Biotech Distilled
Substack ↗ Subscribe
Subscribe Substack ↗ About

Home › Companies › BCYC

Bicycle Therapeutics

BCYC Lead: Phase 2 2 Biotech Distilled articles ↓ 14 filings & releases ↓ Cash $470M (Sep 30, 2026) ↓ 2 verdicts ↓
Oncology PeptideRadioligand

Market cap $253M 70.1M shares (vendor count, Nov 7, 2026) × $3.61 close Nov 6, 2026 · share count from the market-data vendor, not the SEC cover page

Most recent annual filing: 2026-03-17

Catalyst timeline

7 trackedQuarter catalyst calendar →
  1. Bicycle Therapeutics corporate update2026Bicycle Therapeutics corporate update, 2026, routine
  2. Bicycle Therapeutics corporate updateOct–Nov 2026Bicycle Therapeutics corporate update, Oct–Nov 2026, routine
  3. Nuzefatide pevedotin PDAC Ph2 interim2027Nuzefatide pevedotin PDAC Ph2 interim, 2027, notable
  4. Zelenectide pevedotin Ph2 readout2H 2027Zelenectide pevedotin Ph2 readout, 2H 2027, major
  5. BT1702 trial start2H 2027BT1702 trial start, 2H 2027, routine
  6. ION826/AZD4063 Ph1 readout~Nov 22, 2027ION826/AZD4063 Ph1 readout, ~Nov 22, 2027, notable
  7. EphA2 radioconjugate trial start2028EphA2 radioconjugate trial start, 2028, routine

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (4 active programs)

Technology platforms

BRC

Bicycle Radioconjugate platform — fully synthetic bicyclic peptide-based radioconjugates for targeted radionuclide therapy and radiopharmaceutical imaging; focus areas include EphA2 and MT1-MMP as cancer targets; radioisotopes include 177Lu, 68Ga, and 212Pb

Targets: EphA2, MT1-MMP

BRC · SpectronRx

Bicycle Radioconjugates — bicyclic peptide-based radioconjugates for targeted radionuclide therapy and radiopharmaceutical imaging; isotope-agnostic strategy including 212Pb supply chain; focus on oncology targets including EphA2 and MT1-MMP

Targets: EphA2, MT1-MMP

Bicycle

Proprietary bicyclic peptide technology — fully synthetic short peptides constrained with small molecule scaffolds to form two loops, enabling high-affinity and selective target binding; used to develop Bicycle Drug Conjugates (BDC), Bicycle Radioconjugates (BRC), and Bicycle Tumor-Targeted Immune Cell Agonists (Bicycle TICA) across oncology and additional therapeutic areas

Targets: EphA2, Nectin-4, CD137

Bicycle phage display screening platform

Proprietary phage display platform that identifies and optimizes Bicycle molecules (constrained bicyclic peptides) via on-phage cyclization; used to discover BDC, BRC, TICA and BIA candidates across oncology and other disease areas

BDC

Bicycle Drug Conjugate platform — fully synthetic bicyclic peptide-based drug conjugates targeting tumor antigens and other disease-relevant targets

Targets: EphA2, Nectin-4

Discontinued (3)

Capital (as filed)

Cash
$470M cash and cash equivalents · Sep 30, 2026 (10-Q)
Operating cash flow
−$40.3M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$470M cash, runway 2030 per the update of Oct 29, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (2)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (2 calls)

Every verdict Biotech Distilled has published on Bicycle Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-10-05 Watch Bicycle Therapeutics (BCYC) - Scientific Deep Dive for Nuzefatide Pevedotin, Zelenectide Pevedotin and Pipeline Products Bicycle's 4 kDa conjugates show human proof of concept but the company has not demonstrated a path to approval it will fund, all major pharma partners have left, and the pancreatic lead asset has no pancreatic efficacy data, while the stock trades at 0.49× June cash.
  2. 2026-10-30 Watch UPDATE: Bicycle Therapeutics (BCYC) - The Catalyst Slips a Year The Duravelo-2 randomized data readout has slipped a year to 2H 2027, removing the near-term re-rating catalyst; burn is improving but no capital-allocation event has occurred, so the watch stance is maintained with no new reason to step in.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Filings & releases (14)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Oct 29, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

11 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)