Bicycle Therapeutics Q2 net loss widens to $1.14/share; cuts workforce 30% to extend runway

BICYCLE THERAPEUTICS PLC

2025-Q2 EPS reported -$2.02 revenue$12,897,000

Net loss $79.0M ($1.14/share) vs $39.8M ($0.77) a year ago; R&D spend rose 77% to $71.0M.
Cash $721.5M at June 30, down from $879.5M at Dec 31; company expects runway through 2028 after cost realignment.
Workforce reduction of ~30% announced; Duravelo-5 trial paused while Duravelo-4 (NECTIN4-amplified NSCLC) enrolling.
Charles Swanton appointed to Board and Scientific Committee; new Research & Innovation Advisory Board formed.
Key catalyst: FDA meeting planned 4Q 2025 for zelenectide pevedotin accelerated approval pathway in mUC.

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