Bicycle Therapeutics plc American Depositary Shares (BCYC)

FairStock Score: 68/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I am a value investor first, so I ask whether Bicycle Therapeutics has a durable business and a margin of safety. Today, the honest answer is no. It is a clinical-stage company with candidates in Phase II and Phase I/II trials, but no approved product is mentioned in the data I have. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was only $629,000 and net income was -$50.3 million. In fiscal Q1 2026, the quarter ended 2026-03-31, revenue was $887,000 and net income was -$60.8 million. Fiscal 2025, the year ended 2025-12-31, had $72.6 million of revenue and -$219.0 million of net income; fiscal 2024, the year ended 2024-12-31, had $35.3 million of revenue and -$169.0 million of net income. That is not a compounding machine; it is a cash-consuming research effort. Free cash flow was -$208.3 million over the trailing twelve months. At the 2026-10-13 close, FairStock calculations show P/B 0.50, P/E -1.33, ROE -32.30%, ROCE -17.91%, Piotroski 2/9, Altman -0.01, and FCF yield -82.2% on the $253.4 million market cap. Debt is low at D/E 0.03, so the balance sheet is not stretched, but losses have persisted. The company has lost money in each of the last four years, and the computed Peter Lynch category is none. Without commercial proof, there is no moat I can underwrite. The stock may be an option on pipeline data, but as a Graham-style investment, the margin of safety is not yet visible.

In plain English: Bicycle Therapeutics is a clinical-stage drug company trying to develop a new kind of cancer medicine; its lead treatments are still in human testing. The business is not profitable, it spends much more than it brings in, and the latest quarter had very little revenue and a big loss. At $3.63 a share, the stock looks low compared with its accounting net assets, but that cheapness may only be real if the experimental drugs eventually succeed.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer