BCYC Nasdaq Pharmaceutical Preparations Financials FY2017βFY2025
Bicycle Therapeutics Plc had $72.6M of revenue in fiscal 2025, up 105.8% on the year before. Over five years, revenue changed +47.5% a year on average.
Last close Β· Oct 23, 2026
$3.55
2.5%Hi! I read Bicycle Therapeutics Plcβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+105.8%
Yes. Sales grew 105.8% last year.
Does it make a profit?
β301.7%
No. It lost money last year.
Does profit turn into cash?
β347.2%
No. It spent more cash than it brought in.
How healthy are the accounts?
1 / 7
Weak. It passes 1 of 7 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Bicycle Therapeutics Plc did it, and the next one. Share prices often move a lot on those days.
Next results
October 29, 2026
Thursday Β· in 3 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Jul 30, 2026 | Q2 '26 | Before the market opens | 8-K β |
| Apr 30, 2026 | Q1 '26 | Before the market opens | 8-K β |
| Mar 17, 2026 | Q4 '25 | Before the market opens | 8-K β |
| Oct 30, 2025 | Q3 '25 | Before the market opens | 8-K β |
| Aug 6, 2025 | Q2 '25 | Time not announced | 8-K β |
| May 1, 2025 | Q1 '25 | Before the market opens | 8-K β |
| Feb 25, 2025 | Q4 '24 | Before the market opens | 8-K β |
| Oct 31, 2024 | Q3 '24 | Before the market opens | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Bicycle Therapeutics Plc had $72.6M of revenue in fiscal 2025, up 105.8% on the year before. Over five years, revenue changed +47.5% a year on average. Its operating margin was β340.4%, up 254.6Β pts: of every 100 in sales, about β340 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Bicycle Therapeutics Plc lost $219M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$252M in fiscal 2025, β347.2% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Bicycle Therapeutics Plc can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $439M | $339M | $526M | $880M | $628M |
| Debt incl. finance leases | $29.9M | $30.3M | $30.7M | β | β |
| Debt / equity | 0.1x | 0.1x | 0.1x | β | β |
| Interest coverage | β22.0x | β34.9x | β58.2x | β121.3x | β1,199.3x |
| Current ratio | 12.7x | 6.9x | 8.1x | 13.8x | 12.0x |
| Quick ratio | 12.7x | 6.9x | 8.1x | 13.8x | 12.0x |
| Total assets | $480M | $411M | $595M | $957M | $718M |
| Total liabilities | $134M | $140M | $224M | $164M | $108M |
| Shareholders' equity | $346M | $271M | $371M | $793M | $610M |
| Net debt (β = net cash) | β$409M | β$309M | β$496M | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Bicycle Therapeutics Plc passes 1 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 4 | 3 / 7 | 1 / 7 | 4 / 8 | 2 / 8 | 4 / 8 | 3 / 7 | 1 / 7 |
| Accruals ratio | β | 5.2% | β2.1% | β24.5% | β16.2% | β6.0% | β23.9% | β0.6% | 3.7% |
| Altman Z'' | β | β1.64 | 6.85 | 1.69 | 6.09 | 2.54 | 2.21 | 7.20 | 5.27 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $2.1M | $7.1M | $13.8M | $10.4M | $11.7M | $14.5M | $27.0M | $35.3M | $72.6M |
| Research and development | $11.9M | $20.8M | $25.5M | $33.1M | $44.9M | $81.6M | $156M | $173M | $240M |
| Operating income | β$16.2M | β$21.7M | β$26.3M | β$52.0M | β$65.6M | β$117M | β$190M | β$210M | β$247M |
| Interest expense | β | β | β | $0.5M | $3.0M | $3.3M | $3.3M | $1.7M | $0.2M |
| Pretax income | β$16.3M | β$22.2M | β$30.9M | β$51.7M | β$68.5M | β$114M | β$179M | β$174M | β$219M |
| Income tax | β$0.0M | β$0.4M | β$0.3M | β$0.7M | β$1.7M | β$1.5M | $1.5M | β$4.8M | $0.2M |
| Net income | β$16.3M | β$21.8M | β$30.6M | β$51.0M | β$66.8M | β$113M | β$181M | β$169M | β$219M |
| Net income to common | β$16.3M | β$21.8M | β$30.6M | β$51.0M | β$66.8M | β$113M | β$181M | β$169M | β$219M |
| Diluted EPS | β$48.81 | β$49.78 | β$2.77 | β$2.66 | β$2.67 | β$3.80 | β$5.08 | β$2.90 | β$3.16 |
| Diluted shares | 0.00B | 0.00B | 0.01B | 0.02B | 0.03B | 0.03B | 0.04B | 0.06B | 0.07B |
| Cash flow | |||||||||
| Cash from operations | β$1.4M | β$26.1M | β$28.6M | β$17.8M | β$14.8M | β$86.1M | β$60.6M | β$165M | β$250M |
| Capital expenditure | $1.1M | $1.2M | $1.6M | $1.2M | $2.0M | $19.0M | $2.9M | $1.2M | $2.4M |
| Free cash flow | β$2.5M | β$27.3M | β$30.2M | β$19.0M | β$16.8M | β$105M | β$63.6M | β$166M | β$252M |
| Depreciation and amortization | $0.3M | $0.7M | $1.0M | $1.3M | $1.4M | $3.7M | $6.5M | $7.2M | $6.4M |
| Stock-based compensation | $0.5M | $1.0M | $3.1M | $6.5M | $12.1M | $26.8M | $32.5M | $38.1M | $39.5M |
| Balance sheet | |||||||||
| Cash and short-term investments | $67.7M | $0.0M | $0.0M | $0.0M | $439M | $339M | $526M | $880M | $628M |
| Total debt | β | β | β | $14.5M | $29.9M | $30.3M | $30.7M | β | β |
| Finance lease liabilities | β | β | β | β | β | β | $0.0M | $1.0M | $0.9M |
| Current assets | β | $76.8M | $104M | $156M | $459M | $369M | $562M | $929M | $683M |
| Current liabilities | β | $8.9M | $8.8M | $23.1M | $36.2M | $53.3M | $69.5M | $67.2M | $57.0M |
| Property and equipment, net | β | $1.8M | $2.3M | $2.3M | $3.1M | $19.1M | $14.5M | $9.5M | $6.0M |
| Total assets | β | $81.6M | $110M | $161M | $480M | $411M | $595M | $957M | $718M |
| Total liabilities | β | $29.3M | $17.0M | $65.7M | $134M | $140M | $224M | $164M | $108M |
| Shareholders' equity | β$47.2M | β$69.8M | $93.2M | $95.5M | $346M | $271M | $371M | $793M | $610M |
| Margins | |||||||||
| Operating margin | β787.0% | β304.7% | β190.6% | β500.1% | β561.0% | β806.6% | β704.1% | β595.0% | β340.4% |
| EBITDA margin | β770.9% | β294.8% | β183.6% | β487.8% | β548.9% | β781.1% | β679.9% | β574.6% | β331.5% |
| Net margin | β789.3% | β306.1% | β221.8% | β491.0% | β571.2% | β779.3% | β669.7% | β479.2% | β301.7% |
| FCF margin | β122.7% | β382.1% | β218.6% | β182.8% | β143.8% | β726.7% | β235.6% | β470.5% | β347.2% |
| Returns | |||||||||
| Return on capital | β | β | β | β37.3% | β | β | β | β | β |
| Return on capital employed | β | β29.9% | β25.9% | β37.6% | β14.8% | β32.7% | β36.1% | β23.6% | β37.4% |
| Return on equity | β | β | β261.9% | β54.1% | β30.3% | β36.5% | β56.3% | β29.0% | β31.2% |
| Return on assets | β | β26.8% | β31.9% | β37.6% | β20.9% | β25.3% | β35.9% | β21.8% | β26.2% |
| Return on tangible equity | β | β | β32.8% | β53.4% | β19.3% | β41.6% | β48.7% | β21.3% | β35.9% |
| Growth | |||||||||
| Revenue growth | β | 246.4% | 93.4% | β24.7% | 12.6% | 23.6% | 86.5% | 30.8% | 105.8% |
| Share count change | β | 31.8% | 2,416.6% | 73.3% | 30.9% | 18.4% | 20.0% | 63.5% | 19.0% |
| Financial health | |||||||||
| Debt / equity | β | β | β | 0.2x | 0.1x | 0.1x | 0.1x | β | β |
| Interest coverage | β | β | β | β113.7x | β22.0x | β34.9x | β58.2x | β121.3x | β1,199.3x |
| Current ratio | β | 8.6x | 11.8x | 6.7x | 12.7x | 6.9x | 8.1x | 13.8x | 12.0x |
| Quick ratio | β | 8.6x | 11.8x | 6.7x | 12.7x | 6.9x | 8.1x | 13.8x | 12.0x |
| Capital allocation | |||||||||
| Capex / revenue | 54.0% | 16.6% | 11.3% | 11.5% | 17.4% | 131.3% | 10.9% | 3.5% | 3.2% |
| Stock comp / revenue | 25.0% | 14.3% | 22.3% | 62.7% | 103.3% | 185.2% | 120.4% | 108.0% | 54.4% |
| Quality scores | |||||||||
| Piotroski F-score | β | β | 3.0 | 1.0 | 4.0 | 2.0 | 4.0 | 3.0 | 1.0 |
| Altman Z'' | β | β1.6 | 6.9 | 1.7 | 6.1 | 2.5 | 2.2 | 7.2 | 5.3 |
| Accruals ratio | β | 5.2% | β2.1% | β24.5% | β16.2% | β6.0% | β23.9% | β0.6% | 3.7% |
Source: SEC EDGAR XBRL filings (CIK 0001761612). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
