Bicycle Therapeutics Q3 net loss $59.1M; lead drug regulatory update delayed to Q1 2026

BICYCLE THERAPEUTICS PLC

2025-Q3 EPS reported -$2.87 revenue$24,631,000

Net loss of $59.1M ($0.85 per share) vs $50.8M ($0.74) in Q3 2024; R&D expenses up 21% to $58.4M.
Cash $648.3M (down from $879.5M at Dec 2024); additional $38.2M R&D tax credit received Oct 2025; runway into 2028.
Dose selection for zelenectide pevedotin Duravelo-2 trial and potential approval pathway update expected Q1 2026.
Strengthened Board with appointments of Charles Swanton, Roger Dansey, and Hervé Hoppenot.
BT5528 and BT7480 combination data presentations pushed to H1 2026; initial BRC EphA2 human imaging data expected H1 2026.

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