For those looking to find strong Medical stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Bicycle Therapeutics PLC Sponsored ADR (BCYC) one of those stocks right now? A quick glance at the company's year-to-date performance in comparison to the rest of the Medical sector should help us answer this question.Bicycle Therapeutics PLC Sponsored ADR is one of 1040 companies in the Medical group. The Medical group currently sits at #7 within the Zacks Sector Rank. ...

Group 1 - Bicycle Therapeutics PLC Sponsored ADR (BCYC) has gained approximately 28.1% year-to-date, outperforming the average gain of 6.2% in the Medical sector [2] - The Zacks Consensus Estimate for BCYC's full-year earnings has increased by 14.6% over the past quarter, indicating improved analyst sentiment and a stronger earnings outlook [2] - BCYC is currently ranked 2 (Buy) in the Zacks Rank system, which emphasizes earnings estimates and revisions [1] Group 2 - Bicycle Therapeutics PLC is part of the Medical - Biomedical and Genetics industry, which has seen an average loss of 3.8% year-to-date, highlighting BCYC's superior performance [3] - Another outperforming stock in the Medical sector is Brookdale Senior Living (BKD), which has returned 14.6% year-to-date and is also ranked 2 (Buy) [2] - The Medical - Nursing Homes industry, to which Brookdale Senior Living belongs, is currently ranked 16 and has gained 7.5% year-to-date [3]

Core Viewpoint - Bicycle Therapeutics (BCYC) has entered into a funding agreement to issue 25,933,706 American Depositary Shares (ADS) at $21.42 per share, expected to generate approximately $555 million in gross proceeds, significantly strengthening its cash position and extending its financial runway into the second half of 2027 [1][2]. Group 1: Funding and Financial Position - The PIPE financing will close on May 28, 2024, contingent upon customary closing conditions [1]. - Post-transaction, the company anticipates its cash and cash equivalents to be around $1 billion, which is an estimate subject to change [2]. - Net proceeds from the PIPE funding will support ongoing development activities of its clinical-stage pipeline [2]. Group 2: Clinical Pipeline and Development - Bicycle Therapeutics' lead candidate, BT8009, is being evaluated in two clinical studies for different cancer indications, including metastatic bladder cancer [2][3]. - The company has aligned with the FDA on the design of the Duravelo-2 study, which may lead to accelerated approval for treating metastatic bladder cancer [3]. - The clinical-stage pipeline includes three other candidates: BT5528, BT1718, and BT7480, which are in various stages of development [3]. Group 3: Market Performance - Year to date, BCYC shares have increased by 29.9%, contrasting with a 6% decline in the industry [2].

Core Viewpoint - Bicycle Therapeutics PLC (BCYC) shows significant upside potential with a mean price target of $43.56, indicating an 85.5% increase from its current price of $23.48 [1] Price Targets and Analyst Consensus - The mean estimate consists of nine short-term price targets with a standard deviation of $11.61, suggesting variability in analyst predictions [1] - The lowest estimate of $30 indicates a 27.8% increase, while the highest estimate suggests a 155.5% surge to $60 [1] - A low standard deviation indicates a high degree of agreement among analysts regarding the stock's price movement [4] Earnings Estimates and Revisions - Analysts have shown increasing optimism about BCYC's earnings prospects, with eight estimates revised higher in the last 30 days and no negative revisions [5] - The Zacks Consensus Estimate for the current year has increased by 14.6% due to these positive revisions [5] Zacks Rank and Investment Potential - BCYC holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors [6] - This rank, along with the positive earnings revisions, suggests a strong potential for upside in the near term [6]

The Medical group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Bicycle Therapeutics PLC Sponsored ADR (BCYC) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out.Bicycle Therapeutics PLC Sponsored ADR is a member of the Medical sector. This group includes 1047 individual stocks ...

Bicycle Therapeutics PLC Sponsored ADR (BCYC) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and fol ...

Shares of Bicycle Therapeutics PLC Sponsored ADR (BCYC) have gained 8.1% over the past four weeks to close the last trading session at $24.58, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $43.56 indicates a potential upside of 77.2%.The average comprises nine short-term price targets ranging from a low of $30 to a high of $60, with a standard deviation of $11.61. While the lo ...

PART I - FINANCIAL INFORMATION Presents the company's unaudited financial statements and management's analysis for the quarter [Item 1. Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements.) This section presents the unaudited condensed consolidated financial statements for the three months ended March 31, 2024, including Balance Sheets, Statements of Operations and Comprehensive Loss, Statements of Shareholders' Equity, and Statements of Cash Flows Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $456,997 | $526,423 | | Total current assets | $515,962 | $561,868 | | Total assets | $547,143 | $595,344 | | Total current liabilities | $49,510 | $69,537 | | Total liabilities | $191,095 | $224,412 | | Total shareholders' equity | $356,048 | $370,932 | Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data) | Account | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Collaboration revenues | $19,530 | $4,896 | | Research and development | $34,864 | $32,211 | | General and administrative | $16,382 | $14,488 | | Loss from operations | $(31,716) | $(41,803) | | Net loss | $(26,563) | $(39,064) | | Net loss per share, basic and diluted | $(0.62) | $(1.30) | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(70,869) | $(46,411) | | Net cash used in investing activities | $(12) | $(2,099) | | Net cash provided by financing activities | $1,871 | $2,718 | | Net decrease in cash | $(69,426) | $(45,339) | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's business, liquidity position, accounting policies, and significant agreements - The company is a clinical-stage biopharmaceutical firm developing 'Bicycle® molecules' with key programs including BT8009, BT5528, and BT7480. As of March 31, 2024, it had cash and cash equivalents of **$457.0 million** and believes this is sufficient to fund operations for at least the next twelve months[25](index=25&type=chunk)[26](index=26&type=chunk)[30](index=30&type=chunk) - The company benefits from the UK's R&D tax relief program. In Q1 2024, this resulted in a **$15.3 million** reduction to R&D expenses, which included a **$9.7 million** benefit from a retroactive increase in the reimbursement rate enacted in February 2024[39](index=39&type=chunk)[41](index=41&type=chunk) Collaboration Revenue Breakdown (in thousands) | Partner | Q1 2024 Revenue | Q1 2023 Revenue | | :--- | :--- | :--- | | Bayer | $818 | $0 | | Novartis | $1,247 | $0 | | Ionis | $5,854 | $2,784 | | Genentech | $11,611 | $2,112 | | **Total** | **$19,530** | **$4,896** | - In January 2024, a decision was made with Genentech to discontinue research on Collaboration Program 3. This led to the recognition of **$10.4 million** in revenue during Q1 2024, including **$7.5 million** from the expiration of related material rights[163](index=163&type=chunk) - The company has **$30.0 million** in borrowings outstanding under a loan agreement with Hercules Capital, with interest-only payments until April 1, 2025[54](index=54&type=chunk) - The company has contingent future milestone payment obligations to Cancer Research UK and other third parties totaling **$111.2 million** and **$105.1 million**, respectively. These are not recorded on the balance sheet as they are not considered probable[203](index=203&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=70&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's business strategy, clinical program progress, and financial results, highlighting increased collaboration revenue and a reduced net loss [Overview](index=70&type=section&id=Overview) The company is a clinical-stage biopharmaceutical firm developing novel Bicycle® molecules, with a pipeline focused on oncology and key candidates BT8009 and BT7480 - The company's lead product candidate, BT8009, is being evaluated in an ongoing Phase I/II trial and a new Phase II/III registrational trial called Duravelo-2, which began recruiting patients in Q1 2024[215](index=215&type=chunk)[219](index=219&type=chunk) - The FDA granted Fast Track Designation to BT8009 for previously treated locally advanced or metastatic urothelial cancer in January 2023[216](index=216&type=chunk) - The company's discovery pipeline includes next-generation BTCs, Bicycle radionuclide conjugates (BRCs™), and Bicycle TICA molecules[215](index=215&type=chunk) [Results of Operations](index=84&type=section&id=Results%20of%20Operations) For Q1 2024, collaboration revenue significantly increased, leading to an improved net loss despite rising R&D and G&A expenses Comparison of Operations (in thousands) | Account | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Collaboration revenues | $19,530 | $4,896 | $14,634 | | Research and development | $34,864 | $32,211 | $2,653 | | General and administrative | $16,382 | $14,488 | $1,894 | | Net loss | $(26,563) | $(39,064) | $12,501 | - The **$14.6 million** increase in collaboration revenue was primarily driven by a **$9.5 million** increase from the Genentech agreement (due to discontinuation of a program) and a **$3.1 million** increase from the Ionis agreement[260](index=260&type=chunk)[263](index=263&type=chunk) - R&D expenses increased by **$2.7 million**. This was mainly due to a **$12.4 million** increase in costs for the BT8009 program's new Phase II/III trial, offset by an **$8.2 million** increase in UK R&D tax incentives[265](index=265&type=chunk) [Liquidity and Capital Resources](index=88&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2024, the company had **$457.0 million** in cash and cash equivalents, deemed sufficient for at least the next 12 months of operations - The company had cash and cash equivalents of **$457.0 million** as of March 31, 2024, which is expected to fund operations for at least 12 months from the filing date[229](index=229&type=chunk)[285](index=285&type=chunk) - Net cash used in operating activities increased to **$70.9 million** in Q1 2024 from **$46.4 million** in Q1 2023, primarily due to increased operational activities, including upfront payments for the Phase II/III Duravelo-2 registrational trial, and changes in working capital[272](index=272&type=chunk) - The company has an outstanding loan of **$30.0 million** with Hercules and may draw up to an additional **$45.0 million**. It also has an at-the-market (ATM) equity offering program, though no sales were made under it in Q1 2024[276](index=276&type=chunk)[277](index=277&type=chunk) [Quantitative and Qualitative Disclosure About Market Risk](index=96&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) The company's primary market risks are interest rate sensitivity on cash and debt, and foreign currency exchange risk from UK operations - The company is exposed to interest rate risk on its **$457.0 million** of cash and cash equivalents and its **$30.0 million** of variable-rate debt. The debt's interest rate is capped at **9.05%**[294](index=294&type=chunk)[296](index=296&type=chunk) - The company is exposed to foreign currency risk as its UK subsidiaries use GBP as their functional currency, while the consolidated financial statements are presented in USD. Exchange rate fluctuations can impact reported results[297](index=297&type=chunk)[299](index=299&type=chunk) [Controls and Procedures](index=98&type=section&id=Item%204.%20Controls%20and%20Procedures) The company's disclosure controls and procedures were effective as of March 31, 2024, with no material changes in internal control over financial reporting during the quarter - Management concluded that disclosure controls and procedures were effective as of March 31, 2024[300](index=300&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended March 31, 2024, that have materially affected, or are reasonably likely to materially affect, internal controls[301](index=301&type=chunk) PART II - OTHER INFORMATION Details legal proceedings, risk factors, and other required disclosures for the reporting period [Legal Proceedings](index=100&type=section&id=Item%201.%20Legal%20Proceedings.) The company states that it is not currently subject to any material legal proceedings - The company is not currently a party to any material legal proceedings[303](index=303&type=chunk) [Risk Factors](index=100&type=section&id=Item%201A.%20Risk%20Factors.) This section outlines significant risks that could adversely affect the company's business, including financial, operational, and intellectual property challenges - The company has a history of significant operating losses, with an accumulated deficit of **$538.3 million** as of March 31, 2024, and expects to incur increasing losses for the foreseeable future[305](index=305&type=chunk)[317](index=317&type=chunk) - The business is substantially dependent on the success of its BTC® and TICA® programs, which represent a new category of medicines and may face heightened regulatory scrutiny[306](index=306&type=chunk)[352](index=352&type=chunk) - The company relies on third parties for manufacturing its product candidates and for conducting clinical trials, which introduces risks related to supply, quality, and regulatory compliance[314](index=314&type=chunk)[533](index=533&type=chunk)[541](index=541&type=chunk) - The company faces risks related to protecting its intellectual property, including the potential for patents to be found invalid and the possibility of costly infringement lawsuits[315](index=315&type=chunk)[558](index=558&type=chunk)[590](index=590&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=215&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) This item is marked as 'Not Applicable' in the report - Not Applicable[664](index=664&type=chunk) [Defaults Upon Senior Securities](index=217&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) This item is marked as 'Not Applicable' in the report - Not Applicable[666](index=666&type=chunk) [Mine Safety Disclosures](index=217&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) This item is marked as 'Not Applicable' in the report - Not Applicable[666](index=666&type=chunk) [Other Information](index=217&type=section&id=Item%205.%20Other%20Information.) The company reports that none of its directors or officers adopted or terminated any Rule 10b5-1 trading plans during the last fiscal quarter - During the last fiscal quarter, no directors or officers adopted or terminated any contracts, instructions, or written plans for the purchase or sale of the company's securities[666](index=666&type=chunk) [Exhibits](index=218&type=section&id=Item%206.%20Exhibits.) This section lists the exhibits filed with the quarterly report, including an amendment to the collaboration agreement with Ionis Pharmaceuticals, CEO and CFO certifications, and XBRL data files - The report includes several exhibits, such as Amendment No. 4 to the Collaboration and License Agreement with Ionis Pharmaceuticals, Inc., and certifications by the Principal Executive Officer and Principal Financial Officer[668](index=668&type=chunk)

Exhibit 99.1 Bicycle Therapeutics Reports Recent Business Progress and First Quarter 2024 Financial Results Multiple preclinical and clinical abstracts accepted for presentation at 2024 ASCO Annual Meeting and AACR Annual Meeting underscore breadth of Bicycle platform technology and pipeline Continued progress across research and development (R&D) pipeline, with numerous clinical data readouts and updates expected in 2H 2024 Mike Hannay, D.Sc., FRPharmS, promoted to Chief Product and Supply Chain Of icer Ca ...

CAMBRIDGE, England & BOSTON--(BUSINESS WIRE)--Bicycle Therapeutics plc (NASDAQ: BCYC), a biopharmaceutical company pioneering a new and differentiated class of therapeutics based on its proprietary bicyclic peptide (Bicycle®) technology, today announced the acceptance of three abstracts for poster presentation at the American Association for Cancer Research (AACR) Annual Meeting 2024, taking place in San Diego on April 5-10. Poster Presentation Details: Title: Bicycle Toxin Conjugates® for the treatment o ...