v3.26.1

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 559,474	$ 628,110
Prepaid expenses and other current assets	18,744	19,181
Research and development incentives receivable	40,917	35,594
Total current assets	619,135	682,885
Property and equipment, net	5,734	6,021
Operating lease right-of-use assets	14,535	15,886
Other assets	12,992	12,805
Total assets	652,396	717,597
Current liabilities:
Accounts payable	5,970	9,669
Accrued expenses and other current liabilities	40,124	44,354
Deferred revenue, current portion	2,795	2,961
Total current liabilities	48,889	56,984
Operating lease liabilities, net of current portion	13,874	14,096
Deferred revenue, net of current portion	34,340	35,508
Other long-term liabilities	973	1,032
Total liabilities	98,076	107,620
Commitments and contingencies (Note 10)
Shareholders' equity:
Ordinary shares, including non-voting ordinary shares, £0.01 nominal value; 163,361,109 and 159,685,229 shares authorized on March 31, 2026 and December 31, 2025, respectively; 69,707,026 and 69,367,896 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	899	894
Additional paid-in capital	1,519,276	1,512,339
Accumulated other comprehensive loss	(5,279)	(3,505)
Accumulated deficit	(960,576)	(899,751)
Total shareholders' equity	554,320	609,977
Total liabilities and shareholders' equity	$ 652,396	$ 717,597

Amount of research and development incentives receivables, classified as current.

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BICYCLE THERAPEUTICS PLC 10-Q