Bicycle Therapeutics reported third‑quarter 2025 financial results, ending September 30, 2025. Cash and cash equivalents stood at $648.3 million.
The company posted a net loss of $59.1 million and an operating loss of $59.1 million. Total operating expenses were $77.3 million, comprising $58.4 million in research and development and $18.9 million in general and administrative costs.
R&D spending increased to $58.4 million from $48.3 million in the same quarter of 2024, a year‑over‑year rise of 20.9 %. The increase reflects expanded clinical development of the lead candidate zelenectide pevedotin and other pipeline programs.
Collaboration revenue for the quarter was $11.7 million, unchanged from the prior year’s $11.6 million, and contributed to the company’s cash position.
Bicycle Therapeutics received a $38.2 million UK R&D tax credit in October 2025, which, combined with cost‑saving measures implemented in August 2025, extends the company’s financial runway into 2028.
Management noted that the company is actively seeking regulatory feedback on the approval pathway for zelenectide pevedotin in metastatic urothelial cancer and that dose‑selection data from the Phase 2/3 Duravelo‑2 trial are expected in Q1 2026.
The company also announced new appointments to its Board of Directors and Research and Innovation Advisory Board, adding expertise in oncology and drug development.
Active enrollment continues in Phase 1/2 Duravelo‑3 for NECTIN4‑amplified breast cancer and Duravelo‑4 for NECTIN4‑amplified non‑small cell lung cancer.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.