{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-23-057986","form_type":"8-K","ticker":"BCYC","cik":"0001761612","company_name":"BICYCLE THERAPEUTICS PLC","filed_at":"2023-05-10T23:59:59+00:00","discovered_at":"2026-05-14T18:03:40.437488+00:00","generated_at":"2026-06-15T06:46:54.355443+00:00","sec_items":["1.01","9.01"],"event_type":"other_material","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Bayer and Bicycle Therapeutics enter $1.7B collaboration for radiopharmaceuticals; $45M upfront","bullets":["Bicycle receives $45M upfront; total potential milestones up to $1.7B across up to three oncology targets.","Bayer fully funds all preclinical, clinical, manufacturing, and commercialization activities.","Bicycle eligible for mid-single to double-digit tiered royalties on commercialized products.","Closing subject to clearance under U.K. National Security and Investment Act 2021.","Collaboration uses Bicycle's bicyclic peptide technology to develop radioconjugates for undisclosed targets."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-23-057986","json":"https://secwatch.observer/filing/0001104659-23-057986.json","markdown":"https://secwatch.observer/filing/0001104659-23-057986.md","text":"https://secwatch.observer/filing/0001104659-23-057986.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1761612/000110465923057986/0001104659-23-057986-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1761612/000110465923057986/tm2314992d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-15T06:46:54.355443+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"f87b10a075f4d03305148db1a30858149f84722c","claim":"BICYCLE THERAPEUTICS PLC entered into Collaboration and License Agreement with Bayer Consumer Care AG valued at Upfront payment of $45 million, with potential milestone and royalty payments up to $1.7 billion (effective 2023-05-04).","evidence_excerpt":"On May 4, 2023, BicycleTx Limited (the “Company”) and Bayer Consumer Care AG (“Bayer”) entered into a collaboration and license agreement (the “Collaboration Agreement”), pursuant to which the parties will perform research and discovery activities under a mutually agreed upon research plan during a research term of up to a specified number of years per target program to generate radiopharmaceutical compounds incorporating optimized Bicycle constructs directed to two specified targets, under the oversight of a joint steering committee.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1761612/000110465923057986/0001104659-23-057986-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"collaboration"},{"label":"Counterparty","value":"Bayer Consumer Care AG"},{"label":"Value","value":"Upfront payment of $45 million, with potential milestone and royalty payments up to $1.7 billion"},{"label":"Effective","value":"2023-05-04"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}