Bicycle Therapeutics plc

 
 
Bicycle Therapeutics plc 
Annual Report and financial statements 
for the year ended 31 December 2024 
Company No: 11036004 

 
Bicycle Therapeutics plc 
Annual report and financial statements 
for the year ended 31 December 2024 
Contents 
 
 
General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
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Strategic Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
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Directors’ Remuneration Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
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Directors’ Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
56
Independent auditors’ report to the members of Bicycle Therapeutics plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
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Consolidated statement of comprehensive income for the year ended 31 December 2024 . . . . . . . . . . . . . . . . .  
67
Consolidated and Parent Company balance sheets as at 31 December 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
68
Consolidated statement of changes in equity for the year ended 31 December 2024 . . . . . . . . . . . . . . . . . . . . . .  
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Parent Company statement of changes in equity for the year ended 31 December 2024 . . . . . . . . . . . . . . . . . . .  
70
Consolidated statement of cash flows for the year ended 31 December 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . .  
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Notes to the financial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
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1 
Bicycle Therapeutics plc 
year ended 31 December 2024 
General Information 
Directors 
Felix Baker 
Janice Bourque 
Jose-Carlos Gutierrez-Ramos 
Richard Kender 
Kevin Lee 
Pierre Legault 
Alessandro Riva 
Stephen Sands 
Gregory Winter 
Secretary 
Jim Sutcliffe 
Registered office 
Blocks A & B 
Portway Building Granta Park 
Great Abington, Cambridge 
United Kingdom, CB21 6GS 
Company Number 
11036004 
Independent Statutory Auditors 
PricewaterhouseCoopers LLP 
The Maurice Wilkes Building 
St. John’s Innovation Park 
Cowley Road 
Cambridge 
CB4 0DS 
Bankers 
Barclays Bank 
9-11 St Andrews Street 
Cambridge 
CB2 3AA 
Solicitors 
Cooley (UK) LLP 
22 Bishopsgate 
London 
EC2N 4BQ 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Strategic Report 
2 
Introduction 
Bicycle Therapeutics plc (the “Parent Company”) on behalf of itself and its subsidiaries, BicycleTx 
Limited, BicycleRD Limited and Bicycle Therapeutics Inc. (which together may be referred to as the “Company”, 
“Bicycle”, “we”, “us” or “our”), is required to produce a strategic report complying with the requirements of the 
Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 (the “Regulations”) for the year 
ended 31 December 2024. Bicycle also filed with the U.S. Securities and Exchange Commission (the “SEC”) its 
Annual Report on Form 10-K for the year ended 31 December 2024 (the “Form 10-K”) on 25 February 2025, which 
contains additional disclosures regarding some of the matters discussed in this report. 
Principal activities 
We carry out research and development activities developing novel bicyclic peptides and have offices in 
both Cambridge, U.K. and Massachusetts, U.S. 
Since 28 May 2019 the Parent Company has had American Depositary Shares representing its ordinary 
shares (“ADSs”) traded on The Nasdaq Stock Market (“NASDAQ”) in the U.S. 
Business overview 
We are a clinical-stage pharmaceutical company developing a novel class of medicines, which we refer to 
as Bicycle® molecules, for diseases that are underserved by existing therapeutics. Bicycle molecules are fully 
synthetic short peptides constrained to form two loops which stabilise their structural geometry. This constraint 
facilitates target binding with high affinity and selectivity, making Bicycle molecules attractive candidates for drug 
development. Bicycle molecules are a unique therapeutic modality combining the pharmacology usually associated 
with a biologic with the manufacturing and pharmacokinetic, or PK, properties of a small molecule. The relatively 
large surface area presented by Bicycle molecules allows targets to be drugged that have historically been intractable 
to non-biological approaches. Bicycle molecules are excreted by the kidney rather than the liver and have shown no 
signs of immunogenicity to date, qualities which we believe explain the molecules’ favourable toxicological profile. 
We have a novel and proprietary phage display screening platform which we use to identify Bicycle 
molecules in an efficient manner. The platform initially displays linear peptides on the surface of engineered 
bacteriophages, or phages, before “on-phage” cyclization with a range of small molecule scaffolds which can confer 
differentiated physicochemical and structural properties. Our platform encodes quadrillions of potential Bicycle 
molecules which can be screened to identify molecules for optimisation to potential product candidates. We have 
used this powerful screening technology to identify our current portfolio of candidates in oncology and intend to use 
it in conjunction with our collaborators to seek to develop additional future candidates across a range of other 
disease areas. 
Our product candidates, zelenectide pevedotin, formerly BT8009, and BT5528, are each a Bicycle Toxin 
Conjugate, or a BTC® molecule. These Bicycle molecules are chemically attached to a toxin that, when 
administered, is cleaved from the Bicycle molecule and kills the tumour cells. We are evaluating zelenectide 
pevedotin, a BTC molecule targeting Nectin-4, in an ongoing company-sponsored Phase I/II clinical trial to assess 
the safety, pharmacokinetics and clinical activity in patients with Nectin-4 expressing advanced malignancies and an 
ongoing company-sponsored Phase II/III registrational trial called Duravelo-2, allowing for potential accelerated 
approval in untreated and previously treated metastatic urothelial cancer. We are also evaluating zelenectide 
pevedotin in an ongoing company-sponsored Phase I/II clinical trial to assess the efficacy and safety of zelenectide 
pevedotin in patients with NECTIN4 amplified advanced breast cancer, which commenced recruiting patients in the 
first quarter of 2025. Enrolment in these trials is ongoing. In addition, we are evaluating BT5528, a BTC molecule 
targeting Ephrin type A receptor 2, or EphA2, in a company-sponsored Phase I/II clinical trial, for which enrolment 
is ongoing. Our other product candidate, BT7480, is a Bicycle Tumor-Targeted Immune Cell Agonist®, or a Bicycle 
TICA® molecule. A Bicycle TICA molecule links immune cell receptor binding Bicycle molecules to tumour 
antigen binding Bicycle molecules. We are evaluating BT7480, a Bicycle TICA molecule targeting Nectin-4 and 
agonising CD137, in a company-sponsored Phase I/II clinical trial. Our discovery pipeline in oncology includes 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Strategic Report (continued) 
3 
next-generation BTC molecules and Bicycle Radionuclide Conjugates, or BRC® molecules. In August 2024, we 
focused our research and development pipeline on clinical programs and research areas that we believe have the 
highest potential to maximise value creation and we consolidated all discovery research activities to our 
headquarters in Cambridge, U.K. Moving forward, we will prioritise the clinical development of BTC molecules in 
multiple tumour types; focus near-term research efforts on advancing our BRC pipeline and the discovery of next-
generation BTC molecules; and, except for BT7480, explore innovative ways to continue development of our 
immuno-oncology portfolio, including Bicycle TICA molecules, through collaboration. 
Beyond our wholly owned oncology portfolio, we are collaborating with biopharmaceutical companies and 
organisations in additional therapeutic areas in which we believe our proprietary Bicycle screening platform can 
identify therapies to treat diseases with significant unmet medical need.  
The following table summarises key information about our oncology programs: 
 
 
We were founded in 2009 based on innovative science conducted by Sir Greg Winter and Professor 
Christian Heinis. Sir Greg Winter is a pioneer in monoclonal antibodies and, in 2018, was awarded a Nobel Prize in 
chemistry for the invention of the technology underpinning our proprietary phage display screening platform that we 
use to identify Bicycle molecules. From our founding through 31 December 2024, we have generated substantial 
intellectual property, including 10 patent families directed to novel scaffolds, linkers and payloads, 10 patent 
families directed to our platform technology, 48 patent families directed to bicyclic peptides and related conjugates, 
and 21 patent families directed to later inventions relating to such bicyclic peptides and related conjugates, such as 
methods of making or using certain bicyclic peptide conjugates for treating various indications. As of 
31 December 2024, our trademark portfolio consisted of 106 trademark registrations across six territories (the 
United Kingdom, European Union, United States, Japan, Hong Kong and Australia) as well as a number of pending 
applications for new trademarks. The work we have conducted in developing Bicycle molecules and our proprietary 
screening platform have created substantial know-how that we believe provides us with a competitive advantage. 
Our management team includes veteran executives in drug development from leading pharmaceutical 
companies including AstraZeneca, Bristol-Myers Squibb, GlaxoSmithKline and Pfizer. Our board of directors, 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Strategic Report (continued) 
4 
scientific advisory board and clinical advisory board include industry experts with extensive experience in drug 
development. 
Our strategy 
Our mission is to become a leading pharmaceutical company by pioneering Bicycle molecules as a novel 
therapeutic modality to treat diseases that are inadequately addressed with existing treatment modalities. 
Specifically, we seek to execute on the following strategy to maximise the value of our novel technology and 
pipeline: 
• 
Progress our most advanced internal candidates, zelenectide pevedotin, BT5528, and BT7480 through 
clinical development. We are evaluating: zelenectide pevedotin, a BTC molecule targeting Nectin-4, in an 
ongoing company-sponsored Phase I/II clinical trial in patients with Nectin-4 expressing advanced 
malignancies, an ongoing Phase II/III registrational trial called Duravelo-2 in patients with untreated and 
previously treated metastatic urothelial cancer, and an ongoing Phase I/II clinical trial in patients with 
NECTIN4 amplified advanced breast cancer, which commenced recruiting patients in the first quarter of 
2025. We plan to initiate additional Phase I/II clinical trials in 2025 to assess zelenectide pevedotin in 
patients with NECTIN4 gene-amplified lung cancer and multiple other cancers. We are also evaluating 
BT5528, another BTC molecule targeting EphA2, in a company-sponsored Phase I/II clinical trial and 
BT7480, a Bicycle TICA molecule targeting Nectin-4 and agonising CD137, in a company-sponsored 
Phase I/II clinical trial. We intend to advance development of these candidates across oncology indications 
based on target expression and initial clinical activity. 
• 
Advance our discovery programs into clinical development. We intend to continue our ongoing discovery 
activities to screen and select candidates for oncology indications. For example, we are developing BRC 
molecules targeting both MT1-MMP and EphA2 in collaboration with the German Cancer Research 
Center, or DKFZ. We intend to advance our BRC molecule pipeline and progress our strategy for 
leadership in next-generation radiopharmaceuticals. We are also developing next-generation BTC 
molecules.  
• 
Leverage our powerful proprietary screening platform and novel Bicycle modality to grow our pipeline. 
Our novel and proprietary phage display screening platform allows us to rapidly and efficiently identify 
potential candidates for development. We can incorporate a wide range of small molecule scaffolds into 
Bicycle molecules to increase diversity and confer differentiated physicochemical and structural properties. 
We have used our powerful Bicycle screening platform to identify our current pipeline of BTC, BRC and 
Bicycle TICA molecules, and we intend to use it to develop a broader pipeline of diverse product 
candidates.  
• 
Collaborate strategically with leading organisations to access enabling technology and expertise in order 
to expand the application of our novel Bicycle modality to indications beyond oncology. We are 
collaborating with leading biopharmaceutical companies and organisations to apply our novel Bicycle 
modality to other disease areas. We may opportunistically enter into additional collaborations in the future 
to apply our technology to areas of unmet medical need. 
• 
Maximise the commercial potential of our product candidates, if approved, by either establishing our 
own sales and marketing infrastructure or doing so through collaborations with others. Subject to 
receiving marketing approval, we intend to pursue the commercialisation of our product candidates either 
by building internal sales and marketing capabilities or doing so through opportunistic collaborations with 
others. 
Additional disclosures on our internal programs are given in the Annual Report on Form 10-K for the year 
ended 31 December 2024 filed with the SEC on 25 February 2025. 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Strategic Report (continued) 
5 
Our collaborations 
We have entered into several collaborations which are predominantly focused on indications beyond our 
internal focus in oncology to leverage the broad applicability of Bicycle molecules. Our strategic collaborations are 
based on the ability of Bicycle molecules to address a wide variety of targets and we are working with collaborators 
with deep therapeutic expertise outside of oncology to enable us to more efficiently develop novel medicines for 
patients. 
Bayer 
On 4 May 2023, we entered into a collaboration and licence agreement, or the Bayer Collaboration 
Agreement, with Bayer Consumer Care AG, or Bayer, pursuant to which we and Bayer 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 optimised 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 commercialise non-radiopharmaceutical compounds 
directed to the applicable target, either by itself or in collaboration with us. 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 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 us 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 commercialise non-
radiopharmaceutical compounds directed to such target, Bayer will be required to pay to us, for each such target 
program for which it exercises such option, either a one-time option fee payment or quarterly payments of specified 
instalment amounts for a specified maximum time period during which we are performing research activities, with 
the aggregate amounts receivable by us 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 instalments, in each case where we are 
performing specified research activities following the exercise of the option. Additionally, for each collaboration 
program, Bayer will reimburse us for certain expenses incurred in connection with specified research and discovery 
activities performed by a contract research organization, or 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. 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 development and regulatory/first commercial sale milestones of up to £178.3 million 
($223.8 million) for the first product directed to the applicable target to achieve such milestones (whether 
radiopharmaceutical or non-radiopharmaceutical), or £534.9 million ($671.3 million) across all three potential target 
programs. In addition, if Bayer successfully commercialises products arising from the collaboration, Bayer will be 
required to pay, on a product-by-product basis, tiered royalties on net sales of products by Bayer, its affiliates or 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Strategic Report (continued) 
6 
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 commercialises 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 us 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 tiered sales milestones based on 
the achievement of specified levels of net sales of therapeutic products directed to such target totalling up to £194.5 
million ($244.1 million) in the aggregate per target, or £583.5 million ($732.3 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 us 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, we have 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 us (depending on whether such 
termination is prior to or following first commercial sale of a licensed product).  
Novartis 
On 27 March 2023, we entered into a collaboration and licence agreement, or the Novartis Collaboration 
Agreement, with Novartis Pharma AG, or Novartis, pursuant to which we and Novartis 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 optimised Bicycle constructs directed to two 
specified targets, under the oversight of a joint steering committee. We granted Novartis a non-exclusive, 
worldwide, royalty-free, sublicensable (subject to certain restrictions) licence under our intellectual property solely 
for Novartis to perform its research activities under each collaboration program during the research term. For each 
collaboration program, Novartis may elect to progress compounds arising from activities under the research 
programs, or Licensed Compounds, into further preclinical development of potential products directed to the target 
of such collaboration program. At a specified point, we will grant Novartis an exclusive, royalty-bearing, 
sublicensable, licence under certain of our intellectual property to develop, manufacture, and commercialise such 
Licensed Compound, subject to certain limitations. Novartis also had certain limited substitution rights for each 
target, which expired in 2024, 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 us a nonrefundable upfront payment of $50.0 million in April 2023. In November 2024, we 
also achieved a specified discovery milestone for the first target program and Novartis made an additional payment 
of $3.0 million. On a target-by-target basis, if Novartis elects to progress one or more candidate compounds into 
further development and obtain an exclusive licence for commercialisation, 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 commercialisation activities. On a target-by-target basis, Novartis will be required to pay us 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Strategic Report (continued) 
7 
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, we are eligible to receive 
tiered sales milestones based on the achievement of specified levels of net sales of such products totalling up to 
$200.0 million in the aggregate per product, or $800.0 million in the aggregate if Novartis successfully 
commercialises both a radionuclide and a non-radionuclide product in each of the target programs. In addition, 
(i) we are 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) we are 
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 us 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 us 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 us, 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 commercialisation of any product with respect to a given target. We 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 our licenced intellectual property. 
 
Ionis 
On 9 July 2021, we and Ionis Pharmaceuticals, Inc., or Ionis, entered into a collaboration and licence 
agreement, or the Ionis Collaboration Agreement. Pursuant to the Ionis Collaboration Agreement, we granted to 
Ionis a worldwide exclusive licence under our relevant technology to research, develop, manufacture and 
commercialise products incorporating Bicycle peptides directed to the protein coded by the gene TFRC1 (transferrin 
receptor), or 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, we have 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 was responsible for optimisation of such 
TfR1 Bicycle molecules and other research and discovery activities related to TfR1 Bicycle molecules, as specified 
by a research plan which was completed during the year ended 31 December 2024, and thereafter Ionis will be 
responsible for all future research, development, manufacture and commercialisation activities. We performed 
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.  We have 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, or JSC with an equal number of representatives from us and Ionis. The JSC will oversee the 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Strategic Report (continued) 
8 
performance of the research and development activities. Upon first commercial sales of a licenced 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 an evaluation and option agreement. Additionally, Ionis is 
obligated to reimburse us 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, or 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, we are 
also eligible to receive up to a low double-digit million dollar amount in cumulative sales milestone payments. We 
are 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 licenced 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. 
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. 
Concurrently with the execution of the Ionis Collaboration Agreement on 9 July 2021, we entered into a 
share purchase agreement, or the Ionis Share Purchase Agreement, with Ionis, pursuant to which Ionis purchased 
282,485 of our ordinary shares, or 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. 
Genentech 
On 21 February 2020, we entered into a Discovery Collaboration and License Agreement,  or the 
Genentech Collaboration Agreement, with Genentech, Inc., or 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 commercialisation. 
Under the terms of the Genentech Collaboration Agreement, we received a $30.0 million upfront, non-
refundable payment. The initial discovery and optimisation activities are focused on utilising our phage screening 
technology to identify product candidates aimed at two immuno-oncology targets, or Genentech Collaboration 
Programs, which may also include additional discovery and optimisation of Bicycle molecules as a targeting 
element for each Genentech Collaboration Program, or each a Targeting Arm. Genentech also had the option to 
nominate up to two additional immuno-oncology targets, or each an Expansion Option, which may also include an 
additional Targeting Arm for each Expansion Option, as additional Genentech Collaboration Programs. Genentech 
exercised the Expansion Options in October 2021 and June 2022, respectively. Genentech paid us an expansion fee 
of $10.0 million for each Expansion Option. The agreement also included rights, under certain limited 
circumstances, 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. 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Strategic Report (continued) 
9 
If Genentech elects for us to perform discovery and optimisation services for certain Targeting Arms, we 
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 us 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. 
We granted to Genentech a non-exclusive research licence under our 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, or JRC, with representatives from each of Bicycle 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 we perform the initial discovery and optimisation activities in accordance with an agreed research 
plan and achieves specified criteria, Genentech will have the option to have us perform initial pre-clinical 
development and optimisation activities in exchange for an additional specified milestone payment in the mid-single 
digit millions for each Genentech Collaboration Program, or the LSR Go Option. Upon completion of such initial 
pre-clinical development and optimisation activities for each Genentech Collaboration Program, Genentech will 
have the option to obtain an exclusive licence 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, or the Dev Go Option. 
On a Genentech Collaboration Program by Genentech Collaboration Program basis, if Genentech elects to 
obtain exclusive development and commercialisation rights and pays the applicable LSR Go Option and Dev Go 
Option fees, Genentech will be required to make milestone payments to us upon the achievement of specified 
development, regulatory, and initial commercialisation milestones for products arising from each collaboration 
program, totalling up to $200.0 million. Specifically, we are eligible for additional development milestones totalling 
up to $65.0 million, as well as regulatory milestones of up to $135.0 million for each collaboration program. In 
addition, we are 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 licences conveyed to Genentech are commercialised, we 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 licenced patents covering such product in such country, or ten years from first 
commercial sale of such product in such country. In June 2023, Genentech terminated the collaboration activities for 
one of the initial Genentech Collaboration Programs, and in January 2024, the joint research committee reached a 
decision to discontinue research activities associated with one of the Expansion Option programs. In January 2025, 
Genentech also provided us with a notice of termination for the second Expansion Option program, effective 
March 2025. 
Review of business performance and future developments 
Since our inception, we have devoted substantially all of our resources to developing our Bicycle platform 
and our product candidates including zelenectide pevedotin, BT5528 and BT7480, conducting research and 
development of our product candidates and preclinical programs, raising capital and providing general and 
administrative support for our operations. To date, we have financed our operations primarily with proceeds from 
the sale of our ordinary shares, American Depositary Shares, or ADSs, non-voting ordinary shares and convertible 
preferred shares; proceeds received from upfront payments, research and development payments, and development 
milestone payments from our collaboration agreements; and borrowings pursuant to a loan and security agreement, 
or the Loan Agreement, with Hercules Capital, Inc., or Hercules. From our inception in 2009 through 31 December 
2024, we have received gross proceeds of $1.4 billion from the sale of ordinary shares, ADSs, non-voting ordinary 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Strategic Report (continued) 
10 
shares and convertible preferred shares; and $236.6 million of cash payments under our collaboration agreements, 
including $45.3 million from Bayer, $53.0 million from Novartis, $47.7 million from Ionis and $56.0 million from 
Genentech. We do not have any products approved for sale and have not generated any revenue from product sales. 
Since our inception, we have incurred significant operating losses. Our ability to generate product revenue 
sufficient to achieve profitability will depend on the successful development and eventual commercialisation of one 
or more of our product candidates. Our net losses for the year ended 31 December 2024 were $182.7 million 
(31 December 2023: $168.6 million) and we had net assets at book value of $788.4 million (31 December 2023: 
$372.8 million). These losses have resulted primarily from costs incurred in connection with research and 
development activities and general and administrative costs associated with our operations. We expect to continue to 
incur significant expenses and increasing operating losses for the foreseeable future. 
We anticipate that our expenses and capital requirements will increase substantially in connection with our 
ongoing activities, particularly as we advance our product candidates into later-stage clinical trials and continue 
preclinical activities and clinical trials for our pipeline programs and, if any product candidates are approved, pursue 
the commercialisation of such product candidates by building internal sales and marketing capabilities. We expect 
that our expenses and capital requirements will increase substantially if and as we: 
• 
continue our development of our product candidates, including conducting future clinical trials of 
zelenectide pevedotin, BT5528 and BT7480; 
• 
seek to identify and develop additional product candidates, including expanding our pipeline of BRC 
molecules; 
• 
develop the necessary processes, controls and manufacturing data to obtain marketing approval for our 
product candidates and to support manufacturing to commercial scale; 
• 
develop, maintain, expand and protect our intellectual property portfolio; 
• 
seek marketing approvals for our product candidates that successfully complete clinical trials, if any; 
• 
hire and retain additional personnel, such as non-clinical, clinical, pharmacovigilance, quality 
assurance, regulatory affairs, manufacturing, distribution, legal, compliance, medical affairs, 
commercial and scientific personnel; 
• 
acquire or in-license other products and technologies; 
• 
expand our infrastructure and facilities to accommodate our growing employee base, including adding 
equipment and infrastructure to support our research and development; and 
• 
add operational, financial and management information systems and personnel, including personnel to 
support our research and development programs and any future commercialisation efforts. 
We do not expect to generate revenue from product sales unless and until we successfully complete 
development and obtain marketing approval for one or more of our product candidates, which we expect will take 
many years and is subject to significant uncertainty. We have no commercial-scale manufacturing facilities of our 
own, and all of our manufacturing activities have been and are planned to be contracted out to third parties. 
Additionally, we currently utilise third-party CROs to carry out our clinical development activities. If we seek to 
obtain marketing approval for any of our product candidates from which we obtain encouraging results in clinical 
development, we expect to incur significant commercialisation expenses as we prepare for product sales, marketing, 
manufacturing, and distribution. 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Strategic Report (continued) 
11 
As a result, we will need substantial additional funding to support our continuing operations and pursue our 
growth strategy. Until such time as we can generate significant revenue from product sales, if ever, we expect to 
finance our operations through a combination of equity offerings, debt financings, collaborations, strategic alliances, 
charitable and governmental grants, monetisation transactions or licensing arrangements. We may be unable to raise 
additional funds or enter into such other agreements or arrangements when needed on favourable terms, or at all. If 
we fail to raise capital or enter into such agreements as, and when, needed, we may have to significantly delay, scale 
back, or discontinue the development and commercialisation of one or more of our product candidates. Because of 
the numerous risks and uncertainties associated with product development, we are unable to predict the timing or 
amount of increased expenses or when or if we will be able to achieve or maintain profitability. Even if we are able 
to generate product sales, we may not become profitable. If we fail to become profitable or are unable to sustain 
profitability on a continuing basis, we may be unable to continue our operations at planned levels and be forced to 
reduce or terminate our operations. 
As of 31 December 2024, we had cash and cash equivalents of $879.5 million (31 December 2023: $526.4 
million). We believe that our existing cash will enable us to fund our operating expenses and capital expenditure 
requirements for the foreseeable future at least 12 months from the date of these financial statements. 
Key performance indicators (‘KPIs’) 
We do not consider traditional financial measures to be key performance indicators at this stage of 
development of our business. However, management closely monitors our cash position and our research and 
development expenses. In addition, we assess our performance through the clinical advancement of our programs. 
During the year ended 31 December 2024, we achieved significant progress across our programs. In February 2024, 
we announced that our Phase II/III registrational trial for zelenectide pevedotin, called Duravelo-2, was initiated and 
commenced recruiting patients. In May 2024, we announced that the U.S. Food and Drug Administration, or FDA, 
granted Fast Track Designation, or FTD, to BT5528 for the treatment of adult patients with previously treated, 
locally advanced or metastatic urothelial cancer. In September 2024, we provided clinical updates from the ongoing 
Phase I/II clinical trials for zelenectide pevedotin, BT5528 and BT7480. In October 2024, first human imaging data 
for a BRC molecule targeting MT1-MMP was presented by the German Cancer Consortium, or DKTK, and we 
presented preclinical data demonstrating the suitability of Bicycle molecules to delivery indium to tumours in vivo 
due to their favourable properties. In December 2024, we announced data showing the enhanced anti-tumour activity 
of zelenectide pevedotin monotherapy in breast cancer patients with NECTIN4 gene amplification and shared 
topline monotherapy data for zelenectide pevedotin in non-small cell lung cancer patients with NECTIN4 gene 
amplification, and that FTD has been granted to zelenectide pevedotin for the treatment of adult patients with 
previously treated, NECTIN4 gene-amplified, advanced or metastatic triple-negative breast cancer and non-small 
cell lung cancer. Finally, in January 2025, we announced updated topline results from the ongoing Phase I trial 
evaluating zelenectide pevedotin in combination with pembrolizumab. We also received net proceeds of $544.1 
million from a private placement in May 2024. 
Financial risk management 
The directors have concluded that the management of price risk and liquidity risk are not material for the 
assessment of our assets, liabilities, financial position and loss. 
Currency risk 
We raise funds in U.S. dollars, and pay for goods and services in a variety of currencies but mainly the 
British pound sterling and U.S. dollar. We mitigate this risk by also holding the majority of cash in these two 
currencies. We currently do not use derivatives to manage this risk. 
Cash flow 
We finance our operations primarily with proceeds from the sale of our ADSs and non-voting ordinary 
shares, proceeds received from upfront payments, research and development payments, and development milestone 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Strategic Report (continued) 
12 
payments from our collaboration agreements. The Board monitors the level of cash and cash equivalents on a 
regular basis and cash is placed in interest-bearing accounts and money market funds to earn a return whilst enabling 
the cash to be available to meet our day-to-day needs. 
Credit Risk 
We have cash and, from time to time, receivables, from both our operating and financing activities. We 
ensure that invoices are raised when performance conditions are met and that the payment terms with the customer 
are adhered to. Cash is maintained in accounts of reputable financial institutions with high quality credit ratings. 
Aggregation risk is mitigated as the cash is maintained in accounts of multiple financial institutions and in money 
market funds that are primarily invested in U.S. Treasury securities that are backed by the U.S. government.  
 
Environmental matters 
Our activities have minimal environmental impact as we do not have an internal manufacturing facility and 
the emissions from our office and laboratory sites in the U.K. and the U.S. are not considered significant. We 
comply with all applicable environmental laws and regulations and currently do not consider us to have a significant 
environmental footprint due to the size and nature of our operations. 
Following listing of the Parent Company’s ADSs on NASDAQ in May 2019, we are required under 
English law to measure and report our greenhouse gas emissions in accordance with the provisions of the 
Regulations. The sources of emissions relate solely to the electricity and gas purchased by our premises in the U.K. 
and U.S., the costs of which are included within these consolidated financial statements. These include the purchase 
of electricity, heat, steam or cooling. Standard emissions factors from Defra’s GHG Conversion Factor Repository 
were applied to estimate emissions. We consider that the intensity ratio of tonnes of carbon dioxide per full-time 
equivalent employee is a suitable metric for our operations. The annual quantity of emissions for us for the year 
ended 31 December 2024 was 878 tonnes (year ended 31 December 2023: 694 tonnes) with an intensity ratio of 3.0 
tonnes (2023: 2.6 tonnes) based on the average number of employees in the year of 292 (2023: 266), as determined 
based on our electricity and gas consumption provided by our suppliers as converted to emissions by publicly 
available emission converters. Approximately 75% (2023: 50%) of these emissions were in the U.K. Our estimated 
electricity usage for the year is 2,272,000 kWh (2023: 2,393,000 kWh). We, in preparing these details, consider 
ways to minimise indirect areas of emissions and where practical enable remote working and also promote online 
conferencing facilities to reduce business travel. These are all Scope 2 emissions which are indirect emissions 
related to the generation of the electricity consumed and purchased by us. We have used the most recent evidence or 
estimates provided by our energy supply partners to generate our disclosure of emissions for the period. Scope 1 
emissions are direct emissions produced from the activities owned or controlled by us. We do not record these and 
consider these insignificant. We have elected not to include the voluntary disclosure for Scope 3 emissions. 
Employee, social, community and human rights matters 
We place considerable value on the involvement of our employees. Regular meetings are held with 
employees to discuss the operations and progress of the business and employees are encouraged to become involved 
in our success through equity incentive schemes (see note 11 to the financial statements). 
We believe our employees are our most valuable assets and are key to achieving our goals. We focus our 
efforts on attracting and retaining a diverse, high-performing workforce through offering competitive and fair 
compensation packages that are based on robust industry market data. Our total compensation package includes 
competitive base pay, annual bonus, equity participation, and a broad range of benefits, including retirement 
planning, healthcare and insurance benefits, paid time off, enhanced paid family and medical leave, flexible 
working, and various health and wellness programs. We also run recognition programs that highlight employees 
who exhibit exceptional performance and demonstrate our company values. Our compensation programs are 
designed to be equitable and fair, and we routinely analyse data to ensure that our programs are administered in a 
fair and equitable way. 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Strategic Report (continued) 
13 
We maintain and operate pursuant to a Code of Conduct and Business Ethics. This sets out our approach to 
maintain our corporate values throughout our global business. We also have anti-corruption and anti-bribery 
policies. The Code of Conduct and Business Ethics and anti-corruption and anti-bribery policies apply to all 
employees and certain designated consultants, who are required to comply with these policies. 
 
We invest heavily in our employees’ personal and professional development. We offer a vast array of 
learning and development opportunities including online and classroom training and learning, technical training, 
mentoring and coaching programs, training academies and management and leadership development programs. 
 
We are committed to developing the next generation of talent and have active internship partnerships with 
local universities in both the U.S. and U.K. 
 
We endeavour to impact positively on the community in which we operate. We do not, at present, have a 
specific policy on human rights. However, we have several policies that promote the principles of human rights. We 
will respect the human rights of all our employees, including: 
• 
providing safe, clean working environment; 
• 
providing a workplace that is free from discrimination and coercion; 
• 
not using child or forced labour; and 
• 
respecting the rights of privacy and protecting access and use of employee personal information. 
We also have a policy on equal opportunities and on anti-bullying and harassment. 
We are fully committed to the elimination of unlawful and unfair discrimination and values the differences 
that a diverse workforce brings to the organisation. We endeavour to not discriminate because of age, disability, 
gender reassignment, marriage and civil partnership, pregnancy and maternity, race (which includes colour, 
nationality and ethnic or national origins), religion or belief, sex or sexual orientation. 
We believe a diverse workforce is critical to our success and we are fundamentally committed to creating 
and maintaining a work environment in which employees are treated fairly, with dignity, decency, respect and in 
accordance with all applicable laws. We understand that varied perspectives lead to the best ideas and outcomes. We 
believe that by creating a workplace where every individual can feel welcome and valued, we will be better able to 
achieve our corporate objectives. All employees must adhere to the Code of Business Conduct and Ethics and our 
employee handbook, which combined, define standards for appropriate behaviour and all employees are annually 
trained to help prevent, identify, report, and stop any type of discrimination and harassment.  
We have formed a cross-functional Diversity, Equity and Inclusion, or DEI, employee network that 
continues to work with Human Resources and our leadership to develop the DEI strategy. 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Strategic Report (continued) 
14 
Employee gender diversity 
Our processes in recruitment, hiring, development, training, compensation, and advancement are based on 
qualifications, performance, skills, and experience. Without regard to gender, race or ethnicity. A breakdown of 
employment statistics as of 31 December 2023 and 2024 is as follows: 
31 December 2023 (Number of Directors and Employees) 
 
 
 
 
 
 
 
Position 
     Male      Female      Total 
Directors 
  
 5   
 2   
 7 
Key Management 
  
 6   
 1   
 7 
Vice President/Director 
  
 45   
 46   
 91 
Other Employees 
  
 70   
 115   
 185 
Total Directors and Employees 
  
 126   
 164   
 290 
 
31 December 2024 (Number of Directors and Employees) 
 
 
 
 
 
 
 
Position 
     Male     Female      Total 
Directors 
  
 7  
 1   
 8 
Key Management 
  
 6  
 2   
 8 
Vice President/Director 
  
 53  
 60   
 113 
Other Employees 
  
 71  
 112   
 183 
Total Directors and Employees 
  
 137  
 175   
 312 
 
Notes: Directors are directors of the Parent Company; For 2023, key management includes the Chief Financial 
Officer, Chief Scientific Officer, Chief Business Officer, Chief Operating Officer, Chief Technology Officer, Chief 
Development Officer and Chief Legal Officer and General Counsel; For 2024, key management includes the Chief 
Financial Officer, Chief Business Officer, Chief Operating Officer, Chief Technology Officer, Chief Development 
Officer, Chief Product and Supply Chain Officer, Chief Strategy Officer and Head of Commercial, and Chief Legal 
Officer and General Counsel. In both 2023 and 2024, the Chief Executive Officer was a director of the Parent 
Company and, accordingly, was included in the Directors totals above. The increase in the number of employees 
year over year is primarily related to expanded operations to support the continued progress of the Company’s 
pipeline. 
Principal risks and uncertainties 
Financial 
We are a clinical-stage pharmaceutical company. We have not commercialised any products or generated 
any revenues from the sale of products, and absent the realisation of sufficient revenues from product sales, we may 
never attain profitability in the future. We have a history of significant operating losses (year ended 
31 December 2024: $258.6 million; year ended 31 December 2023: $201.3 million) and we do not expect to 
generate revenue or profitability that is necessary to finance our operations in the short-term. We have devoted 
substantially all of our financial resources and efforts to research and development, including preclinical studies and 
our clinical trials. Our ability to become and remain profitable depends on our ability to generate revenue. 
Generating product revenue will depend on our or any of our collaborators’ ability to obtain marketing approval for, 
and successfully commercialise, one or more of our product candidates. Our failure to become and remain profitable 
could depress the market price of our ADSs and could impair our ability to raise capital, expand our business or 
continue our operations. 
Developing pharmaceutical products, including conducting preclinical studies and clinical trials, is a very 
time-consuming, expensive and uncertain process that takes years to complete. We will be required to expend 
significant funds in order to advance the development of the product candidates in our pipeline, as well as any other 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Strategic Report (continued) 
15 
product candidates we may seek to develop. Furthermore, inflation rates, particularly in the United States and the 
United Kingdom, have increased recently to levels not seen in decades. Increased inflation may result in increased 
operating costs (including labour costs) and may affect our operating budgets. In addition, the U.S. Federal Reserve 
has raised, and may further raise, interest rates in response to concerns about inflation. Increases in interest rates, 
especially if coupled with reduced government spending and volatility in financial markets and the global banking 
system, may further increase economic uncertainty and heighten these risks. We cannot be certain that additional 
funding will be available on acceptable terms, or at all. Our failure to raise funding as and when needed would have 
a negative impact on our financial condition and our ability to pursue our business strategy. There is a risk that 
should we fail to obtain additional funding on the terms or timescales we require, we may be forced to delay, reduce 
or eliminate our research and development programs or any future commercialisation efforts.  
Clinical 
Our product candidates will need to undergo preclinical and clinical trials that are time consuming,  
expensive and can be subject to extensive delays. We may not be able to identify, recruit and enrol a sufficient 
number of patients, or those with the required or desired characteristics, to complete our clinical trials in a timely 
manner. Our product candidates may cause undesirable side effects or have other properties when used alone or in 
combination with other approved products or investigational new drugs that could halt their clinical development 
and/or prevent their marketing approval and/or limit their commercial potential. The timeline for recruiting patients, 
conducting trials and obtaining regulatory approval of our product candidates may be delayed, which could result in 
increased costs, delays in advancing our product candidates, delays in testing the effectiveness of our product 
candidates or termination of the clinical trials altogether. The outcome of preclinical studies and early clinical trials 
may not be predictive of the success of later clinical trials, and preliminary or interim results of clinical trials do not 
necessarily predict success in the results of completed clinical trials. Preclinical and clinical data are often 
susceptible to varying interpretations and analyses and there is no certainty that the results obtained in clinical trials 
of our existing clinical candidates will be sufficient to enable progression of those candidates through clinical 
development or the obtaining of regulatory approval or marketing authorisation. If we fail to receive positive results 
in clinical trials of our product candidates, the development timeline and regulatory approval and commercialisation 
prospects for our most advanced product candidates, and, correspondingly, our business and financial prospects, 
would be negatively impacted. 
Manufacturing 
We do not own or operate manufacturing facilities for the production of clinical or commercial supplies of 
the product candidates that we are developing or evaluating. We rely on third parties, including those located in 
China, for supply of our product candidates, and our strategy is to outsource all manufacturing of our product 
candidates and products to third parties. For any activities conducted in China, we are exposed to the increased 
possibility of supply disruptions and higher costs in the event of changes in the policies of the U.S. or Chinese 
governments, political unrest or unstable economic conditions including sanctions on China or any of our China-
based suppliers.  
In order to conduct clinical trials of product candidates, we will need to have them manufactured in 
potentially large quantities. Our third-party manufacturers may be unable to successfully increase the manufacturing 
capacity for any of our product candidates in a timely or cost-effective manner, or at all. In addition, quality issues 
may arise during scale-up activities and at other times. Our use of new third-party manufacturers increases the risk 
of delays in production or insufficient supplies of our product candidates as we transfer our manufacturing 
technology to these manufacturers and as they gain experience manufacturing our product candidates. Even after a 
third party manufacturer has gained significant experience in manufacturing our product candidates or even if we 
believe we have succeeded in optimising the manufacturing process, there can be no assurance that such 
manufacturer will produce sufficient quantities of our product candidates in a timely manner or continuously over 
time, or at all. We may be delayed if we need to change the manufacturing process used by a third party, 
subsequently resulting in further delays if the FDA or a comparable foreign authority needs to review the new 
manufacturing process before it may be used. While we have engaged several third-party vendors to provide clinical 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Strategic Report (continued) 
16 
and non-clinical supplies and fill-finish services, we do not currently have any agreements with third party 
manufacturers for long-term commercial supplies. Even if we are able to establish and maintain arrangements with 
third-party manufacturers, reliance on third-party manufacturers entails risks, including the reliance on third parties 
for manufacturing process development, regulatory compliance and quality assurance, limitations on supply 
availability resulting from capacity and scheduling constraints of third parties, the possible breach of manufacturing 
agreements by third parties because of factors beyond our control and the possible termination or non-renewal of the 
manufacturing agreement by the third party at a time that is costly or inconvenient to us. 
Third parties 
For certain product candidates, we depend, or will depend, on our development and commercial 
collaborators to develop and conduct clinical trials with, obtain regulatory approvals for, and if approved, market 
and sell product candidates. If such collaborators fail to perform as expected the potential for us to generate future 
revenue from such product candidates would be significantly reduced and our business would be harmed. We cannot 
provide assurance that our collaborators will be successful or that they will devote sufficient resources to the 
development or commercialisation of the products. If our current or future collaboration and commercialisation 
partners do not perform in the manner we expect or fail to fulfil their responsibilities in a timely manner, or at all, if 
our agreements with them terminate or if the quality or accuracy of the clinical data they obtain is compromised, the 
clinical development, regulatory approval and commercialisation efforts related to their and our product candidates 
and products could be delayed or terminated and it could become necessary for us to assume the responsibility at our 
own expense for the clinical development of such product candidates. 
We rely on third parties, including independent clinical investigators and CROs to conduct and sponsor 
some of the clinical trials of our product candidates. Any failure by a third party to meet its obligations with respect 
to the clinical development of our product candidates may delay or impair our ability to obtain regulatory approval 
for our product candidates. 
Commercialisation 
We are substantially dependent on the success of our internal development programs and of our product 
candidates from our BTC and Bicycle TICA programs which may not successfully complete clinical trials, receive 
regulatory approval or be successfully commercialised. In addition, we are at a very early stage in our development 
efforts and our product candidates represent a new category of medicines and may be subject to heightened 
regulatory scrutiny until they are established as a therapeutic modality. Our clinical trials may not be conducted as 
planned or completed on schedule, if at all and, even if completed on schedule, there remains no guarantee that the 
results seen in any clinical trials will be sufficient to progress to the next stage of any clinical approval or ultimately 
to the obtaining of a marketing approval for any of our programs. 
Our estimates of the potential patient population which can be treated may be inaccurate affecting the 
amount of revenue obtainable for any product. Likewise, the amount of revenue that can be obtained in relation to 
our programs may be impacted by the nature of pricing reimbursement coverage or schemes available or in place in 
any specific country and the continuation of such coverage and schemes. If reimbursement is not available, or is 
available only at limited levels, we may not be able to successfully commercialise our product candidates, even if 
approved. We currently have limited marketing, sales or distribution capabilities and have limited sales or marketing 
experience within our organisation. If one or more of our product candidates is approved, we intend either to build 
our sales and marketing organisation with technical expertise and supporting distribution capabilities to 
commercialise that product candidate, or to outsource this function to a third party. There are risks involved with 
either building our own sales and marketing capabilities and entering into arrangements with third parties to perform 
these services. Even if we are successful in obtaining regulatory approval, the commercial success of our product 
candidates will depend upon the degree of market acceptance by physicians, patients, payors and others in the 
medical community. 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Strategic Report (continued) 
17 
In addition, we face significant competition, and our competitors may develop and market products that are 
more effective, safer or less expensive than our product candidates, which may negatively impact our commercial 
opportunities. 
Regulation 
Our product candidates are highly regulated and the regulatory process is lengthy, time-consuming and 
expensive. We may experience significant delays in obtaining regulatory approval or be required to make changes to 
our clinical programmes or product candidates by regulatory authorities. Even if we do receive regulatory approval 
to market our product candidates, any such approval may be subject to limitations on the indicated uses or patient 
populations for which we may market the product. If we are successful in obtaining regulatory approvals in one 
country, this does not mean that we will be successful in other countries and further clinical programmes may be 
required to obtain required regulatory approvals in such other countries. In addition, failure to successfully validate, 
develop and obtain regulatory approvals for companion diagnostics could harm our drug development strategy. 
Should we obtain marketing approvals for any current or future product candidates we will be subject to 
ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense 
and we may be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated 
problems with our products. Changes in regulations, statutes or the interpretation of existing regulations could also 
impact our business in the future. Any failure to comply with regulatory requirements at any stage in the 
development of our product candidates could result, among other things, in restrictions on the labelling, distribution, 
marketing or manufacturing of the product, suspension or withdrawal of marketing approvals and fines, restitution 
or disgorgement of profits or revenues. We are also subject to regulation as a company both in the U.K. and the U.S. 
including in relation to anti-bribery and other anti-corruption laws, as well as export control laws, import and 
customs laws, trade and economic sanctions laws and other laws governing our operations. In addition, because we 
have a U.S. subsidiary and substantial operations in the U.S., we are subject to U.S. laws that regulate non-U.S. 
investments in U.S. businesses and access by non-U.S. persons to technology developed and produced in the U.S. 
We are also subject to numerous environmental, health and safety laws and regulations. 
Litigation 
The use of our product candidates in clinical trials and the sale of any products for which we obtain 
marketing approval expose us to the risk of product liability claims from patients, healthcare providers, 
pharmaceutical companies and others. We believe our product liability insurance coverage is sufficient in light of 
our current commercial and clinical programs; however, we may not be able to maintain insurance coverage at a 
reasonable cost or in sufficient amounts to protect us against losses due to liability.  
From time to time, we may become involved in various legal proceedings and claims, either asserted or 
unasserted, which arise in the ordinary course of business. We are not currently subject to any material legal 
proceedings. 
Intellectual Property 
Our ability to compete effectively depends, in part, on our ability to maintain the proprietary nature of our 
technology and manufacturing processes. We rely on research, manufacturing and other know-how, patents, trade 
secrets, licence agreements and contractual provisions to establish our intellectual property rights and protect our 
products and product candidates. We may become involved in lawsuits to protect or enforce our patents and other 
intellectual property rights, which could be expensive, time-consuming and unsuccessful. Even if they are 
unchallenged, our patents and patent applications may not provide us with any meaningful protection or prevent 
competitors from designing around our patent claims by developing similar or alternative technologies or 
therapeutics in a non-infringing manner. Third parties may claim that our activities or products infringe upon their 
intellectual property which will adversely affect our operations and prove costly and time-consuming to defend 
against and could ultimately prevent or delay us from developing or commercialising our product candidates. 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Strategic Report (continued) 
18 
Further, our products may infringe the intellectual property rights of others and we may be unable to secure 
necessary licences to enable us to continue to manufacture or sell our products. We may also be subject to claims 
that former employees, collaborators or other third parties have an ownership interest in our patents or other 
intellectual property. 
Cybersecurity 
Cyber-attacks, other failures in or interruptions of, or other compromise to our information technology 
systems, or those of third parties with whom we work, or our data could result  adverse consequences that materially 
affect our business, including without limitation, regulatory investigations or actions, litigation, fines and penalties, 
information theft, data corruption, harm to our reputation and brand, significant disruption of our business 
operations and other adverse consequences. We utilise information technology, systems and networks to process, 
transmit and store electronic information in connection with our business activities. As the use of digital 
technologies has increased, cyber incidents, including deliberate attacks and attempts to gain unauthorised access to 
computer systems and networks, have increased in frequency and sophistication. These threats pose a risk to the 
security of our systems and networks, the confidentiality and the availability and integrity of our data. Similarly, 
there can be no assurance that our collaborators, CROs, third-party logistics providers, distributors and other 
contractors and consultants will be successful in protecting our clinical and other data that is stored on their systems. 
Any cyber-attack or destruction or loss of data could have material effects on our business and prospects. In 
addition, we may suffer reputational harm or face litigation or adverse regulatory action as a result of cyber-attacks 
or other data security breaches and may incur significant additional expense to respond appropriately to such 
breaches and to implement further data protection measures. 
In addition, as social media continues to expand, it also presents us with new risks and challenges. Social 
media is increasingly being used to communicate information about us, our programs and the diseases our 
therapeutics are being developed to treat. Social media practices in the pharmaceutical and biotechnology industries 
are evolving, which creates uncertainty and risk of noncompliance with regulations applicable to our business. 
Further, the accidental or intentional disclosure of non-public information by our workforce or others through social 
media channels could lead to information loss and there is a risk of inappropriate disclosure of sensitive information 
or negative or inaccurate posts or comments about us, our products, or our product candidates on any social media 
platform. We may not be able to reverse damage to our reputation from negative publicity or adverse information 
posted on social media platforms or similar mediums. If any of these events were to occur or we otherwise fail to 
comply with application regulations, we could incur liability, face restrictive regulatory actions or incur other harm 
to our business including quick and irreversible damage to our reputation, brand image and goodwill.  
Additionally, artificial intelligence, or AI, based platforms are increasingly being used in the 
pharmaceutical industry. While we have undertaken measures to restrict the internal use of public AI platforms, their 
use by people, including our vendors, suppliers and contractors, with access to our proprietary and confidential 
information, including trade secrets, may continue to increase and may lead to the release of such information, 
which may negatively impact us, including our ability to realise the benefit of our intellectual property. 
Employees 
We are highly dependent on principal members of our executive team and key employees. The loss of the 
services of one or more of our executive team and key employees might impede the achievement of our research, 
development and commercialisation objectives. Furthermore, replacing executive officers or other key employees 
may be difficult and may take extended time because of the limited number of individuals in our industry with the 
breadth of skills and experience required to develop, gain marketing approval of and commercialise products 
successfully. 
Our focus on the development of our product candidates requires us to optimise cash utilisation and to 
manage and operate our business in a highly efficient manner. We cannot provide assurance that we will be able to 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Strategic Report (continued) 
19 
hire or retain adequate staffing levels to develop our product candidates or run our operations or to accomplish all of 
our objectives. 
Brexit and the Regulatory Framework in the United Kingdom 
Following Brexit, the U.K. and the EU signed a EU-U.K. Trade and Cooperation Agreement, or TCA, 
which became provisionally applicable on 1 January 2021, and entered into force on 1 May 2021. The TCA 
primarily focuses on ensuring free trade between the EU and the U.K. in relation to goods, including medicinal 
products. Among the changes that have occurred are that the U.K. is treated as a “third country,” a country that is 
not a member of the EU and whose citizens do not enjoy the EU right to free movement. Northern Ireland continues 
to follow certain limited EU regulatory rules, including in relation to medical devices, but not in relation to 
medicinal products. As part of the TCA, the EU and the U.K. recognize GMP inspections carried out by the other 
party and the acceptance of official GMP documents issued by the other party. The TCA also encourages, although 
it does not oblige, the parties to consult one another on proposals to introduce significant changes to technical 
regulations or inspection procedures. Among the areas of absence of mutual recognition are batch testing and batch 
release. The U.K. has unilaterally agreed to accept EU batch testing and batch release. However, the EU continues to 
apply EU laws that require batch testing and batch release to take place in the EU territory. This means that 
medicinal products that are tested and released in the U.K. must be retested and re-released when entering the EU 
market for commercial use.  
 
On 27 February 2023, the U.K. government and the European Commission reached a political agreement 
on the so-called “Windsor Framework.” The Windsor Framework is intended to revise the Northern Ireland Protocol 
to address some of the perceived shortcomings in its operation. The agreement was adopted at the Withdrawal 
Agreement Joint Committee on 24 March 2023, and the arrangements under the Windsor Framework relating to 
medicinal products took effect on 1 January 2025. As it relates to marketing authorisations, the U.K. has a separate 
regulatory submission process, approval process and a separate national marketing authorisation. Northern Ireland 
continued, until 1 January 2025, to be covered by the marketing authorisations granted by the European Commission 
but the Windsor Framework provides that the MHRA is the sole regulatory body responsible for granting marketing 
authorisations for Northern Ireland as of 1 January 2025. 
 
A significant proportion of the regulatory framework in the U.K. applicable to medicinal products is 
currently derived from EU Directives and Regulations. The potential for U.K. legislation to diverge from EU 
legislation following Brexit could materially impact the regulatory regime with respect to the development, 
manufacture, import, approval, and commercialisation of our product candidates in the U.K. or the EU. If we are 
slow or unable to adapt to changes in existing requirements or the adoption of new requirements or policies 
governing clinical trials, our development plans may be impacted. 
 
All of these changes could increase our costs and otherwise adversely affect our business. Any delay in 
obtaining, or an inability to obtain, any regulatory approvals, as a result of Brexit or otherwise, would prevent us 
from commercialising our product candidates in the U.K. or the EU and restrict our ability to generate revenue and 
achieve and sustain profitability. In addition, we may be required to pay taxes or duties or be subjected to other 
hurdles in connection with the importation of our product candidates into the EU. If any of these outcomes occur, we 
may be forced to restrict or delay efforts to seek regulatory approval in the U.K. or the EU for our product 
candidates, or incur significant additional expenses to operate our business, which could significantly and materially 
harm or delay our ability to generate revenues or achieve profitability of our business. Any further changes in 
international trade, tariff and import/export regulations as a result of Brexit or otherwise may impose unexpected 
duty costs or other non-tariff barriers on us. These developments, or the perception that any of them could occur, 
may significantly reduce global trade and, in particular, trade between the impacted nations and the U.K. It is also 
possible that Brexit may negatively affect our ability to attract and retain employees, particularly those from the EU. 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Strategic Report (continued) 
20 
Section 172 Statement 
This statement aligns to the section 172 statement requirements contained in section 414CZA of the 
Companies Act 2006 (the “Companies Act”). This statement focuses on how the directors of the Parent Company 
have had regard during the year to the matters set out in section 172(1)(a) to (f) of the Companies Act when 
performing their duties by incorporating information from other areas of the Annual Report to avoid unnecessary 
duplication. The Board considers that the statement focuses on those risks and opportunities that were of strategic 
importance to the Parent Company consistent with the size and complexity of the Company. 
In the performance of its duty to promote the success of the Parent Company for the benefit of its members 
as a whole, the Board has regard to a number of matters, including listening to and considering the views of 
shareholders and holders of ADSs representing the Parent Company’s ordinary shares and the Parent Company’s 
other key stakeholders to build trust and ensure it fully understands the potential impacts of the decisions it makes 
for our stakeholders, the environment and the communities in which the Parent Company operates. Further details 
are set out below under “Stakeholder Engagement”. 
The Directors are aware of their duty under s172 of the Companies Act 2006 to act in the way which they 
consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members 
as a whole and, in doing so, to have regard (amongst other matters) to: 
• 
the likely consequences of any decision in the long-term; 
• 
the interests of the Company’s employees; 
• 
the need to foster the Company’s business relationships with suppliers, customers and others; 
• 
the impact of the Company’s operations on the community and the environment; 
• 
the desirability of the Company maintaining a reputation for high standards of business conduct; and 
• 
the need to act fairly as between members of the Company. 
The governance framework within which the Board operates is set out in the corporate governance 
guidelines adopted by the Board, a copy of which is available in the Investors section on the Company’s website. In 
addition, the Parent Company maintains and operates pursuant to a Code of Conduct and Business Ethics which sets 
out the Company’s approach to maintain our corporate values throughout our global business. 
The Board fosters effective stakeholder relationships in order to align with our strategy and is responsible 
for seeing meaningful engagement with stakeholders. The Board’s endeavours to implement various mechanisms to 
enable management and the Board to understand and consider stakeholder views as part of their oversight and 
decision making. Throughout the year, the Directors recognised their responsibility to act in good faith to promote 
the success of the  Parent Company for the benefit of its members as a whole, while also considering the impact of 
their decisions on wider stakeholders and other factors relevant to the decision being made. Clear communication 
and proactive engagement to understand the issues and factors which are most important to stakeholders is 
fundamental to this. The Board acknowledges that every decision made will not necessarily result in a positive 
outcome for all stakeholders. By considering our corporate values, together with our strategic priorities, the Board 
aims to make decisions that are consistent and intended to promote the Parent Company’s long-term success. 
Stakeholder Engagement 
Our key stakeholders include our workforce, suppliers, lenders, investors and our wider communities. We 
actively engage with, and listen to, our stakeholders to understand their views, seek opportunities to learn and 
improve. 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Strategic Report (continued) 
21 
We are committed to effective engagement with all of our stakeholders. Our success depends on this 
engagement. Direct engagement by the Board with its stakeholders, where possible, enables the Directors to deepen 
their understanding of how our purpose, values and strategy are embedded across the organisation globally. Where 
direct engagement is not possible, engagement takes place at the operational level, and the Directors are kept fully 
informed by senior management of all matters on a regular basis for use in the Board’s decision-making. 
 
 
 
 
 
 
 
 
Stakeholder Group 
     Why we engage 
     
Engagement and influence on 
decision making 
     More information 
 
 
 
 
 
 
 
 
 
Our Workforce 
 
We believe that our people 
are our most important and 
valuable asset. Successful 
performance can be 
delivered only through a 
high level of engagement 
where our people share the 
Bicycle vision and values 
and feel supported by our 
culture and Code of 
Conduct and Business 
Ethics. Maintaining a 
content and engaged 
workforce is key to attract 
and retain top talent. 
 
The Board and senior 
management are committed to 
enhancing engagement with 
employees at all levels to 
ensure we communicate 
information on decisions 
taken, emerging 
developments, innovations and 
future growth of the business. 
The Board recognises the 
importance of using a variety 
of communication platforms 
and activities to maximise 
employee engagement. While 
the Board cannot directly 
consult with employees on all 
decisions it makes, it apprises 
itself of their opinions in a 
variety of ways. An example 
of this includes obtaining 
feedback through regular 
employee focus groups and 
opinion surveys which provide 
the Board with honest 
feedback that the Board uses 
to inform and drive business 
improvements. 
The Board understands that 
any decisions it makes may 
impact employees’ 
performance, engagement and 
work satisfaction. The Board 
is mindful that any decisions it 
makes, as well as the manner 
in which they are made, will 
inform the culture of the 
business. The Board seeks to 
lead by example in order to 
ensure that high standards of 
business conduct are 
maintained by its employees.  
Strategic report 
— Business overview 
(page 2) 
— Our strategy (page 4) 
— Employee, social, 
community and 
human rights matters 
(page 12) 
— Employee gender 
diversity (page 14) 
Remuneration report 
— Statement from the 
Chair of the 
Compensation 
Committee (page 26) 
— Employment 
conditions (page 39) 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Strategic Report (continued) 
22 
 
 
 
 
 
 
 
 
Stakeholder Group 
     Why we engage 
     
Engagement and influence on 
decision making 
     More information 
 
 
 
 
 
 
 
 
 
Our Collaboration 
Partners 
 
We are focused on building 
deep, long-term 
relationships with our 
collaboration partners 
which we ultimately 
believe is the key to the 
success of these 
partnerships. 
 
We work closely with our key 
collaborators, including Bayer, 
Novartis, Ionis and Genentech, 
in accordance with the terms 
of its agreements with them. 
The Board receives regular 
feedback from management on 
the progress of the 
collaborations and encourages 
the management to focus on 
building long term 
relationships with our 
collaboration partners. 
The Board is responsible for 
approving material business 
transactions and any key 
strategic changes. Prior to 
making such decisions the 
Board considers the potential 
impact on its collaboration 
partners. 
 
Strategic report 
— Business overview 
(page 2) 
— Our strategy (page 4) 
— Our collaborations 
(page 5) 
— Principal risks and 
uncertainties (page 
14) 
 
 
  
 
 
  
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Strategic Report (continued) 
23 
 
 
 
 
 
 
 
 
Stakeholder Group 
     Why we engage 
     
Engagement and influence on 
decision making 
     More information 
 
 
 
 
 
 
 
 
 
Our Suppliers 
 
We recognise the 
importance of establishing 
and building strong 
working relationships with 
all our suppliers. 
Working sustainably, 
respecting human rights, 
and operating with the 
highest standards of ethical 
conduct and professional 
integrity improve long-term 
business performance. We 
are dedicated to these 
values and require our 
suppliers to share our 
commitment. 
 
The Board approves and 
implements policies based on 
ethical and legal minimum 
standards, which it requires 
the business to adhere to when 
engaging suppliers. As we 
continue to progress in our 
size and stage of development, 
we intend to continue to 
implement procedures to 
ensure that our key suppliers 
also commit to these 
standards, including in relation 
to anti-bribery and corruption, 
anti-money laundering, human 
rights and modern slavery and 
various other matters. 
We engage with our key 
business partners, including 
third party manufacturers and 
suppliers, independent clinical 
investigators and CROs, to 
ensure that they all have 
appropriate standards and 
policies in place, are 
financially robust and capable 
of delivering their services. 
 
Strategic report 
— Business overview 
(page 2) 
— Our strategy (page 4) 
— Our collaborations 
(page 5) 
— Principal risks and 
uncertainties (page 
14) 
— Manufacturing / Third 
Parties / 
Commercialisation 
(page 15) 
 
 
  
 
 
  
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Strategic Report (continued) 
24 
 
 
 
 
 
 
 
 
Stakeholder Group 
     Why we engage 
     
Engagement and influence on 
decision making 
     More information 
 
 
 
 
 
 
 
 
 
Our Investors 
 
We are a public company 
with ADSs listed on 
NASDAQ. Without our 
investors, we cannot grow 
or invest for future success. 
We engage with existing 
and potential investors to 
ensure that we provide 
sufficient, meaningful and 
relevant information which 
they can use to make 
informed investment 
decisions. 
We strictly adhere to 
market regulations and 
regularly consult our 
advisors to ensure we are in 
compliance with such 
regulations at all times. 
 
Our Board and senior 
management have regular 
interaction with investors, to 
understand their interests and 
any concerns they may have. 
This feeds into the Board’s 
strategic discussions and 
opportunities, ensuring 
alignment over strategy, 
operational performance, 
remuneration policy, capital 
structure and future 
expectations of our investors. 
Examples of investor 
engagement by the Board and 
senior management includes 
Board attendance at the 
Annual General Meeting, 
NASDAQ announcements and 
press releases, Board 
attendance at conferences, 
regular reports from the 
Investor Relations 
 
Strategic report 
— Business overview 
(page 2) 
Remuneration report 
— Shareholder views 
(page 39) 
Bicycle website 
—   Corporate Governance 
Guidelines 
 
 
 
 
 
team, direct engagement with 
investors in relation to 
remuneration policy, 
communications such as 
quarterly trading results, 
annual reports and notices of 
general meetings, and making 
available detailed information 
about Bicycle and matters of 
interest to investors on our 
website 
 
 
 
 
  
 
 
  
 
Our Wider 
Communities 
 
Our global operations are 
an important part of the 
communities in which they 
are located. We have 
environmental 
responsibilities to the world 
in which we live, and 
societal responsibilities to 
the communities where we 
live, work and operate. 
 
It is important to the Board 
that the Group gives back to 
the communities in which it 
operates. The Board considers 
these communities in 
determining the corporate 
culture it wishes to promote. 
We endeavour to have a 
positive impact on the 
community in which it 
operates and aim to provide a 
safe, clean working 
environment for employees. 
 
Strategic report 
— Environmental 
matters (page 12) 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Strategic Report (continued) 
25 
Below are examples of how the Board took into consideration its stakeholders’ interests when making 
principal decisions during the year. 
Duravelo-2 Initiation 
 
In February 2024, we announced that our Phase II/III Duravelo-2 registrational trial for zelenectide 
pevedotin in metastatic urothelial cancer was active and recruiting patients, providing multiple opportunities for 
potential accelerated approval. 
Private Placement 
 
In May 2024, we entered into a securities purchase agreement with various investors pursuant to which we 
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 transaction resulted in gross proceeds of $555.5 million.  
Announcement of First Human Imaging Data for BRCs and Outline of Radiopharmaceutical Strategy 
 
In October 2024, we announced the presentation of the first human imaging data validating the potential of 
MT1-MMP as a novel target in the treatment of cancer and demonstrating the positive properties of BRC molecules 
for radiopharmaceutical use, as well as preclinical data demonstrating optimised BRC radioisotope delivery.  
Announcement of NECTIN4 Gene Amplification Strategy 
 
In December 2024, we announced the presentation of data showing the enhanced anti-tumour activity of 
zelenectide pevedotin monotherapy in breast cancer patients with NECTIN4 gene amplification as well as topline 
zelenectide pevedotin monotherapy data in non-small cell lung cancer patients with NECTIN4 gene amplification. 
We also announced our plans to advance our development strategy leveraging NECTIN4 gene amplification, with 
Phase I/II trials in breast cancer, lung-cancer and multiple tumour types planned for 2025. 
Cash and cash equivalents 
 
Having sufficient cash and cash equivalents to fund our future plans is essential. The Board regularly 
monitors our cash and cash equivalents balance and cash flows. As of 31 December 2024, we had cash and cash 
equivalents of $879.5 million. 
In considering our cash flows, the Board considered the interests of its stakeholders, and in particular, its 
investors, collaborators and employees to enable us to advance our clinical and pre-clinical oncology pipeline. 
This report was approved by the board of directors on 4 April 2025 and signed on its behalf by: 
 
Kevin Lee 
Director 
17 April 2025 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report 
26 
Annual Statement from the Chair of the Compensation Committee 
Dear Shareholders, 
As the Chair of the Compensation Committee (the “Committee”), I am pleased to present, on behalf of the 
board of directors (the “Board”) of Bicycle Therapeutics plc (the “Parent Company” and, together with its 
subsidiaries, the “Company”, “Bicycle”, “our”, “we” or “us”), the Directors’ Remuneration Report for the year 
ended 31 December 2024 (the “Remuneration Report”), which is the Company’s sixth such report following the 
Parent Company’s initial public offering (the “IPO”) and listing on The Nasdaq Stock Market (“NASDAQ”) on 
23 May 2019. 
The Remuneration Report will be subject to an advisory vote at the forthcoming Annual General Meeting 
to be held on 17 June 2025 (the “AGM”). There are no other matters that the Parent Company requires approval for 
under Chapter 4A of Part 10 of the Companies Act 2006. The Directors’ Remuneration Policy (the “Remuneration 
Policy”) was approved by the shareholders at the Parent Company’s AGM on 13 June 2023. Following the IPO in 
May 2019, this will be the Parent Company’s sixth AGM as a listed company. 
Introduction 
Our shareholders approved our Remuneration Policy at our AGM on 13 June 2023. We believe that our 
approved Remuneration Policy provides an appropriate framework to meet our objectives to establish a broad range 
of remuneration programs and policies that both compensate and incentivise directors and senior executives to 
deliver growth in a long-term and sustainable manner, and that are aligned strategically with our shareholders to 
appropriately position the Company as a global biopharmaceutical company. 
As we move into 2025 and beyond, the Committee’s role will be to continue to ensure that directors and 
senior executives are appropriately compensated and incentivised to deliver growth in a long-term and sustainable 
manner, and to continue establishing remuneration programs that are grounded in market practice, effective at 
driving proper executive behaviours, clearly link pay and performance and are cost-efficient overall to shareholders. 
Key considerations that guided the establishment of our Remuneration Policy and which will guide its 
implementation are described in more detail on page 28 of the Remuneration Report. The Remuneration Policy will 
be renewed every three years (unless a revised policy is approved by the shareholders). 
The global marketplace for talent 
We are a pharmaceutical company headquartered in the U.K. and with operations in both the U.K. and the 
U.S. Given that the market for experienced directors and pharmaceutical executive talent, particularly in the U.S., is 
very competitive, the Committee references the U.S. market as the leading indicator for executive and director 
remuneration levels and practices. This will help attract and retain directors and motivate the superior executive 
talent needed to successfully manage the Company’s complex global operations. Being consistent in this market 
view of the U.S. as the primary benchmark for remuneration practices for our Executive and Non-Executive 
Directors is key for us as we build our global operations in a manner designed to deliver sustainable long-term 
growth and shareholder value. 
In taking any actions, the Committee is mindful of the general U.K. compensation framework, including 
investor bodies’ guidance and the U.K. Corporate Governance Code, and has considered these when determining the 
remuneration programs and policies where it believes they best serve the long-term interests of shareholders. 
Pay for performance 
We believe that a significant portion of the remuneration of our Executive Director should be based on 
achieving objectives designed to create inherent value for us, and ultimately on achieving value creation for our 
shareholders. In line with this belief, the compensation of our Executive Director includes short term incentives 
based on corporate and personal goals. Similarly, all directors receive equity incentives designed to reward long-
term value creation for our shareholders. 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
27 
2024 remuneration outcome 
As outlined above, a core principle of Bicycle’s Remuneration Policy is the link between pay and 
performance. In the financial year 2024 (being the year ended 31 December 2024), the annual bonus paid to Kevin 
Lee, our Chief Executive Officer (“CEO”), was determined by the Board following an assessment of the corporate 
and personal objectives achieved in the year. Kevin Lee received a bonus of 132% of his target bonus, which 
resulted in a total bonus pay out of 86% of salary earned for the financial year 2024. The bonus was paid in cash in 
February 2025. This outcome was based on achievements versus goals in the following key areas: Clinical, 
Research & Development and Collaborations and Corporate and Business Development. In considering the above 
outcomes, the Committee assessed whether the outcomes reflected the underlying performance of the Company and 
concluded that no discretionary adjustments were required, and no discretions were exercised in relation to any other 
director’s remuneration. Please see the remainder of the Remuneration Report for additional detail on this bonus 
outcome and the pay for performance linkage. 
Kevin Lee also received two equity-based awards on 2 January 2024, being (i) an option grant over 
155,000 ordinary shares with an exercise price of $18.08, and (ii) an RSU grant over 77,000 ordinary shares. 
Some of the key highlights of the 2024 year included: 
• 
Initiation of the Phase II/III Duravelo-2 registrational trial for zelenectide pevedotin, formerly BT8009, in 
metastatic urothelial cancer (“mUC”) in the first quarter of 2024; 
• 
Announcement of clinical updates for the ongoing Phase I/II clinical trials for zelenectide pevedotin,  
BT5528 and BT7480; 
• 
Announcement of first human imaging data for a BRC molecule targeting MT1-MMP as well as preclinical 
data demonstrating optimised BRC radioisotope delivery, and an outline of our strategy for leadership in 
next-generation radiopharmaceuticals; 
• 
Announcement of our development strategy leveraging NECTIN4 gene amplification for zelenectide 
pevedotin in breast cancer, lung cancer and multiple tumour types as well as results from post-hoc analyses 
of late-line breast cancer and lung cancer patients showing enhanced anti-tumour activity of zelenectide 
pevedotin monotherapy in patients with NECTIN4 gene amplification and/or polysomy; 
• 
Announcement of topline combination data for zelenectide pevedotin in combination with pembrolizumab 
in first-line mUC; and 
• 
Successful private placement with net proceeds of approximately $544.1 million in May 2024. 
Other than determining remuneration outcomes and making grants, the Committee made no major 
decisions, and no significant changes were made, in relation to director remuneration during the financial year 2024. 
Conclusion 
The Committee believes the proposals put forth in this report will properly motivate our directors and 
senior executives to deliver sustainable growth and shareholder value over the long term and do so in a responsible 
and cost-efficient manner. 
I hope that you find the information in this report helpful and I look forward to your support at our AGM. 
Yours sincerely, 
 
Janice Bourque 
Chair of the Compensation Committee 
17 April 2025 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
28 
Remuneration Policy 
This part of the Remuneration Report sets out the Remuneration Policy and has been prepared in 
accordance with the Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) 
Regulations 2013, the Companies (Miscellaneous Reporting) Regulations 2018, and the Companies (Directors’ 
Remuneration Policy and Directors’ Remuneration Report) Regulations 2019. 
The Remuneration Policy was approved by shareholders in a binding vote at the AGM on 13 June 2023 and 
took effect from the date of approval and will continue to apply for a maximum period of three years (or until a 
revised policy is approved by shareholders). The Remuneration Policy is unchanged this year, and as such is not 
subject to a shareholder vote. 
The scenario charts have been updated to reflect the intended application of the approved policy for the 
2025 financial year and references to prior financial years have been updated where appropriate to aid 
understanding. A copy of the shareholder-approved policy (including the scenario charts for the 2023 financial year) 
is in the Annual Report and Financial Statements for the Year Ended 31 December 2022, which is available on the 
Company’s website at https://investors.bicycletherapeutics.com/annual-reports. 
Key considerations when determining the Remuneration Policy 
The Committee designed the Remuneration Policy with a number of specific objectives in mind. The 
Remuneration Policy should: 
• 
attract, retain and motivate high calibre senior management and focus them on the delivery of the 
Company’s strategic and business objectives; 
• 
encourage a corporate culture that promotes the highest level of integrity, teamwork and ethical standards; 
• 
be competitive against appropriate market benchmarks (being predominantly the U.S. biotech sector) and 
have a strong link to performance, providing the ability to earn above-market rewards for strong 
performance; 
• 
be simple and understandable, both internally and externally; 
• 
encourage increased equity ownership to motivate executives in the overall interests of shareholders, the 
Company, employees and customers; and 
• 
take due account of good governance and promote the long-term success of the Company. 
In seeking to achieve the above objectives, the Committee is mindful of the views of a broad range of 
stakeholders in the business and accordingly takes account of a number of factors when setting remuneration 
including: market conditions; pay and benefits in relevant comparator organisations; terms and conditions of 
employment across the Company; the Company’s risk appetite; the expectations of institutional shareholders; and 
any specific feedback received from shareholders and other stakeholders. 
Remuneration Policy table 
The table in the following pages sets out, for each element of pay, a summary of how remuneration is 
structured and how it supports the Company’s strategy. 
 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
29 
Executive Directors 
 
 
 
 
 
 
 
Purpose and link 
to strategy 
 
Operation 
 
Maximum opportunity 
 
Performance metrics 
Base salary 
   
 
   
 
   
 
To recruit and 
retain 
Executive 
Directors of 
the highest 
calibre who 
are capable of 
delivering the 
Company’s 
strategic 
objectives, 
reflecting the 
individual’s 
experience and 
role within the 
Company. 
Base salary is 
designed to 
provide an 
appropriate 
level of fixed 
income to 
avoid any 
over-reliance 
on variable 
pay elements 
that could 
encourage 
excessive risk 
taking. 
 
Salaries are normally 
reviewed annually, and 
changes are generally 
effective from 
1 January each year. 
The annual salary review for 
Executive Directors takes a 
number of factors into 
consideration, including: 
• business performance; 
• salary increases 
awarded to the overall 
employee population; 
• skills and experience of 
the individual over 
time; 
• scope of the 
individual’s 
responsibilities; 
• changes in the size and 
complexity of the 
Company; 
• market competitiveness 
assessed by periodic 
benchmarking; and 
• the underlying rate of 
inflation. 
If salary is set in USD but 
paid to a U.K.-based 
Executive Director it will be 
converted and paid in GBP 
pursuant to the terms of the 
applicable service 
agreement or company 
policy (as amended from 
time to time). 
 
Whilst there is no prescribed 
formulaic maximum, any increases 
will take into account prevailing 
market and economic conditions 
and the approach to employee pay 
throughout the organisation. 
In assessing base salaries, the 
Committee takes into account 
market data, but does not target a 
specific percentile when setting pay 
levels, rather considers it as one 
factor along with several others 
including Company and individual 
performance, tenure, past 
experiences and expected future 
contributions. Base salary increases 
are awarded at the discretion of the 
Committee; however, salary 
increases will normally be no 
greater than the general increase 
awarded to the wider workforce, 
in percentage of salary terms unless 
the salary is meaningfully below 
peers. 
In addition, a higher increase may 
be made where an individual had 
been appointed to a new role at 
below-market salary while gaining 
experience. Subsequent 
demonstration of strong 
performance may result in a salary 
increase that is higher than that 
awarded to the wider workforce. 
 
Not performance related. 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
30 
 
 
 
 
 
 
 
Purpose and link 
to strategy 
 
Operation 
 
Maximum opportunity 
 
Performance metrics 
Benefits 
  
  
  
 
 
 
 
 
 
 
Reasonable 
benefits-in-
kind are 
provided to 
support 
Executive 
Directors in 
carrying out 
their duties 
and assist with 
retention and 
recruitment. 
 The Company aims to offer 
benefits that are in line with 
market practice. 
The main benefits currently 
provided include private 
health insurance, long-term 
disability, critical illness and 
death in service. 
Under certain circumstances 
the Company may offer 
relocation allowances or 
assistance. Expatriate 
benefits may be offered 
where relevant including 
fees for tax advice 
associated with completion 
of international tax returns 
and, if relevant, any gross-
up for tax. 
Travel, accommodation and 
any reasonable business-
related expenses (including 
tax thereon) may be 
reimbursed. 
Executive Directors may 
become eligible for other 
benefits in future where the 
Committee deems it 
appropriate. Where 
additional benefits are 
introduced for the wider 
workforce, Executive 
Directors may participate on 
broadly similar terms. 
Executive Directors are 
eligible to participate in the 
Company’s all-employee 
share plans on the same 
terms as other employees in 
the jurisdiction in which 
they are engaged. 
 Not applicable 
 Not performance related. 
 
  
  
  
 
  
  
  

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
31 
 
 
 
 
 
 
 
Purpose and link 
to strategy 
 
Operation 
 
Maximum opportunity 
 
Performance metrics 
Pensions 
  
  
  
The Company 
aims to 
provide a 
contribution 
towards life in 
retirement. 
 Executive Directors are 
eligible to receive employer 
contributions to the 
Company’s Group Personal 
Pension Scheme or a salary 
supplement in lieu of 
pension benefits, or a 
mixture of both. 
 Up to 12% of salary per annum for 
Executive Directors, C-level 
executives and senior managers. 
The rest of the workforce is up to  
10%. 
 Not performance related. 
Annual Performance Bonus  
The annual 
bonus scheme 
rewards the 
achievement of 
stretching 
objectives that 
support the 
Company’s 
corporate goals 
and delivery of 
the business 
strategy. 
 Bonuses are determined 
based on annual corporate 
and personal performance 
measures and targets that are 
agreed between the 
Executive Directors and the 
Board (following the 
Committee’s 
recommendation) for each 
financial year. 
Bonuses may be paid in 
cash or in equity awards. 
Payment of bonuses is 
conditional on the Executive 
Directors being in 
employment (and not having 
served notice of 
termination). A deferral 
period may be applied to 
bonuses. 
The Committee may, in 
appropriate circumstances, 
override the formulaic 
outcome to amend the bonus 
payout or provide for an 
additional bonus payment, 
should this not, in the view 
of the Committee, reflect 
overall business 
performance or individual 
contribution. 
 The maximum target bonus 
opportunity for Executive Directors 
is 80% of salary, with a maximum 
bonus opportunity of up to two 
times the target opportunity (i.e., a 
maximum total of 160% of salary). 
For threshold performance, no more 
than 50% of target bonus may be 
payable. 
For 2025, the target bonus 
opportunity for Executive Directors 
will be no more than 65% of salary, 
with a maximum bonus opportunity 
of up to 150% of the target 
opportunity. In addition there is an 
opportunity based on personal 
objectives to receive up to an 
additional 50% of the total bonus 
outcome (i.e. a maximum total of 
146% of salary). 
The Committee may, in appropriate 
circumstances, waive the maximum 
target bonus opportunity for 
Executive Directors where an 
additional bonus payout is made to 
reflect overall business 
performance or individual 
contribution. 
 Performance measures are 
determined by the Committee 
each year and may vary to 
ensure that they promote the 
Company’s business strategy 
and shareholder value. 
The performance measures 
may include financial, 
strategic and/or personal 
objectives. 
The Committee may alter the 
bonus outcome (up or down) 
if it considers that the pay-out 
derived from a formula is 
inconsistent with the 
Company’s overall 
performance, taking account 
of any factors it considers 
relevant. This will help 
ensure that payments reflect 
overall Company 
performance during the 
period. 
The Committee may, in 
appropriate circumstances, 
disapply any performance 
measures or award a bonus 
without such performance 
measures, should they not, in 
the view of the Committee, 
reflect overall business 
performance or individual 
contribution. 
 
 
  
  
  

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
32 
 
 
 
 
 
 
 
Purpose and link 
to strategy 
 
Operation 
 
Maximum opportunity 
 
Performance metrics 
2019 Share Option Plan (“SOP”) 
The SOP is 
designed to 
incentivise the 
successful 
execution of 
business 
strategy over 
the longer term 
and provide 
long-term 
retention. 
Facilitates 
share 
ownership to 
provide further 
alignment with 
shareholders. 
 No new options will be 
granted under the SOP. 
Awards will typically be 
granted annually, in the 
form of options although 
may also be granted more or 
less frequently. 
Options are typically subject 
to vesting over a four-year 
period, with 25% of the 
award vesting on the first 
anniversary of the grant, and 
the remainder vesting in 
equal monthly instalments 
thereafter. The Committee 
may vary the vesting 
schedule of options as it 
considers appropriate. 
The Committee may 
unilaterally modify the 
terms of equity awards, in 
particular to reprice 
underwater options to 
provide for a lower exercise 
price. 
The Committee has 
discretion to decide whether 
and to what extent any 
deferral or holding period 
applies to options or to the 
shares acquired on the 
exercise of options. 
 There is no defined maximum 
opportunity under the SOP. 
However, the Committee will 
generally work within the 
benchmarking guidelines provided 
by our compensation consultants. 
We seek to establish equity-based 
remuneration competitive to that 
offered by a set of comparable 
companies with whom we may 
compete for talent. 
 Performance conditions may 
apply to awards. Such 
conditions may be strategic 
objectives which may include 
milestones events, financial, 
strategic and/or personal 
objectives. 
Share options are granted 
with an exercise price no less 
than the fair market value of 
the shares on the date of 
grant. Accordingly, share 
options will only have value 
to the extent the Company’s 
share price appreciates 
following the date of grant. 
Any performance conditions 
set will be designed to 
incentivise performance in 
support of the Company’s 
strategy and business 
objectives. 
The Committee has flexibility 
to vary the mix of measures 
or introduce new measures 
for each subsequent award 
taking into account business 
priorities at the time of grant. 
The Committee may amend, 
relax or waive performance 
conditions if it considers that 
they have become unfair or 
impractical. This will help 
ensure that vesting reflects 
overall Company 
performance during the 
period. 
Options vest in full on a 
change of control. 
 
  
  
  
 
  
  
  
 
  
  
  

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
33 
 
 
 
 
 
 
 
Purpose and link 
to strategy 
 
Operation 
 
Maximum opportunity 
 
Performance metrics 
2020 Equity Incentive Plan (“EIP”) (or any supplemental or successor equity plan) 
The EIP is 
designed to 
incentivise the 
successful 
execution of 
business 
strategy over 
the longer term 
and provide 
long-term 
retention. 
Facilitates 
share 
ownership to 
provide further 
alignment with 
shareholders. 
 Awards may be granted in 
the form of options, share 
appreciation rights, 
restricted shares, restricted 
share units or such other 
form as may be permitted 
under the EIP or by any 
other equity incentive plan 
operated by the Company 
from time to time. 
Awards will typically be 
granted annually to 
continuing employees, 
although may also be 
granted more or less 
frequently. 
Awards are typically subject 
to vesting over a four-year 
period, with 25% of the 
award vesting on the first 
anniversary of the grant, and 
the remainder vesting either 
in equal monthly or 
quarterly instalments 
thereafter. The Committee 
may vary the vesting 
schedule of awards as it 
considers appropriate. 
The Committee has 
discretion to decide whether 
and to what extent any 
deferral or holding period 
applies to awards or to the 
shares acquired following 
the vesting of awards. 
 
The Committee may 
unilaterally modify the 
terms of share options, in 
particular to reprice 
underwater options to 
provide for a lower exercise 
price. 
 There is no defined maximum 
opportunity under the EIP. 
However, the Committee will 
generally work within the 
benchmarking guidelines provided 
by our compensation consultants. 
We seek to establish equity-based 
remuneration competitive to that 
offered by a set of comparable 
companies with whom we may 
compete for talent. 
 Performance conditions may 
apply to awards. Such 
conditions may be strategic 
objectives which may include 
milestones events, financial, 
strategic and/or personal 
objectives. 
Any performance conditions 
set will be designed to 
incentivise performance in 
support of the Company’s 
strategy and business 
objectives. 
The Committee has flexibility 
to vary the mix of measures 
or introduce new measures 
for each subsequent award 
taking into account business 
priorities at the time of grant. 
The Committee may amend, 
relax or waive performance 
conditions if it considers that 
they have become unfair or 
impractical. This will help 
ensure that vesting reflects 
overall Company 
performance during the 
period. Awards vest in full on 
a change of control. 
 
 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
34 
 
Chair and Non-Executive Directors 
 
 
 
 
 
 
 
 
Purpose and link to 
strategy 
 
Operation 
 
Maximum opportunity 
     Performance metrics 
 
Fees and benefits 
     
 
     
 
  
 
To attract Non-
Executive Directors 
who have a broad 
range of experience 
and skills to provide 
independent 
judgement on issues of 
strategy, performance, 
resources and 
standards of conduct. 
 
Non-Executive Directors 
receive an annual retainer paid 
in cash, comprising a base fee 
plus additional fees for 
Committee Chairpersonship or 
membership. Such fees are set 
based on peer group 
comparator data. 
Non-Executive Directors who 
participate and serve on any 
membership committee or 
advisory board of or for the 
Company may also receive a 
retainer paid in cash annually 
or for each meeting attended. 
Such fees are set based on peer 
group comparator data. 
The Chair’s fee is reviewed 
annually by the Committee 
(without the Chair present). 
Fee levels for the Non-
Executive Directors are 
determined by directors upon 
the recommendation of the 
Committee. 
When reviewing fee levels, 
account is taken of market 
movements in fee levels, 
Board committee 
responsibilities, ongoing time 
commitments and the general 
economic environment. 
In exceptional circumstances, 
if there is a temporary yet 
material increase in the time 
commitments for Non-
Executive Directors, the Board 
may pay additional fees to 
recognise that additional 
workload. 
 
 
When reviewing fee 
levels, account is taken of 
market movements in the 
fees of Non-Executive 
Directors, Board 
Committee 
responsibilities and 
ongoing time 
commitments, as well as 
the underlying rate of 
inflation. 
Actual fee levels are 
disclosed in the Directors’ 
Remuneration Report for 
the relevant financial year. 
 
Not performance related. 
 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
35 
 
 
 
 
 
 
 
 
Purpose and link to strategy  
Operation 
 Maximum opportunity 
 
Performance metrics 
 
Fees and Benefits (continued) 
  
  
 
 
 
Non-Executive Directors ordinarily 
do not participate in any pension, 
bonus or performance-based share 
incentive plans. Travel, 
accommodation and other business-
related expenses incurred in carrying 
out the role as well as fees for tax 
advice associated with completion of 
international tax returns will be paid 
by the Company including, if 
relevant, any gross-up for tax. 
Tax equalisation benefits may be 
provided to Non-Executive Directors 
who are required to relocate or 
become tax resident in a new 
jurisdiction. 
Non-Executive Director fees are 
generally denominated and paid in 
USD but may be denominated and/or 
paid in GBP, USD, or a combination 
depending on the personal situation of 
each Non-Executive Director. Any 
currency conversions are calculated in 
accordance with the applicable 
Company procedure from time to 
time. 
Non-Executive Director fees in 
respect of those Non-Executive 
Directors who are appointed by an 
investor (or group of investors) in the 
Parent Company may be paid to those 
investor(s) on behalf of the relevant 
Non-Executive Director. 
Non-Executive Director fees are 
payable in arrears in twelve monthly 
instalments, subject to deduction of 
applicable income tax or national 
insurance which the Company is 
required by law to deduct and any 
other statutory deductions, provided 
that the amount of such payment shall 
be prorated for any portion of such 
month during which the Non-
Executive Director was not serving. 
  
  
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
36 
 
 
 
 
 
 
 
 
Purpose and link to strategy  
Operation 
 Maximum opportunity 
 
Performance metrics 
 
Equity Awards 
 
 
  
  
 
To facilitate share 
ownership and provide 
alignment with 
shareholders. 
 
Non-Executive Directors may 
receive equity awards under the EIP 
(or options, share appreciation 
rights, restricted shares, restricted 
share units or such other form as 
may be permitted by any other 
equity incentive plan operated by 
the Company from time to time). 
Non-Executive Directors will 
generally receive an initial equity 
award upon appointment or 
election. Initial equity awards 
normally vest over a period of 
three years from the date of 
appointment, subject generally to 
continued service. 
In addition, Non-Executive 
Directors may be granted awards 
annually with such time-based 
vesting terms as the Committee may 
determine. If a new Non-Executive 
Director joins the Board following 
the date of grant of an annual grant 
in any calendar year, such Non-
Executive Director will be granted a 
pro rata portion of the next annual 
grant, based on the time between his 
or her appointment and the date of 
such annual grant. 
The Committee may, in its sole 
discretion, provide for deferred 
settlement of RSUs awarded to a 
Non-Executive Director. 
Additional grants may be made 
during a year of appropriate in the 
circumstances. 
The Committee may unilaterally 
modify the terms of equity awards, 
in particular to reprice underwater 
options to provide for a lower 
exercise price. 
 There is no maximum 
award level for equity 
awards to Non-
Executive Directors. 
The size of the equity 
awards is determined 
by the full Board, 
upon recommendation 
of the Compensation 
Committee. 
When reviewing 
award levels, account 
is taken of market 
movements in equity 
awards, Board 
committee 
responsibilities, 
ongoing time 
commitments and the 
general economic 
conditions. 
 Not performance related. 
Awards vest in full on a 
change of control. 
 
 
 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
37 
Notes to the policy table 
Legacy arrangements 
For the duration of this Remuneration Policy, the Company will honour any commitments made in respect 
of current or former directors before the date on which either: (i) the Remuneration Policy becomes effective; or 
(ii) an individual becomes a director, even when not consistent with the Remuneration Policy set out in this report or 
prevailing at the time such commitment is fulfilled, in each case subject to the terms of any prior policy in place at 
the time such awards or commitments were granted or made, if applicable. For the avoidance of doubt, all 
outstanding historic awards that were granted in connection with, or prior to, listing on Nasdaq and/or under the 
SOP remain eligible to vest based on their original or modified terms. 
Payments may be made in respect of existing awards under the SOP and the Committee may exercise any 
discretions available to it in connection with such awards in accordance with the rules of the SOP and relevant 
award documentation. Options granted under the SOP vest in full on a change of control. 
Payments may be made in respect of consultancy services provided by Pierre Legault pursuant to a 
consulting agreement entered into between Stone Sunny Isles, Inc., and Stone Atlanta Estates LLC, the successor-in-
interest to Stone Sunny Isles, Inc., and Bicycle Therapeutics Inc. dated 15 March 2019 pursuant to which it has 
agreed to make available Pierre Legault to provide advisory services to us as requested by our Board of Directors or 
our chief executive officer. Stone Atlanta Estates LLC provided consultancy services of $0.3 million during the year 
ended 31 December 2024 (2023: $0.2 million). Pierre Legault is the President, Treasurer and Director of Stone 
Atlanta Estates LLC, the successor-in-interest to Stone Sunny Isles, Inc. 
Performance conditions 
The choice of annual bonus performance metrics reflects the Committee’s belief that any incentive 
remuneration should be appropriately challenging and tied to the delivery of key strategic objectives intended to 
ensure that Executive Directors are incentivised to deliver across a range of objectives for which they are 
accountable. The Committee has retained flexibility on the specific measures which will be used to ensure that any 
measures are fully aligned with the strategic imperatives prevailing at the time they are set. 
The targets for the bonus scheme for the forthcoming year will be set out in general terms, subject to 
limitations with regards to commercial sensitivity. The full details of the targets will be disclosed when they are in 
the public domain and are no longer considered commercially sensitive. 
Where used, performance conditions applicable to EIP awards (or other equity incentive plans operated by 
the Company from time to time) will be aligned with the Company’s objective of delivering superior levels of long-
term value to shareholders. Prior to each award, the Committee has flexibility to select measures that are fully 
aligned with the strategy prevailing at the time awards are granted. 
The Committee will review the calibration of targets applicable to the annual bonus, and the EIP in years 
where performance measures apply, annually to ensure they remain appropriate and sufficiently challenging, taking 
into account the Company’s strategic objectives and the interests of shareholders. 
Recovery and withholding 
The Company does not currently have a policy on recovery and withholding. The Committee reserves the 
right to make any remuneration payments subject to withholding or recovery in appropriate circumstances and to 
establish a policy on recovery and withholding in the future. 
Differences in remuneration policy between Executive Directors and other employees 
The overall approach to reward for employees across the workforce is a key reference point when setting 
the remuneration of the Executive Directors. When reviewing the salaries of the Executive Directors, the Committee 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
38 
pays close attention to pay and employment conditions across the wider workforce and in normal circumstances the 
increase for Executive Directors will be no higher than the average increase for the general workforce. 
The key difference between the remuneration of Executive Directors and that of our other employees is 
that, overall, at senior levels, remuneration is increasingly long-term, and ‘at risk’ with an emphasis on performance-
related pay linked to business performance and share-based remuneration. This ensures that remuneration at senior 
levels will increase or decrease in line with business performance and provides alignment between the interests of 
Executive Directors and shareholders. In particular, long-term incentives are provided only to the most senior 
executives as they are reserved for those considered to have the greatest potential to influence overall levels of 
performance. 
Committee discretion in operation of variable pay schemes 
The Committee operates under the powers it has been delegated by the Board. In addition, where relevant, 
it complies with rules that are either subject to shareholder approval or by approval from the Board. These 
rules provide the Committee with certain discretions which serve to ensure that the implementation of the 
Remuneration Policy is fair, both to the individual director and to the shareholders. The Committee also has 
discretions to set components of remuneration within a range, from time to time. Where appropriate, the extent of 
such discretions is set out in the relevant rules and/or described in the policy table above. To ensure the efficient 
administration of the variable incentive plans outlined above, the Committee will apply certain operational 
discretions. 
These include the following: 
• 
selecting the individuals who will receive awards under the plans on an annual basis; 
• 
determining the timing of grants of awards and/or payments; 
• 
determining the quantum of awards and/or payments; 
• 
determining the choice (and adjustment) of any performance measures and targets, vesting schedules, 
exercise prices (where applicable), option repricing (where applicable) and other award terms for each 
incentive plan; 
• 
determining the extent of vesting, including for leavers; 
• 
making the appropriate adjustments (including to any performance targets) required in certain 
circumstances, for instance for changes in capital structure; 
• 
determining “good leaver” status and the impact of certain corporate events, if applicable, for incentive 
plan purposes and determining and applying the appropriate treatment; 
• 
interpreting the plan rules and award agreements where necessary; and 
• 
undertaking the annual review of weighting of performance measures and setting targets for the annual 
bonus plan and other incentive schemes, where applicable, from year to year. 
If an event occurs which results in the annual bonus plan or EIP (where performance conditions apply) 
performance conditions and/or targets being deemed unfair or impractical (e.g. material acquisition or divestment), 
the Committee will have the ability to make amend, relax or waive (and/or recommend such alterations to the Board 
for approval) to the measures and/or targets and alter weightings. Any use of the above discretion would, where 
relevant, be explained in the Annual Report on Remuneration and may, as appropriate, be the subject of consultation 
with the Parent Company’s major shareholders. 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
39 
The Committee retains the discretion to award ad hoc bonus payments outside the annual bonus plan, if an 
event or circumstance occurs in which the annual bonus plan does not reflect the overall business performance, 
individual contribution or external factors which impacts the workforce. Any use of the above discretion would, 
where relevant, be explained in the Annual Report on Remuneration and may, as appropriate, be the subject of 
consultation with the Parent Company’s major shareholders. 
The Committee may make minor amendments to the Remuneration Policy (for regulatory, exchange 
control, tax or administrative purposes or to take account of a change in legislation) without obtaining shareholder 
approval for that amendment. 
Shareholder views 
The Board is committed to dialogue with shareholders and intends to engage directly with them and their 
representative bodies when considering any significant changes to our remuneration arrangements. The Committee 
will consider shareholder feedback received following the AGM, as well as any additional feedback and guidance 
received from time to time. This feedback will be considered by the Committee as it develops the Company’s 
remuneration framework and practices going forward. Assisted by its independent adviser, the Committee also 
actively monitors developments in the expectations of institutional investors and their representative bodies. 
Employment conditions 
The Committee is regularly updated throughout the year on pay and conditions applying to Company 
employees. Where significant changes are proposed to employment conditions and salary levels elsewhere in the 
Company these are highlighted for the attention of the Committee at an early stage and the Committee will take such 
employment considerations into account when setting directors’ remuneration. 
Whilst the Committee does not currently consult directly with employees regarding its policy for directors, 
the Committee is considering the best method of bringing the employee voice to the boardroom. 
Other remuneration policies 
Remuneration for new appointments 
Where it is necessary to appoint or replace an Executive Director or to promote an existing Executive 
Director, the Committee’s approach when considering the overall remuneration arrangements in the recruitment of a 
new Executive Director is to take account of the calibre, expertise and responsibilities of the individual, his or her 
remuneration package in their prior role and market rates. Remuneration will be in line with the Remuneration 
Policy and the Committee will not pay more than is necessary to facilitate their recruitment. 
The remuneration package for a new Executive Director will be set in accordance with the terms of the 
Company’s approved remuneration policy in force at the time of appointment. Further details are provided below: 
 
 
 
 
Salary 
    The Committee will set a base salary appropriate to the calibre, experience and responsibilities of the new 
appointee. In arriving at a salary, the Committee may take into account, amongst other things, the market 
rate for the role and internal relativities. 
 
 
 
The Committee has the flexibility to set the salary of a new Executive Director at a lower level initially, 
with a series of planned increases implemented over the following few years to bring the salary to the 
desired positioning, subject to individual performance. 
 
 
 
In exceptional circumstances, the Committee has the ability to set the salary of a new Executive Director 
at a rate higher than the market level to reflect the criticality of the role and the experience and 
performance of the individual. 
 
Benefits 
 
Benefits will be consistent with the principles of the policy set out on page 30. The Company may award 
certain additional benefits and other allowances including, but not limited to, those to assist with 
relocation support, temporary living and transportation expenses, educational costs for children, 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
40 
reimbursement of fees for tax advice associated with completion of international tax returns and tax 
equalisation to allow flexibility in employing an overseas national. 
Pension benefits 
 
A maximum employer pension contribution of 12% of salary (or equivalent cash allowance) may be 
payable for external appointments. For an internal appointment, his or her existing pension arrangements 
may continue to operate. Any new Executive Director based outside the UK will be eligible to participate 
in pension or pension allowance, insurance and other benefit programmes in line with local practice. 
 
Annual bonus 
 
The maximum target bonus opportunity is 80% of base salary and the maximum bonus opportunity for 
new appointments is 225% of their target bonus. 
 
Other cash or 
equity-based 
awards 
 
Executive Directors may receive awards under the EIP (or other equity incentive plan operated by the 
Company from time to time) on appointment. The Committee will assess and determine the award level, 
award vehicle, performance conditions and vesting schedule for each individual on a case-by-case basis. 
In addition, Executive Directors are eligible to participate in the Company’s all-employee share plans on 
the same terms as other employees in the jurisdiction in which they are engaged. 
 
 
 
In addition, the Committee may offer additional cash and/or equity-based elements in order to “buy-out” 
remuneration relinquished on leaving a former employer. Any awards made in this regard may have no 
performance conditions, or different performance conditions, or a different vesting schedule compared to 
the Company’s existing plans, as the Committee considers appropriate. 
 
Depending on the timing and responsibilities of the appointment, it may be necessary to set different annual 
bonus or EIP performance measures and targets as applicable to other Executive Directors. 
The terms of appointment for a Non-Executive Director would be in accordance with the approved 
remuneration policy for Non-Executive Directors in force at the time of the appointment. 
Service contracts and termination policy 
Executive Directors have rolling service agreements (entered into with the Parent Company or a subsidiary 
thereof) which may be terminated in accordance with the terms of these agreements. The period of notice for 
Executive Directors (to be given by the employer or the Executive Director) will not normally exceed 6 months. 
Executive Directors’ service agreements are available for inspection at the Parent Company’s registered office 
during normal business hours and will also be available to the public if required to be filed by the Parent Company 
with the SEC. The terms of the current Executive Director’s service contract are: 
 
 
 
 
 
 
 
 
Name 
     Position 
     Date of service contract 
     Notice period 
 
Kevin Lee 
 
Chief Executive Officer  
26 September 2019 
 
6 months either party 
 
 
The Company’s policy on remuneration for Executive Directors who leave the Company is set out below. 
The Committee will exercise its discretion when determining amounts that should be paid to leavers (other than in 
respect of the relevant leaver’s contractual entitlements which will be respected), taking into account the facts and 
circumstances of each case. Where applicable, the Company may elect to make a payment in lieu of notice 
(“PILON”) equivalent in value to basic salary and contractual benefits for any unexpired portion of the notice 
period (but excluding any annual bonus or holiday entitlement that would have otherwise accrued during the notice 
period). 
Where the Executive Director is terminated by the Company without “Cause” (as defined in the service 
agreement), by the Executive Director for “Good Reason” (as defined in the service agreement), or on the Executive 
Director’s death, severance pay in addition to any potential PILON and any entitlements in respect of the year to the 
date of termination in accordance with the applicable terms shall be paid to an Executive Director as set out below, 
subject to the Executive Director signing a waiver of claims: 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
41 
 
 
 
 
 
Element of pay / benefit 
     
Termination other than within 12 months 
after a relevant “Change in Control” (as 
defined in the service agreement) 
     
Termination within 12 months after a 
relevant “Change in Control” (as defined in 
the service agreement) 
Salary 
 
A lump sum payment equal to 
12 months’ salary payable. 
 
A lump sum payment equal to 
24 months’ salary payable. 
Contractual benefits 
 
A lump sum payment equal to the 
cost to the Company of providing 
contractual benefits for 12 months (or 
continuation of such benefits). 
 
A lump sum payment equal to the 
cost to the Company of providing 
contractual benefits for 24 months (or 
continuation of such benefits). 
Annual bonus 
 
Not applicable. 
 
A lump sum payment equal to 1.5 
times target bonus will be paid. 
Share Option Plan 
(legacy awards) 
 
Options treated in accordance with 
plan rules. 
Good leavers may exercise their 
options to the extent vested at the 
time of termination within 12 months 
after termination. 
The Committee has the discretion to 
accelerate vesting in whole or in part, 
to extend the exercise window, 
and/or to waive any applicable 
performance conditions in whole or 
in part. 
 
Options subject to time-based vesting 
(only) accelerate, vest and become 
exercisable in full. Options subject to 
performance conditions treated in 
accordance with plan rules (as 
described at left). 
Equity Incentive Plan 
 
Awards treated in accordance with 
plan rules. 
Unless otherwise determined by the 
Committee, unvested equity awards 
lapse on the date of termination of 
employment. 
 
Awards vest in full on a change of 
control. 
The Company is unequivocally against rewards for failure; the circumstances of any departure, including 
the individual’s performance, would be taken into account in every case. Statutory redundancy payments may be 
made. Service agreements may be terminated summarily without notice (or on shorter notice periods) and without 
payment in lieu of notice in certain circumstances, such as gross misconduct or any other material breach of the 
obligations under their employment contract. The Company may require the individual to work during their notice 
period or may place them on garden leave during which they would be entitled to full pay and benefits. 
Except in the case of gross misconduct or resignation, the Company may at its absolute discretion 
reimburse for reasonable professional fees relating to the termination of employment and, where an Executive 
Director has been required to re-locate, to pay reasonable repatriation costs, including possible tax exposure costs 
and/or settle any other amount the Committee considers reasonable including any statutory entitlements or sums to 
settle or compromise claims or potential claims in connection with a termination (including, at the discretion of the 
Committee, reimbursement for legal advice and provision of outplacement services). 
Policy on external appointments 
The Board believes that it may be beneficial to the Company for executives to hold certain roles outside the 
Company provided that the Company’s business takes priority. Any such appointments are subject to approval by 
the Board and the director may retain any fees received. Kevin Lee is currently a director of Alchemab Therapeutics 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
42 
Limited and Macomics Limited. During the year ended 31 December 2024, he received an aggregate of £105k 
during the year ended 31 December 2024 (2023: £75k) per annum in fees related to external appointments. 
Non-Executive Directors’ terms of engagement 
Each of the Non-Executive Directors is engaged under a Non-Executive Director appointment letter. Each 
appointment is normally terminable by either party on no more than three months’ written notice (or, in some cases, 
payment in lieu of notice), but may be terminated immediately in certain circumstances. Under our articles of 
association, our Board is divided into three classes (Class I, Class II and Class III), with members of each class 
serving staggered three-year terms. In the event of termination, the Chair and Non-Executive Directors are only 
entitled to fees accrued to the date of termination together with reimbursement of expenses properly incurred before 
that date. 
The dates of appointment of each of the Non-Executive Directors serving at 31 December 2024 are 
summarised in the table below. The Parent Company was incorporated on 27 October 2017. 
Non-Executive Directors 
     
Date of appointment letter 
     
Date of appointment 
 
Felix Baker 
 
16 April 2024 
 
18 April 2024 
 
Janice Bourque 
 
18 July 2019 
 
18 July 2019 
 
Jose-Carlos Gutierrez-Ramos 
 
17 March 2021 
 
17 March 2021 
 
Richard Kender 
 
20 July 2019 
 
18 July 2019 
 
Pierre Legault (Chairman) 
 
15 March 2019 
 
15 March 2019 
 
Stephen Sands 
 
17 February 2024 
 
20 February 2024 
 
Sir Gregory Winter 
 
24 May 2019 
 
4 December 2017 
 
 
At the time of the IPO in May 2019 all Non-Executive Directors then appointed except Pierre Legault 
entered into new letters of appointment which took effect conditional upon completion of the IPO. Felix Baker, 
Janice Bourque, Richard Kender, Jose-Carlos Gutierrez-Ramos and Stephen Sands each entered into letters of 
appointment at the time of their appointment to the Board. 
Non-Executive Directors’ letters of appointment are available for inspection at the Parent Company’s 
registered office during normal business hours and will be available for inspection at the AGM. 
A company affiliated with Pierre Legault, Stone Atlanta Estates LLC, the successor-in-interest to Stone 
Sunny Isles, Inc., has also entered into a consulting agreement with Bicycle Therapeutics Inc. dated 15 March 2019 
under which it will procure the provision of consulting services by Pierre Legault to the Parent Company. Stone 
Atlanta Estates LLC provided consultancy services of $0.3 million during the year ended 31 December 2024 (2023: 
$0.2 million). This consulting agreement is terminable on three months’ written notice (or payment in lieu of 
notice). 
 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
43 
Remuneration scenario for Executive Director 
The charts below show an estimate of the 2025 remuneration package for the Executive Director under 
three assumed performance scenarios and these scenarios are based on the Remuneration Policy set out above which 
will be applicable if it is approved. No performance obligations apply to equity-based awards so they are not 
included. 
Minimum (comprising fixed pay only) 
Base salary as of 1 January 2025 of $821k, converted by reference to the GBP : USD exchange rate on 
31 December 2024 of 1.25511, cash in lieu of pension of 12% of base salary net of employer National Insurance 
costs of the cash in lieu and benefits of $2k. 
Target 
Fixed pay as above. 
Assumes target bonus of 65%. 
Maximum 
Fixed pay as above. 
Assumes maximum bonus payout of 146%. 
 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
44 
Annual Report on Remuneration 
This part of the report has been prepared in accordance with Part 3 of The Large and Medium-sized 
Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013 and section 420 of the Companies 
Act 2006. The Annual Report on Remuneration and the Annual Statement by the Chair of the Compensation 
Committee will be put to a single advisory shareholder vote at the AGM to be held on 17 June 2025. The 
information from the single total figure of directors’ remuneration on page 46 to the end of the section on payments 
to former directors and for loss of office on page 50 has been audited. The remainder of the Annual Report on 
Remuneration is unaudited. 
Compensation Committee 
The current members of the Committee, who are all independent, are Janice Bourque (as Chair of the 
Committee), Richard Kender and Jose-Carlos Gutierrez-Ramos. Prior to the appointment of Jose-Carlos Gutierrez-
Ramos on 18 April 2024, the Committee also included Veronica Jordan who resigned from the Committee on 
17 April 2024. Decisions of the Committee are made by majority vote or by unanimous written consent. 
The Chair and members of management, the Chief Executive Officer (“CEO”), the Chief Financial Officer 
(“CFO”), the Chief Accounting Officer and the Chief Operating Officer, are invited to attend meetings where 
appropriate. Attendees who are not members of the Committee are not involved in any decisions, are not present for 
any discussions regarding their own remuneration and did not materially assist the Committee. 
No conflicts of interest have arisen during the year and none of the members of the Committee has any 
personal financial interest in the matters discussed, other than as holders of shares and/or equity awards. The fees of 
the Non-Executive Directors are approved by the Board on the joint recommendation of the Committee and the 
CEO/Executive Director. 
Meetings attendance 
 
 
 
Director 
     Meetings Attended 
Janice Bourque 
  
7 of 71 
Richard Kender 
  
7 of 71 
Jose-Carlos Gutierrez-Ramos 
  
4 of 42 
Veronica Jordan 
 
3 of 33 
 
(1) 
Seven meetings of the Committee took place during Janice Bourque’s and Richard Kender’s tenure. 
(2) 
Four meetings of the Committee took place during Jose-Carlos Gutierrez-Ramos’ tenure. 
(3) 
Three meetings of the Committee took place during Veronica Jordan’s tenure. 
Independent advisors 
Independent objective advice on executive remuneration is received from the Human Capital Solutions 
practice of Aon plc (“Aon”). Aon is a member of the Remuneration Consultants Group and is a signatory to its Code 
of Conduct. Aon advises the Committee on all aspects of senior executive remuneration. Since the IPO, Aon was 
appointed by the Committee following a competitive tender process, and has since been retained to assist with the 
drafting of the Remuneration Policy and has kept the Committee up to date on remuneration trends and corporate 
governance best practice. Aon does not have any other remuneration-unrelated connection with the Company and is 
considered to be independent by the Committee. During the year ended 31 December 2024, fees charged by Aon for 
advice provided to the Committee for 2024 amounted to $459k (year ended 31 December 2023: $167k). 
Activity in the year 
The Committee’s principal function is to develop and implement compensation policies and plans that 
ensure the attraction and retention of key management personnel, the motivation of management to achieve the 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
45 
Company’s corporate goals and strategies, and the alignment of the interests of management with the long-term 
interests of the Parent Company’s shareholders. In applying the remuneration policy, and in constructing the 
remuneration arrangements for Executive Directors and senior employees, the Board, advised by the Committee, 
aims to provide remuneration packages that are competitive and designed to attract, retain and motivate Executive 
Directors and senior employees of the highest calibre. 
The Committee is responsible for and considered, where applicable, during the year: 
• 
annually reviewing and approving corporate goals and objectives relevant to the compensation of the CEO; 
• 
evaluating the performance of the CEO in light of such corporate goals and objectives and recommending 
or determining the compensation of the CEO; 
• 
reviewing and recommending or determining the compensation of the Company’s other executive officers; 
• 
reviewing and establishing the Company’s overall management compensation, philosophy and policy; 
• 
overseeing and administering the Company’s compensation and similar plans; 
• 
retaining, approving the compensation, and overseeing the work of any compensation advisors; 
• 
reviewing and approving the Company’s policies and procedures for the grant of equity-based awards; 
• 
preparing the compensation committee report required by the SEC rules to be included in our annual proxy 
statement, and the directors’ remuneration policy and report as required under English law; 
• 
reviewing and discussing with management the compensation discussion and analysis to be included in our 
annual proxy statement or Annual Report on Form 10-K, if required; and 
• 
reviewing and making recommendations to the Board with respect to director compensation. 
The Committee is formally constituted and operates pursuant to a written charter, which is available on the 
Company’s website at https://investors.bicycletherapeutics.com/corporate-governance. 
 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
46 
Single total figure of directors’ remuneration — year ended 31 December 2024 (audited) 
The total remuneration of the individual directors who served during the financial year, from 
1 January 2024 to 31 December 2024, together with a comparison with the equivalent figure for the 2023 
financial year is shown below. Total remuneration is the sum of emoluments plus Company pension contributions. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
     
 
    
 
    
 
    Equity-     
 
    
 
    
 
     
 
 
 
 
 
Base 
 
 
 
 
 
based 
 
 
 
Total 
 
Total fixed 
 Total variable
 
 
 
 salary(1)/fees  Benefits  Bonus(3)  awards(4)  Pension(5)  remuneration  remuneration  remuneration 
 
 
 
 
$’000 
 
$’000 
 $’000  
$’000 
 
$’000 
 
$’000 
 
$’000 
 
$’000 
Executive 
Directors 
  
     
    
    
    
    
    
    
    
  
Kevin Lee 
  2024  
 760  
 3 (2)  653   1,392  
 82  
 2,890  
 2,237  
 653 
 
  2023  
 710  
 2  
 560   1,702  
 76  
 3,050  
 2,490  
 560 
Non-Executive 
Directors(6) 
  
     
    
    
    
    
    
    
    
  
Felix Baker 
  2024  
 44   
 —   
 —   
 262   
 —   
 306  
 306  
 — 
 
  2023  
 —   
 —   
 —   
 —   
 —   
 —   
 —  
 — 
Janice Bourque 
  2024  
 81   
 2 (8) 
 —   
 108   
 —   
 191  
 191  
 — 
 
  2023  
 76   
 —   
 —   
 170   
 —   
 246   
 246  
 — 
Jose-Carlos 
Gutierrez- Ramos   2024  
 79   
 2 (8) 
 —   
 108   
 —   
 189  
 189  
 — 
 
  2023  
 63   
 —   
 —   
 170   
 —   
 233   
 233  
 — 
Veronica Jordan   2024  
 23   
 2 (8) 
 —   
 108   
 —   
 133  
 133  
 — 
 
  2023  
 74   
 —   
 —   
 170   
 —   
 244   
 244  
 — 
Richard Kender 
  2024  
 112   
 2 (8) 
 —   
 108   
 —   
 222  
 222  
 — 
 
  2023  
 108   
 —   
 —   
 170   
 —   
 278   
 278  
 — 
Pierre Legault(7)   2024  
 383   
 2 (8) 
 —   
 217   
 —   
 602  
 602  
 — 
 
  2023  
 218   
 —   
 —   
 340   
 —   
 558   
 558  
 — 
Stephen Sands 
  2024  
 81   
 —   
 —   
 270   
 —   
 351  
 351  
 — 
 
  2023  
 —   
 —   
 —   
 —   
 —   
 —   
 —  
 — 
Sir Gregory 
Winter 
  2024  
 65   
 2 (8) 
 —   
 108   
 —   
 175  
 175  
 — 
 
  2023  
 58   
 —   
 —   
 170   
 —   
 228   
 228  
 — 
Total 
  2024  
 1,628   
 15   
 653    2,681   
 82   
 5,059   
 4,406   
 653 
 
  2023  
 1,307   
 2   
 560    2,892   
 76   
 4,837   
 4,277   
 560 
 
(1) 
The Executive Director’s salary is both set, and paid, in GBP, and the amount reflected for the year ended 31 December 2024 is based on a 
GBP : USD exchange rate of 1.2783 for the year ended 31 December 2024. 
(2) 
The Executive Director’s benefits included private health insurance, long term disability, critical illness and death in service benefits. 
(3) 
The annual bonus for 2024 was paid in cash in February 2025. The annual bonus for 2023 was paid in cash in February 2024. In June 2023, 
an additional bonus of £15k (or $19k based on a GBP : USD exchange rate of 1.2433 for the year ended 31 December 2023) was paid to 
Kevin Lee for his work and contribution towards entering into the Bayer and Novartis collaborations. This bonus was accounted for in his 
total 2023 bonus payment. 
(4) 
There were no performance obligations linked to the equity-based awards. The value of equity-based awards in the form of options in the 
table is based on the market value of underlying shares at the date of grant, less the applicable exercise price. For the CEO and Non-
Executive Directors this was nil because the exercise price is equal to the market value of the underlying shares at the date of grant. Refer to 
“Share Option Plan” below. The value of equity based awards in the form of RSUs is based on the market value of the underlying shares on 
the date of grant. Share price appreciation did not impact the value of awards. No discretion was exercised, and the determination of the 
levels of awards were not impacted, as a result of share price appreciation. 
(5) 
Relates to pension and cash in lieu of pension. 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
47 
(6) 
Veronica Jordan resigned on 17 April 2024. Felix Baker was appointed on 18 April 2024. Stephen Sands was appointed on 
20 February 2024.  
(7) 
Pierre Legault’s fees include those payable under a consulting agreement between Stone Atlanta Estates LLC, the successor-in-interest to 
Stone Sunny Isles, Inc. and Bicycle Therapeutics, Inc. dated 15 March 2019, pursuant to which such entity was paid £268k for 
Mr. Legault’s advisory services to the Company for the year ended 31 December 2024 and £144k for the year ended 31 December 2023. 
(8) 
Relates to fees paid by the Company for tax return preparation services for certain directors during the year ended 31 December 2024. 
2024 Annual bonus (audited) 
In 2024, the CEO’s annual bonus was based on corporate and personal objectives as further detailed below. 
The overall bonus outcome of 132% of target resulted in a total bonus pay out of $653k or 86% of the CEO’s base 
salary for the year ended 31 December 2024. The Committee is satisfied that the bonus pay-out for 2024 is 
appropriate, taking into account the wider stakeholder experience, particularly that of shareholders and employees.  
A summary of the corporate goals, relative weightings, and level of achievement for 2024 is set forth in the 
table below: 
 
 
 
 
 
 
 
 
 
 
 
Category 
     
Goals 
     
Stretch Goal 
     Weighting      
Assessment of 
Achievement      
Weighted 
Performance 
Clinical, 
Research & 
Development 
and 
Collaborations 
  
• Progress zelenectide 
pevedotin Duravelo-1 and 
Duravelo-2 studies through 
clinical trials and progress 
supporting and market 
assessment activities. 
• Initiate expansion and 
development plans for 
BT5528. 
• Complete next steps for 
BT7480 clinical trials. 
• Advance key discovery goals 
for programs. 
• Deliver on collaboration 
goals. 
 
  
• Preliminary analysis, 
activated sites, 
enrollment, adjacent 
mono or combination 
studies. 
  
77.5% 
  
112% 
  
87% 
Corporate and 
Business 
Development 
  
• Implement all aspects of 
corporate objectives and 
maintain financial strength 
through equity financing, 
including raising at least $100 
million in equity financing and 
if needed, generate non-
dilutive financing from 
collaboration deals and 
external partnerships. 
 
  
• Raise more than $200 
million. 
  
22.5% 
  
124% 
  
28% 
Total 
 
 
 
 
 
100% 
 
 
 
115% 
 
In assessing the personal performance of our CEO, the Committee considered his individual contribution to 
the achievement of our 2024 corporate performance goals, and his personal performance in helping to execute on 
our strategic and operating initiatives. The Committee used a scale of personal performance percentages ranging 
from 0% to 115% for this purpose.  
Based on this evaluation scale, the Committee examined the accomplishments of our CEO during the year, 
particularly the significant progress of our clinical development programs, which the Committee considered critical 
to the company’s success, as well as our CEO’s overall leadership of the Company, in determining Dr. Lee’s 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
48 
personal performance percentage of 115% for 2024. The annual bonus for Dr. Lee for 2024 was therefore 
determined in accordance with the following payout formula: Base Salary Paid during the Year x Target Incentive 
Percentage (65%) x Corporate Performance Percentage (115%) x Personal Performance Percentage (115%). 
Utilizing this formula resulted in an annual bonus for 2024 of 132% of the target opportunity and 86% of base 
salary. 
Equity Incentive Plan 
Awards granted from 1 January 2024 to 31 December 2024 (audited) 
The CEO and Chairman received the following equity-based awards under the EIP during the year from 
1 January 2024 to 31 December 2024, as set forth in the table below: 
 
    
 
 
 
 
 
 
 
 Face Value    
 
     
 
 
 
 
     
 
    
 
     
 
 
at Date 
 
 
 
 
 
 
Form of 
 
Date of 
 Number of  Exercise  of Grant(1)  
Expiry 
 
 
 
 
Award 
 
Grant 
 
Shares 
  Price $      
$’000 
 
Date 
 
Vest Terms(4) 
Executive Director 
   
  
  
  
  
  
  
Kevin Lee(2) 
 
Fair market 
value 
options 
  
2 January 2024 
  155,000 
   18.08 
 
— 
 
2 January 2034 
  
25% vest after one 
year, remaining shares 
vest in 36 equal 
monthly instalments 
 
  RSUs 
 
2 January 2024 
 
 77,000 
  
— 
 
 1,392 
 
— 
  
25% vest after one 
year, remaining shares 
vest in 12 equal 
quarterly instalments 
Chairman 
  
    
   
    
  
 
   
    
  
Pierre Legault(3) 
 
Fair market 
value 
options 
  
2 January 2024 
 
 24,000 
   18.08 
 
— 
 
2 January 2034 
  
Vest in four equal 
quarterly instalments 
 
 RSUs 
 
2 January 2024 
 
 12,000 
  
— 
 
 217 
 
— 
  
Vest in four equal 
quarterly instalments 
 
(1) The value of equity-based awards in the form of options in the table is based on the market value of the 
underlying shares at the date of grant, less the applicable exercise price. For awards in the form of options, this 
was nil because the exercise price is equal to the market value of the underlying shares at the date of grant. 
Awards in the form of RSUs are valued using the market value of the underlying shares at the date of grant. 
Upon vesting of RSUs, the holders are required to pay a nominal fee of £0.01 per share. 
(2) The Committee structured the mix of equity vehicles and relative weight assigned to each type of award granted 
to the CEO to motivate share price growth over the long-term through share options, which deliver value only if 
the share price increases, and to ensure some amount of value delivery through RSUs, which are 
complementary because they have upside potential but deliver some value even during periods of market or 
share price underperformance. In determining the number of options and RSUs to be granted to the CEO, the 
Committee took into account the ranges of awards value and grant sizes of companies in our peer group. 
(3) Pursuant to and in accordance with the terms of our Amended and Restated Non-Employee Director 
Compensation Policy, Pierre Legault was granted options and RSUs over ordinary shares as an annual grant. 
Once vested the equity-based awards in the form of RSUs are no longer subject to forfeiture but the settlement 
is deferred until the earlier of (i) the date of the participants “separation from service” (as defined under 
Treasury Regulation Section 1.409A-1(h)); (ii) the date of the participant’s “disability” (as defined under 
Treasury Regulation Section 1.409A-3(i)(4)); (iii) the date of the participant’s death; or (iv) the date of a 
Change in Control (as defined in the EIP) that would also constitute a “change in control event” (as defined 
under Treasury Regulation Section 1.409A-3(i)(5)). 
(4) None of the awards granted are subject to performance-based conditions. 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
49 
Non-Executive Directors also received the following equity-based awards during the year from 
1 January 2024 to 31 December 2024, as set forth in the table below: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Face Value  
 
 
 
 
 
 
 
 
 Number of  
 
 
at Date 
 
 
 
 
 
 
Form of 
 
Date of 
 
Shares 
 
Exercise 
 of Grant(1)(2)  
Expiry 
 
 
Non-Executive Director(2) 
 
Award 
 
Grant 
 Covered(3)  
Price $ 
 
$’000 
 
Date 
 
Vest Terms(4) 
Felix Baker 
  
Fair market 
value options 
 
18 April 2024   24,000  
 21.82  
—  
18 April 2034   
Vest in three equal 
annual instalments 
 
 RSUs 
 
18 April 2024 
 12,000 
— 
 262 
— 
 
Vest in three equal 
annual instalments 
Janice Bourque 
  
Fair market 
value options 
 
2 January 2024   12,000  
 18.08  
—  
2 January 2034   
Vest in four equal 
quarterly instalments 
 
 RSUs 
 
2 January 2024 
 6,000 
— 
 108 
— 
 
Vest in four equal 
quarterly instalments 
Jose-Carlos Gutierrez-
Ramos 
  
Fair market 
value options 
 
2 January 2024   12,000  
 18.08  
—  
2 January 2034   
Vest in four equal 
quarterly instalments 
 
 RSUs 
 
2 January 2024 
 6,000 
— 
 108 
— 
 
Vest in four equal 
quarterly instalments 
Veronica Jordan 
  
Fair market 
value options 
 
2 January 2024   12,000  
 18.08  
—  
2 January 2034   
Vest in four equal 
quarterly instalments 
 
 RSUs 
 
2 January 2024 
 6,000 
— 
 108 
— 
 
Vest in four equal 
quarterly instalments 
Richard Kender 
  
Fair market 
value options 
 
2 January 2024   12,000  
 18.08  
—  
2 January 2034   
Vest in four equal 
quarterly instalments 
 
 RSUs 
 
2 January 2024 
 6,000 
— 
 108 
— 
 
Vest in four equal 
quarterly instalments 
Stephen Sands 
  
Fair market 
value options 
 20 February 2024   24,000  
 22.50  
—  20 February 2034   
Vest in three equal 
annual instalments 
 
 RSUs 
 20 February 2024  
 12,000 
— 
 270 
— 
 
Vest in three equal 
annual instalments 
Sir Gregory Winter 
  
Fair market 
value options 
 
2 January 2024   12,000  
 18.08  
—  
2 January 2034   
Vest in four equal 
quarterly instalments 
 
 RSUs 
 
2 January 2024  
 6,000 
— 
 108 
— 
 
Vest in four equal 
quarterly instalments 
 
(1) The value of equity-based awards in the form of options in the table is based on the market value of the 
underlying shares at the date of grant, less the applicable exercise price. For awards in the form of options, this 
was nil because the exercise price is equal to the market value of the underlying shares at the date of grant. 
Awards in the form of RSUs are valued using the market value of the underlying shares at the date of grant. 
Upon vesting of RSUs, the holders are required to pay a nominal fee of £0.01 per share. For equity-based 
awards in the form of RSUs, settlement is deferred until the earlier of (i) the date of the participant’s “separation 
from service” (as defined under Treasury Regulation Section 1.409A-1(h)); (ii) the date of the participant’s 
“disability” (as defined under Treasury Regulation Section 1.409A-3(i)(4)); (iii) the date of the participant’s 
death; or (iv) the date of a Change in Control (as defined in the EIP) that also would constitute a “change in 
control event” (as defined under Treasury Regulation Section 1.409A-3(i)(5)). 
(2) On 20 February 2024, the Board appointed Stephen Sands to the Board and on 18 April 2024, the Board 
appointed Felix Baker to the Board. Pursuant to our Amended and Restated Non-Employee Director 
Compensation Policy, Mr. Sands and Mr. Baker were granted options over 24,000 ordinary shares and RSUs 
over 12,000 ordinary shares in connection with their appointments. 
(3) Pursuant to and in accordance with the terms of our Amended and Restated Non-Employee Director 
Compensation Policy, save for Mr. Sands and Mr. Baker, the Non-Executive Directors were granted options 
over 12,000 ordinary shares and RSUs over 6,000 ordinary shares as an annual grant.  
(4) None of the awards granted are subject to performance-based conditions. 
No subsequent changes were made to the exercise prices or vesting dates of options or vesting dates of 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
50 
awards in the form of RSUs granted to the CEO, Chairman or other Non-Executive Directors. 
Statement of directors’ shareholding and share interests (audited) 
Shareholdings for each director, who has held office during the period 1 January 2024 and 
31 December 2024, are set out in the table below as at 31 December 2024 (together with interests held by his or her 
connected persons): 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Number of Shares  
Number of Equity Awards 
     
   
 
 Beneficially owned     
 
    
 
    Unvested      
 
 
 
shares as at 
 
 
 
 
 
without 
 
  
 
 
31 December 
 
 
 
Vested but 
 performance  
  
 
 
2024 
     Exercised/settled    unexercised     conditions      
Total 
Executive Director 
  
    
   
   
   
  
Kevin Lee 
  
 255,895   
 — 
 1,098,703 
 372,158 
  1,726,756 
Non-Executive Directors 
  
    
  
  
   
  
Felix Baker 
 
 30,323,301 (2) 
 — 
 — 
 36,000 
 30,359,301 
Janice Bourque 
  
 10,750   
 — 
 106,500 
— 
 
 117,250 
Jose-Carlos Gutierrez-Ramos 
  
 10,750   
 — 
 71,500 
 — 
 
 82,250 
Veronica Jordan(1) 
  
 10,750   
 — 
 106,500 
— 
 
 117,250 
Richard Kender 
  
 10,750   
 — 
 106,500 
— 
 
 117,250 
Pierre Legault 
  
 21,500   
 — 
 289,139 
— 
 
 310,639 
Stephen Sands 
  
 —   
 — 
 — 
 36,000 
 
 36,000 
Sir Gregory Winter 
  
 174,677   
 — 
 74,500 
— 
 
 249,177 
 
(1) Veronica Jordan resigned on 17 April 2024. 
(2) Includes 10,885,357 ADSs and 19,437,944 non-voting ordinary shares directly held by Felix Baker’s connected 
persons, 667, L.P. and Baker Brothers Life Sciences, L.P. (together with 667, L.P., the “Funds”). Felix Baker is 
a managing member of Baker Bros. Advisors (GP) LLC, the sole general partner of Baker Bros. Advisors LP. 
Pursuant to management agreements, as amended, the Funds’ respective general partners relinquished to Baker 
Bros. Advisors LP all discretion and authority with respect to the investment and voting power of the securities 
held by the Funds and thus Baker Bros. Advisors LP has complete and unlimited discretion and authority with 
respect to the Funds’ investments and voting power over investments.  
There were no unvested shares or unvested equity awards with performance conditions. Details of changes 
in shareholdings for each director up to the date of this report are shown on page 54. 
Payments to former directors and for loss of office (audited) 
Subsequent to her resignation from the Board, Veronica Jordan continues to serve the Company as a 
consultant pursuant to a consulting agreement (the “Consulting Agreement”). The initial term of the Consulting 
Agreement will be two years, provided that the term will automatically renew in one-year increments unless a notice 
of termination has been provided by either party. Dr. Jordan will receive compensation of GBP 12,000 or equivalent 
in local currency per year and any outstanding equity awards held by Dr. Jordan will continue to vest in accordance 
with their terms, subject to Dr. Jordan continuing to comply with the terms of the Consulting Agreement through 
each applicable vesting date. No new equity awards will be granted to Dr. Jordan in respect of her consulting 
services. 
No payments for loss of office were made. 
Share ownership guidelines 
Executive Directors are encouraged to build a meaningful shareholding so as to align their interests with 
those of shareholders but no formal shareholding requirements applied during 2024. In order to further align the 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
51 
interests of our leadership with those of our shareholders and advance our commitment to sound corporate 
governance, our Board implemented share ownership guidelines for our directors (and executive officers) in 
December 2024. Under our guidelines, our directors are expected to build up ownership of ordinary shares of the 
Company based on a multiple of base salary (for our CEO) or annual cash retainer (for Non-Executive Directors). 
Our CEO is expected to own shares valued at least three times his base salary, and Non-Executive Directors are 
expected to own shares valued at least three times their annual cash retainer. Share options and any unearned 
performance-based restricted share units are not included as shares held for the purposes of our share ownership 
guidelines. The guidelines took effect in 2025 and establish a five-year deadline for covered individuals to meet the 
ownership requirements. 
Performance graph and table 
The chart below shows the Parent Company’s Total Shareholder Return (“TSR”) performance compared 
with that of the NASDAQ Biotechnology Index from the date of the Parent Company’s listing on NASDAQ to 
31 December 2024. The NASDAQ Biotechnology Index has been chosen as an appropriate comparator as it is the 
index of which the Parent Company is a constituent. TSR is defined as the return on investment obtained from 
holding a company’s shares over a year. It includes dividends paid, the change in the capital value of the shares and 
any other payments made to or by shareholders within the year. 
Stock Price Performance Since IPO 
 
Aligning pay with performance 
The total remuneration figure for the CEO is shown in the table below, along with the value of bonuses 
paid, and SOP/EIP vesting, as a percentage of the maximum opportunity. As explained in the report in respect of the 
2019 financial year, as 2019 was the first year reported since listing, it is not possible to provide meaningful 
comparative data for periods prior to that date. 
 
 
 
 
 
 
 
 
 
 
 
 
 
Chief Executive Officer 
     2019     
2020     
2021      2022     
2023     
2024 
Total remuneration ($000) 
   1,004    1,156    1,404    4,359    3,050    2,890 
Actual bonus (% of the maximum) 
  
63% 
63% 
72% 
 63% 
54% 
59% 
SOP/EIP vesting (% of the maximum) 
  100% 
100% 
100% 
 100% 
100% 
100% 
 
Percentage change in remuneration of the directors compared to all Company employees 
The table below illustrates the increase in salary, benefits and annual bonus for each director and that of the 
Company’s employees as a whole as between the 2019 and 2024 financial years. BicycleTx Limited has been used 
as the comparator company instead of the Parent Company because BicycleTx Limited employs all U.K. employees. 
The outcome for employees of the Parent Company is also included to satisfy the statutory requirement but is shown 
as not applicable given the Parent Company does not itself have any employees. As explained in the report in 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
52 
respect of the 2019 financial year, 2019 was the first year reported since listing on NASDAQ. There was no change 
in remuneration of the CEO in that year and it was therefore not possible to provide meaningful comparative data for 
prior years. 
 
    Percentage change 2019-2020          Percentage change 2020-2021      Percentage change 2021-2022 
 
Percentage change 2022-2023 
 
Percentage change 2023-2024 
 
 
 
Base 
 
 
 
 
 
 
Base 
 
 
 
 
 
Base 
 
 
 
  
 
Base 
 
 
 
  
 
Base 
 
 
 
  
 
 
 salary / fees     Benefits     Bonus      salary / fees     Benefits     Bonus     salary / fees      Benefits      Bonus  salary / fees      Benefits      Bonus  salary / fees      Benefits      Bonus  
Executive 
Directors 
  
    
    
    
  
    
    
    
    
    
   
 
    
    
   
 
    
    
   
 
Kevin Lee 
  
 15 %   
 100 %    16 %    
 14 %   
 100 %    31 %   
 (1)%   
 (50)%    (13)%   
 6 %   
 100 %   
 (2) %   
 7 %   
 50 %    17 %   
Non-Executive 
Directors 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Michael Anstey  
 (17)%   
—  
—  
 
—  
—  
—  
—  
—  
—  
—  
—  
—  
—  
—  
—  
Felix Baker 
 
 —  
 —  
 —  
 
 —  
 —  
 —  
 —  
 —  
 —  
 —  
 —  
 —  
 100 %   
 —  
 —  
Catherine 
Bingham 
 
 71 %   
 —  
 —  
 
 (51)%   
 —  
 —  
 (100)%   
 —  
—  
—  
—  
—  
—  
—  
—  
Janice Bourque   
 117 %   
—   
—   
  
—   
—   
—   
 11 %   
—   
—  
 9 %   
—   
—  
 6 %   
 100 %   
—  
Jose-Carlos 
Gutierrez-
Ramos 
  
—   
—   
—   
  
—   
—   
—   
 76 %   
—   
—  
 5 %   
—   
—  
 26 %   
 100 %   
—  
Bosun Hau 
 
 (17)%   
—  
—  
 
—  
—  
—  
—  
—  
—  
—  
—  
—  
—  
—  
—  
Veronica Jordan   
 500 %   
—   
—   
  
 7 %   
—   
—   
 17 %   
—   
—  
 9 %   
—   
—  
 (69) %   
 100 %   
—  
Richard Kender   
 120 %   
—   
—   
  
—   
—   
—   
 5 %   
—   
—  
 6 %   
—   
—  
 4 %   
 100 %   
—  
Pierre Legault   
 40 %   
—   
—   
  
 6 %   
—   
—   
 (1)%   
—   
—  
 5 %   
—   
—  
 76 %   
 100 %   
—  
Carolyn Ng 
 
 (17)%   
 —  
 —  
 
 —  
 —  
 —  
 —  
 —  
 —  
—  
—  
—  
—  
—  
—  
Stephen Sands  
 —  
 —  
 —  
 
 —  
 —  
 —  
 —  
 —  
 —  
 —  
 —  
 —  
 100 %   
 —  
 —  
Sir Gregory 
Winter 
  
 67 %   
—   
—   
  
—   
—   
—   
 38 %   
—   
—  
 5 %   
—   
—  
 13 %   
 100 %   
—  
Average pay of 
employees of 
the Parent 
Company 
 
n/a  
n/a  
n/a  
 
n/a  
n/a  
n/a  
n/a  
n/a  
n/a  
n/a  
n/a  
n/a  
n/a  
n/a  
n/a  
Average pay of 
employees of 
the Company as 
a whole 
  
 27 %   
 7 %    25 %    
 10 %   
 80 %    35 %   
 (29)%   
 (30)%    (21)%   
 9 %   
 19 %    —  
 6 %   
 24 %   
 7 %   
 
Non-Executive Directors did not receive fees for the period prior to the IPO on NASDAQ in May 2019. 
Felix Baker was appointed on 18 April 2024. Veronica Jordan resigned on 17 April 2024. Stephen Sands was 
appointed on 20 February 2024. Catherine Bingham resigned on 28 June 2021. Jose-Carlos Gutierrez-Ramos was 
appointed on 17 March 2021. Michael Anstey, Bosun Hau and Carolyn Ng resigned on 30 June 2020. Richard 
Kender and Janice Bourque were appointed during the course of 2019 with 2020 being their first full year in office. 
Relative importance of spend on pay 
The table below illustrates the Company’s expenditure on employee pay in comparison to total expenditure 
on research and development. These costs are included in the disclosures in notes 6 and 9 in the notes to the 
financial statements. 
 
 
 
 
 
 
 
 
     
2023 
     
2024 
     % change 
Total expenditure on research and development ($’000)(1) 
   140,362    171,208   
22% 
Total employee pay expenditure ($’000)(2)(3) 
  
 92,059    109,481   
19% 
 
(1) The Committee considers the Company’s research and development expenditure relative to salary expenditure 
for all employees, to be the most appropriate metric for assessing overall spend on pay due to the nature and 
stage of the Company’s business. Total expenditure on research and development includes certain employee 
pay expenditure including wages and salaries, social security costs and other pension costs. 
(2) Total employee pay expenditure includes wages and salaries, social security costs, pension contributions, bonus, 
equity compensation plans and termination benefits. 
(3) No distributions to shareholders were made. 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
53 
Statement of implementation of remuneration policy in 2025 
Annual base salary 
The annual base salary of the CEO is shown in the table below: 
 
 
 
 
 
 
     Base salary      Base salary 
 
 
2024 
 
2025 
 
 
$’000 
 
$’000 
Executive Directors 
  
    
  
Kevin Lee 
  
 756   
 821 
 
Kevin Lee’s salary has been both set, and paid, in GBP. Accordingly, Kevin Lee’s annual base salary was 
GBP 594,200 effective on and from 1 January 2024 and will be GBP 654,000 on and from 1 January 2025. The 
Committee determined the change in base salary for Kevin Lee based on input from Aon, including a benchmarking 
analysis against comparable companies. For consistency and ease of comparison, we will continue to provide 
disclosures in USD (converted by reference to the GBP : USD exchange rate on 31 December 2024 of 1.25511 
(31 December 2023: 1.27313)). 
Benefits and pension 
In 2025, Executive Directors are eligible for the same benefits (such as health insurance) as provided to all 
senior employees in the jurisdiction in which they reside. In the U.K., where the CEO is based, this means that 
employer pension contributions are 12% of base salary for Executive Directors and employees with job title of 
‘director’ and above and 10% for all other employees (or, in each case, cash equivalent at the election of the relevant 
employee). 
Bonus 
The CEO is eligible for a target bonus of 65% base salary in 2025, with final payout of up to 146% of base 
salary in the event of ‘stretch’ performance being achieved. The bonus will be paid in cash or in an equity award, as 
may be agreed between the Executive Director and the Committee, and subject to the achievement of a number of 
corporate and personal objectives determined by the Committee.  
Specific corporate and personal objectives are commercially sensitive and therefore are not disclosed in 
advance. However, full details of the targets and performance against them will be disclosed when they are no 
longer considered commercially sensitive. 
Clawback 
In 2023, the Committee adopted a new incentive compensation recoupment policy providing for the 
Company’s recoupment of recoverable incentive compensation that is received by certain executive officers of the 
Company under certain circumstances. Such clawback policy is designed to comply with, and shall be interpreted to 
be consistent with, Section 10D of the Exchange Act, Rule 10D-1 promulgated thereunder and Nasdaq Listing Rule 
5608. 
 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
54 
Equity Incentive Plan 
The Company granted the following equity incentive awards to directors and the Chairman in 2025 up to 
the date of this directors’ remuneration report under the Equity Incentive Plan. These grants are a mix of RSUs and 
market value options.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
 
     
 
     
 
     
 
     Face Value  
 
     
 
 
 
 
 
 
 
Number 
 
 
 
at Date 
 
 
 
  
 
 
 
 
 
 
of 
 
 
 
of 
 
 
 
  
 
 
Form of 
 
Date of 
 
Shares 
 
Exercise 
 
Grant 
 
Expiry 
 
  
Director 
 
Award 
 
Grant 
 
Covered 
 
Price $(1) 
 
$’000(2) 
 
Date 
 
Vest Terms(3) 
Kevin Lee 
  Fair market value options 
  
2 January 2025   
 308,000   
 14.00  
— 
2 January 2035   
25% vest after one 
year, remaining shares 
vest in 36 equal 
monthly instalments  
Pierre Legault 
  Fair market value options 
  
2 January 2025   
 25,000   
 14.00  
— 
2 January 2035   
Vest in four equal 
quarterly instalments 
Felix Baker 
  Fair market value options 
  
2 January 2025   
 8,801   
 14.00  
— 
2 January 2035   
Vest in four equal 
quarterly instalments 
Janice Bourque 
  Fair market value options 
  
2 January 2025   
 12,500   
 14.00  
— 
2 January 2035   
Vest in four equal 
quarterly instalments 
Jose-Carlos 
Gutierrez-Ramos 
  Fair market value options 
  
2 January 2025   
 12,500   
 14.00  
— 
2 January 2035   
Vest in four equal 
quarterly instalments 
Richard Kender 
  Fair market value options 
  
2 January 2025   
 12,500   
 14.00  
— 
2 January 2035   
Vest in four equal 
quarterly instalments 
Alessandro Riva(4) 
 Fair market value options 
 
25 March 2025  
 25,000  
 9.20  
 — 
25 March 2035  
Vest in three equal 
annual instalments 
Stephen Sands 
 Fair market value options 
 
2 January 2025  
 10,787  
 14.00  
 — 
2 January 2035  
Vest in four equal 
quarterly instalments 
Sir Gregory Winter 
  Fair market value options 
  
2 January 2025   
 12,500   
 14.00  
— 
2 January 2035   
Vest in four equal 
quarterly instalments 
Kevin Lee 
  Restricted share units 
  
2 January 2025   
 123,200   
—  
 1,725 
—   
25% vest after one 
year, remaining shares 
vest in 12 equal 
quarterly instalments  
Pierre Legault 
  Restricted share units 
  
2 January 2025   
 12,500   
—  
 175 
—   
Vest in four equal 
quarterly instalments 
Felix Baker 
  Restricted share units 
  
2 January 2025   
 4,400   
—  
 62 
—   
Vest in four equal 
quarterly instalments 
Janice Bourque 
  Restricted share units 
  
2 January 2025   
 6,250   
—  
 88 
—   
Vest in four equal 
quarterly instalments 
Jose-Carlos 
Gutierrez-Ramos 
  Restricted share units 
  
2 January 2025   
 6,250   
—  
 88 
—   
Vest in four equal 
quarterly instalments 
Richard Kender 
  Restricted share units 
  
2 January 2025   
 6,250   
—  
 88 
—   
Vest in four equal 
quarterly instalments 
Alessandro Riva(4) 
 Restricted share units 
 
25 March 2025  
 12,500  
 —  
 115 
—  
Vest in three equal 
annual instalments 
Stephen Sands 
 Restricted share units 
 
2 January 2025  
 5,393  
—  
 76  
—  
Vest in four equal 
quarterly instalments 
Sir Gregory Winter 
  Restricted share units 
  
2 January 2025   
 6,250   
—  
 88 
—   
Vest in four equal 
quarterly instalments 
 
(1) 
For options, exercise price is equal to the market value of the underlying shares at the date of grant. 
(2) 
The value of equity-based awards in the table is based on the market value of underlying shares at the date of grant, less the applicable 
exercise price (if any). This was nil for fair market value options because the exercise price is equal to the market value of the underlying 
shares at the date of grant. Awards in the form of RSUs are valued using the market value of the underlying shares at the date of grant. 
Upon settlement of RSUs, the holders are required to pay a nominal fee of £0.01 per share. 
(3) 
The Committee may, in its sole discretion, provide for deferred settlement of RSUs awarded to Non-Executive Directors. 
(4) 
On 23 March 2025, the Board appointed Alessandro Riva, M.D., to the Board, effective as of the close of business on 25 March 2025. 
Pursuant to our Amended and Restated Non-Employee Director Compensation Policy, Dr. Riva was granted an option to purchase 25,000 
ordinary shares and RSUs of 12,500 ordinary shares in connection with his appointment. 
No other grants are currently proposed for 2025. 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Remuneration Report (continued) 
55 
Non-Executive Directors’ fees 
Non-Executive Directors will receive the following annual fees for 2025, which will be paid in cash, as 
follows. These have been increased from the 2024 fees following review and benchmarking against our peers: 
 
 
 
 
    
Fees 
 
 (effective from 1 January 2025)
 
 
000s 
Base fee: 
  
Board Chair 
  
$12 
Board member 
 
$50 
Additional fees: 
 
  
Audit Committee Chair 
 
$25 
Audit Committee member 
 
$15 
Compensation Committee Chair 
 
$20 
Compensation Committee member 
 
$10 
Nominating and Corporate Governance Committee Chair 
 
$15 
Nominating and Corporate Governance Committee member 
 
$10 
Strategic Committee Chair 
 
$50 
Strategic Committee member 
 
$35 
Scientific Committee Chair 
 
$15 
Scientific Committee member 
 
$10 
 
Non-Executive Director fees may be paid in GBP, USD, or a combination depending on the personal 
situation of each Non-Executive Director. 
Non-Executive Directors will not be eligible to participate in any performance-based incentive plans. 
Each Non-Executive Director will also be entitled to reimbursement of reasonable expenses and 
reimbursement of fees for tax advice associated with completion of international tax returns and, if relevant, any 
gross-up for tax due to their role as a Bicycle Therapeutics plc Non-Executive Director. In addition, a Non-
Executive Director who participates on the Scientific Advisory Board and attends Scientific Advisory Board 
meetings will be entitled to receive a cash fee of $4,000 per meeting. 
Shareholder voting on remuneration matters at AGM 
The table below sets out the votes cast at our AGM in May 2024 in respect of the previous Directors’ 
Remuneration Report and the votes cast at our AGM in June 2023 in respect of the Directors’ Remuneration Policy. 
 
 
 
 
 
 
 
 
 
 
 
 
    
Votes for 
 
Votes against 
 Votes withheld
 
 
% 
     
Number 
     %     
Number 
     
Number 
Directors' Remuneration Report 
   96.82    36,200,790    3.18    1,188,057   
 9,260 
Directors' Remuneration Policy 
  92.97   26,075,659   7.03   1,971,866  
 9,396 
 
On behalf of the Board 
 
Janice Bourque 
Chair of the Compensation Committee 
17 April 2025 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Report 
56 
The directors present their report and the audited financial statements of Bicycle Therapeutics plc (the 
“Parent Company”) for the year ended 31 December 2024 and, the audited consolidated financial statements of 
Bicycle Therapeutics plc and its subsidiaries, BicycleTx Limited, BicycleRD Limited and Bicycle Therapeutics Inc. 
(the “Company”) for the year ended 31 December 2024. 
Bicycle Therapeutics plc is a public company limited by shares and incorporated and domiciled in England 
and Wales. BicycleTx Limited, and BicycleRD Limited are registered in England and Wales. Bicycle 
Therapeutics Inc. is registered in the U.S. 
Where stated certain information is not shown in the directors report because it is shown in the Strategic 
Report instead under section 414C(11) of the Companies Act 2006 (the “Companies Act”). This includes the Section 
172 Statement that summarises how the Directors have had regard to the need to foster the Company’s business 
relationships with suppliers, customers and others, and the effect of that regard, including on the principal decisions 
taken by the Company during the financial year. 
Results and dividends 
The results of the Company for the year are set out on page 67. During the year ended 31 December 2024, 
no dividend was declared or paid (year ended 31 December 2023: $Nil). The directors do not recommend the 
payment of any further dividend. 
Directors 
The directors of the Parent Company who held office during the year and up to the date of signing the 
financial statements, unless otherwise stated, were as follows: 
Felix Baker (appointed 18 April 2024) 
Janice Bourque 
Jose-Carlos Gutierrez-Ramos 
Veronica Jordan (resigned 17 April 2024) 
Richard Kender 
Kevin Lee 
Pierre Legault 
Alessandro Riva (appointed 25 March 2025) 
Stephen Sands (appointed 20 February 2024) 
Gregory Winter 
Capital structure 
Details of the issued share capital, together with details of shares issued during the year, are set out in note 
18 to the financial statements. There are two classes of ordinary shares, neither of which carry any right to fixed 
income. Each ordinary share carries the right to one vote at a general meeting of the Parent Company while non-
voting ordinary shares carry no voting rights. 
Other than the transfer conditions on non-voting ordinary shares as outlined in note 18 to the financial 
statements, there are no specific restrictions on the size of a holding or on the transfer of shares, which are both 
governed by the general provisions of the Parent Company’s articles of association and prevailing legislation. The 
directors are not aware of any agreements between holders of the Parent Company’s shares that may result in 
restrictions on the transfer of securities or on voting rights. 
No person has any special rights of control over the Parent Company’s share capital and all issued shares 
are fully paid. Subject to the Companies Act and any relevant authority of the Parent Company in general meeting, 
the Parent Company has authority to issue new shares. 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Report (continued) 
57 
Political donations 
 
No political donations were made, and no political expenditure was incurred, by the Company during the 
current and prior year. No contributions were made to any non-U.K. political party by the Company during the 
current and prior year. 
Research and development activities 
The directors are satisfied that research and development activities of the Company are progressing 
satisfactorily. Total research and development expenditure during the year was $171.2 million (year ended 
31 December 2023: $140.4 million). 
Going concern 
The Company is involved in research and development activities and until it is able to convert this activity 
into a significant product revenue stream, it will be reliant upon obtaining additional funding in connection with 
continuing operations. More detailed analysis of the risks faced by the Company is given in the Strategic Report. 
At 31 December 2024, the Company had cash and cash equivalents of $879.5 million and the directors 
estimate the Company’s existing cash and cash equivalents at the date of approval of these financial statements is 
sufficient to continue to fund the Company’s operating expenses for the foreseeable future at least 12 months from 
the date of that approval and that is therefore appropriate to prepare these financial statements on a going concern 
basis. 
Employee involvement 
The Company is committed to the continued development of employee involvement by an effective 
communications and consultative framework. Please refer to the “Employee, social, community and human rights 
matters” section included in our Strategic Report, beginning on page 12 of this document. 
Greenhouse gas emissions, energy consumption and energy efficiency action 
Please refer to the “Environmental matters” section included in our Strategic Report, beginning on page 12 
of this document. 
Financial risk management 
Please refer to the “Financial risk management” section included in our Strategic Report, beginning on 
page 11 of this document. 
Qualifying third party indemnity provisions 
The Parent Company has made qualifying third-party indemnity provisions for the benefit of its directors,  
certain executives and certain investors that were in force during the year and at the date of this report. 
Disclosure of information to the auditors 
So far as each person who was a director at the date of approving this report is aware, there is no relevant 
audit information, being information needed by the auditors in connection with preparing its reports, of which the 
auditors are unaware. Having made enquiries of fellow directors and the company’s auditors, each director has taken 
all the steps that he/she is obliged to take as a director in order to make himself/herself aware of any relevant audit 
information and to establish that the auditors are aware of that information. 
Branches outside of the UK 
The Parent Company has no overseas branches. 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Report (continued) 
58 
Future developments 
Information on likely future developments in the business of the Company has been included in the 
Strategic Report on page 9. 
Post balance sheet events 
The directors are not aware of any events that have occurred subsequent to the end of the year that may 
materially impact the results of the financial statements, other than as disclosed in note 26 to the financial 
statements. 
Statement of directors’ responsibilities in respect of the financial statements 
The directors are responsible for preparing the Annual Report and the financial statements in accordance 
with applicable law and regulation. 
Company law requires the directors to prepare financial statements for each financial year. Under that law 
the directors have prepared the Parent Company and the Company financial statements in accordance with United 
Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 
“The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law). 
Under company law, directors must not approve the financial statements unless they are satisfied that they 
give a true and fair view of the state of affairs of the Parent Company and the Company and of the profit or loss of 
the Company for that period. In preparing the financial statements, the directors are required to: 
• 
select suitable accounting policies and then apply them consistently; 
• 
state whether applicable United Kingdom Accounting Standards, comprising FRS 102 have been followed, 
subject to any material departures disclosed and explained in the financial statements; 
• 
make judgements and accounting estimates that are reasonable and prudent; and 
• 
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 
group and company will continue in business. 
The directors are responsible for safeguarding the assets of the Parent Company and the Company and 
hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 
The directors are also responsible for keeping adequate accounting records that are sufficient to show and 
explain the Parent Company’s and the Company’s transactions and disclose with reasonable accuracy at any time 
the financial position of the Parent Company and the Company and enable them to ensure that the financial 
statements and the Directors’ Remuneration Report comply with the Companies Act 2006. 
Directors’ confirmations 
In the case of each director in office at the date the directors’ report is approved: 
• 
so far as the director is aware, there is no relevant audit information of which the Parent Company’s and the 
Company’s auditors are unaware; and 
• 
they have taken all the steps that they ought to have taken as a director in order to make themselves aware 
of any relevant audit information and to establish that the Parent Company’s and the Company’s auditors 
are aware of that information. 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Directors’ Report (continued) 
59 
Independent auditors 
The auditors, PricewaterhouseCoopers LLP, have indicated their willingness to continue in office and a 
resolution concerning their re-appointment will be proposed at the forthcoming Annual General Meeting to be held 
on 17 June 2025. 
The financial statements on pages 67 to 105 were approved by the board of directors on 4 April 2025. 
This report was approved by the board of directors on 4 April 2025 and signed on behalf of the board of 
directors by: 
 
Kevin Lee 
Director 
17 April 2025 
 

 
 
Bicycle Therapeutics plc 
year ended 31 December 2024 
60 
Independent auditors’ report to the 
members of Bicycle Therapeutics plc 
Report on the audit of the financial statements 
Opinion 
In our opinion, Bicycle Therapeutics plc’s group financial statements and company financial statements (the “financial 
statements”): 
• 
give a true and fair view of the state of the group’s and of the company’s affairs as at 31 December 2024 and of the 
group’s loss, the company’s profit and the group’s cash flows for the year then ended; 
• 
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United 
Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and 
Republic of Ireland”, and applicable law); and 
• 
have been prepared in accordance with the requirements of the Companies Act 2006. 
We have audited the financial statements, included within the Annual Report, which comprise: the Consolidated and Parent 
Company balance sheets as at 31 December 2024; the Consolidated statement of comprehensive income, the Consolidated 
and Parent Company statement of changes in equity, and the Consolidated statement of cash flows for the year then ended; 
and the notes to the financial statements, which include a description of the significant accounting policies. 
Basis for opinion 
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our 
responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements 
section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for 
our opinion. 
Independence 
We remained independent of the group in accordance with the ethical requirements that are relevant to our audit of the 
financial statements in the UK, which includes the FRC’s Ethical Standard, as applicable to listed entities, and we have 
fulfilled our other ethical responsibilities in accordance with these requirements. 
Our audit approach 
Overview 
Audit scope 
• 
The scope of our audit covered the financially significant components, comprising Bicycle Therapeutics plc (the parent 
company), Bicycle Tx Limited and Bicycle Therapeutics Inc. We conducted a full scope audit of each of these 
components. These audit procedures covered 100% of the Group's revenue and 99.95% of the Group's total assets 
and liabilities. 
Key audit matters 
• 
Revenue recognition - Estimating costs to complete the performance obligations in collaboration and license 
agreements (group) 
 
 

 
 
Bicycle Therapeutics plc 
Registered in England No: 11036004 
61 
• 
Recoverability of investment in subsidiaries and amounts owed by group undertakings (parent) 
Materiality 
• 
Overall group materiality: $11,300,000 (2023: $9,500,000) based on 5% of loss before tax. 
• 
Overall company materiality: $14,700,000 (2023: $8,920,000) based on 1% of total assets. 
• 
Performance materiality: $8,475,000 (2023: $7,125,000) (group) and $11,025,000 (2023: $6,690,000) (company). 
The scope of our audit 
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial 
statements. 
Key audit matters 
Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance in the audit of 
the financial statements of the current period and include the most significant assessed risks of material misstatement 
(whether or not due to fraud) identified by the auditors, including those which had the greatest effect on: the overall audit 
strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. These matters, and any 
comments we make on the results of our procedures thereon, were addressed in the context of our audit of the financial 
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. 
This is not a complete list of all risks identified by our audit. 
The key audit matters below are consistent with last year. 
 
 
Key audit matter 
How our audit addressed the key audit matter 
Revenue recognition - Estimating costs to complete the 
performance obligations in collaboration and license 
agreements (group) 
  
Refer to Note 3, Note 4 and Note 5 of the financial 
statements for management’s disclosure of accounting 
policies, critical accounting estimates and significant 
judgements and further explanation in the notes to the 
financial statements. the Company recorded $35.3 million 
of revenue for the year ended December 31, 2024, in 
connection with collaboration and license agreements. As 
disclosed by management, the Company recognizes as 
revenue the amount of the transaction price that is 
allocated to the respective performance obligation when 
(or as) each performance obligation is satisfied at a point 
in time or over time, and if over time, based on the use of 
an input method. Management evaluates the measure of 
progress at each reporting period and, if necessary, 
adjusts the measure of performance and related revenue 
recognition. The measure of progress, and thereby 
periods over which revenue should be recognized, are 
subject to estimates by management and may change 
over the course of an arrangement. Management 
recognizes revenue related to amounts allocated to the 
performance obligations in the collaboration and license 
agreements 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 
principal considerations for our determination that 
performing procedures relating to estimating costs to 
 
 
We have performed the following procedures to address 
the key audit matter: 
• 
We have gained an understanding of the control 
environment surrounding the revenue business 
process including testing management’s process 
for determining estimated costs to complete the 
performance obligations under the respective 
collaboration and license agreements;  
• 
we have evaluated the appropriateness of the 
input method used by management for the 
recognition of revenue;  
• 
we have tested the completeness, accuracy, and 
relevance of the data used by management in 
determining the estimated costs, and evaluated 
the reasonableness of the significant assumptions 
used by management related to the expected full-
time equivalent efforts and external costs to 
complete the performance obligations.  
• 
Evaluating the reasonableness of significant 
judgments and assumptions related to the 
expected full-time equivalent efforts and external 
costs involved (i) evaluating the identification of 
circumstances that may warrant a change to 
estimated costs to complete, (ii) testing the actual 
costs incurred, and (iii) performing retrospective 
reviews of costs incurred to evaluate 
management’s ability to estimate future costs to 
complete performance obligations. 

 
 
Bicycle Therapeutics plc 
Registered in England No: 11036004 
62 
complete the performance obligations in collaboration 
and license agreements is a key audit matter are (i) the 
significant judgment exercised by management in 
determining the total costs to complete the performance 
obligations under such collaboration and license 
agreements, and (ii) a high degree of auditor judgment, 
subjectivity, and effort in performing procedures and 
evaluating management’s significant assumptions related 
to the expected full-time equivalent efforts and external 
costs to complete the performance obligations under 
such collaboration and license agreements. 
Recoverability of investment in subsidiaries and amounts 
owed by group undertakings (parent) 
  
Refer to Note 14 for investment in subsidiaries and note 
15 for amounts owed by the group undertakings. The 
Parent Company has an investment in subsidiary 
companies of $146 million as of 31 December 2024 and 
amounts owed by group undertakings of $533 million as 
of 31 December 2024. As of 31 December 2024, the 
market capitalisation of Bicycle Therapeutics plc (Group) 
has fallen below the net assets held by the parent 
company (which is majorly comprised of cash, 
investments in subsidiary companies and amounts owed 
by group undertakings). For investment in and 
receivables from subsidiary companies, management 
performed an impairment assessment and concluded 
there is no impairment based on the implied value of the 
Company determined by the price paid for shares during 
the Company’s share capital raise in May 2024. 
Management have concluded that there are no adverse 
developments subsequent to the capital raise that 
significantly impacted the Company’s business activities. 
Management expects to utilise the cash balance of 
$879.5 million in performing research and development 
activities to create value for the Group which may lead to 
a higher market capitalisation of the Group in the future. 
Management also considered that the value of the group 
is derived from the intellectual property and external 
collaboration contracts housed within the subsidiary 
companies. Based on the above assessment, 
management concluded that the investment in subsidiary 
companies and amounts owed by group undertakings in 
the parent company balance sheet are not impaired. 
We have performed following procedures to address the 
key audit matter:  
• 
We have gained an understanding of the control 
environment over investments in subsidiary 
companies and amounts owed by group 
undertakings.  
• 
We have obtained management’s impairment 
assessment and assessed its reasonableness. 
• 
We assessed that there is an indicator of 
impairment as the market capitalisation of the 
Group is lower than the net assets of the parent 
company as of 31 December 2024.  We concur 
with management’s judgment that the value of the 
Group is derived from the intellectual property 
owned by the subsidiary companies and external 
collaboration contracts to which the subsidiary 
companies are parties in.  
• 
We verified the cash proceeds arising from the 
share capital raise in May 2024.  
• 
We concur with management's judgement that 
the implied value of the Group based on price 
paid per share during the May 2024 capital raise 
is higher than the carrying amount of investment 
in and receivable from subsidiary company.  
• 
Based on above procedures we concur with 
management’s conclusion that no impairment is 
required in respect of investments in subsidiary 
companies and amounts owed by group 
undertakings. 
How we tailored the audit scope 
We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial 
statements as a whole, taking into account the structure of the group and the company, the accounting processes and 
controls, and the industry in which they operate. 
The Group comprises four entities, Bicycle Therapeutics plc (the parent company), BicycleTx Limited, Bicycle Therapeutics 
Inc. and BicycleRD Limited (the subsidiary companies) of which all except BicycleRD Limited were scoped in as significant 
components for our group audit. Full scope audits were performed over the financial information of the three significant 
components and our work was fully substantive in nature. This approach provided 100% coverage of the Group's revenue 
and 99.95% of the Group's total assets and liabilities. 
The impact of climate risk on our audit 
As part of our audit we made enquiries of management to understand the extent of the potential impact of climate risk on the  
group’s and company’s financial statements, and we remained alert when performing our audit procedures for any indicators 

 
 
Bicycle Therapeutics plc 
Registered in England No: 11036004 
63 
of the impact of climate risk. Our procedures did not identify any material impact as a result of climate risk on the group’s 
and company’s financial statements. 
Materiality 
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality. 
These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and 
extent of our audit procedures on the individual financial statement line items and disclosures and in evaluating the effect of 
misstatements, both individually and in aggregate on the financial statements as a whole. 
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows: 
 
 
 
  
Financial statements - group 
Financial statements - 
company 
Overall 
materiality 
$11,300,000 (2023: $9,500,000). 
$14,700,000 (2023: 
$8,920,000). 
How we 
determined it 
5% of loss before tax 
1% of total assets 
Rationale for 
benchmark 
applied 
Loss before tax is the generally accepted benchmark, given that, 
in most circumstances, this is the measure of greatest 
significance to the financial statement users since the Company's 
equity securities are publicly traded and it is a profit oriented 
entity. 
We believe that total assets is 
the most appropriate benchmark 
as the Parent Company is a 
holding company. 
 
For each component in the scope of our group audit, we allocated a materiality that is less than our overall group materiality. 
The range of materiality allocated across components was between $4.1 million to $8.3 million. Certain components were 
audited to a local statutory audit materiality that was also less than our overall group materiality. 
 
We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected and 
undetected misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the scope 
of our audit and the nature and extent of our testing of account balances, classes of transactions and disclosures, for 
example in determining sample sizes. Our performance materiality was 75% (2023: 75%) of overall materiality, amounting to 
$8,475,000 (2023: $7,125,000) for the group financial statements and $11,025,000 (2023: $6,690,000) for the company 
financial statements. 
In determining the performance materiality, we considered a number of factors - the history of misstatements, risk 
assessment and aggregation risk and the effectiveness of controls - and concluded that an amount at the upper end of our 
normal range was appropriate. 
We agreed with those charged with governance that we would report to them misstatements identified during our audit 
above $565,000 (group audit) (2023: $475,000) and $735,000 (company audit) (2023: $446,000) as well as misstatements 
below those amounts that, in our view, warranted reporting for qualitative reasons. 
Conclusions relating to going concern 
Our evaluation of the directors’ assessment of the group's and the company’s ability to continue to adopt the going concern 
basis of accounting included: 
• 
Discussion with management on progress of research programs in the year as well as future developments; 
• 
Obtaining management's cash flow forecasts for the period to 31 December 2027, testing the mathematical accuracy of 
the calculations and assessing the completeness and accuracy of the data used; and 
• 
Evaluation of management's assessment of key assumptions contained within the cash flow forecasts. 

 
 
Bicycle Therapeutics plc 
Registered in England No: 11036004 
64 
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions 
that, individually or collectively, may cast significant doubt on the group's and the company’s ability to continue as a going 
concern for a period of at least twelve months from when the financial statements are authorised for issue. 
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in 
the preparation of the financial statements is appropriate. 
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the group's 
and the company's ability to continue as a going concern. 
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant 
sections of this report. 
Reporting on other information 
The other information comprises all of the information in the Annual Report other than the financial statements and our 
auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements 
does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise 
explicitly stated in this report, any form of assurance thereon. 
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, 
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in 
the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material 
misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial 
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that 
there is a material misstatement of this other information, we are required to report that fact. We have nothing to report 
based on these responsibilities. 
With respect to the Strategic report and Directors' Report, we also considered whether the disclosures required by the UK 
Companies Act 2006 have been included. 
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions 
and matters as described below. 
Strategic report and Directors' Report 
In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic report and 
Directors' Report for the year ended 31 December 2024 is consistent with the financial statements and has been prepared in 
accordance with applicable legal requirements. 
In light of the knowledge and understanding of the group and company and their environment obtained in the course of the 
audit, we did not identify any material misstatements in the Strategic report and Directors' Report. 
Directors' Remuneration 
In our opinion, the part of the Directors' Remuneration Report to be audited has been properly prepared in accordance with 
the Companies Act 2006. 
Responsibilities for the financial statements and the audit 
Responsibilities of the directors for the financial statements 
As explained more fully in the Statement of directors’ responsibilities in respect of the financial statements, the directors are 
responsible for the preparation of the financial statements in accordance with the applicable framework and for being 
satisfied that they give a true and fair view. The directors are also responsible for such internal control as they determine is 
necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud 
or error. 

 
 
Bicycle Therapeutics plc 
Registered in England No: 11036004 
65 
In preparing the financial statements, the directors are responsible for assessing the group’s and the company’s ability to 
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis 
of accounting unless the directors either intend to liquidate the group or the company or to cease operations, or have no 
realistic alternative but to do so. 
Auditors’ responsibilities for the audit of the financial statements 
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material 
misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable 
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will 
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered 
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users 
taken on the basis of these financial statements. 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with 
our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent 
to which our procedures are capable of detecting irregularities, including fraud, is detailed below. 
Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with laws and 
regulations related to Companies Act 2006 and corporate taxation, and we considered the extent to which non-compliance 
might have a material effect on the financial statements. We evaluated management’s incentives and opportunities for 
fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the 
principal risks were related to misappropriation of cash through manipulation of vendor master data, fraudulent financial 
reporting by overstatement of revenue through manual journal entries and management bias in accounting judgements and 
estimates for revenue.. The group engagement team shared this risk assessment with the component auditors so that they 
could include appropriate audit procedures in response to such risks in their work. Audit procedures performed by the group 
engagement team and/or component auditors included: 
• 
enquiries of management and the entity's General Counsel around actual and potential litigation and claims including 
known or suspected instances of non-compliance with laws and regulations and fraud; 
• 
completing a detailed fraud risk assessment, through enquiries of management and other officers of the Company 
outside the finance function and considering the overall control environment in place; 
• 
inspecting minutes of meetings of the Board of Directors and its Committees; 
• 
identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; 
• 
challenging the assumptions made by management in their significant accounting estimates, in particular in relation to 
revenue recognition; 
• 
substantive testing on bank details of new vendors and updates to the bank details of existing vendors; and 
• 
designing audit procedures to incorporate unpredictability around nature, timing and extent of our testing. 
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of 
non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial 
statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one 
resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, 
or through collusion. 
Our audit testing might include testing complete populations of certain transactions and balances, possibly using data 
auditing techniques. However, it typically involves selecting a limited number of items for testing, rather than testing 
complete populations. We will often seek to target particular items for testing based on their size or risk characteristics. In 
other cases, we will use audit sampling to enable us to draw a conclusion about the population from which the sample is 
selected. 
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: 
www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report. 

 
 
Bicycle Therapeutics plc 
Registered in England No: 11036004 
66 
Use of this report 
This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance 
with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept 
or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it 
may come save where expressly agreed by our prior consent in writing. 
Other required reporting 
Companies Act 2006 exception reporting 
Under the Companies Act 2006 we are required to report to you if, in our opinion: 
• 
we have not obtained all the information and explanations we require for our audit; or 
• 
adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received 
from branches not visited by us; or 
• 
certain disclosures of directors’ remuneration specified by law are not made; or 
• 
the company financial statements and the part of the Directors' Remuneration Report to be audited are not in agreement 
with the accounting records and returns. 
We have no exceptions to report arising from this responsibility. 
  
 
David Farmer (Senior Statutory Auditor) 
for and on behalf of PricewaterhouseCoopers LLP 
Chartered Accountants and Statutory Auditors 
Cambridge 
17 April 2025 
 
 
 
 

 
 
Bicycle Therapeutics plc 
Registered in England No: 11036004 
67 
Consolidated statement of comprehensive income 
for the year ended 31 December 2024 
 
 
 
 
 
 
 
 
 
 
    
 
    
Year ended 
    
Year ended 
 
 
 
 31 December 2024  31 December 2023
 
 
Note 
    
$’000 
    
$’000 
Revenue 
  
5 
  
35,275   
25,859  
Administrative expenses 
  
6 
  
(294,171)  
(228,146)
Other operating income 
  
6 
  
260   
990  
Operating loss 
  
6 
  
(258,636)  
(201,297)
Interest receivable and similar income 
  
7 
  
34,770   
14,002  
Interest payable and similar expenses 
  
7 
  
(2,684)  
(3,296)
Net other income 
 
 
  
32,086   
10,706  
Loss before taxation 
 
 
  
(226,550)  
(190,591)
Tax on loss 
  
8 
  
43,853   
22,013  
Loss for the financial year 
 
 
  
(182,697)  
(168,578)
Other comprehensive income 
 
 
 
 
Foreign exchange translation differences 
 
 
  
10,081   
(16,001)
Total comprehensive expense for the year 
 
 
  
(172,616)  
(184,579)
Basic and diluted loss per ordinary share 
  
23 
 $
 (3.14)  $
(4.74)
Weighted average number of ordinary shares 
 
 
58,207,593   
35,592,362  
 
The notes on pages 72 to 105 are an integral part of the consolidated financial statements. 
 
 

 
 
Bicycle Therapeutics plc 
Registered in England No: 11036004 
68 
Consolidated and Parent Company balance sheets 
as at 31 December 2024 
 
 
 
 
 
 
 
 
 
 
 
 
    
     
Consolidated 
 
Parent Company 
 
    
     
As at 
    
As at 
    
As at 
    
As at 
 
 
 
 31 December  31 December  31 December  31 December
 
 
 
 
2024 
 
2023 
 
2024 
 
2023 
 
 Note    
$’000 
    
$’000 
    
$’000 
    
$’000 
Fixed assets 
 
   
    
    
       
Intangible assets 
 
12 
17   
51   
—  
— 
Tangible assets 
 
13 
9,499   
14,485   
—  
— 
Investments in subsidiaries 
 
14 
—  
—  
145,882   
109,432  
 
 
  
9,516  
14,536   
145,882   
109,432  
Current assets 
 
   
   
   
   
  
Debtors 
 
15 
56,942   
42,179   
535,990   
309,188  
Cash at bank and in hand 
 
  
879,520  
526,423   
788,196   
473,410  
 
 
  
936,462  
568,602   1,324,186   
782,598  
Creditors: amounts falling due within one year 
 
16 
(64,017)  
(68,836)  
—  
— 
Net current assets 
 
  
872,445  
499,766   1,324,186   
782,598  
Total assets less current liabilities 
 
  
881,961  
514,302   1,470,068   
892,030  
Creditors: amounts falling after more than one year 
 
17 
(93,607)  (141,506)  
—  
(30,698)
Net assets 
 
  
788,354  
372,796   1,470,068   
861,332  
Capital and reserves 
 
   
   
   
   
  
Called up share capital 
 
18 
890   
550   
890   
550  
Share premium account 
 
18 
1,221,938   
670,623   1,221,938   
670,623  
Other reserve 
 
18 
(3,442)  
(3,442)  
(3,442)  
(3,442)
Exchange reserve 
 
18 
8,142   
(1,939)  
(10)  
(10)
General reserve 
 
18 
145,489   
108,970   
145,489   
108,970  
(Accumulated losses)/retained earnings 
 
18 
(584,663)  (401,966)  
105,203   
84,641  
Total shareholders’ funds 
 
  
788,354  
372,796   1,470,068   
861,332  
 
The Parent Company’s profit for the financial year ended 31 December 2024 is $20,562k (year ended 
31 December 2023: profit of $10,431k). 
The Consolidated and Parent Company financial statements on pages 67 to 105 were approved by the board 
of directors on 4 April 2025 and signed on behalf of the board of directors by: 
 
Kevin Lee 
Director 
17 April 2025 
The notes on pages 72 to 105 are an integral part of the financial statements. 
 
 

 
 
Bicycle Therapeutics plc 
Registered in England No: 11036004 
69 
Consolidated statement of changes in equity 
for the year ended 31 December 2024 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Called up    
Share 
     
 
    
 
    
 
     
Total 
 
 
share 
 
premium 
 Exchange  General  Accumulated losses  shareholders’
 
 
capital 
 
account 
 
reserve 
 
reserve 
 and other reserves  
funds 
 
 
$’000 
 
$’000 
 
$’000 
 
$’000 
 
$’000 
 
$’000 
Balance as at 1 January 2023 
  
387   420,760    14,062   72,499   
(236,830)   
270,878  
Loss for the financial year 
  
—  
—   
—  
—  
(168,578)   (168,578)
Shares issued ADS’s and non-voting 
ordinary shares (net of costs of issue)   
162   249,183    
—  
—  
—   
249,345  
Shares issued from the exercise of 
options and settlement of RSUs 
 
1   
680    
—  
—  
—   
681  
Share options and RSUs granted 
  
—  
—   
—  36,471   
—   
36,471  
Total transactions with owners, 
recognised directly in equity 
  
163   249,863    
—  36,471   
—   
286,497  
Currency translation adjustment 
  
—  
—   (16,001)  
—  
—   
(16,001)
Balance as at 31 December 2023 
  
550   670,623    (1,939)  108,970   
(405,408)   
372,796  
Loss for the financial year 
  
—  
—   
—  
—  
(182,697)   (182,697)
Shares issued ADS’s and non-voting 
ordinary shares (net of costs of issue)   
331   543,796    
—  
—  
—   
544,127  
Shares issued from the exercise of 
options and settlement of RSUs 
  
9   
7,519    
—  
—  
—   
7,528  
Share options and RSUs granted 
  
—  
—   
—  36,519   
—   
36,519  
Total transactions with owners, 
recognised directly in equity 
  
340   551,315    
—  36,519   
—   
588,174  
Currency translation adjustment 
  
—  
—   10,081   
—  
—   
10,081  
Balance as at 31 December 2024 
  
890   1,221,938    8,142   145,489   
(588,105)   
788,354  
 
The notes of pages 72 to 105 are an integral part of the consolidated financial statements. 
 
 

 
 
Bicycle Therapeutics plc 
Registered in England No: 11036004 
70 
Parent Company statement of changes in equity 
for the year ended 31 December 2024 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Called up    
Share 
     
 
    
 
     
 
     
Total 
 
 
share 
 
premium 
 Exchange  General  Retained earnings  shareholders’
 
 
capital 
 
account 
 reserve  
reserve 
 and other reserves  
funds 
 
 
$’000 
 
$’000 
 
$’000 
 
$’000 
 
$’000 
 
$’000 
Balance as at 1 January 2023 
  
387   420,760    
(10)  72,499    
70,768    
564,404  
Profit for the financial year 
  
—  
—   
—  
—   
10,431    
10,431  
Shares issued ADS’s and non-voting 
ordinary shares (net of costs of issue) 
 
162   249,183    
—  
—   
—   
249,345  
Shares issued from the exercise of 
options and settlement of RSUs 
  
1   
680    
—  
—   
—   
681  
Share options and RSUs granted 
  
—  
—   
—  36,471    
—   
36,471  
Total transactions with owners, 
recognised directly in equity 
  
163   249,863    
—  36,471    
—   
286,497  
Balance as at 31 December 2023 
  
550   670,623    
(10)  108,970    
81,199    
861,332  
Profit for the financial year 
  
—  
—   
—  
—   
20,562    
20,562  
Shares issued ADS’s and non-voting 
ordinary shares (net of costs of issue) 
  
331   543,796    
—  
—   
—   
544,127  
Shares issued from the exercise of 
options and settlement of RSUs 
  
9   
7,519    
—  
—   
—   
7,528  
Share options and RSUs granted 
  
—  
—   
—  36,519    
—   
36,519  
Total transactions with owners, 
recognised directly in equity 
  
340   551,315    
—  36,519    
—   
588,174  
Balance as at 31 December 2024 
  
890   1,221,938    
(10)  145,489    
101,761    1,470,068  
 
The notes of pages 72 to 105 are an integral part of the financial statements. 
 
 

 
 
Bicycle Therapeutics plc 
Registered in England No: 11036004 
71 
Consolidated statement of cash flows 
for the year ended 31 December 2024 
 
 
 
 
 
 
 
 
    
 
    
Year ended 
    
Year ended 
 
 
 
 31 December 2024  31 December 2023
 
 
Note 
 
$’000 
 
$’000 
Cash flow from operating activities 
  
19 
  
(227,277)  
(90,307)
Taxation received 
 
  
30,110   
19,026  
Net cash used in operating activities 
 
  
(197,167)  
(71,281)
Cash flow from investing activities 
 
 
Purchase of intangible assets 
 
 
(11)
— 
Purchase of tangible assets 
 
  
(1,230)  
(3,164)
Interest received 
 
  
33,017   
12,064  
Net cash provided by investing activities 
 
  
31,776   
8,900  
Cash flow from financing activities 
 
  
   
  
Interest paid 
 
  
(1,486)  
(2,856)
Proceeds from issuance of ADS’s and non-voting ordinary shares 
(net of costs of issue) 
 
  
544,127   
249,345  
Repayment of loan 
 
  
(31,863)  
— 
Proceeds from the exercise of share options and sale of ordinary 
shares 
 
  
7,528   
681  
Principal payments on finance lease 
 
  
(42)  
— 
Net cash generated from financing activities 
 
  
518,264   
247,170  
Net increase in cash and cash equivalents 
 
  
352,873   
184,789  
Exchange gain on cash and cash equivalents 
 
  
224   
2,480  
Cash and cash equivalents at the beginning of the year 
 
  
526,423   
339,154  
Cash and cash equivalents at the end of the year 
 
  
879,520   
526,423  
 
The notes of pages 72 to 105 are an integral part of the consolidated financial statements. 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements 
72 
1 
General information 
Bicycle Therapeutics plc (the “Parent Company”) and, together with its subsidiaries (the “Company”), is a 
clinical-stage pharmaceutical company developing a novel and differentiated 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 Parent Company is a public company limited by shares and incorporated in England and Wales and 
quoted on the NASDAQ capital market under the ticker BCYC. 
Its registered number is: 11036004. 
Its registered office is: Blocks A & B, Portway Building, Granta Park, Great Abington, Cambridge, United 
Kingdom, CB21 6GS . 
2 
Statement of compliance 
The consolidated financial statements of the Company and the financial statements of the Parent Company 
have been prepared in compliance with U.K. Accounting Standards, including Financial Reporting Standard 102, 
‘The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’ and the 
Companies Act 2006 (the “Companies Act”). 
3 
Summary of significant accounting policies 
Basis of preparation 
These financial statements are prepared on a going concern basis, under the historical cost convention, as 
modified by the recognition of certain financial assets and liabilities measured at fair value. Currently there are no 
financial assets and liabilities measured at fair value. 
The accompanying consolidated financial statements of the Company 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 in consolidation. 
The financial statements have been prepared under the historical cost accounting rules and in accordance 
with the Companies Act. 
Accounting policies have been applied consistently other than when new policies have been adopted. 
The Company has taken advantage of the exemption in section 408 of the Companies Act from presenting 
its individual statement of comprehensive income. 
The preparation of financial statements requires the use of certain critical accounting estimates. It also 
requires management to exercise its judgement in the process of applying the Company and the Parent Company 
accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions 
and estimates are significant to the financial statements, are disclosed in note 4. 
Exemptions for qualifying entities under FRS 102 
FRS 102 allows a qualifying entity certain disclosure exemptions, subject to conditions, from preparing a 
Parent Company statement of cash flows, on the basis that it is a qualifying entity and the Parent Company’s cash 
flows are included in the consolidated statement of cash flows. In addition, the Parent Company is exempted from 
disclosing share-based payment arrangements required under FRS 102 paragraphs 26.18(b), 26.19 to 26.21 and 
26.23 concerning its own equity instruments as the Parent Company financial statements are presented with the 
consolidated financial statements and the relevant disclosures are included therein.

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements 
3      Summary of significant accounting policies (continued) 
73 
Parent Company has also taken the exemption available from disclosing the company key management 
compensation as required by FRS102 paragraph 33.7. 
Going concern 
The Company is involved in research and development activities and until it is able to convert this activity 
into a significant product revenue stream, it will be reliant upon obtaining additional funding in connection with 
continuing operations. More detailed analysis of the risks faced by the Company is given in the Strategic Report. 
At 31 December 2024, the Company had cash and cash equivalents of $879.5 million and the directors 
estimate the Company’s existing cash and cash equivalents at the date of approval of these financial statements is 
sufficient to continue to fund the Company’s operating expenses for the foreseeable future at least 12 months from 
the date of that approval and that is therefore appropriate to prepare these financial statements on a going concern 
basis. 
Revenue 
Revenue represents the fair value of amounts received or receivable in respect of collaborative research 
agreements, licence fees or milestone payments (excluding value added tax). These are recognised as revenue when 
the specific conditions stipulated in the agreements have been satisfied and the significant risks and rewards of 
ownership have been transferred to the customer. 
Licencing agreements may consist of multiple elements and provide for various forms of consideration 
terms, such as upfront, development, regulatory and sales milestones, sales-based royalties and similar payments. To 
account for arrangements with multiple elements, separately identifiable components within the contract and the 
arrangement transaction price are identified. Development and regulatory approval milestones are included within 
the allocated transaction price only when it becomes probable that economic benefits will flow to the entity and the 
amount of revenue can be measured with reliability. 
The fair value of the arrangement transaction price is allocated to the different separately identifiable 
components based on the relative standalone selling price of those services provided. The allocated transaction price 
is recognised over the respective performance period of each separately identifiable component. Amounts received 
in advance of the revenue recognition criteria being met are initially reported as deferred revenue. 
The Company provides research and development services to its customers which often culminate in the 
provision of a licence to developed intellectual property. Where services are provided in the research and 
development or identification of a licenced molecule, the services are not considered to be a separately identifiable 
component to the customer/licensor if they are not distinct from the licence. Any upfront income received under 
such arrangements is considered to be consideration for the combined licence and research and development 
services component and it is recognised over the research and development term. When the services performed are 
an indeterminate number of acts over a specified period of time, revenue is recognised on a straight-line basis. When 
performance of services can be estimated reliably, the Company recognises revenue associated with the transaction 
by reference to the stage of completion of the transaction at the end of the reporting period. Where arrangements 
involve upfront consideration allowing customers the option to select additional licences and/or research and 
development services that represent a material right, such consideration is deferred until the option is exercised (in 
which case the revenue is recognised as the related services are performed) or expires (in which case the revenue is 
recognised immediately, as the Company has no further obligations under the arrangement). 
Customer options for future components that do not represent material rights are accounted for as separate 
arrangements when they occur. 
Where the Company grants a licence to its intellectual property and there are no further conditions 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
3      Summary of significant accounting policies (continued) 
74 
stipulated in the agreement related to separately identifiable components and the significant risks and rewards of 
ownership have been transferred to the customer the licence revenues are recognised when receipt of subsequent 
milestones is probable. This is typically when the milestone event is achieved or satisfied. 
Impairment of non-financial assets 
At each balance sheet date non-financial assets not carried at fair value are assessed to determine whether 
there is an indication that the asset may be impaired. If there is such an indication the recoverable amount of the 
asset is compared to the carrying amount of the asset. If the recoverable amount of the asset is estimated to be lower 
than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is 
recognised in the statement of comprehensive income. 
Tangible assets and depreciation 
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. 
The cost of tangible fixed assets is their purchase cost, together with any incidental costs of acquisition. The assets’ 
residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The 
effect of any change is accounted for prospectively. 
Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to their 
residual values over their estimated useful lives, as follows: 
 
 
 
Laboratory equipment 
     3 to 5 years 
Office equipment 
  3 to 5 years 
Computer equipment 
  3 years 
Leasehold improvements 
  over the remaining period of the lease 
 
Intangible assets and amortisation 
Intangible assets comprise intellectual property licences and computer software and are stated at capitalised 
cost less accumulated amortisation and accumulated impairment losses. 
Amortisation is calculated, using the straight-line method, to allocate the depreciable amount of the assets 
to their residual values over their estimated useful lives, assessed by the directors on a case-by-case basis, as 
follows: 
• 
Intellectual property licences:  
5 to 15 years 
• 
Computer software: 
 
3 years 
The assets are reviewed for impairment if there is an indication that the carrying amount may be impaired. 
Provision is made against the carrying value of such assets when an impairment in value is deemed to have 
occurred. 
Costs associated with maintaining intellectual property and computer software are recognised as an expense 
as incurred. Amortisation is included in other operating expenses in the statement of comprehensive income. 
Cash and cash equivalents 
Cash and cash equivalents includes cash in hand, deposits held at call with banks, money market funds, and 
other short-term highly liquid investments that are readily convertible into known amounts of cash with original 
maturities of three months or less.  
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
3      Summary of significant accounting policies (continued) 
75 
Leases 
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. 
Payments under operating leases are charged to the statement of comprehensive income on a straight-line basis over 
the period of the lease. Incentives received to enter into an operating lease are credited to the statement of 
comprehensive income, to reduce the lease expense, on a straight-line basis over the period of the lease. 
Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as 
finance leases. Rights of use and obligations under finance leases are recognised as assets and liabilities in the 
consolidated balance sheet at an amount equal to the present value of the minimum lease payments. Finance lease 
assets are depreciated on a straight-line basis over the earlier of the useful life of the asset or the lease term and 
interest expense is recognized based on the effective interest method. The Company’s lease terms include the period 
covered by extension options and exclude the period covered by termination options when it is reasonably certain 
that the Company will exercise that option. 
Debtors 
Short term debtors are measured at transaction price, less any impairment. The Company makes an estimate 
of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, 
management considers factors including the current credit rating of the debtor, the ageing profile of debtors and 
historical experience. 
Creditors 
Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are 
measured initially at the transaction price, and are measured subsequently at amortised cost using the effective 
interest method. 
Investments in subsidiaries — Parent Company 
Investments in subsidiaries are held at cost less accumulated impairment losses. 
Provisions and contingencies 
Provisions 
Provisions are recognised when the Company has a present legal or constructive obligation as a result of 
past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the 
obligation can be estimated reliably. 
Where there are a number of similar obligations, the likelihood that an outflow will be required in 
settlement is determined by considering the class of obligations as a whole. 
Provisions are measured at the present value of the expenditures expected to be required to settle the 
obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks 
specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost. 
Contingencies 
Contingent liabilities are not recognised, except those acquired in a business combination. Contingent 
liabilities arise as a result of past events when i) it is not probable that there will be an outflow of resources or that 
the amount cannot be reliably measured at the reporting date or ii) when the existence will be confirmed by the 
occurrence or non-occurrence of uncertain future events not wholly within the Company’s control. Contingent 
liabilities are disclosed in the financial statements unless the probability of an outflow of resource is remote. 
Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of 
economic benefits is probable. 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
3      Summary of significant accounting policies (continued) 
76 
Grant income 
Government grants are not recognised until there is reasonable assurance that the Company will comply 
with the conditions of the grants and also that the grants will be received. Government grants are recognised in profit 
or loss on a systematic basis over the periods in which the Company recognises as expenses the related costs for 
which the grants are intended to compensate. Grants from non-exchange transactions, other than government grants, 
that impose future performance related conditions are recognised in income only when the performance-related 
conditions are met. Grant income is recognised gross in the statement of comprehensive income as operating 
income. For the year ended 31 December 2024, the Company recognised government grant income of $84k (year 
ended 31 December 2023: $989k) and income from non-exchange transactions other than government $175k (year 
ended 31 December 2023: $nil). The Company did not directly benefit from any other forms of government 
assistance. 
Interest income 
Interest income is recognised using the effective interest rate method. 
Employee benefits 
The Company provides a range of benefits to employees, including annual bonus arrangements, paid 
holiday arrangements and defined contribution pension plans. 
Short term benefits 
Short term benefits, including holiday pay and other non-monetary benefits are recognised as an expense in 
the period in which the service is received. 
Pension costs 
The Company operates a defined contribution plan for its U.K. employees and a defined-contribution 
savings plan under Section 401(k) for its U.S. employees. Under these plans the company pays fixed contributions 
into a separate entity. Once the contributions have been paid the company has no further payment obligations. The 
contributions are recognised as an expense when they are due. Differences between contributions payable and 
contributions actually paid in the period are shown as either accruals or prepayments at the year end. The assets of 
the plan are held separately from the Company in independently administered funds. 
Share-based payments 
The Company provides share-based payment arrangements to certain employees. 
Equity-settled arrangements are measured at fair value (excluding the effect of non-market based vesting 
conditions) at the date of the grant. The fair value is expensed on a graded basis over the vesting period. The amount 
recognised as an expense is adjusted to reflect the actual number of shares or options that will vest. An attrition rate 
based on the Company’s average historic attrition over the past period corresponding to the length of the vesting 
period is used. 
Where equity-settled arrangements are modified, and are of benefit to the employee, the incremental fair 
value is recognised over the period from the date of modification to date of vesting. Where a modification is not 
beneficial to the employee there is no change to the charge for share-based payment. Settlements and cancellations 
are treated as an acceleration of vesting and the unvested amount is recognised immediately in the statement of 
comprehensive income. 
The fair value of each restricted share award is based on the fair value of the Parent Company’s shares, less 
any applicable purchase price. The fair value of each share option award is estimated using the Black-Scholes 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
3      Summary of significant accounting policies (continued) 
77 
option-pricing model which requires inputs based on certain subjective assumptions, including the fair value of 
shares, the expected share price volatility, the expected term of the award, the risk-free interest rate and expected 
dividends. The Company estimates its volatility by using a blend of its stock price history for the length of time it 
has market data for its shares and the historical volatility of similar public companies for the expected term of each 
grant. The Company will continue to apply this process until a sufficient amount of historical information regarding 
the volatility of its own share price becomes available. 
Provision is made for National Insurance contributions on outstanding share options that are expected to be 
exercised using the latest enacted National Insurance rates applied to the difference between the market value of the 
underlying shares at the balance sheet date and the option exercise price. The Company has no cash-settled 
arrangements. The Parent Company has no employees and thus there is no charge in the statement of comprehensive 
income for share-based payments for the Parent Company. The charge for share-based payments has been 
recognised as an increase in cost of investment in subsidiaries. 
Annual bonus plan 
The Company operates an annual bonus plan for employees. An expense is recognised in the statement of 
comprehensive income when the Company has a legal or constructive obligation to make payments under the plan 
as a result of past events and a reliable estimate of the obligation can be made. 
Taxation 
Taxation income and expense for the year comprises current and deferred tax recognised in the 
reporting year. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to 
items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other 
comprehensive income or directly in equity respectively. 
Current tax 
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. 
Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the year end. 
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax 
regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected 
to be paid to the tax authorities. 
Income tax credit 
The Company benefits from the U.K. research and development tax credit regime under both the small and 
medium sized enterprise (“SME”) scheme and by claiming a Research and Development Expenditure Credit 
(“RDEC”) in respect of grant funded projects. Under the SME regime, a portion of the Company’s losses are 
surrendered for a cash rebate of up to 33.3% of eligible expenditures incurred prior to 1 April 2023, and up to 18.6% 
of eligible expenditures 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 from such date to 
26.97% of qualifying expenditure, if we qualify as “R&D intensive” for an accounting period (broadly, a loss 
making SME whose relevant R&D expenditure represents 40% for accounting periods beginning on or after 
1 April 2023, or 30% for accounting periods beginning on or after 1 April 2024, of its total expenditure for that 
accounting period). The Company was an R&D intensive SME for the years ended 31 December 2024 and 2023. 
Such credits are calculated based on the amount and nature of the research and development expenditure incurred 
and are accounted for within the tax provision in the year in which the expenditures were incurred. 
Deferred tax 
Provision is made for deferred tax assets and liabilities arising from timing differences between the 
recognition of gains and losses in the accounts and their recognition for tax purposes. 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
3      Summary of significant accounting policies (continued) 
78 
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the 
period end and that are expected to apply to the reversal of the timing difference. 
Deferred tax is recognised on all timing differences at the reporting date. Unrelieved tax losses and other 
deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of 
deferred tax liabilities or other future taxable profits. 
Research and development 
Research and development expenditure comprises all expenditure that is directly attributable to research or 
development activities. Expenditure on research and development is expensed in the period which it is incurred. 
Related party transactions 
The Company discloses transactions with related parties which are not wholly owned within the same 
group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, 
separate disclosure is necessary to understand the effect of the transactions on the financial statements. 
Foreign currencies 
Transactions in foreign currencies are recorded in an entity’s functional currency using the rate of exchange 
ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated 
using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the 
statement of comprehensive income. Non-monetary assets and liabilities denominated in foreign currencies are 
translated into the functional currency at the exchange rates prevailing at the date of the transaction. Adjustments 
that arise from exchange rate changes on transactions denominated in a currency other than the functional currency 
are included as profit or loss as incurred. 
Basis of consolidation 
Subsidiaries are entities controlled by the Parent Company. Control exists when the Parent Company has 
the power to govern the financial and operating policies of an entity to obtain benefits from its activities. In 
assessing control, the Parent Company takes into consideration potential voting rights. The acquisition date is the 
date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the 
financial statements from the date control is achieved to the date control ceases. All intra-group transactions, 
balances, income and expenses are eliminated on consolidation. 
Functional and presentational currency 
Functional currency 
The Parent Company’s functional currency is the U.S. dollar. The Parent Company’s subsidiaries in the 
U.K., BicycleTx Limited and BicycleRD Limited, use British pound sterling as their functional currencies and their 
results have been translated into U.S. dollars for inclusion in these consolidated financial statements. The functional 
currency of the Parent Company’s subsidiary in the U.S., Bicycle Therapeutics Inc., is the U.S. dollar. 
Presentational currency 
The presentational currency is U.S. dollars, rounded to the nearest $000, for all years presented in these 
financial statements. The Company translates the assets and liabilities of BicycleTx Limited and BicycleRD Limited 
into U.S. dollars at the exchange rate in effect on the balance sheet date. Revenue and expenses are translated into 
U.S. dollars at the average exchange rate in effect during the period. Unrealised translation gains and losses are 
recorded as a currency translation adjustment, which is included in the statement of changes in equity. 
Share Capital 
Ordinary shares and non-voting ordinary shares are classified as equity. Incremental costs directly 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
3      Summary of significant accounting policies (continued) 
79 
attributable to the issue of new ordinary shares or options are shown in equity as a deduction from the proceeds. 
Finance costs 
Finance costs are charged to the statement of comprehensive income over the term of the associated debt 
using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue 
costs are initially recognised as a reduction in the proceeds of the associated capital instrument. 
Financial instruments 
The Company has chosen to adopt Sections 11 and 12 of FRS102 in respect of financial instruments. 
Financial assets 
Basic financial assets, including trade and other receivables, cash and cash equivalents, and loans to the 
Parent Company’s subsidiaries, are initially recognised at transaction price, unless the arrangement constitutes a 
financing transaction, where the transaction is measured at the present value of the future receipts discounted at a 
market rate of interest. 
Such assets are subsequently carried at amortised cost using the effective interest method. 
At the end of each reporting year financial assets measured at amortised cost are assessed for objective 
evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount 
and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The 
impairment loss is recognised in the statement of comprehensive loss. 
If there is a decrease in the impairment loss arising from an event occurring after the impairment was 
recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what 
the carrying amount would have been had the impairment not previously been recognised. The impairment reversal 
is recognised in the statement of comprehensive loss. 
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or 
are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party 
or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the 
asset to an unrelated third party without imposing additional restrictions 
Financial liabilities 
Basic financial liabilities, including trade and other payables, bank loans, are initially recognised at 
transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured 
at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities also 
include certain other financial instruments where the Company does not have the unconditional right to avoid 
settling in cash or by delivery of another financial asset, or otherwise settle it in such a way that they would be 
financial liabilities.  
Debt and certain other financial instruments are subsequently carried at amortised cost, using the effective 
interest rate method. 
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course 
of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or 
less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price 
and subsequently measured at amortised cost using the effective interest method. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual 
obligation is discharged, cancelled or expires.

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
80 
4 
Critical accounting judgements and estimation uncertainty 
Estimates and judgements are continually evaluated and are based on historical experience and other 
factors, including expectations of future events that are believed to be reasonable under the circumstances. 
Critical accounting estimates
Stage of completion 
Revenue in respect of the Collaboration and Licence Agreement with Bayer, the Collaboration and Licence 
Agreement with Novartis, the Evaluation and Option, Collaboration, and Share Purchase Agreements with Ionis and 
the Discovery Collaboration and License Agreement with Genentech are recognised in accordance with the revenue 
accounting policy. In accordance with this policy, amounts allocated to combined licence and research and 
development services components are recognised over the research and development term by reference to the stage 
of completion of the transaction at the end of the reporting period when performance can be estimated reliably. The 
stage of completion, and thereby periods over which revenue should be recognised, are subject to estimates by 
management and may change over the course of the research and development and licencing arrangement. Changes 
in the estimated total level of effort expected to be performed would accelerate or decrease the rate of revenue 
recognised related to the components that are recognised over time. Specifically, a change in the overall expected 
effort of 5% for the components recognised over time in the Bayer, Novartis, Ionis and Genentech arrangements 
would result in a change in revenue recognised of approximately $219k, $355k, zero and $167k, respectively, for the 
year ended 31 December 2024. 
Significant judgements 
Parent company investments and intercompany receivables 
The Parent Company has investments in and intercompany receivables due from both BicycleTx Limited 
and BicycleRD Limited both of which are currently loss making. The Directors have assessed the recoverability of 
the investments in and intercompany receivables due from BicycleTx Limited and have concluded that there is no 
impairment as the estimated recoverable amounts are greater than the respective carrying amounts. The Directors 
have also assessed the recoverability of the investments in and intercompany receivables due from BicycleRD 
Limited and have concluded that they are no longer recoverable due to a decrease in the estimated future cash flows 
of the subsidiary primarily driven by the termination of the arrangement with Cancer Research UK under which 
BicycleRD Limited’s lead asset was being developed (see Note 22). As such, the Parent Company recognized 
impairment losses of $8,400k during the year ended 31 December 2024. 
The Directors do not consider there to be any other critical accounting estimates or assumptions that have a 
significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next 
financial year. 
5 
Revenue
All the Company’s revenue was generated from collaborative research arrangements. The Company’s 
revenues are attributed to the operations of the Company in the United Kingdom. The following is a summary of the 
Company’s customers by their geography: 
 
 
 
 
 
 
 
     
2024 
     
2023 
 
 
$’000 
 
$’000 
Continental Europe 
   11,554   
 3,069 
North America 
   23,721    22,790 
 
   35,275    25,859 
 
 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
5      Revenue (continued) 
81 
No further segmental information is given. A segment is a distinguishable component of the Company that 
is engaged in either providing related products or services which is subject to risks and rewards that are different 
from those of other segments. The CEO reviews the Company’s internal reporting in order to assess performance 
and allocate resources. Management has determined that there is one operating segment based on these reports. 
Collaboration and Licence Agreement with Bayer 
 
Under the Company’s collaboration with Bayer, the total transaction price was determined to be $47.5 
million, consisting of a $45.0 million upfront payment and an estimated $2.5 million for the reimbursement of 
certain external contract research organisation costs. The Company is also eligible to receive additional payments 
upon Bayer’s exercise of options as well as specified development, regulatory and sales milestone payments and 
tiered royalty payments on net sales. These additional payments are excluded from the transaction price as they 
relate to option fees, milestones and royalties that can only be achieved subsequent to the exercise of an option. 
The Company identified the separately identifiable components within the contract as follows: 
(i) 
Two combined licence and research and development components associated with 
radiopharmaceutical compounds for two initial targets; 
(ii) 
A material right associated with certain limited substitution rights with respect to either of the two 
initial targets; 
(iii) 
Two material rights associated with the option to progress radiopharmaceutical candidates for the 
two initial targets into further development; 
(iv) 
Two material rights associated with the options to generate, develop and commercialise non-
radiopharmaceutical compounds for each of the two initial targets, for which each option includes 
an underlying option for research and development services and an option to progress non-
radiopharmaceutical candidates for the two initial 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 associated with radiopharmaceutical 
compounds for the third target, as well as underlying options for: certain limited substitution 
rights; an option to progress a radiopharmaceutical candidate for the third target into further 
development; and an option to generate, develop, and commercialise non-radiopharmaceutical 
compounds for 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 exercised judgement in concluding that certain development and commercialisation rights 
within the contract represent options that are material rights, as Bayer cannot benefit from the development and 
commercialisation rights until Bayer, in its sole discretion, elects to progress candidates into further development 
and pays the associated candidate selection fees. 
Based on the relative standalone selling prices, the allocation of the transaction price to the separately 
identifiable components is as follows: 
 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
5      Revenue (continued) 
82 
 
 
 
 
 
Allocation of 
 
 
Transaction Price
 
 
$’000 
Separately identifiable components: 
 
 
Two combined licence and research and development components associated with 
radiopharmaceutical compounds for two initial targets 
 
 14,976 
Material right associated with certain limited substitution rights with respect either of the two 
initial targets 
 
 1,527 
Two material rights associated with the option to progress radiopharmaceutical candidates for the 
two initial targets into further development 
 
 14,691 
Two material rights associated with the options to generate, develop and commercialise non-
radiopharmaceutical compounds for each of the two initial 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 recognising revenue related to amounts allocated to the combined licence and research and 
development components for the two initial targets by reference to the stage of completion at the end of the 
reporting period using a proportional performance model over the period of service using input-based 
measurements. The amounts allocated to the material rights are recorded as deferred revenue and the Company will 
commence revenue recognition upon exercise or expiry of the respective option. The combined licence and research 
and development components for the two initial targets are expected to be recognised 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 year ended 31 December 2024, the Company recognised revenue of $3.4 million related to the 
collaboration with Bayer (year ended 31 December 2023: $1.2 million). 
Collaboration and Licence Agreement with Novartis 
 
Under the Company’s collaboration with Novartis, the total transaction price was determined to be $50.0 
million, consisting of the $50.0 million upfront payment. The Company is also eligible to receive additional 
payments upon Novartis’ exercise of options as well as specified development, regulatory and sales milestone 
payments and tiered royalty payments on net sales. Certain development milestone payments not subject to option 
exercise was not included in the transaction price as a result of the uncertainty regarding whether any of the 
milestones will be achieved. All other additional payments are excluded from the transaction price as they relate to 
option fees, milestones and royalties that can only be achieved subsequent to the exercise of an option. 
 
The Company identified the separately identifiable components within the contract as follows: 
(i) 
Two combined licence and research and development components for two initial targets; 
(ii) 
Two material rights associated with certain limited substitution rights with respect to the two 
initial targets; 
(iii) 
Two material rights associated with the option to progress development candidates incorporating 
radionuclides for the two initial targets; and  
(iv) 
Two material rights associated with the option to progress development candidates that do not 
incorporate radionuclides for the two initial targets. 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
5      Revenue (continued) 
83 
The Company exercised judgment in concluding that certain rights to obtain 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. 
 
The transaction price was allocated to the separately identifiable components based on the relative 
estimated standalone selling prices of each separately identifiable component. Based on the relative standalone 
selling prices, the allocation of the transaction price to the separate performance obligations was as follows: 
 
 
 
 
 
Allocation of 
 
 
Transaction Price
 
 
$’000 
Separately identifiable components: 
 
 
Two combined licence and research and development components for two initial 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 
In November 2024, the Company achieved a specified discovery milestone for the first target program and 
therefore updated its estimate of the variable consideration to include an additional $3.0 million. The arrangement 
consideration was increased to $53.0 million. 
The Company is recognising revenue related to amounts allocated to the combined licence and research and 
development components for the two initial targets by reference to the stage of completion at the end of the 
reporting period using a proportional performance model over the period of service using input-based 
measurements. The amounts allocated to the material rights are recorded as deferred revenue and the Company will 
commence revenue recognition upon exercise or expiry of the respective option. The combined licence and research 
and development components for the two initial targets are expected to be recognised 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 inception. During the year ended 31 December 2024, the Company recognised 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 year ended 31 December 2024, the Company recognised revenue of $8.2 million related to the 
collaboration with Novartis (year ended 31 December 2023: $1.9 million).  
Ionis Agreements 
Under the Company’s collaboration with Ionis, the total transaction price was determined to be $38.0 
million, consisting of a $31.0 million up front payment in 2021 from the Ionis Collaboration Agreement, a $3.0 
million payment in 2021 under the initial Evaluation and Option Agreement, a $3.4 million premium paid in 2021 
for ordinary shares purchased under the Ionis Share Purchase Agreement, and an estimated $0.6 million for the 
reimbursement of contract research organisation costs. During the year ended 31 December 2024, the Company 
updated its estimate of reimbursement of contract research organisation costs from $0.6 million to $0.4 million, and 
the transaction price was decreased to $37.8 million. The Company is also eligible to receive specified development, 
regulatory and sales milestone payments, as well as tiered royalty payments on net sales. Future milestone and 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
5      Revenue (continued) 
84 
royalty payments are not included in the transaction price due to the uncertainty regarding whether any of the 
milestones will be achieved.  
The transaction price was allocated to the separately identifiable components, including a combined licence 
and research and discovery component and four material rights associated with options to obtain credits to be 
applied towards certain regulatory acceptance fees, based on the relative estimated standalone selling prices of each 
identifiable component. The Company recognised revenue related to amounts allocated to the combined licence and 
research and discovery component by reference to the stage of completion at the end of the reporting period using a 
proportional performance model over the period of service using input-based measurements. The amounts allocated 
to the material rights are recorded as deferred revenue and the Company commences revenue recognition upon 
exercise of or upon expiry of the respective option. As of 31 December 2024, the combined licences and research 
and discovery component was completed. The Company anticipates the material rights may be exercisable or may 
expire after approximately four years from contract execution. 
In December 2021, the Company and Ionis entered into the first amendment to the Ionis Collaboration 
Agreement (the “First Ionis Amendment”) and Ionis paid the Company $1.6 million to perform additional research 
services utilizing its proprietary phage screening technology to identify and optimize new product candidates that 
target the TfR1 receptor. In April 2023, the Company and Ionis entered into the third amendment to the Ionis 
Collaboration Agreement (the “Third Ionis Amendment”) and 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 for a period of one year. The amounts were recognised as revenue by 
reference to the stage of completion at the end of the reporting period using a proportional performance model over 
the period of service using input-based measurements. 
During the year ended 31 December 2024, the Company recognised revenue of $8.9 million related to the 
collaboration with Ionis (year ended 31 December 2023: $10.7 million). 
Discovery Collaboration and License Agreement with Genentech 
Under the Company’s collaboration with Genentech, the total transaction price under the collaboration was 
initially determined to be $31.0 million, consisting of the $30.0 million upfront fee and an additional $1.0 million 
for Genentech’s selection of a new targeting arm at inception. The Company is also eligible to receive specified 
development, regulatory, and sales milestones as well as tiered royalty payments on net sales. Future milestone and 
royalty payments were not included in the transaction price at inception due to the uncertainty regarding whether 
any of the milestones would be achieved. In March 2021, the Company achieved specified criteria in accordance 
with the research plan and therefore updated its estimate of the variable consideration to include an additional $2.0 
million. The arrangement consideration was increased to $33.0 million. Additional 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.  
The transaction price was allocated to the separately identifiable components, including two combined 
licence and research and development components for the two initial collaboration programs, as well as material 
rights associated with various future licence, research and development services, and limited substitution options, 
based on the relative estimated standalone selling prices of each separately identifiable component. The Company 
recognises revenue related to amounts allocated to the combined licence and research and development components 
for the initial two collaboration programs as the services are performed by reference to the stage of completion at the 
end of each reporting period as the underlying services are performed using a proportional performance model over 
the period of service using input-based measurements. 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. In June 2023, Genentech terminated one of the initial collaboration programs and revenue of $6.0 
million was recognized during the year ended 31 December 2023 related to the expiration of the associated material 
right. The Company anticipates that the remaining collaboration program components will be performed over the 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
5      Revenue (continued) 
85 
next one to two years, and the material rights will be exercised or expire within approximately four to five years 
from the start of the collaboration.  
In October 2021 and June 2022, respectively, Genentech exercised the first and second expansion options 
to add additional collaboration programs and paid to the Company expansion fees of $10.0 million for each option. 
For the first expansion option, Genentech also elected for the Company to perform discovery and optimisation 
services for a targeting arm, and the Company received an additional payment of $1.0 million for additional research 
services. The Company accounted for each expansion option, including the option to a targeting arm for the first 
expansion option, 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 is allocated to the underlying goods and services associated with the expansion option. The 
arrangement consideration was allocated to the separately identifiable components underlying the expansion option 
on the same basis as the initial allocation of the Genentech Collaboration Agreement. In December 2022, the 
targeting arm achieved specified criteria in accordance with the research plan and therefore the Company updated its 
estimate of variable consideration to include an additional $2.0 million. The Company allocated the additional $2.0 
million entirely to the expansion option collaboration program and targeting arm services. 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 is allocated to the separately identifiable 
components associated with the second expansion option on the same basis as the initial allocation of the Genentech 
Collaboration Agreement. The Company will recognise amounts allocated to the expansion option collaboration 
programs and targeting arm services as the underlying services are performed by reference to the stage of 
completion at the end of the reporting period using a proportional performance model over the period of service of 
approximately two to three years for each program using input-based measurements. The amounts allocated to the 
material rights underlying the expansion option are recorded as deferred revenue and the Company will commence 
revenue recognition upon exercise of or upon expiry of the respective option. In January 2024, the JRC decided to 
discontinue research activities associated with one of the expansion option programs and, as a result, the Company 
recognized revenue of $10.4 million during the year ended 31 December 2024, including $7.5 million related to the 
expiration of remaining material rights. 
During the year ended 31 December 2024, the Company recognised revenue of $14.8 million related to the 
collaboration with Genentech (year ended 31 December 2023: $12.0 million). 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
86 
6 
Operating loss 
The Company’s consolidated operating loss is stated after charging/(crediting): 
 
 
 
 
 
 
     
2024 
     
2023 
 
 
$’000 
 
$’000 
Expenditure on research and development 
  
171,208    
140,362  
Depreciation of tangible assets 
  
6,670    
6,526  
Amortisation of intangible assets 
  
45    
40  
Operating lease charges 
  
4,651    
5,319  
Loss (gain) on foreign exchange 
  
9,396    
(13,835)
Wages and salaries (note 9) 
  
60,513    
48,180  
Social security costs (note 9) 
  
8,482    
4,334  
Other pension costs (note 9) 
  
3,967    
3,074  
Share-based payments (note 11) 
  
36,519    
36,471  
Auditors’ remuneration 
  
    
  
Audit of these financial statements 
  
117    
109  
Audit of the Parent Company’s subsidiaries 
  
89    
82  
Audit services for U.S. SEC financial statements 
  
1,097    
987  
Audit-related assurance services 
  
322    
352  
In addition, auditors’ remuneration of $43k relating to share issuance costs were charged to the share 
premium account in the year ended 31 December 2024 (31 December 2023: $159k).
Social security costs include the movement of the provision made for National Insurance contributions on 
outstanding share options that are expected to be exercised and for the year ended 31 December 2024 this caused a 
decrease in the expense of $1,128k (year ended 31 December 2023: decrease of $2,412k). 
Expenditure on research and development includes staff costs as follows: 
 
 
 
 
 
 
     
2024 
     
2023 
 
 
$’000 
 
$’000 
Wages and salaries 
  
40,336   
34,295  
Social security costs 
  
3,762   
4,132  
Other pension costs 
  
2,696   
2,337  
 
7 
Net interest and similar income/(expense) 
a) Interest receivable and similar income 
The Company’s interest receivable and other income consisted of the following: 
 
 
 
 
 
 
     
2024 
     
2023 
 
 
$’000 
 
$’000 
Bank interest 
  
34,109   
14,002  
Gain on derecognition of financial liability under Cancer Research UK agreement 
  
661   
— 
Interest receivable and similar income 
 
34,770  
14,002  
b) Interest payable and similar expenses 
The Company’s interest payable and similar expenses consisted of the following: 
 
 
 
 
 
 
     
2024 
     
2023 
 
 
$’000 
 
$’000 
Interest payable on loan and other borrowings 
  
1,584   
3,136  
Finance charge 
  
146   
160  
Loss on derecognition of financial liability under Hercules loan agreement 
 
954  
— 
Interest payable and similar expenses 
  
2,684   
3,296  
 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
87 
8 
Tax on loss 
The Company’s tax on loss consisted of the following:
 
 
 
 
 
 
     
2024 
     
2023 
 
 
$’000 
 
$’000 
Current tax: 
  
    
  
U.K. corporation tax on losses for the year 
  
(35,841)  
(23,470)
Foreign corporation tax on profits for the year 
  
514    
1,100  
Adjustment in respect of prior years 
  
(7,334)  
(2,949)
Total current tax 
  
(42,661)  
(25,319)
Deferred tax: 
  
    
  
Origination and reversal of timing differences 
  
(622)  
(1,017)
Adjustment in respect of prior years 
 
(570) 
4,323  
Deferred tax recognised in the year 
  
(1,192)  
3,306  
Tax credit on loss 
  
(43,853)  
(22,013)
 
The tax assessed for the year is higher (2023: higher) than the standard rate of corporation tax in the U.K. 
(25.0%) (2023: 23.5%). The tax reconciliation for the year is given below: 
 
 
 
 
 
 
     
2024 
     
2023 
 
 
$’000 
 
$’000 
Loss before taxation 
  
(226,550)  
(190,591)
Loss reconciled to the current tax rate of 25.0% (2023: 23.5%)   
(56,638)  
(44,828)
Effects of: 
  
    
(Income)/expenses not taxable for tax purposes 
  
(635)  
1,113  
Surrender of tax losses for research and development tax credit 
refund 
  
26,303    
26,079  
Fixed asset and other timing differences not recognised 
  
(3)  
(536)
Deferred tax not recognised on share-based payment 
  
(917)  
(8,438)
Deferred tax not recognised on tax losses 
  
19,491    
15,339  
Research & Development enhanced allowance 
  
(28,957)  
(24,174)
Difference in overseas tax rates 
  
(143)  
(42)
Research and development expenditure credits 
  
(2,873)  
(1,037)
Adjustment in respect of prior periods 
  
(7,904)  
— 
Amounts relating to share options and other permanent 
differences  
 
8,423   
14,511  
Total tax credit on loss 
  
(43,853)  
(22,013)
 
No corporation tax liability arises on the results for the year due to the loss incurred. A tax credit of 
43,123k (2023: $23,470k) has arisen as a result of tax losses being surrendered in respect of research and 
development expenditure. The amount of tax credit for 2024 includes the impact of the changes in credit rates 
enacted as part of Finance Act 2024. 
 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
8      Tax on loss (continued) 
88 
 
 
 
 
 
 
     
Amount 
     
Amount 
 
 unrecognised  unrecognised 
 
 31 December  31 December 
 
 
2024 
 
2023 
 
 
$’000 
 
$’000 
Tax effect of timing differences because of: 
  
    
  
Other timing differences 
  
184    
460  
Share-based payment 
  
1,692    
2,536  
Fixed assets 
 
611   
— 
Tax losses carried forward 
  
85,210    
63,983  
Deferred Tax Asset 
  
87,697    
66,979  
 
Deferred tax assets are not recognised where there is insufficient evidence that they are recoverable. 
Deferred tax is calculated using tax rates that apply based on rates enacted or substantively enacted by the reporting 
date. Deferred tax assets of $Nil (31 December 2023: $521k) have been recognised as the Company considers it 
probable that they will be recovered against the reversal of deferred tax liabilities. These deferred tax assets and 
liabilities have been offset since the Company has a legally enforceable right to offset current tax assets against 
current tax liabilities when these deferred tax assets and deferred tax liabilities relate to income taxes levied by the 
same tax authority. 
The Company regularly assesses its ability to realise its deferred tax assets through future taxable profits. 
Assessing the realisation of deferred tax assets requires significant judgment. After consideration of the evidence, 
including the Company’s history of cumulative net losses in the U.K., the Company has concluded that, other than 
the deferred tax assets which will be recovered against the reversal of deferred tax liabilities, it is more likely than 
not that the Company will not realise the benefits of its other U.K. deferred tax assets and accordingly the Company 
has not recognised these U.K. deferred tax assets as they are not considered recoverable. There is no expiry date of 
the deferred tax assets. The Company has considered the Company’s history of cumulative net profits in the U.S., 
estimated future taxable income and concluded that it is more likely than not that the Company will realise the 
benefits of its U.S. deferred tax assets and has recognised net U.S. deferred tax assets. 
The Company has recognised deferred tax (liabilities)/assets within its U.S. subsidiary as follows: 
 
 
 
 
 
 
     
Amount 
     
Amount 
 
 
recognised 
 
recognised 
 
 31 December  31 December 
 
 
2024 
 
2023 
 
 
$’000 
 
$’000 
Tax effect of timing differences because of: 
  
    
  
Fixed asset and other timing differences 
 
(7) 
 (340)
Share-based payment 
  
392    
3,286  
Other 
  
5,698    
1,945  
Deferred Tax Asset 
  
6,083    
4,891  
 
Of the above $3,989k is non-current (31 December 2023: $3,300k). There is no expiry date of the deferred 
tax assets. The Parent Company had no recognised or unrecognised deferred tax assets. 
 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
8      Tax on loss (continued) 
89 
Deferred tax recognised in the year is as follows: 
 
 
 
 
 
 
     
2024 
     
2023 
 
 
$’000 
 
$’000 
Deferred tax asset brought forward 
  
4,891    
8,196  
Fixed asset and other timing differences 
 
333   
37  
Share-based payment 
  
(2,894)  
1,030  
Research credit carry forwards 
  
3,349    
— 
R&D Capitalised 
 
—  
(5,168)
Other 
  
404    
796  
Deferred tax asset carried forward 
  
6,083    
4,891  
 
 
 
 
9 
Staff costs 
The average monthly number of persons (including executive directors) employed by the Company during 
the year was: 
 
 
 
 
 
 
     
2024 
     
2023 
 
 
Number 
 
Number 
By activity 
 
 
Research and development 
  
227    
211  
Administration 
  
65    
55  
 
  
292    
266  
Their aggregate remuneration comprised: 
 
 
 
 
 
 
     
2024 
     
2023 
 
 
$’000 
 
$’000 
Wages and salaries 
  
60,513    
48,180  
Social security costs 
  
8,482    
4,334  
Other pension costs 
  
3,967    
3,074  
Share-based payment compensation 
  
36,519    
36,471  
 
  
109,481    
92,059  
 
The Parent Company had no employees other than directors. 
10 Directors’ emoluments 
The aggregate emoluments of the directors of the Company are set out below: 
 
 
 
 
 
 
     
2024 
     
2023 
 
 
$’000 
 
$’000 
Aggregate emoluments 
  
3,130    
3,358  
Company pension contributions to money purchase schemes 
  
13    
11  
 
  
3,143    
3,369  
 
One director had retirement benefits accruing to them under a defined contribution scheme. One director 
received cash in lieu of contributions to the money purchase scheme. One director is associated with Stone Atlanta 
Estates LLC, the successor-in-interest to Stone Sunny Isles, Inc., which provided consultancy services to the 
Company totalling $342k for the year ended 31 December 2024 (2023: $180k) and is included in the amounts 
above. 
No directors exercised share options during the year ended 31 December 2024 (2023: $Nil). The gain on 
exercised share options included within aggregate emoluments (based on the market value of the shares on the date 
of exercise) is $Nil (2023: $Nil). 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
10      Directors’ emoluments (continued) 
90 
Emoluments paid to the highest paid director are set out below: 
 
 
 
 
 
 
     
2024 
     
2023 
 
 
$’000 
 
$’000 
Aggregate emoluments 
  
2,251    
1,915  
Pension contributions to money purchase schemes 
  
13    
11  
 
  
2,264    
1,926  
 
A gain on exercise of share options of $Nil (2023: $Nil) is included within aggregate emoluments of the 
highest paid director (based on the market value of the shares on the date of exercise). 
Further details of the directors’ remuneration are contained in the Directors’ Remuneration Report. 
11 Share-based payments 
Employees of the Parent Company’s subsidiaries have been granted options to purchase ordinary shares in 
the Parent Company as well as restricted share units (“RSUs”) for ordinary shares. Each RSU represents the right to 
receive one ordinary share upon vesting. Options granted typically vest over a four-year service period with 25% of 
the award vesting on the first anniversary of the commencement date and the balance thereafter in 36 equal monthly 
instalments. RSUs granted typically vest over a four-year service period with 25% of the award vesting on the first 
anniversary of the commencement date and the remaining RSUs vest in 12 equal quarterly instalments. Certain 
options and RSUs granted to non-employee directors either vest over a three-year service period in three equal 
annual instalments for new non-employee director grants or over a one-year service period in four equal quarterly 
instalments. The Company may also, in its sole discretion, provide for deferred settlement of RSUs awarded to the 
Company’s non-employee directors.
Options granted generally expire 10 years from the date of grant. 
A reconciliation of the Company’s share option movements over the years ended 31 December 2023 and 
31 December 2024 is shown below: 
 
 
 
 
 
 
 
 
 
 
 
 
     
 
     
 
    Weighted       
 
 
 
 
  
 
 
Average 
 
 
 
 
 
  
Weighted 
  Remaining  
Aggregate  
 
 Number   
average 
 Contractual   Intrinsic value  
 
 
(000) 
  exercise price  
(in years) 
 
$’000 
Outstanding at 1 January 2023 
  5,899    $ 
 22.45   
 7.64   
71,002  
Granted 
  2,100    $ 
 26.53   
—   
— 
Forfeited 
  
(475)  $ 
 30.94   
—   
— 
Exercised 
  
(54)  $ 
 12.57   
—   
— 
Outstanding at 31 December 2023 
  7,470    $ 
 23.13   
 6.83   
21,920  
 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
11      Share-based payments (continued) 
91 
 
 
 
 
 
 
 
 
 
 
 
     
 
       
     
 Weighted     
  
 
 
 
 
 
 
Average 
 
 
 
 
 
 
Weighted 
 Remaining  
Aggregate  
 
 Number  
average 
 Contractual   Intrinsic value  
 
 
(000) 
  exercise price    (in years)     
$’000 
Outstanding at 1 January 2024 
  7,470    $ 
 23.13   
 6.83   
21,920  
Granted 
  2,438    $ 
 19.42   
—   
— 
Forfeited 
  
(605)   $ 
 27.37   
—   
— 
Exercised 
  
(554)   $ 
 13.57   
—   
— 
Outstanding at 31 December 2024 
  8,749    $ 
 22.41   
 6.81   
9,559  
The assumptions used in the Black-Scholes option pricing model to determine the value of share options 
granted to employees and directors during the years ended 31 December 2024 and 31 December 2023 were as 
follows: 
 
 
 
 
 
 
 
     2024      2023 
  
Risk-free interest rate 
  
4.0  % 
4.0  % 
Expected volatility 
  
77.0  % 82.9  % 
Expected dividend yield 
  
—   
—  
Expected term (in years) 
  
6.1    
6.1   
A reconciliation of the Company’s RSU movements over the year ended 31 December 2023 and 
31 December 2024 is shown below:
 
 
 
 
 
 
  
 
Weighted-Average 
 
    Number    Grant Date Fair Value 
 
 
(000)  
($) 
Unvested at 1 January 2023 
 
188  
60.86  
Granted 
 
333  
29.27  
Vested 
 
(119)
50.30  
Forfeited 
 
(75)
39.55  
Unvested at 31 December 2023 
 
327  
37.40  
 
 
 
 
 
 
 
 
  
 
Weighted-Average 
 
    Number    Grant Date Fair Value 
 
 
(000)  
($) 
Unvested at 1 January 2024 
 
327  
37.40  
Granted 
 
617  
18.26  
Vested and settled 
 
(141)
37.76  
Vested and deferred(1) 
 
(42)
18.07  
Forfeited 
 
(87)
22.15  
Unvested outstanding at 31 December 2024 
 
674  
22.96  
Vested but subject to deferred settlement at 31 December 2024(1) 
 
42   
18.07  
Outstanding at 31 December 2024 
 
716   
22.67  
 
(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 expense recognised for equity-settled awards in respect of employee services received during the year 
ended 31 December 2024 is $36,519k (2023: $36,471k). 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
92 
12 Intangible assets 
Intangible assets of the Company consist of the following: 
 
 
 
 
 
 
 
 
     Intellectual 
 
 
 
 
 Property  
Computer 
 
 
 
Licence      Software     Total 
 
 
$’000 
 $’000 
$’000 
Cost 
  
  
 
  
  
At 1 January 2024 
  
304  
 
63  
367  
Additions 
 
— 
 
11  
11  
Foreign exchange 
  
(4) 
(1) 
(5)
At 31 December 2024 
  
300   
73   
373  
Accumulated amortisation 
  
   
   
  
At 1 January 2024 
  
282   
34   
316  
Charge for the year 
  
20   
25   
45  
Foreign exchange 
  
(3) 
(2) 
(5)
At 31 December 2024 
  
299   
57   
356  
Net book value 
  
   
   
  
As at 31 December 2024 
  
1   
16   
17  
As at 31 December 2023 
  
22   
29   
51  
 
The Parent Company had no intangible assets.

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
93 
13 Tangible assets 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
  
  
  
 
Finance 
  
 
    Office        Laboratory      Computer       Leasehold       
lease assets  ̶  
    
 
 
 equipment 
equipment  equipment  improvement computer equipment  
Total 
 
 
$’000 
 
$’000 
 
$’000 
 
$’000 
 
$’000 
 
$’000 
Cost 
  
    
    
    
    
    
  
At 1 January 2024 
  
823    
15,554    
469    
11,000    
—   27,846  
Additions 
  
488   
730  
54   
59   
1,052  
2,383  
Disposals 
  
—  
(1,410)
(9) 
—  
— 
(1,419)
Foreign exchange 
  
(20) 
(216)
(5) 
(156) 
(19) 
(416)
At 31 December 2024 
  
1,291    
14,658   
509    
10,903    
1,033   28,394  
Accumulated depreciation 
  
    
   
    
    
    
  
At 1 January 2024 
  
414    
8,922   
173    
3,852    
—  13,361  
Charge for the year 
  
339   
3,659  
150   
2,469   
53   6,670  
Disposals 
  
—  
(831)
(8) 
—  
—  
(839)
Foreign exchange 
  
(11) 
(182)
(5) 
(98) 
(1)  
(297)
At 31 December 2024 
  
742    
11,568   
310    
6,223    
52   18,895  
Net book value 
  
    
   
    
    
    
  
At 31 December 2024 
  
549    
3,090   
199    
4,680    
981   9,499  
At 31 December 2023 
  
409    
6,632   
296    
7,148    
—  14,485  
 
The Parent Company had no tangible assets. 
 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
94 
14 Investments in subsidiaries 
Investments of the Parent Company consisted of the following: 
 
 
 
 
     Investment in    
 
 
subsidiary 
 
 
undertaking 
 
 
$’000 
Cost 
  
  
At 1 January 2023 
  
72,961  
Capital contribution arising from equity-settled share-based payments 
  
36,471  
At 31 December 2023 
  
109,432  
Net book value 
  
  
At 31 December 2023 
  
109,432  
Cost 
  
  
At 1 January 2024 
  
109,432  
Capital contribution arising from equity-settled share-based payments 
  
36,519  
Impairment 
 
(69)
At 31 December 2024 
  
145,882  
Net book value 
  
  
At 31 December 2024 
  
145,882  
 
The Parent Company has three wholly owned subsidiaries: BicycleTx Limited and BicycleRD Limited, 
which are based in Cambridge, U.K. and Bicycle Therapeutics Inc, which is based in Massachusetts, U.S. All these 
subsidiaries perform research and development activities. During the year ended 31 December 2024, the Parent 
Company recognised an impairment loss in respect of its investment in BicycleRD Limited (see Note 4). 
Subsidiary undertakings 
 
 
 
 
 
 
 
 
 
Name 
     Class of shares      Country of incorporation      Holding 
Principal activity 
  
BicycleTx Limited 
 
Ordinary 
 United Kingdom 
 
100%  
 
Research and development of 
novel bicyclic peptides 
 
BicycleRD Limited 
 
Ordinary 
 United Kingdom 
 
100%  
 
Research and development of 
novel bicyclic peptides 
 
Bicycle Therapeutics Inc  
Common 
 United States 
 
100%  
 
Research and development of 
novel bicyclic peptides 
 
 
The registered office address of BicycleTx Limited and BicycleRD Limited is Blocks A & B, Portway 
Building Granta Park, Great Abington, Cambridge, United Kingdom, CB21 6GS. The registered office address of 
Bicycle Therapeutics Inc. is 35 Cambridgepark Drive, Suite 350, Cambridge, MA 02140. 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
95 
15 Debtors 
 
 
 
 
 
 
 
 
 
 
 
Consolidated 
 
Parent Company 
 
 31 December   31 December   31 December   31 December  
 
 
2024 
 
2023 
 
2024 
 
2023 
 
 
$’000 
 
$’000 
 
$’000 
 
$’000 
Amounts falling due within one year 
    
      
      
      
  
Trade debtors 
  
— 
 
— 
 
— 
 
— 
Amounts owed by group undertakings, net 
  
— 
 
— 
 
533,110   
307,273  
Deferred corporation tax 
  
6,083   
4,891   
— 
 
— 
Research and development tax credit 
  
35,653   
24,039   
— 
 
— 
Other debtors 
  
6,408   
4,735   
2,880   
1,915  
Prepayments and accrued income 
  
8,798   
8,514   
— 
 
— 
 
  
56,942   
42,179   
535,990   
309,188  
 
Amounts owed by group undertakings are interest free with no fixed terms of repayment. During the year 
ended 31 December 2024, the Parent Company recognised an impairment loss of in respect of the amount owed by 
BicycleRD Limited of $8,310k (see Note 4). 
As of 31 December 2024 and 31 December 2023, the Company had $547k 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 debtors.  
16 Creditors: amounts falling due within one year 
 
 
 
 
 
 
 
 
 
 
     
Consolidated 
    
Parent Company 
 
 31 December      31 December      31 December      31 December  
 
 
2024 
 
2023 
 
2024 
 
2023 
 
 
$’000 
 
$’000 
 
$’000 
 
$’000 
Amounts falling due within one year 
  
    
   
    
  
Trade creditors 
  
15,793   
13,050  
—  
— 
Finance leases 
 
175  
— 
— 
— 
Taxation and social security 
  
1,654   
2,684  
—  
— 
Accruals and deferred income 
  
46,395   
53,102  
—  
— 
 
  
64,017   
68,836  
—  
— 
In August 2024, the Company consolidated all discovery research activities to the Company’s headquarters 
in Cambridge, U.K. As a result, during the year ended 31 December 2024, the Company recognised charges of 
$1,962k in severance and other termination benefits related to the action within profit and loss, of which $1,527k 
were paid during the year ended 31 December 2024, and the remaining $435k in unpaid benefits are included in 
accruals and deferred income above. 
 
17 Creditors: amounts falling due after more than one year 
 
 
 
 
 
 
 
 
 
 
    
Consolidated 
    
Parent Company 
 
 31 December      31 December      31 December       31 December 
 
 
2024 
 
2023 
 
2024 
 
2023 
 
 
$’000 
 
$’000 
 
$’000 
 
$’000 
Amounts falling due after more than one year 
  
    
  
    
  
Loans and other borrowings 
  
—   
30,698  
—   
30,698  
Finance leases 
 
817   
— 
—  
— 
Accruals and deferred income 
  
92,790    
110,808  
—   
— 
 
  
93,607    
141,506  
—   
30,698  

Bicycle Therapeutics plc 
year ended 31 December 2023 
Notes to the financial statements (continued) 
17 Creditors: amounts falling due after more than one year (continued) 
96 
On 30 September 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 provided for 
aggregate maximum borrowings of up to $75.0 million, of which the Company had drawn down an aggregate of 
$30.0 million. Payments on borrowings under the Loan Agreement were interest-only until 1 April 2025 and interest 
was 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 was 1 July 2025. Interest expense 
associated with the Loan Agreement for the year ended 31 December 2024 was $1,584k (2023: $3,136k). 
On 9 July 2024, the Company repaid in its entirety and voluntarily terminated the Loan Agreement. The 
Company elected to repay all amounts outstanding, including the outstanding borrowings of $30.0 million, accrued 
and unpaid interest of $0.1 million, an 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. The Company recognised a loss on the derecognition of the financial 
liability $954k during the year ended 31 December 2024 in connection with the repayment and termination of the 
Loan Agreement. 
Loans and other borrowings consisted of the following: 
 
 
 
 
 
 
 
 
 
 
     
Consolidated 
    
Parent Company 
 
     31 December      31 December      31 December      31 December  
 
 
2024 
 
2023 
 
2024 
 
2023 
 
 
$’000 
 
$’000 
 
$’000 
 
$’000 
Loan principal 
 
—  
30,000  
—  
30,000  
End of term charge 
 
—  
946  
—  
946  
Unamortised debt issuance costs 
 
—  
(248)
—  
(248)
 
 
—  
30,698  
—  
30,698  
 
 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
97 
18 Called up share capital and reserves 
The Parent Company’s called up share capital and reserves consisted of the following: 
 
 
 
 
 
 
    31 December      31 December  
 
 
2024 
 
2023 
 
 
$’000 
 
$’000 
Issued, allotted, called up and fully paid 
  
    
  
47,569,319 (31 December 2023: 37,725,884) ordinary shares of 
£0.01 each 
  
615    
489  
21,492,099 (31 December 2023: 4,705,882) non-voting ordinary 
shares of £0.01 each 
 
275   
61  
 
  
890    
550  
 
No dividends have been proposed or paid as at the date of approval of these financial statements. 
On 5 June 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 an 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, each ADS representing one ordinary share. No ADSs were issued or sold pursuant to the Sales 
Agreement during the year ended 31 December 2024. During the year ended 31 December 2023, the Company 
issued and sold 1,561,176 ADSs, representing the same number of ordinary shares for gross proceeds of $35.3 
million, resulting in net proceeds of $34.2 million after deducting sales commissions and offering expenses of $1.1 
million.  
On 17 July 2023, the Company completed an underwritten public offering of its securities, pursuant to 
which the Company issued and sold 6,117,648 ADSs, representing the same number of ordinary shares, nominal 
value £0.01 per share, which included 1,411,764 ADSs sold upon the underwriters’ full exercise of their option to 
purchase additional ADSs, and 4,705,882 non-voting ordinary shares, nominal value £0.01 per share, at a public 
offering price of $21.25 per ADS or non-voting ordinary share, respectively. The transaction resulted in gross 
proceeds to the Company of $230.0 million, and after deducting underwriting discounts, commissions, and offering 
expenses of $14.9 million, net proceeds to the Company of $215.1 million.  
On 23 May 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 28 May 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. 
The non-voting ordinary shares have the same rights and restrictions as 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 shares save in relation to a 
variation of class rights of the non-voting ordinary shares; 
• 
a non-voting ordinary shares shall be re-designated as an ordinary share upon the Company’s 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 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
18 Called up share capital and reserves (continued) 
98 
ownership for 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 
• 
a non-voting ordinary share shall be re-designated as an ordinary share automatically upon transfer of 
such 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. 
During the year ended 31 December 2024 the Company issued 554,596 ADSs (2023: 54,023) following the 
exercise of share options and 141,350 ADSs (2023: 119,144) following the settlement of RSUs (note 11). 
Nature and purpose of reserves 
Share premium 
The share premium account represents the premium arising on the issue of shares net of issue costs. 
Exchange reserve 
The exchange reserve comprises all foreign currency differences arising from the translation of the 
financial statements. 
General reserve 
The general reserve represents the value of share-based payments granted to employees of the Company. 
(Accumulated losses)/retained earnings
Retained earnings represents cumulative profits and losses net of dividends and other adjustments. 
 
 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
99 
19 Notes to the consolidated cash flow statement 
 
 
 
 
 
 
     
2024 
     
2023 
 
 
$’000 
 
$’000 
Loss for the financial year 
 (182,697) (168,578)
Tax on loss 
  
(43,853)  
(22,013)
Interest receivable and similar income 
  
(34,770)  
(14,002)
Interest payable and similar charges 
  
2,684    
3,296  
Operating loss 
  (258,636)  (201,297)
Amortisation of intangible assets 
  
45    
40  
Depreciation of tangible fixed assets 
  
6,670    
6,526  
Equity settled share-based payment 
  
36,519    
36,471  
Loss on disposal of tangible fixed assets 
  
479    
241  
Working capital movements: 
  
  
  
(Increase)/decrease in debtors 
  
(654)  
2,957  
(Decrease)/increase in creditors 
  
(20,379)  
79,088  
Net exchange differences 
  
8,679    
(14,333)
Cash flow from operating activities 
  (227,277)  
(90,307)
 
Following the change in functional currency of the Parent Company in 2019 the intercompany balances 
with the U.K. subsidiaries were designated as denominated in U.S. dollars which are not intended to be repaid as 
such foreign exchange difference on these loans are reflected as non-cash net exchange differences. The following 
illustrates the Company’s changes in net debt for the year ended 31 December 2024: 
 
 
 
 
 
 
 
 
 
 
 
 
 
At 
 
 
 
Fair value and 
 
Non-cash  
At 
 
     1 January 2024      Cash flows  exchange movements  
changes 
 31 December 2024
Cash at bank and in hand 
 
 526,423  352,873   
224   
—  
 879,520 
Cash and cash equivalents 
  
 526,423   
352,873   
224   
—  
 879,520 
 
   
   
 
 
 
 
 
 
Loans and other borrowings 
  
 (30,698)  
31,863   
(954) 
(211) 
— 
Total 
  
 495,725   
384,736   
(730) 
(211) 
 879,520 
 
20 Pensions 
The Company operated a defined contribution pension scheme for its U.K. executive directors and 
employees. 
The Company has established a defined-contribution savings plan under Section 401(k) for its U.S. 
employees. 
The amount recognised as an expense for the defined contribution schemes of the Company for the year 
was $3,967k (2023: $3,074k) and the amount outstanding at the 31 December 2024 was $Nil (31 December 2023: 
$Nil). The Parent Company has no employees other than the directors and does not operate a pension plan. 
 
 
 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
100 
21 Financial instruments 
The carrying amounts of the Company’s financial instruments are as follows: 
 
 
 
 
 
 
    31 December      31 December  
 
 
2024 
 
2023 
 
 
$’000 
 
$’000 
Financial assets measured at amortised cost 
  
    
  
Debtors 
  
    
  
Trade debtors 
  
—   
— 
Other debtors 
 
3,171   
1,915  
 
 
3,171   
1,915  
Cash and cash equivalents 
  
879,520    
526,423  
Financial liabilities measured at amortised cost 
  
    
  
Creditors 
  
    
  
Trade creditors 
  
15,793    
13,050  
Finance leases 
 
992   
— 
Accruals 
  
38,520    
28,716  
Loans and other borrowings 
  
—   
30,698  
 
  
55,305    
72,464  
 
The income, expenses, net gains and net losses attributable the Company’s consolidated financial 
instruments are summarised as follows: 
 
 
 
 
 
 
     
2024      
2023 
 
 
$’000  
$’000 
Income and (expense) 
  
    
  
Financial assets measured at amortised cost 
  34,109    14,002  
Financial liabilities measured at amortised cost 
  (2,023)  (3,296)
 
  32,086    10,706  
 
There were no net gains or net losses for financial assets measured at amortised cost for the years ended 
31 December 2024 and 31 December 2023. The total interest income and interest expense for financial assets and 
financial liabilities that are not measured at fair value through profit or loss was $34,109k (year ended 
31 December 2023: $14,002k) and $1,730k (year ended 31 December 2023: $3,296k), respectively. In addition, the 
Company recognised a loss on the derecognition of the financial liability associated with the Loan Agreement of 
$954k during the year ended 31 December 2024 and a gain on the derecognition of the financial liability associated 
with the agreement with Cancer Research UK (see Note 22) of approximately $661k during the year ended 
31 December 2024. 
Cash and cash equivalents, trade and other creditors and trade and other debtors with remaining life of less 
than one year, the notional amount is deemed to reflect fair value. 
The carrying amounts of the Parent Company’s financial instruments are as follows: 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
21 Financial instruments (continued) 
101 
 
 
 
 
 
 
    31 December    31 December
 
 
2024 
 
2023 
 
 
$’000 
 
$’000 
Financial assets measured at amortised cost 
  
    
  
Debtors 
  
    
  
Other debtors 
  
2,880    
1,915  
Amounts owed by group undertakings 
  
533,110    
307,273  
 
  
535,990    
309,188  
Cash and cash equivalents 
  
788,196    
473,410  
Financial liabilities measured at amortised cost 
  
    
  
Creditors 
  
    
  
Loans and other borrowings 
  
—   
30,698  
 
  
—   
30,698  
The income, expenses, net gains and net losses attributable the Parent Company’s financial instruments are 
summarised as follows: 
 
 
 
 
 
 
     2024      2023 
 
 
$’000 
 
$’000 
Income and (expense) 
  
    
  
Financial assets measured at amortised cost 
  23,117    13,517  
Financial liabilities measured at amortised cost 
  (2,538)  (3,136)
 
  20,579    10,381  
The total interest income and interest expense for financial assets and financial liabilities that are not 
measured at fair value through profit or loss was $31,517k (2023: $13,517k) and $1,584k (2023: $3,136k), 
respectively. During the year ended 31 December 2024, the Parent Company also concluded that the intercompany 
receivable due from BicycleRD Limited is no longer recoverable (see Note 4) and recognised an impairment loss of 
$8,400k. In addition, the Parent Company recognised a loss on the derecognition of the financial liability associated 
with the Loan Agreement of $954k during the year ended 31 December 2024. 
The Company and Parent Company had no financial instruments subject to interest rate benchmark reform 
(31 December 2023: $Nil). 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
102 
22 Financial commitments and contingencies 
Cash and cash equivalents, trade and other creditors and trade and other debtors with remaining life of less 
than one year, the notional amount is deemed to reflect fair value. 
At 31 December 2024 and 2023, the Company had annual commitments under non-cancellable operating 
leases as follows: 
 
 
 
 
 
 
     Land and buildings        Land and buildings   
 
 
31 December 2024 
 
31 December 2023 
 
 
$’000 
 
$’000 
Within one year 
  
5,818    
5,772  
Between one and five years 
  
4,146    
10,032  
Total 
  
9,964    
15,804  
 
At 31 December 2024 and 2023, the Company had annual commitments under finance leases as follows: 
 
 
 
 
 
 
     Property and equipment    Property and equipment
 
 
31 December 2024 
 
31 December 2023 
 
 
$’000 
 
$’000 
Within one year 
  
256    
— 
Between one and five years 
  
960    
— 
Total 
  
1,216    
— 
 
There were contracted capital commitments of $325k at 31 December 2024 (31 December 2023: $Nil). 
The Company has entered into various agreements with contract research organisations and contract 
manufacturing organisations. These payments are not included in the commitments table above since the contracts 
are generally cancellable 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. Under such agreements, 
the Company is contractually obligated to make certain minimum payments to the vendors, with the payments in the 
event of a termination with less than 90 days’ notice based on the timing of the termination and the exact terms of 
the agreement. 
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. In December 2021 the Company entered into 
a lease for new premises at Blocks A&B, The Portway Building, Granta Park, Great Abington, Cambridge, United 
Kingdom CB21 6GS. The lease has a contractual period of 10 years, but may be cancelled by the Company after 
5 years.  
Additionally, the Company continues to have a lease agreement for office and laboratory space in 
Lexington, Massachusetts, which expires on 31 December 2027. During the year ended 31 December 2024, the 
Company concluded that the lease was onerous, and recognised a provision of $1,899k.  
The Company’s existing lease for Building B900, Babraham Research Campus, Cambridge, United 
Kingdom, CB22 3AT was terminated in April 2023. 
During 2024, the amount charged to the consolidated statement of comprehensive income in respect of 
operating leases, exclusive of the onerous lease provision for the Company’s lease agreement for office and 
laboratory space in Lexington, Massachusetts, was $4,651k (2023: $5,319k). The Parent Company had no annual 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
22 Financial commitments and contingencies (continued) 
103 
commitments under non-cancellable operating leases. 
Finance leases 
From time to time, the Company may enter into finance lease agreements for property and equipment. 
During 2024, the amount charged to the consolidated statement of comprehensive income in respect of finance 
leases was $76k (2023: $Nil), including $53k (2023: $Nil) of depreciation on the finance lease assets and $23k 
(2023: $Nil) of interest expense. 
Cancer Research UK Agreement 
In connection with an agreement with Cancer Research UK to sponsor and fund the Phase I/IIa clinical trial 
of BT1718, the Company granted Cancer Research UK a licence to its intellectual property in order to design, 
prepare for, sponsor, and carry out the clinical trial. Upon the completion of the Phase I/IIa clinical trial, the 
Company had the right to obtain a licence to the results of the 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 licence was not acquired, or if it 
was acquired and the licence was terminated and the Company decided to abandon development of all products that 
delivery cytotoxic payloads to the MT1 target antigen, CRTL could elect to receive an assignment and exclusive 
licence to develop and commercialise the product on a revenue sharing basis (in which case the Company would 
receive tiered royalties of 70% to 90% of the net revenue depending on the stage of development when the licence 
was granted). The Cancer Research UK agreement contained 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. 
Cancer Research UK could terminate the arrangement for safety reasons or if it was determined that the objectives 
of the clinical trial would not be met and either party could terminate the arrangement 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). The Company was required to reimburse Cancer Research UK for certain costs upon specified 
termination events. 
The Company concluded that the right within the agreement with Cancer Research UK to obtain a licence 
to the results of the trial upon payment of a milestone represented a financial liability. 
In December 2024, the Company, CRTL and Cancer Research UK entered into an agreement pursuant to 
which (i) the Company did not exercise its option to obtain a licence to the results of the clinical trial, (ii) CRTL did 
not elect to receive an assignment and exclusive licence to develop and commercialise the product, (iii) the 
agreement with Cancer Research UK would expire in December 2024, and (iv) all rights and obligations (other than 
certain surviving provisions as outlined in the agreement) under the agreement with Cancer Research UK expired 
and terminated. The Company agreed to pay to CRTL an upfront payment of £50,000 and will also pay to CRTL 
specified royalty and other payments at percentages in the very low to low single digits related to specified products 
targeting the MT1 target antigen. As all rights and obligations, including the Company’s payment obligations, under 
the agreement with Cancer Research UK expired and terminated, the Company concluded that the financial liability 
associated with the agreement should be derecognized as the Company has been discharged of its obligation. As 
such, the Company recognized a gain on the derecognition of the financial liability of $661k during the year ended 
31 December 2024. As of 31 December 2024, the Company recorded a financial liability of zero (2023: $669k). 
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. 

Bicycle Therapeutics plc 
year ended 31 December 2024 
 
 
Notes to the financial statements (continued) 
22 Financial commitments and contingencies (continued) 
104 
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. In addition, the Company 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 consolidated financial statements as of 31 December 2024 and 2023. 
23 Basic and diluted loss per ordinary share 
Basic and diluted loss per ordinary share is determined by dividing net loss by the weighted average 
number of ordinary shares, which includes both ordinary shares and non-voting ordinary shares outstanding during 
the period, and was calculated as follows: 
 
 
 
 
 
 
     
2024 
     
2023 
Numerator: 
 
 
Loss for the financial year ($'000) 
  
 (182,697)  
 (168,579)
Denominator: 
  
 
Weighted average number of ordinary shares (Number) 
 
 58,207,593  
 35,592,362 
Basic and diluted loss per ordinary share ($) 
 
 (3.14) 
 (4.74)
 
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: 
 
 
 
 
 
 
     
Number  
     
Number  
 
 31 December 2024  31 December 2023
Restricted share units 
 
 716,262  
 326,848 
Options to purchase ordinary shares 
  
 8,748,726   
 7,469,527 
 
  
 9,464,988   
 7,796,375 
 
24 Related party disclosures
The Company has taken advantage of the exemptions contained within FRS 102 paragraph 33.1A not to 
disclose transactions with wholly owned group undertakings. 
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 22 for additional information on 
indemnities provided to certain investors. 

Bicycle Therapeutics plc 
year ended 31 December 2024 
Notes to the financial statements (continued) 
24 Related party disclosures (continued) 
105 
Pierre Legault, a director of the Parent Company, is associated with Stone Atlanta Estates LLC, the 
successor-in-interest to Stone Sunny Isles Inc., which provided consultancy services to the Company totalling $342k 
for the year ended 31 December 2024 (2023: $180k). The amount outstanding at the year-end was $Nil (2023: $Nil). 
Key management personnel include the CEO and a number of senior managers across the Company who 
together have authority and responsibility for planning, directing and controlling the activities of the Company. 
Refer to page 14 of the strategic report for an explanation of the individuals included in key management for 2024 
and 2023.
The total compensation paid to key management personnel for services provided to the Company was 
$10,810k (2023: $9,404k). In addition, key management personnel received an aggregate gain on the exercise of 
share options (based on the market value of the shares on the date of exercise) of $Nil (2023: $Nil). 
There are no guarantees or amounts secured in any related party transactions. 
25 Impact of climate change 
The Company has assessed the qualitative and quantitative impact of climate related risks on asset 
recoverable amounts and concluded that there are no material impairments. 
26 Post balance sheet events
In January 2025, Genentech provided the Company with a notice of termination for the second expansion 
option program, effective in March 2025, and the Company expects to recognise revenue of approximately $7.4 
million of deferred revenue allocated to the remaining material rights for the second expansion option in 2025.