Bicycle Therapeutics’ second quarter data is a show of strength
Bicycle Therapeutics’ second quarter 2024 financial results to 30 June, 2024 reveal a strengthened balance sheet – unsurprising since raising $555million in May 2024 – and a renewed focus on its R&D pipeline and clinical programs and research with the highest potential to maximise value creation.
The pharmaceutical company pioneering a new and differentiated class of therapeutics based on its proprietary bicyclic peptide (Bicycle) technology held cash and cash equivalents of $961.4m at the end of June 2024, compared to $526.4m as of 31 December, 2023.
R&D expenses were $40.1m for the three months ended 30 June, 2024, compared to $39.7m for the three months ended 30 June, 2023. The increase in expense of $0.4m was primarily due to increased clinical program expenses for zelenectide pevedotin – a bicyclic peptide conjugate – development, plus increased personnel-related expenses offset by decreased clinical program expenses for Bicycle TICA molecule development, decreased discovery, platform and other expenses, and incremental UK R&D tax credits.
A net loss of $39.8m, or $0.77 basic and diluted net loss per share, for the three months to the end of June compared to net loss of $42.6m or $1.41 basic and diluted net loss per share for the three months ended 30 June, 2023.
“In the second quarter,” said CEO of Bicycle Therapeutics, Kevin Lee, of the quarterly results, “we continued to demonstrate the ongoing progress of our pipeline and highlight the emerging differentiated profiles of our Bicycle toxin conjugates zelenectide pevedotin and BT5528 compared to antibody drug conjugates.
“As we enter the second half of the year, we look forward to sharing the first set of data updates from our clinical programs at the upcoming ESMO Congress. Additionally, I am honoured to welcome renowned oncology experts from around the world to our clinical advisory board. Their advice and counsel will be critical as we work to develop therapies that can help patients live longer and live well.”
Dr Lee continued: “Bicycle Therapeutics also significantly strengthened our balance sheet in the second quarter through the support of leading healthcare investors. Moreover, we have prioritised our pipeline and streamlined our leadership team to enable us to focus on the clinical programs and research areas that we believe have the highest potential for value creation and align with our strategy to support the long-term growth of our company.”
The ESMO Congress will take place in Barcelona on 13-17 September. Bicycle Therapeutics will present four abstracts containing updated clinical data for zelenectide pevedotin (formerly BT8009) in metastatic urothelial cancer (mUC), BT5528 in advanced solid tumors such as mUC and ovarian, and BT7480 in advanced solid tumors.
In addition, the company – formed in 2009 – has streamlined its leadership team to better align with strategic and pipeline priorities. All discovery research activities will be consolidated and moved to the company’s headquarters at the Portway Building at Granta Park under the leadership of CTO Michael Skynner. CSO Nick Keen transitions to an advisory role, and Jennifer Perry is promoted to chief strategy officer and head of commercial.
