Revenue volatility remains extreme, evidenced by a 91.1% year-over-year decline in 2026Q1, as the firm continues to report significant operating losses with R&D spending consistently exceeding $50 million per quarter.
| Sales/Revenue | 63.5M | 72.59M | 35.27M | 26.98M | 14.46M | 11.7M | 10.39M | 13.8M | 7.14M | 2.06M | 0 |
| Revenue Growth % | 146.85% | 105.77% | 30.76% | 86.52% | 23.65% | 12.58% | -24.72% | 93.4% | 246.41% | - | - |
| Cost of Goods Sold | 71.03M | 0 | 172.97M | 156.5M | 0 | 0 | 33.15M | 25.54M | 20.76M | 11.87M | 269.29K |
| COGS % of Revenue | - | - | 490.34% | 580.13% | - | - | 319.05% | 185.06% | 290.93% | 576.02% | - |
| Gross Profit | -7.53M | 72.59M | -137.69M | -129.52M | 14.46M | 11.7M | -22.76M | -11.74M | -13.63M | -9.81M | -269.29K |
| Gross Margin % | -11.86% | 100% | -390.34% | -480.13% | 100% | 100% | -219.05% | -85.06% | -190.93% | -476.02% | - |
| Gross Profit Growth % | - | 152.72% | -6.31% | -995.53% | 23.65% | 151.4% | -93.88% | 13.84% | -38.95% | -3541.44% | - |
| Operating Expenses | 234.87M | 320.3M | 72.18M | 60.43M | 131.12M | 77.31M | 29.2M | 14.56M | 28.88M | 18.27M | 13.22M |
| OpEx % of Revenue | - | 441.28% | 204.62% | 224% | 906.56% | 660.98% | 281.05% | 105.5% | 404.74% | 887.04% | - |
| Selling, General & Admin | 76.67M | 80.02M | 71.46M | 59.83M | 49.51M | 32.44M | 29.2M | 14.56M | 8.12M | 6.41M | 3.45M |
| SG&A % of Revenue | - | 110.24% | 202.59% | 221.8% | 342.3% | 277.29% | 281.05% | 105.5% | 113.8% | 311.02% | - |
| Research & Development | 230.13M | 240.28M | 172.97M | 156.5M | 81.61M | 44.88M | 33.15M | 31.64M | 20.76M | 11.87M | 9.77M |
| R&D % of Revenue | - | 331.03% | 490.34% | 580.13% | 564.26% | 383.69% | 319.05% | 229.26% | 290.93% | 576.02% | - |
| Other Operating Expenses | -1.16M | 0 | -172.25M | -155.9M | 0 | 0 | -33.15M | -31.64M | -665K | -119K | 0 |
| Operating Income | -242.4M | -247.72M | -209.87M | -189.95M | -116.65M | -65.62M | -51.96M | -26.3M | -21.75M | -16.21M | -13.49M |
| Operating Margin % | -381.75% | -341.28% | -594.96% | -704.13% | -806.56% | -560.98% | -500.1% | -190.56% | -304.74% | -787.04% | - |
| Operating Income Growth % | - | -18.03% | -10.49% | -62.83% | -77.78% | -26.29% | -97.57% | -20.94% | -34.13% | -20.15% | - |
| EBITDA | -236.48M | -241.3M | -202.69M | -183.4M | -112.96M | -64.21M | -50.68M | -25.34M | -21.04M | -15.88M | -13.22M |
| EBITDA Margin % | -372.44% | -332.43% | -574.61% | -679.86% | -781.06% | -548.94% | -487.81% | -183.6% | -294.78% | -770.75% | - |
| EBITDA Growth % | 5.83% | -19.04% | -10.52% | -62.35% | -75.93% | -26.69% | -100.02% | -20.46% | -32.48% | -20.06% | - |
| D&A (Non-Cash Add-back) | 5.92M | 6.42M | 7.18M | 6.55M | 3.69M | 1.41M | 1.28M | 960K | 710.8K | 335.56K | 269.29K |
| EBIT | -217.42M | -218.6M | -172.07M | -189.95M | -110.9M | -65.5M | -51.96M | -26.3M | -22.24M | -16.21M | -13.53M |
| Net Interest Income | 18.02M | 28.26M | 32.55M | 10.74M | 2.41M | -2.86M | 226K | 814K | 169K | 50K | 0 |
| Interest Income | 18.23M | 28.46M | 34.28M | 14M | 5.76M | 120K | 683K | 814K | 169K | 50K | 8K |
| Interest Expense | 203K | 206K | 1.73M | 3.26M | 3.34M | 2.98M | 457K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 24.78M | 28.91M | 36.08M | 10.74M | 2.41M | -2.86M | 226K | -4.56M | -496K | -69K | -37.9K |
| Pretax Income | -217.62M | -218.81M | -173.8M | -179.21M | -114.24M | -68.48M | -51.73M | -30.86M | -22.24M | -16.28M | -13.53M |
| Pretax Margin % | -342.73% | -301.45% | -492.69% | -664.32% | -789.88% | -585.47% | -497.92% | -223.62% | -311.69% | -790.39% | - |
| Income Tax | 1.41M | 152K | -4.76M | 1.46M | -1.52M | -1.66M | -724K | -254K | -396K | -23K | -20.94K |
| Effective Tax Rate % | -0.65% | -0.07% | 2.74% | -0.81% | 1.33% | 2.43% | 1.4% | 0.82% | 1.78% | 0.14% | 0.15% |
| Net Income | -219.03M | -218.96M | -169.03M | -180.66M | -112.72M | -66.82M | -51.01M | -30.61M | -21.85M | -16.26M | -13.51M |
| Net Margin % | -344.95% | -301.66% | -479.18% | -669.72% | -779.35% | -571.25% | -490.95% | -221.78% | -306.14% | -789.27% | - |
| Net Income Growth % | -7.78% | -29.54% | 6.44% | -60.28% | -68.69% | -30.99% | -66.66% | -40.11% | -34.36% | -20.34% | - |
| Net Income (Continuing) | -219.03M | -218.96M | -169.03M | -180.66M | -112.72M | -66.82M | -51.01M | -30.61M | -21.85M | -16.26M | -13.51M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.14 | -3.16 | -2.90 | -5.08 | -3.80 | -2.67 | -2.66 | -2.77 | -1.64 | -1.22 | -0.76 |
| EPS Growth % | -0.64% | -8.97% | 42.91% | -33.68% | -42.32% | -0.38% | 3.97% | -68.9% | -34.43% | -60.53% | - |
| EPS (Basic) | - | -3.16 | -2.91 | -5.08 | -3.80 | -2.67 | -2.66 | -2.77 | -1.64 | -1.22 | -0.76 |
| Diluted Shares Outstanding | 69.68M | 69.28M | 58.21M | 35.59M | 29.66M | 25.06M | 19.15M | 11.05M | 13.29M | 13.29M | 17.7M |
| Basic Shares Outstanding | 69.68M | 69.28M | 58.21M | 35.59M | 29.66M | 25.06M | 19.15M | 11.05M | 13.29M | 13.29M | 17.7M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Binary clinical trial outcomes
As reported in recent financial filings, BCYC's revenue trajectory remains highly volatile, characterized by a 91.1% year-over-year decline in 2026Q1, reflecting the inherent unpredictability of milestone-based licensing income rather than a sustained commercial growth trend in the company's core oncology research and development collaborations.
The revenue profile is entirely dependent on the timing of partnership milestones, which creates significant quarterly variance that obscures underlying operational progress. Investors should interpret these fluctuations as indicators of project-based success rather than a reliable indicator of future recurring revenue growth or market penetration.
Based on the company's income statement data, R&D expenditures consistently represent the primary cost driver, with quarterly spending frequently exceeding $50 million, which underscores the firm's aggressive investment in advancing its proprietary Bicycle platform through critical clinical trial phases despite the absence of commercial product sales.
The cost structure is heavily weighted toward clinical development, which is necessary to validate the platform's therapeutic potential. This high fixed-cost base suggests that the company will continue to report significant operating losses until a lead candidate achieves regulatory approval and subsequent commercialization.
According to historical income statements, the reported gross margins have fluctuated between 100% and negative values, a phenomenon that appears to stem from accounting adjustments related to collaboration terms rather than actual changes in the underlying cost of goods sold for the company's research-based business model.
The presence of negative gross margins in certain periods suggests that the company is recognizing costs that do not align with standard product manufacturing, likely due to the complexity of its licensing agreements. Analysts should prioritize cash burn metrics over reported earnings, as the latter are heavily distorted by non-operating accounting entries.
As indicated by the persistent operating losses, which reached $65.6 million in 2026Q1, the company has yet to demonstrate meaningful operating leverage, as R&D and SG&A expenses continue to scale independently of the highly variable and unpredictable milestone-based revenue inflows reported in recent financial statements.
The lack of scalability in the current income statement reflects the pre-commercial nature of the business, where expenses are driven by clinical trial requirements rather than revenue-generating activities. Future improvements in operating leverage will likely remain elusive until the company transitions from a research-focused entity to a commercial-stage pharmaceutical firm.
Based on the provided financial data, a critical challenge to the current narrative is the potential for long-term margin compression if the company's reliance on non-dilutive milestone payments fails to keep pace with the escalating costs of late-stage clinical trials and the associated overhead requirements.
Short-term observers may focus on the company's ability to maintain its cash position, but the fundamental risk lies in the potential for clinical delays to exhaust capital before a commercial product is realized. The market should monitor whether the current partnership model provides sufficient funding to reach a value-inflection point without requiring significant equity dilution.
Quick answers to the most common questions about buying BCYC stock.
For fiscal year 2025, Bicycle Therapeutics plc (BCYC) reported total revenue of $72.6M.
Bicycle Therapeutics plc (BCYC) reported a net loss of $219.0M for the fiscal year ending 2025.
Bicycle Therapeutics plc (BCYC) reported an operating income of $-247.7M, resulting in an operating profit margin of -341.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Bicycle Therapeutics plc (BCYC) generated $72.6M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.