Bicycle Narrows Loss After Bayer Revenue Recognition

The Tip Desk · November 1, 2026 · 3 min read

Collaboration revenue was $34.1 million in the three months ended September 30, 2026, as remaining Bayer Consumer Care fees were recognized on termination.

Bicycle Therapeutics plc (BCYC), a clinical-stage pharmaceutical company developing bicyclic peptide medicines, reported collaboration revenue of $34.1 million for the three months ended September 30, 2026, compared with $11.7 million a year earlier. The company said the increase was primarily due to recognition of all remaining revenue under its collaboration with Bayer Consumer Care AG upon termination of that agreement.

Net loss narrowed to $10.5 million, or $(0.15) a share, from $59.1 million, or $(0.85) a share, a year earlier. Loss from operations was $13.5 million versus $65.6 million.

Research and development expenses fell to $33.4 million from $58.4 million a year earlier. The company attributed the $25.0 million decrease primarily to lower clinical program expenses for zelenectide, decreased personnel-related costs and share-based compensation after workforce reductions announced in August 2025 and March 2026, and lower discovery, platform and other expenses, offset by fewer research and development incentives tied to the corresponding drop in qualifying R&D spend.

General and administrative expenses declined to $14.1 million from $18.9 million a year earlier. The company said the $4.8 million drop was primarily due to decreased personnel-related costs and share-based compensation after those workforce reductions.

Cash and cash equivalents were $469.9 million as of September 30, 2026, down from $628.1 million at December 31, 2025. The company said the decrease was primarily due to cash used in operations, including cash payments for clinical program activities, and that expected cash runway extends into 2030.

In September 2026, the U.S. Food and Drug Administration granted nuzefatide pevedotin, a potentially first-in-class EphA2-targeting Bicycle Drug Conjugate, Orphan Drug Designation for the treatment of pancreatic cancer. The designation is granted to investigational therapies intended to treat rare diseases affecting fewer than 200,000 patients in the United States and provides development incentives, including eligibility for tax credits on qualified clinical trial costs, exemption from certain FDA user fees, and the potential for seven years of market exclusivity upon regulatory approval. Chief executive Kevin Lee said the company believes the designation further supports its development strategy and underscores unmet need in that patient population.

Bicycle is actively enrolling patients in a Phase 2 clinical trial to evaluate efficacy, safety, and pharmacokinetics of nuzefatide in adult patients with recurrent pancreatic ductal adenocarcinoma and expects to provide further updates in 2027.

The company converted the Duravelo-2 trial of zelenectide pevedotin, a Nectin-4-targeting conjugate, to a randomized Phase 2 trial in May 2026 and deprioritized the program for internal development. It expects to report Duravelo-2 survival data from the randomized Phase 2 trial in previously untreated patients with metastatic urothelial cancer in the second half of 2027.

Initiation of the first company-sponsored radioligand clinical trial for BT1702, an MT1-MMP-targeting Bicycle Radioconjugate, is expected in the second half of 2027.