$BCYC
Bicycle Therapeutics PLC

2023 Q4 Form 10-K Financial Statement

#000155837024001324 Filed on February 20, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023
Revenue $5.331M $26.98M
YoY Change 67.38% 86.52%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $15.05M $59.83M
YoY Change 40.48% 22.23%
% of Gross Profit
Research & Development $44.70M $156.5M
YoY Change 80.82% 91.76%
% of Gross Profit
Depreciation & Amortization $1.656M $6.546M
YoY Change 19.48% 77.45%
% of Gross Profit
Operating Expenses $59.75M $216.9M
YoY Change 68.62% 65.44%
Operating Profit -$189.9M
YoY Change 62.83%
Interest Expense $5.639M $3.263M
YoY Change 204.65% -2.42%
% of Operating Profit
Other Income/Expense, Net $10.74M
YoY Change 345.23%
Pretax Income -$48.78M -$179.2M
YoY Change 60.47% 56.87%
Income Tax $320.0K $1.500M
% Of Pretax Income
Net Earnings -$49.10M -$180.7M
YoY Change 63.78% 60.34%
Net Earnings / Revenue -921.01% -669.85%
Basic Earnings Per Share -$5.08
Diluted Earnings Per Share -$1.16 -$5.08
COMMON SHARES
Basic Shares Outstanding 35.59M
Diluted Shares Outstanding 35.59M

Balance Sheet

Concept 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $526.4M $526.4M
YoY Change 55.22% 55.22%
Cash & Equivalents $526.4M
Short-Term Investments
Other Short-Term Assets $11.41M $11.41M
YoY Change 26.42% 26.42%
Inventory
Prepaid Expenses
Receivables $0.00 $0.00
Other Receivables $24.04M $24.04M
Total Short-Term Assets $561.9M $561.9M
YoY Change 52.11% 52.11%
LONG-TERM ASSETS
Property, Plant & Equipment $14.52M $27.68M
YoY Change -24.05% -15.52%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.792M $5.792M
YoY Change -31.52% -31.52%
Total Long-Term Assets $33.48M $33.48M
YoY Change -18.8% -18.8%
TOTAL ASSETS
Total Short-Term Assets $561.9M $561.9M
Total Long-Term Assets $33.48M $33.48M
Total Assets $595.3M $595.3M
YoY Change 44.99% 44.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.05M $13.05M
YoY Change 101.64% 101.64%
Accrued Expenses $31.51M $31.25M
YoY Change 19.12% 25.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $69.54M $69.54M
YoY Change 30.36% 30.36%
LONG-TERM LIABILITIES
Long-Term Debt $30.70M $30.70M
YoY Change 1.26% 1.26%
Other Long-Term Liabilities $4.579M $124.2M
YoY Change 19.59% 121.08%
Total Long-Term Liabilities $35.28M $154.9M
YoY Change 3.32% 79.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $69.54M $69.54M
Total Long-Term Liabilities $35.28M $154.9M
Total Liabilities $224.4M $224.4M
YoY Change 60.49% 60.49%
SHAREHOLDERS EQUITY
Retained Earnings -$511.8M
YoY Change 54.58%
Common Stock $550.0K
YoY Change 42.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $370.9M $370.9M
YoY Change
Total Liabilities & Shareholders Equity $595.3M $595.3M
YoY Change 44.99% 44.99%

Cashflow Statement

Concept 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$49.10M -$180.7M
YoY Change 63.78% 60.34%
Depreciation, Depletion And Amortization $1.656M $6.546M
YoY Change 19.48% 77.45%
Cash From Operating Activities -$47.29M -$60.63M
YoY Change 56.02% -29.59%
INVESTING ACTIVITIES
Capital Expenditures $49.00K $2.929M
YoY Change -96.62% -84.57%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$49.00K -$2.929M
YoY Change -96.62% -84.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $249.3M
YoY Change 4272.17%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 387.0K 250.0M
YoY Change -93.43% 3636.21%
NET CHANGE
Cash From Operating Activities -47.29M -60.63M
Cash From Investing Activities -49.00K -2.929M
Cash From Financing Activities 387.0K 250.0M
Net Change In Cash -46.95M 187.8M
YoY Change 81.49% -288.71%
FREE CASH FLOW
Cash From Operating Activities -$47.29M -$60.63M
Capital Expenditures $49.00K $2.929M
Free Cash Flow -$47.34M -$63.56M
YoY Change 49.06% -39.53%

Facts In Submission

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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
CY2023 bcyc Increase Decrease In Operating Lease Right Of Use Assets
IncreaseDecreaseInOperatingLeaseRightOfUseAssets
-4186000
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
CY2023 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
8002000
CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2561000
CY2021 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1196000
CY2023 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
2398000
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
CY2023 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-4109000
CY2022 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-2114000
CY2021 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-582000
CY2023 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
68951000
CY2022 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-2135000
CY2021 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
37117000
CY2023 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
509000
CY2022 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
668000
CY2021 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
710000
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-60628000
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
CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2929000
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
18987000
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2030000
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2929000
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
CY2023 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
249345000
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5703000
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
290984000
CY2021 bcyc Proceeds From Issuance Of Ordinary Shares Pursuant Share Purchase Agreement
ProceedsFromIssuanceOfOrdinarySharesPursuantSharePurchaseAgreement
7558000
CY2023 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
682000
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
989000
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
7183000
CY2021 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
15000000
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
250027000
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
CY2023 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1346000
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
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
187816000
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
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
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
526970000
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
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
526423000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
339154000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
438680000
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
547000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
526970000
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
CY2023 us-gaap Interest Paid Net
InterestPaidNet
2753000
CY2022 us-gaap Interest Paid Net
InterestPaidNet
2793000
CY2021 us-gaap Interest Paid Net
InterestPaidNet
2515000
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
562000
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2228000
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
73000
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
5595000
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
3154000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
911000
CY2023 bcyc Increase Decrease Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseCapitalExpendituresIncurredButNotYetPaid
-1744000
CY2022 bcyc Increase Decrease Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseCapitalExpendituresIncurredButNotYetPaid
1564000
CY2021 bcyc Increase Decrease Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseCapitalExpendituresIncurredButNotYetPaid
324000
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3898000
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
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
526400000
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-180700000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-112700000
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-66800000
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-511800000
CY2023 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 and 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, revenue recognition, the accrual for research and development expenses, 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>
CY2023 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-600000
CY2022 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-600000
CY2021 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
400000
CY2023 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 diversifies its cash and cash equivalents in multiple financial institutions and 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, 2023, the Company had no accounts receivable. As such December 31, 2022, 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, 2023, 2022, and 2021, the Company’s revenue has primarily been generated from collaboration agreements with Bayer Consumer Care AG (“Bayer”), Novartis Pharma AG (“Novartis”), Ionis, Genentech, the Dementia Discovery Fund (“DDF”), and AstraZeneca AB (“AstraZeneca”) (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 multiple vendors to manufacture clinical trial materials 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>
CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
0
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
72300000
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
276100000
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
500000
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
0
CY2023 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_wmt_pdkMD0qd2ibE1Qc2HA;"><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>
CY2023 bcyc Reduction Of Research And Development Expense Related To Government Grant Arrangements
ReductionOfResearchAndDevelopmentExpenseRelatedToGovernmentGrantArrangements
1000000.0
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
CY2023Q4 bcyc Remaining Government Grant Funding For Future Cost Reimbursement
RemainingGovernmentGrantFundingForFutureCostReimbursement
100000
CY2023 bcyc Reduction Of Research And Development Expense
ReductionOfResearchAndDevelopmentExpense
23500000
CY2022 bcyc Reduction Of Research And Development Expense
ReductionOfResearchAndDevelopmentExpense
19300000
CY2021 bcyc Reduction Of Research And Development Expense
ReductionOfResearchAndDevelopmentExpense
10800000
CY2023 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>
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
27908000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
26973000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
13393000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7863000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14515000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
19110000
CY2023 us-gaap Depreciation
Depreciation
6500000
CY2022 us-gaap Depreciation
Depreciation
3700000
CY2021 us-gaap Depreciation
Depreciation
1400000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
13394000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
9928000
CY2023Q4 bcyc Accrued External Research And Development Expenses
AccruedExternalResearchAndDevelopmentExpenses
11839000
CY2022Q4 bcyc Accrued External Research And Development Expenses
AccruedExternalResearchAndDevelopmentExpenses
10859000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1143000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1068000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4876000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3125000
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
257000
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1472000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
31509000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
26452000
CY2023Q4 bcyc Debt Instrument Prepayment Option Excess Of Outstanding Amount
DebtInstrumentPrepaymentOptionExcessOfOutstandingAmount
5000000.0
CY2023Q4 bcyc Debt Instrument End Of Term Charge Rate
DebtInstrumentEndOfTermChargeRate
0.050
CY2023Q4 bcyc Debt Instrument Additional Interest Rate Event Of Default
DebtInstrumentAdditionalInterestRateEventOfDefault
0.050
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
30000000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
30000000
CY2023Q4 bcyc Debt End Of Term Charge
DebtEndOfTermCharge
946000
CY2022Q4 bcyc Debt End Of Term Charge
DebtEndOfTermCharge
682000
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
248000
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
367000
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
30698000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
30315000
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
31500000
CY2023Q4 bcyc Long Term Debt Including End Term Charge
LongTermDebtIncludingEndTermCharge
31500000
CY2023 bcyc Number Of Voter Per Share
NumberOfVoterPerShare
1
CY2022 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0
CY2023 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
59612613
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
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