Filing Flows › Bicycle Therapeutics (BCYC) › Q2 2025
Bicycle Therapeutics (BCYC) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
Bicycle Therapeutics (BCYC) reported revenue of $2.9M for the second quarter 2025 (Q2 2025), -69% from a year earlier and -71% from the quarter before.
Bicycle Therapeutics, Q2 2025: revenue $2.9M (-69% year over year), net loss $79.0M, operating cash flow −$72.8M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.9M | -71% | -69% |
| Operating profit | −$86.6M | — | — |
| Net earnings | −$79.0M | — | — |
| Operating cash flow | −$72.8M | — | — |
What changed
Revenue was $2.9M in Q2 2025, down 69% year over year and down 71% from the previous quarter.
Operating costs exceeded revenue by $86.6M, an operating margin of -2965.8%. Total costs grew 60% against a revenue fall of 69%. The fastest-growing cost line was Research & development (+77%). The quarter ended with a net loss of $79.0M, wider than the previous quarter's $60.8M loss.
Operating cash flow was −$72.8M. Non-cash charges added back $1.7M of depreciation and amortization and $9.4M of share-based compensation. Working capital and other items used $5.0M. Capital expenditures of $498K exceeded it, leaving free cash flow of −$73.3M.
Questions
What was Bicycle Therapeutics' revenue in the second quarter 2025?
Bicycle Therapeutics (BCYC) reported revenue of $2.9M for the second quarter 2025 (Q2 2025), -69% from a year earlier and -71% from the quarter before.