Lee Kevin 4

What Happened
Kevin Lee, CEO of Bicycle Therapeutics plc (BCYC), reported two open‑market sales totaling 7,642 shares for approximately $32,700. On 2026-07-02 he sold 5,905 shares at a weighted average price of $4.27 for $25,214; on 2026-07-06 he sold 1,737 shares at a weighted average price of $4.31 for $7,486. These were sales, not purchases; the larger 7/2 sale was a mandatory "sell‑to‑cover" to satisfy tax withholding on vested RSUs rather than a discretionary sale.

Key Details

• Transaction dates and prices:
  • 2026-07-02: 5,905 shares sold at $4.27 (weighted average; individual prices ranged $4.26–$4.29). (Footnotes F1, F2)
  • 2026-07-06: 1,737 shares sold at $4.31 (weighted average; individual prices ranged $4.30–$4.31). (Footnote F3)
• Total sold: 7,642 shares for ~$32,700.
• Shares owned after transaction: not disclosed in the provided filing extract.
• Footnotes:
  • F1: 7/2 sale was mandatory "sell‑to‑cover" to satisfy statutory tax withholding on RSU vesting — not a discretionary sale.
  • F2/F3: reported prices are weighted averages; the filer can provide a breakdown of shares sold at each price within the stated ranges upon request.
• Filing date: 2026-07-07. Form 4s are generally due within two business days of a transaction — the 7/6 sale was reported promptly, while the 7/2 sale was reported five days later.

Context
A sell‑to‑cover tied to RSU vesting is routine and reflects tax obligations, not necessarily the CEO's view on the company. In general, purchases by insiders often carry more signal than routine or mandated sales; these transactions should be viewed as administrative unless additional information indicates otherwise.