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Bicycle Therapeutics (BCYC) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Bicycle Therapeutics (BCYC) Q3 2026 earnings results →
Q3 2026 Revenue up 190% year over year to $34.1M · 31¢ of every $1 of revenue lost · operating margin -39.6%
Bicycle Therapeutics made $34.1M in Q3 2026 (+190% Y/Y). Operating margin -39.6%, net loss $10.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.
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What changed this quarter
Revenue was $34.1M in Q3 2026, up 190% year over year and up 5314% from the previous quarter.
Operating costs exceeded revenue by $13.5M, an operating margin of -39.6%. Total costs fell 38% while revenue rose 190%. The quarter ended with a net loss of $10.5M, narrower than the previous quarter's $50.3M loss. Non-operating items added $4.2M, -45% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$40.3M. Non-cash charges added back $1.1M of depreciation and amortization and $5.4M of share-based compensation. Working capital and other items used $36.3M. Capital expenditures of $305K exceeded it, leaving free cash flow of −$40.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 29, 2026 | $34.1M | +190% | -39.6% | −$10.5M | −$40.3M |
| Q2 2026 | 10-Q | Jul 30, 2026 | $629K | -78% | n/m | −$50.3M | −$49.6M |
| Q1 2026 | 10-Q | Apr 30, 2026 | $887K | -91% | n/m | −$60.8M | −$65.9M |
| Q4 2025 | 10-K | Mar 17, 2026 | $48.0M | 13× | -51.5% | −$20.2M | −$19.3M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $11.7M | +338% | -558.6% | −$59.1M | −$71.2M |
| Q2 2025 | 10-Q | Aug 8, 2025 | $2.9M | -69% | n/m | −$79.0M | −$72.8M |
| Q1 2025 | 10-Q | May 1, 2025 | $10.0M | -49% | -703.7% | −$60.8M | −$86.4M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Bicycle Therapeutics
We are a clinical-stage pharmaceutical company developing a novel class of medicines, which we refer to as Bicycle ® molecules, for diseases that are underserved by existing therapeutics. Bicycle molecules are fully synthetic short peptides constrained to form two loops which stabilize their structural geometry. This constraint facilitates target binding with high affinity and selectivity, making Bicycle molecules attractive candidates for drug development. Bicycle molecules are a unique therapeutic modality combining the pharmacology usually associated with a biologic with the manufacturing and pharmacokinetic, or PK, properties of a small molecule. The relatively large surface area presented by Bicycle molecules allows targets to be drugged that have historically been intractable to non-biological approaches.
In its own words, from its 10-K, filed Mar 17, 2026.
Bicycle Therapeutics against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +190% against the peers' median +10%. Operating margin: -39.6% against the peers' median 20.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| BCYC Bicycle Therapeutics | Q3 2026 | $34.1M | +190% | -39.6% |
| JNJ Johnson & Johnson | Q3 2026 | $25.4B | +6% | 0.1% |
| LLY ELI Lilly | Q3 2026 | $24.4B | +39% | 34.5% |
| MRK Merck | Q3 2026 | $18.1B | +5% | 30.7% |
| ABBV AbbVie | Q3 2026 | $17.4B | +10% | 36.0% |
| PFE Pfizer | Q3 2026 | $16.6B | -0.4% | 20.4% |
| BMY Bristol Myers Squibb | Q3 2026 | $13.1B | +7% | 19.4% |
| ABT Abbott Laboratories | Q3 2026 | $13.0B | +14% | 10.4% |
| REGN Regeneron Pharmaceuticals | Q3 2026 | $5.1B | +36% | 40.0% |
Source: Bicycle Therapeutics 10-Q on SEC EDGAR · CIK 1761612 · Pharmaceutical Preparations
13F: who owns BCYC and who is buying
More on BCYC
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results