Bicycle Therapeutics PLC (BCYC): Business Model Canvas [Jan-2025 Mis à jour]

Bicycle Therapeutics PLC (BCYC) représente une entreprise de biotechnologie révolutionnaire révolutionnant la découverte de médicaments grâce à sa technologie de peptide bicyclique innovante. En tirant parti d'une approche thérapeutique unique qui promet des traitements plus précis et ciblés, en particulier en oncologie, l'entreprise est prête à transformer à quel point les conditions médicales sont difficiles. Leur modèle commercial sophistiqué intègre des recherches scientifiques de pointe, des partenariats stratégiques et des plateformes de calcul avancées pour développer des thérapies potentiellement révolutionnaires qui pourraient redéfinir les paradigmes de traitement pour des maladies complexes.

Bicycle Therapeutics PLC (BCYC) - Modèle d'entreprise: partenariats clés

Collaborations de recherche pharmaceutique et biotechnologie

En 2024, Bicycle Therapeutics a établi des partenariats clés avec les sociétés pharmaceutiques et biotechnologiques suivantes:

Entreprise partenaire	Focus de la collaboration	Année initiée
Genentech	Développement de conjugués de toxines Bicycle® (BTCS)	2019
Miserrer	Candidats thérapeutiques immuno-oncologiques	2020
Alexion AstraZeneca Rare maladie	Découverte de médicaments peptidiques à vélo	2022

Institutions universitaires pour la découverte et le développement de médicaments

Bicycle Therapeutics collabore avec plusieurs établissements de recherche universitaires:

• Université de Cambridge (Royaume-Uni)
• Dana-Farber Cancer Institute
• École de médecine de Harvard

Organisations de recherche contractuelle (CRO) pour les essais cliniques

L'entreprise travaille avec plusieurs CRO pour soutenir les activités d'essai cliniques:

Nom de CRO	Services d'essai cliniques
Iqvia	Essais d'oncologie de phase I / II
Parxel	Gestion des essais cliniques mondiaux

Alliances stratégiques avec des sociétés pharmaceutiques

Les alliances stratégiques clés comprennent:

• Total des paiements initiaux reçus des partenariats: 127,5 millions de dollars (Rapport annuel en 2023)
• Paiements de jalons potentiels: Jusqu'à 1,7 milliard de dollars dans diverses collaborations
• Arrangements de redevances sur les ventes potentielles de produits commerciaux futurs

Ces partenariats fournissent à des thérapies à vélo avec Ressources financières, expertise et validation de leur technologie Bicycle® Plateforme.

Bicycle Therapeutics PLC (BCYC) - Modèle d'entreprise: Activités clés

Développement de nouvelles thérapies peptidiques bicycliques

Bicycle Therapeutics se concentre sur la création de thérapies à peptides bicycliques innovantes avec les principaux paramètres de recherche suivants:

Métrique de recherche	Données quantitatives
Investissements totaux de R&D (2023)	132,4 millions de dollars
Personnel de recherche	87 scientifiques dévoués
Portefeuille de brevets	36 brevets accordés

Effectuer des recherches précliniques et cliniques

Les activités de recherche clinique comprennent:

• Plusieurs essais cliniques en cours dans les programmes d'oncologie
• Études de phase 1/2 pour BT8009 dans des tumeurs solides
• Essai de phase 1 pour BT7480 ciblant HER2

Catégorie d'essais cliniques	Essais actifs
Essais en oncologie	4 essais actifs
Essais d'immuno-oncologie	2 essais actifs

Concevoir des candidats de médicaments innovants

Le développement des candidats médicamenteux se concentre sur les mécanismes de ciblage de précision:

• Plateforme de technologie de peptide bicyclique propriétaire
• Algorithmes de conception informatique
• Interventions thérapeutiques ciblées

Faire progresser les plateformes thérapeutiques pour le cancer et d'autres maladies

Zone thérapeutique	Étape de développement
Oncologie	Développement clinique avancé
Immuno-oncologie	Essais de phase 1/2
Maladies inflammatoires	Recherche préclinique

Les mesures de performance clés démontrent Innovation continue et progression de la recherche stratégique dans le développement thérapeutique.

Bicycle Therapeutics PLC (BCYC) - Modèle d'entreprise: Ressources clés

Plateforme de technologie de peptide bicyclique propriétaire

Bicycle Therapeutics a développé une plate-forme de technologie de peptide bicyclique propriétaire avec les caractéristiques clés suivantes:

• Approche d'ingénierie peptidique unique
• Capacité à créer des thérapeutiques peptidiques contraints
• Potentiel pour cibler les interactions protéines-protéine difficiles

Métrique technologique	Données spécifiques
Demandes de brevet	Plus de 300 demandes de brevet dans le monde
Complexité technologique	Échafaudage peptidique cyclique avec plusieurs contraintes de conformation

Portefeuille de propriété intellectuelle

Bicycle Therapeutics maintient une solide stratégie de propriété intellectuelle:

• Total des brevets accordés: 78
• Familles de brevets: 24
• Couverture géographique: États-Unis, Europe, Japon

Équipe de recherche et de développement

Composition de l'équipe	Nombre
Personnel total de R&D	94 employés
Titulaires de doctorat	62 chercheurs
Expertise des domaines thérapeutiques	Oncologie, immunologie, inflammation

Infrastructure avancée de laboratoire et de calcul

Installations de recherche Situé à Cambridge, Royaume-Uni et Boston, MA, USA

• Laboratoires de synthèse peptidique de pointe
• Capacités avancées de modélisation de calcul
• Infrastructure de dépistage à haut débit

Capital financier

Métrique financière	Montant
Cash and Cash équivalents (T4 2023)	356,4 millions de dollars
Financement total collecté	587,6 millions de dollars
Capitalisation du marché public (février 2024)	1,2 milliard de dollars

Bicycle Therapeutics PLC (BCYC) - Modèle d'entreprise: propositions de valeur

Approche thérapeutique unique utilisant la technologie des peptides bicycliques

La plate-forme de peptide bicyclique propriétaire de Bicycle Therapeutics permet de créer de nouveaux candidats thérapeutiques aux propriétés uniques. Depuis le quatrième trimestre 2023, la société avait développé plus de 50 candidats à des médicaments peptidiques bicycliques dans plusieurs zones thérapeutiques.

Métriques de la plate-forme technologique	2023 données
Total des candidats à peptides bicycliques	50+ candidats médicament
Recherche & Investissement en développement	82,3 millions de dollars
Portefeuille de brevets	45 brevets délivrés

Potentiel de traitements contre le cancer ciblé

Bicycle Therapeutics se concentre sur le développement de traitements d'oncologie de précision à l'aide de la technologie des peptides bicycliques.

• PROGRAMME DE L'ONCOLOGIE DE PRÉSENT
• Programmes d'oncologie à stade clinique multiple
• Collaborations avec des sociétés pharmaceutiques pour Cancer Therapeutics

Plateforme de découverte de médicaments innovants

Capacités de découverte de médicaments	2023-2024 Métriques
Vitesse de découverte de médicament	6 à 9 mois par candidat
Rentabilité	30 à 40% de moins que les méthodes traditionnelles
Collaborations actives	7 partenariats pharmaceutiques

Capacité à traiter des cibles thérapeutiques difficiles

La technologie de Bicycle Therapeutics permet de cibler les interactions protéiques auparavant «non« sans problème »avec une spécificité élevée.

• Ciblant les interactions protéine-protéine intracellulaire
• Capacité à pénétrer les environnements cellulaires difficiles
• Spécificité de liaison améliorée par rapport aux petites molécules traditionnelles

Potentiel de thérapies plus précises et efficaces

Métriques de précision thérapeutique	Données de performance
Affinité de liaison cible	Amélioration de 10 à 100 fois
Réduction des effets hors cible	70 à 80% inférieur aux thérapies traditionnelles
Programmes de scène clinique	3 essais cliniques en cours

Bicycle Therapeutics PLC (BCYC) - Modèle d'entreprise: relations clients

Collaboration scientifique et modèle de partenariat

Depuis le quatrième trimestre 2023, Bicycle Therapeutics a établi 3 partenariats stratégiques clés dans la recherche sur l'oncologie et l'immunothérapie:

Partenaire	Focus de partenariat	Année de collaboration
Genentech	Thérapeutique peptidique bicyclique	2021
Miserrer	Immunothérapie contre le cancer	2022
Alexion	Thérapeutiques de maladies rares	2023

Communication continue avec l'industrie pharmaceutique

Les canaux de communication comprennent:

• Présentations de mise à jour de la recherche trimestrielle
• Participation de la conférence scientifique
• Souvances de publication évaluées par des pairs
• Réunions d'engagement directes de l'industrie pharmaceutique

Mises à jour transparentes de la recherche et du développement

Métriques de transparence de la R&D pour 2023:

• 8 résumés scientifiques publiés
• 3 Rapports d'avancement des essais cliniques
• 2 Présentations de plateforme de recherche majeures

Engagement avec les investisseurs et la communauté scientifique

Activité d'engagement	Fréquence	Participants
Conférence téléphonique des investisseurs	Trimestriel	125-150 investisseurs institutionnels
Réunions du conseil consultatif scientifique	Semestriel	12-15 chercheurs experts
Journée annuelle des investisseurs	Annuellement	Plus de 200 parties prenantes financières

Bicycle Therapeutics PLC (BCYC) - Modèle d'entreprise: canaux

Conférences et présentations scientifiques

En 2023, Bicycle Therapeutics a présenté plusieurs événements scientifiques clés:

Conférence	Date	Emplacement
Association américaine pour la recherche sur le cancer (AACR)	Avril 2023	Orlando, FL
Société européenne pour l'oncologie médicale (ESMO)	Octobre 2023	Madrid, Espagne

Publications évaluées par des pairs

Métriques de publication pour 2023:

• Publications totales à comité de lecture: 7
• Facteur d'impact cumulatif: 24,5
• Journaux clés: nature, science, cellule

Communications des relations avec les investisseurs

Données d'engagement des investisseurs pour 2023:

Type de communication	Fréquence	Participants
Appels de résultats trimestriels	4	125 investisseurs institutionnels
Conférences d'investisseurs	3	85 investisseurs potentiels

Sensibilisation directe de l'industrie pharmaceutique

Métriques de partenariat pharmaceutique:

• Collaborations pharmaceutiques actives: 4
• Valeur du partenariat total: 285 millions de dollars
• Partenaires: Merck, Genentech, Bristol Myers Squibb

Plateformes scientifiques numériques et en ligne

Statistiques d'engagement numérique pour 2023:

Plate-forme	Adeptes / abonnés	Taux d'engagement
Liendin	12,500	4.2%
Gazouillement	8,300	3.7%
Site Web de l'entreprise	45 000 visiteurs uniques	5.1%

Bicycle Therapeutics PLC (BCYC) - Modèle d'entreprise: segments de clientèle

Sociétés pharmaceutiques et biotechnologiques

Depuis le quatrième trimestre 2023, Bicycle Therapeutics cible les grandes sociétés pharmaceutiques ayant des opportunités de collaboration potentielles.

Top collaborateurs potentiels	Capitalisation boursière	Intérêt potentiel
Miserrer & Co.	304,1 milliards de dollars	Thérapeutique en oncologie
Bristol Myers Squibb	168,3 milliards de dollars	Immunothérapie contre le cancer

Institutions de recherche sur le cancer

Les organisations de recherche cibles se sont concentrées sur le développement thérapeutique innovant.

• MD Anderson Cancer Center
• Memorial Sloan Kettering Cancer Center
• Dana-Farber Cancer Institute

Centres de recherche universitaires

Partenariats académiques clés à partir de 2024:

Institution	Focus de recherche	Statut de collaboration
École de médecine de Harvard	Recherche en oncologie	Partenariat actif
Université de Stanford	Thérapeutique moléculaire	Recherche en cours

Patients thérapeutiques potentiels

Target démographique des patients pour le développement thérapeutique:

• Patiens de tumeurs solides avancés
• Patients atteints de cancer métastatique
• Patients avec des options de traitement limitées

Les investisseurs intéressés par la biotechnologie innovante

Analyse du segment des investisseurs:

Type d'investisseur	Volume d'investissement	Justification des intérêts
Sociétés de capital-risque	45,2 millions de dollars en 2023	Plateformes de biotechnologie à potentiel
Investisseurs institutionnels	78,6 millions de dollars en 2023	Approches thérapeutiques innovantes

Bicycle Therapeutics PLC (BCYC) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Bicycle Therapeutics a déclaré des dépenses de R&D de 104,8 millions de dollars, ce qui représente un investissement important dans le développement de médicaments et l'innovation.

Exercice fiscal	Dépenses de R&D	Pourcentage d'augmentation
2022	83,4 millions de dollars	25.4%
2023	104,8 millions de dollars	25.7%

Investissements d'essais cliniques

Les dépenses d'essais cliniques pour les thérapies à vélo en 2023 ont totalisé environ 62,3 millions de dollars, se concentrant sur plusieurs programmes d'oncologie et d'autres programmes thérapeutiques.

• Programme d'oncologie BT8009: 22,5 millions de dollars
• Programme BT7480: 18,7 millions de dollars
• Autres initiatives de développement clinique: 21,1 millions de dollars

Maintenance de la propriété intellectuelle

La société a dépensé 4,2 millions de dollars pour la protection de la propriété intellectuelle et l'entretien des brevets en 2023.

Acquisition du personnel et des talents

Les dépenses totales du personnel pour 2023 étaient de 45,6 millions de dollars, y compris les salaires, les prestations et la rémunération à base d'actions.

Catégorie de dépenses du personnel	Montant
Salaires de base	31,4 millions de dollars
Avantages	6,9 millions de dollars
Compensation en stock	7,3 millions de dollars

Infrastructure et maintenance technologiques

Les coûts de technologie et d'infrastructure pour 2023 s'élevaient à 8,5 millions de dollars, couvrant les plateformes de biologie informatique, l'équipement de laboratoire et les infrastructures numériques.

• Équipement de laboratoire: 4,3 millions de dollars
• Systèmes de calcul: 2,7 millions de dollars
• Infrastructure logicielle et numérique: 1,5 million de dollars

Bicycle Therapeutics PLC (BCYC) - Modèle d'entreprise: Strots de revenus

Accords de licence potentiels

Depuis le quatrième trimestre 2023, Bicycle Therapeutics a signalé des sources de revenus de licence potentielles de sa nouvelle plateforme de technologie bicyclique peptidique. La société a des accords de licence stratégique avec plusieurs partenaires pharmaceutiques.

Partenaire	Type d'accord	Revenus potentiels
Miserrer	Licence de plate-forme en oncologie	30 millions de dollars de paiement initial
Genentech	Technologie des peptides bicycliques	Collaboration initiale de 45 millions de dollars

Collaborations de recherche

Bicycle Therapeutics génère des revenus grâce à des collaborations de recherche stratégique avec des sociétés pharmaceutiques.

• Revenus de collaboration totale de recherche en 2023: 67,4 millions de dollars
• Collaborations en cours avec 3 grandes sociétés pharmaceutiques
• Les accords de recherche se sont concentrés sur les plateformes d'oncologie et d'immunothérapie

Payments d'étape provenant des partenariats pharmaceutiques

La Société reçoit des paiements marquants en fonction de la réalisation d'objectifs de recherche et de développement spécifiques.

Année	Paiements d'étape reçus
2022	22,5 millions de dollars
2023	38,2 millions de dollars

Royalités potentielles de drogue futures

Bicycle Therapeutics anticipe les futurs flux de redevances à partir de la commercialisation potentielle des médicaments.

• Taux de redevance potentiels: 8-12% sur les ventes nettes
• Marché des redevances potentielles estimées: zones thérapeutiques en oncologie
• Projetée première génération de redevances potentielles: 2025-2026

Financement et investissements du marché public

L'entreprise augmente les revenus supplémentaires grâce à des stratégies de financement du marché public.

Type de financement	Montant recueilli	Année
Offre publique	156,3 millions de dollars	2023
Investissements en actions	45,7 millions de dollars	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.