BICYCLETX LIMITED

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“At 31 December 2024, our parent company and its subsidiaries together had cash of £700.8 million (31 December 2023: £413.5 million) and with the support of our parent, the directors estimate the cash and cash equivalents on hand at the date of approval of these financial statements is sufficient to continue funding our operating expenses for the foreseeable future at least a further 12 months from the date of that approval and it is therefore appropriate to prepare these financial statements on a going concern basis. Our parent, Bicycle Therapeutics plc, has confirmed that it will provide financial support to us such that we are able to operate as a going concern and to settle our liabilities as they fall due.”

Significant events

• “In August 2024, we focused our research and development pipeline on clinical programs and research areas that we believe have the highest potential to maximise value creation and we consolidated all discovery research activities to our headquarters in Cambridge, U.K.”
• “On 4 May 2023, we entered into a collaboration and licence agreement, or the Bayer Collaboration Agreement, with Bayer Consumer Care AG, or Bayer, pursuant to which we and Bayer will perform research and discovery activities...”
• “Bayer paid an upfront payment of $45.0 million (£35.1 million) in July 2023.”
• “On 27 March 2023, we entered into a collaboration and licence agreement, or the Novartis Collaboration Agreement, with Novartis Pharma AG, or Novartis...”
• “Novartis paid us a nonrefundable upfront payment of $50.0 million (£40.8 million) in April 2023.”
• “In November 2024, we also achieved a specified discovery milestone for the first target program and Novartis made an additional payment of $3.0 million (£2.3 million).”
• “In February 2024, we announced that our Phase II/III registrational trial for zelenectide pevedotin, called Duravelo-2, was initiated and commenced recruiting patients.”
• “In May 2024, we announced that the U.S. Food and Drug Administration, or FDA, granted Fast Track Designation, or FTD, to BT5528 for the treatment of adult patients with previously treated, locally advanced or metastatic urothelial cancer...”
• “In September 2024, we provided clinical updates from the ongoing Phase I/II clinical trials for zelenectide pevedotin, BT5528 and BT7480.”
• “In October 2024, first human imaging data for a BRC molecule targeting MT1-MMP was presented by the German Cancer Consortium, or DKTK...”
• “In December 2024, we announced data showing the enhanced anti-tumour activity of zelenectide pevedotin monotherapy in breast cancer patients with NECTIN4 gene amplification...”
• “On 9 July 2024, the parent company repaid in its entirety and voluntarily terminated the loan and security agreement with Hercules Capital, Inc...”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

3

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +33.4%

  £20,985,000 → £27,990,000

• Cash

  +83.3%

  £18,224,000 → £33,397,000

• Net assets

  -47.1%

  -£323,190,000 → -£475,350,000

• Employees

  +5.3%

  170 → 179

• Operating profit

  -26.3%

  -£162,716,000 → -£205,521,000

• Profit before tax

  -25.8%

  -£162,686,000 → -£204,631,000

• Wages

  +9.8%

  £18,181,000 → £19,957,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers