The company maintains a conservative capital structure with a debt-to-equity ratio of 0.03, supported by a substantial liquidity buffer reflected in a current ratio of 12.66 as of 2026Q1.
| Total Current Assets | 619.13M | 628.11M | 928.61M | 561.87M | 369.38M | 458.56M | 155.72M | 104.15M | 76.77M | 71.51M | 11.29M |
| Cash & Short-Term Investments | 559.47M | 628.11M | 879.52M | 526.42M | 339.15M | 438.68M | 135.99M | 92.12M | 63.38M | 67.66M | 9.4M |
| Cash Only | 559.47M | 628.11M | 879.52M | 526.42M | 339.15M | 438.68M | 135.99M | 92.12M | 63.38M | 67.66M | 9.4M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 40.92M | 35.59M | 35.65M | 24.04M | 21.21M | 11.91M | 14.63M | 7.14M | 11.31M | 3M | 1.37M |
| Days Sales Outstanding | 293.93 | 178.99 | 368.91 | 325.26 | 535.2 | 371.65 | 514.06 | 188.97 | 578.65 | 531.73 | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 18.74M | -35.59M | 13.43M | 11.41M | 9.02M | 0 | 0 | 0 | 0 | 0 | 1.37M |
| Total Non-Current Assets | 33.26M | 89.49M | 28.26M | 33.48M | 41.23M | 21.24M | 5.43M | 6.05M | 4.86M | 2.49M | 549K |
| Property, Plant & Equipment | 20.27M | 0 | 17.19M | 27.68M | 32.77M | 17.79M | 3.61M | 4.35M | 1.82M | 1.36M | 519K |
| Fixed Asset Turnover | 5.54x | - | 2.05x | 0.97x | 0.44x | 0.66x | 2.88x | 3.17x | 3.93x | 1.51x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 605K | 58K | 547K | 547K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 12.99M | 89.43M | 10.53M | 5.24M | 8.46M | 3.45M | 1.82M | 1.7M | 3.04M | 1.13M | 30K |
| Total Assets | 652.4M | 717.6M | 956.87M | 595.34M | 410.61M | 479.79M | 161.15M | 110.19M | 81.63M | 74M | 11.84M |
| Asset Turnover | 0.09x | 0.10x | 0.04x | 0.05x | 0.04x | 0.02x | 0.06x | 0.13x | 0.09x | 0.03x | - |
| Asset Growth % | -95.85% | -25.01% | 60.73% | 44.99% | -14.42% | 197.73% | 46.24% | 35% | 10.3% | 525.27% | - |
| Total Current Liabilities | 48.89M | 56.98M | 67.23M | 69.54M | 53.34M | 36.24M | 23.13M | 8.82M | 8.93M | 9.45M | 3.81M |
| Accounts Payable | 5.97M | 9.67M | 15.79M | 13.05M | 6.47M | 2.72M | 1.36M | 1.95M | 1.89M | 2.06M | 1.88M |
| Days Payables Outstanding | 59.81 | - | 33.33 | 30.44 | - | - | 15.03 | 27.85 | 33.18 | 63.52 | 2.55K |
| Short-Term Debt | 0 | 2.76M | 0 | 4.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 29.68M | 0 | 10.19M | 24.98M | 20.42M | 19.27M | 10.13M | 728K | 10K | 3.98M | 0 |
| Other Current Liabilities | 40.12M | 44.56M | 35.74M | 13.24M | 13.4M | 7M | 6.39M | 2.58M | 5.42M | 148K | 1.54M |
| Current Ratio | 12.66x | 11.02x | 13.81x | 8.08x | 6.92x | 12.65x | 6.73x | 11.81x | 8.60x | 7.57x | 2.96x |
| Quick Ratio | 12.66x | 11.02x | 13.81x | 8.08x | 6.92x | 12.65x | 6.73x | 11.81x | 8.60x | 7.57x | 2.96x |
| Cash Conversion Cycle | 234.12 | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 49.19M | 50.64M | 96.58M | 154.88M | 86.48M | 97.3M | 42.56M | 8.18M | 142.52M | 111.73M | 0 |
| Long-Term Debt | 0 | 0 | 0 | 30.7M | 30.32M | 29.87M | 14.51M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 32.17M | 14.77M | 3.99M | 9.38M | 10.88M | 12.08M | 426K | 1.25M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 973K | 363K | 1.12M | 4.58M | 3.83M | 3.28M | 2.61M | 2M | 127.9M | 101.25M | 0 |
| Total Liabilities | 98.08M | 107.62M | 163.81M | 224.41M | 139.83M | 133.54M | 65.69M | 17M | 151.45M | 121.19M | 3.81M |
| Total Debt | 13.87M | 17.52M | 9.49M | 44.96M | 44.33M | 44.34M | 15.78M | 1.89M | 0 | 0 | 0 |
| Net Debt | -545.6M | -610.59M | -870.03M | -481.47M | -294.83M | -394.34M | -120.22M | -90.23M | -63.38M | -67.66M | -9.4M |
| Debt / Equity | 0.03x | 0.03x | 0.01x | 0.12x | 0.16x | 0.13x | 0.17x | 0.02x | - | - | - |
| Debt / EBITDA | -0.06x | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 2.31x | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -1071.02x | -1061.17x | -99.46x | -58.21x | -33.16x | -21.95x | -113.70x | - | - | - | - |
| Total Equity | 554.32M | 609.98M | 793.06M | 370.93M | 270.78M | 346.25M | 95.46M | 93.2M | -69.83M | -47.18M | 8.02M |
| Equity Growth % | -97.24% | -23.09% | 113.8% | 36.98% | -21.8% | 262.72% | 2.43% | 233.47% | -47.99% | -688.04% | - |
| Book Value per Share | 7.95 | 8.80 | 13.62 | 10.42 | 9.13 | 13.82 | 4.99 | 8.44 | -5.25 | -3.55 | 0.45 |
| Total Shareholders' Equity | 554.32M | 609.98M | 793.06M | 370.93M | 270.78M | 346.25M | 95.46M | 93.2M | -69.83M | -47.18M | 8.02M |
| Common Stock | 899K | 894K | 890K | 550K | 387K | 384K | 266K | 227K | 10K | 5K | 3K |
| Retained Earnings | -960.58M | -899.75M | -680.79M | -511.76M | -331.1M | -218.38M | -151.56M | -100.55M | -69.94M | -48.1M | -31.84M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -837K | 0 |
| Accumulated OCI | -5.28M | -3.5M | 119K | -1.3M | 387K | -3.39M | -3.19M | -1.53M | -1.75M | 69K | -2.29M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial outcomes
As reported in recent financial filings, the company's total assets have declined from $1.1 billion in 2024Q2 to $652.4 million in 2026Q1, reflecting a consistent trend of capital consumption as the firm funds its intensive clinical development pipeline without offsetting commercial revenue streams.
The steady reduction in total assets suggests that the company is effectively utilizing its capital reserves to finance ongoing R&D activities. Investors should monitor whether this trajectory of asset depletion remains sustainable relative to the progress of key clinical candidates like BT8009.
Based on the 2026Q1 balance sheet, the company maintains a current ratio of 12.66, which, according to reported figures, provides a substantial liquidity cushion that appears sufficient to support the firm's ongoing research and development burn rate for the foreseeable future.
The high current ratio is primarily driven by a significant cash position of $559.5 million, which serves as a critical buffer against the inherent volatility of milestone-based revenue. This liquidity profile suggests the company is well-positioned to navigate potential delays in clinical trial enrollment without immediate financing pressure.
As indicated by the 2026Q1 financial data, the company maintains a conservative debt-to-equity ratio of 0.03, confirming that management has historically prioritized equity-based financing over debt to fund its capital-intensive oncology research and development programs.
The low debt burden suggests that the company is not currently constrained by interest obligations, which is prudent given the lack of predictable operating cash flows. This capital structure appears designed to maximize flexibility while avoiding the restrictive covenants often associated with debt financing in the biotech sector.
According to the latest balance sheet, the company's equity base has been significantly impacted by accumulated losses, which reached $960.6 million in 2026Q1, reflecting the long-term economic cost of developing the proprietary Bicycle platform through multiple clinical trial phases.
The persistent growth in the deficit underscores the high-risk nature of the business model, where substantial capital is deployed long before any potential commercialization. Investors should interpret this as a reflection of the company's commitment to R&D, though it warrants ongoing scrutiny regarding the eventual path to profitability.
As reported in financial statements, the company's deferred revenue balance of $37.1 million in 2026Q1 serves as a potential indicator of future milestone recognition, though its decline from $135.2 million in 2023Q4 suggests a reduction in the backlog of contracted partnership obligations.
The fluctuation in deferred revenue highlights the lumpy nature of the company's revenue recognition model, which is highly sensitive to the timing of collaboration milestones. This suggests that headline balance sheet figures may be periodically distorted by the accounting treatment of these complex, multi-year pharmaceutical partnerships.
Quick answers to the most common questions about buying BCYC stock.
As of 2025, Bicycle Therapeutics plc (BCYC) had total assets of $717.6M including $628.1M in current assets.
Bicycle Therapeutics plc (BCYC) carries total debt of $17.5M, offset by $628.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Bicycle Therapeutics plc (BCYC) has total shareholders' equity (book value) of $610.0M ($8.80 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Bicycle Therapeutics plc (BCYC) reported a current ratio of 11.02x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.