0001558370-24-010949 | 10-Q | XBRL Viewer

Summary of significant accounting policies	6 Months Ended
Jun. 30, 2024
Summary of significant accounting policies
Summary of significant accounting policies	2. Summary of significant accounting policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission (the “SEC”), on February 20, 2024 (the “2023 Annual Report”). Since the date of such consolidated financial statements, there have been no changes to the Company’s significant accounting policies, other than those disclosed below. Use of estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, revenue recognition, the accrual for research and development expenses and research and development incentives receivable, share-based compensation expense, valuation of right-of-use assets and liabilities and income taxes, including the valuation allowance for deferred tax assets. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Estimates are periodically reviewed in light of reasonable changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates or assumptions. Significant risks and uncertainties The Company currently operates in a period of economic uncertainty which has been significantly impacted by domestic and global monetary and fiscal policy, geopolitical conflicts such as the ongoing wars involving Ukraine and Israel, inflation and interest rates, and fluctuations in monetary exchange rates. While the Company has experienced limited financial impacts at this time, the Company continues to monitor these factors and events and the potential effects each may have on the Company’s business, financial condition, results of operations and growth prospects. Unaudited interim financial information Certain information in the footnote disclosures of these financial statements has been condensed or omitted pursuant to the rules and regulations of the SEC. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2023 included in the Company’s 2023 Annual Report. The accompanying condensed consolidated balance sheet as of June 30, 2024, the condensed consolidated statements of operations and comprehensive loss, condensed consolidated statements of shareholders’ equity and condensed consolidated statements of cash flows for the three and six months ended June 30, 2024 and 2023, and the related financial information disclosed in these notes are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited annual financial statements for the year ended December 31, 2023, and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2024, the results of its operations and its cash flows for the three and six months ended June 30, 2024 and 2023. The results for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024, any other interim periods, or any future year or period. Research and development incentives and receivable The Company, through its subsidiaries in the United Kingdom, receives reimbursements of certain research and development expenditures as part of a United Kingdom government’s research and development tax reliefs program. Under the Small and Medium-sized Enterprises (“SME”) R&D Tax Relief program, the Company is able to surrender trading losses that arise from qualifying research and development expenses incurred by the Company’s subsidiaries in the United Kingdom for a cash rebate of up to 33.35% of qualifying expenditure incurred prior to April 1, 2023, and up to 18.6% of qualifying expenditure incurred thereafter. Amendments to the U.K. R&D tax credit regime included in Finance Act 2024, which was enacted in February 2024, increased the cash rebate that may be claimed to 26.97% of qualifying expenditure, retroactively applied to qualifying expenditures incurred after April 1, 2023, if we qualify as “R&D intensive” for an accounting period (broadly, a loss making SME whose relevant R&D expenditure represents, for accounting periods beginning on or after April 1, 2023, 40%, or, for accounting periods beginning on or after April 1, 2024, 30%, of its total expenditure for that accounting period). Management has assessed the Company’s research and development activities and expenditures to determine which activities and expenditures are likely to be eligible under the research and development incentive program described above. At each period end, management estimates the reimbursement available to the Company based on available information at the time. The Company recognizes income from the research and development incentives when the relevant expenditure has been incurred, the associated conditions have been satisfied and there is reasonable assurance that the reimbursement will be received. The Company records these research and development incentives as a reduction to research and development expenses in the statements of operations and comprehensive loss, as the research and development tax credits are not dependent on us generating future taxable income, the Company’s ongoing tax status, or tax position. The research and development incentives receivable represent an amount due in connection with the above program. The Company recorded a reduction to research and development expense of $7.3 million and $22.6 million during the three and six months ended June 30, 2024, respectively, including the impact of an increase to U.K. R&D tax credit reimbursement rates enacted with Finance Act 2024 retroactively applied to qualifying expenditures incurred after April 1, 2023. The Company recorded a reduction to research and development expense of $5.7 million and $12.6 million during the three and six months ended June 30, 2023, respectively. Recently adopted accounting pronouncements There have been no recently adopted accounting pronouncements during the three or six months ended June 30, 2024 that are of significance or potential significance to the Company. Recently issued accounting pronouncements not yet adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures (“ASU No. 2023-09”), which prescribes standard categories for the components of the effective tax rate reconciliation and requires disclosure of additional information for reconciling items meeting certain quantitative thresholds, requires disclosure of disaggregated income taxes paid, and modifies certain other income tax-related disclosures. ASU No. 2023-09 is effective for annual periods beginning after December 15, 2024 and allows for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the potential impact of the adoption of ASU No. 2023-09 on its consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures (“ASU No. 2023-07”), which requires disclosure of incremental segment information on an interim and annual basis. ASU No. 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024, and requires retrospective adoption to all prior periods presented in the consolidated financial statements. The Company is currently evaluating the potential impact of the adoption of ASU No. 2023-07 on its consolidated financial statements and related disclosures.

Summary of significant accounting policies

6 Months Ended

Jun. 30, 2024

Summary of significant accounting policies

Summary of significant accounting policies

2. Summary of significant accounting policies

The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission (the “SEC”), on February 20, 2024 (the “2023 Annual Report”). Since the date of such consolidated financial statements, there have been no changes to the Company’s significant accounting policies, other than those disclosed below.

Use of estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, revenue recognition, the accrual for research and development expenses and research and development incentives receivable, share-based compensation expense, valuation of right-of-use assets and liabilities and income taxes, including the valuation allowance for deferred tax assets. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Estimates are periodically reviewed in light of reasonable changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates or assumptions.

Significant risks and uncertainties

The Company currently operates in a period of economic uncertainty which has been significantly impacted by domestic and global monetary and fiscal policy, geopolitical conflicts such as the ongoing wars involving Ukraine and Israel, inflation and interest rates, and fluctuations in monetary exchange rates. While the Company has experienced limited financial impacts at this time, the Company continues to monitor these factors and events and the potential effects each may have on the Company’s business, financial condition, results of operations and growth prospects.

Unaudited interim financial information

Certain information in the footnote disclosures of these financial statements has been condensed or omitted pursuant to the rules and regulations of the SEC. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2023 included in the Company’s 2023 Annual Report.

The accompanying condensed consolidated balance sheet as of June 30, 2024, the condensed consolidated statements of operations and comprehensive loss, condensed consolidated statements of shareholders’ equity and condensed consolidated statements of cash flows for the three and six months ended June 30, 2024 and 2023, and the related financial information disclosed in these notes are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited annual financial statements for the year ended December 31, 2023, and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2024, the results of its operations and its cash flows for the three and six months ended June 30, 2024 and 2023. The results for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024, any other interim periods, or any future year or period.

Research and development incentives and receivable

The Company, through its subsidiaries in the United Kingdom, receives reimbursements of certain research and development expenditures as part of a United Kingdom government’s research and development tax reliefs program. Under the Small and Medium-sized Enterprises (“SME”) R&D Tax Relief program, the Company is able to surrender trading losses that arise from qualifying research and development expenses incurred by the Company’s subsidiaries in the United Kingdom for a cash rebate of up to 33.35% of qualifying expenditure incurred prior to April 1, 2023, and up to 18.6% of qualifying expenditure incurred thereafter. Amendments to the U.K. R&D tax credit regime included in Finance Act 2024, which was enacted in February 2024, increased the cash rebate that may be claimed to 26.97% of qualifying expenditure, retroactively applied to qualifying expenditures incurred after April 1, 2023, if we qualify as “R&D intensive” for an accounting period (broadly, a loss making SME whose relevant R&D expenditure represents, for accounting periods beginning on or after April 1, 2023, 40%, or, for accounting periods beginning on or after April 1, 2024, 30%, of its total expenditure for that accounting period).

Management has assessed the Company’s research and development activities and expenditures to determine which activities and expenditures are likely to be eligible under the research and development incentive program described above. At each period end, management estimates the reimbursement available to the Company based on available information at the time.

The Company recognizes income from the research and development incentives when the relevant expenditure has been incurred, the associated conditions have been satisfied and there is reasonable assurance that the reimbursement will be received. The Company records these research and development incentives as a reduction to research and development expenses in the statements of operations and comprehensive loss, as the research and development tax credits are not dependent on us generating future taxable income, the Company’s ongoing tax status, or tax position. The research and development incentives receivable represent an amount due in connection with the above program. The Company recorded a reduction to research and development expense of $7.3 million and $22.6 million during the three and six months ended June 30, 2024, respectively, including the impact of an increase to U.K. R&D tax credit reimbursement rates enacted with Finance Act 2024 retroactively applied to qualifying expenditures incurred after

April 1, 2023. The Company recorded a reduction to research and development expense of $5.7 million and $12.6 million during the three and six months ended June 30, 2023, respectively.

Recently adopted accounting pronouncements

There have been no recently adopted accounting pronouncements during the three or six months ended June 30, 2024 that are of significance or potential significance to the Company.

Recently issued accounting pronouncements not yet adopted

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures (“ASU No. 2023-09”), which prescribes standard categories for the components of the effective tax rate reconciliation and requires disclosure of additional information for reconciling items meeting certain quantitative thresholds, requires disclosure of disaggregated income taxes paid, and modifies certain other income tax-related disclosures. ASU No. 2023-09 is effective for annual periods beginning after December 15, 2024 and allows for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the potential impact of the adoption of ASU No. 2023-09 on its consolidated financial statements and related disclosures.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures (“ASU No. 2023-07”), which requires disclosure of incremental segment information on an interim and annual basis. ASU No. 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024, and requires retrospective adoption to all prior periods presented in the consolidated financial statements. The Company is currently evaluating the potential impact of the adoption of ASU No. 2023-07 on its consolidated financial statements and related disclosures.

Commitments and contingencies

6 Months Ended

Jun. 30, 2024

Commitments and contingencies

Commitments and contingencies

11. Commitments and contingencies

Operating Leases

In January 2023, the Company entered into a lease agreement for office and laboratory space in Cambridge, Massachusetts. The lease has a contractual period of approximately three years, which, subject to certain conditions, may be extended for an additional two years at the Company’s option. The Company concluded that the lease term is three

years, representing the non-cancelable lease period, as it is not reasonably certain that the lease will be extended. The annual rent is approximately $2.1 million in the first year of the lease and increases annually with the last year of the lease having annual rent of approximately $2.3 million. The annual rent is payable monthly in advance following a two-month rent-free period. In connection with the lease agreement, the Company has delivered to the landlord a security deposit in the form of a letter of credit of approximately $0.5 million. The Company recorded a right-of-use asset and lease liability of approximately $5.8 million, respectively, at the lease commencement date, based on the present value of future lease payments, discounted at 9.0%, the Company’s estimated incremental borrowing rate at the commencement of the lease, over the lease term.

On December 6, 2021, the Company entered into a lease of new office and laboratory space in Cambridge, United Kingdom. The lease has a contractual period of 10 years but may be cancelled by the Company on the fifth anniversary of the lease commencement date. The lease term is five years, representing the non-cancelable lease period, as it is not reasonably certain that the lease will not be cancelled. The Company has a contractual right to renew the lease for a further ten-year period, which also may be cancelled after five years. The annual rent is approximately $3.0 million, payable quarterly in advance beginning in June 2022, following a six-month period of free rent. There was no deposit paid in conjunction with the lease. The Company recorded a right-of-use asset of approximately $11.6 million and a lease liability of approximately $11.1 million at the lease commencement date, based on the present value of future lease payments, discounted at 6.9%, the Company’s estimated incremental borrowing rate at the commencement of the lease, over the lease term.

In October 2017, the Company entered into a lease agreement for office and laboratory space in Building 900, Babraham Research Campus, Cambridge, U.K., which was renewed in December 2021 for five years through December 2026. The annual rent for the lease was approximately $0.6 million. Service charges were also payable based on floor area and are estimated to be approximately $0.2 million per year. In April 2023, the Company entered into a deed of surrender related to the lease, pursuant to which the lease was terminated effective immediately. As a result of the deed, the Company derecognized the lease liability and right-of-use asset associated with the lease. The Company also paid termination-related fees of $0.3 million in connection with the deed, which were recorded as a loss on lease termination during the second quarter of 2023.

In September 2017, Bicycle Therapeutics Inc. entered into a lease agreement for office and laboratory space in Lexington, Massachusetts, which commenced on January 1, 2018. In conjunction with the lease agreement, Bicycle Therapeutics Inc. paid a security deposit of $0.2 million. The deposit is recorded in other assets in the condensed consolidated balance sheets. In March 2022, Bicycle Therapeutics Inc. notified the landlord of its intent to exercise its option to extend the lease, originally set to expire on December 31, 2022, for a successive period through December 31, 2027 which successive period was not included in the original lease term. The Company accounted for the lease extension as a modification of the existing lease and remeasured the right-of-use asset and lease liability by calculating the present value of lease payments, discounted at 7.0%, the Company’s incremental borrowing rate, over the new lease term. In May 2022, the lease was extended. The payments for the extended lease are approximately $0.2 million remaining through December 31, 2022, $0.7 million in 2023, and increases annually pursuant to an escalation clause with the last year of the lease term having a per annum fixed rent obligation of $0.8 million.

The components of the Company’s lease expense, which are recorded as a component of research and development expenses and general and administrative expenses in the condensed consolidated statement of operations and comprehensive loss are as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Operating lease cost	$	1,338	$	1,367	$	2,679	$	2,693
Variable lease cost		563		803		1,344		1,451
Total lease cost	$	1,901	$	2,170	$	4,023	$	4,144

The weighted average remaining operating lease term was 2.4 years and 3.4 years as of June 30, 2024 and 2023, respectively, and the weighted average operating lease discount rate was 7.9% and 7.6% as of June 30, 2024 and 2023,

respectively.

The following table summarizes the maturities of the Company’s lease liabilities as of June 30, 2024 (in thousands):


Year Ending December 31,	Operating Leases
2024	$	2,878
2025		5,839
2026		3,340
2027		821
Present value adjustment		(1,050)
Total lease liabilities		11,828
Less: current lease liabilities		(5,098)
Long term lease liabilities	$	6,730

The Company has entered into various agreements with contract research organizations to provide clinical trial services, contract manufacturing organizations to provide clinical trial materials and with vendors for preclinical research studies, synthetic chemistry and other services for operating purposes. These contracts are generally cancelable at any time upon less than 90 days’ prior written notice. The Company is not contractually able to terminate for convenience and avoid any and all future obligations to these vendors. In some cases, the Company is contractually obligated to make certain minimum payments to the vendors, based on the timing of the termination notification and the exact terms of the agreement.

The Company’s arrangements with Cancer Research UK provide for additional future milestone payments upon the achievement of development, regulatory and commercial milestones, payable in cash and shares, with an aggregate total value of $111.2 million, as well as royalty payments based on a single digit percentage on net sales of products developed. In addition, the Company has entered into separate agreements with third parties which provide for various future milestone payments upon the achievement of specified development, regulatory, commercial and sales-based milestones with an aggregate total value of $105.1 million. These additional milestone payments are contingent upon future events that are not considered probable of achievement as of June 30, 2024. As of June 30, 2024, the Company was unable to estimate the timing or likelihood of achieving any of these milestones.

Legal proceedings

From time to time, the Company or its subsidiaries may become involved in various legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. The Company is currently not subject to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of ASC 450, Contingencies.

Indemnification obligations

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. The Company also has indemnification obligations towards members of its board of directors and officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. In addition, the Company has agreed to indemnify certain investors in limited circumstances. The maximum potential amount of future payments the Company could be required to make under these indemnification arrangements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnification obligations. The Company is not aware of any claims under indemnification arrangements, and therefore it has not accrued any liabilities related to such obligations in its condensed consolidated financial statements as of June 30, 2024, and December 31, 2023.

Significant agreements - Genentech Collaboration Agreement (Details) $ in Thousands		1 Months Ended		3 Months Ended			6 Months Ended		12 Months Ended
	Feb. 21, 2020 USD ($) item	Dec. 31, 2022 USD ($)	Nov. 30, 2021 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) item	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Oct. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)
Significant agreements.
Deferred revenue		$ 61,873		$ 105,613			$ 105,613		$ 135,194
Collaboration revenues				9,361		$ 11,397	28,891	$ 16,293
Genentech
Significant agreements.
Number of potential development candidates \| item	4
Upfront cash payment	$ 30,000
Number of immuno oncology targets \| item	2
Additional number of immuno oncology targets \| item	2
Expansion Fee	$ 10,000
Milestone payments, receivable											$ 2,000
Transaction price	31,000			33,000			33,000				$ 33,000
Deferred revenue		39,308		15,594			15,594		29,104
Collaboration revenues				1,712		7,636	$ 13,323	9,748
Genentech \| Royalty
Significant agreements.
Number of years over which royalty is payable							10 years
Genentech \| Maximum
Significant agreements.
Milestone payments, receivable	200,000
Genentech \| Development milestone \| Maximum
Significant agreements.
Milestone payments, receivable	65,000
Genentech \| Regulatory milestone \| Maximum
Significant agreements.
Milestone payments, receivable	$ 135,000
Genentech \| Collaboration Program 1 Performance Obligation
Significant agreements.
Transaction price				4,019			$ 4,019
Genentech \| Collaboration Program 2 Performance Obligation
Significant agreements.
Transaction price				8,037			8,037
Genentech \| Collaboration Program 3 Performance Obligation
Significant agreements.
Expansion Fee			$ 10,000
Milestone payments, receivable										$ 1,000
Transaction price										11,000
Material rights										$ 3,500
Amount of estimate of variable consideration		2,000
Collaboration revenues		$ 8,400			$ 10,400
Revenue recognized					$ 7,500
Genentech \| Collaboration Program 3 Performance Obligation \| Maximum
Significant agreements.
Period over which performance obligations will be performed		3 years
Genentech \| Collaboration Program 3 Performance Obligation \| Minimum
Significant agreements.
Period over which performance obligations will be performed		2 years
Genentech \| Collaboration Program 4 Performance Obligation
Significant agreements.
Transaction price									10,000
Deferred revenue		$ 100
Material rights									3,500
Collaboration revenues									$ 5,300
Genentech \| Specified Targeting Arm Material Right Arm Program One
Significant agreements.
Number of initial collaboration programs exercised \| item	1
Option fee for development and exploitation rights	$ 1,000
Milestone payments, receivable	$ 1,000
Transaction price				352			352
Genentech \| Material rights for associated and limited substitution rights
Significant agreements.
Transaction price				1,187			$ 1,187
Deferred revenue		700
Genentech \| Two material rights associated with the LSR Go Option for Collaboration Programs One And Two
Significant agreements.
Number of collaboration programs \| item	2						2
Number of expansion option collaboration programs \| item							2
Transaction price				12,400			$ 12,400
Genentech \| Material rights associated with the LSR Go Option for Collaboration Programs One
Significant agreements.
Deferred revenue						$ 6,000		$ 6,000
Genentech \| Material rights associated with the LSR Go Option for Collaboration Programs Three
Significant agreements.
Deferred revenue		$ 7,400
Genentech \| Two material rights for Expansion Options
Significant agreements.
Number of expansion option collaboration programs \| item	2
Transaction price				$ 7,005			$ 7,005
Genentech \| Collaboration Program One and Two Performance Obligation
Significant agreements.
Material rights exercise period							4 years
Genentech \| Collaboration Program One and Two Performance Obligation \| Maximum
Significant agreements.
Regulatory, and initial commercialization milestones, payments receivable	$ 200,000
Period over which performance obligations will be performed							3 years
Genentech \| Collaboration Program One and Two Performance Obligation \| Minimum
Significant agreements.
Period over which performance obligations will be performed							2 years

Debt - Future Principal Payments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Debt
2024	$ 0
2025	31,500
Total	$ 31,500

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 961,364	$ 526,423
Accounts receivable	233
Prepaid expenses and other current assets	20,216	11,406
Research and development incentives receivable	46,443	24,039
Total current assets	1,028,256	561,868
Property and equipment, net	11,587	14,515
Operating lease right-of-use assets	10,933	13,169
Other assets	6,579	5,792
Total assets	1,057,355	595,344
Current liabilities:
Accounts payable	7,453	13,050
Accrued expenses and other current liabilities	28,135	31,509
Deferred revenue, current portion	11,619	24,978
Debt, current portion	22,404
Total current liabilities	69,611	69,537
Debt, net of discount and current portion	8,505	30,698
Operating lease liabilities, net of current portion	6,730	9,382
Deferred revenue, net of current portion	93,994	110,216
Other long-term liabilities	4,702	4,579
Total liabilities	183,542	224,412
Commitments and contingencies (Note 11)
Shareholders' equity:
Ordinary shares, including non-voting ordinary shares, £0.01 nominal value; 154,385,145 and 59,612,613 shares authorized on June 30, 2024 and December 31, 2023, respectively; 68,941,242 and 42,431,766 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	889	550
Additional paid-in capital	1,452,151	883,446
Accumulated other comprehensive loss	(1,092)	(1,304)
Accumulated deficit	(578,135)	(511,760)
Total shareholders' equity	873,813	370,932
Total liabilities and shareholders' equity	$ 1,057,355	$ 595,344

Significant agreements - Revenue recognition due to changes in contract assets and liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Significant agreements
Revenue recognized based on proportional performance	$ 6,819	$ 3,927	$ 18,450	$ 8,823
Revenue recognized based on expiration of material rights	2,542	7,470	10,576	7,470
Revenue recognized based on changes in transaction price			(135)
Total	$ 9,361	$ 11,397	$ 28,891	$ 16,293

Related party transactions

6 Months Ended

Jun. 30, 2024

Related party transactions

Related party transactions

13. Related party transactions

Consulting Agreement with Stone Sunny Isles, Inc.

The Chairman of the Company’s board of directors is associated with Stone Sunny Isles Inc. and Stone Atlanta Estates LLC, the successor-in-interest to Stone Sunny Isles Inc., which provided consultancy services to the Company totaling $47,000 and $0.1 million during the three and six months ended June 30, 2024, respectively, and $0.1 million and $0.1 million during the three and six months ended June 30, 2023, respectively.

Related Party Participation in Private Placement

The Investors in the Private Placement included certain entities affiliated with Baker Bros. Advisors LP (the “Baker Entities”), an entity which may be deemed a beneficial owner of greater than 10% of the Company’s voting securities. Felix J. Baker, one of the Company’s directors, is a managing member of Baker Bros. Advisors (GP) LLC, the sole general partner of Baker Bros. Advisors LP. In the Private Placement, the Baker Entities purchased an aggregate of 17,114,846 non-voting ordinary shares, nominal value £0.01 per share, for an aggregate purchase price of $366.6 million. The Private Placement was approved in accordance with the Company’s related person transaction policy by the Company’s Related Parties Committee. See Note 11. “Commitments and contingencies” for additional information on indemnities provided to certain investors.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Net loss per share - Basic and diluted net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net loss	$ (39,812)	$ (42,603)	$ (66,375)	$ (81,667)
Denominator:
Weighted average ordinary shares outstanding, basic	51,992,034	30,191,693	47,276,062	30,097,234
Weighted average ordinary shares outstanding, diluted	51,992,034	30,191,693	47,276,062	30,097,234
Net loss per share, basic	$ (0.77)	$ (1.41)	$ (1.40)	$ (2.71)
Net loss per share, diluted	$ (0.77)	$ (1.41)	$ (1.40)	$ (2.71)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair value of financial assets and liabilities

6 Months Ended

Jun. 30, 2024

Fair value of financial assets and liabilities

Fair value of financial assets and liabilities

3. Fair value of financial assets and liabilities

Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: Level 1, Quoted prices in active markets for identical assets or liabilities; Level 2, Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data; Level 3, unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

The carrying values of cash, cash equivalents and restricted cash, accounts receivable, research and development incentives receivable, prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these assets and liabilities. As of June 30, 2024, and December 31, 2023, the carrying value of debt approximates its fair value, which was determined using unobservable Level 3 inputs, including quoted interest rates from a lender for borrowings with similar terms.

Cash, cash equivalents and restricted cash

The Company considers all highly liquid investments that are readily convertible to known amounts of cash with original maturities of three months or less at the date of purchase to be cash equivalents. As of June 30, 2024, the Company had cash equivalents of $22.7 million, consisting of interest-bearing money market funds which are considered Level 1 assets. As of December 31, 2023, the Company had cash equivalents of $72.3 million, consisting of $22.1 million of interest-bearing money market funds and $50.2 million of 30-day term deposits which are considered Level 1 assets. As of June 30, 2024, and December 31, 2023, there were no other assets or liabilities measured at fair value on a recurring basis.

As of June 30, 2024, the Company had $0.5 million of restricted cash related to a collateralized letter of credit in connection with the Company’s lease for office and laboratory space in Cambridge, Massachusetts, which is included within other assets in the Company’s condensed consolidated balance sheet.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Subsequent events

6 Months Ended

Jun. 30, 2024

Subsequent events.

Subsequent events

15. Subsequent events

Loan Agreement Repayment

On July 9, 2024, the Company repaid in its entirety and voluntarily terminated the Loan Agreement with Hercules. The Company elected to repay all amounts outstanding, including accrued and unpaid interest, the End of Term charge of $1.5 million and a prepayment charge of $0.3 million, for a total aggregate payment of $31.9 million.

2024 Inducement Plan

On July 24, 2024, the Company’s board of directors approved the Company’s 2024 Inducement Plan (the “2024 Inducement Plan”). The 2024 Inducement Plan allows for the granting of nonqualified share options, restricted share units, and other equity awards under the 2024 Inducement Plan to persons not previously an employee or director of the Company, or following a bona fide period of non-employment, an inducement material to such persons entering into employment with the Company. The Company initially reserved 1,500,000 of its ordinary shares, or the equivalent number of ADSs, for the issuance of awards under the 2024 Inducement Plan.

Commitments and contingencies - Leases, Maturities of operating leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
2024	$ 2,878
2025	5,839
2026	3,340
2027	821
Present value adjustment	(1,050)
Total lease liabilities	11,828
Less: current lease liabilities	(5,098)	$ (4,876)
Long term lease liabilities	$ 6,730	$ 9,382
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Maximum days allowed for cancellation of contracts prior written notice	90 days
Agreement With Third Party
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future milestone payment payable	$ 105,100
Agreement With CRUK
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future milestone payment receivable	$ 111,200

Condensed Consolidated Statements of Cash Flows $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Cash flows from operating activities:
Net loss	$ (66,375)	$ (81,667)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	18,546	17,235
Depreciation and amortization	3,298	3,202
Non-cash interest	211	198
Deferred income tax benefit	(877)	(3,683)
Changes in operating assets and liabilities:
Accounts receivable	(232)	52,358
Research and development incentives receivable	(22,575)	7,199
Prepaid expenses and other assets	(8,783)	(638)
Operating lease right-of-use assets	2,187	2,054
Accounts payable	(6,354)	21
Accrued expenses and other current liabilities	(3,626)	8,416
Operating lease liabilities	(2,382)	(1,867)
Deferred revenue	(28,671)	(15,454)
Other long-term liabilities	137	311
Net cash used in operating activities	(115,496)	(12,315)
Cash flows from investing activities:
Purchases of property and equipment	(432)	(2,376)
Net cash used in investing activities	(432)	(2,376)
Cash flows from financing activities:
Proceeds from the issuance of ADSs and non-voting ordinary shares, net of issuance costs	545,106	14,843
Proceeds from the exercise of share options and settlement of restricted share units	6,371	167
Net cash provided by financing activities	551,477	15,010
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(608)	960
Net increase in cash, cash equivalents and restricted cash	434,941	1,279
Cash, cash equivalents and restricted cash at beginning of period	526,970	339,154
Cash, cash equivalents and restricted cash at end of period	961,911	340,433
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	961,364	340,433
Restricted cash included in other assets	547
Total cash, cash equivalents and restricted cash	961,911	340,433
Supplemental disclosure of cash flow information
Cash paid for interest	1,146	1,365
Cash paid for income taxes	792	664
Equity issuance costs included in accounts payable and accrued expenses	979
Cash paid for amounts included in the measurement of operating lease liabilities	2,874	2,771
Changes in purchases of property and equipment in accounts payable and accrued expenses	$ 26	(1,401)
Advance billings on deferred revenue included in accounts receivable		45,000
Non-cash impact to right-of-use assets and operating lease liabilities		$ 4,004

Significant agreements - Ionis Evaluation and Option Agreement (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Jul. 09, 2021	Jan. 31, 2021	Dec. 31, 2020	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred revenue				$ 105,613	$ 135,194	$ 61,873
Ionis Evaluation and Option Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront cash payment	$ 3,000	$ 3,000	$ 3,000
Deferred revenue			$ 3,000		$ 12,500

Accrued expenses and other current liabilities

6 Months Ended

Jun. 30, 2024

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities

5. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2024		2023
Accrued employee compensation and benefits	$	9,237	$	13,394
Accrued external research and development expenses		11,714		11,839
Accrued professional fees		1,437		1,143
Current portion of operating lease liabilities		5,098		4,876
Other		649		257
	$	28,135	$	31,509

Significant agreements - Summary of Contract Assets and Liabilities (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Contract liabilities:
Beginning Balance	$ 135,194,000	$ 61,873,000
Additions	233,000	95,960,000
Deductions	(28,891,000)	(26,976,000)
Impact of Exchange Rates	(923,000)	4,337,000
Ending Balance	105,613,000	135,194,000
Contract assets
Contract assets	0	0
Bayer collaboration deferred revenue
Contract liabilities:
Beginning Balance	43,618,000
Additions	143,000	45,000,000
Deductions	(1,662,000)	(1,160,000)
Impact of Exchange Rates	(297,000)	(222,000)
Ending Balance	41,802,000	43,618,000
Bayer collaboration deferred revenue \| Deferred revenue material rights option
Contract liabilities:
Ending Balance	32,200,000
Novartis
Contract liabilities:
Beginning Balance	50,008,000
Additions		50,000,000
Deductions	(5,025,000)	(1,909,000)
Impact of Exchange Rates	(342,000)	1,917,000
Ending Balance	44,641,000	50,008,000
Novartis \| Deferred revenue material rights option
Contract liabilities:
Ending Balance	30,500,000
Ionis collaboration deferred revenue
Contract liabilities:
Beginning Balance	12,464,000	21,489,000
Additions	90,000	960,000
Deductions	(8,881,000)	(10,734,000)
Impact of Exchange Rates	(97,000)	749,000
Ending Balance	3,576,000	12,464,000
Ionis collaboration deferred revenue \| Deferred revenue material rights option
Contract liabilities:
Ending Balance	3,600,000
Genentech
Contract liabilities:
Beginning Balance	29,104,000	39,308,000
Additions		0
Deductions	(13,323,000)	(11,969,000)
Impact of Exchange Rates	(187,000)	1,765,000
Ending Balance	15,594,000	29,104,000
Genentech \| Deferred revenue material rights option
Contract liabilities:
Ending Balance	13,600,000
AstraZeneca
Contract liabilities:
Beginning Balance	0	1,076,000
Additions		0
Deductions		(1,204,000)
Impact of Exchange Rates		128,000
Ending Balance	$ 0	$ 0

Significant agreements - Collaboration revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Significant agreements.
Collaboration revenues	$ 9,361	$ 11,397	$ 28,891	$ 16,293
Bayer
Significant agreements.
Collaboration revenues	844	0	1,662	0
Novartis
Significant agreements.
Collaboration revenues	3,778	0	5,025	0
Ionis
Significant agreements.
Collaboration revenues	3,027	2,557	8,881	5,341
Genentech
Significant agreements.
Collaboration revenues	1,712	7,636	13,323	9,748
AstraZeneca
Significant agreements.
Collaboration revenues	$ 0	$ 1,204	$ 0	$ 1,204

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 41
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-Publisher FASB
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Significant agreements - Cancer Research UK (Details) - USD ($) $ in Millions		1 Months Ended
	Dec. 13, 2016	Dec. 31, 2019	Jun. 30, 2024	Dec. 31, 2023
Research and development arrangement obligation to repay other parties
Contingent future milestones payments under research and development arrangement	$ 50.9	$ 60.3
Other long term liabilities
Research and development arrangement obligation to repay other parties
Liability from research and development			$ 4.4	$ 4.3
BT1718 \| Minimum
Research and development arrangement obligation to repay other parties
Tiered royalties (percentage)	70.00%
BT1718 \| Maximum
Research and development arrangement obligation to repay other parties
Tiered royalties (percentage)	90.00%
BT7401 \| Minimum
Research and development arrangement obligation to repay other parties
Tiered royalties (percentage)		55.00%
BT7401 \| Maximum
Research and development arrangement obligation to repay other parties
Tiered royalties (percentage)		80.00%

Ordinary shares

6 Months Ended

Jun. 30, 2024

Ordinary shares

Ordinary shares

7. Ordinary shares

The Company’s ordinary shares are divided into two classes: (i) ordinary shares and (ii) non-voting ordinary shares. Each holder of ordinary shares is entitled to one vote per ordinary share and to receive dividends when and if such dividends are recommended by the board of directors and declared by the shareholders. Holders of ADSs are not treated as holders of the Company’s ordinary shares, unless they withdraw the ordinary shares underlying their ADSs in accordance with the deposit agreement and applicable laws and regulations. The depositary is the holder of the ordinary shares underlying the ADSs. Holders of ADSs therefore do not have any rights as holders of the Company’s ordinary shares, other than the rights that they have pursuant to the deposit agreement with the depositary.

The non-voting ordinary shares have the same rights and restrictions as the ordinary shares and otherwise rank pari passu in all respects with the ordinary shares except for the following:

●

a holder of non-voting ordinary shares shall, in relation to the non-voting ordinary shares held, have no right to receive notice of, or to attend or vote at, any general meeting of shareholders save in relation to a variation of class rights of the non-voting ordinary shares;

●

the non-voting ordinary shares shall be re-designated as ordinary shares by the Company’s board of directors, or a duly authorized committee or representative thereof, upon receipt of a re-designation notice and otherwise subject to the terms and conditions set out in the terms of issue. A holder of non-voting ordinary shares shall not be entitled to have any non-voting ordinary shares re-designated as ordinary shares where such re-designation would result in such holder thereof beneficially owning (for purposes of section 13(d) of the Exchange Act), when aggregated with “affiliates” and “group” members with whom such holder is required to aggregate beneficial ownership for the purposes of section 13(d) of the Exchange Act, in excess of 9.99% of any class of the Company’s securities registered under the Exchange Act (which percentage may be increased or decreased on a holder-by-holder basis subject to the provisions set out in the terms of issue); and

●

the non-voting ordinary shares shall be re-designated as ordinary shares automatically upon transfer of a non-voting ordinary share by its holder to any person that is not an “affiliate” or “group” member with whom such holder is required to aggregate beneficial ownership for purposes of section 13(d) of the Exchange Act. This automatic re-designation shall only be in respect of the non-voting ordinary shares that are subject to such transfer.

As of June 30, 2024, and December 31, 2023, the Company had not declared any dividends.

As of June 30, 2024, and December 31, 2023, the Company’s authorized share capital consisted of 154,385,145 and 59,612,613 ordinary shares, respectively, including ordinary shares and non-voting ordinary shares, with a nominal value of £0.01 per share. Authorized share capital, or shares authorized, comprises (i) the currently issued and outstanding ordinary shares and non-voting ordinary shares, (ii) the remaining ordinary shares available for allotment under the existing authority granted to the Board at the annual general meeting held on May 16, 2024, (iii) ordinary shares issuable on the exercise of outstanding options and settlement of vested and deferred restricted share units (“RSUs”) and (iv) ordinary shares reserved for issuance under the Bicycle Therapeutics plc 2020 Equity Incentive Plan and/or the Bicycle Therapeutics plc 2019 Employee Share Purchase Plan.

As of June 30, 2024, there were 47,449,143 ordinary shares issued and outstanding and 21,492,099 non-voting ordinary shares issued and outstanding.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Securities Act File Number	001-38916
Entity Registrant Name	Bicycle Therapeutics plc
Entity Incorporation, State or Country Code	X0
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	Blocks A & B, Portway Building, Granta Park
Entity Address, City or Town	Great Abington, Cambridge,
Entity Address, Country	GB
Entity Address, Postal Zip Code	CB21 6GS
City Area Code	+44
Local Phone Number	1223 261503
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001761612
Amendment Flag	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Ordinary shares, nominal value £0.01 per share*
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		47,501,359
ADR [Member]
Document Information [Line Items]
Title of 12(b) Security	American Depositary Shares, each representing one ordinary share, nominal value £0.01 per share
Trading Symbol	BCYC
Security Exchange Name	NASDAQ
Non-voting ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		21,492,099

Share-based compensation - Share Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Additional Information
Total share-based compensation expense	$ 9,264	$ 8,193	$ 18,546	$ 17,235
Stock option
Number of Shares
Outstanding number of shares at beginning			7,469,527
Granted			1,951,535
Exercised			(484,834)
Forfeited			(111,923)
Outstanding number of shares at end	8,824,305		8,824,305		7,469,527
Number of shares, vested and expected to vest	8,824,305		8,824,305
Number of shares, options exercisable	4,888,630		4,888,630
Weighted Average Exercise Price
Weighted average exercise price at beginning			$ 23.13
Granted			18.65
Exercised			13.13
Forfeited			27.10
Weighted average exercise price at ending	$ 22.64		22.64		$ 23.13
Weighted average exercise price, vested and expected to vest	22.64		22.64
Weighted average exercise price, options exercisable	$ 21.10		$ 21.10
Weighted Average Contractual Term
Weighted average contractual term, outstanding			7 years 4 months 6 days		6 years 9 months 29 days
Weighted average contractual term, vested and expected to vest			7 years 4 months 6 days
Weighted average contractual term ,options exercisable			6 years 1 month 6 days
Aggregate Intrinsic Value
Aggregate intrinsic value outstanding	$ 30,748		$ 30,748		$ 21,920
Aggregate intrinsic value, vested and expected to vest	30,748		30,748
Aggregate intrinsic value, options exercisable	26,122		$ 26,122
Additional Information
Granted			$ 13.08	$ 20.45
Exercised	3,600	100	$ 4,600	$ 200
Total share-based compensation expense	$ 7,300	$ 6,800	$ 14,800	$ 14,200

Significant agreements - Novartis Collaboration Agreement (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Mar. 27, 2023 USD ($) item	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum days allowed for cancellation of contracts prior written notice				90 days
Revenue from collaborative arrangement		$ 9,361	$ 11,397	$ 28,891	$ 16,293
Termination in entirety or product by product or target by target basis
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Threshold period of notice required for termination of agreement	90 days
Completion of all milestones for targets
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments receivable	$ 800,000
Novartis
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of collaboration targets \| item	2
Additional research term	1 year
Upfront cash payment	$ 50,000
Milestone payments receivable	210,000
Milestone payments, receivable	$ 840,000
Maximum days allowed for cancellation of contracts prior written notice	30 days
Total transaction price initially determined	$ 50,000
Expected period for satisfaction of performance obligations	3 years
Material rights exercise period	6 years
Revenue from collaborative arrangement		3,778	$ 0	$ 5,025	$ 0
Novartis \| Termination based on other party's uncured material breach or insolvency
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Threshold period of notice required for termination of agreement	60 days
Novartis \| Termination if safety or regulatory issue exists
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Threshold period of notice required for termination of agreement	30 days
Novartis \| Expiration of two material rights associated with limited substitution rights
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative arrangement		$ 2,500
Novartis \| Achievement of specified levels of net sales
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments receivable	$ 200,000

Related party transactions (Details)	3 Months Ended			6 Months Ended
Related party transactions (Details)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 £ / shares shares	Dec. 31, 2023 £ / shares shares
Related party transactions
General and administrative	$ 15,949,000	$ 14,788,000		$ 32,331,000	$ 29,276,000
Ordinary shares, shares issued \| shares						68,941,242	42,431,766
Ordinary shares, nominal value \| £ / shares						£ 0.01	£ 0.01
Aggregate purchase price	544,127,000	12,127,000	$ 2,716,000
Affiliated Entity \| Consultancy services with Stone Sunny Isles Inc.
Related party transactions
General and administrative	$ 47,000	$ 100,000		100,000	$ 100,000
Affiliated Entity \| Baker Bros. Advisors LP \| Non voting ordinary shares
Related party transactions
Ordinary shares, shares issued \| shares						17,114,846
Ordinary shares, nominal value \| £ / shares						£ 0.01
Aggregate purchase price				$ 366,600,000

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Ordinary Shares	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total
Beginning balance at Dec. 31, 2022	$ 387	$ 601,105	$ 387	$ (331,096)	$ 270,783
Beginning balance (in shares) at Dec. 31, 2022	29,873,893
Increase (decrease) in shareholders' equity (deficit)
Issuance of ADSs upon exercise of share options		1			1
Issuance of ADSs upon exercise of share options (in shares)	877
Issuance of ADSs and non-voting ordinary shares, net of commissions and offering expenses	$ 1	2,715			2,716
Issuance of ADSs and non-voting ordinary shares, net of commissions and offering expenses (in shares)	100,000
Issuance of ADSs upon settlement of restricted share units	$ 1				1
Issuance of ADSs upon settlement of restricted share units (in shares)	56,988
Share-based compensation expense		9,042			9,042
Foreign currency translation adjustment			(316)		(316)
Net Income (Loss)				(39,064)	(39,064)
Ending balance at Mar. 31, 2023	$ 389	612,863	71	(370,160)	243,163
Ending balance (in shares) at Mar. 31, 2023	30,031,758
Beginning balance at Dec. 31, 2022	$ 387	601,105	387	(331,096)	270,783
Beginning balance (in shares) at Dec. 31, 2022	29,873,893
Increase (decrease) in shareholders' equity (deficit)
Foreign currency translation adjustment					(1,264)
Net Income (Loss)					(81,667)
Ending balance at Jun. 30, 2023	$ 396	633,341	(877)	(412,763)	220,097
Ending balance (in shares) at Jun. 30, 2023	30,585,940
Beginning balance at Mar. 31, 2023	$ 389	612,863	71	(370,160)	243,163
Beginning balance (in shares) at Mar. 31, 2023	30,031,758
Increase (decrease) in shareholders' equity (deficit)
Issuance of ADSs upon exercise of share options		165			165
Issuance of ADSs upon exercise of share options (in shares)	12,389
Issuance of ADSs and non-voting ordinary shares, net of commissions and offering expenses	$ 7	12,120			12,127
Issuance of ADSs and non-voting ordinary shares, net of commissions and offering expenses (in shares)	520,000
Issuance of ADSs upon settlement of restricted share units (in shares)	21,793
Share-based compensation expense		8,193			8,193
Foreign currency translation adjustment			(948)		(948)
Net Income (Loss)				(42,603)	(42,603)
Ending balance at Jun. 30, 2023	$ 396	633,341	(877)	(412,763)	220,097
Ending balance (in shares) at Jun. 30, 2023	30,585,940
Beginning balance at Dec. 31, 2023	$ 550	883,446	(1,304)	(511,760)	$ 370,932
Beginning balance (in shares) at Dec. 31, 2023	42,431,766				42,431,766
Increase (decrease) in shareholders' equity (deficit)
Issuance of ADSs upon exercise of share options	$ 2	1,868			$ 1,870
Issuance of ADSs upon exercise of share options (in shares)	133,735
Issuance of ADSs upon settlement of restricted share units	$ 1				1
Issuance of ADSs upon settlement of restricted share units (in shares)	67,096
Share-based compensation expense		9,282			9,282
Foreign currency translation adjustment			526		526
Net Income (Loss)				(26,563)	(26,563)
Ending balance at Mar. 31, 2024	$ 553	894,596	(778)	(538,323)	356,048
Ending balance (in shares) at Mar. 31, 2024	42,632,597
Beginning balance at Dec. 31, 2023	$ 550	883,446	(1,304)	(511,760)	$ 370,932
Beginning balance (in shares) at Dec. 31, 2023	42,431,766				42,431,766
Increase (decrease) in shareholders' equity (deficit)
Foreign currency translation adjustment					$ 212
Net Income (Loss)					(66,375)
Ending balance at Jun. 30, 2024	$ 889	1,452,151	(1,092)	(578,135)	$ 873,813
Ending balance (in shares) at Jun. 30, 2024	68,941,242				68,941,242
Beginning balance at Mar. 31, 2024	$ 553	894,596	(778)	(538,323)	$ 356,048
Beginning balance (in shares) at Mar. 31, 2024	42,632,597
Increase (decrease) in shareholders' equity (deficit)
Issuance of ADSs upon exercise of share options	$ 5	4,495			4,500
Issuance of ADSs upon exercise of share options (in shares)	351,099
Issuance of ADSs and non-voting ordinary shares, net of commissions and offering expenses	$ 331	543,796			544,127
Issuance of ADSs and non-voting ordinary shares, net of commissions and offering expenses (in shares)	25,933,706
Issuance of ADSs upon settlement of restricted share units (in shares)	23,840
Share-based compensation expense		9,264			9,264
Foreign currency translation adjustment			(314)		(314)
Net Income (Loss)				(39,812)	(39,812)
Ending balance at Jun. 30, 2024	$ 889	$ 1,452,151	$ (1,092)	$ (578,135)	$ 873,813
Ending balance (in shares) at Jun. 30, 2024	68,941,242				68,941,242

Commitments and contingencies - Components of lease expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Commitments and contingencies
Operating lease cost	$ 1,338	$ 1,367	$ 2,679	$ 2,693
Variable lease cost	563	803	1,344	1,451
Total lease cost	$ 1,901	$ 2,170	$ 4,023	$ 4,144
Weighted-average remaining operating lease term (years)	2 years 4 months 24 days	3 years 4 months 24 days	2 years 4 months 24 days	3 years 4 months 24 days
Weighted-average discount rate	7.90%	7.60%	7.90%	7.60%

Property and equipment, net (Tables)

6 Months Ended

Jun. 30, 2024

Property and equipment, net

Schedule of property and equipment, net

Property and equipment, net consisted of the following (in thousands):


	June 30,		December 31,
	2024		2023
Laboratory equipment	$	15,645	$	15,554
Leasehold improvements		10,926		11,000
Computer equipment and software		540		532
Furniture and office equipment		1,082		822
		28,193		27,908
Less: Accumulated depreciation and amortization		(16,606)		(13,393)
	$	11,587	$	14,515

Net loss per share

6 Months Ended

Jun. 30, 2024

Net loss per share

Net loss per share

12. Net loss per share

Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Numerator:
Net loss	$	(39,812)	$	(42,603)	$	(66,375)	$	(81,667)
Denominator:
Weighted average ordinary shares outstanding, basic and diluted		51,992,034		30,191,693		47,276,062		30,097,234
Net loss per share, basic and diluted	$	(0.77)	$	(1.41)	$	(1.40)	$	(2.71)

The Company’s potentially dilutive securities, which are options to purchase ordinary shares and restricted share units for ordinary shares, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of ordinary shares outstanding, which includes both ordinary shares and non-voting ordinary shares, used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potentially dilutive ordinary shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	June 30,
	2024	2023
Restricted share units	840,204	402,970
Options to purchase ordinary shares	8,824,305	7,306,927
	9,664,509	7,709,897

Significant agreements (Tables)

6 Months Ended

Jun. 30, 2024

Significant agreements.

Summary of revenue recognized from collaboration arrangements

The following table summarizes the revenue recognized in the Company’s condensed consolidated statements of operations and comprehensive loss from these arrangements (in thousands):


	Three Months				Six Months
	Ended				Ended
	June 30,				June 30,
	2024		2023		2024		2023
Collaboration revenues
Bayer	$	844	$	—	$	1,662	$	—
Novartis		3,778		—		5,025		—
Ionis		3,027		2,557		8,881		5,341
Genentech		1,712		7,636		13,323		9,748
AstraZeneca		—		1,204		—		1,204
Total collaboration revenues	$	9,361	$	11,397	$	28,891	$	16,293

Summary of changes in the balances of the Company's contract assets and liabilities

The following table presents changes in the balances of the Company’s contract assets and liabilities (in thousands):


	Beginning Balance						Impact of		Ending Balance
	January 1,						Exchange		June 30,
	2024		Additions		Deductions		Rates		2024
Contract liabilities:
Deferred revenue
Bayer collaboration deferred revenue	$	43,618	$	143	$	(1,662)	$	(297)	$	41,802
Novartis collaboration deferred revenue		50,008		—		(5,025)		(342)		44,641
Ionis collaboration deferred revenue		12,464		90		(8,881)		(97)		3,576
Genentech collaboration deferred revenue		29,104		—		(13,323)		(187)		15,594
Total deferred revenue	$	135,194	$	233	$	(28,891)	$	(923)	$	105,613


	Beginning Balance						Impact of		Ending Balance
	January 1,						Exchange		December 31,
	2023		Additions		Deductions		Rates		2023
Contract liabilities:
Deferred revenue
Bayer collaboration deferred revenue	$	—	$	45,000	$	(1,160)	$	(222)	$	43,618
Novartis collaboration deferred revenue		—		50,000		(1,909)		1,917		50,008
Ionis collaboration deferred revenue		21,489		960		(10,734)		749		12,464
Genentech collaboration deferred revenue		39,308		—		(11,969)		1,765		29,104
AstraZeneca collaboration deferred revenue		1,076		—		(1,204)		128		—
Total deferred revenue	$	61,873	$	95,960	$	(26,976)	$	4,337	$	135,194

Summary of recognition of revenues as a result of changes in contract asset and contract liability balances

During the three and six months ended June 30, 2024 and 2023, the Company recognized the following revenues as a result of changes in the contract asset and the contract liability balances in the respective periods (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Revenue recognized in the period from:
Revenue recognized based on proportional performance	$	6,819	$	3,927	$	18,450	$	8,823
Revenue recognized based on expiration of material rights		2,542		7,470		10,576		7,470
Revenue recognized based on changes in transaction price		—		—		(135)		—
Total	$	9,361	$	11,397	$	28,891	$	16,293

Bayer Collaboration Agreement

Significant agreements.

Summary of allocation of transaction price to separate performance obligations

Based on the relative standalone selling prices, the allocation of the transaction price to the separate performance obligations is as follows (in thousands):


	Allocation of
Performance Obligations	Transaction Price
Two combined performance obligations related to the licenses and research and development services associated with radiopharmaceutical compounds directed to the first and second targets	$	14,976
Material right associated with limited substitution rights for either the first or second target		1,527
Two material rights associated with the option to progress radiopharmaceutical candidates directed to the first and second targets into further development		14,691
Two material rights associated with the option to progress a non-radiopharmaceutical compound directed to the first and second targets		8,703
Material right for the option to expand the collaboration to include a third target and the underlying additional option rights		7,603
	$	47,500

Novartis

Significant agreements.

Summary of allocation of transaction price to separate performance obligations

Based on the relative standalone selling prices, the allocation of the transaction price to the separate performance obligations is as follows (in thousands):


	Allocation of
Performance Obligations	Transaction Price
Two combined performance obligations for the first and second targets comprised of the Novartis Research License and the related research and development services during the research term for the first and second targets	$	18,008
Two material rights associated with limited substitution rights		2,466
Two material rights associated with options to progress development candidates incorporating radionuclides		19,684
Two material rights associated with options to progress development candidates not incorporating radionuclides		9,842
	$	50,000

Ionis

Significant agreements.

Summary of allocation of transaction price to separate performance obligations

Based on the relative standalone selling price, the initial allocation of the transaction price to the separate performance obligations is as follows (in thousands):


	Allocation of
Performance Obligations	Transaction Price
Combined licenses and research and discovery performance obligation	$	34,100
Four material rights associated with credits for IND Acceptance fees		3,900
	$	38,000

Genentech

Significant agreements.

Summary of allocation of transaction price to separate performance obligations

Based on the relative standalone selling price, the initial allocation of the transaction price to the separate performance obligations is as follows (in thousands):


	Allocation of
Performance Obligations	Transaction Price
Genentech Collaboration Program #1 Performance Obligation	$	4,019
Genentech Collaboration Program #2 Performance Obligation		8,037
Specified Targeting Arm Material Right Arm for Genentech Collaboration Program #1		352
Two material rights associated with the LSR Go Option for Collaboration Programs #1 and #2		12,400
Material rights associated with limited substitution rights		1,187
Two material rights for Expansion Options		7,005
	$	33,000

Net loss per share - Securities excluded from the diluted per share calculation (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive securities
Antidilutive securities (in shares)	9,664,509	7,709,897
Restricted share units
Antidilutive securities
Antidilutive securities (in shares)	840,204	402,970
Employee Stock Option
Antidilutive securities
Antidilutive securities (in shares)	8,824,305	7,306,927

Accrued expenses and other current liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Accrued expenses and other current liabilities

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2024		2023
Accrued employee compensation and benefits	$	9,237	$	13,394
Accrued external research and development expenses		11,714		11,839
Accrued professional fees		1,437		1,143
Current portion of operating lease liabilities		5,098		4,876
Other		649		257
	$	28,135	$	31,509

Property and equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property and equipment, net
Property and equipment, gross	$ 28,193		$ 28,193		$ 27,908
Less: Accumulated depreciation and amortization	(16,606)		(16,606)		(13,393)
Property and equipment, net	11,587		11,587		14,515
Depreciation expense	1,600	$ 1,600	3,300	$ 3,200
Laboratory equipment
Property and equipment, net
Property and equipment, gross	15,645		15,645		15,554
Leasehold improvements
Property and equipment, net
Property and equipment, gross	10,926		10,926		11,000
Computer equipment and software
Property and equipment, net
Property and equipment, gross	540		540		532
Furniture and office equipment
Property and equipment, net
Property and equipment, gross	$ 1,082		$ 1,082		$ 822

Debt (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
Debt (Details) - USD ($) $ in Millions	Sep. 30, 2020	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Basis spread variable rate	4.55%
Borrowing option to prepay subject to minimum debt outstanding		$ 5.0		$ 5.0
End term charge rate		5.00%		5.00%
Additional interest rate event of default		5.00%		5.00%
Prepayment occurs after year two
Debt Instrument [Line Items]
Prepayment rate		1.00%		1.00%
Minimum
Debt Instrument [Line Items]
Debt instrument stated percentage	8.05%
Maximum
Debt Instrument [Line Items]
Term loan		$ 45.0		$ 45.0
Debt instrument stated percentage	9.05%
Initial Term Loan
Debt Instrument [Line Items]
Fees and transaction costs		$ 0.6		$ 0.6
Debt instrument effective percentage		10.80%		10.80%
Interest expense		$ 0.8	$ 0.8	$ 1.6	$ 1.6
Loan and Security Agreement
Debt Instrument [Line Items]
Term loan		$ 30.0		$ 30.0
Loan and Security Agreement \| Term Loan
Debt Instrument [Line Items]
Maximum borrowing	$ 75.0

Net loss per share (Tables)

6 Months Ended

Jun. 30, 2024

Net loss per share

Schedule of basic and diluted net loss attributable to ordinary shareholders

Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Numerator:
Net loss	$	(39,812)	$	(42,603)	$	(66,375)	$	(81,667)
Denominator:
Weighted average ordinary shares outstanding, basic and diluted		51,992,034		30,191,693		47,276,062		30,097,234
Net loss per share, basic and diluted	$	(0.77)	$	(1.41)	$	(1.40)	$	(2.71)

Schedule of antidilutive securities excluded from computation of diluted net loss per share


	June 30,
	2024	2023
Restricted share units	840,204	402,970
Options to purchase ordinary shares	8,824,305	7,306,927
	9,664,509	7,709,897

Geographic information (Details) $ in Thousands	6 Months Ended
Geographic information (Details) $ in Thousands	Jun. 30, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Geographic information
Number of geographic regions \| segment	2
Long lived assets, including operating lease right of use assets	$ 22,520	$ 27,684
United States
Geographic information
Long lived assets, including operating lease right of use assets	6,226	7,486
United Kingdom
Geographic information
Long lived assets, including operating lease right of use assets	$ 16,294	$ 20,198

Significant agreements

6 Months Ended

Jun. 30, 2024

Significant agreements

Significant agreements

9. Significant agreements

For the three and six months ended June 30, 2024 and 2023, the Company recognized revenue for its collaborations with Bayer Consumer Care AG (“Bayer”), Novartis Pharma AG (“Novartis”), Ionis Pharmaceuticals, Inc. (“Ionis”), Genentech, Inc. (“Genentech”) and AstraZeneca AB (“AstraZeneca”). The following table summarizes the revenue recognized in the Company’s condensed consolidated statements of operations and comprehensive loss from

these arrangements (in thousands):


	Three Months				Six Months
	Ended				Ended
	June 30,				June 30,
	2024		2023		2024		2023
Collaboration revenues
Bayer	$	844	$	—	$	1,662	$	—
Novartis		3,778		—		5,025		—
Ionis		3,027		2,557		8,881		5,341
Genentech		1,712		7,636		13,323		9,748
AstraZeneca		—		1,204		—		1,204
Total collaboration revenues	$	9,361	$	11,397	$	28,891	$	16,293

Bayer Collaboration Agreement

On May 4, 2023, the Company and Bayer entered into a collaboration and license agreement (the “Bayer Collaboration Agreement”), pursuant to which the parties will perform research and discovery activities under a mutually agreed upon research plan during a research term up to a specified number of years per target program to generate radiopharmaceutical compounds incorporating optimized Bicycle constructs directed to two specified targets, under the oversight of a joint research committee. In addition, Bayer has a one-time right to expand the collaboration to include a third target program, and with respect to each of the up to three target programs, Bayer has an option, exercisable within a specified period of time following the effective date of the Bayer Collaboration Agreement, to generate, develop and commercialize non-radiopharmaceutical compounds directed to the applicable target, either itself or in collaboration with the Company. Bayer also has certain limited target substitution rights, in certain cases subject to specified additional payments.

For each collaboration program, Bayer may elect, at its sole discretion, to progress compounds arising from activities under the research programs into further preclinical development of potential products directed to the target of such collaboration program. On a target-by-target basis, if Bayer elects to progress development candidates directed to such target into further clinical development, Bayer will be required to use commercially reasonable efforts to develop and seek regulatory approval in certain major markets for products directed to the applicable target.

Bayer paid an upfront payment to the Company of $45.0 million in July 2023. All other payments under the Bayer Collaboration Agreement will be made in British Pound Sterling. If Bayer elects to expand the collaboration to include an additional target program, it will be required to make a one-time payment to the Company in connection with the selection of such target in the high single-digit millions. In addition, on a target-by-target basis, if Bayer elects to exercise its option to expand its rights with respect to such target to develop and commercialize non-radiopharmaceutical compounds directed to such target, Bayer will be required to pay to the Company, for each such target program for which it exercises such option, either a one-time option fee payment or quarterly payments of specified installment amounts for a specified maximum time period during which the Company is performing research activities, with the aggregate amounts receivable by the Company ranging from the high single-digit millions in the case of the one-time option fee payment, to the low single-digit millions in the case of the quarterly installments, in each case where the Company is performing specified research activities following the exercise of the option. Additionally, for each collaboration program, Bayer will reimburse the Company for certain expenses incurred in connection with specified research and discovery activities performed by a contract research organization (“CRO”).

On a target-by-target basis for the up to three targets, if Bayer elects to progress one or more candidate compounds into further development, Bayer will be required to pay a candidate selection fee for the first such compound progressed by Bayer directed to such target that incorporates a radionuclide, and for the first such compound directed to such target that does not incorporate a radionuclide (and for which Bayer has not paid the one-time option fee payment for non-radiopharmaceutical compounds), ranging from high single-digit millions to the mid single-digit millions. Upon declaring a candidate, Bayer will be responsible for all future development, manufacturing, and commercialization activities. On a target-by-target basis, if Bayer successfully conducts clinical development and achieves regulatory

approval for compounds arising from the collaboration directed to such target in two indications, Bayer will be required to pay to the Company development and regulatory/first commercial sale milestones of up to £178.3 million for the first product directed to the applicable target to achieve such milestones (whether radiopharmaceutical or non-radiopharmaceutical), or £534.9 million across all three potential target programs. In addition, if Bayer successfully commercializes products arising from the collaboration, Bayer will be required to pay to the Company, on a product-by-product basis, tiered royalties on net sales of products by Bayer, its affiliates or sublicensees at percentages ranging from the mid single-digits to the very low double-digits, subject to standard reductions and offsets in certain circumstances, and a royalty floor. If Bayer commercializes diagnostic products directed to a target, royalties will be payable on such diagnostic products at a specified reduced percentage of the rates for therapeutic products. Royalties will be payable under the Bayer Collaboration Agreement on a product-by-product and country-by-country basis, commencing on the first commercial sale of each product, until the latest of (a) the expiration of the last valid claim of certain patents licensed by the Company to Bayer, (b) a specified number of years following first commercial sale of such product, and (c) expiration of all data and regulatory exclusivity for such product in the applicable country. On a target-by-target basis, Bayer will also owe the Company tiered sales milestones based on the achievement of specified levels of net sales of therapeutic products directed to such target totaling up to £194.5 million in the aggregate per target, or £583.5 million across all three potential target programs, and on diagnostic products directed to such target at a low double-digit percentage of the therapeutic product milestones.

The Bayer Collaboration Agreement will remain in force on a product-by-product and country-by-country basis, unless earlier terminated by either party, until the expiration of the obligation for Bayer to make royalty payments to the Company for such product in such country, and will terminate in its entirety on the expiration of all such royalty terms in all countries. Either party may terminate the agreement upon 90 days’ written notice for the other party’s uncured material breach (or 20 business days in the case of non-payment by Bayer), subject to extension of such cure period in certain circumstances, or upon the other party’s insolvency. In addition, the Company has the right to terminate in the case of a patent challenge by or on behalf of Bayer (or any of its affiliates or sublicensees). In addition, Bayer may terminate the Bayer Collaboration Agreement (i) in its entirety or with respect to any product, collaboration program or target for any reason upon 60 or 90 days’ written notice to the Company (depending on whether such termination is prior to or following first commercial sale of a licensed product). The closing of the Bayer Collaboration Agreement was subject to the clearance of the transaction under the U.K. National Security and Investment Act 2021, which occurred on June 22, 2023 (the “Effective Date”).

Accounting Analysis

At inception of the Bayer Collaboration Agreement, the Company identified the following performance obligations:

(i)

Two combined performance obligations comprised of the license and the related research and development services during the research term associated with radiopharmaceutical compounds for the first and second targets;

(ii)

A material right associated with certain limited substitution rights with respect to either the first or second target;

(iii)

Two material rights associated with the option to progress radiopharmaceutical candidates directed to the first and second targets into further development;

(iv)

Two material rights associated with the options to generate, develop, and commercialize non-radiopharmaceutical compounds for each of the first and second targets, for which each option includes an underlying option for research and development services and an option to progress non-radiopharmaceutical candidates directed to the first and second targets into further development; and

(v)

A material right related to the option to expand the collaboration to include a third target, which upon exercise includes research and development services during the research term associated with radiopharmaceutical compounds directed to the third target, as well as underlying options for: certain limited substitution rights; an

option to progress a radiopharmaceutical candidate directed to the third target into further development; and an option to generate, develop, and commercialize non-radiopharmaceutical compounds directed to the third target, inclusive of an underlying option for research and development services and an option to progress a non-radiopharmaceutical candidate into further development.

The Company’s participation in the joint research committee was assessed as immaterial in the context of the contract.

The Company concluded that the license granted at contract inception is not distinct from the research and development services as Bayer cannot obtain the benefit of the license without the Company performing the research and development services. The services incorporate proprietary technology and unique skills and specialized expertise, particularly as they relate to constrained peptide technology that is not available in the marketplace. As a result, for each target, the license has been combined with the research and development services into a single performance obligation which is the combined performance obligation comprised of the license and related research and development services.

In assessing whether the various options under the Bayer Collaboration Agreement represent material rights, the Company considered the additional consideration the Company would be entitled to upon option exercise and the standalone selling price of the underlying goods and services. For the material rights identified above, the Company concluded that each of the options provided Bayer with a discount that it otherwise would not have received. The Company exercised judgment in concluding that certain development and commercialization rights associated with progressing product candidates into further development and commercialization represent options that are material rights, as Bayer cannot benefit from the development and commercialization rights until Bayer, in its sole discretion, elects to progress candidates into further development and pays the associated candidate selection fees.

The transaction price was initially determined to be $47.5 million, consisting of the $45.0 million upfront fee and an estimated $2.5 million for the reimbursement of certain external CRO costs. The Company utilized the expected value method to determine the amount of variable consideration to be received. Additional payments to the Company upon Bayer’s exercise of options are excluded from the transaction price as they relate to option fees and milestones that can only be achieved subsequent to the exercise of an option. The estimated $2.5 million in variable consideration was first allocated entirely to the first and second target combined performance obligations as the terms of the variable consideration relate specifically to the Company’s efforts in satisfying the performance obligations and allocating the variable consideration entirely to those performance obligations is consistent with the allocation objective in ASC 606. The remaining transaction price was allocated to the performance obligations based on the relative estimated standalone selling prices of each performance obligation. The estimated standalone selling prices for the combined performance obligations for the first and second targets were based on the nature of the services to be performed and estimates of the associated effort and costs of the services, adjusted for a reasonable profit margin for what would be expected to be realized under similar contracts. The estimated standalone selling prices for the material rights were determined based on the fees that Bayer would pay to exercise the options, the estimated value of the underlying goods and services, and the probability that Bayer would exercise the options, inclusive of the probability of technical success. Based on the relative standalone selling prices, the allocation of the transaction price to the separate performance obligations is as follows (in thousands):


	Allocation of
Performance Obligations	Transaction Price
Two combined performance obligations related to the licenses and research and development services associated with radiopharmaceutical compounds directed to the first and second targets	$	14,976
Material right associated with limited substitution rights for either the first or second target		1,527
Two material rights associated with the option to progress radiopharmaceutical candidates directed to the first and second targets into further development		14,691
Two material rights associated with the option to progress a non-radiopharmaceutical compound directed to the first and second targets		8,703
Material right for the option to expand the collaboration to include a third target and the underlying additional option rights		7,603
	$	47,500

The Company is recognizing revenue related to amounts allocated to the first and second target combined performance obligations as the underlying services are performed using a proportional performance model over the period of service using input-based measurements of full-time equivalent efforts and external costs incurred to date as a percentage of total expected full-time equivalent efforts and external costs, which best reflects the progress towards satisfaction of the performance obligations. The amounts allocated to the material rights are recorded as deferred revenue and the Company will commence revenue recognition upon exercise of or upon expiry of the respective option. The first and second target combined performance obligations are expected to be satisfied over a period of approximately four years and the remaining material rights are expected to be exercised or expire within approximately seven years from contract inception.

During the three and six months ended June 30, 2024, the Company recognized revenue of $0.8 million and $1.7 million, respectively, in connection with the Bayer Collaboration Agreement. The Company did not recognize revenue during the three and six months ended June 30, 2023, respectively, in connection with the Bayer Collaboration Agreement. As of June 30, 2024 and December 31, 2023, the Company recorded deferred revenue of $41.8 million and $43.6 million, respectively, in connection with the Bayer Collaboration Agreement.

Novartis Collaboration Agreement

On March 27, 2023, the Company and Novartis entered into a collaboration and license agreement (the “Novartis Collaboration Agreement”), pursuant to which the parties will perform research and discovery activities under a mutually agreed upon research plan during a research term of up to a specified number of years per target program to generate compounds incorporating optimized Bicycle constructs directed to two specified targets, under the oversight of a joint steering committee. The Company granted Novartis a non-exclusive, worldwide, royalty-free, sublicensable (subject to certain restrictions) license under the Company’s intellectual property solely for Novartis to perform its research activities under each collaboration program during the research term (the “Novartis Research License”). For each collaboration program, Novartis may elect to progress compounds arising from activities under the research programs (“Licensed Compounds”) into further preclinical development of potential products directed to the target of such collaboration program. At a specified point, the Company will grant Novartis an exclusive, royalty-bearing, sublicensable, license under certain of the Company’s intellectual property to develop, manufacture, and commercialize such Licensed Compound, subject to certain limitations. Novartis also has certain limited substitution rights for each target, and Novartis may extend the initial research term by one year by electing to make an additional payment. On a target-by-target basis, if Novartis elects to progress development candidates directed to such target into further clinical development, Novartis will be required to use commercially reasonable efforts to develop and seek regulatory approval in certain major markets for products containing Licensed Compounds directed to the applicable target.

Novartis paid a nonrefundable upfront payment to the Company of $50.0 million in April 2023. During the research term, upon achievement of a specified discovery milestone for the first target program, Novartis will make a one-time payment to the Company in the low single-digit millions. On a target-by-target basis, if Novartis elects to progress one or more candidate compounds into further development and obtain an exclusive license for commercialization, Novartis will be required to pay a candidate selection fee for the first such Licensed Compound progressed by Novartis that incorporates a radionuclide, and for the first such Licensed Compound that does not incorporate a radionuclide, in each case in the mid-teen millions. Upon declaring a candidate, Novartis will be responsible for all future development, manufacturing, and commercialization activities. On a target-by-target basis, Novartis will be required to pay to the Company additional development and regulatory/first commercial sale milestones of up to $210.0 million for each of the first radionuclide product and non-radionuclide product directed to the applicable target upon the achievement of specified milestones, or $840.0 million in the aggregate if Novartis successfully achieves all such milestone events for both a radionuclide and a non-radionuclide product in each of the targets. In addition, the Company is eligible to receive tiered sales milestones based on the achievement of specified levels of net sales of such products totaling up to $200.0 million in the aggregate per product, or $800.0 million in the aggregate if Novartis successfully commercializes both a radionuclide and a non-radionuclide product in each of the target programs. In addition, (i) the Company is eligible to receive, on a therapeutic product-by-therapeutic product basis, tiered royalties on net sales of products by Novartis, its affiliates or sublicensees at percentages ranging from the high single-digits to the very low double-digits, subject to standard reductions and offsets in certain circumstances, and a royalty floor, and (ii) the Company is eligible to receive low single digit royalties on net sales of diagnostic products on a diagnostic product-

by-diagnostic product basis and a low single-digit percentage of sublicensing income on diagnostic products. Royalties will be payable under the Novartis Collaboration Agreement on a product-by-product and country-by-country basis, commencing on the first commercial sale of each product in a country, until the latest of (a) the expiration of the last valid claim of certain patents licensed by Company to Novartis, (b) a specified number of years following first commercial sale of such product, and (c) expiration of all data and regulatory exclusivity for such product in the applicable country.

The Novartis Collaboration Agreement will remain in force on a product-by-product and country-by-country basis, unless earlier terminated by either party, until the expiration of the obligation for Novartis to make royalty payments to Company for such product in such country, and will terminate in its entirety on the expiration of all such royalty payment obligations in all countries. Either party may terminate the agreement upon 60 days’ written notice for the other party’s uncured material breach, or upon the other party’s insolvency. In addition, Novartis may terminate the Collaboration Agreement (i) in its entirety or on a product-by-product or target-by-target basis for any reason upon 90 days’ written notice to Company, and (ii) on a target-by-target basis on 30 days’ written notice if Novartis determines that a safety or regulatory issue exists which would have a material adverse effect on the development, manufacture, or commercialization of any product with respect to a given target. The Company may terminate the Novartis Collaboration Agreement, (a) on a target-by-target basis upon 30 days’ prior written notice if Novartis has not yet declared a development candidate for such target by the sixth anniversary of the commencement of research activities for such target and (b) if Novartis or any of its affiliates or sublicensees challenges the validity or enforceability of any of the patents in the Company’s licensed intellectual property.

Accounting Analysis

Upon the execution of the Novartis Collaboration Agreement, the Company identified the following performance obligations:

(i)

Two combined performance obligations comprised of the Novartis Research License and the related research and development services during the research term for the first and second targets;

(ii)

Two material rights associated with certain limited substitution rights with respect to the first and second targets;

(iii)

Two material rights associated with the option to progress development candidates that incorporate a radionuclide with respect to the first and second target; and

(iv)

Two material rights associated with the option to progress development candidates that do not incorporate a radionuclide with respect to the first and second target.

The Company concluded that certain rights that require the payment of additional consideration, which approximates the standalone selling price of the underlying services to be provided, do not provide the customer with a material right and therefore, are not considered as performance obligations at the inception of the arrangement. The Company’s participation in the joint steering committee was assessed as immaterial in the context of the contract.

The Company has concluded that the Novartis Research License is not distinct from the research and development services as Novartis cannot obtain the benefit of the research license without the Company performing the research and development services. The services incorporate proprietary technology and unique skills and specialized expertise, particularly as they relate to constrained peptide technology that is not available in the marketplace. As a result, for each target, the research license has been combined with the research and development services into a single performance obligation. The Company exercised judgment in concluding that Novartis’ rights to obtain certain research and development services associated with compounds that do not incorporate a radionuclide during the research term are not options that are material rights as they do not represent either options for additional goods or services or options for additional services that are at a discount that it would not have otherwise received.

In assessing whether the various options under the Novartis Collaboration Agreement represent material rights, the Company considered the additional consideration the Company would be entitled to upon option exercise and the standalone selling price of the underlying goods and services. For the material rights identified above the Company concluded that each of the options provided Novartis with a discount that it otherwise would not have received.

The total transaction price was initially determined to be $50.0 million, consisting of the $50.0 million upfront fee. The Company utilizes the most likely amount method to determine the amount of variable consideration to be received. Variable consideration for development milestones not subject to option exercises was fully constrained as a result of the uncertainty regarding whether any of the milestones will be achieved. Additional consideration to be paid to the Company upon the exercise of options by Novartis is excluded from the transaction price as they relate to option fees and milestones that can only be achieved subsequent to the exercise of an option.

The transaction price was allocated to the performance obligations based on the relative estimated standalone selling prices of each performance obligation. The estimated standalone selling prices for the combined performance obligations for each of the targets were based on the nature of the services to be performed and estimates of the associated effort and costs of the services, adjusted for a reasonable profit margin for what would be expected to be realized under similar contracts. The estimated standalone selling prices for the material rights were determined based on the fees Novartis would pay to exercise the options, the estimated value of the underlying goods and services, and the probability that Novartis would exercise the options, inclusive of the probability of technical success. Based on the relative standalone selling prices, the allocation of the transaction price to the separate performance obligations is as follows (in thousands):


	Allocation of
Performance Obligations	Transaction Price
Two combined performance obligations for the first and second targets comprised of the Novartis Research License and the related research and development services during the research term for the first and second targets	$	18,008
Two material rights associated with limited substitution rights		2,466
Two material rights associated with options to progress development candidates incorporating radionuclides		19,684
Two material rights associated with options to progress development candidates not incorporating radionuclides		9,842
	$	50,000

The Company is recognizing revenue related to amounts allocated to the first and second target combined performance obligations as the underlying services are performed using a proportional performance model over the period of service using input-based measurements of total full-time equivalent efforts and external costs incurred to date as a percentage of total full-time equivalent efforts and expected external costs, which best reflects the progress towards satisfaction of the performance obligations. The amounts allocated to the material rights are recorded as deferred revenue and the Company will commence revenue recognition upon exercise of or upon expiry of the respective option. The first and second target combined performance obligations are expected to be satisfied over a period of approximately three years and the remaining material rights are expected to be exercised or expire within approximately six years from contract execution. During the three months ended June 30, 2024, the Company recognized revenue of $2.5 million upon the expiration of Novartis’ material rights for limited substitution rights for the first and second targets. The research and discovery activities for these targets are ongoing.

During the three and six months ended June 30, 2024, the Company recognized revenue of $3.8 million and $5.0 million, respectively, in connection with the Novartis Collaboration Agreement. The Company did not recognize revenue during the three and six months ended June 30, 2023, respectively, in connection with the Novartis Collaboration Agreement. As of June 30, 2024 and December 31, 2023, the Company recorded deferred revenue of $44.6 million and $50.0 million, respectively, in connection with the Novartis Collaboration Agreement.

Ionis Agreements

Ionis Evaluation and Option Agreement

On December 31, 2020, the Company entered into an Evaluation and Option Agreement (the “Evaluation and Option Agreement”) with Ionis. Under the terms of the Evaluation and Option Agreement, Ionis had the option (the “Ionis Option”) to obtain an exclusive license to the Company’s intellectual property for the purpose of continued research, development, manufacture and commercialization of products within a particular application of the Company’s platform technology. Ionis paid the Company a nonrefundable option fee of $3.0 million in January 2021 that was fully creditable against the upfront payment to be paid upon the execution of a license agreement. On July 9, 2021, the Ionis Option was exercised upon the parties’ entry into a collaboration and license agreement as contemplated by the Evaluation and Option Agreement. The Company determined that the Ionis Option exercise constituted a continuation of an existing arrangement. Therefore, the $3.0 million paid under the Evaluation and Option Agreement was included in the transaction price of the collaboration and license agreement.

Ionis Collaboration Agreement

Following the exercise by Ionis of the Ionis Option granted pursuant to the Evaluation and Option Agreement, on July 9, 2021, the Company and Ionis entered into a collaboration and license agreement (the “Ionis Collaboration Agreement”). Pursuant to the Ionis Collaboration Agreement, the Company granted to Ionis a worldwide exclusive license under the Company’s relevant technology to research, develop, manufacture and commercialize products incorporating Bicycle peptides directed to the protein coded by the gene TFRC1 (transferrin receptor) (“TfR1 Bicycle” molecules) intended for the delivery of oligonucleotide compounds directed to targets selected by Ionis for diagnostic, therapeutic, prophylactic and preventative uses in humans. Ionis will maintain exclusivity to all available targets unless it fails to achieve specified development diligence milestone deadlines. If Ionis fails to achieve one or more development diligence milestone deadlines, the Company has the right to limit exclusivity to certain specific collaboration targets, subject to the payment by Ionis of a low single-digit million dollar amount per target as specified in the Ionis Collaboration Agreement. Each party will be responsible for optimization of such TfR1 Bicycle molecules and other research and discovery activities related to TfR1 Bicycle molecules, as specified by a research plan, and thereafter Ionis will be responsible for all future research, development, manufacture and commercialization activities. The Company will perform research and discovery activities including a baseline level of effort for a period of three years for no additional consideration. The parties will negotiate a commercially reasonable rate if additional research activities are agreed to be performed. For certain research and discovery activities that the Company is responsible for performing, the Company may use the assistance of a contract research organization (“CRO”). The Company has retained certain rights, including the right to use TfR1 Bicycle molecules for all non-oligonucleotide therapeutic purposes.

The activities under the Ionis Collaboration Agreement are governed by a joint steering committee (“JSC”) with an equal number of representatives from the Company and Ionis. The JSC will oversee the performance of the research and development activities. Upon first commercial sales of a licensed product, the JSC will have no further responsibilities or authority under the Ionis Collaboration Agreement.

Under the Ionis Collaboration Agreement, Ionis made a non-refundable upfront payment of $31.0 million in addition to the $3.0 million already paid under the Option and Evaluation Agreement. Additionally, Ionis is obligated to reimburse the Company on a pass-through basis for expenses incurred in connection with research and discovery activities performed by a CRO. If Ionis is at risk of failing to achieve a specified development diligence milestone deadline, it can make up to three separate payments of a mid single-digit million dollar amount to extend the development diligence milestone deadlines. On a collaboration target-by-collaboration target basis, Ionis will be required to make a low single-digit million dollar payment upon acceptance of an investigational new drug application (“IND”) for the first product directed to such collaboration target (provided that Ionis will have a high single-digit million dollar credit to be applied towards the IND acceptance fee for four collaboration targets, or for exclusivity payments for certain targets if specified development diligence milestones deadlines are not achieved), and Ionis will be required to make milestone payments upon the achievement of specified development and regulatory milestones of up to a low double-digit million dollar amount per collaboration target. In addition, the Company is eligible to receive up to a low double-digit million dollar amount in cumulative sales milestone payments. The Company is also entitled to receive

tiered royalty payments on net sales at percentages in the low single-digits, subject to certain standard reductions and offsets. Royalties will be payable, on a product-by-product and country-by-country basis, until the latest of the expiration of specified licensed patents covering such product in such country, ten years from first commercial sale of such product in such country, or expiration of marketing exclusivity for such product in such country.

In December 2021, the Company and Ionis entered into an amendment to the Ionis Collaboration Agreement (the “Ionis Amendment”). Ionis paid the Company $1.6 million and the Company agreed to perform additional research services utilizing its proprietary phage screening technology to identify and optimize new product candidates that target the TfR1 receptor. The Company performed the additional research services for an initial six-month period, which was extended in August 2022 for an additional three months, in exchange for consideration of $0.8 million. In October 2022, Ionis exercised an option it had for the Company to perform additional research services for an additional six months in exchange for the remaining consideration of $0.8 million. In April 2023, the Company and Ionis entered into the third amendment to the Ionis Collaboration Agreement (the “Third Ionis Amendment”). Ionis paid the Company $0.8 million and the Company agreed to perform additional research services to continue to evaluate and optimize the new product candidates that target the TfR1 receptor. The Company performed the additional research services for a period of one year in exchange for consideration of $0.8 million.

Either party may terminate the Ionis Collaboration Agreement for the uncured material breach of the other party or in the case of insolvency. Ionis may terminate the Ionis Collaboration Agreement for convenience on specified notice periods depending on the development stage of the applicable target, either in its entirety or on a target-by-target basis.

Ionis Share Purchase Agreement

Concurrently with the execution of the Ionis Collaboration Agreement on July 9, 2021, the Company entered into a share purchase agreement (the “Ionis Share Purchase Agreement”) with Ionis, pursuant to which Ionis purchased 282,485 of the Company’s ordinary shares (the “Ionis Shares”) at a price per share of $38.94, for an aggregate purchase price of approximately $11.0 million. The Share Purchase Agreement also provided that, subject to limited exceptions, Ionis could not sell any of the Ionis Shares until July 2022.

The Company determined the fair value of the Ionis Shares to be $7.6 million, based on the closing price of the Company’s ADSs of $31.11 per ADS on the date of the Ionis Share Purchase Agreement, less a discount for lack of marketability associated with resale restrictions applicable to the Ionis Shares. The Company concluded that the premium paid by Ionis under the Ionis Share Purchase Agreement represents additional consideration for the goods and services to be provided under the Ionis Collaboration Agreement. As such, the total premium of $3.4 million was included in the transaction price under the Ionis Collaboration Agreement.

Accounting Analysis

Upon execution of the Ionis Collaboration Agreement, the Company identified the following promises in the arrangement: i) a worldwide exclusive license to research, develop, manufacture and commercialize products incorporating TfR1 Bicycle molecules intended for the delivery of oligonucleotide compounds directed to targets selected by Ionis for diagnostic, therapeutic, prophylactic and preventative uses in humans; ii) research and discovery activities to customize and optimize such TfR1 Bicycle molecules; iii) four material rights associated with options to obtain credits to be applied towards the IND acceptance fee for four collaboration targets.

The Company’s participation in the JSC was deemed immaterial in the context of the contract. The Company has concluded that the exclusive license to research, develop, manufacture and commercialize products is not distinct from the research and discovery services as Ionis cannot obtain the intended benefit of the license without the Company performing the agreed upon research and discovery services, including the optimization of such TfR1 Bicycle molecules. The services incorporate proprietary technology, unique skills and specialized expertise to optimize Bicycle molecules that are not available in the marketplace. As a result, the exclusive license to research, develop, manufacture and commercialize products has been combined with the research and discovery activities into a single performance obligation. The Company concluded that the low-single-digit million dollar payments upon acceptance of an IND (and payment to extend the exclusive license to research, develop, manufacture and commercialize a product candidate for

certain specific collaboration targets if Ionis fails to achieve specified development diligence milestone deadlines) is a customer option, as Ionis has the contractual right to choose to make the payment in exchange for the continued exclusive right to research, develop, manufacture and commercialize the product candidate, and the Company is not presently obligated to provide, and does not have a right to consideration, for the additional goods or services prior to Ionis’s exercise of the option. In assessing whether the options under the Ionis Collaboration Agreement represent material rights, the Company considered the additional consideration the Company would be entitled to upon the option exercise and the standalone selling price of the underlying goods and services. For the material rights identified as performance obligations above, the Company concluded that each of the options to obtain credits provided Ionis with a discount that it otherwise would not have received without entering into the Ionis Collaboration Agreement.

The total transaction price was initially determined to be $38.0 million, consisting of the $31.0 million up front payment, the $3.0 million payment under the Option and Evaluation Agreement that was credited against the total upfront payment payable pursuant to the Ionis Collaboration Agreement, the $3.4 million premium paid under the Ionis Share Purchase Agreement, and an estimated $0.6 million for the reimbursement of CRO costs. Additional variable consideration including development diligence milestone deadline extension payments, development and regulatory milestone payments, sales milestone payments and royalty payments, was fully constrained as a result of the uncertainty regarding whether any of the milestones will be achieved.

The transaction price was allocated to the performance obligations based on the relative estimated standalone selling prices of each performance obligation. The estimated standalone selling price of the Ionis combined licenses and research and discovery performance obligation was based on the nature of the licenses to be delivered, as well as the services to be performed and estimates of the associated effort and costs of the services, adjusted for a reasonable profit margin for what would be expected to be realized under similar contracts. The estimated standalone selling price for the material rights was determined based on the estimated value of the underlying goods and services, and the probability that Ionis would exercise the option. Based on the relative standalone selling price, the initial allocation of the transaction price to the separate performance obligations is as follows (in thousands):


	Allocation of
Performance Obligations	Transaction Price
Combined licenses and research and discovery performance obligation	$	34,100
Four material rights associated with credits for IND Acceptance fees		3,900
	$	38,000

During the three months ended March 31, 2024, the Company updated its estimate of variable consideration for the reimbursement of CRO costs from $0.6 million to $0.4 million, and the transaction price decreased to $37.8 million.

The Company is recognizing revenue related to amounts allocated to the combined licenses and research and discovery performance obligation using a proportional performance model over the period of service using input-based measurements including total full-time equivalent effort and external costs incurred to date as a percentage of total full-time equivalent effort and external costs expected, which best reflects the progress towards satisfaction of the performance obligation. The amount allocated to the material rights is recorded as deferred revenue and the Company commences revenue recognition upon exercise of or upon expiry of the respective option. The Company anticipates that the combined licenses and research and discovery performance obligation will be satisfied over a period of three years and anticipates the material rights may be exercisable or may expire after approximately four years from contract execution. As of June 30, 2024, the combined licenses and research and discovery performance obligation was substantially complete.

The Company concluded that the Ionis Amendment will be accounted for as a separate contract, as the services are distinct from the Ionis Collaboration Agreement, and the price of the contract increased by an amount of consideration that reflects the Company’s standalone selling price. The Company concluded that the option does not contain a material right. The Company recognized the $0.8 million associated with the services in the initial six-month period as revenue as the underlying services were performed using a proportional performance model over the period of service using input-based measurements of total full time equivalent efforts and external costs incurred to date as a percentage of total expected full time equivalent efforts and expected external costs, which best reflects the progress

towards satisfaction of the performance obligation. As the option to perform additional research services for an additional six months does not contain a material right, the Company accounted for Ionis’ exercise of the option in October 2022 as a separate contract. The Company recognized the $0.8 million associated with the services for the additional six-month period as revenue as the underlying services were performed using a proportional performance model over the period of service using input-based measurements of total full time equivalent efforts and external costs incurred to date as a percentage of total expected full time equivalent efforts and expected external costs, which best reflects the progress towards satisfaction of the performance obligation. The Company concluded that the Third Ionis Amendment will be accounted for as a contract modification to the separate contract under the Ionis Amendment, as the services are not distinct from the services provided under the Ionis Amendment. The Company recognized the $0.8 million associated with the services for the additional one-year period as revenue as the underlying services are performed using a proportional performance model over the period of service using input-based measurements of total full time equivalent efforts and external costs incurred to date as a percentage of total expected full time equivalent efforts and expected external costs, which best reflects the progress towards satisfaction of the performance obligation.

For the three and six months ended June 30, 2024, the Company recognized revenue of $3.0 million and $8.9 million, respectively, and for the three and six months ended June 30, 2023, the Company recognized revenue of $2.6 million and $5.3 million, respectively. As of June 30, 2024, and December 31, 2023, the Company recorded deferred revenue of $3.6 million and $12.5 million, respectively, in connection with the Ionis Collaboration Agreement, Ionis Amendments, and Ionis Evaluation and Option Agreement.

Genentech Collaboration Agreement

On February 21, 2020, the Company entered into a Discovery Collaboration and License Agreement, as amended from time to time (as amended, the “Genentech Collaboration Agreement”), with Genentech. The collaboration is focused on the discovery and development of Bicycle peptides directed to biological targets selected by Genentech and aimed at developing up to four potential development candidates against multiple immuno-oncology targets suitable for Genentech to advance into further development and commercialization.

Under the terms of the Genentech Collaboration Agreement, the Company received a $30.0 million upfront, non-refundable payment. The initial discovery and optimization activities are focused on utilizing the Company’s phage screening technology to identify product candidates aimed at two immuno-oncology targets (“Genentech Collaboration Programs”), which may also include additional discovery and optimization of Bicycle molecules as a targeting element for each Genentech Collaboration Program (each a “Targeting Arm”). Genentech also had the option to nominate up to two additional immuno-oncology targets (each, an “Expansion Option”) as additional Genentech Collaboration Programs, which may also include an additional Targeting Arm for each Expansion Option. Genentech exercised the Expansion Options in October 2021 and June 2022, respectively. Genentech paid to the Company an expansion fee of $10.0 million for each Expansion Option. The Genentech Collaboration Agreement included rights, under certain limited circumstances, for Genentech to select an alternative target to be the subject of a Genentech Collaboration Program, in some cases subject to payment of an additional target selection fee.

If Genentech elects for the Company to perform discovery and optimization services for certain Targeting Arms, the Company will be entitled to receive an additional advance payment for the additional research services. Genentech exercised its right to select a Targeting Arm for one of the initial Genentech Collaboration Programs at the inception of the arrangement, and for the first Expansion Option in October 2021, which entitled the Company to additional payments of $1.0 million each. If a Targeting Arm achieves specified criteria in accordance with the research plan, Genentech will be required to pay a further specified amount in the low single-digit millions for each such Targeting Arm as consideration for the additional services to be provided.

The Company granted to Genentech a non-exclusive research license under the Company’s intellectual property solely to enable Genentech to perform any activities under the agreement. The activities under the Genentech Collaboration Agreement are governed by a joint research committee (“JRC”) with representatives from each of the Company and Genentech. The JRC will oversee, review and recommend direction of each Genentech Collaboration Program, achievement of development criteria, and variations of or modifications to the research plans.

After the Company performs the initial discovery and optimization activities in accordance with an agreed research plan and achieves specified criteria, Genentech will have the option to have the Company perform initial pre-clinical development and optimization activities in exchange for an additional specified milestone payment in the mid single-digit millions for each Genentech Collaboration Program (the “LSR Go Option”). Upon completion of such initial pre-clinical development and optimization activities for each Genentech Collaboration Program, Genentech will have the option to obtain an exclusive license to exploit any compound developed under such Genentech Collaboration Program in exchange for an additional specified payment in the mid to high single-digit millions for each of the initial two Genentech Collaboration Programs and each of the two Expansion Option Genentech Collaboration Programs (the “Dev Go Option”).

On a Genentech Collaboration Program by Genentech Collaboration Program basis, if Genentech elects to obtain exclusive development and commercialization rights and pays the applicable LSR Go Option and Dev Go Option fees, Genentech will be required to make milestone payments to the Company upon the achievement of specified development, regulatory, and initial commercialization milestones for products arising from each collaboration program, totaling up to $200.0 million. Specifically, the Company is eligible for additional development milestones totaling up to $65.0 million, as well as regulatory milestones of up to $135.0 million for each collaboration program. In addition, the Company is also eligible to receive up to $200.0 million in sales milestone payments on a Genentech Collaboration Program-by-Genentech Collaboration Program basis. In addition, to the extent any of the product candidates covered by the licenses conveyed to Genentech are commercialized, the Company would be entitled to receive tiered royalty payments on net sales at percentages ranging from the mid-single to low double-digits, subject to certain standard reductions and offsets. Royalties will be payable, on a product by product and country by country basis, until the later of the expiration of specified licensed patents covering such product in such country, or ten years from first commercial sale of such product in such country.

Accounting Analysis

Upon the execution of the Genentech Collaboration Agreement, the Company has identified the following performance obligations:

(i)

Research license, and the related research and development and preclinical services through LSR Go for a first Genentech Collaboration Program (Genentech Collaboration Program #1);

(ii)

Research license, and the related research and development and preclinical services through LSR Go for a second Genentech Collaboration Program with a specified Targeting Arm (Genentech Collaboration Program #2);

(iii)

Material right associated with an option to a specified Targeting Arm for Genentech Collaboration Program #1;

(iv)

Two material rights associated with the LSR Go Option for Genentech Collaboration Program #1 and Genentech Collaboration Program #2, which includes research services to be provided through the Dev Go Option and an option to receive an exclusive license;

(v)

Material rights associated with certain limited substitution rights with respect to a limited number of collaboration targets;

(vi)

Two material rights related to each Genentech Expansion Option, which upon exercise include the services for an additional immuno-oncology target through the LSR Go Option, an LSR Go Option which includes the services to be provided through the Dev Go Option and an option to receive an exclusive license, limited substitution rights, and an option to select a specified Targeting Arm.

The Company concluded that certain substitution rights that require the payment of additional consideration, which approximate the standalone selling price of the underlying services to be provided, do not provide the customer with a material right and therefore, are not considered as performance obligations and are accounted for as separate

contracts upon exercise, if ever. The Company’s participation in the JRC was assessed as immaterial in the context of the contract.

The Company has concluded that the research license is not distinct from the research and development services as Genentech cannot obtain the benefit of the research license without the Company performing the research and development services. The services incorporate proprietary technology and unique skills and specialized expertise, particularly as it relates to constrained peptide technology that is not available in the marketplace. As a result, for each research program, the research license has been combined with the research and development services into a single performance obligation. In addition, the Company concluded that the Dev Go Option is not distinct or separately exercisable from the LSR Go Option, as the customer cannot benefit from the Dev Go Option unless and until the LSR Go Option is exercised.

In assessing whether the various options under the Genentech Collaboration Agreement represent material rights, the Company considered the additional consideration the Company would be entitled to upon the option exercise, the standalone selling price of the underlying goods, services, and additional options. For the material rights identified above the Company concluded that each of the options provided Genentech with a discount that it otherwise would not have received.

The total transaction price was initially determined to be $31.0 million, consisting of the $30.0 million upfront fee and the additional $1.0 million for Genentech’s selection of a new Targeting Arm at inception. The Company utilizes the most likely amount method to determine the amount of research and development funding to be received. Additional consideration to be paid to the Company upon the exercise of options by Genentech and subsequent milestones are excluded from the transaction price as they relate to option fees and milestones that can only be achieved subsequent to the exercise of an option. In addition, other variable consideration for development milestones not subject to option exercises was fully constrained, as a result of the uncertainty regarding whether any of the milestones will be achieved. In March 2021, the Company achieved specified criteria in accordance with the research plan under the Genentech Collaboration Agreement and therefore updated its estimate of the variable consideration to include an additional $2.0 million, that is no longer constrained. The arrangement consideration was increased to $33.0 million.

The transaction price was allocated to the performance obligations based on the relative estimated standalone selling prices of each performance obligation. The estimated standalone selling prices for the Genentech Collaboration Programs was based on the nature of the services to be performed and estimates of the associated effort and costs of the services, adjusted for a reasonable profit margin for what would be expected to be realized under similar contracts. The estimated standalone selling price for the material rights was determined based on the fees Genentech would pay to exercise the options, the estimated value of the underlying goods and services, and the probability that Genentech would exercise the option and any underlying options. Based on the relative standalone selling price, the initial allocation of the transaction price to the separate performance obligations is as follows (in thousands):


	Allocation of
Performance Obligations	Transaction Price
Genentech Collaboration Program #1 Performance Obligation	$	4,019
Genentech Collaboration Program #2 Performance Obligation		8,037
Specified Targeting Arm Material Right Arm for Genentech Collaboration Program #1		352
Two material rights associated with the LSR Go Option for Collaboration Programs #1 and #2		12,400
Material rights associated with limited substitution rights		1,187
Two material rights for Expansion Options		7,005
	$	33,000

The Company recognizes revenue related to amounts allocated to the Genentech Collaboration Program #1 and #2 Performance Obligations as the underlying services are performed using a proportional performance model over the period of service using input-based measurements of total full-time equivalent efforts and external costs incurred to date as a percentage of total full-time equivalent efforts and expected external costs, which best reflects the progress towards satisfaction of the performance obligation. The amount allocated to the material rights is recorded as deferred revenue

and the Company will commence revenue recognition upon exercise of or upon expiry of the respective option. The Company anticipates that the Genentech Collaboration Performance Program #1 and #2 obligations will be performed over a period of approximately two to three years, and the remaining material rights will be exercised or expire within approximately four years from contract execution. In June 2023, Genentech terminated Genentech Collaboration Program #2 and revenue of $6.0 million was recognized during the second quarter of 2023 related to the expiration of the material right associated with the LSR Go Option for Collaboration Program #2.

In October 2021 and June 2022, respectively, Genentech exercised the first and second Expansion Options to add additional Genentech Collaboration Programs (Genentech Collaboration Program #3 and Genentech Collaboration Program #4) and paid to the Company an expansion fee of $10.0 million for each option. For the first Expansion Option, Genentech also elected for the Company to perform discovery and optimization services for a Targeting Arm, and the Company received an additional payment of $1.0 million for additional research services. The Company concluded that the exercise of each Expansion Option, including the option to a specified Targeting Arm for the first Expansion Option, is accounted for as a continuation of an existing contract as the customer decided to purchase additional goods and services contemplated in the original contract. For the first Expansion Option, the additional arrangement consideration of $11.0 million received upon the option exercises and the $3.5 million originally allocated to the first Expansion Option material right is allocated to the underlying goods and services associated with the first Expansion Option on the same basis as the initial allocation of the Genentech Collaboration Agreement. In December 2022, the Targeting Arm associated with the first Expansion Option achieved specified criteria in accordance with the research plan under the Genentech Collaboration Agreement and therefore the Company updated its estimate of variable consideration to include an additional $2.0 million, that is no longer constrained. The Company allocated the additional $2.0 million entirely to the Genentech Collaboration Program #3 and Targeting Arm services as the terms of the variable consideration relate specifically to the Company’s efforts in satisfying the performance obligation and allocating the variable consideration entirely to the performance obligation is consistent with the allocation objective in ASC 606. For the second Expansion Option, the additional arrangement consideration of $10.0 million received pursuant to the option exercise together with the $3.5 million originally allocated to the second Expansion Option material right is allocated to the underlying goods and services associated with the second Expansion option on the same basis as the initial allocation of the Genentech Collaboration Agreement. The Company recognizes the $8.4 million allocated to the Genentech Collaboration Program #3 and Targeting Arm services and $5.3 million allocated to the Genentech Collaboration Program #4 services as the underlying services are performed using a proportional performance model over the period of service of approximately two to three years for each program using input-based measurements of total full-time equivalent efforts and external costs incurred to date as a percentage of total full-time equivalent efforts and external costs expected, which best reflects the progress towards satisfaction of the performance obligations. The amount allocated to the material rights associated with an LSR Go Options for Genentech Collaboration Program #3 and Genentech Collaboration Program #4 of $7.4 million and $7.4 million, respectively, limited substitution material rights of $0.7 million and $0.7 million, respectively, and the material right associated with the option to select a Targeting Arm for Genentech Collaboration Program #4 of $0.1 million, are recorded as deferred revenue and the Company will commence revenue recognition upon exercise or expiry of each respective option which is expected to be within approximately four years of the Expansion Option exercise. Other variable consideration for development milestones not subject to option exercises was fully constrained as a result of the uncertainty regarding whether any of the milestones will be achieved.

In January 2024, the JRC reached a decision to discontinue research activities associated with Genentech Collaboration Program #3 and, as a result, the Company recognized revenue of $10.4 million during the three months ended March 31, 2024, including $7.5 million related to the expiration of remaining material rights. As of June 30, 2024, Genentech Collaboration Programs #1 and #4 remain ongoing.

During the three and six months ended June 30, 2024, the Company recognized revenue of $1.7 million and $13.3 million, respectively, and during the three and six months ended June 30, 2023, the Company recognized revenue of $7.6 million and $9.7 million, respectively. As of June 30, 2024 and December 31, 2023, the Company recorded $15.6 million and $29.1 million, respectively, of deferred revenue in connection with the Genentech Collaboration Agreement.

AstraZeneca Collaboration Agreement

In November 2016, the Company entered into a Research Collaboration Agreement (the “AstraZeneca Collaboration Agreement”) with AstraZeneca. The collaboration activities initially focused on two targets within respiratory, cardiovascular and metabolic disease, for which collaboration activities were terminated by AstraZeneca in October 2020 and March 2021, respectively. In May 2018, AstraZeneca made an irrevocable election to exercise an option to nominate four additional targets (“Additional Four Target Option”). As a result, AstraZeneca was entitled to obtain research and development services from the Company with respect to Bicycle peptides that bind to up to four additional targets, along with license rights to those selected targets, in exchange for an option fee of $5.0 million.

Upon the execution of the Additional Four Target Option, the Company identified the following five performance obligations: (i) Research license and the related research and development services during the Bicycle Research Term for the third target (the “Target Three Research License and Related Services”); (ii) Material right associated with the development and exploitation license option for the third target (“Target Three Material Right”); (iii) Material right associated with the research services option, including the underlying development and exploitation license option for the fourth target (“Target Four Material Right”); (iv) Material right associated with the research services option, including the underlying development and exploitation license option for the fifth target (“Target Five Material Right”); and (v) Material right associated with the research services option, including the underlying development and exploitation license option for the sixth target (“Target Six Material Right”). The total transaction price was initially determined to be $5.7 million, consisting of the $5.0 million option exercise fee and research and development funding of an estimated $0.7 million. The transaction price was allocated to the performance obligations based on the relative estimated standalone selling prices of each performance obligation. In June 2019, the transaction price was increased to $6.3 million for additional research and development funding received.

The Company recognized revenue related to amounts allocated to the Target Three Research License and Related Services as the underlying services were performed using a proportional performance model over the period of service using input-based measurements of total full-time equivalent effort incurred to date as a percentage of total full-time equivalent effort expected, which best reflected the progress towards satisfaction of the performance obligation. The amount allocated to the material rights was recorded as deferred revenue and the Company commenced revenue recognition upon exercise of or upon expiry of the option. In October 2020, August 2021, June 2022 and April 2023, AstraZeneca terminated the collaboration activities related to the third target, sixth, fifth and fourth targets, respectively, and the deferred revenue related to the associated material rights of $1.5 million, $1.1 million, $1.2 million and $1.2 million, respectively, was recognized. Effective April 19, 2023, the AstraZeneca Collaboration Agreement expired.

No revenue was recognized during the three and six months ended June 30, 2024, in connection with the AstraZeneca Collaboration Agreement. For the three and six months ended June 30, 2023, the Company recognized revenue of $1.2 million and $1.2 million, respectively, in connection with the AstraZeneca Collaboration Agreement. The Company recorded zero deferred revenue in connection with the AstraZeneca Collaboration Agreement at each of June 30, 2024 and December 31, 2023.

Summary of Contract Assets and Liabilities

The following table presents changes in the balances of the Company’s contract assets and liabilities (in thousands):


	Beginning Balance						Impact of		Ending Balance
	January 1,						Exchange		June 30,
	2024		Additions		Deductions		Rates		2024
Contract liabilities:
Deferred revenue
Bayer collaboration deferred revenue	$	43,618	$	143	$	(1,662)	$	(297)	$	41,802
Novartis collaboration deferred revenue		50,008		—		(5,025)		(342)		44,641
Ionis collaboration deferred revenue		12,464		90		(8,881)		(97)		3,576
Genentech collaboration deferred revenue		29,104		—		(13,323)		(187)		15,594
Total deferred revenue	$	135,194	$	233	$	(28,891)	$	(923)	$	105,613


	Beginning Balance						Impact of		Ending Balance
	January 1,						Exchange		December 31,
	2023		Additions		Deductions		Rates		2023
Contract liabilities:
Deferred revenue
Bayer collaboration deferred revenue	$	—	$	45,000	$	(1,160)	$	(222)	$	43,618
Novartis collaboration deferred revenue		—		50,000		(1,909)		1,917		50,008
Ionis collaboration deferred revenue		21,489		960		(10,734)		749		12,464
Genentech collaboration deferred revenue		39,308		—		(11,969)		1,765		29,104
AstraZeneca collaboration deferred revenue		1,076		—		(1,204)		128		—
Total deferred revenue	$	61,873	$	95,960	$	(26,976)	$	4,337	$	135,194

Contract assets represent research and development services which have been performed but have not yet been billed, and are reduced when they are subsequently billed. There were no contract assets at June 30, 2024 or December 31, 2023.

As of June 30, 2024, the Bayer, Novartis, Ionis, and Genentech deferred revenue balances include $32.2 million, $30.5 million, $3.6 million, and $13.6 million, respectively, allocated to material rights that will commence revenue recognition when the respective option is exercised or when the option expires.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Revenue recognized in the period from:
Revenue recognized based on proportional performance	$	6,819	$	3,927	$	18,450	$	8,823
Revenue recognized based on expiration of material rights		2,542		7,470		10,576		7,470
Revenue recognized based on changes in transaction price		—		—		(135)		—
Total	$	9,361	$	11,397	$	28,891	$	16,293

Cancer Research UK

BT1718

On December 13, 2016, the Company entered into a Clinical Trial and License Agreement with Cancer Research Technology Limited (“CRTL”), a wholly owned subsidiary of Cancer Research UK that Cancer Research UK’s commercial activities operate through, and Cancer Research UK (the “Cancer Research UK Agreement”). Pursuant to the Cancer Research UK Agreement, as amended in March 2017 and June 2018, Cancer Research UK’s Centre for Drug Development will sponsor and fund a Phase I/IIa clinical trial for BT1718, a BTC molecule, in patients with advanced solid tumors. The Company retains the right to continue the development of BT1718 during the clinical trial. Upon the completion of the Phase I/IIa clinical trial, the Company has the right to obtain a license to the results of the clinical trial upon the payment of a milestone, in cash and ordinary shares, with a combined value in the mid six-digit dollar amount. If such license is not acquired, or if it is acquired and the license is terminated and the Company decides to abandon development of all products that deliver cytotoxic payloads to the MT1 target antigen, CTRL may elect to receive an assignment and exclusive license to develop and commercialize the product on a revenue sharing basis (in which case the Company will receive tiered royalties of 70% to 90% of the net revenue depending on the stage of development when the license is granted). The Cancer Research UK Agreement contains additional future milestone payments upon the achievement of development and regulatory milestones, payable in cash and shares, with an aggregate total value of $50.9 million, as well as royalty payments based on a single digit percentage on net sales of products developed. The Cancer Research UK Agreement can be terminated by either party upon an insolvency event, material breach of the terms of the contract, or upon a change in control (and the new controlling entity develops, sells or manufactures tobacco products or generates the majority of its profits from tobacco products or is an affiliate of such party). Cancer Research UK may also terminate the arrangement for safety reasons or if it determines that the objectives of the clinical trial will not be met.

The Company concluded that the costs incurred by Cancer Research UK is a liability in accordance with ASC 730, Research and Development, as certain payments in the Cancer Research UK Agreement are not based solely on the results of the research and development having future economic benefit. As such, the Company recorded a liability of $4.4 million and $4.3 million at June 30, 2024 and December 31, 2023, respectively, which is recorded in other long-term liabilities in the condensed consolidated balance sheets. The liability is recorded as incremental research and development expense in the condensed consolidated statements of operations and comprehensive loss.

BT7401

In December 2019, the Company entered into a clinical trial and license agreement with Cancer Research Technology Limited and Cancer Research UK. Pursuant to the agreement, Cancer Research UK’s Centre for Drug Development will fund and sponsor development of BT7401, a multivalent Bicycle CD137 agonist, from current preclinical studies through the completion of a Phase IIa trial in patients with advanced solid tumors. The Company retains the right to continue the development of BT7401 during the clinical trial. Upon the completion of the Phase I/IIa clinical trial, the Company has the right to obtain a license to the results of the clinical trial upon the payment of a milestone, in cash and ordinary shares, with a combined value in the mid six-digit dollar amount. If such license is not acquired, or if it is acquired and the license is terminated and the Company decides to abandon development of all products that contain BT7401 or all the pharmaceutically active parts of BT7401, CRTL may elect to receive an exclusive license to develop and commercialize the product on a revenue sharing basis (in which case the Company will receive tiered royalties of 55% to 80% of the net revenue depending on the stage of development when the license is granted) less certain costs, as defined by the agreement. The BT7401 Cancer Research UK agreement contains additional future milestone payments upon the achievement of development, regulatory and commercial milestones, payable in cash, with an aggregate total value of up to $60.3 million for each licensed product, as well as royalty payments based on a single digit percentage on net sales of products developed, and sublicense royalties to the Cancer Research UK in the low double-digit percentage of sublicense income depending on the stage of development when the license is granted.

The BT7401 Cancer Research UK agreement can be terminated by either party upon an insolvency event, material breach of the terms of the contract, or upon a change in control (and the new controlling entity develops, sells or

manufactures tobacco products or generates the majority of its profits from tobacco products or is an affiliate of such party), or upon written notice by Cancer Research UK prior to the last cycle of treatment has been completed under the clinical trial. The Company concluded that the BT7401 Cancer Research UK arrangement does not represent a liability in accordance with ASC 730, Research and Development, as the payments under the agreement are based solely on the results of the research and development having future economic benefit and the transfer of financial risk is substantive and genuine, and as such there was no accounting impact for the three and six months ended June 30, 2024.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Significant agreements - Ionis Collaboration Agreement (Details) $ in Millions		1 Months Ended					12 Months Ended
	Jul. 09, 2021 USD ($) item	Apr. 30, 2023 USD ($)	Oct. 31, 2022 USD ($)	Aug. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Ionis
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Period for which research and discovery activities will be performed with no additional consideration	3 years
Upfront cash payment	$ 31.0
Number of payments of a mid-single-digit million dollar, failing to achieve the specified development diligence \| item	3
Number of collaboration targets \| item	4
Number of years over which royalty is payable	10 years
Ionis Evaluation and Option Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront cash payment	$ 3.0					$ 3.0	$ 3.0
Amended Ionis
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront cash payment					$ 1.6
Amended Ionis \| Service for initial six month
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront cash payment				$ 0.8
Amended Ionis \| Service for additional six month
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront cash payment			$ 0.8
Third Ionis Amendment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront cash payment		$ 0.8
Third Ionis Amendment \| Additional research service for a year
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront cash payment		$ 0.8

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (39,812)	$ (26,563)	$ (42,603)	$ (39,064)	$ (66,375)	$ (81,667)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-based compensation (Details)	1 Months Ended		6 Months Ended
Share-based compensation (Details)	Jun. 30, 2020 installment shares	May 31, 2019 shares	Jun. 30, 2024 installment shares	Jan. 01, 2024 shares	Dec. 31, 2023 shares	Jun. 27, 2022 shares
Stock option
Share-based compensation.
Shares outstanding			8,824,305		7,469,527
Employee Share Purchase Plan
Share-based compensation.
Number of shares reserved for issuance				377,258
Percentage of annual increase in reserves on total number of ordinary shares outstanding		1.00%
Number of ordinary shares reserved for issuance		215,000	1,577,671
Number of shares available for issuance		430,000
2020 Plan
Share-based compensation.
Number of shares reserved for issuance	4,773,557		135,429	1,886,294		750,000
Percentage of annual increase in reserves on total number of ordinary shares outstanding	5.00%
2020 Plan \| Stock option
Share-based compensation.
Shares outstanding			6,521,821
Contractual life	10 years
2020 Plan \| Stock option \| Non-employee Director
Share-based compensation.
Vesting period	3 years
Number of equal quarterly installments for vesting remaining awards \| installment			4
Service period			1 year
2020 Plan \| Stock option \| First anniversary
Share-based compensation.
Vesting Percentage	25.00%
2020 Plan \| Stock option \| Employee
Share-based compensation.
Vesting period	4 years
2020 Plan \| Stock option \| Employee \| Remaining equal installments
Share-based compensation.
Number of equal monthly installments for vesting remaining awards \| installment	36
2020 Plan \| Stock option three year vest \| Non-employee Director
Share-based compensation.
Number of equal annual installments \| installment			3
Service period			3 years
2020 Plan \| Restricted share units
Share-based compensation.
Vesting period			4 years
Right to receive upon vesting			1
RSUs outstanding under the 2020 Plan			840,204
2020 Plan \| Restricted share units \| Non-employee Director
Share-based compensation.
Service period			1 year
Number of quarterly installments \| installment			4
2020 Plan \| Restricted share units \| First anniversary
Share-based compensation.
Vesting Percentage			25.00%
2020 Plan \| Restricted share units \| Remaining equal installments
Share-based compensation.
Number of equal quarterly installments for vesting remaining awards \| installment			12
2019 Plan \| Stock option
Share-based compensation.
Shares outstanding			1,781,335
Contractual life			10 years
2019 Plan \| Minimum \| Stock option
Share-based compensation.
Vesting period			3 years
2019 Plan \| Maximum \| Stock option
Share-based compensation.
Vesting period			4 years
Pre-IPO Share Options and restricted shares \| Stock option \| First anniversary
Share-based compensation.
Vesting Percentage			25.00%
Pre-IPO Share Options and restricted shares \| Stock option \| Employee \| Remaining equal installments
Share-based compensation.
Number of equal monthly installments for vesting remaining awards \| installment			36

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant agreements - Ionis Share Purchase Agreement (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Jul. 09, 2021	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023	Mar. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate purchase price		$ 544,127	$ 12,127	$ 2,716
Ionis
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transaction price	$ 38,000				$ 37,800
Ionis \| Ionis Share Purchase Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued (in shares)	282,485
Purchase price per share	$ 38.94
Aggregate purchase price	$ 11,000
Fair value of shares held	7,600
Transaction price	$ 3,400
Ionis \| Ionis Share Purchase Agreement \| American Depositary Shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Purchase price per share	$ 31.11

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued expenses and other current liabilities
Accrued employee compensation and benefits	$ 9,237	$ 13,394
Accrued external research and development expenses	11,714	11,839
Accrued professional fees	1,437	1,143
Current portion of operating lease liabilities	$ 5,098	$ 4,876
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Other	$ 649	$ 257
Accrued expenses and other current liabilities	$ 28,135	$ 31,509

Debt

6 Months Ended

Jun. 30, 2024

Debt

Debt

6. Debt

On September 30, 2020, Bicycle Therapeutics plc and its subsidiaries (the “Borrowers”) entered into a loan and security agreement (the “Loan Agreement”) with Hercules, as amended from time to time, which provides for aggregate maximum borrowings of up to $75.0 million. As of June 30, 2024, the Company had borrowings under the Loan Agreement of $30.0 million. The Loan Agreement includes, at the Borrowers’ request, potential for additional term loans, subject to satisfaction of customary conditions, in an aggregate principal amount of up to $45.0 million. Payments on borrowings under the Loan Agreement are interest-only until April 1, 2025 and interest is paid at an annual rate of the Wall Street Journal prime rate plus 4.55%, with a minimum annual rate of at least 8.05%, capped at a rate no greater than 9.05%. The scheduled maturity date is July 1, 2025 (the “Maturity Date”).

At the Borrowers’ option, the Borrowers may prepay all or any portion greater than $5.0 million of the outstanding borrowings, subject to a prepayment premium equal to 1.0% of the principal amount outstanding. The Loan Agreement also provides for an end of term charge (the “End of Term Charge”), payable upon maturity or the repayment of obligations under the Loan Agreement, equal to 5.0% of the principal amount repaid. Borrowings under the Loan Agreement are collateralized by substantially all of the Borrower’s personal property and other assets, other than their intellectual property. Hercules has a perfected first-priority security interest in certain cash accounts. The Loan Agreement contains customary affirmative and restrictive covenants and representations and warranties, including a covenant against the occurrence of a change in control, as defined in the agreement. There are no financial covenants. The Loan Agreement also includes customary events of default, including payment defaults, breaches of covenants

following any applicable cure period, cross acceleration to third-party indebtedness, certain events relating to bankruptcy or insolvency, and the occurrence of certain events that could reasonably be expected to have a material adverse effect. Upon the occurrence of an event of default, a default interest rate of an additional 5.0% may be applied to the outstanding principal and interest payments due, and Hercules may declare all outstanding obligations immediately due and payable and take such other actions as set forth in the Loan Agreement. The Company has determined that the risk of subjective acceleration under the material adverse events clause is not probable and therefore has classified the long-term portion of outstanding principal in long-term liabilities based on scheduled principal payments.

The Company incurred fees and transaction costs totaling $0.6 million associated with the initial term loan, which are recorded as a reduction to the carrying value of the debt in the condensed consolidated balance sheets. The fees, transaction costs, and the End of Term Charge are amortized to interest expense through the Maturity Date using the effective interest method. The Company concluded that the amendments to the agreement to date represent modifications to the Loan Agreement, and as such, the fees and transaction costs associated with the term loan will continue to be amortized to interest expense through the Maturity Date. The effective interest rate of the Hercules borrowings was 10.8% at June 30, 2024.

The Company assessed all terms and features of the Loan Agreement in order to identify any potential embedded features that would require bifurcation. As part of this analysis, the Company assessed the economic characteristics and risks of the debt. The Company determined that all features of the Loan Agreement are clearly and closely associated with a debt host and, as such, do not require separate accounting as a derivative liability. Interest expense associated with the Loan Agreement for the three and six months ended June 30, 2024 was $0.8 million and $1.6 million, respectively, and for the three and six months ended June 30, 2023, was $0.8 million and $1.6 million, respectively.

Debt consisted of the following (in thousands):


	June 30,		December 31,
	2024		2023
Term loan payable	$	30,000	$	30,000
End of term charge		1,092		946
Unamortized debt issuance costs		(183)		(248)
Carrying value of term loan		30,909		30,698
Less: current portion		(22,404)		—
Debt, net of discount and current portion	$	8,505	$	30,698

Future principal payments, including the End of Term Charge, are as follows (in thousands):


Year Ending December 31,
2024		—
2025		31,500
Total	$	31,500

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(c))
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair value of financial assets and liabilities - Financial assets and liabilities measured at fair value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jun. 30, 2024
Fair value of financial assets and liabilities
Restricted cash included in other assets		$ 547
Recurring
Fair value of financial assets and liabilities
Liabilities at fair value	$ 0	0
Assets at fair value	0	0
Level 1 \| Recurring
Fair value of financial assets and liabilities
Cash equivalents	72,300	$ 22,700
Market funds	22,100
Term deposits	$ 50,200
Term deposit maturity period	30 days

Subsequent events (Details) - USD ($) $ in Thousands	Jul. 09, 2024	Jul. 24, 2024	Jun. 30, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
End of term charge			$ 1,092	$ 946
Subsequent events
Subsequent Event [Line Items]
End of term charge	$ 1,500
Prepayment charge	300
Total aggregate payment	$ 31,900
Subsequent events \| 2024 Inducement Plan
Subsequent Event [Line Items]
Number of shares reserved for issuance		1,500,000

Summary of significant accounting policies - Research and development incentives and receivable (Details) - USD ($) $ in Millions				1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 01, 2024	Apr. 01, 2023	Mar. 31, 2023	Feb. 29, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Research and development incentives and receivable
Reduction of research and development					$ 7.3	$ 5.7	$ 22.6	$ 12.6
Certain research and development expenditures incurred prior to April 1, 2023
Research and development incentives and receivable
Percentage of surrenderable losses			33.35%
Certain research and development expenditures incurred thereafter April 1, 2023
Research and development incentives and receivable
Percentage of surrenderable losses		18.60%		26.97%
Certain research and development expenditures incurred April 1, 2024 and thereafter
Research and development incentives and receivable
Percentage of surrenderable losses	40.00%
Percentage of total expenditure	30.00%

Share-based compensation - Assumptions used in the Black Scholes option pricing model to determine the fair value of share options (Details) - Stock option - Employees and directors - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based compensation.
Risk-free interest rate	4.50%	3.60%	4.00%	3.80%
Expected volatility	76.00%	83.70%	77.80%	83.60%
Expected term (in years)	6 years	6 years 1 month 6 days	6 years 1 month 6 days	6 years 1 month 6 days
Unrecognized compensation expense
Total unrecognized compensation expense related to the unvested employee and director	$ 63.1		$ 63.1
Unrecognized compensation cost expected to be recognized over a weighted average period			2 years 7 months 6 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - £ / shares	Jun. 30, 2024	Dec. 31, 2023
Condensed Consolidated Balance Sheets
Ordinary shares, nominal value	£ 0.01	£ 0.01
Ordinary shares, shares authorized	154,385,145	59,612,613
Ordinary shares, shares issued	68,941,242	42,431,766
Ordinary shares, shares outstanding	68,941,242	42,431,766

Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023
Condensed Consolidated Statements of Shareholders' Equity
Commissions and offering expenses	$ 11.4	$ 0.4	$ 0.1

Property and equipment, net

6 Months Ended

Jun. 30, 2024

Property and equipment, net

Property and equipment, net

4. Property and equipment, net

Property and equipment, net consisted of the following (in thousands):


	June 30,		December 31,
	2024		2023
Laboratory equipment	$	15,645	$	15,554
Leasehold improvements		10,926		11,000
Computer equipment and software		540		532
Furniture and office equipment		1,082		822
		28,193		27,908
Less: Accumulated depreciation and amortization		(16,606)		(13,393)
	$	11,587	$	14,515

Depreciation expense was $1.6 million and $3.3 million for the three and six months ended June 30, 2024, respectively, and $1.6 million and $3.2 million for the three and six months ended June 30, 2023, respectively.

Summary of significant accounting policies (Policies)	6 Months Ended
Summary of significant accounting policies (Policies)	Jun. 30, 2024
Summary of significant accounting policies
Use of estimates	Use of estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, revenue recognition, the accrual for research and development expenses and research and development incentives receivable, share-based compensation expense, valuation of right-of-use assets and liabilities and income taxes, including the valuation allowance for deferred tax assets. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Estimates are periodically reviewed in light of reasonable changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates or assumptions.
Significant risks and uncertainties	Significant risks and uncertainties The Company currently operates in a period of economic uncertainty which has been significantly impacted by domestic and global monetary and fiscal policy, geopolitical conflicts such as the ongoing wars involving Ukraine and Israel, inflation and interest rates, and fluctuations in monetary exchange rates. While the Company has experienced limited financial impacts at this time, the Company continues to monitor these factors and events and the potential effects each may have on the Company’s business, financial condition, results of operations and growth prospects.
Unaudited interim financial information	Unaudited interim financial information Certain information in the footnote disclosures of these financial statements has been condensed or omitted pursuant to the rules and regulations of the SEC. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2023 included in the Company’s 2023 Annual Report. The accompanying condensed consolidated balance sheet as of June 30, 2024, the condensed consolidated statements of operations and comprehensive loss, condensed consolidated statements of shareholders’ equity and condensed consolidated statements of cash flows for the three and six months ended June 30, 2024 and 2023, and the related financial information disclosed in these notes are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited annual financial statements for the year ended December 31, 2023, and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2024, the results of its operations and its cash flows for the three and six months ended June 30, 2024 and 2023. The results for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024, any other interim periods, or any future year or period.
Research and development incentives and receivable	Research and development incentives and receivable The Company, through its subsidiaries in the United Kingdom, receives reimbursements of certain research and development expenditures as part of a United Kingdom government’s research and development tax reliefs program. Under the Small and Medium-sized Enterprises (“SME”) R&D Tax Relief program, the Company is able to surrender trading losses that arise from qualifying research and development expenses incurred by the Company’s subsidiaries in the United Kingdom for a cash rebate of up to 33.35% of qualifying expenditure incurred prior to April 1, 2023, and up to 18.6% of qualifying expenditure incurred thereafter. Amendments to the U.K. R&D tax credit regime included in Finance Act 2024, which was enacted in February 2024, increased the cash rebate that may be claimed to 26.97% of qualifying expenditure, retroactively applied to qualifying expenditures incurred after April 1, 2023, if we qualify as “R&D intensive” for an accounting period (broadly, a loss making SME whose relevant R&D expenditure represents, for accounting periods beginning on or after April 1, 2023, 40%, or, for accounting periods beginning on or after April 1, 2024, 30%, of its total expenditure for that accounting period). Management has assessed the Company’s research and development activities and expenditures to determine which activities and expenditures are likely to be eligible under the research and development incentive program described above. At each period end, management estimates the reimbursement available to the Company based on available information at the time. The Company recognizes income from the research and development incentives when the relevant expenditure has been incurred, the associated conditions have been satisfied and there is reasonable assurance that the reimbursement will be received. The Company records these research and development incentives as a reduction to research and development expenses in the statements of operations and comprehensive loss, as the research and development tax credits are not dependent on us generating future taxable income, the Company’s ongoing tax status, or tax position. The research and development incentives receivable represent an amount due in connection with the above program. The Company recorded a reduction to research and development expense of $7.3 million and $22.6 million during the three and six months ended June 30, 2024, respectively, including the impact of an increase to U.K. R&D tax credit reimbursement rates enacted with Finance Act 2024 retroactively applied to qualifying expenditures incurred after April 1, 2023. The Company recorded a reduction to research and development expense of $5.7 million and $12.6 million during the three and six months ended June 30, 2023, respectively.
Recently adopted accounting pronouncements and Recently issued accounting pronouncements not yet adopted	Recently adopted accounting pronouncements There have been no recently adopted accounting pronouncements during the three or six months ended June 30, 2024 that are of significance or potential significance to the Company. Recently issued accounting pronouncements not yet adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures (“ASU No. 2023-09”), which prescribes standard categories for the components of the effective tax rate reconciliation and requires disclosure of additional information for reconciling items meeting certain quantitative thresholds, requires disclosure of disaggregated income taxes paid, and modifies certain other income tax-related disclosures. ASU No. 2023-09 is effective for annual periods beginning after December 15, 2024 and allows for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the potential impact of the adoption of ASU No. 2023-09 on its consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures (“ASU No. 2023-07”), which requires disclosure of incremental segment information on an interim and annual basis. ASU No. 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024, and requires retrospective adoption to all prior periods presented in the consolidated financial statements. The Company is currently evaluating the potential impact of the adoption of ASU No. 2023-07 on its consolidated financial statements and related disclosures.

Geographic information (Tables)

6 Months Ended

Jun. 30, 2024

Geographic information

Schedule of long-lived assets, including operating lease right-of-use assets, held in different geographic regions

Information about the Company’s long-lived assets, including operating lease right-of-use assets, held in different geographic regions is presented in the table below (in thousands):


	June 30,		December 31,
	2024		2023
United States	$	6,226	$	7,486
United Kingdom		16,294		20,198
	$	22,520	$	27,684

Ordinary shares (Details)	6 Months Ended	12 Months Ended
Ordinary shares (Details)	Jun. 30, 2024 Vote $ / shares £ / shares shares	Dec. 31, 2023 $ / shares £ / shares shares
Ordinary shares
Vote per ordinary share \| Vote	1
Dividends declared \| $ / shares	$ 0	$ 0
Ordinary shares, shares authorized \| shares	154,385,145	59,612,613
Ordinary shares, nominal value \| £ / shares	$ 0.01	$ 0.01

Share-based compensation

6 Months Ended

Jun. 30, 2024

Share-based compensation

Share-based compensation

8. Share-based compensation

Employee incentive pool

2020 Equity Incentive Plan

In June 2020, the Company’s shareholders first approved the Bicycle Therapeutics plc 2020 Equity Incentive Plan with Non-Employee Sub-Plan (as amended from time to time, the “2020 Plan”), under which the Company may grant market value options, market value stock appreciation rights or restricted shares, RSUs, performance RSUs and other share-based awards to the Company’s employees. The Company’s non-employee directors and consultants are eligible to receive awards under the 2020 Non-Employee Sub-Plan to the 2020 Plan. All awards under the 2020 Plan, including the 2020 Non-Employee Sub-Plan, will be set forth in award agreements, which will detail the terms and conditions of awards, including any applicable vesting and payment terms, change of control provisions and post-termination exercise limitations. In the event of a change of control of the Company, as defined in the 2020 Plan, any outstanding awards under the 2020 Plan will vest in full immediately prior to such change of control.

The Company initially reserved up to 4,773,557 ordinary shares for future issuance under the 2020 Plan, including shares subject to options that were granted under the Company’s 2019 Share Option Plan (the “2019 Plan”) and that were granted pursuant to option contracts granted prior to the Company’s IPO, in each case that expire, terminate, are forfeited or otherwise not issued from time to time, if any. On June 27, 2022, the Company’s shareholders approved an amendment to the 2020 Plan (the “Amendment”) which increased the number of ordinary shares reserved for future issuance by 750,000 shares. Additionally, the number of ordinary shares reserved for issuance pursuant to the 2020 Plan will automatically increase on the first day of January of each year, initially commencing on January 1, 2021 and continuing up to and including January 1, 2032, in an amount equal to 5% of the total number of the Company’s ordinary shares outstanding on the last day of the preceding year, or a lesser number of shares determined by the Company’s board of directors. Pursuant to this “evergreen” provision, on January 1, 2024, the number of shares reserved for issuance under the 2020 Plan was increased by 1,886,294 shares. As of June 30, 2024, there were 135,429 shares available for issuance.

Share options issued under the 2020 Plan have a 10-year contractual life and generally vest over either a three-year service period in three equal annual installments for new non-employee director grants, or a four-year service period with 25% of the award vesting on the first anniversary of the vesting commencement date and the balance thereafter in 36 equal monthly installments for employees and consultants. Certain options granted to the Company’s non-employee directors vest over a one-year service period in four equal quarterly installments.

The Company grants RSUs to non-employee directors and certain employees under the 2020 Plan. Each RSU represents the right to receive one of the Company’s ordinary shares upon vesting. RSUs granted to employees vest over a four-year service period with 25% of the award vesting on the first anniversary of the vesting commencement date and the remaining RSUs vesting in 12 equal quarterly installments. Certain RSUs granted to the Company’s non-employee directors either vest over a three-year service period in three equal annual installments for new non-employee director grants or over a one-year service period in four equal quarterly installments. The Company may also, in its sole discretion, provide for deferred settlement of RSUs granted to the Company’s non-employee directors.

As of June 30, 2024, there were options to purchase 6,521,821 shares and RSUs for 840,204 shares outstanding under the 2020 Plan.

2019 Share Option Plan

In May 2019, the Company adopted the 2019 Plan, which became effective in conjunction with the IPO. As of June 30, 2024, there were 1,781,335 options to purchase ordinary shares outstanding under the 2019 Plan. In conjunction with the adoption of the 2020 Plan, all shares available for future issuance under the 2019 Plan as of June 29, 2020 became available for issuance under the 2020 Plan and the Company ceased making awards under the 2019 Plan. The 2020 Plan is the successor of the 2019 Plan.

Share options previously issued under the 2019 Plan have a 10-year contractual life, and generally either vest monthly over a three-year service period, or over a four-year service period with 25% of the award vesting on the first anniversary of the vesting commencement date and the balance thereafter in 36 equal monthly installments. Certain awards granted to the Company’s non-employee directors were fully vested on the date of grant. The exercise price of share options issued under the 2019 Plan is not less than the fair value of ordinary shares as of the date of grant.

Employee Share Purchase Plan

In May 2019, the Company adopted the 2019 Employee Stock Purchase Plan (the “ESPP”), which became effective in conjunction with the IPO. The Company initially reserved 215,000 ordinary shares for future issuance under this plan. The ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2020 and each January 1 thereafter through January 1, 2029, by the lower of: (i) 1% of the outstanding number of ordinary shares on the immediately preceding December 31; (ii) 430,000 ordinary shares or (iii) such lesser number of shares as determined by the Compensation Committee. The number of shares reserved under the ESPP is subject to adjustment in the event of a split-up, share dividend or other change in the Company’s capitalization. The number of shares reserved for issuance under the ESPP was increased by 377,258 shares

effective January 1, 2024. As of June 30, 2024, the total number of shares available for issuance under the ESPP was 1,577,671 ordinary shares. As of June 30, 2024, there have been no offering periods to employees under ESPP.

Share-based compensation

The Company recorded share-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Research and development expenses	$	4,599	$	3,988	$	9,130	$	8,584
General and administrative expenses		4,665		4,205		9,416		8,651
	$	9,264	$	8,193	$	18,546	$	17,235

Share options

The following table summarizes the Company’s option activity since December 31, 2023:


	Number of			Weighted
	Shares	Weighted		Average	Aggregate
	Underlying	Average		Contractual	Intrinsic
	Share Options	Exercise Price		Term	Value
				(in years)	(in thousands)
Outstanding as of December 31, 2023	7,469,527	$	23.13	6.83	$	21,920
Granted	1,951,535		18.65	—		—
Exercised	(484,834)		13.13	—		—
Forfeited	(111,923)		27.10	—		—
Outstanding as of June 30, 2024	8,824,305	$	22.64	7.35	$	30,748
Vested and expected to vest as of June 30, 2024	8,824,305	$	22.64	7.35	$	30,748
Options exercisable as of June 30, 2024	4,888,630	$	21.10	6.10	$	26,122

The weighted average grant-date fair value of share options granted during the six months ended June 30, 2024 and 2023 was $13.08 per share and $20.45 per share, respectively.

The aggregate intrinsic value of share options is calculated as the difference between the exercise price of the share options and the fair value of the Company’s ordinary shares. The aggregate intrinsic value of share options exercised was $3.6 million and $4.6 million for the three and six months ended June 30, 2024, respectively, and was $0.1 million and $0.2 million for the three and six months ended June 30, 2023, respectively.

Total share-based compensation expense for share options granted was $7.3 million and $14.8 million for the three and six months ended June 30, 2024, respectively, and was $6.8 million and $14.2 million for the three and six months ended June 30, 2023, respectively. Expense for non-employee consultants for the three and six months ended June 30, 2024 and 2023 was immaterial.

The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of share options granted to employees and directors:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Risk-free interest rate	4.5	%	3.6	%	4.0	%	3.8	%
Expected volatility	76.0	%	83.7	%	77.8	%	83.6	%
Expected dividend yield	—		—		—		—
Expected term (in years)	6.0		6.1		6.1		6.1

As of June 30, 2024, total unrecognized compensation expense related to the unvested employee and director share options was $63.1 million, which is expected to be recognized over a weighted average period of 2.6 years.

Restricted share units

The following table summarizes the Company’s RSU activity under the 2020 Plan since December 31, 2023:


	Number of Shares	Weighted-Average
	Underlying RSUs	Grant Date Fair Value
Unvested at December 31, 2023	326,848	$	37.40
Granted	608,996		18.19
Vested and settled	(90,936)		36.09
Vested and deferred⁽¹⁾	(21,000)		18.07
Forfeited	(4,704)		18.07
Unvested outstanding at June 30, 2024	819,204		23.87
Vested but subject to deferred settlement at June 30, 2024⁽¹⁾	21,000		18.07
Outstanding at June 30, 2024	840,204	$	23.73

(1)

The Company granted certain RSUs to the Company’s non-employee directors which provided for deferred settlement of the RSUs to a specified date following the first to occur of (i) the date of the director’s separation from service, (ii) the date of the director’s disability, (iii) the date of the director’s death or (iv) the date of a change in control event.

The fair value of RSUs that vested during the three and six months ended June 30, 2024 was $0.8 million and $2.3 million, respectively, and for the three and six months ended June 30, 2023, was $0.5 million and $2.1 million, respectively.

Total share-based compensation expense for RSUs granted was $1.9 million and $3.7 million for the three and six months ended June 30, 2024, respectively, and was $1.4 million and $3.0 million for the three and six months ended June 30, 2023, respectively. As of June 30, 2024, the total unrecognized compensation expense related to unvested RSUs was $17.3 million, which is expected to be recognized over a weighted-average period of 2.8 years.

Significant agreements - Ionis Accounting Analysis (Details) $ in Thousands		1 Months Ended			3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 09, 2021 USD ($) item	Oct. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 31, 2021 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) item	Jun. 30, 2023 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2024 USD ($)	Mar. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenues					$ 9,361	$ 11,397	$ 28,891	$ 16,293
Deferred revenue					105,613		$ 105,613					$ 135,194	$ 61,873
Ionis
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of material rights associated with future payments \| item							4
Number of collaboration targets \| item	4
Transaction price	$ 38,000									$ 37,800
Upfront cash payment	31,000
Estimated amount payable to CROs	600									$ 400	$ 600
Expected period for satisfaction of performance obligations							3 years
Material rights exercise period							4 years
Collaboration revenues					3,027	$ 2,557	$ 8,881	$ 5,341
Deferred revenue					$ 3,576		3,576					12,464	$ 21,489
Ionis \| Combined licenses and research and discovery performance obligation
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transaction price	34,100
Ionis \| Four material rights associated with credits for IND Acceptance fees
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transaction price	3,900
Ionis \| Ionis Share Purchase Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transaction price	3,400
Ionis Evaluation and Option Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront cash payment	$ 3,000			$ 3,000					$ 3,000
Deferred revenue									$ 3,000			$ 12,500
Amended Ionis
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront cash payment			$ 1,600
Collaboration revenues		$ 800	$ 800
Third Amended Ionis
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenues							$ 800

Geographic information

6 Months Ended

Jun. 30, 2024

Geographic information

Geographic information

14. Geographic information

The Company operates in two geographic regions: the United States and the United Kingdom. Information about the Company’s long-lived assets, including operating lease right-of-use assets, held in different geographic regions is presented in the table below (in thousands):


	June 30,		December 31,
	2024		2023
United States	$	6,226	$	7,486
United Kingdom		16,294		20,198
	$	22,520	$	27,684

The Company’s collaboration revenues are attributed to the operations of the Company in the United Kingdom.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Significant agreements - Bayer Collaboration Agreement - Accounting Analysis (Details) - Bayer Collaboration Agreement $ in Thousands	May 04, 2023 USD ($) item
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transaction price	$ 47,500
Two combined performance obligations related to the licenses and research and development services associated with radiopharmaceutical compounds directed to the first and second targets
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Combined performance obligations \| item	2
Transaction price	$ 14,976
Material right associated with limited substitution rights for either the first or second target
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transaction price	$ 1,527
Two material rights associated with the option to progress radiopharmaceutical candidates directed to the first and second targets into further development
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of material rights \| item	2
Transaction price	$ 14,691
Two material rights associated with the option to progress a non-radiopharmaceutical compound directed to the first and second targets
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of material rights \| item	2
Transaction price	$ 8,703
Material right for the option to expand the collaboration to include a third target and the underlying additional option rights
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transaction price	$ 7,603

Commitments and contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and contingencies

Schedule of components of lease expense


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Operating lease cost	$	1,338	$	1,367	$	2,679	$	2,693
Variable lease cost		563		803		1,344		1,451
Total lease cost	$	1,901	$	2,170	$	4,023	$	4,144

Schedule of maturities of operating leases

The following table summarizes the maturities of the Company’s lease liabilities as of June 30, 2024 (in thousands):


Year Ending December 31,	Operating Leases
2024	$	2,878
2025		5,839
2026		3,340
2027		821
Present value adjustment		(1,050)
Total lease liabilities		11,828
Less: current lease liabilities		(5,098)
Long term lease liabilities	$	6,730

Ordinary shares - Share Purchase Agreement (Details) - shares	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Ordinary shares, shares issued	68,941,242		42,431,766
Ordinary shares, shares outstanding	68,941,242		42,431,766
Ordinary Shares
Class of Stock [Line Items]
Ordinary shares, shares outstanding	68,941,242	42,632,597	42,431,766	30,585,940	30,031,758	29,873,893
Non voting ordinary shares \| Ordinary Shares
Class of Stock [Line Items]
Ordinary shares, shares issued	21,492,099
Ordinary shares, shares outstanding	21,492,099
Voting ordinary shares \| Ordinary Shares
Class of Stock [Line Items]
Ordinary shares, shares issued	47,449,143
Ordinary shares, shares outstanding	47,449,143

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 210
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-based compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-based compensation

Schedule of share based compensation expense

The Company recorded share-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Research and development expenses	$	4,599	$	3,988	$	9,130	$	8,584
General and administrative expenses		4,665		4,205		9,416		8,651
	$	9,264	$	8,193	$	18,546	$	17,235

Schedule of share option activity


	Number of			Weighted
	Shares	Weighted		Average	Aggregate
	Underlying	Average		Contractual	Intrinsic
	Share Options	Exercise Price		Term	Value
				(in years)	(in thousands)
Outstanding as of December 31, 2023	7,469,527	$	23.13	6.83	$	21,920
Granted	1,951,535		18.65	—		—
Exercised	(484,834)		13.13	—		—
Forfeited	(111,923)		27.10	—		—
Outstanding as of June 30, 2024	8,824,305	$	22.64	7.35	$	30,748
Vested and expected to vest as of June 30, 2024	8,824,305	$	22.64	7.35	$	30,748
Options exercisable as of June 30, 2024	4,888,630	$	21.10	6.10	$	26,122

Schedule of assumptions used to determine the fair value of share options granted


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Risk-free interest rate	4.5	%	3.6	%	4.0	%	3.8	%
Expected volatility	76.0	%	83.7	%	77.8	%	83.6	%
Expected dividend yield	—		—		—		—
Expected term (in years)	6.0		6.1		6.1		6.1

Summarizes activity for RSUs under the 2020 Plan


	Number of Shares	Weighted-Average
	Underlying RSUs	Grant Date Fair Value
Unvested at December 31, 2023	326,848	$	37.40
Granted	608,996		18.19
Vested and settled	(90,936)		36.09
Vested and deferred⁽¹⁾	(21,000)		18.07
Forfeited	(4,704)		18.07
Unvested outstanding at June 30, 2024	819,204		23.87
Vested but subject to deferred settlement at June 30, 2024⁽¹⁾	21,000		18.07
Outstanding at June 30, 2024	840,204	$	23.73

(1)

Nature of the business and basis of presentation

6 Months Ended

Jun. 30, 2024

Nature of the business and basis of presentation

Nature of the business and basis of presentation

1. Nature of the business and basis of presentation

Bicycle Therapeutics plc (collectively with its subsidiaries, the “Company”) is a clinical-stage pharmaceutical company developing a novel class of medicines, which the Company refers to as Bicycle^® molecules, for diseases that are underserved by existing therapeutics. Bicycle molecules are a unique therapeutic modality combining the pharmacology usually associated with a biologic with the manufacturing and pharmacokinetic properties of a small molecule. The Company’s initial internal programs are focused on oncology indications with high unmet medical need. The Company is evaluating zelenectide pevedotin, previously called BT8009, a Bicycle Toxin Conjugate (a “BTC^®”molecule) targeting Nectin-4, in both an ongoing Company-sponsored Phase I/II clinical trial and an ongoing Phase II/III registrational trial, called Duravelo-2, BT5528, a BTC molecule targeting Ephrin type-A receptor 2 (“EphA2”), in a Company-sponsored Phase I/II clinical trial, and BT7480, a Bicycle Tumor-Targeted Immune Cell Agonist^® (a “Bicycle TICA^®” molecule) targeting Nectin-4 and agonizing CD137, in a Company-sponsored Phase I/II clinical trial. In addition, BT1718, a BTC molecule that is being developed to target tumors that express Membrane Type 1 matrix metalloproteinase, is being investigated for safety, tolerability and efficacy in a Phase I/IIa clinical trial sponsored and fully funded by the Centre for Drug Development of Cancer Research UK. The Company’s discovery pipeline in oncology includes next-generation BTC molecules and Bicycle radionuclide conjugates (“BRC^TM”molecules). Beyond the Company’s wholly owned oncology portfolio, the Company is collaborating with biopharmaceutical companies and organizations in therapeutic areas in which the Company believes its proprietary Bicycle screening platform can identify therapies to treat diseases with significant unmet medical need.

The accompanying condensed consolidated financial statements include the accounts of Bicycle Therapeutics plc and its wholly owned subsidiaries, BicycleTx Limited, BicycleRD Limited and Bicycle Therapeutics Inc. All intercompany balances and transactions have been eliminated on consolidation.

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Liquidity

As of June 30, 2024, the Company had cash and cash equivalents of $961.4 million.

The accompanying condensed consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. Since inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, and raising capital. The Company has funded its operations primarily with proceeds from the sale of its ordinary shares, American Depositary Shares representing ordinary shares (“ADSs”), including in offerings pursuant to its at-the-market offering (“ATM”) program, and non-voting ordinary shares, proceeds received from its collaboration arrangements (Note 9) and borrowings from a loan agreement with Hercules Capital, Inc. (“Hercules”) (Note 6).

On May 23, 2024, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with purchasers named therein (the “Investors”). Pursuant to the Purchase Agreement, the Company sold 6,764,705 ADSs, representing the same number of ordinary shares, nominal value £0.01 per share, and 19,169,001 non-voting ordinary shares, nominal value £0.01 per share, each at a purchase price equal to $21.42 per share (the “Private Placement”). The Company completed the Private Placement on May 28, 2024. The transaction resulted in gross proceeds to the Company of $555.5 million, and after deducting commissions and offering expenses of $11.4 million, net proceeds to the Company of $544.1 million.

On June 5, 2020, the Company entered into a Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. and Oppenheimer & Co. Inc. (the “Sales Agents”) with respect to its ATM program pursuant to which the

Company may offer and sell through the Sales Agents, from time to time at the Company’s sole discretion, ADSs. No ADSs were issued or sold pursuant to the Sales Agreement during the three and six months ended June 30, 2024. During the three and six months ended June 30, 2023, the Company issued and sold 520,000 and 620,000 ADSs, respectively, under the Sales Agreement for gross proceeds of $12.5 million and $15.3 million, respectively, resulting in net proceeds of $12.1 million and $14.8 million, respectively, after deducting sales commissions and offering expenses of $0.4 million and $0.5 million, respectively.

The Company has incurred recurring losses since inception, including net losses of $39.8 million and $66.4 million for the three and six months ended June 30, 2024, respectively, and $42.6 million and $81.7 million for the three and six months ended June 30, 2023, respectively. As of June 30, 2024, the Company had an accumulated deficit of $578.1 million. The Company expects to continue to generate operating losses in the foreseeable future. The Company expects that its cash will be sufficient to fund its operating expenses and capital expenditure requirements through at least twelve months from the issuance date of these interim condensed consolidated financial statements.

The Company expects its expenses to increase substantially in connection with ongoing activities, particularly as the Company advances its clinical trials for its product candidates in development and preclinical activities. Accordingly, the Company will need to obtain additional funding in connection with continuing operations. If the Company is unable to raise funding when needed, or on attractive terms, it could be forced to delay, reduce or eliminate its research or drug development programs or any future commercialization efforts. There is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all.

The Company is subject to risks common to companies in the biotechnology industry, including but not limited to, risks of delays in initiating or continuing research programs and clinical trials, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for any drug product candidate that it may identify and develop, the need to successfully commercialize and gain market acceptance of its product candidates, if approved, dependence on key personnel and collaboration partners, protection of proprietary technology, compliance with government regulations, development by competitors of technological innovations, and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval prior to commercialization. Even if the Company’s research and development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

Nature of the business and basis of presentation - Liquidity (Details) $ / shares in Units, $ in Thousands			3 Months Ended				6 Months Ended
	May 28, 2024 USD ($)	May 23, 2024 $ / shares shares	Jun. 30, 2024 USD ($) shares	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($) shares	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2024 £ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2023 £ / shares
Cash and cash equivalents			$ 961,364		$ 340,433		$ 961,364	$ 340,433		$ 526,423
Ordinary shares, nominal value \| £ / shares									£ 0.01		£ 0.01
Gross proceeds before discounts and commissions			544,127		12,127	$ 2,716
Proceeds from the issuance, net of issuance costs							545,106	14,843
Net Income (Loss)			(39,812)	$ (26,563)	$ (42,603)	$ (39,064)	(66,375)	$ (81,667)
Accumulated deficit			$ (578,135)				$ (578,135)			$ (511,760)
At the market offering \| American Depositary Shares
Shares issued (in shares) \| shares			0		520,000		0	620,000
Gross proceeds before discounts and commissions					$ 12,500			$ 15,300
Proceeds from the issuance, net of issuance costs					12,100			14,800
Commissions and offering expenses					$ 400			$ 500
Purchase Agreement
Gross proceeds before discounts and commissions	$ 555,500
Proceeds from the issuance, net of issuance costs	544,100
Commissions and offering expenses	$ 11,400
Purchase Agreement \| American Depositary Shares
Shares issued (in shares) \| shares		6,764,705
Ordinary shares, nominal value \| $ / shares		$ 0.01
Share issue price \| $ / shares		$ 21.42
Purchase Agreement \| Non voting ordinary shares
Shares issued (in shares) \| shares		19,169,001
Ordinary shares, nominal value \| $ / shares		$ 0.01

Income taxes

6 Months Ended

Jun. 30, 2024

Income taxes

Income taxes

10. Income taxes

During the three months ended June 30, 2024, the Company recorded an income tax provision of $0.1 million and during the six months ended June 30, 2024, the Company recorded an income tax benefit of $0.2 million. During the three and six months ended June 30, 2023, the Company recorded an income tax benefit of $0.5 million and $1.1 million, respectively. The Company is subject to corporate taxation in the United Kingdom. Due to the nature of its business, the Company has generated losses since inception and has therefore not paid U.K. corporation tax. The benefit from income taxes included in the condensed consolidated statements of operations and comprehensive loss represents the tax impact from operating activities in the United States, which has generated taxable income based on intercompany service arrangements. Deferred tax assets benefitted in the United States do not have a valuation allowance against them because of profits that will be generated by an intercompany service agreement.

The Company’s income tax provision recognized during the three months ended June 30, 2024 is due to timing differences associated with discrete items related to share option exercises. The Company's income tax benefit recognized during the six months ended June 30, 2024 and the three and six months ended June 30, 2023 is mainly the result of deferred tax assets benefitted in the United States that do not have a valuation allowance against them because of profits that will be generated by an intercompany service agreement.

The Company regularly assesses its ability to realize its deferred tax assets. Assessing the realization of deferred tax assets requires significant judgment. In determining whether its deferred tax assets are more likely than not realizable, the Company evaluated all available positive and negative evidence, and weighed the evidence based on its objectivity. After consideration of the evidence, including the Company’s history of cumulative net losses in the United Kingdom, the Company has concluded that it is more likely than not that the Company will not realize the benefits of its U.K. deferred tax assets and accordingly the Company has provided a valuation allowance for the full amount of the net deferred tax assets in the United Kingdom as of June 30, 2024 and December 31, 2023. The Company has considered the Company’s history of cumulative net profits in the United States, estimated future taxable income and concluded that it is more likely than not that the Company will realize the benefits of its U.S. deferred tax assets and has not provided a valuation allowance against the net deferred tax assets in the United States.

The Company intends to continue to maintain a full valuation allowance on its U.K. deferred tax assets until there is sufficient evidence to support the reversal of all or some portion of these allowances. The release of the valuation allowance would result in the recognition of certain deferred tax assets and an increase to the benefit from income taxes for the period the release is recorded. However, the exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that the Company is able to actually achieve.

The provision for (benefit from) income taxes recorded in the condensed consolidated statements of operations differs from amounts that would result from applying the statutory tax rates to income before taxes primarily because of certain permanent expenses that were not deductible, U.K., federal and state research and development credits, as well as the application of valuation allowances against the U.K. deferred tax assets.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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+ Details

Commitments and contingencies - Operating Leases, Office and laboratory space Cambridge (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Dec. 06, 2021	Jan. 31, 2023	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2017
Leases
Operating lease right-of-use assets				$ 10,933	$ 13,169
Lease liabilities				11,828
Office and laboratory space in Cambridge Massachusetts
Leases
Lease total contractual Term		3 years
Renewal term		2 years
Leases, term of contract		3 years
Annual rent		$ 2,100
Rental payment		$ 2,300
Rent free period		2 months
Security deposit		$ 500
Operating lease right-of-use assets		5,800
Lease liabilities		$ 5,800
Discounted percentage for present value of lease payments		9.00%
New Office and laboratory space in Cambridge, United Kingdom
Leases
Lease total contractual Term	10 years
Renewal term	10 years
Leases, term of contract	5 years
Annual rent	$ 3,000
Rent free period	6 months
Security deposit	$ 0
Operating lease right-of-use assets	11,600
Lease liabilities	$ 11,100
Discounted percentage for present value of lease payments	6.90%
Office and laboratory space in Building 900, Babraham Research Campus, Cambridge
Leases
Renewal term							5 years
Annual rent							$ 600
Estimated service charges payable							$ 200
Office and laboratory space in Building 900, Babraham Research Campus, Cambridge \| General and administrative expenses
Leases
Loss on lease termination			$ 300
Office and laboratory space in Lexington, Massachusetts
Leases
Annual rent				$ 800
Security deposit								$ 200
Discounted percentage for present value of lease payments				7.00%
Payments for the extended lease remaining					$ 700	$ 200

Significant agreements - AstraZeneca Collaboration Agreement (Details) $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended
	Apr. 30, 2023 USD ($)	May 31, 2018 USD ($)	Nov. 30, 2016 item	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Aug. 31, 2021 USD ($)	Oct. 31, 2020 USD ($)	Jun. 30, 2019 USD ($)
Significant agreements.
Collaboration revenues				$ 9,361	$ 11,397	$ 28,891	$ 16,293
Deferred revenue				105,613		105,613		$ 135,194	$ 61,873
AstraZeneca
Significant agreements.
Option fee for development and exploitation rights		$ 5,000
Transaction price		5,700
Collaboration revenues				0	$ 1,204	0	$ 1,204
Deferred revenue				$ 0		$ 0		$ 0	$ 1,076
AstraZeneca \| Target 3 Material Right
Significant agreements.
Deferred revenue related to the associated material rights												$ 1,500
AstraZeneca \| Target 4 Material Right
Significant agreements.
Deferred revenue recognized	$ 1,200
AstraZeneca \| Target 5 Material Right
Significant agreements.
Deferred revenue related to the associated material rights										$ 1,200
AstraZeneca \| Target 6 Material Right
Significant agreements.
Deferred revenue related to the associated material rights											$ 1,100
AstraZeneca \| Research and Development Milestone
Significant agreements.
Transaction price		700
AstraZeneca \| 2016 Collaboration Agreement
Significant agreements.
Biological Targets \| item			2
AstraZeneca \| May 2018 Option Exercise
Significant agreements.
Option fee for development and exploitation rights		$ 5,000
Transaction price													$ 6,300

Share-based compensation - Restricted Share Units (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restricted shares
Total share-based compensation expense	$ 9,264	$ 8,193	$ 18,546	$ 17,235
Restricted share units \| 2020 Plan
Number of Shares Underlying RSUs
Unvested restricted ordinary shares at beginning			326,848
Granted			608,996
Vested and settled			(90,936)
Vested and deferred			(21,000)
Forfeited			(4,704)
Unvested restricted ordinary shares at ending	819,204		819,204
Unvested restricted ordinary shares, Vested but subject to deferred settlement			21,000
Outstanding ordinary shares at ending	840,204		840,204
Weighted Average Grant Date Fair Value
Weighted average grant date fair value unvested, Beginning Balance			$ 37.40
Granted			18.19
Vested and settled			36.09
Vested and deferred			18.07
Forfeited			18.07
Weighted average grant date fair value unvested, Ending Balance	$ 23.87		23.87
Weighted average grant date fair value, Vested but subject to deferred settlement			18.07
Weighted average grant date fair value unvested, Ending Balance	$ 23.73		$ 23.73
Restricted shares
Fair value of employee restricted share awards vested	$ 800	500	$ 2,300	2,100
Total share-based compensation expense	1,900	$ 1,400	3,700	$ 3,000
Unrecognized compensation cost	$ 17,300		$ 17,300
Weighted average Period			2 years 9 months 18 days

Debt - Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt
Term loan payable	$ 30,000	$ 30,000
End of term charge	1,092	946
Unamortized debt issuance costs	(183)	(248)
Carrying value of term loan	30,909	30,698
Less: current portion	(22,404)
Debt, net of discount and current portion	$ 8,505	$ 30,698

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt

Schedule of long term debt instruments

Debt consisted of the following (in thousands):


	June 30,		December 31,
	2024		2023
Term loan payable	$	30,000	$	30,000
End of term charge		1,092		946
Unamortized debt issuance costs		(183)		(248)
Carrying value of term loan		30,909		30,698
Less: current portion		(22,404)		—
Debt, net of discount and current portion	$	8,505	$	30,698

Schedule of maturities of long term debt

Future principal payments, including the End of Term Charge, are as follows (in thousands):


Year Ending December 31,
2024		—
2025		31,500
Total	$	31,500

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Condensed Consolidated Statements of Operations and Comprehensive Loss
Collaboration revenues	$ 9,361	$ 11,397	$ 28,891	$ 16,293
Operating expenses:
Research and development	40,059	39,720	74,923	71,931
General and administrative	15,949	14,788	32,331	29,276
Total operating expenses	56,008	54,508	107,254	101,207
Loss from operations	(46,647)	(43,111)	(78,363)	(84,914)
Other income (expense):
Interest income	7,774	812	13,398	3,741
Interest expense	(824)	(821)	(1,645)	(1,629)
Total other income (expense), net	6,950	(9)	11,753	2,112
Net loss before income tax provision	(39,697)	(43,120)	(66,610)	(82,802)
Provision for (benefit from) income taxes	115	(517)	(235)	(1,135)
Net loss	$ (39,812)	$ (42,603)	$ (66,375)	$ (81,667)
Net loss per share, basic	$ (0.77)	$ (1.41)	$ (1.40)	$ (2.71)
Net loss per share, diluted	$ (0.77)	$ (1.41)	$ (1.40)	$ (2.71)
Weighted average ordinary shares outstanding, basic	51,992,034	30,191,693	47,276,062	30,097,234
Weighted average ordinary shares outstanding, diluted	51,992,034	30,191,693	47,276,062	30,097,234
Comprehensives loss:
Net Income (Loss)	$ (39,812)	$ (42,603)	$ (66,375)	$ (81,667)
Other comprehensive income:
Foreign currency translation adjustment	(314)	(948)	212	(1,264)
Total comprehensive loss	$ (40,126)	$ (43,551)	$ (66,163)	$ (82,931)

Share-based compensation - Share based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share based compensation expense
Total share-based compensation expense	$ 9,264	$ 8,193	$ 18,546	$ 17,235
Research and development expenses
Share based compensation expense
Total share-based compensation expense	4,599	3,988	9,130	8,584
General and administrative expenses
Share based compensation expense
Total share-based compensation expense	$ 4,665	$ 4,205	$ 9,416	$ 8,651

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income taxes
Provision for (benefit from) income taxes	$ 115	$ (517)	$ (235)	$ (1,135)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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-Topic 740
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-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Significant agreements - Novartis Collaboration Agreement - Accounting Analysis (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Mar. 27, 2023 USD ($) item	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenues		$ 9,361	$ 11,397	$ 28,891	$ 16,293
Deferred revenue		105,613		105,613		$ 135,194	$ 61,873
Novartis
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transaction price	$ 50,000
Collaboration revenues		3,778	$ 0	5,025	$ 0
Deferred revenue		$ 44,641		$ 44,641		$ 50,008
Novartis \| Two combined performance obligations for the first and second targets comprised of the Novartis Research License and the related research and development services during the research term for the first and second targets
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Combined performance obligations \| item	2
Transaction price	$ 18,008
Novartis \| Two material rights associated with limited substitution rights
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of material rights \| item	2
Transaction price	$ 2,466
Novartis \| Two material rights associated with options to progress development candidates incorporating radionuclides
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of material rights \| item	2
Transaction price	$ 19,684
Novartis \| Two material rights associated with options to progress development candidates not incorporating radionuclides
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of material rights \| item	2
Transaction price	$ 9,842

Significant agreements - Bayer Collaboration Agreement (Details) $ in Thousands, £ in Millions		3 Months Ended		6 Months Ended
	May 04, 2023 USD ($) item	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	May 04, 2023 GBP (£) item	Dec. 31, 2022 USD ($)
Significant agreements.
Revenue from collaborative arrangement		$ 9,361	$ 11,397	$ 28,891	$ 16,293
Deferred revenue		105,613		105,613		$ 135,194		$ 61,873
Bayer Collaboration Agreement
Significant agreements.
Number of collaboration targets \| item	2						2
Upfront cash payment	$ 45,000
Milestone payments receivable \| £							£ 583.5
Period to terminate agreement upon written notice for uncured material breach	90 days
Number of business days to terminate agreement upon non payment by Bayer	20 days
Transaction price	$ 47,500
Estimated amount payable to CROs	$ 2,500
Expected period for satisfaction of performance obligations	4 years
Material rights exercise period	7 years
Revenue from collaborative arrangement		844	$ 0	1,662	$ 0
Deferred revenue		$ 41,802		$ 41,802		$ 43,618
Bayer Collaboration Agreement \| Minimum
Significant agreements.
Number of candidate compounds into further development \| item	1						1
Threshold period to terminate agreement upon written notice by Bayer	60 days
Bayer Collaboration Agreement \| Maximum
Significant agreements.
Number of collaboration targets \| item	3						3
Milestone payments receivable \| £							£ 194.5
Threshold period to terminate agreement upon written notice by Bayer	90 days
Bayer Collaboration Agreement \| Development and regulatory milestones \| Maximum
Significant agreements.
Milestone payments receivable \| £							178.3
Bayer Collaboration Agreement \| Across all three potential target programs
Significant agreements.
Milestone payments receivable \| £							£ 534.9