UK's Bicycle Therapeutics Q3 loss narrows as expenses fall

Overview

• UK pharmaceutical firm's Q3 collaboration revenue rose sharply, driven by Bayer agreement termination

• Net loss for Q3 narrowed yr/yr due to lower R&D and G&A expenses post workforce reductions

• Company received FDA Orphan Drug Designation for nuzefatide pevedotin in pancreatic cancer

Outlook

• Company expects cash runway into 2030

• Bicycle Therapeutics expects to provide nuzefatide pevedotin trial updates in 2027

• Initiation of first BT1702 radioligand clinical trial expected in 2H 2027

Result Drivers

• BAYER COLLABORATION TERMINATION - Co said Q3 collaboration revenue increase was due to recognition of remaining revenue after Bayer agreement ended

• LOWER EXPENSES - Co attributed reduced R&D and G&A expenses to decreased clinical program costs, personnel-related costs and share-based compensation following workforce reductions

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Bicycle Therapeutics PLC is $11.00, about 183.5% above its October 28 closing price of $3.88

Reuters Recommended Reads

• Oct 29 - Swiss biotech firm Molecular Partners to cut nearly half of workforce

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• Oct 27 - Novartis books $2.2 billion hit from drug trial setbacks, but lifts guidance

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)