$BCYC
Bicycle Therapeutics PLC

2023 Q1 Form 10-K Financial Statement

#000155837023002238 Filed on February 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $4.896M $3.185M $14.46M
YoY Change 26.84% -15.54% 23.65%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.04M $10.72M $48.95M
YoY Change -16.69% 18.01% 49.28%
% of Gross Profit
Research & Development $32.21M $24.72M $81.61M
YoY Change 125.5% 90.79% 81.84%
% of Gross Profit
Depreciation & Amortization $1.557M $1.386M $3.689M
YoY Change 268.96% 240.54% 161.82%
% of Gross Profit
Operating Expenses $46.70M $35.43M $131.1M
YoY Change 49.47% 60.8% 69.59%
Operating Profit -$41.80M -$116.7M
YoY Change 52.66% 77.78%
Interest Expense $808.0K $1.851M $3.344M
YoY Change -1.22% -455.96% 12.06%
% of Operating Profit
Other Income/Expense, Net $2.121M $2.412M
YoY Change -453.5% -184.22%
Pretax Income -$39.68M -$30.40M -$114.2M
YoY Change 41.81% 61.82% 66.82%
Income Tax -$600.0K -$420.0K -$1.500M
% Of Pretax Income
Net Earnings -$39.10M -$29.98M -$112.7M
YoY Change 41.85% 66.2% 68.71%
Net Earnings / Revenue -798.61% -941.22% -779.23%
Basic Earnings Per Share -$1.30 -$3.80
Diluted Earnings Per Share -$1.30 -$1.01 -$3.80
COMMON SHARES
Basic Shares Outstanding 30.02M 29.69M 29.66M
Diluted Shares Outstanding 30.00M 29.66M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $293.8M $339.2M $339.2M
YoY Change -27.88% -22.69% -22.69%
Cash & Equivalents $293.8M $339.2M
Short-Term Investments
Other Short-Term Assets $10.93M $9.022M $9.022M
YoY Change 20.5% 13.27% 13.27%
Inventory
Prepaid Expenses
Receivables $50.00M $2.045M $2.045M
Other Receivables $26.51M $19.16M $19.16M
Total Short-Term Assets $381.3M $369.4M $369.4M
YoY Change -11.29% -19.45% -19.45%
LONG-TERM ASSETS
Property, Plant & Equipment $18.26M $19.11M $32.77M
YoY Change 106.36% 511.91% 84.2%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.57M $8.458M $8.458M
YoY Change 151.69% 145.3% 145.3%
Total Long-Term Assets $47.55M $41.23M $41.23M
YoY Change 59.57% 94.12% 94.12%
TOTAL ASSETS
Total Short-Term Assets $381.3M $369.4M $369.4M
Total Long-Term Assets $47.55M $41.23M $41.23M
Total Assets $428.8M $410.6M $410.6M
YoY Change -6.69% -14.42% -14.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.813M $6.472M $6.472M
YoY Change -29.66% 137.85% 137.85%
Accrued Expenses $25.21M $26.45M $24.98M
YoY Change 105.56% 85.71% 82.68%
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 $53.00M $53.34M $53.34M
YoY Change 49.64% 47.2% 47.2%
LONG-TERM LIABILITIES
Long-Term Debt $30.42M $30.32M $30.32M
YoY Change 1.36% 1.48% 1.48%
Other Long-Term Liabilities $4.081M $3.829M $56.17M
YoY Change 21.39% 16.77% -16.7%
Total Long-Term Liabilities $34.50M $34.14M $86.48M
YoY Change 3.38% 2.99% -11.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $53.00M $53.34M $53.34M
Total Long-Term Liabilities $34.50M $34.14M $86.48M
Total Liabilities $185.6M $139.8M $139.8M
YoY Change 43.57% 4.71% 4.71%
SHAREHOLDERS EQUITY
Retained Earnings -$370.2M -$331.1M
YoY Change 50.55% 51.62%
Common Stock $389.0K $387.0K
YoY Change 1.04% 0.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $243.2M $270.8M $270.8M
YoY Change
Total Liabilities & Shareholders Equity $428.8M $410.6M $410.6M
YoY Change -6.69% -14.42% -14.42%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$39.10M -$29.98M -$112.7M
YoY Change 41.85% 66.2% 68.71%
Depreciation, Depletion And Amortization $1.557M $1.386M $3.689M
YoY Change 268.96% 240.54% 161.82%
Cash From Operating Activities -$46.41M -$30.31M -$86.11M
YoY Change 75.8% 190.46% 482.07%
INVESTING ACTIVITIES
Capital Expenditures $2.099M $1.448M $18.99M
YoY Change -55.87% -235.71% 835.32%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.099M -$1.448M -$18.99M
YoY Change -55.87% 35.71% 835.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.703M
YoY Change -24.54%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.718M 5.888M 6.692M
YoY Change 504.0% -96.91% -97.91%
NET CHANGE
Cash From Operating Activities -46.41M -30.31M -86.11M
Cash From Investing Activities -2.099M -1.448M -18.99M
Cash From Financing Activities 2.718M 5.888M 6.692M
Net Change In Cash -45.34M -25.87M -99.53M
YoY Change 44.81% -114.44% -132.88%
FREE CASH FLOW
Cash From Operating Activities -$46.41M -$30.31M -$86.11M
Capital Expenditures $2.099M $1.448M $18.99M
Free Cash Flow -$48.51M -$31.76M -$105.1M
YoY Change 55.7% 238.99% 524.69%

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IncreaseDecreaseInAccountsReceivable
1641000
CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-4543000
CY2020 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2149000
CY2022 bcyc Increase Decrease In Research And Development Incentives Receivable
IncreaseDecreaseInResearchAndDevelopmentIncentivesReceivable
9707000
CY2021 bcyc Increase Decrease In Research And Development Incentives Receivable
IncreaseDecreaseInResearchAndDevelopmentIncentivesReceivable
1866000
CY2020 bcyc Increase Decrease In Research And Development Incentives Receivable
IncreaseDecreaseInResearchAndDevelopmentIncentivesReceivable
1786000
CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2020000
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2974000
CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-502000
CY2022 bcyc Increase Decrease In Operating Lease Right Of Use Assets
IncreaseDecreaseInOperatingLeaseRightOfUseAssets
-2698000
CY2021 bcyc Increase Decrease In Operating Lease Right Of Use Assets
IncreaseDecreaseInOperatingLeaseRightOfUseAssets
-404000
CY2020 bcyc Increase Decrease In Operating Lease Right Of Use Assets
IncreaseDecreaseInOperatingLeaseRightOfUseAssets
-771000
CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2561000
CY2021 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1196000
CY2020 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-663000
CY2022 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
12362000
CY2021 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
1185000
CY2020 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
4832000
CY2022 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-2114000
CY2021 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-582000
CY2020 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-621000
CY2022 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-2135000
CY2021 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
37117000
CY2020 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
24622000
CY2022 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
668000
CY2021 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
710000
CY2020 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
517000
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-86111000
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
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
18987000
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2030000
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1200000
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-18987000
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
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5703000
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
290984000
CY2020 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
48144000
CY2021 bcyc Proceeds From Issuance Of Ordinary Shares Pursuant Share Purchase Agreement
ProceedsFromIssuanceOfOrdinarySharesPursuantSharePurchaseAgreement
7558000
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
989000
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
7183000
CY2020 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
271000
CY2020 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1000
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
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6692000
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
CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-1120000
CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-1211000
CY2020 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
19000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-99526000
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
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
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
339154000
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
CY2022 us-gaap Interest Paid Net
InterestPaidNet
2793000
CY2021 us-gaap Interest Paid Net
InterestPaidNet
2515000
CY2020 us-gaap Interest Paid Net
InterestPaidNet
378000
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2228000
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
73000
CY2020 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
124000
CY2022 bcyc Cash Paid For Amounts Included In Measurement Of Operating Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfOperatingLeaseLiabilities
3154000
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
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1564000
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
324000
CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
109000
CY2020 bcyc Advance Billings On Deferred Revenue Included In Accounts Receivable
AdvanceBillingsOnDeferredRevenueIncludedInAccountsReceivable
3000000
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3120000
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
13846000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
339200000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-112700000
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-66800000
CY2020 us-gaap Net Income Loss
NetIncomeLoss
-51000000.0
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-331100000
CY2022 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>
CY2022 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-600000
CY2021 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
400000
CY2020 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
600000
CY2022 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;">As of December 31, 2022 and 2021, accounts receivable consists of amounts due under the Company’s collaboration agreements with Ionis Pharmaceuticals, Inc. (“Ionis”) and Genentech, Inc. (“Genentech”) for which the Company does not obtain collateral. For the years ended December 31, 2022, 2021, and 2020, the Company’s revenue has primarily been generated from collaboration agreements with Ionis, Genentech, AstraZeneca AB (“AstraZeneca”), and Oxurion (Note 9).</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>
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
276100000
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
100000000.0
CY2022 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;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="-sec-ix-hidden:Hidden_VTv0BCUvJkmb8VYnvWqkMw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">3</span></span> 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;text-align:center;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;text-align:center;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;text-align:center;margin:0pt 0pt 0.05pt 0pt;">3 to 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 property and equipment 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. To date, there have been no significant asset retirements. Expenditures for repairs and maintenance are charged to expense as incurred.</p>
CY2022 bcyc Reduction Of Research And Development Expense Related To Government Grant Arrangements
ReductionOfResearchAndDevelopmentExpenseRelatedToGovernmentGrantArrangements
1500000
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
CY2022Q4 bcyc Remaining Government Grant Funding For Future Cost Reimbursement
RemainingGovernmentGrantFundingForFutureCostReimbursement
1100000
CY2022 bcyc Maximum Percentage Of Surrenderable Losses
MaximumPercentageOfSurrenderableLosses
0.145
CY2022 bcyc Reduction Of Research And Development Expense
ReductionOfResearchAndDevelopmentExpense
19300000
CY2021 bcyc Reduction Of Research And Development Expense
ReductionOfResearchAndDevelopmentExpense
10800000
CY2020 bcyc Reduction Of Research And Development Expense
ReductionOfResearchAndDevelopmentExpense
8400000
CY2022 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>
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
4407000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
26973000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7923000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7863000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4800000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
19110000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3123000
CY2022 us-gaap Depreciation
Depreciation
3700000
CY2021 us-gaap Depreciation
Depreciation
1400000
CY2020 us-gaap Depreciation
Depreciation
1300000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
9928000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6429000
CY2022Q4 bcyc Accrued External Research And Development Expenses
AccruedExternalResearchAndDevelopmentExpenses
10859000
CY2021Q4 bcyc Accrued External Research And Development Expenses
AccruedExternalResearchAndDevelopmentExpenses
3980000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1068000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
882000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3125000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2383000
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1472000
CY2021Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
570000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
26452000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
14244000
CY2022Q4 bcyc Debt Instrument Prepayment Option Excess Of Outstanding Amount
DebtInstrumentPrepaymentOptionExcessOfOutstandingAmount
5000000.0
CY2022Q4 bcyc Debt Instrument End Of Term Charge Rate
DebtInstrumentEndOfTermChargeRate
0.050
CY2022Q4 bcyc Debt Instrument Additional Interest Rate Event Of Default
DebtInstrumentAdditionalInterestRateEventOfDefault
0.050
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
30000000
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
30000000
CY2022Q4 bcyc Debt End Of Term Charge
DebtEndOfTermCharge
682000
CY2021Q4 bcyc Debt End Of Term Charge
DebtEndOfTermCharge
376000
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
367000
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
503000
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
4104000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
30315000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
29873000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
0
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
0
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
31500000
CY2022Q4 bcyc Long Term Debt Including End Term Charge
LongTermDebtIncludingEndTermCharge
31500000
CY2022 bcyc Number Of Voter Per Share
NumberOfVoterPerShare
1
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
57820181
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
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