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Name | Symbol | Market | Type |
---|---|---|---|
Bicycle Therapeutics PLC | NASDAQ:BCYC | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.07 | -0.26% | 26.96 | 25.19 | 28.00 | 27.82 | 26.33 | 27.26 | 501,483 | 23:54:56 |
Four abstracts containing data updates across clinical pipeline accepted for poster presentation at ESMO Congress 2024
Focused R&D pipeline on clinical programs and research areas that have the highest potential to maximize value creation
Streamlined leadership team to better align with strategic and pipeline priorities, and enhanced oncology expertise with formation of Clinical Advisory Board
Strengthened balance sheet with gross proceeds of approximately $555 million from May 2024 private investment in public equity (PIPE) financing
Cash and cash equivalents of $961.4 million as of June 30, 2024, expected to provide financial runway into 2H 2027
Bicycle Therapeutics plc (NASDAQ: BCYC), a pharmaceutical company pioneering a new and differentiated class of therapeutics based on its proprietary bicyclic peptide (Bicycle®) technology, today reported recent business progress and financial results for the second quarter ended June 30, 2024.
“In the second quarter, we continued to demonstrate the ongoing progress of our pipeline and highlight the emerging differentiated profiles of our Bicycle Toxin Conjugates® zelenectide pevedotin and BT5528 compared to antibody drug conjugates. As we enter the second half of the year, we look forward to sharing the first set of data updates from our clinical programs at the upcoming ESMO Congress,” said Kevin Lee, Ph.D., CEO of Bicycle Therapeutics. “Additionally, I am honored to welcome renowned oncology experts from around the world to our Clinical Advisory Board. Their advice and counsel will be critical as we work to develop therapies that can help patients live longer and live well.”
Dr. Lee continued: “Bicycle Therapeutics also significantly strengthened our balance sheet in the second quarter through the support of leading healthcare investors. Moreover, we have prioritized our pipeline and streamlined our leadership team to enable us to focus on the clinical programs and research areas that we believe have the highest potential for value creation and align with our strategy to support the long-term growth of our company.”
Second Quarter 2024 and Recent Events
Second Quarter 2024 Financial Results
About Bicycle Therapeutics Bicycle Therapeutics is a clinical-stage pharmaceutical company developing a novel class of medicines, referred to as Bicycle® molecules, for diseases that are underserved by existing therapeutics. Bicycle molecules are fully synthetic short peptides constrained with small molecule scaffolds to form two loops that stabilize their structural geometry. This constraint facilitates target binding with high affinity and selectivity, making Bicycle molecules attractive candidates for drug development. The company is evaluating zelenectide pevedotin (formerly BT8009), a Bicycle® Toxin Conjugate (BTC®) targeting Nectin-4, a well-validated tumor antigen; BT5528, a BTC molecule targeting EphA2, a historically undruggable target; and BT7480, a Bicycle Tumor-Targeted Immune Cell Agonist® (Bicycle TICA®) targeting Nectin-4 and agonizing CD137, in company-sponsored clinical trials. Additionally, the company is developing Bicycle® Radio Conjugates (BRC™) for radiopharmaceutical use and, through various partnerships, is exploring the use of Bicycle® technology to develop therapies for diseases beyond oncology.
Bicycle Therapeutics is headquartered in Cambridge, UK, with many key functions and members of its leadership team located in Cambridge, Mass. For more information, visit bicycletherapeutics.com.
Forward Looking Statements This press release may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “aims,” “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “seeks,” “will” and variations of these words or similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to, statements regarding Bicycle’s anticipated progress across its R&D pipeline and the advancement of its product candidates, including zelenectide pevedotin, BT5528 and BT7480; the anticipated progression of Bicycle’s clinical trials and the method and timing of announcement of data from clinical trials and program updates for clinical candidates; Bicycle’s beliefs regarding the clinical programs and research areas with the highest potential to maximize value creation and the company’s activities to focus on such programs and areas; the guidance and insights provided by the Clinical Advisory Board; the development of potential radiopharmaceutical or other product candidates using Bicycle’s technology through various partnerships; the therapeutic potential for Bicycles in oncology and other applications; and Bicycle’s expected financial runway. Bicycle may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various factors, including: uncertainties inherent in research and development and in the initiation, progress and completion of clinical trials and clinical development of Bicycle’s product candidates; the risk that Bicycle may not realize the intended benefits of its technology or partnerships; timing of results from clinical trials; whether the outcomes of preclinical studies will be predictive of clinical trial results; the risk that trials may have unsatisfactory outcomes; potential adverse effects arising from the testing or use of Bicycle’s product candidates; the risk that Bicycle’s management have not focused the company’s activities on the clinical programs and research areas with the highest potential to maximize value creation; the risk that the Clinical Advisory Board does not provide guidance or insights or that such guidance turns out to be deficient; the risk that Bicycle’s projections regarding its expected cash runway are inaccurate or that its conduct of its business requires more cash than anticipated; and other important factors, any of which could cause Bicycle’s actual results to differ from those contained in the forward-looking statements, are described in greater detail in the section entitled “Risk Factors” in Bicycle’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on May 2, 2024, as well as in other filings Bicycle may make with the SEC in the future. Any forward-looking statements contained in this press release speak only as of the date hereof, and Bicycle expressly disclaims any obligation to update any forward-looking statements contained herein, whether because of any new information, future events, changed circumstances or otherwise, except as otherwise required by law.
Bicycle Therapeutics plc
Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
Collaboration revenues
$
9,361
$
11,397
$
28,891
$
16,293
Operating expenses:
Research and development
40,059
39,720
74,923
71,931
General and administrative
15,949
14,788
32,331
29,276
Total operating expenses
56,008
54,508
107,254
101,207
Loss from operations
(46,647
)
(43,111
)
(78,363
)
(84,914
)
Other income (expense):
Interest income
7,774
812
13,398
3,741
Interest expense
(824
)
(821
)
(1,645
)
(1,629
)
Total other income (expense), net
6,950
(9
)
11,753
2,112
Net loss before income tax provision
(39,697
)
(43,120
)
(66,610
)
(82,802
)
Provision for (benefit from) income taxes
115
(517
)
(235
)
(1,135
)
Net loss
$
(39,812
)
$
(42,603
)
$
(66,375
)
$
(81,667
)
Net loss per share, basic and diluted
$
(0.77
)
$
(1.41
)
$
(1.40
)
$
(2.71
)
Weighted average ordinary shares outstanding, basic and diluted
51,992,034
30,191,693
47,276,062
30,097,234
Condensed Consolidated Balance Sheets Data
(In thousands)
(Unaudited)
June 30,
December 31,
2024
2023
Cash and cash equivalents
$
961,364
$
526,423
Working capital
958,645
492,331
Total assets
1,057,355
595,344
Total shareholders’ equity
873,813
370,932
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806954596/en/
Investors: Stephanie Yao SVP, Investor Relations and Corporate Communications ir@bicycletx.com 857-523-8544
Media: Deborah Elson Argot Partners media@bicycletx.com 212-600-1902
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