$BCYC
Bicycle Therapeutics PLC

2021 Q4 Form 10-K Financial Statement

#000155837022002457 Filed on March 01, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $3.771M $11.70M $3.850M
YoY Change -2.05% 12.58% -27.08%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.080M $32.79M $10.85M
YoY Change -16.31% 10.12% 219.12%
% of Gross Profit
Research & Development $12.96M $44.88M $10.06M
YoY Change 28.79% 35.39% 51.28%
% of Gross Profit
Depreciation & Amortization $407.0K $1.409M $340.0K
YoY Change 19.71% 10.34% 25.93%
% of Gross Profit
Operating Expenses $22.04M $77.32M $20.91M
YoY Change 5.38% 24.0% 108.06%
Operating Profit -$65.62M
YoY Change 26.29%
Interest Expense -$520.0K $2.984M -$430.0K
YoY Change 20.93% 552.95% -295.45%
% of Operating Profit
Other Income/Expense, Net -$2.864M
YoY Change -1367.26%
Pretax Income -$18.79M -$68.48M -$17.49M
YoY Change 7.4% 32.37% 285.24%
Income Tax -$748.0K -$1.700M -$60.00K
% Of Pretax Income
Net Earnings -$18.04M -$66.80M -$17.43M
YoY Change 3.48% 30.98% 295.24%
Net Earnings / Revenue -478.31% -571.09% -452.73%
Basic Earnings Per Share -$2.67
Diluted Earnings Per Share -$620.1K -$2.67 -$827.2K
COMMON SHARES
Basic Shares Outstanding 29.40M 25.06M
Diluted Shares Outstanding 25.06M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $438.7M $438.7M $136.0M
YoY Change 222.56% 222.56% 47.67%
Cash & Equivalents $438.7M $136.0M
Short-Term Investments
Other Short-Term Assets $7.965M $7.965M $5.100M
YoY Change 56.18% 56.18% 4.08%
Inventory
Prepaid Expenses
Receivables $1.000M $1.000M $5.456M
Other Receivables $10.91M $10.91M $9.100M
Total Short-Term Assets $458.6M $458.6M $155.7M
YoY Change 194.47% 194.51% 49.59%
LONG-TERM ASSETS
Property, Plant & Equipment $3.123M $17.79M $2.317M
YoY Change 34.79% 394.14% -46.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.448M $3.448M $1.822M
YoY Change 89.24% 91.56% 7.18%
Total Long-Term Assets $21.24M $21.24M $5.429M
YoY Change 291.18% 286.13% -11.0%
TOTAL ASSETS
Total Short-Term Assets $458.6M $458.6M $155.7M
Total Long-Term Assets $21.24M $21.24M $5.429M
Total Assets $479.8M $479.8M $161.2M
YoY Change 197.73% 197.64% 46.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.721M $2.721M $1.365M
YoY Change 99.34% 94.36% -28.16%
Accrued Expenses $14.24M $13.67M $11.63M
YoY Change 22.49% 19.95% 90.64%
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 $36.24M $23.13M
YoY Change 56.68% 56.87% 162.83%
LONG-TERM LIABILITIES
Long-Term Debt $29.87M $29.87M $14.51M
YoY Change 105.95% 106.02%
Other Long-Term Liabilities $3.279M $67.43M $2.611M
YoY Change 25.58% 139.95% -68.16%
Total Long-Term Liabilities $33.15M $97.30M $17.12M
YoY Change 93.69% 128.4% 108.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.24M $36.24M $23.13M
Total Long-Term Liabilities $33.15M $97.30M $17.12M
Total Liabilities $133.5M $133.5M $65.69M
YoY Change 103.28% 103.25% 286.42%
SHAREHOLDERS EQUITY
Retained Earnings -$218.4M -$151.6M
YoY Change 44.09%
Common Stock $384.0K $266.0K
YoY Change 44.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $346.3M $346.3M $95.46M
YoY Change
Total Liabilities & Shareholders Equity $479.8M $479.8M $161.2M
YoY Change 197.73% 197.64% 46.24%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$18.04M -$66.80M -$17.43M
YoY Change 3.48% 30.98% 295.24%
Depreciation, Depletion And Amortization $407.0K $1.409M $340.0K
YoY Change 19.71% 10.34% 25.93%
Cash From Operating Activities -$10.44M -$14.79M -$16.62M
YoY Change -37.21% -16.84% 237.8%
INVESTING ACTIVITIES
Capital Expenditures -$1.067M $2.030M -$480.0K
YoY Change 122.29% 69.17% 20.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.067M -$2.030M -$480.0K
YoY Change 122.29% 69.17% 20.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.558M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 190.7M 320.7M 1.740M
YoY Change 10857.7% 410.36% 1350.0%
NET CHANGE
Cash From Operating Activities -10.44M -14.79M -16.62M
Cash From Investing Activities -1.067M -2.030M -480.0K
Cash From Financing Activities 190.7M 320.7M 1.740M
Net Change In Cash 179.2M 302.7M -15.36M
YoY Change -1266.42% 589.92% 195.38%
FREE CASH FLOW
Cash From Operating Activities -$10.44M -$14.79M -$16.62M
Capital Expenditures -$1.067M $2.030M -$480.0K
Free Cash Flow -$9.368M -$16.82M -$16.14M
YoY Change -41.96% -11.4% 257.08%

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CY2020 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
4832000
CY2020 us-gaap Profit Loss
ProfitLoss
-51010000
CY2019 us-gaap Profit Loss
ProfitLoss
-30608000
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
12083000
CY2020 us-gaap Share Based Compensation
ShareBasedCompensation
6514000
CY2019 us-gaap Share Based Compensation
ShareBasedCompensation
3083000
CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1409000
CY2020 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1277000
CY2019 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
960000
CY2021 bcyc Non Cash Interest Expense
NonCashInterestExpense
468000
CY2020 bcyc Non Cash Interest Expense
NonCashInterestExpense
78000
CY2019 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
5381000
CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-4543000
CY2020 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2149000
CY2019 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-4909000
CY2021 bcyc Increase Decrease In Research And Development Incentives Receivable
IncreaseDecreaseInResearchAndDevelopmentIncentivesReceivable
1866000
CY2020 bcyc Increase Decrease In Research And Development Incentives Receivable
IncreaseDecreaseInResearchAndDevelopmentIncentivesReceivable
1786000
CY2019 bcyc Increase Decrease In Research And Development Incentives Receivable
IncreaseDecreaseInResearchAndDevelopmentIncentivesReceivable
383000
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3020000
CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
49000
CY2019 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-852000
CY2021 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-582000
CY2020 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-621000
CY2019 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-709000
CY2021 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
37117000
CY2020 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
24622000
CY2019 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-9295000
CY2021 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
710000
CY2020 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
517000
CY2019 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
1089000
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-14794000
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-17789000
CY2019 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-28613000
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2030000
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1200000
CY2019 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1555000
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2030000
CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1200000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
92117000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
63380000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
438680000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
135990000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
92117000
CY2021 us-gaap Interest Paid Net
InterestPaidNet
2515000
CY2019 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1555000
CY2019 bcyc Net Proceeds From Issuance Of Convertible Preferred Stock
NetProceedsFromIssuanceOfConvertiblePreferredStock
1334000
CY2021 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
290984000
CY2020 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
48144000
CY2019 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
56957000
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
7558000
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
7183000
CY2020 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
271000
CY2019 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
143000
CY2020 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1000
CY2019 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
6000
CY2021 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
15000000
CY2020 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
15000000
CY2020 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
573000
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
320725000
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
62843000
CY2019 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
58440000
CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-1211000
CY2020 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19000
CY2019 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
465000
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
302690000
CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
43873000
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
28737000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
135990000
CY2020 us-gaap Interest Paid Net
InterestPaidNet
378000
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
73000
CY2020 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
124000
CY2019 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
117000
CY2021 bcyc Cash Paid For Amounts Included In Measurement Of Operating Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfOperatingLeaseLiabilities
911000
CY2020 bcyc Cash Paid For Amounts Included In Measurement Of Operating Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfOperatingLeaseLiabilities
961000
CY2019 bcyc Cash Paid For Amounts Included In Measurement Of Operating Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfOperatingLeaseLiabilities
891000
CY2021 bcyc Purchase Of Property And Equipment Included In Accounts Payable Or Accrued Expenses
PurchaseOfPropertyAndEquipmentIncludedInAccountsPayableOrAccruedExpenses
324000
CY2020 bcyc Purchase Of Property And Equipment Included In Accounts Payable Or Accrued Expenses
PurchaseOfPropertyAndEquipmentIncludedInAccountsPayableOrAccruedExpenses
109000
CY2019 bcyc Purchase Of Property And Equipment Included In Accounts Payable Or Accrued Expenses
PurchaseOfPropertyAndEquipmentIncludedInAccountsPayableOrAccruedExpenses
76000
CY2020 bcyc Advance Billings On Deferred Revenue Included In Accounts Receivable
AdvanceBillingsOnDeferredRevenueIncludedInAccountsReceivable
3000000
CY2021 bcyc Non Cash Impact Right Of Use Asset And Operating Lease Liabilities
NonCashImpactRightOfUseAssetAndOperatingLeaseLiabilities
13846000
CY2019 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
123780000
CY2019 bcyc Reclassification Of Warrant Liability To Additional Paid In Capital
ReclassificationOfWarrantLiabilityToAdditionalPaidInCapital
10021000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
438700000
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-66800000
CY2020 us-gaap Net Income Loss
NetIncomeLoss
-51000000.0
CY2019 us-gaap Net Income Loss
NetIncomeLoss
-30600000
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-218400000
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of 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 consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual for research and development expenses, revenue recognition, share-based compensation expense, valuation of 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. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates or assumptions.</p>
CY2021 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
400000
CY2020 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
600000
CY2019 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
900000
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentrations of credit risk and of significant suppliers</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company deposits its cash in financial institutions in amounts that may exceed federally insured limits and has not experienced any losses on such accounts. The Company does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Accounts receivable primarily consist of amounts due under the collaboration agreements between BicycleTx Limited and <span style="background:#ffffff;">Ionis Pharmaceuticals, Inc. (“Ionis”) and </span>Genentech, Inc. (“Genentech”) and between BicycleRD Limited and Oxurion NV (“Oxurion”) for which the Company does not obtain collateral. As of December 31, 2021, the Company’s revenue to date has primarily been generated from the collaboration agreements with Ionis, Genentech, the Dementia Discovery Fund (“DDF”), AstraZeneca AB (“AstraZeneca”), Sanofi (formerly Bioverativ Inc.) and Oxurion (Note 11).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company relies, and expects to continue to rely, on a small number of vendors to manufacture supplies and raw materials for its development programs. These programs could be adversely affected by a significant interruption in these manufacturing services or the availability of raw materials.</p>
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
100000000.0
CY2021 bcyc Certificate Of Deposits Maturity Period
CertificateOfDepositsMaturityPeriod
P30D
CY2020Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2021 us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Property and equipment</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful lives of the respective assets as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:0.0pt;margin:0pt;"><span style="font-size:0pt;visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:63.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;width:34.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></td></tr><tr><td style="vertical-align:bottom;width:63.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">    </b></p></td><td style="vertical-align:bottom;width:34.47%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Estimated Useful Life</b></p></td></tr><tr><td style="vertical-align:top;width:63.46%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Laboratory equipment</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:34.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">3 to 5 years</p></td></tr><tr><td style="vertical-align:top;width:63.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Leasehold improvements</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:34.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Lesser of lease term or useful life</p></td></tr><tr><td style="vertical-align:top;width:63.46%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Computer equipment and software</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:34.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">3 years</p></td></tr><tr><td style="vertical-align:top;width:63.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Furniture and office equipment</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:34.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">3-5 years</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Costs for capital assets not yet placed into service are capitalized as construction-in-progress and depreciated in accordance with the above guidelines once placed into service. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in loss from operations. As of December 31, 2021 and 2020, there have been no significant asset retirements to date. Expenditures for repairs and maintenance are charged to expense as incurred.</p>
CY2021 bcyc Reduction Of Research And Development Expense Related To Government Grant Arrangements
ReductionOfResearchAndDevelopmentExpenseRelatedToGovernmentGrantArrangements
3000000.0
CY2020 bcyc Reduction Of Research And Development Expense Related To Government Grant Arrangements
ReductionOfResearchAndDevelopmentExpenseRelatedToGovernmentGrantArrangements
700000
CY2019 bcyc Reduction Of Research And Development Expense Related To Government Grant Arrangements
ReductionOfResearchAndDevelopmentExpenseRelatedToGovernmentGrantArrangements
600000
CY2021 bcyc Maximum Percentage Of Surrenderable Losses
MaximumPercentageOfSurrenderableLosses
0.145
CY2021 bcyc Reduction Of Research And Development Expense
ReductionOfResearchAndDevelopmentExpense
10800000
CY2020 bcyc Reduction Of Research And Development Expense
ReductionOfResearchAndDevelopmentExpense
8400000
CY2019 bcyc Reduction Of Research And Development Expense
ReductionOfResearchAndDevelopmentExpense
6100000
CY2021 us-gaap Intangible Assets Finite Lived Policy Costs Incurred To Renew Or Extend
IntangibleAssetsFiniteLivedPolicyCostsIncurredToRenewOrExtend
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Patent costs</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">All patent-related costs incurred in connection with preparing, filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses in the consolidated statements of operations and comprehensive loss.</p>
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6429000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7923000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6349000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4800000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4032000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3123000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2317000
CY2021 us-gaap Depreciation
Depreciation
1400000
CY2020 us-gaap Depreciation
Depreciation
1300000
CY2019 us-gaap Depreciation
Depreciation
1000000.0
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4390000
CY2021Q4 bcyc Accrued External Research And Development Expenses
AccruedExternalResearchAndDevelopmentExpenses
3980000
CY2020Q4 bcyc Accrued External Research And Development Expenses
AccruedExternalResearchAndDevelopmentExpenses
4428000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
882000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1759000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2383000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
844000
CY2021Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
570000
CY2020Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
208000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
14244000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
11629000
CY2021Q4 bcyc Debt Instrument Prepayment Option Excess Of Outstanding Amount
DebtInstrumentPrepaymentOptionExcessOfOutstandingAmount
5000000.0
CY2021Q4 bcyc Debt Instrument End Of Term Charge Rate
DebtInstrumentEndOfTermChargeRate
0.050
CY2021Q4 bcyc Debt Instrument Additional Interest Rate Event Of Default
DebtInstrumentAdditionalInterestRateEventOfDefault
0.050
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
30000000
CY2021Q4 bcyc Debt End Of Term Charge
DebtEndOfTermCharge
376000
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
503000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
29873000
CY2019Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1.429
CY2017 bcyc Shares Issued Warrants Exercise
SharesIssuedWarrantsExercise
171480
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
31500000
CY2021Q4 bcyc Long Term Debt Including End Term Charge
LongTermDebtIncludingEndTermCharge
31500000
CY2019Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1.429
CY2017Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
80000
CY2017Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
114320
CY2021 bcyc Number Of Voter Per Share
NumberOfVoterPerShare
1
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
55295420
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
31995653
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12083000
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6514000
CY2019 us-gaap Allocated Share Based Compensation Expense
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