Bicycle Therapeutics Announces Q2 2024 Financial Results and Business Progress

Bicycle Therapeutics, a company at the forefront of pharmaceutical innovation through its proprietary bicyclic peptide technology, recently announced significant progress in its business and financial operations for the second quarter that ended on June 30, 2024.

The company, known for developing a new class of therapeutics, highlighted advancements in its clinical pipeline, specifically its Bicycle Toxin Conjugates (BTC®) zelenectide pevedotin and BT5528. These therapies have shown promising differentiated profiles compared to traditional antibody drug conjugates. As Bicycle Therapeutics gears up for the second half of 2024, they are poised to reveal new data from their clinical programs at the upcoming European Society for Medical Oncology (ESMO) Congress.

CEO Kevin Lee, Ph.D., expressed enthusiasm about the company's progress and the formation of a Clinical Advisory Board comprised of esteemed oncology experts worldwide. This board aims to provide critical guidance for developing therapies that improve patient outcomes.

Bicycle Therapeutics also bolstered its financial position in the second quarter with substantial support from leading healthcare investors. This financial reinforcement allows the company to focus on its most promising clinical programs and research areas.

Key events in the second quarter included the acceptance of four abstracts for presentation at the ESMO Congress 2024 in Barcelona. These presentations will showcase updated clinical data for zelenectide pevedotin in metastatic urothelial cancer (mUC), BT5528 in advanced solid tumors including mUC and ovarian cancer, and BT7480 in various advanced solid tumors. Furthermore, in June, the company presented two abstracts at the American Society for Clinical Oncology (ASCO) Annual Meeting, detailing the clinical pharmacokinetics and emerging safety profiles of BTC molecules compared to traditional antibody drug conjugates.

Bicycle Therapeutics has also streamlined its research and development pipeline, prioritizing the clinical development of zelenectide pevedotin and BT5528 across multiple tumor types. The company is focusing its near-term research efforts on advancing its Bicycle Radionuclide Conjugate (BRC™) pipeline and developing next-generation BTC molecules. The company is also exploring innovative ways to continue developing its immuno-oncology portfolio, including Bicycle Tumor-targeted Immune Cell Agonist (Bicycle TICA®) molecules, through collaborations.

The restructuring of the leadership team aims to align better with the company’s strategic and pipeline priorities. Notably, Michael Skynner, Ph.D., has taken charge of the discovery research team, consolidating activities at the Cambridge, UK headquarters. Jennifer Perry, Pharm.D., has been promoted to Chief Strategy Officer and Head of Commercial, bringing over 20 years of pharma and biotech experience, including significant roles in oncology.

The company has also formed a new Clinical Advisory Board, including global oncology experts such as Charles Swanton, M.D., Ph.D., Toni K. Choueiri, M.D., Sherene Loi, MBBS, Ph.D., and Solange Peters, M.D., Ph.D. These experts are expected to provide invaluable guidance for the company’s clinical programs.

Financially, Bicycle Therapeutics raised $555 million in private investment in public equity (PIPE) financing. This influx is expected to extend the company's financial runway into the second half of 2027. Furthermore, the company repaid and terminated its outstanding debt with Hercules Capital, Inc., ahead of its maturity date, with total payments amounting to $31.9 million.

As of June 30, 2024, Bicycle Therapeutics reported cash and cash equivalents of $961.4 million, a significant increase from $526.4 million at the end of 2023. This increase was primarily due to net proceeds from the PIPE financing and share option exercises, offset by operational expenses. Research and development expenses for the quarter were $40.1 million, while general and administrative expenses totaled $15.9 million. The company reported a net loss of $39.8 million for the quarter, or $0.77 per share.

Bicycle Therapeutics continues to advance its clinical-stage pipeline, focusing on developing novel Bicycle® molecules for various diseases, with a particular emphasis on oncology. The company's headquarters are in Cambridge, UK, with significant operations in Cambridge, Massachusetts.