Estados financieros detallados de Bicycle Therapeutics plc (BCYC): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Bicycle Therapeutics plc registró ingresos de $72.6M en el último ejercicio fiscal, con un CAGR de 5 años del 47.5%.
Márgenes de los últimos 12 meses: margen bruto 100.0%, margen operativo -343.7%, margen neto -311.1%.
Al precio actual de $3.64, BCYC presenta beneficios negativos (P/E no significativo) y un ROE del -33.22%. La capitalización bursátil es de $253M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | $2.1M | $7.1M | $13.8M | $10.4M | $11.7M | $14.5M | $27.0M | $35.3M | $72.6M |
| Coste de Ventas | $269289 | $11.9M | $20.8M | $25.5M | $33.1M | 0 | 0 | $156.5M | $173.0M | 0 |
| Beneficio Bruto | -$269289 | -$9.8M | -$13.6M | -$11.7M | -$22.8M | $11.7M | $14.5M | -$129.5M | -$137.7M | $72.6M |
| I+D | $9.8M | $11.9M | $20.8M | $31.6M | $33.1M | $44.9M | $81.6M | $156.5M | $173.0M | $240.3M |
| Generales y Administrativos | $3.5M | $6.4M | $8.1M | $14.6M | $29.2M | $32.4M | $49.5M | $59.8M | $71.5M | $80.0M |
| Gastos Operativos | $13.2M | $18.3M | $28.9M | $14.6M | $29.2M | $77.3M | $131.1M | $60.4M | $72.2M | $320.3M |
| Beneficio Operativo | -$13.5M | -$16.2M | -$21.7M | -$26.3M | -$52.0M | -$65.6M | -$116.7M | -$189.9M | -$209.9M | -$247.7M |
| EBITDA | -$13.3M | -$15.9M | -$21.5M | -$25.3M | -$50.7M | -$64.1M | -$107.2M | -$169.4M | -$164.9M | -$212.2M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | $457000 | $3.0M | $3.3M | $3.3M | $1.7M | $206000 |
| Beneficio Antes de Impuestos | -$13.5M | -$16.3M | -$22.2M | -$30.9M | -$51.7M | -$68.5M | -$114.2M | -$179.2M | -$173.8M | -$218.8M |
| Impuestos | -$20944 | -$23000 | -$396000 | -$254000 | -$724000 | -$1.7M | -$1.5M | $1.5M | -$4.8M | $152000 |
| Beneficio Neto | -$13.5M | -$16.3M | -$21.8M | -$30.6M | -$51.0M | -$66.8M | -$112.7M | -$180.7M | -$169.0M | -$219.0M |
| BPA | $-0.76 | $-1.22 | $-1.64 | $-2.77 | $-2.66 | $-2.67 | $-3.80 | $-5.08 | $-2.91 | $-3.16 |
| BPA Diluido | $-0.76 | $-1.22 | $-1.64 | $-2.77 | $-2.66 | $-2.67 | $-3.80 | $-5.08 | $-2.90 | $-3.16 |
| Acciones en Circulación (Diluidas) | $17.7M | $13.3M | $13.3M | $11.0M | $19.1M | $25.1M | $29.7M | $35.6M | $58.2M | $69.3M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $11.7M | $48.0M | $887000 | $629000 |
| Beneficio Bruto | $11.7M | $48.0M | $887000 | $629000 |
| Beneficio Operativo | -$65.6M | -$24.7M | -$65.6M | -$54.6M |
| EBITDA | -$57.1M | -$17.5M | -$59.5M | -$49.1M |
| Beneficio Neto | -$59.1M | -$20.2M | -$60.8M | -$50.3M |
| BPA | $-0.85 | $-0.29 | $-0.87 | $-0.72 |
| BPA Diluido | $-0.85 | $-0.29 | $-0.87 | $-0.72 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $9.4M | $67.7M | $63.4M | $92.1M | $136.0M | $438.7M | $339.2M | $526.4M | $879.5M | $628.1M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $1.4M | $3.0M | $11.3M | $7.1M | $14.6M | $11.9M | $21.2M | $24.0M | $35.7M | $35.6M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $11.3M | $71.5M | $76.8M | $104.1M | $155.7M | $458.6M | $369.4M | $561.9M | $928.6M | $682.9M |
| Inmovilizado Material | $519000 | $1.4M | $1.8M | $4.3M | $3.6M | $17.8M | $32.8M | $27.7M | $17.2M | $21.9M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $11.8M | $74.0M | $81.6M | $110.2M | $161.2M | $479.8M | $410.6M | $595.3M | $956.9M | $717.6M |
| Cuentas por Pagar | $1.9M | $2.1M | $1.9M | $1.9M | $1.4M | $2.7M | $6.5M | $13.1M | $15.8M | $9.7M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $4.9M | 0 | $2.8M |
| Pasivos Corrientes | $3.8M | $9.5M | $8.9M | $8.8M | $23.1M | $36.2M | $53.3M | $69.5M | $67.2M | $57.0M |
| Deuda a Largo | 0 | 0 | 0 | 0 | $14.5M | $29.9M | $30.3M | $30.7M | 0 | 0 |
| Pasivos Totales | $3.8M | $121.2M | $151.5M | $17.0M | $65.7M | $133.5M | $139.8M | $224.4M | $163.8M | $107.6M |
| Reservas | -$31.8M | -$48.1M | -$69.9M | -$100.5M | -$151.6M | -$218.4M | -$331.1M | -$511.8M | -$680.8M | -$899.8M |
| Patrimonio Neto | $8.0M | -$47.2M | -$69.8M | $93.2M | $95.5M | $346.3M | $270.8M | $370.9M | $793.1M | $610.0M |
| Deuda Total | 0 | 0 | 0 | $1.9M | $15.8M | $44.3M | $44.3M | $45.0M | $9.5M | $17.5M |
| Deuda Neta | -$9.4M | -$67.7M | -$63.4M | -$90.2M | -$120.2M | -$394.3M | -$294.8M | -$481.5M | -$870.0M | -$610.6M |
| Capital Circulante | $7.5M | $62.1M | $67.8M | $95.3M | $132.6M | $422.3M | $316.0M | $492.3M | $861.4M | $625.9M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $648.3M | $628.1M | $559.5M | $510.1M |
| Activos Totales | $764.0M | $717.6M | $652.4M | $606.6M |
| Pasivos Totales | $145.5M | $107.6M | $98.1M | $96.3M |
| Patrimonio Neto | $618.5M | $610.0M | $554.3M | $510.3M |
| Deuda Total | $5.7M | $16.9M | $15.3M | $13.7M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$13.5M | -$16.3M | -$21.8M | -$30.6M | -$51.0M | -$66.8M | -$112.7M | -$180.7M | -$169.0M | -$219.0M |
| Amortizaciones | $269289 | $332000 | $712000 | $960000 | $1.3M | $1.4M | $3.7M | $6.5M | $7.2M | $6.4M |
| Compensación en Acciones | $123000 | $515000 | $1.0M | $3.1M | $6.5M | $12.1M | $26.8M | $32.5M | $38.1M | $39.5M |
| Cambio en Capital Circulante | $1.9M | $13.0M | -$6.6M | -$7.4M | $25.4M | $38.1M | $672000 | $76.7M | -$33.5M | -$75.8M |
| Flujo de Caja Operativo | -$11.3M | -$1.4M | -$26.1M | -$28.6M | -$17.8M | -$14.8M | -$86.1M | -$60.6M | -$164.7M | -$249.7M |
| Inversiones (CapEx) | -$243358 | -$1.1M | -$1.2M | -$1.6M | -$1.2M | -$2.0M | -$19.0M | -$2.9M | -$1.2M | -$2.4M |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | -$576000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$11.5M | -$2.5M | -$27.3M | -$30.2M | -$19.0M | -$16.8M | -$105.1M | -$63.6M | -$166.0M | -$252.6M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$71.2M | -$19.0M | -$65.9M | -$49.6M |
| Inversiones (CapEx) | -$674000 | $1.8M | -$713000 | -$265000 |
| Flujo de Caja Libre | -$71.8M | -$17.2M | -$66.6M | -$49.9M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $8.8M | -$27.8M | $6.9M | $6.4M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | +246.4% | +93.4% | -24.7% | +12.6% | +23.6% | +86.5% | +30.8% | +105.8% |
| Crecimiento Beneficio Neto (anual) | | -20.3% | -34.4% | -40.1% | -66.7% | -31.0% | -68.7% | -60.3% | +6.4% | -29.5% |
| Crecimiento BPA (anual) | | -60.5% | -34.4% | -68.9% | +4.0% | -0.4% | -42.3% | -33.7% | +42.7% | -8.6% |
| Cambio en Acciones (anual) | | -24.9% | +0.0% | -16.9% | +73.3% | +30.9% | +18.4% | +20.0% | +63.5% | +19.0% |
| Crecimiento FCF (anual) | | +78.0% | -978.5% | -10.7% | +37.1% | +11.4% | -524.7% | +39.5% | -161.1% | -52.2% |
| Margen Bruto | | -476.0% | -190.9% | -85.1% | -219.0% | 100.0% | 100.0% | -480.1% | -390.3% | 100.0% |
| Margen Operativo | | -787.0% | -304.7% | -190.6% | -500.1% | -561.0% | -806.6% | -704.1% | -595.0% | -341.3% |
| Margen EBITDA | | -770.9% | -301.2% | -183.6% | -487.8% | -547.9% | -741.3% | -628.0% | -467.4% | -292.3% |
| Margen Neto | | -789.3% | -306.1% | -221.8% | -491.0% | -571.2% | -779.3% | -669.7% | -479.2% | -301.7% |
| Margen FCF | | -122.7% | -382.1% | -218.6% | -182.8% | -143.8% | -726.7% | -235.6% | -470.5% | -348.0% |
| Tasa Impositiva Efectiva | 0.2% | 0.1% | 1.8% | 0.8% | 1.4% | 2.4% | 1.3% | -0.8% | 2.7% | -0.1% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.65 | $-0.19 | $-2.05 | $-2.73 | $-0.99 | $-0.67 | $-3.54 | $-1.79 | $-2.85 | $-3.65 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $17.7M | $13.3M | $13.3M | $11.0M | $19.1M | $25.1M | $29.7M | $35.6M | $58.2M | $69.3M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -33.22% |
| Rentabilidad sobre capital invertido | -37.63% |
| Rentabilidad sobre activos | -31.39% |
| Margen bruto | 100.00% |
| Margen operativo | -343.69% |
| Margen neto | -311.11% |
Salud financiera
| Deuda / Patrimonio | 0.03 |
| Ratio corriente | 12.08 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -15.79 | -9.84 | -7.32 | -3.40 | -6.75 | -22.80 | -7.79 | -3.56 | -4.81 | -2.24 |
| P/VC | 26.47 | -3.38 | -2.28 | 1.12 | 3.60 | 4.41 | 3.24 | 1.73 | 1.03 | 0.80 |
| P/V | 0.00 | 77.44 | 22.35 | 7.55 | 33.08 | 130.42 | 60.70 | 23.85 | 23.10 | 6.76 |
| Margen Bruto | 0.0% | -476.0% | -190.9% | -85.1% | -219.0% | 100.0% | 100.0% | -480.1% | -390.3% | 100.0% |
| Margen Operativo | 0.0% | -787.0% | -304.7% | -190.6% | -500.1% | -561.0% | -806.6% | -704.1% | -595.0% | -341.3% |
| Margen Neto | 0.0% | -789.3% | -306.1% | -221.8% | -491.0% | -571.2% | -779.3% | -669.7% | -479.2% | -301.7% |