v3.26.1

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 510,052	$ 628,110
Prepaid expenses and other current assets	17,765	19,181
Research and development incentives receivable	47,419	35,594
Total current assets	575,236	682,885
Property and equipment, net	4,695	6,021
Operating lease right-of-use assets	13,979	15,886
Other assets	12,668	12,805
Total assets	606,578	717,597
Current liabilities:
Accounts payable	5,662	9,669
Accrued expenses and other current liabilities	39,094	44,354
Deferred revenue, current portion	2,879	2,961
Total current liabilities	47,635	56,984
Operating lease liabilities, net of current portion	13,680	14,096
Deferred revenue, net of current portion	34,077	35,508
Other long-term liabilities	931	1,032
Total liabilities	96,323	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 June 30, 2026 and December 31, 2025, respectively; 69,814,145 and 69,367,896 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	900	894
Additional paid-in capital	1,525,680	1,512,339
Accumulated other comprehensive loss	(5,416)	(3,505)
Accumulated deficit	(1,010,909)	(899,751)
Total shareholders' equity	510,255	609,977
Total liabilities and shareholders' equity	$ 606,578	$ 717,597

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

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
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-Section 50
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(23)(a)(4))
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
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BICYCLE THERAPEUTICS PLC 10-Q