Bicycle Therapeutics plc reported a significant decline in financial performance for the second quarter of 2026, with collaboration revenue dropping to $629,000 from $2.9 million in the same period last year. For the first half of 2026, total collaboration revenue was $1.5 million, a stark decrease from $12.9 million in the first half of 2025. The company attributed this decline primarily to the termination of collaboration agreements with Novartis and Genentech, which had previously contributed substantial revenue. The net loss for the second quarter was $50.3 million, compared to a loss of $79.0 million in the same quarter of 2025, while the loss for the first half of 2026 was $111.2 million, down from $139.7 million year-over-year.
Operating expenses also saw a notable reduction, totaling $55.2 million for the second quarter of 2026, down from $89.5 million in the same quarter of 2025. This decrease was largely driven by a reduction in research and development expenses, which fell to $41.2 million from $71.0 million, reflecting the company's strategic reprioritization of its clinical portfolio. General and administrative expenses also decreased to $14.0 million from $18.5 million, as the company implemented cost-saving measures, including a workforce reduction of approximately 30% announced in March 2026.
As of June 30, 2026, Bicycle Therapeutics had cash and cash equivalents of $510.1 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. The reduction in cash is attributed to ongoing operational expenses and the strategic decision to focus on its promising pipeline of next-generation therapeutics, including nuzefatide pevedotin and Bicycle Radioconjugates.
In terms of operational developments, the company is currently advancing its clinical trials for nuzefatide pevedotin, which is being evaluated in multiple studies for various cancer indications. The company has also announced the discontinuation of certain clinical trials, including those for zelenectide pevedotin in specific cancer types, as part of its strategic reprioritization. The workforce reduction is expected to yield annual operating expense savings of approximately 50%, with the company recognizing severance and termination benefits of $5.5 million in the first half of 2026.
Looking ahead, Bicycle Therapeutics anticipates continued operating losses as it invests in the development of its product candidates. The company is focused on securing additional funding to support its operations and growth strategy, which may include equity offerings, collaborations, and other financing arrangements. The successful development and commercialization of its product candidates remain uncertain, and the company acknowledges the risks associated with the biotechnology industry, including regulatory challenges and market acceptance of its therapies.
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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