Bicycle Therapeutics (BCYC) financial statements
Bicycle Therapeutics reported revenue of $73M in fiscal 2025, up 56.1% a year over 8 years.
Net income was -$219M and the operating margin -340.4%, against -787.0% in 2017.
Free cash flow was -$252M.
The diluted share count rose 20697% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Bicycle Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2M | $7M | $14M | $10M | $12M | $14M | $27M | $35M | $73M |
| Research and development | $12M | $21M | $26M | $33M | $45M | $82M | $156M | $173M | $240M |
| Selling, general and admin | $6M | $8M | $15M | $29M | $32M | $50M | $60M | $72M | $79M |
| Operating income | -$16M | -$22M | -$26M | -$52M | -$66M | -$117M | -$190M | -$210M | -$247M |
| Interest expense | — | — | — | $457,000 | $3M | $3M | $3M | $2M | $206,000 |
| Pre-tax income | -$16M | -$22M | -$31M | -$52M | -$68M | -$114M | -$179M | -$174M | -$219M |
| Income tax | -$23,000 | -$396,000 | -$254,000 | -$724,000 | -$2M | -$2M | $1M | -$5M | $152,000 |
| Net income | -$16M | -$22M | -$31M | -$51M | -$67M | -$113M | -$181M | -$169M | -$219M |
| EPS (diluted) | -$48.81 | -$49.78 | -$2.77 | -$2.66 | -$2.67 | -$3.80 | -$5.08 | -$2.90 | -$3.16 |
| Diluted shares | 0M | 0M | 11M | 19M | 25M | 30M | 36M | 58M | 69M |
| Operating margin | -787.0% | -304.7% | -190.6% | -500.1% | -561.0% | -806.6% | -704.1% | -595.0% | -340.4% |
| Net margin | -789.3% | -306.1% | -221.8% | -491.0% | -571.2% | -779.3% | -669.7% | -479.2% | -301.7% |
Balance sheet
Fiscal years, from Bicycle Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $68M | $63M | $92M | $136M | $439M | $339M | $526M | $880M | $628M |
| Receivables | — | $5M | $201,000 | $5M | $1M | $2M | $0 | $0 | $0 |
| Total current assets | — | $77M | $104M | $156M | $459M | $369M | $562M | $929M | $683M |
| Property, plant and equipment | — | $2M | $2M | $2M | $3M | $19M | $15M | $10M | $6M |
| Total assets | — | $82M | $110M | $161M | $480M | $411M | $595M | $957M | $718M |
| Total current liabilities | — | $9M | $9M | $23M | $36M | $53M | $70M | $67M | $57M |
| Long-term debt | — | — | — | $15M | $30M | $30M | $31M | — | — |
| Total liabilities | — | $29M | $17M | $66M | $134M | $140M | $224M | $164M | $108M |
| Shareholders' equity | -$47M | -$70M | $93M | $95M | $346M | $271M | $371M | $793M | $610M |
| Net debt | -$68M | -$63M | -$92M | -$121M | -$409M | -$309M | -$496M | -$880M | -$628M |
Cash flow
Fiscal years, from Bicycle Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$1M | -$26M | -$29M | -$18M | -$15M | -$86M | -$61M | -$165M | -$250M |
| Capital spending | $1M | $1M | $2M | $1M | $2M | $19M | $3M | $1M | $2M |
| Free cash flow | -$3M | -$27M | -$30M | -$19M | -$17M | -$105M | -$64M | -$166M | -$252M |
| Stock-based compensation | $515,000 | $1M | $3M | $7M | $12M | $27M | $32M | $38M | $39M |
| Net borrowing | — | — | — | $15M | $15M | — | — | -$32M | — |
| Free cash flow margin | -122.7% | -382.1% | -218.6% | -182.8% | -143.8% | -726.7% | -235.6% | -470.5% | -347.2% |
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Open BCYC in InvestinglyQuestions
What was Bicycle Therapeutics's revenue in 2025?
$73M in fiscal 2025, from its 10-K filing.
How much free cash flow does Bicycle Therapeutics generate?
-$252M in fiscal 2025 (operating cash flow minus capital spending).
From Bicycle Therapeutics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.