Bicycle Therapeutics Narrows Loss After Cost Cuts
Cash fell $49.4 million during the quarter to $510.1 million.
Bicycle Therapeutics (BCYC), a clinical-stage biopharmaceutical company, narrowed its second-quarter net loss 36% as a workforce reduction and lower clinical spending cut operating expenses.
The quarter reflected the strategic reprioritization announced in March, when Bicycle reduced its workforce roughly 30% and extended its expected cash runway. The company reiterated that its funds are expected to support operations into 2030, compared with the into-2028 runway disclosed a year earlier.
Collaboration revenue fell 78% to $629,000 from $2.92 million a year earlier. The net loss narrowed to $50.3 million from $79.0 million, while the loss improved to $0.72 a share from $1.14 a share.
Research-and-development expense declined 42% to $41.2 million, reflecting lower spending on zelenectide as well as reduced personnel, share-based compensation, discovery and platform costs. General-and-administrative expense fell 24% to $14.0 million as Bicycle lowered professional, consulting and personnel-related costs.
Those reductions more than offset the drop in collaboration revenue, narrowing the operating loss 37% to $54.6 million from $86.6 million a year earlier. Cash stood at $510.1 million on June 30, down $118.1 million from year-end, mainly because of operating and clinical-program spending.
Bicycle reported a median progression-free survival of 13 months in previously untreated, cisplatin-ineligible metastatic urothelial cancer in the Duravelo-1 study. The trial produced a 59% overall response rate and an 82% disease-control rate, while median duration of response remained immature. In Duravelo-2, the company maintained its previously reported efficacy results and quantified adverse events including peripheral sensory neuropathy in 33% of patients, skin reactions in 17% and eye disorders in 10%.
The company also dosed the first recurrent pancreatic-cancer patient in its Phase 2 study in April, advancing a program that had recently entered clinical testing. Its first company-sponsored radioligand trial, for MT1-MMP-targeting BT1702, is now expected to begin in 2027, a year later than the timing disclosed in prior releases.