Bicycle Therapeutics PLC (NASDAQ: BCYC) is a clinical-stage biopharmaceutical company that discovers and develops a class of synthetic peptide drug candidates called Bicycle molecules. The company has not yet generated product revenue and funds operations primarily through collaboration agreements and deferred revenue from partners, alongside cash reserves. Its lead oncology programs include zelenectide pevedotin, a Bicycle-drug conjugate (BDC) targeting Nectin-4, which is being evaluated in urothelial cancer, breast cancer, and non-small cell lung cancer trials as of the 10-K filed March 17, 2026. In March 2026, Bicycle announced a strategic reprioritization, converting the Phase II/III Duravelo-2 registrational trial for zelenectide pevedotin into a randomized Phase II study and shifting internal focus to nuzefatide pevedotin and next-generation Bicycle conjugates, including Bicycle-radiochemistry conjugates (BRC molecules). The company is incorporated in the United Kingdom and lists American Depositary Shares on the NASDAQ Global Select Market.

Revenue model

Bicycle Therapeutics has no approved products as of the fiscal year ended December 31, 2025. Revenue is derived from collaboration and partnership agreements, reflected as deferred revenue on the balance sheet, alongside U.K. research and development tax credits that reduce reported R&D expenses.

Products and services

Lead clinical asset: zelenectide pevedotin (BDC, Nectin-4 targeting), evaluated in urothelial cancer (Duravelo-2 trial, converted to Phase II in March 2026), NECTIN4-amplified breast cancer, and NECTIN4-amplified non-small cell lung cancer. Pipeline includes nuzefatide pevedotin and next-generation BRC (Bicycle-radiochemistry conjugate) molecules, prioritized as of March 2026 strategic reprioritization.

Customers and end markets

End markets are oncology patients with advanced solid tumors, including metastatic urothelial cancer, advanced breast cancer, and non-small cell lung cancer. Customers are collaboration partners and, upon any future approval, oncology healthcare providers. No commercial product sales are disclosed in the filing excerpts.

Value-chain role

Bicycle Therapeutics operates as a drug discovery and clinical development company. It relies on contract manufacturing organizations (CMOs) for clinical trial materials and active pharmaceutical ingredients, and conducts clinical trials through third-party sites. It does not manufacture or commercialize approved drugs as of fiscal year ended December 31, 2025.

Geographic exposure

Incorporated and primarily operating in the United Kingdom, with U.S. clinical trial activity and American Depositary Shares listed on NASDAQ. U.K. R&D tax credits are a material cost offset. Regulatory filings reference the FDA (U.S.) and MHRA (U.K.) as primary regulatory bodies.

Source: SEC 10-K, filed 2026-03-17

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