BCYC Bicycle Therapeutics plc - American Depositary Shares
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Jul 30, 2026
$3.38
· of 52w range
· above low
· to high
$3.3352w low
$9.1652w high
Market Cap (MRQ)
$236M
P/E (TTM)
-1.2
EPS (TTM)
$-2.73
Revenue (TTM)
$61M
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52W Range
$3–$9
Analyst Rating
BUY
Price Target
$10
P/E
-1.2
ROE
-32.3%
Net Profit Margin
-311.1%
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BCYC Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$3.38
Market Cap (MRQ)
$236M
P/E (TTM)
-1.2
EPS (TTM)
$-2.73
Revenue (TTM)
$61M
ROE (TTM)
-32.3%
52W Range
$3–$9
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About Bicycle Therapeutics plc - American Depositary Shares Company overview from Wikipedia
sectorHealthcare
industryBiotechnology
employees288
countryGB
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$73M2017-12-31 → 2025-12-31
EPS$-3.162019-12-31 → 2025-12-31
Free Cash Flow$-252M2019-12-31 → 2025-12-31
Net margin-311.1%2019-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | BCYC | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -1.25Y avg ≈-8.2 | ≈-8.2 | · | · | |
| P/S (TTM) | 3.95Y avg ≈55.5 | ≈55.5 | · | · | |
| P/B (MRQ) | 0.55Y avg ≈2.5 | ≈2.5 | · | · | |
| Price / FCF (TTM) | -1.15Y avg ≈-27.1 | ≈-27.1 | · | · | |
| Price / Cash Flow (TTM) | -1.15Y avg ≈-30.5 | ≈-30.5 | · | · | |
| Price / Tangible Book | 0.45Y avg ≈2.5 | ≈2.5 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | BCYC | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | -343.6%5Y avg ≈-601.4% | ≈-601.4% | · | · | |
| EBITDA Margin (TTM) | -335.0%5Y avg ≈-583.2% | ≈-583.2% | · | · | |
| Pretax Margin (TTM) | -308.3%5Y avg ≈-566.8% | ≈-566.8% | · | · | |
| Net Profit Margin (TTM) | -311.1%5Y avg ≈-560.2% | ≈-560.2% | · | · | |
| ROA (TTM) | -26.5%5Y avg ≈-26.0% | ≈-26.0% | -41.9% | Top tier | |
| ROE (TTM) | -32.3%5Y avg ≈-33.4% | ≈-33.4% | -109.6% | Top tier | |
| ROIC | -40.5%5Y avg ≈-33.8% | ≈-33.8% | -96.7% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | BCYC | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 12.15Y avg ≈10.7 | ≈10.7 | 4.9 | Strong liquidity | |
| Quick Ratio | 11.05Y avg ≈10.0 | ≈10.0 | 3.1 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | BCYC | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 105.8%5Y avg ≈51.9% | ≈51.9% | · | · | |
| Revenue CAGR 3Y | 71.2%5Y avg ≈51.0% | ≈51.0% | · | · | |
| Revenue CAGR 5Y | 47.5% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | BCYC | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.15Y avg ≈0.1 | ≈0.1 | · | · | |
| Revenue / Employee | ≈$252.0K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
2.7%
Next Report
Oct 28, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 6, 2026 | $-0.72 | $-0.59 | -22.6% |
| March 31, 2026 | $-0.87 | $-0.63 | -37.4% | |
| Dec. 31, 2025 | $-0.29 | $-0.96 | 69.7% | |
| Sept. 30, 2025 | $-0.85 | $-1.10 | 22.7% | |
| June 30, 2025 | $-1.14 | $-0.97 | -17.5% | |
| March 31, 2025 | $-0.88 | $-0.86 | -2.4% | |
| Dec. 31, 2024 | $-0.82 | $-0.88 | 6.4% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $73M | $35M | $27M | $14M | $12M | $10M | $14M | $7M | |
| R&D Expense | $240M | $173M | $156M | $82M | $45M | $33M | $26M | $21M | |
| SG&A Expense | $79M | $72M | $60M | $50M | $32M | $29M | $15M | $8M | |
| Operating Expenses | $320M | $245M | $217M | $131M | $77M | $62M | $40M | $29M | |
| Operating Income | $-247M | $-210M | $-190M | $-117M | $-66M | $-52M | $-26M | $-22M | |
| Interest Expense | · | · | $3M | $3M | $3M | $457.0K | · | · | |
| Other Non-op | $28M | $36M | $11M | $2M | $-3M | $226.0K | $-5M | $-665.0K | |
| Pretax Income | $-219M | $-174M | $-179M | $-114M | $-68M | $-52M | $-31M | $-22M | |
| Income Tax | $152.0K | $-5M | $1M | $-2M | $-2M | $-724.0K | $-254.0K | $-396.0K | |
| Net Income | $-219M | $-169M | $-181M | $-113M | $-67M | $-51M | $-31M | $-22M | |
| EPS (Basic) | $-3.16 | $-2.90 | $-5.08 | $-3.80 | $-2.67 | $-2.66 | $-2.77 | · | |
| EPS (Diluted) | $-3.16 | $-2.90 | $-5.08 | $-3.80 | $-2.67 | $-2.66 | $-2.77 | · | |
| Shares (Basic) | 69,279,838 | 58,207,593 | 35,592,362 | 29,660,659 | 25,061,734 | 19,145,938 | 11,045,370 | · | |
| Shares (Diluted) | 69,279,838 | 58,207,593 | 35,592,362 | 29,660,659 | 25,061,734 | 19,145,938 | 11,045,370 | · | |
| EBITDA | $-241M | $-203M | $-183M | $-113M | $-64M | $-51M | $-25M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $628M | $880M | $526M | $339M | $439M | $136M | $0 | $0 | |
| Receivables | $0 | $0 | $0 | $2M | $1M | $5M | $201.0K | $5M | |
| Prepaid Expense | $19M | $13M | $11M | $9M | $8M | $5M | $5M | $2M | |
| Current Assets | $683M | $929M | $562M | $369M | $459M | $156M | $104M | $77M | |
| PP&E (Net) | $6M | $10M | $15M | $19M | $3M | $2M | $2M | $2M | |
| PP&E (Gross) | · | · | $28M | $27M | $8M | $6M | $5M | $4M | |
| Accum. Depreciation | · | · | $13M | $8M | $5M | $4M | $3M | $2M | |
| Other Non-current Assets | $13M | $11M | $6M | $8M | $3M | $2M | $2M | $3M | |
| Total Assets | $718M | $957M | $595M | $411M | $480M | $161M | $110M | $82M | |
| Accounts Payable | $10M | $16M | $13M | $6M | $3M | $1M | $2M | $2M | |
| Accrued Liabilities | $44M | $41M | $32M | $26M | $14M | $12M | $6M | $7M | |
| Current Liabilities | $57M | $67M | $70M | $53M | $36M | $23M | $9M | $9M | |
| Capital Leases | $14M | $4M | $9M | $11M | $12M | $426.0K | $1M | · | |
| Other Non-current Liabilities | $1M | $1M | $5M | $4M | $3M | $3M | $2M | $897.0K | |
| Total Liabilities | $108M | $164M | $224M | $140M | $134M | $66M | $17M | $29M | |
| Long-term Debt | · | · | $31M | $30M | $30M | $15M | · | · | |
| Total Debt | · | · | $31M | $30M | $30M | $15M | · | · | |
| Common Stock | $894.0K | $890.0K | $550.0K | $387.0K | $384.0K | $266.0K | $227.0K | $10.0K | |
| Paid-in Capital | $1.51B | $1.47B | $883M | $601M | $568M | $250M | $195M | $2M | |
| Retained Earnings | $-900M | $-681M | $-512M | $-331M | $-218M | $-152M | $-101M | $-70M | |
| AOCI | $-4M | $119.0K | $-1M | $387.0K | $-3M | $-3M | $-2M | $-2M | |
| Stockholders' Equity | $610M | $793M | $371M | $271M | $346M | $95M | $93M | $-70M | |
| Liabilities + Equity | $718M | $957M | $595M | $411M | $480M | $161M | $110M | $82M | |
| Shares Outstanding | 69,367,896 | 69,061,418 | 42,431,766 | 29,873,893 | 29,579,364 | 21,094,557 | 17,993,701 | 814,728 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| D&A | $6M | $7M | $7M | $4M | $1M | $1M | $960.0K | $712.0K | |
| Stock-based Comp | $39M | $38M | $32M | $27M | $12M | $7M | $3M | $1M | |
| Deferred Tax | $-850.0K | $-5M | $3M | $-5M | $-2M | $-673.0K | $-364.0K | $-378.0K | |
| Restructuring | · | $2M | · | · | · | · | · | · | |
| Other Non-cash | $-76M | $-36M | $78M | $1M | $40M | $26M | $-2M | · | |
| Operating Cash Flow | $-250M | $-165M | $-61M | $-86M | $-15M | $-18M | $-29M | $-26M | |
| CapEx | $2M | $1M | $3M | $19M | $2M | $1M | $2M | $1M | |
| Investing Cash Flow | $-2M | $-1M | $-3M | $-19M | $-2M | $-1M | $-2M | $-1M | |
| Net Debt Issued | · | $-32M | · | · | · | · | · | · | |
| Stock Issued | · | $544M | $249M | $6M | $291M | $48M | · | · | |
| Net Stock Activity | · | $544M | $249M | $6M | $8M | · | · | · | |
| Financing Cash Flow | $-131.0K | $520M | $250M | $7M | $321M | $63M | $58M | $25M | |
| Net Change in Cash | $-251M | $353M | $188M | $-100M | $303M | $44M | $29M | $-4M | |
| Taxes Paid | $-717.0K | $792.0K | $562.0K | $2M | $73.0K | $124.0K | $117.0K | $73.0K | |
| Free Cash Flow | $-252M | $-166M | $-64M | $-105M | $-17M | $-19M | $-30M | · | |
| Levered FCF | · | · | $-67M | $-108M | $-20M | $-19M | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -340.4% | -595.0% | -704.1% | -806.6% | -561.0% | -500.1% | -190.6% | · | |
| Net Margin | -301.7% | -479.2% | -669.7% | -779.4% | -571.2% | -490.9% | -221.8% | · | |
| Pretax Margin | -301.4% | -492.7% | -664.3% | -789.9% | -585.5% | -497.9% | -223.6% | · | |
| EBITDA Margin | -331.5% | -574.6% | -679.9% | -781.1% | -548.9% | -487.8% | -183.6% | · | |
| ROA | -26.2% | -21.8% | -35.9% | -25.3% | -20.8% | -37.6% | -31.9% | · | |
| ROE | -34.2% | -20.8% | -45.9% | -40.2% | -25.8% | -49.8% | -32.5% | · | |
| ROIC | -40.5% | -25.7% | -47.7% | -38.2% | -17.0% | -46.6% | -28.0% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 12.0 | 13.8 | 8.1 | 6.9 | 12.7 | 6.7 | 11.8 | · | |
| Quick Ratio | 11.0 | 13.1 | 7.6 | 6.4 | 12.1 | 0.2 | 0.0 | · | |
| Debt / Equity | · | · | 0.1 | 0.1 | 0.1 | 0.2 | · | · | |
| LT Debt / Equity | · | · | 0.1 | 0.1 | 0.1 | 0.2 | · | · | |
| Interest Coverage | · | · | -58.2 | -34.9 | -22.0 | -113.7 | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.0 | 0.1 | 0.0 | 0.0 | 0.1 | 0.1 | · | |
| Receivables Turnover | · | · | 26.4 | 9.5 | 3.6 | 3.7 | 5.3 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $8.79 | $11.48 | $8.74 | $9.06 | $11.71 | $4.53 | $5.18 | · | |
| Revenue / Share | $1.05 | $0.61 | $0.76 | $0.49 | $0.47 | · | · | · | |
| Cash Flow / Share | $-3.60 | $-2.83 | $-1.70 | $-2.90 | $-0.59 | · | · | · | |
| Cash / Share | $9.05 | $12.74 | $12.41 | $11.35 | $14.83 | $0.00 | $0.00 | · | |
| Dividend / Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | · | · | · | |
| EPS (TTM) | $-3.16 | $-2.90 | $-5.08 | $-3.80 | $-2.67 | $-2.66 | $-2.77 | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 105.8% | 30.8% | 86.5% | 23.6% | 12.6% | · | · | · | |
| Revenue CAGR 3Y | 71.2% | 44.5% | 37.4% | · | · | · | · | · | |
| Revenue CAGR 5Y | 47.5% | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $73M | $35M | $27M | $14M | $12M | $10M | $14M | · | |
| Net Income TTM | $-219M | $-169M | $-181M | $-113M | $-67M | $-51M | $-31M | · | |
| Market Cap | $491M | $967M | $767M | $884M | $1.80B | $379M | $170M | · | |
| Enterprise Value | · | · | $271M | $575M | $1.39B | $393M | · | · | |
| P/E | -2.2 | -4.8 | -3.6 | -7.8 | -22.8 | -6.7 | -3.4 | · | |
| P/S | 6.8 | 27.4 | 28.4 | 61.1 | 153.9 | 36.4 | 12.3 | · | |
| P/B | 0.8 | 1.2 | 2.1 | 3.3 | 5.2 | 4.0 | 1.8 | · | |
| P / Tangible Book | 0.8 | 1.2 | 2.1 | 3.3 | 5.2 | 4.0 | · | · | |
| P / Cash Flow | -2.0 | -5.9 | -12.7 | -10.3 | -121.7 | -21.3 | -5.9 | · | |
| P / FCF | -1.9 | -5.8 | -12.1 | -8.4 | -107.0 | -19.9 | -5.6 | · | |
| EV / EBITDA | · | · | -1.5 | -5.1 | -21.7 | -7.8 | · | · | |
| EV / FCF | · | · | -4.3 | -5.5 | -82.7 | -20.7 | · | · | |
| EV / Revenue | · | · | 10.1 | 39.8 | 119.0 | 37.8 | · | · | |
| Earnings Yield | -44.6% | -20.7% | -28.1% | -12.8% | -4.4% | -14.8% | -29.4% | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $629.0K | $887.0K | $48M | $12M | $3M | $10M | $4M | $3M | $9M | $20M | $5M | $5M | $11M | $5M | $3M | $3M | |
| R&D Expense | $41M | $49M | $52M | $58M | $71M | $59M | $50M | $48M | $40M | $35M | $45M | $40M | $40M | $32M | $25M | $23M | |
| SG&A Expense | $14M | $17M | $21M | $19M | $18M | $21M | $22M | $18M | $16M | $16M | $15M | $16M | $15M | $14M | $11M | $10M | |
| Operating Expenses | $55M | $66M | $73M | $77M | $90M | $80M | $71M | $67M | $56M | $51M | $60M | $56M | $55M | $47M | $35M | $33M | |
| Operating Income | $-55M | $-65M | $-25M | $-66M | $-87M | $-70M | $-68M | $-64M | $-47M | $-32M | $-54M | $-51M | $-43M | $-42M | $-32M | $-30M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $821.0K | · | $814.0K | $821.0K | $808.0K | · | $817.0K | |
| Other Non-op | $4M | $5M | $6M | $7M | $7M | $8M | $15M | $10M | $7M | $5M | $5M | $3M | $-9.0K | $2M | $2M | $1M | |
| Pretax Income | $-50M | $-61M | $-19M | $-59M | $-79M | $-62M | $-53M | $-54M | $-40M | $-27M | $-49M | $-48M | $-43M | $-40M | $-30M | $-29M | |
| Income Tax | $90.0K | $172.0K | $1M | $205.0K | $-231.0K | $-1M | $-1M | $-3M | $115.0K | $-350.0K | $320.0K | $2M | $-517.0K | $-618.0K | $-420.0K | $-238.0K | |
| Net Income | $-50M | $-61M | $-20M | $-59M | $-79M | $-61M | $-52M | $-51M | $-40M | $-27M | $-49M | $-50M | $-43M | $-39M | $-30M | $-28M | |
| EPS (Basic) | $-0.72 | $-0.87 | $-0.29 | $-0.85 | $-1.14 | $-0.88 | $-0.77 | $-0.74 | $-0.77 | $-0.62 | $-1.11 | $-1.26 | $-1.41 | $-1.30 | $-1.01 | $-0.96 | |
| EPS (Diluted) | $-0.72 | $-0.87 | $-0.29 | $-0.85 | $-1.14 | $-0.88 | $-0.77 | $-0.74 | $-0.77 | $-0.62 | $-1.11 | $-1.26 | $-1.41 | $-1.30 | $-1.01 | $-0.96 | |
| Shares (Basic) | 69,804,828 | 69,683,471 | · | 69,303,746 | 69,252,009 | 69,196,945 | · | 68,988,858 | 51,992,034 | 42,560,091 | · | 39,576,467 | 30,191,693 | 30,001,725 | · | 29,676,021 | |
| Shares (Diluted) | 69,804,828 | 69,683,471 | · | 69,303,746 | 69,252,009 | 69,196,945 | · | 68,988,858 | 51,992,034 | 42,560,091 | · | 39,576,467 | 30,191,693 | 30,001,725 | · | 29,676,021 | |
| EBITDA | $-55M | $-64M | · | $-66M | $-87M | $-69M | · | $-64M | $-47M | $-30M | · | $-51M | $-43M | $-40M | · | $-30M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $510M | $559M | $628M | $648M | $721M | $793M | $880M | $891M | $961M | $457M | $526M | $572M | $340M | $294M | $339M | $361M | |
| Receivables | · | · | $0 | · | · | $136.0K | $0 | · | $233.0K | · | · | $0 | $45M | $50M | · | $0 | |
| Prepaid Expense | $18M | $19M | $19M | $23M | $22M | $17M | $13M | $17M | $20M | $20M | · | $14M | $10M | $11M | · | $8M | |
| Current Assets | $575M | $619M | $683M | $739M | $804M | $856M | $929M | $966M | $1.03B | $516M | · | $603M | $408M | $381M | · | $381M | |
| PP&E (Net) | $5M | $6M | $6M | $7M | $8M | $9M | $10M | $12M | $12M | $13M | · | $16M | $18M | $18M | · | $16M | |
| PP&E (Gross) | · | · | · | · | · | · | · | · | $28M | $28M | · | $27M | $28M | $27M | · | $22M | |
| Accum. Depreciation | · | · | · | · | · | · | · | · | $17M | $15M | · | $11M | $10M | $9M | · | $6M | |
| Other Non-current Assets | $13M | $13M | $13M | $14M | $14M | $12M | $11M | $10M | $7M | $6M | · | $5M | $12M | $11M | · | $6M | |
| Total Assets | $607M | $652M | $718M | $764M | $832M | $884M | $957M | $997M | $1.06B | $547M | · | $639M | $454M | $429M | · | $417M | |
| Accounts Payable | $6M | $6M | $10M | $13M | $18M | $11M | $16M | $6M | $7M | $7M | · | $8M | $5M | $3M | · | $7M | |
| Accrued Liabilities | $39M | $40M | $44M | $44M | $45M | $34M | $41M | $39M | $28M | $26M | · | $34M | $37M | $25M | · | $18M | |
| Current Liabilities | $48M | $49M | $57M | $69M | $77M | $58M | $67M | $56M | $70M | $50M | · | $70M | $72M | $53M | · | $42M | |
| Capital Leases | $14M | $14M | $14M | $981.0K | $2M | $3M | $4M | $6M | $7M | $8M | · | $10M | $12M | $14M | · | $11M | |
| Other Non-current Liabilities | $931.0K | $973.0K | $1M | $1M | $1M | $1M | $1M | $6M | $5M | $5M | · | $4M | $4M | $4M | · | $3M | |
| Total Liabilities | $96M | $98M | $108M | $145M | $163M | $144M | $164M | $166M | $184M | $191M | · | $223M | $234M | $186M | · | $128M | |
| Long-term Debt | · | · | · | · | · | · | · | · | $31M | $31M | · | $31M | $31M | $30M | · | $30M | |
| Total Debt | · | · | · | · | · | · | · | · | $31M | $31M | · | $31M | $31M | $30M | · | $30M | |
| Common Stock | $900.0K | $899.0K | $894.0K | $894.0K | $893.0K | $892.0K | $890.0K | $890.0K | $889.0K | $553.0K | · | $550.0K | $396.0K | $389.0K | · | $385.0K | |
| Paid-in Capital | $1.53B | $1.52B | $1.51B | $1.50B | $1.49B | $1.48B | $1.47B | $1.46B | $1.45B | $895M | · | $875M | $633M | $613M | · | $590M | |
| Retained Earnings | $-1.01B | $-961M | $-900M | $-880M | $-820M | $-742M | $-681M | $-629M | $-578M | $-538M | · | $-463M | $-413M | $-370M | · | $-301M | |
| AOCI | $-5M | $-5M | $-4M | $-3M | $-3M | $-1M | $119.0K | $-3M | $-1M | $-778.0K | · | $3M | $-877.0K | $71.0K | · | $528.0K | |
| Stockholders' Equity | $510M | $554M | $610M | $618M | $669M | $740M | $793M | $831M | $874M | $356M | $371M | $416M | $220M | $243M | $271M | $289M | |
| Liabilities + Equity | $607M | $652M | $718M | $764M | $832M | $884M | $957M | $997M | $1.06B | $547M | · | $639M | $454M | $429M | · | $417M | |
| Shares Outstanding | 69,814,145 | 69,707,026 | 69,367,896 | 69,306,511 | 69,253,944 | 69,202,355 | 69,061,418 | 69,015,971 | 68,941,242 | 42,632,597 | 42,431,766 | 42,384,799 | 30,585,940 | 30,031,758 | 29,873,893 | 29,678,431 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1M | $1M | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $1M | |
| Stock-based Comp | $6M | $7M | $12M | $9M | $9M | $10M | $10M | $9M | $9M | $9M | $8M | $7M | $8M | $9M | $6M | $5M | |
| Deferred Tax | $326.0K | $-241.0K | $843.0K | $-46.0K | $-331.0K | $-1M | $-1M | $-3M | $-110.0K | $-767.0K | $-282.0K | $7M | $-2M | $-2M | $-2M | $-1M | |
| Restructuring | · | · | · | · | · | · | · | $2M | · | · | · | · | · | · | · | · | |
| Other Non-cash | · | $-13M | · | · | · | $-36M | · | · | · | $-54M | · | · | · | $-16M | · | · | |
| Operating Cash Flow | $-50M | $-66M | $-19M | $-71M | $-73M | $-86M | $-9M | $-40M | $-45M | $-71M | $-47M | $-1M | $34M | $-46M | $-30M | $-6M | |
| CapEx | $265.0K | $713.0K | $574.0K | $674.0K | $498.0K | $604.0K | $368.0K | $435.0K | $420.0K | $12.0K | $51.0K | $502.0K | $277.0K | $2M | $1M | $3M | |
| Investing Cash Flow | $-265.0K | $-713.0K | $-574.0K | $-674.0K | $-498.0K | $-604.0K | $-368.0K | $-435.0K | $-420.0K | $-12.0K | $-51.0K | $-502.0K | $-277.0K | $-2M | $-1M | $-3M | |
| Stock Issued | · | · | · | · | · | · | $0 | $-979.0K | · | · | $10.0K | $234M | $12M | $3M | · | · | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | · | · | · | $3M | · | · | |
| Financing Cash Flow | $-50.0K | $-54.0K | $-15.0K | $-30.0K | $-45.0K | $-41.0K | $203.0K | $-32M | $550M | $2M | $386.0K | $235M | $12M | $3M | $6M | $159.0K | |
| Net Change in Cash | $-50M | $-69M | $-20M | $-73M | $-72M | $-87M | $-11M | $-71M | $504M | $-69M | $-46M | $232M | $47M | $-45M | $-22M | $-11M | |
| Taxes Paid | · | · | $171.0K | $233.0K | · | · | $0 | $0 | · | · | $-102.0K | $0 | · | · | $1M | $454.0K | |
| Free Cash Flow | · | $-67M | · | · | · | $-87M | · | · | · | $-71M | · | · | · | $-49M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-72M | · | · | · | $-49M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -8673.9% | -7382.4% | · | -558.6% | -2965.8% | -703.7% | · | -2385.9% | -498.3% | -162.4% | · | · | · | -853.8% | · | -978.9% | |
| Net Margin | -8002.1% | -6857.4% | · | -503.7% | -2703.8% | -608.9% | · | -1898.4% | -425.3% | -136.0% | · | · | · | -797.9% | · | -932.5% | |
| Pretax Margin | -7987.8% | -6838.0% | · | -501.9% | -2711.8% | -619.8% | · | -2027.3% | -424.1% | -137.8% | · | · | · | -810.5% | · | -940.3% | |
| EBITDA Margin | -8673.9% | -7255.1% | · | -558.6% | -2965.8% | -687.3% | · | -2385.9% | -498.3% | -153.9% | · | · | · | -822.0% | · | -978.9% | |
| ROA | -7.0% | -7.9% | · | -6.7% | -8.4% | -8.5% | · | -6.2% | -5.3% | -5.4% | · | -9.4% | -9.5% | -8.8% | · | -8.1% | |
| ROE | -8.5% | -9.4% | · | -8.2% | -10.2% | -11.1% | · | -8.2% | -7.3% | -8.9% | · | -14.1% | -16.0% | -13.6% | · | -12.3% | |
| ROIC | -10.7% | -11.8% | · | -10.6% | -12.9% | -9.3% | · | -7.2% | -5.2% | -8.1% | · | -11.9% | -17.0% | -15.0% | · | -9.2% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 12.1 | 12.7 | · | 10.7 | 10.4 | 14.9 | · | 17.1 | 14.8 | 10.4 | · | 8.6 | 5.7 | 7.2 | · | 9.2 | |
| Quick Ratio | 10.7 | 11.4 | · | 9.4 | 9.3 | 13.8 | · | 15.8 | 13.8 | 9.2 | · | 8.2 | 5.3 | 6.5 | · | 8.7 | |
| Debt / Equity | · | · | · | · | · | · | · | · | 0.0 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| LT Debt / Equity | · | · | · | · | · | · | · | · | 0.0 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -38.6 | · | -62.4 | -52.5 | -51.7 | · | -36.4 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | · | · | 0.0 | · | 0.0 | |
| Receivables Turnover | · | · | · | · | · | 0.4 | · | · | 0.4 | · | · | · | · | 0.2 | · | 2.1 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $7.31 | $7.95 | · | $8.92 | $9.66 | $10.70 | · | $12.04 | $12.67 | $8.35 | · | $9.82 | $7.20 | $8.10 | · | $9.75 | |
| Revenue / Share | $0.01 | $0.01 | · | $0.17 | $0.04 | $0.14 | · | $0.04 | $0.18 | $0.46 | · | · | · | $0.16 | · | $0.10 | |
| Cash Flow / Share | · | $-0.95 | · | · | · | $-1.25 | · | · | · | $-1.67 | · | · | · | $-1.55 | · | · | |
| Cash / Share | $7.31 | $8.03 | · | $9.35 | $10.42 | $11.46 | · | $12.91 | $13.94 | $10.72 | · | $13.50 | $11.13 | $9.78 | · | $12.18 | |
| Dividend / Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | · | $0.00 | $0.00 | $0.00 | · | $0.00 | |
| EPS (TTM) | $-2.73 | $-3.15 | · | $-3.64 | $-3.53 | $-3.16 | · | $-3.24 | $-3.76 | $-4.40 | · | $-4.98 | $-4.68 | $-4.17 | · | $-3.40 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $61M | $63M | · | $28M | $19M | $26M | · | $37M | $40M | $42M | · | $25M | $23M | $15M | · | $15M | |
| Net Income TTM | $-190M | $-219M | · | $-251M | $-242M | $-203M | · | $-166M | $-165M | $-168M | · | $-162M | $-140M | $-124M | · | $-101M | |
| Market Cap | $296M | $323M | · | $536M | $481M | $588M | · | $1.56B | $1.40B | $1.06B | · | $852M | $781M | $639M | · | $690M | |
| Enterprise Value | · | · | · | · | · | · | · | · | $465M | $635M | · | $310M | $471M | $375M | · | $359M | |
| P/E | -1.6 | -1.5 | · | -2.1 | -2.0 | -2.7 | · | -7.0 | -5.4 | -5.7 | · | -4.0 | -5.5 | -5.1 | · | -6.8 | |
| P/S | 4.8 | 5.1 | · | 18.9 | 25.0 | 22.8 | · | 42.3 | 35.3 | 25.5 | · | 34.3 | 34.7 | 41.2 | · | 45.9 | |
| P/B | 0.6 | 0.6 | · | 0.9 | 0.7 | 0.8 | · | 1.9 | 1.6 | 3.0 | · | 2.0 | 3.5 | 2.6 | · | 2.4 | |
| P / Tangible Book | 0.6 | 0.6 | · | 0.9 | 0.7 | 0.8 | · | 1.9 | 1.6 | 3.0 | · | 2.0 | 3.5 | 2.6 | · | 2.4 | |
| P / Cash Flow | · | -4.9 | · | · | · | -6.8 | · | · | · | -15.0 | · | · | · | -13.8 | · | · | |
| EV / Revenue | · | · | · | · | · | · | · | · | 11.7 | 15.3 | · | 12.5 | 20.9 | 24.2 | · | 23.9 | |
| Earnings Yield | -64.4% | -67.9% | · | -47.0% | -50.8% | -37.2% | · | -14.3% | -18.6% | -17.7% | · | -24.8% | -18.3% | -19.6% | · | -14.6% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $73M | $35M | $27M | $14M | $12M |
| Operating Margin % | -340.4% | -595.0% | -704.1% | -806.6% | -561.0% |
| Net Income | $-219M | $-169M | $-181M | $-113M | $-67M |
| Diluted EPS | $-3.16 | $-2.90 | $-5.08 | $-3.80 | $-2.67 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | · | · | 0.1 | 0.1 | 0.1 |
| Current Ratio | 12.0 | 13.8 | 8.1 | 6.9 | 12.7 |
| Quick Ratio | 11.0 | 13.1 | 7.6 | 6.4 | 12.1 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-252M | $-166M | $-64M | $-105M | $-17M |
Institutional owners (13F) 114 filers · $150.5M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
114
Value held
$150.5M
New positions
22
Exited positions
12
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 22 (+6 vs prior Q) | 12 (-13 vs prior Q) | 37 (-8 vs prior Q) | 19 (+2 vs prior Q) | -102K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BAKER BROS. ADVISORS LP | $46,153,914 | 10,885,357 | 30.67% | Shares |
| FCPM III SERVICES B.V. | $14,706,143 | 3,468,430 | 9.77% | Shares |
| ARMISTICE CAPITAL, LLC | $14,407,520 | 3,398,000 | 9.57% | Shares |
| Long Focus Capital Management, LLC | $14,037,313 | 3,310,687 | 9.33% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $6,501,616 | 1,533,400 | 4.32% | Shares |
| GSK plc | $6,485,339 | 1,529,561 | 4.31% | Shares |
| MARSHALL WACE, LLP | $3,383,266 | 797,940 | 2.25% | Shares |
| Qube Research & Technologies Ltd | $3,288,404 | 775,567 | 2.19% | Shares |
| MORGAN STANLEY | $2,829,221 | 667,269 | 1.88% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $2,555,707 | 615,833 | 1.70% | Shares |
| CITADEL ADVISORS LLC | $2,349,914 | 554,225 | 1.56% | Shares |
| MILLENNIUM MANAGEMENT LLC | $2,348,820 | 553,967 | 1.56% | Shares |
| Peapod Lane Capital LLC | $2,281,027 | 537,978 | 1.52% | Shares |
| DIADEMA PARTNERS LP | $1,961,950 | 462,724 | 1.30% | Shares |
| TWO SIGMA INVESTMENTS, LP | $1,842,606 | 434,577 | 1.22% | Shares |
| JANE STREET GROUP, LLC | $1,662,771 | 392,163 | 1.10% | Shares |
| Aquilo Capital Management, LLC | $1,457,691 | 171,695 | 0.97% | Shares |
| Birchview Capital, LP | $1,329,732 | 313,616 | 0.88% | Shares |
| BlackRock, Inc. | $1,188,837 | 280,386 | 0.79% | Shares |
| MOORE CAPITAL MANAGEMENT, LP | $1,166,000 | 275,000 | 0.77% | Shares |
| Rangeley Capital, LLC | $1,074,840 | 253,500 | 0.71% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,042,616 | 245,900 | 0.69% | Put option |
| TWO SIGMA ADVISERS, LP | $1,034,388 | 146,100 | 0.69% | Shares |
| Palo Alto Investors LP | $856,014 | 201,890 | 0.57% | Shares |
| Sculptor Capital LP | $839,113 | 197,904 | 0.56% | Shares |
| Eversept Partners, LP | $808,632 | 190,715 | 0.54% | Shares |
| PINNACLE ASSOCIATES LTD | $805,558 | 189,990 | 0.54% | Shares |
| Cubist Systematic Strategies, LLC | $800,393 | 103,410 | 0.53% | Shares |
| FLAX POND CAPITAL, LLC | $763,565 | 180,086 | 0.51% | Shares |
| Jump Financial, LLC | $708,504 | 167,100 | 0.47% | Shares |
| Point72 Asset Management, L.P. | $635,729 | 149,936 | 0.42% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $542,139 | 127,863 | 0.36% | Shares |
| GOLDMAN SACHS GROUP INC | $514,231 | 121,281 | 0.34% | Shares |
| Persistent Asset Partners Ltd | $497,157 | 117,254 | 0.33% | Shares |
| XTX Topco Ltd | $465,556 | 109,801 | 0.31% | Shares |
| Quadrature Capital Ltd | $441,350 | 104,092 | 0.29% | Shares |
| TD Asset Management Inc | $390,046 | 91,992 | 0.26% | Shares |
| Virtus Investment Advisers, LLC | $342,545 | 80,789 | 0.23% | Shares |
| NANO CAP NEW MILLENNIUM GROWTH FUND L P | $339,200 | 80,000 | 0.23% | Shares |
| EntryPoint Capital, LLC | $329,630 | 77,743 | 0.22% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $315,880 | 74,500 | 0.21% | Call option |
| Marquette Asset Management, LLC | $308,901 | 72,854 | 0.21% | Shares |
| DAFNA Capital Management LLC | $273,446 | 64,492 | 0.18% | Shares |
| State of Tennessee, Department of Treasury | $259,289 | 61,153 | 0.17% | Shares |
| CITADEL ADVISORS LLC | $238,288 | 56,200 | 0.16% | Put option |
| SEI INVESTMENTS CO | $223,804 | 52,784 | 0.15% | Shares |
| ALPS ADVISORS INC | $216,757 | 51,122 | 0.14% | Shares |
| Verdad Advisers, LP | $216,664 | 51,100 | 0.14% | Shares |
| ADAR1 Capital Management, LLC | $214,705 | 50,638 | 0.14% | Shares |
| JANE STREET GROUP, LLC | $151,792 | 35,800 | 0.10% | Call option |
Activists & 5%+ owners 7 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Julian C. Baker, Felix J. Baker ×3 filings | Dec. 17, 2024 | · | Initial filing | · | SEC |
| GSK plc | July 20, 2023 | · | Initial filing | · | SEC |
| Tybourne Capital Management (HK) Limited, Tybourne Capital Management Limited, Tybourne Kesari Limited, Viswanathan Krishnan, Aquila Investments IV ×4 filings | March 14, 2022 | · | Initial filing | · | SEC |
| GlaxoSmithKline plc ×5 filings | Sept. 16, 2021 | · | Initial filing | · | SEC |
| SVLSF V, LLC, SV Life Sciences Fund V, L.P., SV Life Sciences Fund V Strategic Partners, L.P., SV Life Sciences Fund V (GP), L.P. ×2 filings | Aug. 16, 2021 | · | Initial filing | · | SEC |
| Vertex Venture Holdings Ltd., Vertex Global HC Fund I Pte. Ltd., Vertex Venture Management Pte. Ltd. ×2 filings | Jan. 20, 2021 | · | Initial filing | Passive investment | SEC |
| Cambridge Innovation Capital (Jersey) Limited | June 7, 2019 | · | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 32 insiders · 14 officers · 16 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Kevin Lee | CHIEF EXECUTIVE OFFICER | July 6, 2026 S | 603,671 | 0 | 8 | $-258,045 |
| Travis Alvin Thompson | Chief Financial Officer | July 15, 2026 A | 64,441 | 0 | 8 | $-27,253 |
| Alethia Young | Chief Financial Officer | Jan. 2, 2026 A | 87,081 | 0 | 5 | $-54,590 |
| Lee Kalowski | President and CFO | April 3, 2023 S | 30,309 | 0 | 0 | $0 |
| Jennifer Scott Perry | Chief Operating Officer | July 15, 2026 A | 91,052 | 0 | 6 | $-13,016 |
| Alistair Milnes | CHIEF OPERATING OFFICER | Jan. 2, 2026 A | 136,717 | 0 | 4 | $-61,986 |
| Michael Charles Ferguson Hannay | CHIEF PROD & SUPPLY CHAIN OFF | July 15, 2026 A | 94,375 | 0 | 8 | $-56,832 |
| Michael Skynner | CHIEF SCIENTIFIC OFFICER | July 15, 2026 A | 157,171 | 0 | 8 | $-79,059 |
| Eric Westin | Chief Medical Officer | March 25, 2025 A | · | 0 | 0 | $0 |
| Nigel Crockett | CHIEF BUSINESS OFFICER | Jan. 2, 2025 A | 51,053 | 0 | 0 | $0 |
| Santiago Arroyo | CHIEF DEVELOPMENT OFFICER | Jan. 2, 2025 A | 69,057 | 0 | 0 | $0 |
| Nicholas Keen | CHIEF SCIENTIFIC OFFICER | July 3, 2024 S | 62,024 | 0 | 0 | $0 |
| Dominic Smethurst | Chief Medical Officer | Jan. 3, 2023 A | 36,699 | 0 | 0 | $0 |
| Peter Brian Leone | Chief Business Officer | May 28, 2019 A | · | 0 | 0 | $0 |
| Robert Charles Swanton | Director | Jan. 2, 2026 A | 19,213 | 0 | 1 | $-872 |
| Stephen H. Sands | Director | Jan. 2, 2026 A | 26,893 | 0 | 0 | $0 |
| Alessandro Riva | Director | Jan. 2, 2026 A | 19,880 | 0 | 0 | $0 |
| Janice Bourque | Director | Jan. 2, 2026 A | 32,500 | 0 | 0 | $0 |
| Gregory Paul Winter | Director | Jan. 2, 2026 A | 196,427 | 0 | 0 | $0 |
| Roger D Dansey | Director | Jan. 2, 2026 A | 15,532 | 0 | 0 | $0 |
| Jose-Carlos Gutierrez-Ramos | Director | Jan. 2, 2026 A | 32,500 | 0 | 0 | $0 |
| Herve Hoppenot | Director | Jan. 2, 2026 A | 15,532 | 0 | 0 | $0 |
| Pierre Legault | Director | Jan. 2, 2025 A | 46,000 | 0 | 0 | $0 |
| Richard N Kender | Director | Jan. 2, 2025 A | 23,000 | 0 | 0 | $0 |
| Veronica Gh Jordan | Director | Jan. 2, 2024 A | 16,750 | 0 | 0 | $0 |
| Kate Bingham | Director | July 14, 2021 S | 38,708 | 0 | 0 | $0 |
| Carolyn Ng | Director | May 28, 2019 C | 1,427,151 | 0 | 0 | $0 |
| Deborah Harland | Director | May 28, 2019 C | 1,915,275 | 0 | 0 | $0 |
| Michael Anstey | Director | May 28, 2019 C | 1,751,437 | 0 | 0 | $0 |
| Cambridge Innovation Capital (Jersey) Ltd | 10% owner | May 28, 2019 C | 1,751,437 | 0 | 0 | $0 |
| Vertex Global Healthcare Fund I Pte Ltd. | 10% owner | May 28, 2019 C | 1,621,168 | 0 | 0 | $0 |
| GSK plc | · | July 15, 2020 S | 1,910,531 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 4 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| BBC · ETFis Series Trust I | 0.64% | 76,743 NS | July 31, 2026 | N-PORT |
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.45% | 29,023 SH | Oct. 2, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.01% | 3,286 SH | Oct. 2, 2026 | Daily |
| IBB · iShares Trust | 0.01% | 281,381 SH | Sept. 11, 2026 | Daily |
BCYC Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 16 analysts
BUY
Median target
$9.50
+181.1%
5 31.2%
Strong Buy
7 43.8%
Buy
4 25.0%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
6 analysts · 2026-09-28Mean target $9.50 +181.1%
← Below all targets
Current price $3.38
Low$5.00
Mean$9.50
High$14.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
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Source: SEC 10-Q filed Jul 30, 2026