Bicycle Therapeutics plc Files 2023 Annual Report on Form 10-K
Ticker: BCYC · Form: 10-K · Filed: Feb 20, 2024 · CIK: 1761612
Sentiment: neutral
Topics: 10-K, Bicycle Therapeutics, Annual Report, Biotechnology, Financials
TL;DR
<b>Bicycle Therapeutics plc has filed its 2023 annual report (10-K), detailing financial performance and corporate activities.</b>
AI Summary
BICYCLE THERAPEUTICS plc (BCYC) filed a Annual Report (10-K) with the SEC on February 20, 2024. Bicycle Therapeutics plc filed its 2023 Form 10-K on February 20, 2024. The company's principal executive offices are located in Cambridge, UK. The filing covers the fiscal year ending December 31, 2023. Key financial data points such as accrued liabilities, current assets, and current liabilities are detailed. The report includes information on stock compensation plans and share offerings.
Why It Matters
For investors and stakeholders tracking BICYCLE THERAPEUTICS plc, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Bicycle Therapeutics' financial health and operational status for the fiscal year 2023, crucial for investors to assess performance and future prospects. The detailed financial statements and disclosures within the 10-K are essential for understanding the company's financial position, including its assets, liabilities, and equity, as well as its stock-related activities.
Risk Assessment
Risk Level: medium — BICYCLE THERAPEUTICS plc shows moderate risk based on this filing. The company's financial performance and future prospects are subject to the inherent risks of the biotechnology industry, including clinical trial success, regulatory approvals, and market competition, as indicated by the detailed financial disclosures and business descriptions in the 10-K.
Analyst Insight
Investors should review the detailed financial statements and risk factors in the 10-K to assess Bicycle Therapeutics' financial health and the potential impact of industry-specific risks on its growth trajectory.
Key Numbers
- 35592362 — Accrued Liabilities Current (As of December 31, 2023)
- 29660659 — Current Assets (As of December 31, 2023)
- 25061734 — Current Liabilities (As of December 31, 2023)
- 29873893 — Total Assets (As of December 31, 2023)
- 42431766 — Total Debt (As of December 31, 2023)
- 5.08 — Debt to Equity Ratio (As of December 31, 2023)
- 3.80 — Debt to Equity Ratio (As of December 31, 2022)
- 2.67 — Debt to Equity Ratio (As of December 31, 2021)
Key Players & Entities
- BICYCLE THERAPEUTICS plc (company) — Filer name
- BCYC (company) — Ticker symbol
- 2024-02-20 (date) — Filing date
- 2023-12-31 (date) — Period of report
- Cambridge (location) — Business address city
- 0001761612 (company) — Central Index Key
- Ionis (company) — Collaboration partner
- 2023-07-17 (date) — Underwritten public offering date
FAQ
When did BICYCLE THERAPEUTICS plc file this 10-K?
BICYCLE THERAPEUTICS plc filed this Annual Report (10-K) with the SEC on February 20, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by BICYCLE THERAPEUTICS plc (BCYC).
Where can I read the original 10-K filing from BICYCLE THERAPEUTICS plc?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by BICYCLE THERAPEUTICS plc.
What are the key takeaways from BICYCLE THERAPEUTICS plc's 10-K?
BICYCLE THERAPEUTICS plc filed this 10-K on February 20, 2024. Key takeaways: Bicycle Therapeutics plc filed its 2023 Form 10-K on February 20, 2024.. The company's principal executive offices are located in Cambridge, UK.. The filing covers the fiscal year ending December 31, 2023..
Is BICYCLE THERAPEUTICS plc a risky investment based on this filing?
Based on this 10-K, BICYCLE THERAPEUTICS plc presents a moderate-risk profile. The company's financial performance and future prospects are subject to the inherent risks of the biotechnology industry, including clinical trial success, regulatory approvals, and market competition, as indicated by the detailed financial disclosures and business descriptions in the 10-K.
What should investors do after reading BICYCLE THERAPEUTICS plc's 10-K?
Investors should review the detailed financial statements and risk factors in the 10-K to assess Bicycle Therapeutics' financial health and the potential impact of industry-specific risks on its growth trajectory. The overall sentiment from this filing is neutral.
Risk Factors
- Risks Related to Financial Condition and Operations [medium — financial]: The company faces risks related to its financial condition, including its ability to fund operations and achieve profitability, as detailed in the 10-K.
- Regulatory Risks [high — regulatory]: The development and commercialization of the company's products are subject to extensive regulatory review and approval processes, which can be lengthy and uncertain.
- Market and Competition Risks [medium — market]: The company operates in a highly competitive market and faces risks associated with market acceptance of its products and competition from other biotechnology firms.
Filing Stats: 4,309 words · 17 min read · ~14 pages · Grade level 18.6 · Accepted 2024-02-20 07:19:32
Filing Documents
- bcyc-20231231x10k.htm (10-K) — 3370KB
- bcyc-20231231xex4d6.htm (EX-4.6) — 230KB
- bcyc-20231231xex10d25.htm (EX-10.25) — 37KB
- bcyc-20231231xex23d1.htm (EX-23.1) — 2KB
- bcyc-20231231xex31d1.htm (EX-31.1) — 11KB
- bcyc-20231231xex31d2.htm (EX-31.2) — 11KB
- bcyc-20231231xex32d1.htm (EX-32.1) — 7KB
- bcyc-20231231xex97d1.htm (EX-97.1) — 85KB
- bcyc-20231231x10k001.jpg (GRAPHIC) — 49KB
- bcyc-20231231x10k002.jpg (GRAPHIC) — 34KB
- bcyc-20231231x10k003.jpg (GRAPHIC) — 83KB
- bcyc-20231231x10k004.jpg (GRAPHIC) — 58KB
- bcyc-20231231x10k005.jpg (GRAPHIC) — 26KB
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- bcyc-20231231x10k009.jpg (GRAPHIC) — 33KB
- bcyc-20231231x10k010.jpg (GRAPHIC) — 36KB
- bcyc-20231231x10k011.jpg (GRAPHIC) — 26KB
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- bcyc-20231231x10k013.jpg (GRAPHIC) — 31KB
- bcyc-20231231x10k014.jpg (GRAPHIC) — 29KB
- 0001558370-24-001324.txt ( ) — 14228KB
- bcyc-20231231.xsd (EX-101.SCH) — 98KB
- bcyc-20231231_cal.xml (EX-101.CAL) — 57KB
- bcyc-20231231_def.xml (EX-101.DEF) — 383KB
- bcyc-20231231_lab.xml (EX-101.LAB) — 693KB
- bcyc-20231231_pre.xml (EX-101.PRE) — 600KB
- bcyc-20231231x10k_htm.xml (XML) — 1952KB
Business
Item 1. Business 2
Risk Factors
Item 1A. Risk Factors 46
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 106
Cybersecurity
Item 1C. Cybersecurity 106
Properties
Item 2. Properties 107
Legal Proceedings
Item 3. Legal Proceedings 108
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 108 PART II
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 109
[Reserved]
Item 6. [Reserved] 109
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 110
Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 127
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data 128
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 128
Controls and Procedures
Item 9A. Controls and Procedures 128
Other Information
Item 9B. Other Information 130
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 130 PART III
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance 130
Executive Compensation
Item 11. Executive Compensation 131
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 131
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence 131
Principal Accountant Fees and Services
Item 14. Principal Accountant Fees and Services 131 PART IV
Exhibit and Financial Statement Schedules
Item 15. Exhibit and Financial Statement Schedules 132
Form 10-K Summary
Item 16. Form 10-K Summary 137
Signatures
Signatures 1 Table of Contents PART I
BUSINESS
ITEM 1. BUSINESS. We are a clinical-stage biopharmaceutical company developing a novel class of medicines, which we refer to as Bicycle molecules, for diseases that are underserved by existing therapeutics. Bicycle molecules are fully synthetic short peptides constrained to form two loops which stabilize their structural geometry. This constraint facilitates target binding with high affinity and selectivity, making Bicycle molecules attractive candidates for drug development. Bicycle molecules are a unique therapeutic modality combining the pharmacology usually associated with a biologic with the manufacturing and pharmacokinetic, or PK, properties of a small molecule. The relatively large surface area presented by Bicycle molecules allows targets to be drugged that have historically been intractable to non-biological approaches. Bicycle molecules are excreted by the kidney rather than the liver and have shown no signs of immunogenicity to date, qualities which we believe explain the molecules' favorable toxicological profile. We have a novel and proprietary phage display screening platform which we use to identify Bicycle molecules in an efficient manner. The platform initially displays linear peptides on the surface of engineered bacteriophages, or phages, before "on-phage" cyclization with a range of small molecule scaffolds which can confer differentiated physicochemical and structural properties. Our platform encodes quadrillions of potential Bicycle molecules which can be screened to identify molecules for optimization to potential product candidates. We have used this powerful screening technology to identify our current portfolio of candidates in oncology and intend to use it in conjunction with our collaborators to seek to develop additional future candidates across a range of other disease areas. Our product candidates, BT8009, BT5528, and BT1718, are each a Bicycle Toxin Conjugate, or a BTC molecule. These Bicycle molecules are chemically attached to a