Bicycle Therapeutics Files Q3 2024 10-Q

TL;DR

BCYC filed its Q3 10-Q. Check financials.

AI Summary

Bicycle Therapeutics plc filed a 10-Q for the period ending September 30, 2024. The company, based in Cambridge, UK, is in the pharmaceutical preparations industry. Key financial details and operational updates are expected within this filing, though specific figures are not detailed in the provided header information.

Why It Matters

This filing provides investors with an update on Bicycle Therapeutics' financial health and operational progress for the third quarter of 2024, crucial for understanding the company's trajectory in the competitive biotech sector.

Risk Assessment

Risk Level: medium — Biotech companies like Bicycle Therapeutics are inherently risky due to the long development cycles, high R&D costs, and regulatory hurdles involved in bringing new drugs to market.

Key Players & Entities

• BICYCLE THERAPEUTICS PLC (company) — Filer
• 20240930 (date) — Period of Report
• 20241031 (date) — Filing Date
• CAMBRIDGE (location) — Business Address City
• 001-38916 (other) — SEC File Number

FAQ

Filing Documents

• bcyc-20240930x10q.htm (10-Q) — 2731KB
• bcyc-20240930xex31d1.htm (EX-31.1) — 14KB
• bcyc-20240930xex31d2.htm (EX-31.2) — 14KB
• bcyc-20240930xex32d1.htm (EX-32.1) — 10KB
• 0001558370-24-014004.txt ( ) — 10592KB
• bcyc-20240930.xsd (EX-101.SCH) — 85KB
• bcyc-20240930_cal.xml (EX-101.CAL) — 56KB
• bcyc-20240930_def.xml (EX-101.DEF) — 351KB
• bcyc-20240930_lab.xml (EX-101.LAB) — 628KB
• bcyc-20240930_pre.xml (EX-101.PRE) — 512KB
• bcyc-20240930x10q_htm.xml (XML) — 1708KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1 Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations and Comprehensive Loss 2 Condensed Consolidated Statements of Shareholders' Equity 3 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 3. Quantitative and Qualitative Disclosure About Market Risk 51 Item 4.

Controls and Procedures

Controls and Procedures 52

- OTHER INFORMATION

PART II - OTHER INFORMATION 53 Item 1.

Legal Proceedings

Legal Proceedings 53 Item 1A .

Risk Factors

Risk Factors 53 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 111 Item 3. Defaults Upon Senior Securities 111 Item 4. Mine Safety Disclosures 111 Item 5. Other Information 111 Item 6. Exhibits 112

SIGNATURES

SIGNATURES i Table of Contents SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS This Quarterly Report on Form 10-Q, or this Quarterly Report, contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. These statements may be identified by such forward-looking terminology as "will," "may," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue" or variations of these words or similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Any forward-looking statement involves known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statement. Forward-looking statements include statements, other than statements of historical fact, about, among other things: the initiation, timing, progress and results of our preclinical studies and clinical trials, and our research and development programs; our ability to advance our product candidates into, and successfully complete, clinical trials; our reliance on the success of product candidates in our pipeline programs for our Bicycle Toxin Conjugate, or BTC molecules, Bicycle Tumor-Targeted Immune Cell Agonist , or Bicycle TICA molecules, and Bicycle radionuclide conjugates, or BRC molecules, as well as our other pipeline programs; our ability to utilize our screening platform to identify and advance additional product candidates into clinical development; the timing or likelihood of regulatory filings and approvals; the commercialization of our product candi

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements . Bicycle Therapeutics plc Condensed Consolidated Balance Sheets (In thousands, except share and per share data) (Unaudited) September 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 890,862 $ 526,423 Prepaid expenses and other current assets 17,350 11,406 Research and development incentives receivable 57,982 24,039 Total current assets 966,194 561,868 Property and equipment, net 11,520 14,515 Operating lease right-of-use assets 9,092 13,169 Other assets 9,940 5,792 Total assets $ 996,746 $ 595,344 Liabilities and shareholders' equity Current liabilities: Accounts payable $ 5,714 $ 13,050 Accrued expenses and other current liabilities 39,313 31,509 Deferred revenue, current portion 11,378 24,978 Total current liabilities 56,405 69,537 Long-term debt, net of discount — 30,698 Operating lease liabilities, net of current portion 5,533 9,382 Deferred revenue, net of current portion 97,813 110,216 Other longterm liabilities 5,963 4,579 Total liabilities 165,714 224,412 Commitments and contingencies (Note 11) Shareholders' equity: Ordinary shares, including non-voting ordinary shares, 0.01 nominal value; 155,878,645 and 59,612,613 shares authorized on September 30, 2024 and December 31, 2023, respectively; 69,015,971 and 42,431,766 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 890 550 Additional paid-in capital 1,462,264 883,446 Accumulated other comprehensive loss ( 3,185 ) ( 1,304 ) Accumulated deficit ( 628,937 ) ( 511,760 ) Total shareholders' equity 831,032 370,932 Total liabilities and shareholders' equity $ 996,746 $ 595,344 The accompanying notes are an integral part of the condensed consolidated financial statements 1 Table of Contents Bicycle Therapeutics plc Condensed Consolidated Statements of Operations and Compr

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View this 10-Q filing on SEC EDGAR