Filing Flows › Bicycle Therapeutics (BCYC) › Q4 2025
Bicycle Therapeutics (BCYC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 17, 2026
Bicycle Therapeutics (BCYC) reported revenue of $48.0M for the fourth quarter 2025 (Q4 2025), up 13-fold from a year earlier and +309% from the quarter before. Operating margin was -51.5%, net loss $20.2M (42.0% of revenue).
Bicycle Therapeutics, Q4 2025: revenue $48.0M (13× year over year), operating margin -51.5%, net loss $20.2M, operating cash flow −$19.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $48.0M | +309% | 13× |
| Operating profit | −$24.7M | — | — |
| Net earnings | −$20.2M | — | — |
| Operating cash flow | −$19.3M | — | — |
What changed
Revenue was $48.0M in Q4 2025, up 1193% year over year and up 309% from the previous quarter.
Operating costs exceeded revenue by $24.7M, an operating margin of -51.5%. Total costs grew 2% against revenue growth of 1193%. The quarter ended with a net loss of $20.2M, narrower than the previous quarter's $59.1M loss. Non-operating items added $5.8M, -31% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$19.3M. Non-cash charges added back $1.3M of depreciation and amortization and $11.7M of share-based compensation. Working capital and other items used $12.2M. Capital expenditures of $574K exceeded it, leaving free cash flow of −$19.9M.
Questions
What was Bicycle Therapeutics' revenue in the fourth quarter 2025?
Bicycle Therapeutics (BCYC) reported revenue of $48.0M for the fourth quarter 2025 (Q4 2025), up 13-fold from a year earlier and +309% from the quarter before.
Was Bicycle Therapeutics profitable in the fourth quarter 2025?
Operating loss was $24.7M (-51.5% of revenue) and net loss $20.2M.