Bicycle Therapeutics (BCYC) Financial Statements & Analysis

Bicycle Therapeutics (BCYC) Income Statement

Bicycle Therapeutics reported revenue of $72.59M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 105.8% from $35.27M a year earlier. Bicycle Therapeutics posted a net loss of $218.96M, compared with a net loss of $169.03M a year earlier. Gross margin was 100.0% and operating margin -341.3%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $629.00K, down 78.5% from the same quarter a year earlier.

Bicycle Therapeutics Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Bicycle Therapeutics plc income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	72.59	35.28	26.98	14.46	11.70	10.39	13.80	7.14	2.06
Cost of Revenue	0.00	164.86	147.65	81.61	0.00	33.15	25.54	20.76	11.87
Gross Profit	72.59	35.28	26.98	14.46	11.70	-22.76	-11.74	-13.63	-9.81
Operating Expenses
Research & Development	240.28	172.97	156.50	81.61	44.88	33.15	31.64	20.76	11.87
Selling, General & Administrative	80.02	79.19	60.43	49.51	32.44	29.20	14.56	8.12	6.41
Operating Expenses	320.30	245.15	216.92	131.12	77.32	29.20	14.56	28.88	18.27
Operating Income	-247.72	-209.87	-189.95	-116.65	-65.62	-51.96	-26.30	-21.75	-16.21
Other Income/Expense
Interest Income	28.46	34.28	14.00	5.76	0.12	0.68	0.81	0.17	0.05
Interest Expense	0.21	-1.73	3.26	3.34	2.98	-0.46	0.00	0.00	0.00
Other Income/Expense	28.91	68.63	-0.59	-0.56	-2.86	0.23	-4.56	-0.50	-0.07
Income
Income Before Tax	-218.81	-173.80	-179.21	-114.24	-68.48	-51.73	-30.86	-22.24	-16.28
Income Tax Expense	0.15	-4.77	1.46	-1.52	-1.66	-0.72	-0.25	-0.40	-0.02
Net Income	-218.96	-169.03	-180.66	-112.72	-66.82	-51.01	-30.61	-21.85	-16.26
Net Income - Continuous Operations	-218.96	-169.03	-180.66	-112.72	-66.82	-51.01	-30.61	-21.85	-16.26
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	-212.18	-201.60	-169.40	-107.21	-64.09	-50.68	-25.34	-21.49	-15.88
EBIT	-242.87	-208.77	-175.94	-110.90	-65.62	-51.96	-	-	-
Depreciation & Amortization	6.42	7.17	6.55	3.69	1.41	1.28	0.96	0.71	0.34
Earnings Per Share
Basic EPS	-3.00	-3.00	-5.00	-4.00	-3.00	-3.00	-3.00	-2.00	-1.00
Diluted EPS	-3.00	-3.00	-5.00	-4.00	-3.00	-3.00	-3.00	-2.00	-1.00
Basic Shares Outstanding	69.28	58.21	35.59	29.66	25.06	19.15	11.05	13.29	13.29
Diluted Shares Outstanding	69.28	58.21	35.59	29.66	25.06	19.15	11.05	13.29	13.29

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Bicycle Therapeutics Financial Statements

What was Bicycle Therapeutics's revenue in fiscal 2025?

Bicycle Therapeutics reported revenue of $72.59M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 105.8% from $35.27M a year earlier.

Is Bicycle Therapeutics profitable?

No. Bicycle Therapeutics reported a net loss of $218.96M in fiscal 2025. In fiscal 2024 it lost $169.03M.

What is Bicycle Therapeutics's operating margin?

Bicycle Therapeutics's operating income was −$247.72M on revenue of $72.59M in fiscal 2025, an operating margin of -341.3%, compared with -595.0% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition