Issue 001 | U.S. Pilot | US

BCYC

BICYCLE THERAPEUTICS PLC

Screen state: Passing Source state: Verified 10-Q | 2026-04-30 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 41.0%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets: 619,135,000USD
Total Liabilities: 98,076,000USD
NCAV: 521,059,000USD
Cash: 559,474,000USD
NCAV per share: 7.47USD/share
Evidence: 7 annual | 20 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Not captured in this issue’s Mary run.

This archived issue is not backfilled with observations from a later screening run.

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources

Source	Filing	Date	Type	Status	Provenance
S1	0001104659-26-088457	2026-07-30	10-Q	Verified	Data Vault \| sec/cleaned/cik=0001761612/accession=0001104659-26-088457/parser=html-cleaner-v1/full.txt

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: no_split_evidence_reported_equals_adjusted | quality: verified

Display basis Normalized to latest verified split basis As reported in each filing

Metric	2026-03-31 10-Q Open filing	2025-12-31 10-K Open filing	2025-09-30 10-Q Open filing	2025-06-30 10-Q Open filing	2025-03-31 10-Q Open filing	2024-12-31 10-K Open filing	2024-09-30 10-Q Open filing	2024-06-30 10-Q Open filing	2024-03-31 10-Q Open filing	2023-12-31 10-K Open filing	2023-09-30 10-Q Open filing	2023-06-30 10-Q Open filing	2023-03-31 10-Q Open filing	2022-12-31 10-K Open filing	2022-09-30 10-Q Open filing	2022-06-30 10-Q Open filing	2022-03-31 10-Q Open filing	2021-12-31 10-K Open filing	2021-09-30 10-Q Open filing	2021-06-30 10-Q Open filing	2020-12-31 10-K Open filing	2019-12-31 10-K Open filing
Period-end Shares Outstanding	69,707,02669,707,026	69,367,89669,367,896	69,306,51169,306,511	69,253,94469,253,944	69,202,35569,202,355	69,061,41869,061,418	69,015,97169,015,971	68,941,24268,941,242	42,632,59742,632,597	42,431,76642,431,766	42,384,79942,384,799	30,585,94030,585,940	30,031,75830,031,758	29,873,89329,873,893	29,678,43129,678,431	29,666,31729,666,317	29,644,43829,644,438	29,579,36429,579,364	25,595,32625,595,326	24,124,55224,124,552	21,094,55721,094,557	17,993,70117,993,701
Weighted-average Basic Shares	69,683,47169,683,471	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	42,560,09142,560,091	35,592,36235,592,362	39,576,46739,576,467	30,191,69330,191,693	29,605,14329,605,143	29,660,65929,660,659	29,676,02129,676,021	29,648,56429,648,564	29,605,14329,605,143	25,061,73425,061,734	25,039,99025,039,990	24,052,16824,052,168	n/an/a	n/an/a
Weighted-average Diluted Shares	69,683,47169,683,471	69,279,83869,279,838	69,303,74669,303,746	69,252,00969,252,009	69,196,94569,196,945	58,207,59358,207,593	68,988,85868,988,858	51,992,03451,992,034	42,560,09142,560,091	35,592,36235,592,362	39,576,46739,576,467	30,191,69330,191,693	30,001,72530,001,725	29,660,65929,660,659	29,676,02129,676,021	24,052,16824,052,168	29,605,14329,605,143	25,061,73425,061,734	25,039,99025,039,990	24,052,16824,052,168	n/an/a	n/an/a
Basic EPS	-1-1	-3-3	-3-3	-2-2	-1-1	-3-3	-2-2	-1-1	-1-1	-5-5	-4-4	-3-3	-1-1	-4-4	-3-3	-2-2	-1-1	-3-3	-2-2	-1-1	-3-3	-3-3
Diluted EPS	-1-1	-3-3	-3-3	-2-2	-1-1	-3-3	-2-2	-1-1	-1-1	-5-5	-4-4	-3-3	-1-1	-4-4	-3-3	-2-2	-1-1	-3-3	-2-2	-1-1	-3-3	-3-3
Basic-to-Diluted Share Difference	0.0%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	0.0%	0.0%	0.0%	0.0%	1.3%	0.0%	0.0%	-18.9%	0.0%	0.0%	0.0%	0.0%	Insufficient evidence	Insufficient evidence
Net Share Count Change	0.5%	0.1%	0.1%	0.1%	0.2%	0.1%	0.1%	61.7%	0.5%	0.1%	38.6%	1.8%	0.5%	0.7%	0.0%	0.1%	0.2%	15.6%	6.1%	14.4%	17.2%	Insufficient evidence
Ownership Claim Change	-0.5%	-0.1%	-0.1%	-0.1%	-0.2%	-0.1%	-0.1%	-38.2%	-0.5%	-0.1%	-27.8%	-1.8%	-0.5%	-0.7%	-0.0%	-0.1%	-0.2%	-13.5%	-5.7%	-12.6%	-14.7%	Insufficient evidence

Known Unknowns

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric	2025-12-31 10-K USD	2024-12-31 10-K USD	2023-12-31 10-K USD	2022-12-31 10-K USD	2021-12-31 10-K USD	2020-12-31 10-K USD	2019-12-31 10-K USD
Revenue	72,586,000	35,275,000	26,976,000	14,463,000	11,697,000	10,390,000	13,801,000
Operating Income	-247,065,000	-209,872,000	-189,946,000	-116,653,000	-65,618,000	-51,960,000	-26,299,000
Net Income	-218,960,000	-169,031,000	-180,664,000	-112,717,000	-66,819,000	-51,010,000	-30,608,000
Cash From Operations	-249,675,000	-164,724,000	-60,628,000	-86,111,000	-14,794,000	-17,789,000	-28,613,000
Capex	-2,350,000	-1,235,000	-2,929,000	-18,987,000	-2,030,000	-1,200,000	-1,555,000
Free Cash Flow	-252,025,000	-165,959,000	-63,557,000	-105,098,000	-16,824,000	-18,989,000	-30,168,000
Cash And Equivalents	628,110,000	879,520,000	526,423,000	339,154,000	438,700,000	0	0
Accounts Receivable	0	0	0	2,045,000	1,000,000	5,456,000	201,000
Inventory	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Total Current Assets	682,885,000	928,605,000	561,868,000	369,383,000	458,555,000	155,723,000	104,146,000
Total Assets	717,597,000	956,868,000	595,344,000	410,609,000	479,792,000	161,152,000	110,194,000
Total Current Liabilities	56,984,000	67,230,000	69,537,000	53,342,000	36,238,000	23,129,000	8,821,000
Total Liabilities	107,620,000	163,808,000	224,412,000	139,826,000	133,538,000	65,692,000	16,996,000
Shareholders Equity	609,977,000	793,060,000	370,932,000	270,783,000	346,254,000	95,460,000	93,198,000
Shares Outstanding	69,367,896	69,061,418	42,431,766	29,873,893	29,579,364	21,094,557	17,993,701
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	69,279,838	58,207,593	35,592,362	29,660,659	25,061,734	19,145,938	11,045,370
Weighted Avg Shares Basic	69,279,838	58,207,593	35,592,362	29,660,659	25,061,734	19,145,938	11,045,370
Net Share Count Change (Normalized)	0.1%	0.1%	0.1%	0.7%	15.6%	17.2%	Insufficient evidence
Ownership Claim Change (Normalized)	-0.1%	-0.1%	-0.1%	-0.7%	-13.5%	-14.7%	Insufficient evidence

Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Metric	2026-03-31 10-Q USD	2025-12-31 10-K USD	2025-09-30 10-Q USD	2025-06-30 10-Q USD	2025-03-31 10-Q USD	2024-12-31 10-K USD	2024-09-30 10-Q USD	2024-06-30 10-Q USD	2024-03-31 10-Q USD	2023-12-31 10-K USD	2023-09-30 10-Q USD	2023-06-30 10-Q USD	2023-03-31 10-Q USD	2022-12-31 10-K USD	2022-09-30 10-Q USD	2022-06-30 10-Q USD	2022-03-31 10-Q USD	2021-12-31 10-K USD	2021-09-30 10-Q USD	2021-06-30 10-Q USD
Revenue	887,000	47,955,000	11,734,000	2,920,000	9,977,000	3,708,000	2,676,000	9,361,000	19,530,000	5,331,000	5,352,000	11,397,000	4,896,000	3,185,000	3,040,000	4,378,000	3,860,000	3,771,000	4,333,000	1,785,000
Operating Income	-65,482,000	-24,708,000	-65,551,000	-86,602,000	-70,204,000	-67,663,000	-63,846,000	-46,647,000	-31,716,000	-54,235,000	-50,797,000	-43,111,000	-41,803,000	-32,211,000	-29,759,000	-27,300,000	-27,383,000	-18,023,000	-14,294,000	-17,277,000
Net Income	-60,825,000	-20,154,000	-59,100,000	-78,952,000	-60,754,000	-51,854,000	-50,802,000	-39,812,000	-26,563,000	-49,099,000	-49,898,000	-42,603,000	-39,064,000	-29,978,000	-28,347,000	-26,828,000	-27,564,000	-18,037,000	-14,678,000	-17,913,000
Cash From Operations	-65,925,000	-19,346,000	-71,173,000	-72,786,000	-86,370,000	-9,396,000	-39,832,000	-44,627,000	-70,869,000	-47,288,000	-1,025,000	34,096,000	-46,411,000	-30,309,000	-5,871,000	-23,531,000	-26,400,000	-10,435,000	21,718,000	-12,370,000
Capex	-713,000	-574,000	-674,000	-498,000	-604,000	-368,000	-435,000	-420,000	-12,000	-51,000	-502,000	-277,000	-2,099,000	-1,448,000	-2,984,000	-9,799,000	-4,756,000	-1,067,000	-169,000	-171,000
Free Cash Flow	-66,638,000	-19,920,000	-71,847,000	-73,284,000	-86,974,000	-9,764,000	-40,267,000	-45,047,000	-70,881,000	-47,339,000	-1,527,000	33,819,000	-48,510,000	-31,757,000	-8,855,000	-33,330,000	-31,156,000	-11,502,000	21,549,000	-12,541,000
Cash And Equivalents	559,474,000	628,110,000	648,325,000	721,451,000	792,973,000	879,520,000	890,862,000	961,364,000	456,997,000	526,423,000	572,086,000	340,433,000	293,815,000	339,154,000	361,469,000	372,769,000	407,371,000	438,700,000	259,524,000	198,738,000
Total Current Assets	619,135,000	682,885,000	738,819,000	804,262,000	856,086,000	928,605,000	966,194,000	1,028,256,000	515,962,000	561,868,000	603,036,000	408,430,000	381,253,000	369,383,000	381,285,000	408,493,000	429,766,000	458,555,000	272,872,000	217,788,000
Total Liabilities	98,076,000	107,620,000	145,475,000	163,269,000	143,561,000	163,808,000	165,714,000	183,542,000	191,095,000	224,412,000	222,661,000	234,073,000	185,638,000	139,826,000	127,674,000	134,090,000	129,305,000	133,538,000	110,510,000	83,998,000
Shares Outstanding	69,707,026	69,367,896	69,306,511	69,253,944	69,202,355	69,061,418	69,015,971	68,941,242	42,632,597	42,431,766	42,384,799	30,585,940	30,031,758	29,873,893	29,678,431	29,666,317	29,644,438	29,579,364	25,595,326	24,124,552
Shares Outstanding Diluted	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	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	69,683,471	69,364,547	69,303,746	69,252,009	69,196,945	69,051,747	68,988,858	51,992,034	42,560,091	42,419,324	39,576,467	30,191,693	30,001,725	29,711,570	29,676,021	29,648,564	29,605,143	28,978,597	25,039,990	24,052,168
Weighted Avg Shares Basic	69,683,471	69,364,547	69,303,746	69,252,009	69,196,945	69,051,747	68,988,858	51,992,034	42,560,091	42,419,324	39,576,467	30,191,693	30,001,725	29,711,570	29,676,021	29,648,564	29,605,143	28,978,597	25,039,990	24,052,168
Net Share Count Change (Normalized)	0.5%	0.1%	0.1%	0.1%	0.2%	0.1%	0.1%	61.7%	0.5%	0.1%	38.6%	1.8%	0.5%	0.7%	0.0%	0.1%	0.2%	15.6%	6.1%	14.4%
Ownership Claim Change (Normalized)	-0.5%	-0.1%	-0.1%	-0.1%	-0.2%	-0.1%	-0.1%	-38.2%	-0.5%	-0.1%	-27.8%	-1.8%	-0.5%	-0.7%	-0.0%	-0.1%	-0.2%	-13.5%	-5.7%	-12.6%

Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input	Value	Source concept	Filing period	Confidence	Provenance
Current Assets	619,135,000USD	us-gaap:AssetsCurrent	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001761612/companyfacts.json Data Vault \| sec/companyfacts/cik=0001761612/companyfacts.json
Total Liabilities	98,076,000USD	us-gaap:Liabilities	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001761612/companyfacts.json Data Vault \| sec/companyfacts/cik=0001761612/companyfacts.json
Cash	559,474,000USD	us-gaap:CashAndCashEquivalentsAtCarryingValue	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001761612/companyfacts.json Data Vault \| sec/companyfacts/cik=0001761612/companyfacts.json
Shares Outstanding	69,707,026	us-gaap:CommonStockSharesOutstanding	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001761612/companyfacts.json Data Vault \| sec/companyfacts/cik=0001761612/companyfacts.json
NCAV	521,059,000USD	derived	2026-03-31	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	7.47USD	derived	2026-03-31	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	41.0%	derived	2026-03-31	n/a	gnni_publication_pack \| internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source: Data Vault
Data Vault Root: Local evidence | The Data Vault
CIK: 0001761612
Company ID: n/a
Selected Annual Source: Data Vault | sec/companyfacts/cik=0001761612/companyfacts.json
Selected Quarterly Source: Data Vault | sec/companyfacts/cik=0001761612/companyfacts.json
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 23
Imported At: 2026-08-15T12:51:42+00:00
Rendered At: 2026-08-16T03:29:38+00:00

Run Audit

Mary Run: 7597e71d9e0c42a48d3fa1ce89682485
Mary As Of: 2026-07-11
Accession: 0001104659-26-052117
CIK: 0001761612
Mary Filing Date: 2026-04-30
Filing Currency: USD
Internal Discount: 41.0%
Source State: Verified
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=7597e71d9e0c42a48d3fa1ce89682485; mary_as_of=2026-07-11; mary_filing_date=2026-04-30; mary_accession=0001104659-26-052117; mary_cik=0001761612; gnni_supporting_filing_date=2026-04-30; internal_discount=0.410032; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

Back to Register Report a correction Archive