Filing Flows › Bicycle Therapeutics (BCYC) › Q3 2025
Bicycle Therapeutics (BCYC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Bicycle Therapeutics (BCYC) reported revenue of $11.7M for the third quarter 2025 (Q3 2025), +338% from a year earlier and +302% from the quarter before. Operating margin was -558.6%, net loss $59.1M (503.7% of revenue).
Bicycle Therapeutics, Q3 2025: revenue $11.7M (+338% year over year), operating margin -558.6%, net loss $59.1M, operating cash flow −$71.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $11.7M | +302% | +338% |
| Operating profit | −$65.6M | — | — |
| Net earnings | −$59.1M | — | — |
| Operating cash flow | −$71.2M | — | — |
What changed
Revenue was $11.7M in Q3 2025, up 338% year over year and up 302% from the previous quarter.
Operating costs exceeded revenue by $65.6M, an operating margin of -558.6%. Total costs grew 16% against revenue growth of 338%. The fastest-growing cost line was Research & development (+21%). The quarter ended with a net loss of $59.1M, narrower than the previous quarter's $79.0M loss.
Operating cash flow was −$71.2M. Non-cash charges added back $1.8M of depreciation and amortization and $8.8M of share-based compensation. Working capital and other items used $22.6M. Capital expenditures of $674K exceeded it, leaving free cash flow of −$71.8M.
Questions
What was Bicycle Therapeutics' revenue in the third quarter 2025?
Bicycle Therapeutics (BCYC) reported revenue of $11.7M for the third quarter 2025 (Q3 2025), +338% from a year earlier and +302% from the quarter before.
Was Bicycle Therapeutics profitable in the third quarter 2025?
Operating loss was $65.6M (-558.6% of revenue) and net loss $59.1M.