BCYC News & Events

Reports Q4 revenue $47.96M, consensus $7.08M. The increases in collaboration revenue of $44.3M and $37.3M for the three months and year ended December 31, 2025, respectively, were primarily due to the recognition of all remaining revenue under Bicycle Therapeutics' collaboration with Novartis Pharma AG upon a notice of termination of the collaboration agreement, as well as the recognition of revenue under Bicycle Therapeutics' collaboration with Bayer Consumer Care AG upon a notice of termination of one of the target programs under the collaboration agreement. "We have successfully completed the dose selection portion of the Duravelo-2 trial and received regulatory alignment that the 6mg dose and schedule is optimal for zelenectide in mUC based on strong anti-tumor activity and its differentiated safety profile. We look forward to sharing these data at an upcoming scientific conference. Based on the regulatory feedback we have received, the existing Duravelo-2 trial design is no longer considered acceptable as an approval path for zelenectide in mUC. Preliminary discussions with regulatory agencies have outlined several potential paths for zelenectide's approval in mUC. While we believe the strength of these data and the clear medical need justify continued development of zelenectide, we have reached the difficult decision to deprioritize this program for internal development at this time. We have initiated a process to convert our ongoing Duravelo-2 trial to a randomized Phase 2 study. Once we have these randomized Phase 2 data in hand, we will determine the most appropriate path for zelenectide," said Bicycle Therapeutics CEO Kevin Lee. "We believe these data provide further validation of the ability of our Bicycle technology to deliver oncology therapeutics with a potentially improved benefit/risk profile compared to existing modalities. In view of this, we have decided to conduct a strategic reprioritization, which includes a proposed workforce reduction, to best position the company to focus our resources on our promising pipeline of next-generation therapeutics."

Bicycle Therapeutics announced leadership transitions. Travis Thompson, who began at Bicycle in April 2018 and most recently served as Bicycle's senior vice president and chief accounting officer has been appointed as Bicycle's CFO. In this role, Thompson will continue to oversee finance and accounting functions, and now investor relations. Alethia Young, who has stepped down as CFO, will remain with Bicycle in an interim capacity for three months. Thereafter, Alethia will continue as a company advisor.

Michael Method who began at Bicycle in June 2025 and most recently served as Bicycle's senior vice president, clinical development, has been promoted to chief medical officer, or CMO, overseeing all clinical development and the relationship with Bicycle's clinical advisory board. Eric Westin, who has retired from his role as CMO, will continue with Bicycle as a fellow.