BCYC
Bicycle Therapeutics plcHealthcare·Biotechnology
$4.69
$325M market cap
Revenue
$48.8M
Free Cash Flow
$-83.9M
Rev Growth
+0.0%
FCF Margin
-171.7%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Bicycle Therapeutics plc, a clinical-stage biopharmaceutical company, develops a class of medicines for diseases that are underserved by existing therapeutics. Its lead product candidate is BT1718, a bicycle toxin conjugate (BTC), which is in Phase I/IIa clinical trials targeting tumors that express Membrane Type 1 matrix metalloprotease. The company's oncology product candidates also comprise BT5528, a BTC that is in a Phase I/II clinical trial targeting EphA2; and BT8009, which is in Phase I/I
2-Year Price History
$4.55-80.3%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 0.9 | -59.5 | -65.6 | -60.8 | -65.9 | -66.6 | -0.7 | 559.5 | 13.9 | 69.7 | -171.1% | -1239.1x | -- |
| Act | 2025-Q4 | 48.0 | -17.5 | -24.7 | -20.2 | -19.0 | -17.2 | -1.8 | 628.1 | 17.5 | 69.4 | -45.7% | -306.9x | -- |
Valuation & Metrics
Market Stats
Price$4.69
Market Cap$325M
Enterprise Value$-220M
P/S Ratio6.7x
P/FCF--
EV/FCF--
FCF Margin (TTM)-171.7%
FCF Yield-25.8%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$48.8M
Net Income$-81.0M
Free Cash Flow$-83.9M
Revenue Growth (YoY)+0.0%
EBITDA Margin-157.6%
Net Margin-165.8%
FCF Margin-171.7%
CapEx % of Revenue5.1%
SBC % of Revenue-42.8%
ROIC-108.4%
WC Change % Rev-18.5%
Interest Coverage-733.1x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares2.9M
Days to Cover7.9
Change (vs Prior)+11.1%
Need at least 2 settlement dates for chart
Employees
Headcount305
Revenue / Employee$160,138
Gross Profit / Employee$160,138
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
55.5%(-58.5% YoY)
90 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
0.5%(-0.7% YoY)
3 filers
Vanguard, iShares, SPDR
Market makers
0.4%(+0.4% YoY)
4 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BAKER BROS. ADVISORS LP | $50.5M | $20.78 | +$0 | +$0 | -0.3% | $16.13B |
| FCPM III SERVICES B.V. | $16.1M | $18.33 | +$0 | +$75K | -1.1% | $722M |
| ARMISTICE CAPITAL, LLC | $15.8M | $15.56 | +$752K | +$3.4M | -11.2% | $3.03B |
| Long Focus Capital Management, LLC | $15.4M | $7.32 | +$7.8M | +$9.4M | -1.5% | $2.22B |
| ACADIAN ASSET MANAGEMENT LLC | $9.1M | $7.03 | +$1.4M | +$8.5M | -0.5% | $70.48B |
| Siren, L.L.C. | $7.2M | $13.31 | −$2.1M | −$1.2M | +6.4% | $3.61B |
| GSK plc | $7.1M | $7.08 | +$0 | +$7.1M | -21.4% | $599M |
| PRINCIPAL FINANCIAL GROUP INC | $5.5M | $13.22 | +$122K | +$2.5M | -0.5% | $186.29B |
| PRICE T ROWE ASSOCIATES INC /MD/ | $4.8M | $21.82 | −$666K | −$2.4M | -0.2% | $864.93B |
| RENAISSANCE TECHNOLOGIES LLC | $4.5M | $10.64 | +$1.9M | +$3.1M | +1.2% | $63.91B |
| MORGAN STANLEY | $2.9M | $18.90 | +$710K | −$1.8M | -0.3% | $1.65T |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $2.7M | $6.96 | +$144K | +$2.7M | -0.2% | $121.82B |
| DIADEMA PARTNERS LP | $2.2M | $4.64 | +$2.2M | +$2.2M | +2.7% | $224M |
| Birchview Capital, LP | $2.2M | $7.29 | +$4K | +$2.2M | -1.3% | $176M |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $2.0M | $12.27 | −$224K | +$756K | -0.3% | $13.84B |
| MARSHALL WACE, LLP | $1.8M | $14.12 | +$1.6M | +$1.8M | +0.6% | $92.71B |
| CITADEL ADVISORS LLC | $1.7M | $15.05 | +$490K | +$1.1M | -0.4% | $138.22B |
| Qube Research & Technologies Ltd | $1.4M | $9.33 | +$853K | +$1.4M | +0.3% | $70.36B |
| MILLENNIUM MANAGEMENT LLC | $1.3M | $11.12 | −$198K | −$786K | -0.5% | $127.40B |
| BlackRock, Inc.Passive | $1.3M | $20.47 | −$250K | −$204K | -0.2% | $5.69T |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
-2.20%
avg per quarter
Holders (ex-self)
-1.97%
excl. this stock
Buyers (this Q)
+0.18%
21 buyers · $0.01B in
Sellers (this Q)
+2.50%
19 sellers · $0.02B out
alpha coverage: 100% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-8.4%
how holders react when this stock falls
On quiet Qs
+24.7%
−10% to +10% baseline
On rallies (+10%+)
-8.3%
how they react when this stock rises
Holders' portfolio flow this Q
+1.8%
inflows — adds are organic
Sellers' portfolio flow this Q
-1.2%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
+0.7%
Holder mid (any stock)
-4.3%
Holder rally (any stock)
-6.2%
Biggest decreases this quarter
WESTFIELD CAPITAL MANAGEMENT CO LPexited−$21.4MCandriam Luxembourg S.C.A.exited−$8.4MBNP Paribas Asset Management Holding S.A.exited−$4.0MJefferies Financial Group Inc.exited−$2.1MSiren, L.L.C.−$2.1Mα+6.4DekaBank Deutsche Girozentraleexited−$801KWalleye Capital LLCexited−$791KBANK OF AMERICA CORP /DE/exited−$683KPRICE T ROWE ASSOCIATES INC /MD/−$666Kα-0.2MONIMUS CAPITAL MANAGEMENT, LPexited−$664K
New buyers this quarter
Top-5 holders · 61.5%
BAKER BROS. ADVISORS LP--
FCPM III SERVICES B.V.--
ARMISTICE CAPITAL, LLC--
Long Focus Capital Management, LLC--
ACADIAN ASSET MANAGEMENT LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
BAKER BROS. ADVISORS LP10.9MRidgeback Capital Investments L.P.—TYBOURNE CAPITAL MANAGEMENT (HK) LTD—JANUS HENDERSON GROUP PLC—Point72 Asset Management, L.P.130KFMR LLC—Deep Track Capital, LP—Paradigm Biocapital Advisors LP—EVENTIDE ASSET MANAGEMENT, LLC—Logos Global Management LP—
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (4 analysts)$11.2513990.0%
Last Year (8 analysts)$13.1318000.0%
Current Price$4.69
Analyst Ratings
17
4
Buy: 17Hold: 4Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$568K
45 txns · 8 insiders · 85,353 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-04-06 | SELL | Hannay Michael Charles Ferguson | officer: CHIEF PROD & SUPPLY CHAIN OFF | 251 | $5.05 | $1K | $485K |
| 2026-04-06 | SELL | Perry Jennifer Scott | officer: Chief Operating Officer | 370 | $5.04 | $2K | $466K |
| 2026-04-06 | SELL | Skynner Michael | officer: CHIEF SCIENTIFIC OFFICER | 525 | $5.05 | $3K | $806K |
| 2026-04-06 | SELL | Thompson Travis Alvin | officer: Chief Financial Officer | 102 | $5.05 | $515 | $330K |
| 2026-04-06 | SELL | Lee Kevin | director, officer: CHIEF EXECUTIVE OFFICER | 1,716 | $5.05 | $9K | $3.09M |
| 2026-04-02 | SELL | Hannay Michael Charles Ferguson | officer: CHIEF PROD & SUPPLY CHAIN OFF | 1,521 | $4.91 | $7K | $473K |
| 2026-04-02 | SELL | Lee Kevin | director, officer: CHIEF EXECUTIVE OFFICER | 5,967 | $4.91 | $29K | $3.01M |
| 2026-04-02 | SELL | Perry Jennifer Scott | officer: Chief Operating Officer | 1,038 | $4.91 | $5K | $456K |
| 2026-04-02 | SELL | Skynner Michael | officer: CHIEF SCIENTIFIC OFFICER | 1,879 | $4.91 | $9K | $786K |
| 2026-04-02 | SELL | Thompson Travis Alvin | officer: Chief Financial Officer | 799 | $4.91 | $4K | $321K |
| 2026-01-05 | SELL | Skynner Michael | officer: CHIEF TECHNOLOGY OFFICER | 3,266 | $6.46 | $21K | $1.05M |
| 2026-01-05 | SELL | Young Alethia | officer: Chief Financial Officer | 4,334 | $6.49 | $28K | $565K |
| 2026-01-05 | SELL | Thompson Travis Alvin | officer: CHIEF ACCOUNTING OFFICER | 1,115 | $6.45 | $7K | $427K |
| 2026-01-05 | SELL | Milnes Alistair | officer: CHIEF OPERATING OFFICER | 3,416 | $6.46 | $22K | $883K |
| 2026-01-05 | SELL | Lee Kevin | director, officer: CHIEF EXECUTIVE OFFICER | 10,989 | $6.46 | $71K | $4.00M |
| 2026-01-05 | SELL | Hannay Michael Charles Ferguson | officer: CHIEF PROD & SUPPLY CHAIN OFF | 2,367 | $6.45 | $15K | $632K |
| 2026-01-02 | SELL | Hannay Michael Charles Ferguson | officer: CHIEF PROD & SUPPLY CHAIN OFF | 2,827 | $6.80 | $19K | $682K |
| 2026-01-02 | SELL | Lee Kevin | director, officer: CHIEF EXECUTIVE OFFICER | 10,325 | $6.80 | $70K | $4.28M |
| 2026-01-02 | SELL | Milnes Alistair | officer: CHIEF OPERATING OFFICER | 3,244 | $6.80 | $22K | $953K |
| 2026-01-02 | SELL | Skynner Michael | officer: CHIEF TECHNOLOGY OFFICER | 3,045 | $6.80 | $21K | $1.12M |
Order Flow (FINRA, ~3w lag)
20.8%retail-14.2pp
12.2%dark-1.2pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Bicycle Therapeutics PLC: A Bio-Tech Mirage of Terminated Partnerships and Dilutive Survival
Overall Risk
7/10
Fraud
3/10
Dilution
9/10
Insolvency
4/10
Earnings Overstated
6/10
Hidden Liabilities
4/10
Legal
2/10
Audit Warnings
5/10
Hidden Upside
3/10
Contextually Acceptable
6/10