Revenue has been highly volatile and collaboration-driven, with the 2026Q3 jump to $34.1M contrasting with near-zero quarters and operating margin still at -39.6% against a 190.2% year-over-year revenue rise.
Bicycle Therapeutics plc (BCYC) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Sales/Revenue | 83.53M | 72.59M | 35.27M | 26.98M | 14.46M | 11.7M | 10.39M | 13.8M | 7.14M | 2.06M | 0 |
| Revenue Growth % | 194.75% | 105.77% | 30.76% | 86.52% | 23.65% | 12.58% | -24.72% | 93.4% | 246.41% | - | - |
| Cost of Goods Sold | 0 | 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 | 83.53M | 72.59M | -137.69M | -129.52M | 14.46M | 11.7M | -22.76M | -11.74M | -13.63M | -9.81M | -269.29K |
| Gross Margin % | 100% | 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 | 241.81M | 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 | 66.56M | 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 | 175.25M | 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 | 0 | 0 | -172.25M | -155.9M | 0 | 0 | -33.15M | -31.64M | -665K | -119K | 0 |
| Operating Income | -158.28M | -247.72M | -209.87M | -189.95M | -116.65M | -65.62M | -51.96M | -26.3M | -21.75M | -16.21M | -13.49M |
| Operating Margin % | -189.5% | -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 | -153.68M | -241.3M | -202.7M | -183.4M | -112.96M | -64.21M | -50.68M | -25.34M | -21.03M | -15.88M | -13.22M |
| EBITDA Margin % | -183.98% | -332.43% | -574.62% | -679.86% | -781.06% | -548.94% | -487.81% | -183.6% | -294.76% | -770.92% | - |
| EBITDA Growth % | 45.74% | -19.04% | -10.52% | -62.35% | -75.93% | -26.69% | -100.02% | -20.47% | -32.45% | -20.09% | - |
| D&A (Non-Cash Add-back) | 4.61M | 6.42M | 7.17M | 6.55M | 3.69M | 1.41M | 1.28M | 960K | 712K | 332K | 269.29K |
| EBIT | -138.9M | -218.6M | -172.07M | -175.94M | -110.9M | -65.5M | -51.96M | -26.3M | -22.24M | -16.21M | -13.53M |
| Net Interest Income | 19.13M | 28.26M | 32.55M | 10.74M | 2.41M | -2.86M | 226K | 814K | 169K | 50K | 0 |
| Interest Income | 19.33M | 28.46M | 34.28M | 14M | 5.76M | 120K | 683K | 814K | 169K | 50K | 8K |
| Interest Expense | 194K | 206K | 1.73M | 3.26M | 3.34M | 2.98M | 457K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 19.19M | 28.91M | 36.08M | 10.74M | 2.41M | -2.86M | 226K | -4.56M | -496K | -69K | -37.9K |
| Pretax Income | -139.09M | -218.81M | -173.8M | -179.21M | -114.24M | -68.48M | -51.73M | -30.86M | -22.24M | -16.28M | -13.53M |
| Pretax Margin % | -166.52% | -301.45% | -492.69% | -664.32% | -789.88% | -585.47% | -497.92% | -223.62% | -311.69% | -790.39% | - |
| Income Tax | 2.7M | 152K | -4.76M | 1.46M | -1.52M | -1.66M | -724K | -254K | -396K | -23K | -20.94K |
| Effective Tax Rate % | -1.94% | -0.07% | 2.74% | -0.81% | 1.33% | 2.43% | 1.4% | 0.82% | 1.78% | 0.14% | 0.15% |
| Net Income | -141.79M | -218.96M | -169.03M | -180.66M | -112.72M | -66.82M | -51.01M | -30.61M | -21.85M | -16.26M | -13.51M |
| Net Margin % | -169.75% | -301.66% | -479.18% | -669.72% | -779.35% | -571.25% | -490.95% | -221.78% | -306.14% | -789.27% | - |
| Net Income Growth % | 43.43% | -29.54% | 6.44% | -60.28% | -68.69% | -30.99% | -66.66% | -40.11% | -34.36% | -20.34% | - |
| Net Income (Continuing) | -141.79M | -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) | -2.03 | -3.16 | -2.90 | -5.08 | -3.80 | -2.67 | -2.66 | -2.77 | -1.64 | -1.22 | -0.76 |
| EPS Growth % | 43.77% | -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 | 69.98M | 69.28M | 58.21M | 35.59M | 29.66M | 25.06M | 19.15M | 11.05M | 13.29M | 13.29M | 17.7M |
| Basic Shares Outstanding | 69.98M | 69.28M | 58.21M | 35.59M | 29.66M | 25.06M | 19.15M | 11.05M | 13.29M | 13.29M | 17.7M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Persistent operating losses and R&D burn
Metrics are mathematically derived from official filings.
Lumpy Revenue Masks Sustained Operating Losses
Based on reported quarterly figures, BCYC's revenue swung from $887.0K in 2026Q1 to $34.1M in 2026Q3, a 190.2% year-over-year jump that reflects irregular collaboration recognition rather than a steady commercial trajectory.
The revenue series is dominated by timing effects, with several quarters near zero and one spike, which suggests income depends on milestone or partnership recognition rather than recurring sales. Because the company reported operating losses of $13.5M to $65.6M across the same window, the spike does not yet show that revenue is covering the cost base. Investors should monitor whether the 2026Q3 level repeats before treating it as a durable growth signal.
Gross Margin Dependent on Revenue Recognition Timing
As reported in the income statement, BCYC's gross margin printed negative in 2025Q1 through 2025Q2 and 2024Q3 through 2024Q4 when cost of revenue exceeded revenue, then reverted to 100.0% in quarters where no COGS was recorded.
The swing between negative and 100.0% gross margins indicates that cost of revenue is recorded sporadically and not tied to a stable product cost structure, so the metric reflects accounting timing more than pricing power. Peer margin data is not available in the supplied set, which limits direct comparison. Gross margin should therefore be read as non-informative until a consistent cost base emerges.
Operating Deleverage Despite Falling R&D Spend
Based on BCYC's reported figures, R&D expense declined from $71.0M in 2025Q2 to $33.4M in 2026Q3, yet operating margin remained deeply negative at -39.6% in the latest quarter, indicating limited operating leverage.
Cost reduction has not translated into margin recovery because revenue has been too inconsistent to absorb the fixed expense base. SG&A has held in a narrow $14M to $21M band, so overhead is not the main driver of losses; R&D is. Operating leverage would only become meaningful if collaboration revenue became recurring at a scale that exceeds R&D and G&A combined.
Net Loss Driven by Operating, Not Financing Items
According to the reported statements, BCYC's net loss of $10.5M in 2026Q3 and $60.8M in 2026Q1 closely tracked operating loss, with stock-based compensation of $5.4M to $10.3M per quarter forming a recurring non-cash component.
Net income moves closely with operating income, which suggests earnings are not being materially flattered by non-operating gains or tax items in the supplied data. Stock-based compensation is consistent and sizeable relative to SG&A, so it warrants attention as a dilution-linked cost. Several quarters show EPS of -0.74 to -1.14, and the 2026Q3 EPS of -0.15 reflects a sharply lower loss on higher revenue, which should be checked against share count changes.
Revenue Spike Could Prove Non-Recurring
The strongest challenge to the narrative is that BCYC's 2026Q3 revenue of $34.1M follows several near-zero quarters, so the reported 190.2% growth may reflect a single collaboration event rather than sustainable expansion.
If the 2026Q3 receipt does not recur, operating losses of $13.5M to $65.6M across recent quarters would resume at full scale with no revenue offset. Based on reported figures, the cumulative net loss over the ten-quarter period is substantial relative to revenue received, which raises questions about funding runway that the supplied data cannot resolve. Investors should treat the latest quarter as an unverified inflection until subsequent quarters confirm revenue durability.