Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data BICYCLE THERAPEUTICS PLC files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2017
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
2.06
7.14
13.8
10.4
11.7
14.5
27
35.3
72.6
Research and development
11.9
20.8
25.5
33.1
44.9
81.6
156
173
240
General and administrative
6.41
8.12
14.6
29.2
32.4
49.5
60.4
72.2
79.4
Operating expenses
18.3
28.9
40.1
62.4
77.3
131
217
245
320
Operating income
-16.2
-21.7
-26.3
-52
-65.6
-117
-190
-210
-247
Interest expense
0.46
2.98
3.34
3.26
1.73
0.21
Other non-operating income
-0.07
-0.5
-4.56
0.23
-2.86
2.41
10.7
36.1
28.3
Pre-tax income
-16.3
-22.2
-30.9
-51.7
-68.5
-114
-179
-174
-219
Income tax
-0.02
-0.4
-0.25
-0.72
-1.66
-1.52
1.46
-4.77
0.15
Net income
-16.3
-21.8
-30.6
-51
-66.8
-113
-181
-169
-219
EBITDA
-15.9
-21
-25.3
-50.7
-64.2
-113
-183
-203
-241
EPS, basic
-48.81
-49.78
-2.77
-2.66
-2.67
-3.80
-5.08
-2.90
-3.16
EPS, diluted
-48.81
-49.78
-2.77
-2.66
-2.67
-3.80
-5.08
-2.90
-3.16
Shares, basic (weighted)
0.33
0.44
11
19.1
25.1
29.7
35.6
58.2
69.3
Shares, diluted (weighted)
0.33
0.44
11
19.1
25.1
29.7
35.6
58.2
69.3
Dividend per share
0.00
0.00
0.00
0.00
Balance sheet
FY2017
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
67.7
0
0
0
439
339
526
880
628
Receivables
5.02
0.2
5.46
1
2.05
0
0
0
Other current assets
2.08
4.88
5.1
7.97
9.02
11.4
13.4
19.2
Total current assets
76.8
104
156
459
369
562
929
683
Property, plant and equipment
1.82
2.29
2.32
3.12
19.1
14.5
9.52
6.02
Lease right-of-use assets
2.06
1.29
14.7
13.7
13.2
7.67
15.9
Other non-current assets
3.04
1.7
1.82
3.45
8.46
5.79
11.1
12.8
Total assets
81.6
110
161
480
411
595
957
718
Accounts payable
1.89
1.95
1.37
2.72
6.47
13.1
15.8
9.67
Accrued liabilities
7.03
6.14
11.6
14.2
26.5
31.5
41.2
44.4
Deferred revenue
0.01
0.73
10.1
19.3
20.4
25
10.2
2.96
Total current liabilities
8.93
8.82
23.1
36.2
53.3
69.5
67.2
57
Long-term debt
14.5
29.9
30.3
30.7
Lease liabilities
1.25
0.43
12.1
10.9
9.38
3.99
14.1
Other non-current liabilities
0.9
2
2.61
3.28
3.83
4.58
1.12
1.03
Total liabilities
29.3
17
65.7
134
140
224
164
108
Total debt
14.5
29.9
30.3
30.7
Paid-in capital
1.86
195
250
568
601
883
1,473
1,512
Retained earnings
-69.9
-101
-152
-218
-331
-512
-681
-900
Other comprehensive income
-1.75
-1.54
-3.19
-3.39
0.39
-1.3
0.12
-3.51
Shareholders' equity
-47.2
-69.8
93.2
95.5
346
271
371
793
610
Total equity
-47.2
-69.8
93.2
95.5
346
271
371
793
610
Total liabilities and equity
81.6
110
161
480
411
595
957
718
Shares outstanding
0.81
18
21.1
29.6
29.9
42.4
69.1
69.4
Cash flow statement
FY2017
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-16.3
-21.8
-30.6
-51
-66.8
-113
-181
-169
-219
Depreciation and amortization
0.33
0.71
0.96
1.28
1.41
3.69
6.55
7.17
6.42
Stock-based compensation
0.52
1.02
3.08
6.51
12.1
26.8
32.5
38.1
39.5
Deferred income tax
-0.11
-0.38
-0.36
-0.67
-1.67
-4.98
3.31
-5.23
-0.85
Change in receivables
-0.4
4.91
-2.15
4.54
-1.64
2.48
Change in payables
0.07
-0.17
0.22
-0.66
1.2
2.56
8
3.1
-6.87
Cash from operations
-1.42
-26.1
-28.6
-17.8
-14.8
-86.1
-60.6
-165
-250
Capital expenditures
-1.11
-1.19
-1.56
-1.2
-2.03
-19
-2.93
-1.24
-2.35
Cash from investing
-1.11
-1.19
-1.56
-1.2
-2.03
-19
-2.93
-1.24
-2.35
Debt issued
15
15
Debt repaid
-31.9
Stock issued
0
0
0.14
48.1
291
5.7
249
544
0.04
Cash from financing
57.9
25.4
58.4
62.8
321
6.69
250
520
-0.13
Exchange rate effect
2.91
-2.45
0.47
0.02
-1.21
Net change in cash
58.3
-4.28
28.7
43.9
303
-99.5
188
353
-251
Free cash flow
-2.53
-27.3
-30.2
-19
-16.8
-105
-63.6
-166
-252
Interest paid
0.38
2.52
2.79
2.75
1.37
Income taxes paid
0.07
0.12
0.12
0.07
2.23
0.56
0.79
-0.72
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.69 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-343.6%
Operating income / revenue.
EBITDA margin
-334.8%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-308.3%
Pre-tax income / revenue.
Net margin
-311.1%
Net income / revenue.
FCF margin
-340.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-336.7%
Cash from operations / revenue.
Return on equity (ROE)
-37.3%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-31.4%
Net income / average total assets.
Return on invested capital (ROIC)
-81,841.0%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
327.2%
Research and development expense / revenue.
Stock-based pay / revenue
55.2%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
3.6%
Capital expenditures / revenue.
D&A / revenue
8.8%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
105.8%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
71.2%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
47.5%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-23.1%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
31.1%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
44.9%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-25.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
20.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
34.8%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
19.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
32.7%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
29.3%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
12.1x
Current assets / current liabilities.
Quick ratio
10.7x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
10.7x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.88
Revenue / diluted weighted shares.
FCF per share
-$2.98
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$2.95
Cash from operations / diluted weighted shares.
Book value per share
$7.31
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
4.21x
Market cap / revenue.
P/B
0.51x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.51x
Market cap / tangible book value, when positive.
FCF yield
-80.8%
Free cash flow / market cap.
Earnings yield
-73.8%
Net income / market cap (the inverse of P/E).
What was BICYCLE THERAPEUTICS PLC's revenue in fiscal 2025?
BICYCLE THERAPEUTICS PLC reported revenue of $72.6M for fiscal 2025, 105.8% higher than the year before.
Was BICYCLE THERAPEUTICS PLC profitable in fiscal 2025?
No. It reported a net loss of $219.0M.
How much free cash flow did BICYCLE THERAPEUTICS PLC generate in fiscal 2025?
Cash from operations of $249.7M minus capital expenditures of $2.4M left free cash flow of -$252.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.