Bicycle Therapeutics issued a press release reporting fourth-quarter and full-year 2025 financial results and recent business updates. For Q4 2025, net loss narrowed to USD 20.15 million, or USD 0.29 per share, and collaboration revenue rose to USD 47.96 million. For FY 2025, net loss widened to USD 218.96 million, or USD 3.16 per share, and R&D expenses increased 38.91% to USD 240.28 million, driven mainly by higher clinical program, discovery and platform costs, higher personnel-related costs including severance, and lower U.K. R&D tax credits. Cash and cash equivalents were USD 628.11 million at year-end 2025, down 28.58%, primarily due to cash used in operations including increased cash payments for clinical program activities. Chief executive Kevin Lee said Bicycle will deprioritize internal development of zelenectide in metastatic urothelial cancer and convert the ongoing Duravelo-2 trial to a randomized Phase 2 study, alongside a proposed workforce reduction of about 30% intended to cut annual operating expenses by about 50% and extend cash runway into 2030.

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