$BCYC
Bicycle Therapeutics PLC

2021 Q4 Form 10-Q Financial Statement

#000155837021014435 Filed on November 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $3.771M $4.333M $3.842M
YoY Change -2.05% 12.78% 529.84%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.080M $8.268M $7.150M
YoY Change -16.31% 15.64% 49.27%
% of Gross Profit
Research & Development $12.96M $10.51M $7.363M
YoY Change 28.79% 42.78% 21.1%
% of Gross Profit
Depreciation & Amortization $407.0K $300.0K $300.0K
YoY Change 19.71% 0.0% 20.0%
% of Gross Profit
Operating Expenses $22.04M $18.63M $14.52M
YoY Change 5.38% 28.31% 33.55%
Operating Profit -$14.29M -$10.68M
YoY Change 33.9%
Interest Expense -$520.0K $823.0K $70.00K
YoY Change 20.93% 1075.71% -84.09%
% of Operating Profit
Other Income/Expense, Net -$799.0K $72.00K
YoY Change -1209.72%
Pretax Income -$18.79M -$15.09M -$10.60M
YoY Change 7.4% 42.35% 8.08%
Income Tax -$748.0K -$400.0K -$500.0K
% Of Pretax Income
Net Earnings -$18.04M -$14.70M -$10.14M
YoY Change 3.48% 45.0% 6.94%
Net Earnings / Revenue -478.31% -339.26% -263.87%
Basic Earnings Per Share -$0.59 -$0.52
Diluted Earnings Per Share -$620.1K -$0.59 -$0.52
COMMON SHARES
Basic Shares Outstanding 29.40M 25.04M 19.43M
Diluted Shares Outstanding 25.04M 19.43M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $438.7M $259.5M $149.8M
YoY Change 222.56% 73.25% 56.04%
Cash & Equivalents $438.7M $259.5M $149.8M
Short-Term Investments
Other Short-Term Assets $7.965M $5.644M $5.500M
YoY Change 56.18% 2.62% 57.14%
Inventory
Prepaid Expenses
Receivables $1.000M $0.00 $2.800M
Other Receivables $10.91M $7.704M $6.000M
Total Short-Term Assets $458.6M $272.9M $164.2M
YoY Change 194.47% 66.18% 48.87%
LONG-TERM ASSETS
Property, Plant & Equipment $3.123M $2.437M $3.500M
YoY Change 34.79% -30.37% -18.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.448M $2.778M $2.400M
YoY Change 89.24% 15.75% 60.0%
Total Long-Term Assets $21.24M $8.461M $5.900M
YoY Change 291.18% 43.41% 1.72%
TOTAL ASSETS
Total Short-Term Assets $458.6M $272.9M $164.2M
Total Long-Term Assets $21.24M $8.461M $5.900M
Total Assets $479.8M $281.3M $170.1M
YoY Change 197.73% 65.39% 46.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.721M $1.761M $2.100M
YoY Change 99.34% -16.14% 5.0%
Accrued Expenses $14.24M $10.95M $7.700M
YoY Change 22.49% 42.25% 28.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $36.24M $30.18M $17.00M
YoY Change 56.68% 77.51% 93.18%
LONG-TERM LIABILITIES
Long-Term Debt $29.87M $29.75M $14.40M
YoY Change 105.95% 106.62%
Other Long-Term Liabilities $3.279M $3.041M $29.00M
YoY Change 25.58% -89.51% 143.7%
Total Long-Term Liabilities $33.15M $32.79M $43.40M
YoY Change 93.69% -24.44% 264.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.24M $30.18M $17.00M
Total Long-Term Liabilities $33.15M $32.79M $43.40M
Total Liabilities $133.5M $110.5M $60.50M
YoY Change 103.28% 82.66% 192.27%
SHAREHOLDERS EQUITY
Retained Earnings -$218.4M -$200.3M
YoY Change 44.09%
Common Stock $384.0K $329.0K
YoY Change 44.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $346.3M $170.8M $109.6M
YoY Change
Total Liabilities & Shareholders Equity $479.8M $281.3M $170.1M
YoY Change 197.73% 65.39% 46.51%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$18.04M -$14.70M -$10.14M
YoY Change 3.48% 45.0% 6.94%
Depreciation, Depletion And Amortization $407.0K $300.0K $300.0K
YoY Change 19.71% 0.0% 20.0%
Cash From Operating Activities -$10.44M $21.72M -$9.980M
YoY Change -37.21% -317.62% -8.27%
INVESTING ACTIVITIES
Capital Expenditures -$1.067M -$169.0K -$100.0K
YoY Change 122.29% 69.0% -64.29%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.067M -$169.0K -$100.0K
YoY Change 122.29% 69.0% -64.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 190.7M 40.45M 61.09M
YoY Change 10857.7% -33.79% -7641.98%
NET CHANGE
Cash From Operating Activities -10.44M 21.72M -9.980M
Cash From Investing Activities -1.067M -169.0K -100.0K
Cash From Financing Activities 190.7M 40.45M 61.09M
Net Change In Cash 179.2M 62.00M 51.01M
YoY Change -1266.42% 21.54% -526.15%
FREE CASH FLOW
Cash From Operating Activities -$10.44M $21.72M -$9.980M
Capital Expenditures -$1.067M -$169.0K -$100.0K
Free Cash Flow -$9.368M $21.89M -$9.880M
YoY Change -41.96% -321.53% -6.79%

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CY2020Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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1510000
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CY2020Q3 us-gaap Net Income Loss
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us-gaap Depreciation Depletion And Amortization
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bcyc Increase Decrease In Research And Development Incentives Receivable
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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bcyc Increase Decrease In Operating Lease Right Of Use Assets
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bcyc Increase Decrease In Operating Lease Right Of Use Assets
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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us-gaap Net Cash Provided By Used In Financing Activities
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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2123000
us-gaap Increase Decrease In Operating Lease Liability
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us-gaap Increase Decrease In Deferred Revenue
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us-gaap Proceeds From Issuance Of Debt
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Initial Public Offering
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us-gaap Proceeds From Stock Options Exercised
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bcyc Deferred Initial Public Offering Costs Incurred But Not Yet Paid
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bcyc Cash Paid For Amounts Included In Measurement Of Operating Lease Liabilities
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bcyc Purchase Of Property And Equipment Included In Accounts Payable Or Accrued Expenses
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298000
bcyc Purchase Of Property And Equipment Included In Accounts Payable Or Accrued Expenses
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bcyc Deferred Debt Issuance Cost Incurred Not Yet Paid
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us-gaap Net Income Loss
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of estimates </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual for research and development expenses, revenue recognition, share-based compensation expense, valuation procedures for right-of-use assets and liabilities, and income taxes, including the valuation allowance for deferred tax assets. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Estimates are periodically reviewed in light of reasonable changes in circumstances, facts and experience. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates or assumptions.</p>
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bcyc Reduction Of Research And Development Expense Related To Government Grant Arrangements
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CY2020Q3 bcyc Reduction Of Research And Development Expense Related To Government Grant Arrangements
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bcyc Reduction Of Research And Development Expense Related To Government Grant Arrangements
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CY2021Q3 us-gaap Cash Equivalents At Carrying Value
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CY2020Q4 us-gaap Cash Equivalents At Carrying Value
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CY2020Q4 us-gaap Property Plant And Equipment Gross
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CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2021Q3 us-gaap Depreciation
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us-gaap Depreciation
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CY2020Q3 us-gaap Depreciation
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us-gaap Depreciation
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CY2020Q4 us-gaap Employee Related Liabilities Current
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CY2021Q3 bcyc Accrued External Research And Development Expenses
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3803000
CY2020Q4 bcyc Accrued External Research And Development Expenses
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CY2020Q4 us-gaap Other Liabilities Current
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CY2021Q3 bcyc Debt Instrument Prepayment Option Excess Of Outstanding Amount
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CY2021Q3 bcyc Debt Instrument End Of Term Charge Rate
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CY2021Q3 bcyc Debt Instrument Additional Interest Rate Event Of Default
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CY2021Q3 bcyc Long Term Debt Including End Term Charge
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bcyc Number Of Voter Per Share
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CY2020Q3 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2018Q2 bcyc Option Fee For Development And Exploitation Rights
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bcyc Contract With Customer Liability Additions
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us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Measure Of Progress
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CY2021Q3 us-gaap Contract With Customer Liability
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2442000
CY2020Q4 us-gaap Contract With Customer Liability
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CY2020Q3 bcyc Contract With Customer Liability Revenue Recognized Proportional Performance Obligation
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1267000
bcyc Contract With Customer Liability Revenue Recognized Proportional Performance Obligation
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6263000
bcyc Contract With Customer Liability Revenue Recognized Proportional Performance Obligation
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3496000
CY2021Q3 bcyc Contract With Customer Liability Revenue Recognized Expiration Of Material Rights
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1127000
bcyc Contract With Customer Liability Revenue Recognized Expiration Of Material Rights
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1507000
bcyc Contract With Customer Liability Revenue Recognized On Changes In Transaction Price
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156000
CY2021Q3 bcyc Total Revenue Recognized From Both Beginning Balance And Current Period Increase In Contract Liability
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4333000
CY2020Q3 bcyc Total Revenue Recognized From Both Beginning Balance And Current Period Increase In Contract Liability
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1267000
bcyc Total Revenue Recognized From Both Beginning Balance And Current Period Increase In Contract Liability
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7926000
bcyc Total Revenue Recognized From Both Beginning Balance And Current Period Increase In Contract Liability
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3496000
CY2016Q4 bcyc Research And Development Arrangement Obligation To Repay Other Parties
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50900000
CY2019Q4 bcyc Research And Development Arrangement Obligation To Repay Other Parties
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60300000
CY2021Q3 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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CY2020Q3 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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CY2020Q3 us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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773000
us-gaap Operating Lease Cost
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CY2021Q3 us-gaap Variable Lease Cost
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CY2020Q3 us-gaap Variable Lease Cost
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us-gaap Variable Lease Cost
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us-gaap Variable Lease Cost
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CY2021Q3 us-gaap Lease Cost
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CY2020Q3 us-gaap Lease Cost
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us-gaap Lease Cost
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us-gaap Lease Cost
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P4Y7M6D
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P1Y10M24D
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CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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235000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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1087000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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646000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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646000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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646000
CY2021Q3 bcyc Present Value Adjustment For Operating Lease Payment
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585000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
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3321000
CY2021Q3 us-gaap Operating Lease Liability Current
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826000
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
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2495000
bcyc Maximum Days Allowed For Cancellation Of Contracts Prior Written Notice
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CY2021Q3 bcyc Settlement Agreement Milestone Payments
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CY2020 us-gaap Litigation Settlement Expense
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CY2021Q2 us-gaap Loss Contingency Accrual Carrying Value Current
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CY2021Q3 us-gaap Loss Contingency Accrual Carrying Value Current
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1200000
CY2020Q4 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
1200000
bcyc Period Of Royalty Payments Agreed Under Arrangement
PeriodOfRoyaltyPaymentsAgreedUnderArrangement
P10Y
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
0
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-14678000
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-10138000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-48782000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-33577000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25039990
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19426833
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23719124
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18504013
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.59
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.52
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.06
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.81
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
0
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2021Q3 us-gaap Noncurrent Assets
NoncurrentAssets
5683000
CY2020Q4 us-gaap Noncurrent Assets
NoncurrentAssets
3607000

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