Bicycle Therapeutics PLC (BCYC, Financial), a biotechnology company pioneering a new class of therapeutics based on its proprietary bicyclic peptide (Bicycle®) technology, reported its financial results for the third quarter ended September 30, 2023. The company's cash and cash equivalents stood at $572.1 million, including approximately $215.1 million in net proceeds from a public offering in July 2023.
Company Performance and Financial Highlights
The company reported collaboration revenues of $5.35 million for the third quarter of 2023. However, the company's operating expenses for the same period were $56.15 million, resulting in a loss from operations of $50.8 million. The net loss for the quarter was $49.9 million, or $1.26 per share.
BCYC has made significant strides in its clinical development plan, particularly with its lead investigational therapy for metastatic bladder cancer, BT8009. The FDA has selected BT8009 for its new Chemistry, Manufacturing and Controls (CMC) Development and Readiness Pilot (CDRP) Program to facilitate expedited CMC development and commercial manufacturing readiness.
Upcoming R&D Day
Bicycle Therapeutics has announced an upcoming Research & Development (R&D) Day on December 14, 2023. The company plans to provide updates from its Phase 1/2 clinical trials for BT8009, BT5528, and BT7480. The R&D Day will also highlight the broad capabilities of its novel Bicycle® technology and potential future pipeline programs.
Looking Ahead
With a strengthened balance sheet through the proceeds of an upsized equity offering completed in July, BCYC is well-positioned to conduct its Phase 2/3 registrational trial, scheduled to begin in the first quarter of 2024. The company continues to advance its research and development efforts across its pipeline, aiming to support the potential accelerated approval of BT8009 in a broad metastatic bladder cancer population.
Explore the complete 8-K earnings release (here) from Bicycle Therapeutics PLC for further details.
