Bicycle Therapeutics

Name

Bicycle Therapeutics

Legal name

Bicycle Therapeutics plc

Website

https://bicycletherapeutics.com

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

251–500 employees

Ownership category

akta.pro rank

Product category

Clinical-Stage Oncology Biopharmaceuticals

NAICS

Pharmaceutical Preparation Manufacturing (325412), Biological Product (except Diagnostic) Manufacturing (325414), In-Vitro Diagnostic Substance Manufacturing (325413)

SIC

Pharmaceutical Preparations (2834), Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Therapeutic Radiopharmaceuticals (Radioligand/Targeted Radionuclide Therapy) (HLAIAGAB)

Keywords

• Bicyclic peptide therapeutics
• Antibody-drug conjugates
• Targeted radiopharmaceuticals
• Cancer immunotherapy
• Precision oncology medicines

Headquarters

HQ city

Cambridge

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Supply Chain

Revenue model

1. Collaboration Revenue: Bicycle Therapeutics generates collaboration revenue from partnerships with pharmaceutical companies. In Q4 2025, collaboration revenue increased to $48.0 million from $3.7 million year-over-year, primarily due to recognition of remaining revenue following termination notices from Novartis and Bayer collaborations.
2. Equity Financing: The company has raised significant equity capital through private placements and public offerings to fund clinical development and operations. In May 2024, the company secured $555 million through PIPE financing. Previous offerings include $200 million in July 2023 and $175 million in October 2021.
3. Future Product Revenue: Once regulatory approvals are obtained, the company expects to generate revenue from commercial sales of its Bicycle therapeutics. No products are currently approved for commercial sale.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Bicycle Therapeutics develops a proprietary platform of fully synthetic bicyclic peptide molecules called Bicycles that serve as targeted delivery vehicles for precision-guided therapeutics in oncology. The company's pipeline includes Bicycle Drug Conjugates (BDCs) delivering cytotoxic payloads to tumors, Bicycle Radioconjugates (BRCs) delivering targeted alpha therapy using radioisotopes, and Bicycle Tumor-Targeted Immune Cell Agonists (TICAs) activating immune cells at tumor sites. The lead clinical-stage candidates are zelenectide pevedotin (Nectin-4 targeting) and nuzefatide pevedotin (EphA2 targeting) for solid tumor cancers.

Product overview

Bicycle Therapeutics is a clinical-stage biopharmaceutical company developing a novel class of bicyclic peptide-based therapeutics called Bicycle molecules. The core technology platform comprises three main product types: Bicycle Drug Conjugates (BDCs) that deliver cytotoxic payloads to tumors, Bicycle Radioconjugates (BRCs) that deliver targeted alpha therapy using radioisotopes like 212Pb, and Bicycle Tumor-Targeted Immune Cell Agonists (TICAs) that activate immune cells at tumor sites. The company's clinical-stage pipeline includes nuzefatide pevedotin (EphA2-targeting BDC in Phase II for pancreatic cancer) and zelenectide pevedotin (Nectin-4-targeting BDC previously in Phase II for urothelial cancer), along with BT1702 (MT1-MMP-targeting BRC in IND-enabling stage) and imaging agents BIA1701 and BIA5501. The company also develops Bicycle TICA candidates including BT7480 and BT7455, and partners with Ionis Pharmaceuticals on TfR1-based CNS delivery technology.

Differentiator

Problem solved

Functional benefit

Brands

• Bicycle Drug Conjugates (BDCs): Bicycle molecules targeted to tumor antigens with cleavable linkers and drug payloads
• Bicycle Radioligands (BRCs)
• Bicycle Tumor-Targeted Immune Cell Agonists (TICAs)
• NK-TICAs

Products and services

• Zelenectide Pevedotin (BT8009)

Quantifiable outcome

• 65% overall response rate with zelenectide pevedotin + pembrolizumab in metastatic urothelial cancer at 6mg dose
• +2 more outcomes

Segments1 record

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• UK Nuclear Decommissioning Authority (NDA)coreStrategic or Co-development Partner · 16 December 202515-year contract for access to up to 400 tonnes of reprocessed uranium for development of radiopharmaceuticals. The partnership enables extraction of radioisotopes including 228Th and 212Pb for targeted alpha therapy in cancer treatments, supporting Bicycle's wholly owned radiopharmaceutical pipeline.
• UK National Nuclear Laboratory (UKNNL)coreStrategic or Co-development Partner · 16 December 2025Collaboration to extract and process radioisotopes from reprocessed uranium using novel separation processes developed by UKNNL to harvest medical isotopes including lead-212 from spent nuclear fuel for targeted alpha therapy applications.
• SpectronRxcoreStrategic or Co-development Partner · 1 December 2025Development of bespoke 212Pb generators for production of lead-212 radioisotope for Bicycle Radioconjugate cancer therapies. SpectronRx developed the radioisotope generator system used to produce lead-212 from recovered parent material.
• Ionis PharmaceuticalscoreStrategic or Co-development Partner · 1 July 2021Collaboration to explore enablement of nucleic acid delivery into various tissue types using Bicycle's TfR1-based precision guidance technology. Lead asset for cardiomyopathy treatment undergoing Phase 1 clinical trials. Preclinical models demonstrate successful delivery of ASOs and siRNAs to skeletal muscle, cardiac muscle, and CNS for gene knockdown.
• BayerminorStrategic or Co-development PartnerStrategic collaboration where Bicycle utilizes its proprietary phage platform to discover Bicycles to be developed into BRCs, with Bayer responsible for and fully funding all further preclinical and clinical development, manufacturing, and commercialization. Note: Collaboration was terminated in 2025 with remaining revenue recognized.
• DKFZ and University Hospital EssenminorStrategic or Co-development PartnerGerman Cancer Consortium using Bicycle Imaging Agents (BIAs) to generate imaging data for range of oncology targets including MT1-MMP and EphA2, including first-in-human imaging studies in pancreatic cancer patients.
• NovartisminorStrategic or Co-development PartnerPrior collaboration terminated in 2025. Remaining collaboration revenue of approximately $48 million recognized in Q4 2025 following termination notice.
• UK GovernmentminorStrategic or Co-development PartnerUK government invested approximately £20m in research to develop alternative production routes for alpha-emitting radioisotopes, supporting Bicycle's radiopharmaceutical development through the NDA partnership.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Mersana Therapeutics: Clinical-stage oncology company developing antibody-drug conjugates with proprietary payload and linker technologies. Comparable to Bicycle as both compete in the ADC space with novel payload approaches and face similar clinical-stage execution dynamics.
• Telix Pharmaceuticals: Radiopharmaceutical company developing diagnostic and therapeutic agents for cancer, including PSMA-targeting imaging agents. Directly comparable as a clinical/commercial-stage radiopharma company pursuing tumor-targeted radiation therapy similar to Bicycle's BRC approach.
• Point Biopharma (Eli Lilly): Radiopharmaceutical company developing targeted radioligand therapies for cancer, including PNT2002 (lutetium-177 PSMA) acquired by Eli Lilly in 2023. Directly comparable as a peer in the targeted radionuclide therapy space where Bicycle's BRCs compete.

Broad incumbents

• ImmunoGen (AbbVie): Pioneer in ADC technology with FDA-approved ELAHERE for ovarian cancer; acquired by AbbVie in 2024. Comparable as an established ADC player using targeted cytotoxic payloads in oncology, validating the broader ADC modality Bicycle operates in.
• Lantheus Holdings: Established radiopharmaceutical company with commercial products including PNT2002 (Pluvicto competitor) and diagnostic imaging agents. Directly comparable to Bicycle's BRC strategy given the radiopharmaceutical focus and target oncology indications.
• Daiichi Sankyo: Japanese pharma leader in ADC technology, co-developing Enhertu and Datroway with AstraZeneca. Comparable as the dominant incumbent in the ADC space where Bicycle's BDCs compete, setting competitive benchmarks for efficacy, safety, and commercial scale.

Emerging players

• PeptiDream: Japanese biopharmaceutical company specializing in peptide discovery and development, including peptide-drug conjugates. Comparable to Bicycle as both are technology-driven peptide platform companies pursuing targeted therapeutic conjugates with proprietary discovery engines.
• CytomX Therapeutics: Clinical-stage oncology company developing probody therapeutics and bispecific antibodies, with multiple ADC collaborations. Comparable as a clinical-stage platform company pursuing tumor-targeted therapeutics with masked/prodrug approaches similar in concept to Bicycle's tumor-targeted conjugates.
• Araris Biotech: Preclinical-stage company developing peptide-linker ADC technology using site-specific conjugation. Comparable to Bicycle as both pursue peptide-based approaches to improve ADC therapeutic index, with similar early-stage development dynamics.
• Pyxis Oncology: Clinical-stage oncology company developing antibody-drug conjugates and immunotherapies. Comparable to Bicycle as a clinical-stage platform company developing tumor-targeted therapeutics with novel payload and targeting approaches.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/bicycle_tx
• LinkedInlinkedin.com/company/bicycle-therapeutics

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries3 records

Funding overview

Funding rounds14 records

Investors21 records

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bicycle Therapeutics