Financial Performance - The company has incurred net losses of $59.1 million and $198.8 million for the three and nine months ended September 30, 2025, respectively, with an accumulated deficit of $879.6 million[143][144]. - The net loss for the nine months ended September 30, 2025, was $198.8 million, compared to a net loss of $117.2 million in the same period of 2024, reflecting an increase of $81.6 million[181]. - The net loss for Q3 2025 was $59.1 million, compared to a net loss of $50.8 million in Q3 2024, reflecting an increase of $8.3 million[173]. - The company recorded a net loss of $59.1 million for the three months ended September 30, 2025, compared to a net loss of $50.8 million in 2024[173]. Revenue and Collaboration - The company has not generated any revenue from product sales and does not expect to do so in the foreseeable future[152]. - Collaboration revenue increased by $9.1 million to $11.7 million for the three months ended September 30, 2025, compared to $2.7 million in the same period of 2024[174]. - Collaboration revenue decreased by $6.9 million to $24.6 million for the nine months ended September 30, 2025, mainly due to the completion of performance obligations with Ionis and Novartis[182]. - The company achieved a milestone of $2.0 million from its collaboration with Ionis during the three months ended September 30, 2025[174]. - Collaboration revenue increased by $9.1 million in Q3 2025 compared to Q3 2024, driven by $6.0 million from Genentech, $2.0 million from Ionis, and $0.9 million from Novartis[174]. Expenses and Cost Management - The company anticipates a 30% reduction in planned operating costs, primarily through a workforce reduction of approximately 25%[141]. - General and administrative expenses are expected to increase as the company expands its headcount to support research and development and potential commercialization efforts[166]. - Total operating expenses for Q3 2025 were $77.3 million, an increase of $10.8 million from $66.5 million in Q3 2024[173]. - Research and development expenses rose by $10.2 million to $58.4 million for the three months ended September 30, 2025, compared to $48.3 million in 2024[175]. - Research and development expenses rose by $65.3 million to $188.5 million for the nine months ended September 30, 2025, driven by increased clinical program expenses for zelenectide pevedotin[183]. - Total general and administrative expenses for the nine months ended September 30, 2025, were $58.5 million, an increase of $7.9 million compared to the prior year, largely due to higher personnel-related costs and professional fees[185]. Cash and Funding - As of September 30, 2025, the company had cash and cash equivalents of $648.3 million, which is expected to fund operations for at least 12 months[151]. - The company completed a Private Placement on May 28, 2024, resulting in net proceeds of $544.1 million[190]. - Net cash used in operating activities increased by $75.0 million to $230.3 million for the nine months ended September 30, 2025, primarily due to higher cash payments for clinical program activities[192]. - Cash flows from investing activities were $1.8 million for the nine months ended September 30, 2025, compared to $0.9 million in 2024, primarily for purchases of property and equipment[193]. - The company expects existing cash and cash equivalents to fund operating expenses and capital requirements for at least 12 months from the filing date of the Quarterly Report[204]. Research and Development - The company is evaluating multiple product candidates in ongoing clinical trials, including zelenectide pevedotin and BT5528, targeting various cancers[135][138]. - The company plans to expand its pipeline with next-generation BDC and BRC molecules, leveraging its proprietary screening platform[140][148]. - The company expects to continue increasing research and development expenses due to an expanded portfolio of product candidates and ongoing clinical trials[159]. - The company has incurred approximately $260.8 million in direct external expenses for the development of zelenectide pevedotin since its candidate nomination[177]. - The company plans to continue developing product candidates, including ongoing trials for zelenectide pevedotin and BT5528, and aims to expand its pipeline of BRC and next-generation BDC molecules[199]. Future Outlook and Risks - The company expects significant increases in expenses and capital requirements as it advances product candidates into later-stage clinical trials[145]. - The company anticipates restrictions on tax relief for expenditures incurred on sub-contracted R&D activities not carried out in the U.K. starting in 2025[157]. - High inflation rates and economic uncertainty may adversely affect the company's operating results and cash flows, impacting costs associated with clinical trial materials and supplies[207]. - Future capital requirements will depend on various factors, including the scope and costs of drug discovery and clinical trials, as well as the ability to raise capital amid unfavorable economic conditions[205]. - The company has future milestone payments totaling $105.8 million contingent upon achieving specified development and regulatory milestones[203].

Financial Performance - Cash and cash equivalents were $648.3 million as of September 30, 2025, down from $879.5 million as of December 31, 2024, primarily due to cash used in operations [12]. - Net loss for Q3 2025 was $59.1 million, or $(0.85) per share, compared to a net loss of $50.8 million, or $(0.74) per share, for Q3 2024 [12]. - Collaboration revenue for Q3 2025 reached $11.734 million, a significant increase from $2.676 million in Q3 2024 [15]. - Total operating expenses for Q3 2025 were $77.285 million, up from $66.522 million in Q3 2024, reflecting a year-over-year increase of approximately 25.5% [15]. - Net loss for Q3 2025 was $59.100 million, compared to a net loss of $50.802 million in Q3 2024, representing an increase in loss of about 16.5% [15]. - Interest and other income for Q3 2025 was $6.700 million, down from $10.583 million in Q3 2024, showing a decrease of approximately 36.5% [15]. - The provision for income taxes for Q3 2025 was $205, contrasting with a benefit from income taxes of $(3,448) in Q3 2024 [15]. Research and Development - R&D expenses increased to $58.4 million for Q3 2025, compared to $48.3 million for Q3 2024, reflecting higher clinical program expenses and personnel-related costs [12]. - Research and development expenses for the nine months ended September 30, 2025, totaled $188.513 million, compared to $123.188 million for the same period in 2024, indicating a year-over-year increase of approximately 53.1% [15]. - The company is actively seeking regulatory feedback on its product candidates to inform future development strategies [2]. - Bicycle Therapeutics is developing multiple product candidates, including BT5528 and BT7480, with data presentations expected in the first half of 2026 [6]. - The Phase 1/2 Duravelo-3 trial for zelenectide pevedotin in NECTIN4-amplified breast cancer is actively enrolling, with data presented at the ESMO Congress 2025 [6]. - The company anticipates initial EphA2 human imaging data in the first half of 2026 and the initiation of its first company-sponsored clinical trial in 2026 [4]. Financial Position - Total assets as of September 30, 2025, were $763.954 million, reflecting a strong asset base for the company [17]. - Total shareholders' equity as of September 30, 2025, was $618.479 million, indicating a solid equity position [17]. - The weighted average ordinary shares outstanding for Q3 2025 was 69,303,746, slightly up from 68,988,858 in Q3 2024 [15]. Strategic Initiatives - The company expects to provide updates on the dose selection for the Duravelo-2 trial and the potential approval pathway for zelenectide pevedotin in metastatic urothelial cancer in Q1 2026 [5]. - Bicycle Therapeutics has strengthened its Board of Directors with the addition of notable oncology leaders to enhance innovation and strategic growth [6]. - The company received $38.2 million related to its U.K. R&D tax credit claim in October 2025, which will extend its financial runway into 2028 [1].

Core Insights - Bicycle Therapeutics (NASDAQ: BCYC) shows potential for investment due to a strong cash position and promising early-stage data in clinical trials [1] Company Analysis - The company has a solid cash position, which is crucial for funding ongoing and future clinical trials [1] - Early-stage data from clinical trials has been encouraging, indicating potential for successful product development [1] Industry Context - The biotech industry is characterized by high volatility and risk, making thorough analysis and due diligence essential for investors [1]

Group 1: Company Overview - Sana Biotechnology (SANA) is valued at $837.6 million and focuses on creating modified cells and gene therapies to repair or replace damaged cells and control gene expression [4] - The company has significantly expanded its financial runway, ending Q2 with $72.7 million in cash, which increased to a pro forma $177.2 million after capital raises, expected to fund operations until the second half of 2026 [1] Group 2: Product Development and Clinical Trials - Sana is developing a functional treatment for diabetes that does not require lifelong immunosuppression, which is considered a promising initiative [1] - The company is also working on allogeneic CAR T therapies, including SC291 for autoimmune diseases and SC262 for relapsed/refractory B-cell malignancies, with results from Phase 1 trials expected by 2025 [2] - The UP421 trial, using hypoimmune-modified pancreatic islet cells for type 1 diabetes, has shown success, leading to a 100% increase in stock price year-to-date [3] Group 3: Market Sentiment and Analyst Ratings - Wall Street rates SANA stock as a "Strong Buy," with seven out of nine analysts recommending it, and an average target price of $9.17, indicating a potential upside of 169.7% [6] - The highest estimate for the stock is $15, suggesting a possible increase of 341.2% in the next 12 months [6]

Group 1 - Bicycle Therapeutics announced new board appointments, including Roger Dansey and Hervé Hoppenot, who are recognized for their contributions in the oncology biotech sector [2] - The recent appointments follow earlier additions of Charles Swanton and Alessandro Riva to the board, indicating a strategic focus on enhancing leadership in oncology [2] - The company aims to establish itself as a leading oncology powerhouse by building a strong board and senior management team [3]

Group 1 - Bicycle Therapeutics announced new board appointments, including Roger Dansey and Hervé Hoppenot, who are recognized for their contributions in the oncology biotech sector [2] - The recent appointments follow earlier additions of Charles Swanton and Alessandro Riva to the board, indicating a strategic focus on enhancing leadership in oncology [2] - The company aims to establish itself as a leading oncology powerhouse by building a strong board and senior management team [3]

[PART I - FINANCIAL INFORMATION](index=7&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements.) This section presents unaudited condensed consolidated financial statements, showing increased net loss, decreased cash, and an accumulated deficit from higher R&D [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows decreased total assets and shareholders' equity, driven by reduced cash and increased accumulated deficit Balance Sheet Summary (in thousands) | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Cash and cash equivalents | $721,451 | $879,520 | | Total current assets | $804,262 | $928,605 | | Total assets | $832,184 | $956,868 | | Total current liabilities | $77,422 | $67,230 | | Total liabilities | $163,269 | $163,808 | | Total shareholders' equity | $668,915 | $793,060 | | Accumulated deficit | $(820,497) | $(680,791) | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Net loss significantly increased for Q2 and H1 2025, driven by higher R&D expenses and decreased collaboration revenue Financial Performance (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Collaboration revenue | $2,920 | $9,361 | $12,897 | $28,891 | | Research and development | $71,029 | $40,059 | $130,087 | $74,923 | | General and administrative | $18,493 | $15,949 | $39,616 | $32,331 | | Total operating expenses | $89,522 | $56,008 | $169,703 | $107,254 | | Loss from operations | $(86,602) | $(46,647) | $(156,806) | $(78,363) | | Net loss | $(78,952) | $(39,812) | $(139,706) | $(66,375) | | Net loss per share (basic & diluted) | $(1.14) | $(0.77) | $(2.02) | $(1.40) | [Condensed Consolidated Statements of Shareholders' Equity](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders'%20Equity) Shareholders' equity decreased to **$668.9 million** by June 30, 2025, due to net loss and negative foreign currency adjustments Changes in Shareholders' Equity (in thousands) | Item | Balance at Dec 31, 2024 | Q1 2025 Activity | Q2 2025 Activity | Balance at Jun 30, 2025 | | :--------------------------------------- | :---------------------- | :--------------- | :--------------- | :---------------------- | | Ordinary Shares (Amount) | $890 | $2 | $1 | $893 | | Additional Paid-in Capital | $1,472,842 | $9,605 | $9,435 | $1,491,882 | | Accumulated Other Comprehensive (Loss) Income | $119 | $(1,580) | $(1,902) | $(3,363) | | Accumulated Deficit | $(680,791) | $(60,754) | $(78,952) | $(820,497) | | Total Shareholders' Equity | $793,060 | $740,333 | $668,915 | $668,915 | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities increased to **$159.2 million** for H1 2025, driven by higher clinical program expenses Cash Flow Summary (Six Months Ended June 30, in thousands) | Cash Flow Activity | 2025 | 2024 | | :---------------------------------- | :----------- | :----------- | | Net cash used in operating activities | $(159,156) | $(115,496) | | Net cash used in investing activities | $(1,102) | $(432) | | Net cash (used in) provided by financing activities | $(86) | $551,477 | | Effect of exchange rate changes | $2,275 | $(608) | | Net (decrease) increase in cash | $(158,069) | $434,941 | | Cash, cash equivalents and restricted cash at end of period | $721,998 | $961,911 | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the company's clinical-stage oncology focus, **$721.5 million** cash, recurring losses, and subsequent workforce reduction - Bicycle Therapeutics plc is a clinical-stage pharmaceutical company developing Bicycle® molecules for underserved diseases, primarily oncology. Key product candidates include zelenectide pevedotin (Nectin-4), BT5528 (EphA2), and BT7480 (Nectin-4 and CD137)[25](index=25&type=chunk) - As of June 30, 2025, the company had cash and cash equivalents of **$721.5 million** and an accumulated deficit of **$820.5 million**, expecting to fund operations for at least 12 months[27](index=27&type=chunk)[30](index=30&type=chunk) - The company recognized collaboration revenue of **$2.9 million** and **$12.9 million** for the three and six months ended June 30, 2025, respectively, a decrease from the prior year due to completion of certain performance obligations and expiration of material rights in collaborations with Ionis, Novartis, and Genentech[82](index=82&type=chunk)[169](index=169&type=chunk)[176](index=176&type=chunk) - Research and development expenses increased significantly by **$31.0 million** (QoQ) and **$55.2 million** (YoY) due to advancing clinical trials for zelenectide pevedotin (Duravelo-2 and NECTIN4 amplified breast cancer trials) and pipeline development, partially offset by R&D incentives[170](index=170&type=chunk)[177](index=177&type=chunk) - In August 2025, the company announced cost reduction initiatives, including a workforce reduction of approximately **25%**, expected to reduce planned operating costs by **30%** and incur **$5.3 million** in severance charges[128](index=128&type=chunk)[139](index=139&type=chunk)[477](index=477&type=chunk) - Genentech provided notice of termination for the Genentech Collaboration Agreement, effective August 2025, leading to an expected recognition of **$6.5 million** in deferred revenue in Q3 2025[94](index=94&type=chunk)[127](index=127&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses financial condition, highlighting oncology pipeline, increased net losses from R&D, and future funding needs - Bicycle Therapeutics is a clinical-stage pharmaceutical company developing Bicycle® molecules, a novel therapeutic modality combining biologic pharmacology with small molecule properties, primarily for oncology indications[131](index=131&type=chunk) - Key product candidates include zelenectide pevedotin (Nectin-4 BDC), BT5528 (EphA2 BDC), and BT7480 (Nectin-4/CD137 Bicycle TICA), all in Phase I/II or Phase II/III clinical trials[133](index=133&type=chunk) - The company incurred net losses of **$79.0 million** and **$139.7 million** for the three and six months ended June 30, 2025, respectively, with an accumulated deficit of **$820.5 million** as of June 30, 2025[141](index=141&type=chunk) - Collaboration revenue decreased by **$6.4 million** (QoQ) and **$16.0 million** (YoY) due to the completion of performance obligations and expiration of material rights in agreements with Ionis, Novartis, and Genentech[169](index=169&type=chunk)[176](index=176&type=chunk) - Research and development expenses increased by **$31.0 million** (QoQ) and **$55.2 million** (YoY), primarily due to increased clinical program expenses for zelenectide pevedotin, pipeline development, and higher employee-related costs[170](index=170&type=chunk)[177](index=177&type=chunk) - As of

[Executive Summary](index=1&type=section&id=Executive%20Summary) Bicycle Therapeutics advanced R&D, initiated trial, strengthened leadership, and realigned costs, extending financial runway [Recent Business Highlights](index=1&type=section&id=Recent%20Business%20Highlights) Bicycle Therapeutics advanced its R&D pipeline, initiated a key clinical trial, enhanced leadership, and strategically realigned costs to extend its financial runway - Key program updates are expected in the second half of **2025**[1](index=1&type=chunk) - The Phase 1/2 Duravelo-4 trial for zelenectide pevedotin in NECTIN4-amplified non-small cell lung cancer is open and actively recruiting patients[1](index=1&type=chunk) - The company strengthened clinical leadership and bolstered its roster of scientific advisors with additions to the Board of Directors and the creation of a Research and Innovation Advisory Board[1](index=1&type=chunk) - A strategic cost realignment of approximately **30%** was implemented, primarily through a workforce reduction[1](index=1&type=chunk) Cash and Financial Runway | Metric | Value | | :-------------------- | :-------------------- | | Cash and cash equivalents (as of June 30, 2025) | $721.5 million | | Expected financial runway | Extended into 2028 | [CEO Statement and Strategic Focus](index=1&type=section&id=CEO%20Statement%20and%20Strategic%20Focus) CEO Kevin Lee emphasized the company's strategy grounded in scientific rigor, focusing on next-generation precision-guided therapeutics, pipeline progress, disciplined capital allocation, and organizational streamlining - The company's strategy is grounded in scientific rigor and focused on developing next-generation precision-guided therapeutics to help patients[2](index=2&type=chunk) - Bicycle Therapeutics remains committed to disciplined capital allocation while advancing pipeline programs[2](index=2&type=chunk) - Organizational streamlining efforts provide operational flexibility to deliver value-generating datasets and strengthen the financial position in uncertain market conditions[2](index=2&type=chunk) [Recent Business Progress and Pipeline Updates](index=1&type=section&id=Recent%20Business%20Progress%20and%20Pipeline%20Updates) This section details Bicycle Therapeutics' R&D pipeline advancements, including BRC and BDC program updates, corporate governance changes, and upcoming investor conferences [Research and Development Pipeline](index=1&type=section&id=Research%20and%20Development%20Pipeline) Bicycle Therapeutics provided updates on its BRC and BDC programs, including new imaging data, trial progress, and strategic adjustments to its clinical development plan [Bicycle Radioconjugates (BRC)](index=1&type=section&id=Bicycle%20Radioconjugates%20%28BRC%29) Additional human imaging data for an early BRC molecule targeting MT1-MMP were presented, validating MT1-MMP as a cancer target and demonstrating positive BRC properties - Presented additional human imaging data for an early BRC molecule targeting MT1-MMP at AACR 2025, validating MT1-MMP as a novel cancer target and demonstrating positive properties of BRC molecules for radiopharmaceutical imaging[3](index=3&type=chunk) - Imaging data from two patients are representative of data generated in **12 out of 14 patients** with various solid tumors[3](index=3&type=chunk) - Initial EphA2 human imaging data are expected in **2H 2025**, and company-sponsored clinical trials are planned for **2026**[3](index=3&type=chunk) [Bicycle Drug Conjugates (BDC) - Zelenectide Pevedotin](index=2&type=section&id=Bicycle%20Drug%20Conjugates%20%28BDC%29%20-%20Zelenectide%20Pevedotin) Two abstracts highlighting zelenectide pevedotin development for metastatic urothelial cancer (mUC) were presented at ASCO 2025, with updates on dose selection and accelerated approval pathway expected in **4Q 2025** - Presented two abstracts at ASCO 2025 highlighting the development of zelenectide pevedotin for metastatic urothelial cancer (mUC), including topline combination data from Duravelo-1 and an overview of the ongoing Phase 2/3 Duravelo-2 registrational trial[4](index=4&type=chunk) - An update on dose selection from the Duravelo-2 trial and the accelerated approval pathway for zelenectide pevedotin in mUC is expected following an FDA meeting planned for **4Q 2025**[4](index=4&type=chunk) - The Phase 1/2 Duravelo-4 trial for zelenectide pevedotin in NECTIN4-amplified non-small cell lung cancer (NSCLC) is open and actively recruiting patients, leveraging NECTIN4 gene amplification as a biomarker[5](index=5&type=chunk) - The previously announced Phase 1/2 Duravelo-5 trial in multiple tumors has been paused[6](index=6&type=chunk) [Corporate Governance and Leadership](index=2&type=section&id=Corporate%20Governance%20and%20Leadership) Bicycle Therapeutics expanded its Board of Directors, formed a new Research and Innovation Advisory Board (RAB), and welcomed new clinical development leadership [Board of Directors Expansion](index=2&type=section&id=Board%20of%20Directors%20Expansion) The Board of Directors was expanded with the addition of Charles Swanton, M.D., Ph.D., FRS, FMedSci, FRCP, recognized for his research on tumor evolution and cancer diversity - Charles Swanton, M.D., Ph.D., FRS, FMedSci, FRCP, was added to the Board of Directors[6](index=6&type=chunk) - Dr. Swanton leads the Cancer Evolution and Genome Instability Laboratory at the Francis Crick Institute and is known for his research on how tumors evolve[6](index=6&type=chunk) [Research and Innovation Advisory Board (RAB) Formation](index=2&type=section&id=Research%20and%20Innovation%20Advisory%20Board%20%28RAB%29%20Formation) A new Research and Innovation Advisory Board (RAB) was formed to support scientific advancement and strategic growth across preclinical programs, replacing the previous Scientific Advisory Board - A Research and Innovation Advisory Board (RAB) was formed to support scientific advancement and strategic growth across preclinical programs, replacing the Scientific Advisory Board[6](index=6&type=chunk) - Inaugural RAB members include Jose-Carlos Gutierrez-Ramos, Ph.D., Jason Lewis, Ph.D., Robert Lutz, Ph.D., and Michael Hofman, MBBS, FRACP, FAANMS, FICIS, GAICD[6](index=6&type=chunk)[8](index=8&type=chunk) [New Clinical Development Leadership](index=3&type=section&id=New%20Clinical%20Development%20Leadership) Michael Method, M.D., joined as Senior Vice President of Clinical Development, bringing extensive drug development experience from Karyopharm Therapeutics, ImmunoGen, and Eli Lilly - Michael Method, M.D., joined as Senior Vice President of Clinical Development[8](index=8&type=chunk) - Dr. Method brings extensive drug development experience from previous roles at Karyopharm Therapeutics, ImmunoGen, Inc., and Eli Lilly[8](index=8&type=chunk) [Upcoming Investor Conferences](index=3&type=section&id=Upcoming%20Investor%20Conferences) Bicycle Therapeutics management is scheduled to participate in two investor conferences in September: the Cantor Global Healthcare Conference on September 4th and the Morgan Stanley 23rd Annual Global Healthcare Conference on September 9th - Bicycle Therapeutics management will participate in the Cantor Global Healthcare Conference on Thursday, Sept. 4, with a fireside chat at **3:55 p.m. ET**[8](index=8&type=chunk) - The company will also participate in the Morgan Stanley 23rd Annual Global Healthcare Conference on Tuesday, Sept. 9, with a fireside chat at **7:45 a.m. ET**[8](index=8&type=chunk) [Second Quarter 2025 Financial Results](index=4&type=section&id=Second%20Quarter%202025%20Financial%20Results) This section provides an overview of Bicycle Therapeutics' Q2 2025 financial performance, highlighting strategic cost realignment, key financial metrics, and changes in operating expenses and net loss [Financial Overview and Strategic Cost Realignment](index=4&type=section&id=Financial%20Overview%20and%20Strategic%20Cost%20Realignment) Bicycle Therapeutics implemented a workforce reduction and operational optimizations, expecting approximately **30%** in total operational savings and extending the financial runway into **2028** - Bicycle Therapeutics is implementing a workforce reduction and other steps to optimize operations and extend its financial runway[10](index=10&type=chunk) - These strategic cost realignment efforts prioritize high-impact programs, including zelenectide pevedotin, BT5528, next-generation BDCs, and wholly-owned BRCs[10](index=10&type=chunk) - The company anticipates total operational savings of approximately **30%** over the financial runway period[10](index=10&type=chunk) - These actions are expected to extend the financial runway into **2028**[10](index=10&type=chunk) [Key Financial Highlights](index=4&type=section&id=Key%20Financial%20Highlights) For Q2 2025, Bicycle Therapeutics reported decreased cash and cash equivalents due to increased operational and clinical program expenses, leading to a higher net loss per share Cash and Cash Equivalents | Metric | June 30, 2025 | December 31, 2024 | Change | | :-------------------- | :-------------- | :---------------- | :----- | | Cash and cash equivalents | $721.5 million | $879.5 million | -$158.0 million | - The decrease in cash and cash equivalents is primarily due to cash used in operations, including increased cash payments for clinical program activities[12](index=12&type=chunk) Selected Operating Expenses (Three Months Ended June 30) | Expense Category | 2025 (Millions) | 2024 (Millions) | Change (Millions) | Change (%) | | :------------------------ | :-------------- | :-------------- | :---------------- | :--------- | | Research and development | $71.0 | $40.1 | +$30.9 | +77.1% | | General and administrative | $18.5 | $15.9 | +$2.6 | +16.4% | - The increase in R&D expenses was primarily due to increased clinical program expenses for zelenectide pevedotin development, increased discovery, platform, and other expenses, and increased personnel-related costs, partially offset by decreased clinical program expenses for Bicycle TICA molecules and higher U.K. R&D tax

Zelenectide Pevedotin (Nectin-4 Targeting Bicycle Drug Conjugate) - Zelenectide pevedotin targets Nectin-4, which is highly expressed in many tumors, and is being studied as a potential treatment for multiple solid tumors including mUC, TNBC, and NSCLC[19, 20] - In the Duravelo-1 Ph1 study, zelenectide has shown a promising response and differentiated safety profile in 2L+ EV-naïve mUC, with an ORR of 45% (17/38 patients)[22, 26] - In the Duravelo-1 Ph1 study, zelenectide + pembrolizumab has shown an encouraging response in 1L cisplatin-ineligible mUC, with an ORR of 65% (13/20 patients) including a Complete Response of 25% (5/20 patients)[36, 38] - Patients with NECTIN4 gene amplification show an enhanced response to zelenectide in 2L+ TNBC and NSCLC, with ORRs of 57% (4/7) and 40% (2/5) respectively in NECTIN4-amplified patients[49, 55] - The company initiated the Duravelo-3 trial in March 2025 in NECTIN4-amplified breast cancer and plans to initiate Duravelo-4 and Duravelo-5 trials in 2H 2025 in NECTIN4-amplified NSCLC and multi-tumor respectively[60, 62] Bicycle Radioconjugates (BRC) - BRC molecules show selective tumor uptake and ideal PK across a range of targets and tumor models, including MT1-MMP, EphA2, and CD38[71, 72] - Early MT1-MMP-targeting BRC molecules show high tumor enrichment in PET imaging studies, with first human MT1-MMP imaging representative of data seen in 12 patients with various solid tumors[80, 83] - EphA2 is a tumor antigen that is widely expressed in many cancers, with 60% of pancreatic cancer and 58% of bladder cancer cases testing positive[101, 93] BT5528 (EphA2 Targeting BDC Molecule) - BT5528 demonstrated anti-tumor activity in patients with advanced solid tumors, particularly in mUC, with an ORR of 34% (10/29 patients) in all monotherapy dose escalation and expansion[119] - BT5528 delivers 10x more drug to the tumor compared to plasma in patients, demonstrating efficient and durable tumor MMAE delivery[112, 113] - In clinical trials, treatment-related adverse events of interest were of low frequency and severity, with peripheral neuropathy occurring in 20% (26/128) of patients and neutropenia in 10% (13/128) of patients[131] BT7480 (Bicycle TICA Molecule) - BT7480 was generally well-tolerated, with any grade treatment-related AEs occurring in 49% (19/39) of patients, the most common being fatigue (23%)[157, 159] - BT7480 showed preliminary antitumor activity in patients with advanced Nectin-4–associated solid tumors, with a clinical benefit rate of 38% (15/40 patients)[160, 161]

Zelenectide Pevedotin (Nectin-4 Targeting Bicycle Drug Conjugate) - In the Duravelo-1 Ph1 study, 45% ORR (17/38) was observed in 2L+ EV-naïve mUC patients treated with zelenectide [26] - In the Duravelo-1 Ph1 study, 65% ORR (13/20) was observed in 1L cisplatin-ineligible mUC patients treated with zelenectide + pembrolizumab [38] - In TNBC patients with NECTIN4 gene amplification, 57% ORR (4/7) and 100% DCR (7/7) were observed with zelenectide monotherapy [56] - In NSCLC patients with NECTIN4 gene amplification, 40% ORR (2/5) and 100% DCR (5/5) were observed with zelenectide monotherapy [56] - The company plans to initiate the Duravelo-4 trial in NECTIN4-amplified NSCLC and the Duravelo-5 trial in NECTIN4-amplified multi-tumor in 2H 2025 [63] BT5528 (EphA2 Targeting Bicycle Drug Conjugate) - In all cancers, 12% ORR (14/113) was observed with BT5528 monotherapy at 6.5 mg/m2 Q2W dose esc+exp [120] - In urothelial cancer, 34% ORR (10/29) was observed with BT5528 monotherapy at 6.5 mg/m2 Q2W dose esc+exp [120] - BT5528 delivers 10x more drug to the tumor compared to plasma in patients [114] BT7480 (Tumor-Targeted Immune Cell Agonist) - 49% of patients experienced any grade treatment-related AEs (TRAEs) with BT7480, the most common being fatigue (23%) and headache (10%) [159] - 5% ORR (2/40) was observed with BT7480 in all patients [161] Financial Position - The company had $793 million in cash and cash equivalents as of March 31, 2025, with expected financial runway into 2H 2027 [6]