Bicycle Therapeutics plc reported its financial results for the first quarter of 2026, revealing a collaboration revenue of $887,000, a significant decrease from $9.98 million in the same period last year. This decline is attributed primarily to the termination of collaboration agreements with Genentech and Novartis, which accounted for a combined loss of $9.1 million in revenue. The company incurred a net loss of $60.8 million for the quarter, consistent with the previous year, resulting in a net loss per share of $0.87, slightly improved from $0.88 in Q1 2025.
Total operating expenses for the quarter were $66.4 million, down from $80.2 million in the prior year, reflecting a reduction in both research and development (R&D) and general and administrative expenses. R&D expenses decreased to $48.9 million from $59.1 million, primarily due to reduced clinical program costs for the candidate zelenectide pevedotin, which has completed its dose selection phase. General and administrative expenses also fell to $17.5 million from $21.1 million, driven by lower professional fees and share-based compensation, partly due to workforce reductions announced in March 2026.
In March 2026, Bicycle Therapeutics announced a strategic reprioritization of its clinical portfolio, focusing on its next-generation therapeutics, including nuzefatide pevedotin and Bicycle Radioconjugates. This strategic shift included a workforce reduction of approximately 30%, expected to yield annual operating expense savings of about 50%. The company anticipates incurring approximately $7.2 million in severance and termination benefits, with $4.2 million recognized in the first quarter.
As of March 31, 2026, Bicycle Therapeutics had cash and cash equivalents totaling $559.5 million, down from $628.1 million at the end of 2025. The company expects its existing cash reserves to fund operations for at least the next 12 months, although it acknowledges the need for additional funding to support ongoing clinical trials and development activities. The company remains focused on advancing its product candidates and expanding its pipeline, despite the challenges posed by market conditions and the need for substantial future capital.
Looking ahead, Bicycle Therapeutics aims to continue its development of product candidates while managing costs through its strategic reprioritization. The company is also exploring potential collaborations and partnerships to enhance its operational capabilities and financial position.
About BICYCLE THERAPEUTICS plc
Bicycle Therapeutics plc is a clinical-stage pharmaceutical company developing fully synthetic, constrained peptide-based therapeutics called Bicycle® molecules. These molecules combine biologic-like target specificity with small molecule pharmacokinetics and manufacturing advantages. The company’s core products include Bicycle Toxin Conjugates (BTCs), Tumor-Targeted Immune Cell Agonists (TICAs), and Radionuclide Conjugates (BRCs), primarily targeting oncology indications. Its proprietary phage display platform enables rapid discovery of candidates for diverse diseases, focusing on improved tumor penetration, selectivity, and safety.
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