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Bicycle Therapeutics cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$40.6M in Q3 2026 · −$177M over twelve months

Operating cash flow−$40.3M
Capital spending−$305K
Free cash flow−$40.6M

Analysis

In Q3 2026, Bicycle Therapeutics generated −$40.3M of operating cash flow and spent $305K on capital projects, leaving free cash flow of −$40.6M. That is $31.2M more than in Q3 2025 (−$71.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$175M; the largest uses were operating cash flow ($175M), capital spending ($1.9M), net borrowing (+) / repaid (−) ($199K); besides operations, cash came from shares issued ($49K); the cash balance fell by $179M.

Operating cash flow was −$40.3M against net income of −$10.5M. The largest differences: deferred revenue −$33.8M, stock-based pay +$5.4M, accrued liabilities −$4.7M.

Free cash flow

Bicycle Therapeutics: free cash flow by quarterBicycle Therapeutics: free cash flow by quarter−$9.8MQ4 2024−$87.0MQ1 2025−$73.3MQ2 2025−$71.8MQ3 2025−$19.9MQ4 2025−$66.6MQ1 2026−$49.9MQ2 2026−$40.6MQ3 2026
Operating cash flow less capital spending.
Bicycle Therapeutics: operating cash flow against capital spendingBicycle Therapeutics: operating cash flow against capital spendingOperating cash flowCapital spending−$9.4M$368KQ4 2024−$86.4M$604KQ1 2025−$72.8M$498KQ2 2025−$71.2M$674KQ3 2025−$19.3M$574KQ4 2025−$65.9M$713KQ1 2026−$49.6M$265KQ2 2026−$40.3M$305KQ3 2026
Latest (Q3 2026): Operating cash flow −$40.3M, Capital spending $305K.

Capital allocation, year by year

Bicycle Therapeutics: where the cash came from (up) and went (down), by fiscal yearBicycle Therapeutics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$14.8MFY2021: Net borrowing $15.0MFY2021: Shares issued $298MFY2021: Capital spending −$2.0M$313MFY2021FY2022: Operating cash flow −$86.1MFY2022: Shares issued $6.7MFY2022: Capital spending −$19.0M$6.7MFY2022FY2023: Operating cash flow −$60.6MFY2023: Shares issued $250MFY2023: Capital spending −$2.9M$250MFY2023FY2024: Operating cash flow −$165MFY2024: Net borrowing −$31.9MFY2024: Shares issued $552MFY2024: Capital spending −$1.2M$552MFY2024FY2025: Operating cash flow −$250MFY2025: Net borrowing −$168KFY2025: Shares issued $37KFY2025: Capital spending −$2.4M$37KFY2025
Over these 5 years operating cash flow totalled −$576M; the largest uses were operating cash flow ($576M) and net borrowing ($32.1M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$470M
Debtnone
Net cash$470M
Cash runway2.7 years

Bicycle Therapeutics is burning cash: its operations consume cash, a free cash flow of −$177M a year at the current rate against $470M of cash and investments: a runway of about 2.7 years before any new financing.

Where the cash came from and went

Bicycle Therapeutics: sources (+) and uses (−) of cash, Q3 2026Bicycle Therapeutics: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$40.3MCash drawn (+) / kept (−)$40.1MExchange rates$514KCapital spending−$305KNet borrowing (+) / repaid (−)−$34KShares issued$3K
Bicycle Therapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Bicycle Therapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)$179MOperating cash flow−$175MCapital spending−$1.9MExchange rates−$1.7MNet borrowing (+) / repaid (−)−$199KShares issued$49K

From profit to cash

Bicycle Therapeutics: net income to operating cash flow, Q3 2026Bicycle Therapeutics: net income to operating cash flow, Q3 2026Net income−$10.5MDepreciation & amortization$1.1MStock-based pay$5.4MDeferred taxes$707KPayables$3.7MAccrued liabilities−$4.7MDeferred revenue−$33.8MPrepaid and other assets$2.6MOperating cash flow−$40.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$40.3M−$305K−$34K$3K$40.1M−$40.6M
Q2 2026−$49.6M−$265K−$51K$1K$50.0M−$49.9M
Q1 2026−$65.9M−$713K−$66K$12K$68.6M−$66.6M
Q4 2025−$19.3M−$574K−$48K$33K$20.2M−$19.9M
Q3 2025−$71.2M−$674K−$31K$1K$73.1M−$71.8M
Q2 2025−$72.8M−$498K−$46K$1K$71.5M−$73.3M
Q1 2025−$86.4M−$604K−$43K$2K$86.5M−$87.0M
Q4 2024−$9.4M−$368K—$245K$11.3M−$9.8M

Bicycle Therapeutics: income statement and cash flow

Bicycle Therapeutics, Q3 2026: revenue $34.1M (+190% year over year), operating margin -39.6%. The chart follows the revenue to costs, profit and cash.

Bicycle Therapeutics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.