0001558370-21-010379 | 10-Q | XBRL Viewer

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 02, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Entity 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	B900
Entity Address, Address Line Two	Babraham Research Campus
Entity Address, City or Town	Cambridge
Entity Address, Country	GB
Entity Address, Postal Zip Code	CB22 3AT
City Area Code	+44
Local Phone Number	1223 261503
Title of 12(b) Security	American Depositary Shares, each representing one ordinary share, nominal value £0.01 per share
No Trading Symbol Flag	true
Trading Symbol	BCYC
Security Exchange Name	NASDAQ
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,509,312
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001761612
Amendment Flag	false
Entity Ex Transition Period	true

Label	Element	Value
Contract with Customer, Liability, Revenue Recognized, Proportional Performance Obligation	bcyc_ContractWithCustomerLiabilityRevenueRecognizedProportionalPerformanceObligation	$ 1,405,000
Contract with Customer, Liability, Revenue Recognized, Proportional Performance Obligation	bcyc_ContractWithCustomerLiabilityRevenueRecognizedProportionalPerformanceObligation	1,251,000
Contract with Customer, Liability, Revenue Recognized, Proportional Performance Obligation	bcyc_ContractWithCustomerLiabilityRevenueRecognizedProportionalPerformanceObligation	3,057,000
Contract with Customer, Liability, Revenue Recognized, Proportional Performance Obligation	bcyc_ContractWithCustomerLiabilityRevenueRecognizedProportionalPerformanceObligation	2,002,000
Revenue Recognition, Allocated Determined Transaction Price	bcyc_RevenueRecognitionAllocatedDeterminedTransactionPrice	31,000,000.0
Revenue Recognition, Allocated Determined Transaction Price	bcyc_RevenueRecognitionAllocatedDeterminedTransactionPrice	33,000,000.0
Revenue Recognition, Allocated Determined Transaction Price	bcyc_RevenueRecognitionAllocatedDeterminedTransactionPrice	4,019,000
Revenue Recognition, Allocated Determined Transaction Price	bcyc_RevenueRecognitionAllocatedDeterminedTransactionPrice	8,037,000
Revenue Recognition, Allocated Determined Transaction Price	bcyc_RevenueRecognitionAllocatedDeterminedTransactionPrice	352,000
Revenue Recognition, Allocated Determined Transaction Price	bcyc_RevenueRecognitionAllocatedDeterminedTransactionPrice	12,400,000
Revenue Recognition, Allocated Determined Transaction Price	bcyc_RevenueRecognitionAllocatedDeterminedTransactionPrice	1,187,000
Revenue Recognition, Allocated Determined Transaction Price	bcyc_RevenueRecognitionAllocatedDeterminedTransactionPrice	7,005,000
Revenue Recognition, Allocated Determined Transaction Price	bcyc_RevenueRecognitionAllocatedDeterminedTransactionPrice	33,000,000
Revenue Recognition, Allocated Determined Transaction Price	bcyc_RevenueRecognitionAllocatedDeterminedTransactionPrice	1,100,000
Revenue Recognition, Allocated Determined Transaction Price	bcyc_RevenueRecognitionAllocatedDeterminedTransactionPrice	5,700,000
Revenue Recognition, Allocated Determined Transaction Price	bcyc_RevenueRecognitionAllocatedDeterminedTransactionPrice	5,000,000.0
Revenue Recognition, Allocated Determined Transaction Price	bcyc_RevenueRecognitionAllocatedDeterminedTransactionPrice	650,000
Revenue Recognition, Allocated Determined Transaction Price	bcyc_RevenueRecognitionAllocatedDeterminedTransactionPrice	1,504,000
Revenue Recognition, Allocated Determined Transaction Price	bcyc_RevenueRecognitionAllocatedDeterminedTransactionPrice	1,204,000
Revenue Recognition, Allocated Determined Transaction Price	bcyc_RevenueRecognitionAllocatedDeterminedTransactionPrice	1,165,000
Revenue Recognition, Allocated Determined Transaction Price	bcyc_RevenueRecognitionAllocatedDeterminedTransactionPrice	1,127,000
Revenue Recognition, Allocated Determined Transaction Price	bcyc_RevenueRecognitionAllocatedDeterminedTransactionPrice	5,650,000
Revenue Recognition, Allocated Determined Transaction Price	bcyc_RevenueRecognitionAllocatedDeterminedTransactionPrice	6,300,000
Revenue Recognition, Allocated Determined Transaction Price	bcyc_RevenueRecognitionAllocatedDeterminedTransactionPrice	3,000,000.0
Non Cash Interest Expense	bcyc_NonCashInterestExpense	223,000
Customer Option Payment	bcyc_CustomerOptionPayment	700,000
Customer Option Payment	bcyc_CustomerOptionPayment	500,000
Customer Option Payment	bcyc_CustomerOptionPayment	8,000,000.0
Contract with Customer, Liability, Revenue Recognized, Expiration of Material Rights	bcyc_ContractWithCustomerLiabilityRevenueRecognizedExpirationOfMaterialRights	380,000
Contract with Customer, Liability, Revenue Recognized, Expiration of Material Rights	bcyc_ContractWithCustomerLiabilityRevenueRecognizedExpirationOfMaterialRights	380,000
Increase (Decrease) in Operating Lease Right-of-use Assets	bcyc_IncreaseDecreaseInOperatingLeaseRightOfUseAssets	2,229,000
Increase (Decrease) in Operating Lease Right-of-use Assets	bcyc_IncreaseDecreaseInOperatingLeaseRightOfUseAssets	(374,000)
Increase (Decrease) in Research and Development Incentives Receivable	bcyc_IncreaseDecreaseInResearchAndDevelopmentIncentivesReceivable	4,982,000
Increase (Decrease) in Research and Development Incentives Receivable	bcyc_IncreaseDecreaseInResearchAndDevelopmentIncentivesReceivable	4,446,000
Contract with Customer, Liability, Deductions	bcyc_ContractWithCustomerLiabilityDeductions	277,000
Contract with Customer, Liability, Deductions	bcyc_ContractWithCustomerLiabilityDeductions	237,000
Contract with Customer, Liability, Deductions	bcyc_ContractWithCustomerLiabilityDeductions	3,079,000
Contract with Customer, Liability, Deductions	bcyc_ContractWithCustomerLiabilityDeductions	3,593,000
Contract with Customer, Liability, Deductions	bcyc_ContractWithCustomerLiabilityDeductions	2,696,000
Contract with Customer, Liability, Deductions	bcyc_ContractWithCustomerLiabilityDeductions	$ 8,028,000
Collaborative Arrangement, Right to Initiate New Research Program, Period	bcyc_CollaborativeArrangementRightToInitiateNewResearchProgramPeriod	2 years
Collaborative Arrangement, Notice Required For Termination Of Agreement	bcyc_CollaborativeArrangementNoticeRequiredForTerminationOfAgreement	60 days
Collaborative Arrangement, Notice Required For Termination Of Agreement	bcyc_CollaborativeArrangementNoticeRequiredForTerminationOfAgreement	30 days
Total Revenue Recognized From Both The Beginning Balance And Current Period Increase In Contract Liability	bcyc_TotalRevenueRecognizedFromBothBeginningBalanceAndCurrentPeriodIncreaseInContractLiability	$ 1,785,000
Total Revenue Recognized From Both The Beginning Balance And Current Period Increase In Contract Liability	bcyc_TotalRevenueRecognizedFromBothBeginningBalanceAndCurrentPeriodIncreaseInContractLiability	1,251,000
Total Revenue Recognized From Both The Beginning Balance And Current Period Increase In Contract Liability	bcyc_TotalRevenueRecognizedFromBothBeginningBalanceAndCurrentPeriodIncreaseInContractLiability	3,593,000
Total Revenue Recognized From Both The Beginning Balance And Current Period Increase In Contract Liability	bcyc_TotalRevenueRecognizedFromBothBeginningBalanceAndCurrentPeriodIncreaseInContractLiability	2,002,000
Option Fee for Development and Exploitation Rights	bcyc_OptionFeeForDevelopmentAndExploitationRights	30,000,000.0
Option Fee for Development and Exploitation Rights	bcyc_OptionFeeForDevelopmentAndExploitationRights	5,000,000.0
Contract with Customer, Liability, Additions	bcyc_ContractWithCustomerLiabilityAdditions	54,000
Contract with Customer, Liability, Additions	bcyc_ContractWithCustomerLiabilityAdditions	2,000,000
Contract with Customer, Liability, Additions	bcyc_ContractWithCustomerLiabilityAdditions	2,054,000
Contract with Customer, Liability, Additions	bcyc_ContractWithCustomerLiabilityAdditions	585,000
Contract with Customer, Liability, Additions	bcyc_ContractWithCustomerLiabilityAdditions	35,085,000
Research and Development Incentives Receivable, Current	bcyc_ResearchAndDevelopmentIncentivesReceivableCurrent	14,258,000
Research and Development Incentives Receivable, Current	bcyc_ResearchAndDevelopmentIncentivesReceivableCurrent	9,177,000
Contract With Customer Liability Revenue Recognized On Changes In Transaction Price	bcyc_ContractWithCustomerLiabilityRevenueRecognizedOnChangesInTransactionPrice	156,000
Collaborative Arrangement, Upfront Cash Payment Received	bcyc_CollaborativeArrangementUpfrontCashPaymentReceived	30,000,000.0
Collaborative Arrangement, Upfront Cash Payment Received	bcyc_CollaborativeArrangementUpfrontCashPaymentReceived	1,100,000
Collaborative Arrangement, Upfront Cash Payment Received	bcyc_CollaborativeArrangementUpfrontCashPaymentReceived	3,000,000.0
Research and Development Arrangement Obligation to Repay Other Parties	bcyc_ResearchAndDevelopmentArrangementObligationToRepayOtherParties	50,900,000
Research and Development Arrangement Obligation to Repay Other Parties	bcyc_ResearchAndDevelopmentArrangementObligationToRepayOtherParties	$ 60,300,000
Stock Issued During Period, Shares, Warrants Exercised	bcyc_StockIssuedDuringPeriodSharesWarrantsExercised	21,435
Stock Issued During Period, Shares, Warrants Exercised	bcyc_StockIssuedDuringPeriodSharesWarrantsExercised	71,450
Number of FTE	bcyc_NumberOfFte	2
Stock Issued During Period Value Warrants Exercised	bcyc_StockIssuedDuringPeriodValueWarrantsExercised	$ 1,000
Stock Issued During Period Value Warrants Exercised	bcyc_StockIssuedDuringPeriodValueWarrantsExercised	1,000
Operating Lease, Annual Rent	bcyc_OperatingLeaseAnnualRent	500,000
Operating Lease Agreement, Estimated Service Charges	bcyc_OperatingLeaseAgreementEstimatedServiceCharges	500,000
Operating Lease Agreement, Estimated Service Charges	bcyc_OperatingLeaseAgreementEstimatedServiceCharges	100,000
Deferred Initial Public Offering Costs Incurred But Not Yet Paid	bcyc_DeferredInitialPublicOfferingCostsIncurredButNotYetPaid	274,000
Research and Development Arrangement Liability to Repay Other Parties	bcyc_ResearchAndDevelopmentArrangementLiabilityToRepayOtherParties	3,000,000.0
Research and Development Arrangement Liability to Repay Other Parties	bcyc_ResearchAndDevelopmentArrangementLiabilityToRepayOtherParties	$ 2,600,000
Collaborative Arrangement, Bicycle Research Program, Term	bcyc_CollaborativeArrangementBicycleResearchProgramTerm	4 months
Cash Paid for Amounts Included in Measurement of Operating Lease Liabilities	bcyc_CashPaidForAmountsIncludedInMeasurementOfOperatingLeaseLiabilities	$ 200,000
Cash Paid for Amounts Included in Measurement of Operating Lease Liabilities	bcyc_CashPaidForAmountsIncludedInMeasurementOfOperatingLeaseLiabilities	406,000
Proceeds From Issuance Of Common Stock, Gross	bcyc_ProceedsFromIssuanceOfCommonStockGross	125,000,000.0
Proceeds From Issuance Of Common Stock, Gross	bcyc_ProceedsFromIssuanceOfCommonStockGross	30,800,000
Purchase of Property and Equipment Included in Accounts Payable or Accrued Expenses	bcyc_PurchaseOfPropertyAndEquipmentIncludedInAccountsPayableOrAccruedExpenses	36,000
Purchase of Property and Equipment Included in Accounts Payable or Accrued Expenses	bcyc_PurchaseOfPropertyAndEquipmentIncludedInAccountsPayableOrAccruedExpenses	12,000
Debt Instrument Prepayment Option Excess Of Outstanding Amount	bcyc_DebtInstrumentPrepaymentOptionExcessOfOutstandingAmount	$ 5,000,000.0
Collaborative Arrangement, Number of Biological Targets	bcyc_CollaborativeArrangementNumberOfBiologicalTargets	2
Number Of Potential Development Candidates	bcyc_NumberOfPotentialDevelopmentCandidates	4
Collaboration Agreement, Equity Investment	bcyc_CollaborationAgreementEquityInvestment	$ 11,000,000.0
Reduction of Research and Development Expense Related to Government Grant Arrangements	bcyc_ReductionOfResearchAndDevelopmentExpenseRelatedToGovernmentGrantArrangements	800,000
Reduction of Research and Development Expense Related to Government Grant Arrangements	bcyc_ReductionOfResearchAndDevelopmentExpenseRelatedToGovernmentGrantArrangements	1,900,000
Reduction of Research and Development Expense Related to Government Grant Arrangements	bcyc_ReductionOfResearchAndDevelopmentExpenseRelatedToGovernmentGrantArrangements	0
Reduction of Research and Development Expense Related to Government Grant Arrangements	bcyc_ReductionOfResearchAndDevelopmentExpenseRelatedToGovernmentGrantArrangements	100,000
Expansion Fee Per Additional Collaboration Program	bcyc_ExpansionFeePerAdditionalCollaborationProgram	$ 10,000,000.0
Maximum Days Allowed for Cancellation of Contracts Prior Written Notice	bcyc_MaximumDaysAllowedForCancellationOfContractsPriorWrittenNotice	90 days
Collaboration Agreement, Regulatory, And Initial Commercialization Milestones, Receivable	bcyc_CollaborationAgreementRegulatoryAndInitialCommercializationMilestonesReceivable	$ 200,000,000.0
Collaboration Agreement, Sales Milestone Payments, Receivable	bcyc_CollaborationAgreementSalesMilestonePaymentsReceivable	1,000,000.0
Collaboration Agreement, Sales Milestone Payments, Receivable	bcyc_CollaborationAgreementSalesMilestonePaymentsReceivable	200,000,000.0
Collaboration Agreement, Sales Milestone Payments, Receivable	bcyc_CollaborationAgreementSalesMilestonePaymentsReceivable	$ 2,000,000.0
Number of Voter Per Share	bcyc_NumberOfVoterPerShare	1
Period Over Which Performance Obligations Will Be Performed	bcyc_PeriodOverWhichPerformanceObligationsWillBePerformed	2 years
Litigation Settlement, Amount Payable On First Anniversary	bcyc_LitigationSettlementAmountPayableOnFirstAnniversary	$ 1,000,000.0
Number Of Immuno Oncology Targets	bcyc_NumberOfImmunoOncologyTargets	2
Additional Number Of Immuno Oncology Targets	bcyc_AdditionalNumberOfImmunoOncologyTargets	2
Period of Royalty Payments Agreed under Arrangement	bcyc_PeriodOfRoyaltyPaymentsAgreedUnderArrangement	10 years
Collaborative Arrangement, Milestone Method Payments Receivable, Term	bcyc_CollaborativeArrangementMilestoneMethodPaymentsReceivableTerm	5 days
Share Based Compensation Arrangements By Share Based Payment, Award Vesting, Number Of Equal Monthly Installments	bcyc_ShareBasedCompensationArrangementsByShareBasedPaymentAwardVestingNumberOfEqualMonthlyInstallments	36 months
Share Based Compensation Arrangements By Share Based Payment, Award Vesting, Number Of Equal Monthly Installments	bcyc_ShareBasedCompensationArrangementsByShareBasedPaymentAwardVestingNumberOfEqualMonthlyInstallments	36 months
Number Of Initial Collaboration Programs	bcyc_NumberOfInitialCollaborationPrograms	1
Settlement Agreement, Milestone Payments	bcyc_SettlementAgreementMilestonePayments	$ 92,400,000
Material Rights Exercise or Expiry Term	bcyc_MaterialRightsExerciseOrExpiryTerm	4 years
Number of Collaboration programs	bcyc_NumberOfCollaborationPrograms	2
Number of Collaboration programs	bcyc_NumberOfCollaborationPrograms	2
Number Of Expansion Option Collaboration Programs Dev Go	bcyc_NumberOfExpansionOptionCollaborationProgramsDevGo	2
Number Of Expansion Option Collaboration Programs Dev Go	bcyc_NumberOfExpansionOptionCollaborationProgramsDevGo	2
Collaboration Agreement , Number of Targets	bcyc_CollaborationAgreementNumberOfTargets	4
Debt End Of Term Charge	bcyc_DebtEndOfTermCharge	$ 207,000
Number Of Years Over Which Royalty Is Payable	bcyc_NumberOfYearsOverWhichRoyaltyIsPayable	10 years
Long Term Debt Including, End Term Charge	bcyc_LongTermDebtIncludingEndTermCharge	$ 31,500,000
Present Value Adjustment For Operating Lease Payment	bcyc_PresentValueAdjustmentForOperatingLeasePayment	$ 666,000
Collaborative Arrangement, Exercising Option to Establish Jointly-Owned Company, Period	bcyc_CollaborativeArrangementExercisingOptionToEstablishJointlyOwnedCompanyPeriod	90 days
Collaboration Agreement Upfront Payment Fee Received	bcyc_CollaborationAgreementUpfrontPaymentFeeReceived	$ 31,000,000.0
Development milestone
Revenue Recognition, Allocated Determined Transaction Price	bcyc_RevenueRecognitionAllocatedDeterminedTransactionPrice	700,000
Customer Option Payment	bcyc_CustomerOptionPayment	29,000,000.0
Collaboration Agreement, Sales Milestone Payments, Receivable	bcyc_CollaborationAgreementSalesMilestonePaymentsReceivable	65,000,000.0
Regulatory milestone
Customer Option Payment	bcyc_CustomerOptionPayment	23,000,000.0
Collaboration Agreement, Sales Milestone Payments, Receivable	bcyc_CollaborationAgreementSalesMilestonePaymentsReceivable	135,000,000.0
Specific scientific criteria milestone
Collaborative Arrangement , Milestone Payment Received	bcyc_CollaborativeArrangementMilestonePaymentReceived	500,000
Commercial milestone
Customer Option Payment	bcyc_CustomerOptionPayment	$ 110,000,000.0

Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accrued expenses and other current liabilities
Accrued external research and development expenses	$ 5,520	$ 4,428

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Cover Document and Entity Information Notes Details Accrued expenses and other current liabilities (Details) Uncategorized Uncategorized Items - bcyc-20210630x10q_htm.xml All Reports