Bicycle Therapeutics reports FY2025 results; deprioritizes lead drug zelenectide, plans 30% workforce cut

BICYCLE THERAPEUTICS PLC

Deprioritizes zelenectide in mUC; converts Duravelo-2 to randomized Phase 2 after regulatory feedback says trial design no longer acceptable for approval.
Proposes ~30% workforce reduction; expects 50% annual opex savings; cash runway extended into 2030.
Appoints Jennifer Perry as COO; Alistair Milnes as CCDO. Perry receives $550K base salary, 50% bonus target.
Cash $628.1M at Dec 31, 2025 vs $879.5M at Dec 31, 2024; FY2025 net loss $219M ($3.16/sh).
Enters 15-year contract with UK Nuclear Decommissioning Authority for reprocessed uranium supply for radioconjugates.

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