Bicycle Therapeutics (BCYC) investor relations material

Executive summary

• Identified optimal 6mg dose for zelenectide in metastatic urothelial cancer with strong response rates and differentiated safety profile; program deprioritized for internal development pending randomized Phase 2 data.

• Strategic reprioritization focuses on BT5528, next-generation conjugates, and radioconjugates, with workforce reduction of ~30% and closure of certain trials.

• Multiple strategic partnerships established for end-to-end supply chain supporting radiopharmaceutical pipeline, including 15-year uranium supply contract and collaborations for isotope production.

• Leadership team expanded and reorganized to support new strategic direction.

Financial highlights

• Cash and cash equivalents were $628.1M as of December 31, 2025, down from $879.5M at year-end 2024, mainly due to operational spending.

• Collaboration revenue rose to $48.0M for Q4 2025 and $72.6M for FY 2025, up from $3.7M and $35.3M in the prior year, driven by revenue recognition from terminated Novartis and Bayer collaborations.

• R&D expenses increased to $51.8M for Q4 and $240.3M for FY 2025, reflecting higher clinical and personnel costs, including severance.

• General and administrative expenses were $20.9M for Q4 and $79.4M for FY 2025, with annual increase due to personnel costs and share-based payments.

• Net loss was $20.2M ($0.29/share) for Q4 and $219.0M ($3.16/share) for FY 2025, compared to $51.9M ($0.75/share) and $169.0M ($2.90/share) in the prior year.

Outlook and guidance

• Cash runway expected to extend into 2030 following reprioritization and cost reductions.

• Annual operating expenses anticipated to decrease by ~50% due to workforce reduction and strategic focus.

• Additional clinical data for BT5528 and radioconjugates expected in 2026; first radioligand clinical trial (BT1702) planned for 2027.