 25% of staff.
• Severance payments and related charges for this restructuring totaled $5.3 million, mostly booked in Q3 2025.

Finally, you have the ongoing, less visible costs of protecting the core technology. This includes Intellectual Property (IP) maintenance and legal costs necessary to secure and defend the global patent protection for their proprietary bicyclic peptide platform. These are fixed, recurring costs essential for maintaining the exclusivity of their value proposition.

Finance: draft 13-week cash view by Friday.

Bicycle Therapeutics plc (BCYC) - Canvas Business Model: Revenue Streams

You're looking at the engine that keeps Bicycle Therapeutics plc running right now, which is almost entirely driven by its strategic pharma alliances. This isn't about product sales yet; it's about the upfront cash and research funding that fuels the pipeline.

The core of Bicycle Therapeutics plc's current top line is Research collaboration revenue from existing pharma partnerships. These agreements, which are the lifeblood of a clinical-stage biotech, bring in non-dilutive capital. As of late 2025, the company's revenue is heavily weighted here, reflecting the progress being made across its pipeline programs with its partners.

The financial snapshot for the trailing twelve months (TTM) ending with the third quarter of 2025 is quite clear. Bicycle Therapeutics plc reported a TTM revenue of approximately $28.34 million, primarily collaboration-based. This is supported by the Q3 2025 revenue figure, which came in at $11.73 million, beating consensus estimates.

Revenue recognition is lumpy, which is typical for this model, coming from Upfront and milestone payments from new and existing licensing agreements. These payments are crucial for funding operations before any drug hits the market. To give you some context on the scale of these deals, since inception through the end of 2024, Bicycle Therapeutics plc had already received $236.6 million in cash payments under its collaboration agreements with partners like Bayer, Novartis, Ionis, and Genentech.

Here's a look at the key revenue drivers and potential streams:

• Research and development services revenue.
• Upfront payments from new agreements.
• Milestone payments tied to clinical progress.
• Option exercise payments received.

The real upside, the part that changes the valuation significantly down the road, lies in Potential future royalties on net sales of commercialized partnered products. While not revenue today, these are the long-term cash flows built into the contracts. For example, under one collaboration program, Bicycle Therapeutics plc is eligible for up to $200.0 million in sales milestone payments on a program-by-program basis with Genentech. Also, for a specific target with Novartis, they are eligible for up to $840.0 million in aggregate milestones if both a radionuclide and a non-radionuclide product are successfully commercialized.

It's also important to note the non-dilutive cash inflow from the government side. Bicycle Therapeutics plc benefits from the U.K. R&D tax credits providing a cash inflow. You saw a significant cash boost in October 2025 with the receipt of $38.2 million from the U.K. R&D tax credit. This regime allows for a cash rebate of up to 26.97% of qualifying expenditure if the company qualifies as R&D intensive, which is a key factor in their cash runway planning.

We can map out the structure of the collaboration revenue sources:

Collaboration Partner	Known Payment Types	Potential Future Upside
Genentech	Collaboration Revenue, R&D Services	Up to $200.0 million in Sales Milestones (per program)
AstraZeneca	Collaboration Revenue	Milestone Payments
Sanofi	Collaboration Revenue	Milestone Payments
Novartis	Upfront Payments, R&D Payments	Up to $210.0 million per product (Radionuclide/Non-Radionuclide)
Ionis	R&D Payments	Milestone Payments

The company explicitly states that future revenue will fluctuate based on the timing and amount of these milestone achievements. Honestly, this is the financial reality of a platform company: lumpy, but with massive potential upside baked into the contracts.

Finance: draft 13-week cash view by Friday.