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bicycle therapeutics Bicycle Therapeutics Reports Second Quarter 2021 Financial Results and Provides Corporate Update August 5 , 2021 Entered exclusive license and collaboration agreement with lonis Pharmaceuticals to develop targeted oligonucleotide therapeutics Cash was $ 198.7 million as of June 30 , 2021 , which excludes $ 71.9 million received in July from both the lonis collaboration upfront and net proceeds from the at - the - market offering program Cash expected to provide financial runway through multiple clinical milestones expected in the second half of the year and into 2024 CAMBRIDGE , England , & BOSTON -- ( BUSINESS WIRE ) -- Aug . 5 , 2021-- Bicycle Therapeutics plc ( NASDAQ : BCYC ) , a biotechnology company pioneering a new and differentiated class of therapeutics based on its proprietary bicyclic peptide ( Bicycle® ) technology , today reported financial results for the second quarter ended June 30 , 2021 and provided recent corporate updates . " We have made significant progress executing on our ongoing company - sponsored clinical programs over the first half of the year and , looking forward , intend to announce interim clinical data from the Phase I portion of our Phase I / II clinical trials of BT5528 and BT8009 , along with the expected Phase I / II BT7840 trial initiation , in the second half of the year , " said Kevin Lee , Ph.D. , Chief Executive Officer of Bicycle Therapeutics . " Additionally , we believe our recent license and collaboration agreement with lonis provides further validation for our contention that Bicycles have the potential to become a leading technology for the development of precision medicines . We remain well - funded and look forward to announcing multiple upcoming key clinical milestones in the second half of the year . " Second Quarter 2021 and Recent Highlights • Entered into an Exclusive License and Collaboration Agreement with lonis Pharmaceuticals to Develop Targeted Oligonucleotide Therapeutics . In July 2021 , Ionis exercised its option under the terms of a December 2020 evaluation and option agreement and entered into an exclusive worldwide license and collaboration agreement for tissue - targeted delivery of oligonucleotide therapeutics using Bicycles with high affinity to the transferrin receptor ( TfR1 ) . Bicycle received $ 45 million upfront , which included a license fee , an option fee , and an $ 11 million equity investment . Bicycle is also eligible to receive development , regulatory and commercial milestone payments and royalties for programs developed under the collaboration . • Continued to Strengthen the Balance Sheet in the Second Quarter of 2021. The Company recognized gross proceeds from Bicycle's at - the - market ( ATM ) offering program during the second quarter of 2021 totaling $ 14.4 million as of June 30 , 2021 , with an additional $ 30.8 million received in July 2021. Cash as of June 30 , 2021 does not include $ 42 million of proceeds from the lonis license and collaboration agreement or net proceeds from the ATM offering program received subsequent to the end of the second quarter of 2021 . Financial Results • Cash was $ 198.7 million as of June 30 , 2021 , compared to $ 136.0 million as of December 31 , 2020. The increase in cash during the first six months of 2021 is primarily due to net proceeds of $ 72.8 million from the ATM offering program and net proceeds of $ 15.0 million from the debt facility with Hercules Capital , Inc. , offset by cash used in operating activities . Cash of $ 198.7 million at June 30 , 2021 is expected to provide financial runway through multiple clinical milestones and into 2024 . • Research and development expenses were $ 11.7 million for the three months ended June 30 , 2021 , compared to $ 8.0 million for the three months ended June 30 , 2020. The increase in expense of $ 3.7 million for the three months ended June 30 , 2021 as compared to the same period in the prior year was primarily due to increased clinical program expenses for BT8009 , a second - generation Bicycle Toxin Conjugate ( BTCTM ) targeting Nectin - 4 , increased other unallocated discovery and platform related expenses due to the timing of development activities , and increased personnel - related expenses , including $ 0.6 million of incremental non - cash share - based compensation expense . • General and administrative expenses were $ 7.3 million for the three months ended June 30 , 2021 , compared to $ 6.2 million for the three months ended June 30 , 2020. The increase of $ 1.1 million for the three months ended June 30 , 2021 as compared to the same period in the prior year was primarily due to an increase in personnel - related costs , including $ 0.7 million of incremental non - cash share - based compensation expense , offset by a decrease in professional and consulting fees . • Net loss was $ 17.9 million , or $ ( 0.74 ) basic and diluted net loss per share , for the three months ended June 30 , 2021 , compared to net loss of $ 12.1 million , or $ ( 0.67 ) basic and diluted net loss per share for three months ended June 30 ,