Net losses almost double as Bicycle expands globally
The cost of global expansion, including a Nasdaq IPO, were reflected in Q2 results for Cambridge biotech pioneer Bicycle Therapeutics.
The company has stressed the continuing upside as the stock continues to do well in the US and its technology gains further momentum. Net loss was $10.2 million for the three months to June 30, compared to $5m last time.
His hand strengthened by a revamped board, CEO Kevin Lee said: “The second quarter of this year was marked by the completion of our initial public offering, placing us in a solid financial position to advance our novel pipeline of Bicycle drug candidates through the clinic. We are pleased with the progress that our pipeline has made over the last quarter.
“We believe that Bicycles, because of their low molecular weight and high affinity and selectivity, could provide meaningful efficacy to patients suffering from cancer and could avoid the toxicities associated with other classes of highly potent anti-cancer drugs, and we look forward to providing updates on our progress.”
Cash and equivalents were $108.5m at period-end compared to $63.4m as of December 31. Bicycle raised gross proceeds of $64.9m through the Nasdaq float.