Bicycle Therapeutics, a clinical-stage biopharmaceutical company, has reported its recent business progress and financial results for the fourth quarter and full year of 2023. The company highlighted a catalyst-rich 2024 with multiple clinical data readouts and updates expected for its pipeline and discovery programs. Its phase 2/3 duravelo-2 registrational trial for BT8009 in metastatic urothelial cancer is now active and recruiting patients, and initial clinical data showed a promising response and differentiated safety profile.
According to Kevin Lee, Ph.D., CEO of Bicycle Therapeutics, "2023 was a pivotal year for our company, during which we achieved significant progress across our nectin-4 and epha2 clinical oncology portfolios and our discovery pipeline of next-generation bicycle® molecules, including in radiopharmaceuticals and areas beyond oncology. We continue to demonstrate our ability to develop highly differentiated, precision-guided therapeutics that may offer greater tolerability and lead to enhanced benefit for patients."
He added, "With a catalyst-rich 2024 expected, a strong financial position, validating partnerships, and a unique platform technology, we enter this year with significant momentum and focus to advance our mission to help patients not only live longer but also live well."
The company's cash and cash equivalents stood at $526.4 million as of December 31, 2023, providing a financial runway into 2026. Pierre Legault, Chairman of Bicycle Therapeutics, expressed his delight in welcoming Stephen Sands to the company's board of directors, stating, "He brings a wealth of experience and knowledge that we believe will provide valuable insight and additional depth to our board as the company enters this new stage of growth and seeks to advance its strategic priorities across multiple key areas."
Bicycle Therapeutics outlined its strategic priorities, including plans to become a leader in next-generation solid tumor therapeutics and combinations, expanding opportunities in oncology, and exploring the platform potential beyond oncology.
The company reported updated BT8009 clinical data from the ongoing phase 1/2 duravelo-1 study, showing a promising response profile and an emerging differentiated safety profile. BT7480, a Bicycle TICA targeting nectin-4, and BT5528, a BTC targeting epha2, also demonstrated encouraging clinical data.
In the financial results for the fourth quarter and full year 2023, the company reported cash and cash equivalents of $526.4 million as of December 31, 2023, compared to $339.2 million as of December 31, 2022. The company's shares have moved 2.3%, and are now trading at a price of $23.01.
The company's full 8-K submission is available here.
