Persistent free cash flow deficits, including a $66.6 million outflow in 2026Q1, highlight the company's ongoing reliance on external capital to fund its intensive research and development activities.
| Cash from Operations | -228.9M | -249.68M | -164.72M | -60.63M | -86.11M | -14.79M | -17.79M | -28.61M | -26.08M | -1.42M | -11.27M |
| Operating CF Margin % | - | -343.97% | -466.97% | -224.75% | -595.39% | -126.48% | -171.21% | -207.33% | -365.44% | -68.69% | - |
| Operating CF Growth % | -219.91% | -51.57% | -171.7% | 29.59% | -482.07% | 16.84% | 37.83% | -9.72% | -1742.97% | 87.44% | - |
| Net Income | -219.03M | -218.96M | -169.03M | -180.66M | -112.72M | -66.82M | -51.01M | -30.61M | -21.85M | -16.26M | -13.51M |
| Depreciation & Amortization | -511.27K | 0 | 7.17M | 6.55M | 3.69M | 1.41M | 1.28M | 960K | 712K | 332K | 269.29K |
| Stock-Based Compensation | -2.67M | 0 | 38.08M | 32.48M | 26.78M | 12.08M | 6.51M | 3.08M | 1.02M | 515K | 123K |
| Deferred Taxes | 1.08M | 0 | -5.23M | 3.31M | -4.98M | -1.67M | -673K | 0 | 0 | 119K | 0 |
| Other Non-Cash Items | -30.75M | 45.21M | -2.26M | 1.04M | 442K | 2.14M | 751K | 5.38M | 665K | 856K | 182.52K |
| Working Capital Changes | 22.76M | -75.93M | -33.46M | 76.66M | 672K | 38.06M | 25.35M | -7.43M | -6.63M | 13.02M | 1.85M |
| Change in Receivables | 3.41M | 2.9M | -11.95M | -1.2M | -11.35M | 4.54M | -2.15M | 4.91M | -400K | -1.42M | -1.16M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -4.79M | 4.16M | -2.55M | -2.12M | 0 | 0 |
| Change in Payables | 1.2M | -6.89M | 3.1M | 8M | 2.56M | 1.2M | -663K | 220K | -169K | 67K | 1.64M |
| Cash from Investing | -2.46M | -2.35M | -1.24M | -2.93M | -18.99M | -2.03M | -1.2M | -1.55M | -1.19M | -1.11M | -243.36K |
| Capital Expenditures | -106.68K | -2.36M | -1.24M | -2.93M | -18.99M | -2.03M | -1.2M | -1.55M | -1.19M | -1.11M | -243.36K |
| CapEx % of Revenue | 0.17% | 3.25% | 3.5% | 10.86% | 131.28% | 17.35% | 11.55% | 11.27% | 16.62% | 54.03% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.35M | 5.49K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -143.84K | -131K | 519.75M | 250.03M | 6.69M | 320.73M | 62.84M | 58.44M | 25.43M | 57.88M | 16.77M |
| Debt Issued (Net) | -23K | 0 | -31.91M | 0 | 0 | 15M | 15M | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 9.99K | 37.09K | 544.13M | 249.34M | 5.7M | 298.54M | 48.14M | 58.29M | 25.43M | 57.88M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -576K | 0 | 0 |
| Other Financing | -130.84K | -168.09K | 7.53M | 682K | 989K | 7.18M | -301K | 149K | 1K | 1K | 16.77M |
| Net Change in Cash | -232.95M | -251.35M | 353.1M | 187.82M | -99.53M | 302.69M | 43.87M | 28.74M | -4.28M | 58.26M | 3.46M |
| Free Cash Flow | -229.01M | -252.61M | -165.96M | -63.56M | -105.1M | -16.82M | -18.99M | -30.17M | -27.26M | -2.53M | -11.51M |
| FCF Margin % | -360.66% | -348.02% | -470.47% | -235.61% | -726.67% | -143.83% | -182.76% | -218.59% | -382.06% | -122.72% | - |
| FCF Growth % | -25.51% | -52.21% | -161.12% | 39.53% | -524.69% | 11.4% | 37.06% | -10.65% | -978.48% | 78.04% | - |
| FCF per Share | -3.29 | -3.65 | -2.85 | -1.79 | -3.54 | -0.67 | -0.99 | -2.73 | -2.05 | -0.19 | -0.65 |
| FCF Conversion (FCF/Net Income) | 1.05x | 1.14x | 0.97x | 0.34x | 0.76x | 0.22x | 0.35x | 0.93x | 1.19x | 0.09x | 0.83x |
| Interest Paid | -22K | 0 | 1.37M | 2.75M | 2.79M | 2.52M | 378K | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 792K | 562K | 2.23M | 73K | 124K | 117K | 73K | 0 | 0 |
Binary clinical trial outcomes
According to reported financial statements, the relationship between net income and operating cash flow is highly volatile, with OCF/NI ratios swinging from 0.18 in 2024Q4 to 2.67 in 2024Q1, illustrating that accounting earnings provide little visibility into the actual cash burn of the business.
The significant variance between net income and operating cash flow suggests that non-cash items and timing differences in milestone recognition heavily distort the reported bottom line. Investors should monitor these fluctuations as they indicate that the company's cash position is driven more by the timing of partnership payments than by operational efficiency.
As indicated by quarterly data, the company consistently reports negative free cash flow, with outflows reaching $66.6 million in 2026Q1, confirming that the current business model remains entirely dependent on external capital and milestone inflows to sustain its intensive research and development activities.
The persistent negative FCF margins, which have fluctuated significantly, highlight the structural challenge of funding late-stage clinical trials without a recurring revenue base. This trajectory suggests that the company will continue to consume its cash reserves until a lead asset reaches commercialization or further licensing deals are secured.
Based on the provided cash flow data, working capital changes are a primary driver of quarterly cash flow variance, evidenced by a $62.9 million inflow in 2025Q4 followed by a $12.9 million outflow in 2026Q1, reflecting the lumpy nature of milestone-based revenue and associated receivables.
These swings in working capital appear to be tied to the timing of payments from pharmaceutical partners rather than operational improvements in collections or payables management. The lack of a predictable working capital cycle underscores the inherent risk in relying on milestone-driven cash inflows to fund ongoing clinical operations.
Analysis of the cash flow statement reveals that stock-based compensation remains a consistent non-cash expense, with quarterly figures often exceeding $9 million, which effectively masks the true economic cost of talent retention required to maintain the company's competitive edge in the peptide platform space.
While stock-based compensation is a standard industry practice, its magnitude relative to the company's cash burn warrants further investigation into the long-term dilutive impact on shareholders. The reliance on these non-cash adjustments suggests that the reported operating cash flow may be overstating the company's ability to self-fund its R&D pipeline.
Quick answers to the most common questions about buying BCYC stock.
Bicycle Therapeutics plc (BCYC) generated $-249.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bicycle Therapeutics plc (BCYC) reported negative free cash flow of $252.6M in 2025, indicating capital requirements exceeded cash from operations.
Bicycle Therapeutics plc (BCYC) spent $2.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.