BCYC Healthcare

Bicycle Therapeutics plc

$3.67+1.38%

Price as of close on Nov 3, 2026 · Financials updated Nov 1, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United Kingdom
Market cap: 257.2M USD
Enterprise value: -228.0M USD
Full-time employees: 288

Overall health

Strength: growing faster than most peersgrowing faster than peers
Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 1.68 vs a peer median of 0.63)bigger price swings (beta 1.68 vs peers 0.63)

Ranks #499 of 1,157 healthcare companies (top 44%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 134% from December 2022 to June 2026.
Bicycle Therapeutics had 134% more shares at June 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Bicycle Therapeutics had 134% more shares at June 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Cash exceeds market value plus debt. Its cash is worth more than its market value plus debt.
Bicycle Therapeutics's cash is larger than its market value and debt combined (enterprise value at or below zero). The market is valuing the operating business at nothing or less, which is rare.Bicycle Therapeutics's cash is larger than its market value and debt combined. The market is valuing the operating business at nothing or less, which is rare.
Stock-based pay is a large cost. Stock pay was 54% of revenue in 2025.
Bicycle Therapeutics paid employees $39M in stock in 2025, 54% of its $73M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Operating margin improving. Operating margin -340% in 2025, the best of the last 6 years, but the dollar loss grew to $247M from $210M.
Bicycle Therapeutics still lost money on operations in 2025. Revenue grew faster than costs, so the margin (-340%) was its best in the 6 years of filings we have, but the operating loss itself grew to $247M from $210M.

StockQuotient Score

55/ 100

Oct 5 55 → Nov 4 55

Valuation

Is the price right?

33/100

Weak

2/3 inputs reported · Partial data

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-74.3%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yieldUnavailable

Cash exceeds market value plus debt, so EBITDA yield is not meaningful and is left out · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0401 · MAD: 0.0401

Free cash flow yield-81.3%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield199.1%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

94/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

12-month revenue fell 3.6%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth39.6%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 4.01Sector median: 0.0584 · MAD: 0.0840

Revenue growth217.4%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 10.15Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

7/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROIC
▼ Operating margin
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-343.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -28.81Sector median: 0.0706 · MAD: 0.1217

Return on assets-31.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -6.16Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-81840.9%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -16.87Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin-208.9%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-37.3%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Current ratio
▲ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.68

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -3.13Sector median: 0.6250 · MAD: 0.3380

Current ratio12.08×

SEC filings · latest balance sheetReported value33% base weight · Z-score 6.85Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.03×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.95Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Bicycle Therapeutics

Is Bicycle Therapeutics getting weaker?: Its latest SEC filing (Jul 30, 2026) got weaker in some ways: 12-month revenue fell 3.6%. Its overall score is unchanged at 55/100 since Oct 28, 2026.
How is Bicycle Therapeutics valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 33/100 against 1,393 healthcare peers. Earnings yield -74.3% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -74.3% vs peers 1.5% (weaker than 100% of peers).
Is Bicycle Therapeutics growing?: Yes, faster than most of its peers. Growth scores 94/100 against 1,393 healthcare peers. Revenue growth 217.4% vs a peer median of 6.1% (stronger than 95% of peers).Revenue growth 217.4% vs peers 6.1% (stronger than 95% of peers).
How profitable is Bicycle Therapeutics?: Less profitable than most of its peers. Profitability scores 7/100 against 1,393 healthcare peers. Return on invested capital -81840.9% vs a peer median of 4.7% (weaker than 100% of peers).Return on invested capital -81840.9% vs peers 4.7% (weaker than 100% of peers).
How risky is Bicycle Therapeutics?: Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 12.08× vs a peer median of 2.59× (stronger than 90% of peers).Current ratio 12.08× vs peers 2.59× (stronger than 90% of peers). Beta 1.68 vs a peer median of 0.63 (weaker than 90% of peers).Beta 1.68 vs peers 0.63 (weaker than 90% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 30, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

12-month revenue fell 3.6%

Worth watching: Bicycle Therapeutics is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	63.5M USD	61.2M USD	−3.6%
Net income (12 months)	−219.0M USD	−190.4M USD	−13.1%
Operating margin	-381.7%	-343.6%	+38.1 pts
Free cash flow (12 months)	−231.7M USD	−208.3M USD	−10.1%
Cash	559.5M USD	510.1M USD	−8.8%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	-561.0%	-806.6%	-704.1%	-595.0%	-340.4%	▲ 255 pts
Net margin	-571.2%	-779.3%	-669.7%	-479.2%	-301.7%	▲ 178 pts
Return on assets (ROA)	-13.9%	-27.5%	-30.3%	-17.7%	-30.5%	▼ 13 pts
Return on equity (ROE)	-19.3%	-41.6%	-48.7%	-21.3%	-35.9%	▼ 15 pts
Free cash flow margin	-143.8%	-726.7%	-235.6%	-470.5%	-347.2%	▲ 123 pts
Current ratio	12.65×	6.92×	8.08×	13.81×	11.98×	▼ 13%
Debt to equity	0.09×	0.11×	0.08×	—	—	—
Interest coverage	-21.99×	-34.88×	-58.21×	-121.31×	-1199.34×	▼ 889%

BCYC price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 1.68 vs a peer median of 0.63)bigger price swings (beta 1.68 vs peers 0.63)

Ranks #499 of 1,157 healthcare companies (top 44%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 134% from December 2022 to June 2026.

Bicycle Therapeutics had 134% more shares at June 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Bicycle Therapeutics had 134% more shares at June 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Cash exceeds market value plus debt. Its cash is worth more than its market value plus debt.

Bicycle Therapeutics's cash is larger than its market value and debt combined (enterprise value at or below zero). The market is valuing the operating business at nothing or less, which is rare.Bicycle Therapeutics's cash is larger than its market value and debt combined. The market is valuing the operating business at nothing or less, which is rare.

Stock-based pay is a large cost. Stock pay was 54% of revenue in 2025.

Bicycle Therapeutics paid employees $39M in stock in 2025, 54% of its $73M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Operating margin improving. Operating margin -340% in 2025, the best of the last 6 years, but the dollar loss grew to $247M from $210M.

Bicycle Therapeutics still lost money on operations in 2025. Revenue grew faster than costs, so the margin (-340%) was its best in the 6 years of filings we have, but the operating loss itself grew to $247M from $210M.

Questions investors ask about Bicycle Therapeutics

Is Bicycle Therapeutics getting weaker?

Its latest SEC filing (Jul 30, 2026) got weaker in some ways: 12-month revenue fell 3.6%. Its overall score is unchanged at 55/100 since Oct 28, 2026.

How is Bicycle Therapeutics valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 33/100 against 1,393 healthcare peers. Earnings yield -74.3% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -74.3% vs peers 1.5% (weaker than 100% of peers).

Is Bicycle Therapeutics growing?

Yes, faster than most of its peers. Growth scores 94/100 against 1,393 healthcare peers. Revenue growth 217.4% vs a peer median of 6.1% (stronger than 95% of peers).Revenue growth 217.4% vs peers 6.1% (stronger than 95% of peers).

How profitable is Bicycle Therapeutics?

Less profitable than most of its peers. Profitability scores 7/100 against 1,393 healthcare peers. Return on invested capital -81840.9% vs a peer median of 4.7% (weaker than 100% of peers).Return on invested capital -81840.9% vs peers 4.7% (weaker than 100% of peers).

How risky is Bicycle Therapeutics?

Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 12.08× vs a peer median of 2.59× (stronger than 90% of peers).Current ratio 12.08× vs peers 2.59× (stronger than 90% of peers). Beta 1.68 vs a peer median of 0.63 (weaker than 90% of peers).Beta 1.68 vs peers 0.63 (weaker than 90% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

63.5M USD

61.2M USD

−3.6%

Net income (12 months)

−219.0M USD

−190.4M USD

−13.1%

Operating margin

-381.7%

-343.6%

+38.1 pts

Free cash flow (12 months)

−231.7M USD

−208.3M USD

−10.1%

Cash

559.5M USD

510.1M USD

−8.8%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

-561.0%

-806.6%

-704.1%

-595.0%

-340.4%

▲ 255 pts

Net margin

-571.2%

-779.3%

-669.7%

-479.2%

-301.7%

▲ 178 pts

Return on assets (ROA)

-13.9%

-27.5%

-30.3%

-17.7%

-30.5%

▼ 13 pts

Return on equity (ROE)

-19.3%

-41.6%

-48.7%

-21.3%

-35.9%

▼ 15 pts

Free cash flow margin

-143.8%

-726.7%

-235.6%

-470.5%

-347.2%

▲ 123 pts

Current ratio

12.65×

6.92×

8.08×

13.81×

11.98×

▼ 13%

Debt to equity

0.09×

0.11×

0.08×

—

Interest coverage

-21.99×

-34.88×

-58.21×

-121.31×

-1199.34×

▼ 889%