Bicycle Therapeutics PLC Sponsored ADR
BCYC Healthcare Biotechnology
Bicycle Therapeutics PLC Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $72.6 million, up 105.8% from fiscal 2024. In the quarter to June 2026, revenue fell 78.5%, EPS grew 36.8% and free cash flow grew 32.0%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Bicycle Therapeutics PLC Sponsored ADR (BCYC) Beneish M-score
Bicycle Therapeutics PLC Sponsored ADR's Beneish M-score for fiscal 2025 is −1.37; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.37 | 0.71 |
| FY2024 | −2.09 | 1.03 |
| FY2023 | −3.12 | (1.03) |
| FY2022 | −2.09 | 0.51 |
| FY2021 | −2.59 | 0.48 |
| FY2020 | −3.07 | (0.75) |
| FY2019 | −2.32 | (3.07) |
| FY2018 | 0.75 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.49 | — | 0.45 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 2.04 | — | 0.82 | |
| Sales growth index | 2.06 | — | 1.84 | |
| Depreciation index | 0.83 | — | 0.10 | |
| SG&A index | 0.53 | — | −0.09 | |
| Total accruals to total assets | 0.04 | — | 0.20 | |
| Leverage index | 1.13 | — | −0.37 | |
| Beneish M-score | Flagged by the model | −1.37 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| TRDA Entrada Therapeutics, Inc. compare | −6.1× |
| UPB Upstream Bio, Inc. compare | −2.8× |
| BCYC Bicycle Therapeutics PLC Sponsored ADR | −1.4× |
| ELDN Eledon Pharmaceuticals, Inc. compare | — |
| ORMP Oramed Pharmaceuticals Inc. compare | — |
| ACOG Alpha Cognition Inc. compare | — |
| SION Sionna Therapeutics, Inc. compare | — |
| PEPG PepGen, Inc. compare | — |
| YARW Yarrow Bioscience, Inc compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI