Bicycle Therapeutics has extended its timeline for providing regulatory updates on zelenectide pevedotin in metastatic urothelial cancer, now expecting to announce dose selection from the Phase 2/3 Duravelo-2 trial and potential approval pathway details in the first quarter of 2026. The delay reflects the company's decision to seek broader regulatory feedback from multiple agencies before determining its path forward.
"We are currently seeking broad regulatory feedback to make an informed decision on our path forward with zelenectide pevedotin in metastatic urothelial cancer," said CEO Kevin Lee, Ph.D., during the company's third quarter 2025 earnings call. The company had previously anticipated providing this update in the fourth quarter of 2025 following a planned meeting with the U.S. Food and Drug Administration.
Expanding NECTIN4-Targeted Development
Despite the regulatory timeline extension, Bicycle Therapeutics continues advancing zelenectide pevedotin development across multiple NECTIN4-amplified solid tumors. The Phase 1/2 Duravelo-3 trial evaluating the drug in NECTIN4-amplified breast cancer and the Phase 1/2 Duravelo-4 trial in NECTIN4-amplified non-small cell lung cancer are both open and actively enrolling patients.
Data presented at the European Society for Medical Oncology Congress 2025 showed enhanced anti-tumor activity of zelenectide pevedotin in patients with NECTIN4 amplification and/or polysomy based on post-hoc analyses of late-line breast cancer and lung cancer patients enrolled in the Duravelo-1 trial. These findings supported the FDA's previous Fast Track designation for zelenectide pevedotin in both NECTIN4-amplified triple-negative breast cancer and non-small cell lung cancer.
Radioconjugate Pipeline Advances
The company presented additional clinical data for its Bicycle Radioconjugate (BRC) program at the European Association of Nuclear Medicine 2025 Congress. An e-poster outlined the first clinical experience with an early Bicycle Imaging Agent targeting MT1-MMP, while additional preclinical data from the German Cancer Consortium demonstrated the potential for radiotheranostic applications.
Bicycle Therapeutics expects to report initial EphA2 human imaging data in the first half of 2026 and plans to initiate its first company-sponsored BRC clinical trial in 2026. The company believes this data further validates MT1-MMP as a novel cancer target and demonstrates the potential of Bicycle molecules for targeted radionuclide therapies.
Pipeline Updates and Leadership Expansion
The company has adjusted timelines for presenting combination data from its other pipeline programs. Phase 1 combination data for BT5528 with nivolumab in metastatic urothelial cancer patients and BT7480 combination data with nivolumab will now be presented at scientific conferences in the first half of 2026, rather than in late 2025 as previously expected.
Bicycle Therapeutics has significantly strengthened its leadership team, expanding its Board of Directors with the addition of Charles Swanton, M.D., Ph.D., Roger Dansey, M.D., and Hervé Hoppenot. The company also expanded its Research and Innovation Advisory Board with appointments of several distinguished oncology leaders, including Steve Davidsen, Ph.D., Gilles Gallant, Ph.D., Ken Herrmann, M.D., MBA, and John Lambert, Ph.D.
Financial Position and Strategic Realignment
The company reported cash and cash equivalents of $648.3 million as of September 30, 2025, compared to $879.5 million at the end of 2024. Including a $38.2 million U.K. R&D tax credit received in October 2025, Bicycle Therapeutics maintains an expected financial runway extending into 2028.
Research and development expenses increased to $58.4 million for the third quarter of 2025, compared to $48.3 million in the same period of 2024, primarily due to increased clinical program expenses for zelenectide pevedotin development. The company reported a net loss of $59.1 million, or $0.85 per share, for the third quarter.
Following strategic cost realignment efforts implemented in August 2025, including a workforce reduction, Bicycle Therapeutics anticipates total operational savings of approximately 30% over its financial runway period. These measures are designed to prioritize high-impact programs while strengthening the company's ability to navigate continued market uncertainty.
