Bicycle Therapeutics IPO: What You Need To Know

Bicycle Therapeutics, which derives its name from a novel class of medicines it develops, is riding its way toward a Nasdaq listing.

The Terms

Bicycle Therapeutics will issue 4.33 million American depository shares, with each ADS representing one ordinary share of the company, according to the S-1 the company filed May 13.

The company expects to price the offering between $14 and $16 and list its ADRs on the Nasdaq under the ticker symbol BCYC.

At the midpoint of the estimated price range, the IPO will fetch the company gross proceeds of $64.9 million.

Goldman Sachs, Jefferies, Piper Jaffray, and Canaccord Genuity are the lead underwriters for the IPO.

Since Bicycle qualifies as an "emerging growth company" under the JOBS Act, it is exempt from various public company reporting requirements.

The Company

Bicycle is a clinical-stage biopharma company and uses a novel class of medicines known as bicycles: synthetic short peptides constrained to form two loops, which provides stability and selectivity.

This unique therapeutic modality combines the pharmacology usually associated with a biologic with the manufacturing and pharmacokinetic properties of a small molecule.

The Cambridge, U.K.-based company's lead compound BT1718, a bicycle toxin conjugate, is being evaluated in a Phase 1/2a study for tumors that express membrane Type 1 matrix metalloprotease. Once administered, the toxin cleaves from the bicycle and kills the tumor cells.

Preliminary data from the Phase 1 part of the study is expected in the second half of 2019.

Other candidates in the pipeline are BT5528 and BT8009, both of which are being developed for oncology indications.

The Finances

Bicycle Therapeutics reported collaboration revenues of $7.14 million for the year ending in December 2018, up about 246 percent year-over-year. The net loss, however, widened from $21.8 million from $16.3 million, as operating expenses ballooned, particularly in R&D. 

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