Thu, Oct 31, 11:21 AM (63 days ago)
Bicycle Therapeutics plc (BCYC) reported a net loss of $50.8 million for Q3 2024, slightly higher than $49.9 million in Q3 2023, and a total net loss of $117.2 million for the nine months ended September 30, 2024, compared to $131.6 million in the prior year. Collaboration revenues decreased to $2.7 million from $5.4 million, primarily due to reduced income from Ionis Pharmaceuticals. Research and development expenses rose to $48.3 million, driven mainly by costs associated with the ongoing Phase II trials for its lead product, zelenectide pevedotin. General and administrative expenses also increased to $18.3 million, reflecting higher personnel costs and professional fees. Cash and cash equivalents stood at $890.9 million, bolstered by a recent $544.1 million private placement. The company anticipates that its existing cash will support operations for at least 12 months. However, ongoing losses and the need for additional funding pose risks to its operational continuity and future product development. The company remains focused on advancing its clinical pipeline and securing regulatory approvals while navigating uncertainties related to market acceptance and competition.