Bicycle Therapeutics plc (BCYC) Income Statement
BCYC 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBCYC revenue and net income
Where BCYC's revenue goes
2025Each bar shows an amount and its share of revenue. BCYC kept −301.7% of revenue as net income.
BCYC profit margins
BCYC growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +105.8% | +71.2% | +47.5% | — |
| Gross profit | — | +71.2% | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BCYC quarterly EPS vs estimates
Bicycle Therapeutics beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: October 29, 2026 (estimate $-0.30).
BCYC income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $72.6M | $35.3M | $27.0M | $14.5M | $11.7M | $10.4M | $13.8M | $7.1M | $2.1M | $0 |
| Cost of revenue | $6.4M | $173.0M | $156.5M | $3.7M | $44.9M | $33.1M | $25.5M | $20.8M | $11.9M | $269,289 |
| Gross profit | $72.6M | −$137.7M | −$129.5M | $14.5M | $11.7M | −$22.8M | $13.8M | −$13.6M | −$9.8M | −$269,289 |
| Research & development | $240.3M | $173.0M | $156.5M | $81.6M | $44.9M | $33.1M | $25.5M | $20.8M | $11.9M | $9.8M |
| Sales, general & admin | $80.0M | $71.5M | $59.8M | $49.5M | $32.4M | $29.2M | $14.6M | $8.1M | $6.4M | $3.8M |
| Total operating expenses | $320.3M | $72.2M | $60.4M | $131.1M | $77.3M | $29.2M | $40.1M | $28.9M | $18.3M | $13.2M |
| Operating income | −$247.7M | −$209.9M | −$189.9M | −$116.7M | −$65.6M | −$52.0M | −$26.3M | −$21.7M | −$16.2M | −$13.5M |
| Interest income | $28.5M | $34.3M | $14.0M | $5.8M | $120,000 | $683,000 | $814,000 | $169,000 | $50,000 | $8,000 |
| Interest expense | $206,000 | $1.7M | $3.3M | $3.3M | $3.0M | $457,000 | $3.6M | $0 | $0 | $0 |
| Income before taxes | −$218.8M | −$173.8M | −$179.2M | −$114.2M | −$68.5M | −$51.7M | −$30.9M | −$22.2M | −$16.3M | −$13.5M |
| Income taxes | $152,000 | −$4.8M | $1.5M | −$1.5M | −$1.7M | −$724,000 | −$254,000 | −$396,000 | −$23,000 | −$20,944 |
| Net income | −$219.0M | −$169.0M | −$180.7M | −$112.7M | −$66.8M | −$51.0M | −$30.6M | −$21.8M | −$16.3M | −$13.5M |
| EBITDA | −$212.2M | −$164.9M | −$169.4M | −$107.2M | −$64.1M | −$50.7M | −$25.3M | −$21.5M | −$15.9M | −$13.3M |
| EPS (diluted) | −$3.16 | −$2.92 | −$5.13 | −$3.80 | −$2.69 | −$2.65 | −$2.67 | −$1.64 | −$1.05 | — |
| Gross margin | 100.0% | −390.3% | −480.1% | 100.0% | 100.0% | −219.0% | 100.0% | −190.9% | −476.0% | — |
| Operating margin | −341.3% | −595.0% | −704.1% | −806.6% | −561.0% | −500.1% | −190.6% | −304.7% | −787.0% | — |
| Net margin | −301.7% | −479.2% | −669.7% | −779.3% | −571.2% | −491.0% | −221.8% | −306.1% | −789.3% | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $629,000 | $887,000 | $48.0M | $11.7M | $2.9M | $10.0M | $3.7M | $2.7M | $9.4M | $19.5M | $5.3M | $5.4M |
| Cost of revenue | $0 | $0 | $35.1M | $0 | $71.0M | $57.3M | $56.1M | $45.6M | $1.6M | $1.7M | $1.7M | $151.6M |
| Gross profit | $629,000 | $887,000 | $48.0M | $11.7M | −$68.1M | −$47.3M | −$52.4M | −$43.0M | $9.4M | $19.5M | $5.3M | $5.4M |
| Research & development | $41.2M | $48.9M | $51.8M | $58.4M | $71.0M | $59.1M | $49.8M | $48.3M | $40.1M | $34.9M | $44.7M | $39.9M |
| Sales, general & admin | $14.0M | $17.6M | $21.0M | $19.0M | $19.2M | $21.1M | $21.0M | $18.3M | $16.1M | $16.5M | $15.1M | $15.6M |
| Total operating expenses | $55.2M | $66.5M | $72.6M | $77.3M | $18.5M | $22.9M | $15.3M | $20.9M | $56.0M | $51.2M | $59.6M | $56.1M |
| Operating income | −$54.6M | −$65.6M | −$24.7M | −$65.6M | −$86.6M | −$70.2M | −$67.7M | −$63.8M | −$46.6M | −$31.7M | −$54.2M | −$50.8M |
| Interest income | $4.4M | $4.9M | $5.9M | $6.7M | $7.5M | $8.4M | $10.3M | $10.6M | $7.8M | $5.6M | $6.3M | $4.0M |
| Interest expense | $44,000 | $48,000 | $57,000 | $44,000 | $54,000 | $51,000 | $52,000 | $33,000 | $824,000 | $821,000 | $820,000 | $814,000 |
| Income before taxes | −$50.2M | −$60.7M | −$18.9M | −$58.9M | −$79.2M | −$61.8M | −$53.0M | −$54.2M | −$39.7M | −$26.9M | −$48.8M | −$47.6M |
| Income taxes | $90,000 | $172,000 | $1.3M | $205,000 | −$231,000 | −$1.1M | −$1.1M | −$3.4M | $115,000 | −$350,000 | $320,000 | $2.3M |
| Net income | −$50.3M | −$60.8M | −$20.2M | −$59.1M | −$79.0M | −$60.8M | −$51.9M | −$50.8M | −$39.8M | −$26.6M | −$49.1M | −$49.9M |
| EBITDA | −$49.1M | −$59.5M | −$17.5M | −$57.1M | −$77.4M | −$60.3M | −$51.2M | −$61.2M | −$37.2M | −$24.4M | −$46.3M | −$45.1M |
| EPS (diluted) | −$0.72 | −$0.87 | −$0.29 | −$0.85 | −$1.14 | −$0.88 | −$0.81 | −$0.72 | −$0.77 | −$0.62 | −$1.16 | −$1.26 |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | −2,332.5% | −474.0% | −1,412.2% | −1,605.8% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | −8,673.9% | −7,394.5% | −51.4% | −558.6% | −2,965.8% | −703.7% | −1,824.8% | −2,385.9% | −498.3% | −162.4% | −1,017.4% | −949.1% |
| Net margin | −8,002.1% | −6,857.4% | −42.0% | −503.7% | −2,703.8% | −608.9% | −1,398.4% | −1,898.4% | −425.3% | −136.0% | −921.0% | −932.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BCYC's financial statements (latest annual report filed March 17, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BCYC financial results
In fiscal year 2025 (ended December 31, 2025), Bicycle Therapeutics reported revenue of $72.6 million, up 105.8% from the year before. It had a net loss of $219.0 million, a net profit margin of −301.7%. Diluted earnings per share came to −$3.16. Over five years revenue grew at an average rate of 47.5% a year.
See the BCYC stock overview for the latest quote and news, or the BCYC chart for price history and technical indicators.
BCYC income statement FAQ
What is Bicycle Therapeutics's annual revenue?
Bicycle Therapeutics reported total revenue of $72.6 million for fiscal year 2025, which ended on December 31, 2025. That was up 105.8% from $35.3 million the previous year.
Is Bicycle Therapeutics profitable?
No. Bicycle Therapeutics reported a net loss of $219.0 million in fiscal 2025, a net profit margin of −301.7%; its operating margin was −341.3%.
What is Bicycle Therapeutics's gross margin?
Bicycle Therapeutics's gross margin was 100.0% in fiscal 2025: for every $100 of revenue, Bicycle Therapeutics kept $100 after the direct cost of its products and services.
How much does Bicycle Therapeutics spend on research and development?
Bicycle Therapeutics spent $240.3 million on research and development in fiscal 2025, 331.0% of revenue.
How fast is Bicycle Therapeutics growing?
Revenue grew 47.5% a year on average over the last five fiscal years, from $10.4 million to $72.6 million.
What are Bicycle Therapeutics's earnings per share?
Bicycle Therapeutics earned $-3.16 per diluted share in fiscal 2025, compared with $-2.92 a year earlier.
When will Bicycle Therapeutics report its next earnings?
Bicycle Therapeutics is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Bicycle Therapeutics's fiscal year end?
Bicycle Therapeutics's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 17, 2026.