Shares of Bicycle Therapeutics Limited soared 5.23% in Wednesday's intraday trading session, outperforming the broader market following the release of the company's full-year 2024 financial results.
Bicycle reported a 31% year-over-year increase in revenue to $35.3 million for fiscal 2024, driven by strong growth in its therapeutics business. While the company posted a net loss of $169.0 million, this marked a 6.4% improvement compared to the previous fiscal year.
Despite the net loss, investors cheered the company's progress in narrowing losses and achieving solid revenue growth. Analysts are optimistic about Bicycle's growth prospects, with forecasts projecting an average 53% annual revenue increase over the next three years, outpacing the broader biotechnology industry's growth projections.
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