7Baggers

Bicycle Therapeutics plc
(NASDAQ:BCYC) 

BCYC stock logo

Bicycle Therapeutics plc, a clinical-stage biopharmaceutical company, develops a class of medicines for diseases that are underserved by existing therapeutics. Its lead product candidate is BT1718, a bicycle toxin conjugate (BTC), which is in Phase I/IIa clinical trials targeting tumors that express...

Founded: 2009
IPO Price: $14 (May 23, 2019)
Full Time Employees: 81
CEO: Kevin Lee  
Sector: Healthcare
Industry: Biotechnology
Pharmaceuticals
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 
                                
      collaboration revenue
    		887,000 47,955,000 11,734,000 2,920,000 9,977,000                        
      operating expenses:
    		                            
      research and development
    		48,901,000 51,770,000 58,426,000 71,029,000 59,058,000 49,778,000 48,265,000 40,059,000 34,864,000 44,697,000 39,868,000 39,720,000 32,211,000 24,719,000 22,752,000 19,854,000 14,284,000 12,956,000 10,513,000 11,722,000 9,693,000 10,058,000 7,363,000 7,958,000 7,774,000 6,649,000 6,078,000 6,537,000 
      general and administrative
    		17,468,000 20,893,000 18,859,000 18,493,000 21,123,000 21,593,000 18,257,000 15,949,000 16,382,000 14,869,000 16,281,000 14,788,000 14,488,000 10,677,000 10,047,000 11,824,000 16,959,000 8,839,000 8,114,000 7,340,000 8,139,000 10,850,000 7,154,000 6,196,000 4,998,000 3,396,000 4,789,000 2,973,000 
      total operating expenses
    		66,369,000 72,663,000 77,285,000 89,522,000 80,181,000 71,371,000 66,522,000 56,008,000 51,246,000 59,566,000 56,149,000 54,508,000 46,699,000 35,396,000 32,799,000 31,678,000 31,243,000 21,795,000 18,627,000 19,062,000 17,832,000 20,908,000 14,517,000 14,154,000 12,772,000 10,045,000 10,867,000 9,510,000 
      income from operations
    		-65,482,000 -24,708,000 -65,551,000 -86,602,000 -70,204,000 -67,663,000 -63,846,000 -46,647,000 -31,716,000 -54,235,000 -50,797,000 -43,111,000 -41,803,000 -32,211,000 -29,759,000 -27,300,000 -27,383,000 -18,024,000 -14,294,000 -17,277,000 -16,024,000 -17,060,000 -10,675,000 -12,583,000 -11,643,000 -4,764,000 -10,253,000  
      yoy
    		-6.73% -63.48% 2.67% 85.65% 121.35% 24.76% 25.69% 8.20% -24.13% 68.37% 70.69% 57.92% 52.66% 78.71% 108.19% 58.01% 70.89% 5.65% 33.90% 37.30% 37.63% 258.10% 4.12%      
      qoq
    		165.02% -62.31% -24.31% 23.36% 3.76% 5.98% 36.87% 47.08% -41.52% 6.77% 17.83% 3.13% 29.78% 8.24% 9.01% -0.30% 51.93% 26.09% -17.27% 7.82% -6.07% 59.81% -15.16% 8.07% 144.40% -53.54%   
      other income:
    		                            
      interest and other income
    		4,877,000 5,876,000 6,700,000 7,473,000 8,414,000 10,303,000 10,583,000               163,750 72,000 371,000 212,000 220,000 440,000 90,000 
      interest expense
    		-48,000 -57,000 -44,000 -54,000 -51,000 -52,000 -33,000 -824,000 -821,000 -820,000 -814,000 -821,000 -808,000 -826,000 -817,000 -883,000 -818,000 -820,000 -823,000 -819,000 -522,000        
      total other income
    		4,829,000 5,819,000 6,656,000 7,419,000 8,363,000 14,727,000 9,596,000 6,950,000 4,803,000 5,456,000 3,171,000 -9,000 2,121,000 1,813,000 1,174,000 25,000 -600,000 -761,000 -799,000 -796,000 -507,000 -429,000 72,000 371,000 212,000 -1,195,750 440,000  
      net loss before income tax provision
    		-60,653,000 -18,889,000 -58,895,000 -79,183,000 -61,841,000 -52,936,000 -54,250,000 -39,697,000 -26,913,000 -48,779,000 -47,626,000 -43,120,000 -39,682,000 -30,398,000 -28,585,000 -27,275,000 -27,983,000 -18,785,000 -15,093,000 -18,073,000 -16,531,000 -17,489,000 -10,603,000 -12,212,000 -11,431,000 -4,544,000 -9,813,000  
      provision for income taxes
    		172,000 1,265,000 205,000 -231,000  -1,082,000 -3,448,000 115,000  320,000 2,272,000             -97,000 -107,000    
      net income
    		-60,825,000 -20,154,000 -59,100,000 -78,952,000 -60,754,000 -51,854,000 -50,802,000 -39,812,000 -26,563,000 -49,099,000 -49,898,000 -42,603,000 -39,064,000 -29,978,000 -28,347,000 -26,828,000 -27,564,000 -18,037,000 -14,678,000 -17,913,000 -16,191,000 -17,433,000 -10,138,000 -12,115,000 -11,324,000 -4,406,000 -9,482,000 -10,217,000 
      yoy
    		0.12% -61.13% 16.33% 98.31% 128.72% 5.61% 1.81% -6.55% -32.00% 63.78% 76.03% 58.80% 41.72% 66.20% 93.13% 49.77% 70.24% 3.46% 44.78% 47.86% 42.98% 295.67% 6.92% 18.58%     
      qoq
    		201.80% -65.90% -25.14% 29.95% 17.16% 2.07% 27.60% 49.88% -45.90% -1.60% 17.12% 9.06% 30.31% 5.75% 5.66% -2.67% 52.82% 22.88% -18.06% 10.64% -7.12% 71.96% -16.32% 6.99% 157.01% -53.53% -7.19%  
      net income per share
    		-0.87 -0.29 -0.85 -1.14 -0.88 -0.75 -0.74 -0.77 -0.62 -1.13 -1.26 -1.41 -1.3 -1.01 -0.96 -0.9 -0.93 -0.61 -0.59 -0.74 -0.73 -0.85 -0.52 -0.67 -0.63 0.23 -0.53 -1.4 
      weighted-average ordinary shares outstanding, basic and diluted
    		69,683,471 69,279,838 69,303,746 69,252,009 69,196,945 58,207,593 68,988,858 51,992,034 42,560,091 35,592,362 39,576,467 30,191,693 30,001,725 29,660,659 29,676,021 29,648,564 29,605,143 25,061,734 25,039,990 24,052,168 22,100,840 19,145,938 19,426,833 18,077,770 17,997,929 11,045,370 17,900,978 7,298,139 
      comprehensive loss:
    		                            
      other comprehensive income:
    		                            
      foreign currency translation adjustment
    		-1,774 -34 -108 -1,902 -1,580 3,304 -2,093 -314 526 -4,189 3,762 -948 -316 -141 902 2,094 920  313 -255 -58 -216 743  -2,184 1,072 -424  
      total comprehensive loss
    		-62,599 -20,188 -59,208 -80,854 -62,334 -48,550 -52,895 -40,126 -26,037 -53,288 -46,136 -43,551 -39,380 -30,119 -27,445 -24,734 -26,644 -18,232 -14,365 -18,168 -16,249 -17,649 -9,395 -12,116 -13,508 -3,334 -9,906 -11,729 
      loss on extinguishment of debt
    		      -954,000                      
      benefit from income taxes
    		    -1,087,000    -350,000   -517,000 -618,000 -420,000 -238,000 -447,000 -419,000 -748,000 -415,000 -160,000 -340,000 -56,000 -465,000   -138,000 -331,000  
      collaboration revenues
    		     7,891,750 2,676,000 9,361,000 19,530,000 5,331,000 5,352,000 11,397,000 4,896,000 3,185,000 3,040,000 4,378,000 3,860,000 3,771,000 4,333,000 1,785,000 1,808,000 3,848,000 3,842,000 1,571,000 1,129,000 5,281,000 614,000 1,522,000 
      comprehensives loss:
    		                            
      interest income
    		       7,774,000 5,624,000 6,276,000 3,985,000 812,000 2,929,000 2,639,000 1,991,000 908,000 218,000 59,000 24,000 23,000 15,000        
      ​
    		                            
      other expense
    		                            
      net loss attributable to ordinary shareholders
    		                     -17,433,000 -10,138,000 -12,115,000 -11,324,000 -4,406,000 -9,482,000 -10,217,000 
      other income
    		                            
      total other expense
    		                            
      provision for (benefit from) income taxes
    		                           135,000 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 
                                  
        assets
      		                            
        current assets:
      		                            
        cash and cash equivalents
      		559,474,000 628,110,000 648,325,000 721,451,000 792,973,000 879,520,000 890,862,000 961,364,000 456,997,000 526,423,000 572,086,000 340,433,000 293,815,000 339,154,000 361,469,000 372,769,000 407,371,000            
        prepaid expenses and other current assets
      		18,744,000 19,181,000 23,231,000 22,058,000 16,739,000 13,432,000 17,350,000 20,216,000 19,903,000 11,406,000 13,673,000 10,023,000 10,926,000 9,022,000 8,448,000 9,454,000 9,067,000 7,965,000 5,644,000 4,792,000 5,962,000 5,100,000 5,518,000 4,318,000 4,248,000 4,884,000 3,536,000 2,021,000 
        research and development incentives receivable
      		40,917,000 35,594,000 67,263,000 60,753,000 46,238,000 35,653,000 57,982,000 46,443,000 39,062,000 24,039,000 17,277,000 12,884,000 26,512,000 19,162,000 11,368,000 16,270,000 13,328,000 10,910,000 7,704,000 14,258,000 11,530,000 9,177,000 5,970,000 10,814,000 8,503,000 6,944,000 10,714,000 9,735,000 
        total current assets
      		619,135,000 682,885,000 738,819,000 804,262,000 856,086,000 928,605,000 966,194,000 1,028,256,000 515,962,000 561,868,000 603,036,000 408,430,000 381,253,000 369,383,000 381,285,000 408,493,000 429,766,000 458,555,000 272,872,000 217,788,000 215,393,000 155,723,000 164,158,000 112,531,000 123,390,000 104,146,000 110,250,000 120,452,000 
        property and equipment
      		5,734,000 6,021,000 6,861,000 8,307,000 8,736,000 9,516,000 11,520,000 11,587,000 12,788,000 14,515,000 15,599,000 17,572,000 18,261,000 19,110,000 16,220,000 16,815,000 8,849,000 3,123,000 2,437,000 2,353,000 2,550,000 2,317,000 2,039,000 2,173,000 2,203,000 2,292,000 2,152,000 2,002,000 
        operating lease right-of-use assets
      		14,535,000 15,886,000 4,562,000 5,806,000 6,712,000 7,673,000 9,092,000 10,933,000 12,025,000 13,169,000 14,597,000 16,022,000 18,721,000 13,658,000 13,484,000 15,076,000 16,750,000 14,666,000 3,246,000 3,528,000 3,721,000 1,290,000 1,459,000 1,627,000    2,386,000 
        other assets
      		12,992,000 12,805,000 13,712,000 13,809,000 12,360,000 11,074,000 9,940,000 6,579,000 6,368,000 5,792,000 5,451,000 12,146,000 10,566,000 8,458,000 6,159,000 5,098,000 4,198,000 3,448,000 2,778,000 2,379,000 2,178,000 1,822,000 2,403,000 2,271,000 1,874,000 1,700,000 1,481,000 1,406,000 
        total assets
      		652,396,000 717,597,000 763,954,000 832,184,000 883,894,000 956,868,000 996,746,000 1,057,355,000 547,143,000 595,344,000 638,683,000 454,170,000 428,801,000 410,609,000 417,148,000 445,482,000 459,563,000 479,792,000 281,333,000 226,048,000 223,842,000 161,152,000 170,059,000 118,602,000 129,282,000 110,194,000 116,060,000 126,246,000 
        liabilities and shareholders’ equity
      		                            
        current liabilities:
      		                            
        accounts payable
      		5,970,000 9,669,000 12,653,000 18,263,000 11,107,000 15,793,000 5,714,000 7,453,000 7,061,000 13,050,000 8,493,000 5,250,000 2,813,000 6,472,000 7,057,000 4,859,000 3,999,000 2,721,000 1,761,000 3,471,000 996,000 1,365,000 2,056,000 3,338,000 4,434,000 1,949,000 1,992,000 2,569,000 
        accrued expenses and other current liabilities
      		40,124,000 44,354,000 44,368,000 44,538,000 33,992,000 41,246,000 39,313,000 28,135,000 26,029,000 31,509,000 34,053,000 37,262,000 25,212,000 26,452,000 18,091,000 16,952,000 12,265,000 14,244,000 10,953,000 11,063,000 9,716,000 11,629,000 7,798,000 8,221,000 5,716,000 6,144,000 6,035,000 5,859,000 
        deferred revenue, current portion
      		2,795,000 2,961,000 12,261,000 14,621,000 12,524,000 10,191,000 11,378,000 11,619,000 16,420,000 24,978,000 27,190,000 29,754,000 24,970,000 20,418,000 16,404,000 19,530,000 19,150,000 19,273,000 17,463,000 8,739,000 10,094,000 10,135,000 7,193,000 5,419,000 6,047,000 728,000 808,000 1,012,000 
        total current liabilities
      		48,889,000 56,984,000 69,282,000 77,422,000 57,623,000 67,230,000 56,405,000 69,611,000 49,510,000 69,537,000 69,736,000 72,266,000 52,995,000 53,342,000 41,552,000 41,341,000 35,414,000 36,238,000 30,177,000 23,273,000 20,806,000 23,129,000 17,047,000 16,978,000 16,197,000 8,821,000 8,835,000 9,440,000 
        operating lease liabilities, net of current portion
      		13,874,000 14,096,000 981,000 1,765,000 2,609,000 3,990,000 5,533,000 6,730,000 8,048,000 9,382,000 10,423,000 11,881,000 14,394,000 10,885,000 10,997,000 12,496,000 14,093,000 12,081,000 2,495,000 2,801,000 3,025,000        
        deferred revenue, net of current portion
      		34,340,000 35,508,000 74,119,000 82,943,000 82,213,000 91,467,000 97,813,000 93,994,000 98,127,000 110,216,000 107,582,000 115,083,000 83,751,000 41,455,000 41,736,000 46,849,000 46,428,000 52,067,000 45,044,000 25,335,000 25,616,000 25,021,000 26,082,000 27,663,000 28,206,000 4,929,000 9,055,000 9,358,000 
        other long‑term liabilities
      		973,000 1,032,000 1,093,000 1,139,000 1,116,000 1,121,000 5,963,000 4,702,000 4,608,000 4,579,000 4,316,000 4,330,000 4,081,000 3,829,000 3,157,000 3,260,000 3,362,000 3,279,000 3,041,000 2,961,000 2,806,000 2,611,000 2,307,000 2,085,000 2,010,000 1,995,000 1,429,000  
        total liabilities
      		98,076,000 107,620,000 145,475,000 163,269,000 143,561,000 163,808,000 165,714,000 183,542,000 191,095,000 224,412,000 222,661,000 234,073,000 185,638,000 139,826,000 127,674,000 134,090,000 129,305,000 133,538,000 110,510,000 83,998,000 81,751,000 65,692,000 60,508,000 47,576,000 47,469,000 16,996,000 20,735,000 21,687,000 
        commitments and contingencies
      		                            
        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
      		899,000                            
        additional paid-in capital
      		1,519,276,000 1,512,339,000 1,500,653,000 1,491,882,000 1,482,447,000 1,472,842,000 1,462,264,000 1,452,151,000 894,596,000 883,446,000 875,248,000 633,341,000 612,863,000 601,105,000 589,679,000 584,152,000 578,284,000 567,637,000 374,029,000 330,911,000 312,793,000 249,947,000 246,391,000 198,507,000    193,178,000 
        accumulated other comprehensive loss
      		-5,279,000      -3,185,000 -1,092,000 -778,000      528,000 -374,000 -2,468,000 -3,388,000 -3,193,000 -3,506,000 -3,251,000 -3,193,000 -2,977,000 -3,720,000 -3,719,000 -1,535,000 -2,607,000  
        accumulated deficit
      		-960,576,000 -899,751,000 -879,597,000 -820,497,000 -741,545,000 -680,791,000 -628,937,000 -578,135,000 -538,323,000 -511,760,000 -462,661,000 -412,763,000 -370,160,000 -331,096,000 -301,118,000 -272,771,000 -245,943,000 -218,379,000 -200,342,000 -185,664,000 -167,751,000 -151,560,000 -134,127,000 -123,989,000 -111,874,000 -100,550,000 -96,144,000  
        total shareholders’ equity
      		554,320,000 609,977,000 618,479,000 668,915,000 740,333,000 793,060,000 831,032,000 873,813,000 356,048,000 370,932,000 416,022,000 220,097,000 243,163,000 270,783,000 289,474,000 311,392,000 330,258,000 346,254,000 170,823,000 142,050,000 142,091,000 95,460,000 109,551,000 71,026,000 81,813,000 93,198,000 95,325,000 104,559,000 
        total liabilities and shareholders’ equity
      		652,396,000 717,597,000 763,954,000 832,184,000 883,894,000 956,868,000 996,746,000 1,057,355,000 547,143,000 595,344,000 638,683,000 454,170,000 428,801,000 410,609,000 417,148,000 445,482,000 459,563,000 479,792,000 281,333,000 226,048,000 223,842,000 161,152,000 170,059,000 118,602,000 129,282,000    
        ordinary shares, including non-voting ordinary shares, £0.01 nominal value; 159,685,229 and 155,876,645 shares authorized at december 31, 2025 and december 31, 2024, respectively; 69,367,896 and 69,061,418 shares issued and outstanding at december 31, 2025 and december 31, 2024, respectively
      		 894,000                           
        accumulated other comprehensive income
      		 -3,505,000 -3,471,000 -3,363,000 -1,461,000 119,000    -1,304,000 2,885,000 -877,000 71,000 387,000               
        ordinary shares, including non-voting ordinary shares, £0.01 nominal value; 159,690,229 and 155,876,645 shares authorized on september 30, 2025 and december 31, 2024, respectively; 69,306,511 and 69,061,418 shares issued and outstanding at september 30, 2025 and december 31, 2024, respectively
      		  894,000                          
        ordinary shares, including non-voting ordinary shares, £0.01 nominal value; 159,802,729 and 155,876,645 shares authorized on june 30, 2025 and december 31, 2024, respectively; 69,253,944 and 69,061,418 shares issued and outstanding at june 30, 2025 and december 31, 2024, respectively
      		   893,000                         
        accounts receivable
      		    136,000   233,000    45,090,000 50,000,000 2,045,000  10,000,000  1,000,000   2,000,000 5,456,000 2,828,000 489,000 1,002,000 201,000 46,000 160,000 
        ordinary shares, including non-voting ordinary shares, £0.01 nominal value; 158,505,729 and 155,876,645 shares authorized on march 31, 2025 and december 31, 2024, respectively; 69,202,355 and 69,061,418 shares issued and outstanding at march 31, 2025 and december 31, 2024, respectively
      		    892,000                        
        long-term debt
      		        30,802,000 30,698,000 30,604,000 30,513,000 30,417,000 30,315,000 30,232,000 30,144,000 30,008,000 29,873,000 29,753,000 29,628,000 29,498,000 14,505,000 14,427,000      
        ordinary shares, including non-voting ordinary shares, £0.01 nominal value; 155,876,645 and 59,612,613 shares authorized at december 31, 2024 and december 31, 2023, respectively; 69,061,418 and 42,431,766 shares issued and outstanding at december 31, 2024 and december 31, 2023, respectively
      		     890,000                       
        ordinary shares, including non-voting ordinary shares, £0.01 nominal value; 155,878,645 and 59,612,613 shares authorized on september 30, 2024 and december 31, 2023, respectively; 69,015,971 and 42,431,766 shares issued and outstanding at september 30, 2024 and december 31, 2023, respectively
      		      890,000                      
        debt, current portion
      		       22,404,000                     
        debt, net of discount and current portion
      		       8,505,000                     
        ordinary shares, including non-voting ordinary shares, £0.01 nominal value; 154,385,145 and 59,612,613 shares authorized on june 30, 2024 and december 31, 2023, respectively; 68,941,242 and 42,431,766 shares issued and outstanding at june 30, 2024 and december 31, 2023, respectively
      		       889,000                     
        ordinary shares, including non-voting ordinary shares, £0.01 nominal value; 61,876,165 and 59,612,613 shares authorized on march 31, 2024 and december 31, 2023, respectively; 42,632,597 and 42,431,766 shares issued and outstanding at march 31, 2024 and december 31, 2023, respectively
      		        553,000                    
        ordinary shares, including non-voting ordinary shares, £0.01 nominal value; 59,612,613 and 57,820,181 shares authorized at december 31, 2023 and december 31, 2022, respectively; 42,431,766 and 29,873,893 shares issued and outstanding at december 31, 2023 and december 31, 2022, respectively
      		         550,000                   
        ordinary shares, including non-voting ordinary shares, £0.01 nominal value; 59,612,613 and 57,820,181 shares authorized at september 30, 2023 and december 31, 2022, respectively; 42,384,799 and 29,873,893 shares issued and outstanding at september 30, 2023 and december 31, 2022, respectively
      		          550,000                  
        ordinary shares, £0.01 nominal value; 59,612,613 and 57,820,181 shares authorized at june 30, 2023 and december 31, 2022, respectively; 30,585,940 and 29,873,893 shares issued and outstanding at june 30, 2023 and december 31, 2022, respectively
      		           396,000                 
        ordinary shares, £0.01 nominal value; 59,612,613 and 57,820,181 shares authorized at march 31, 2023 and december 31, 2022, respectively; 30,031,758 and 29,873,893 shares issued and outstanding at march 31, 2023 and december 31, 2022, respectively
      		            389,000                
        ordinary shares, £0.01 nominal value; 57,820,181 and 55,295,420 shares authorized at december 31, 2022 and december 31, 2021, respectively; 29,873,893 and 29,579,364 shares issued and outstanding at december 31, 2022 and december 31, 2021, respectively
      		             387,000               
        ordinary shares, £0.01 nominal value; 57,820,181 and 55,295,420 shares authorized at september 30, 2022 and december 31, 2021, respectively; 29,678,431 and 29,579,364 shares issued and outstanding at september 30, 2022 and december 31, 2021, respectively
      		              385,000              
        ordinary shares, £0.01 nominal value; 57,820,181 and 55,295,420 shares authorized at june 30, 2022 and december 31, 2021, respectively; 29,666,317 and 29,579,364 shares issued and outstanding at june 30, 2022 and december 31, 2021, respectively
      		               385,000             
        ordinary shares, £0.01 nominal value; 57,070,181 and 55,295,420 shares authorized at march 31, 2022 and december 31, 2021, respectively; 29,644,438 and 29,579,364 shares issued and outstanding at march 31, 2022 and december 31, 2021, respectively
      		                385,000            
        cash
      		                 438,680,000 259,524,000 198,738,000 195,901,000 135,990,000 149,842,000 96,910,000 109,637,000 92,117,000 95,954,000 108,536,000 
        ordinary shares, £0.01 nominal value; 55,295,420 and 31,995,653 shares authorized at december 31, 2021 and december 31, 2020, respectively; 29,579,364 and 21,094,557 shares issued and outstanding at december 31, 2021 and december 31, 2020, respectively
      		                 384,000           
        ordinary shares, £0.01 nominal value; 55,295,420 and 31,995,653 shares authorized at september 30, 2021 and december 31, 2020, respectively; 25,595,326 and 21,094,557 shares issued and outstanding at september 30, 2021 and december 31, 2020, respectively
      		                  329,000          
        ordinary shares, £0.01 nominal value; 55,295,420 and 31,995,653 shares authorized at june 30, 2021 and december 31, 2020, respectively; 24,124,552 and 21,094,557 shares issued and outstanding at june 30, 2021 and december 31, 2020, respectively
      		                   309,000         
        ordinary shares, £0.01 nominal value; 31,995,653 shares authorized at march 31, 2021 and december 31, 2020; 23,516,587 and 21,094,557 shares issued and outstanding at march 31, 2021 and december 31, 2020, respectively
      		                    300,000        
        operating lease liabilities
      		                     426,000 645,000 850,000 1,056,000 1,251,000 1,416,000 1,628,000 
        ordinary shares, £0.01 nominal value; 31,995,653 shares authorized at december 31, 2020 and december 31, 2019; 21,094,557 and 17,993,701 shares issued and outstanding at december 31, 2020 and december 31, 2019, respectively
      		                     266,000       
        ordinary shares, £0.01 nominal value; 31,995,653 shares authorized at september 30, 2020 and december 31, 2019; 20,935,853 and 17,993,701 shares issued and outstanding at september 30, 2020 and december 31, 2019, respectively
      		                      264,000      
        ordinary shares, £0.01 nominal value; 31,995,653 shares authorized at june 30, 2020 and december 31, 2019; 18,091,657 and 17,993,701 shares issued and outstanding at june 30, 2020 and december 31, 2019, respectively
      		                       228,000     
        operating lease right‑of‑use assets
      		                        1,815,000 2,056,000 2,177,000  
        ordinary shares, £0.01 nominal value; 31,995,653 shares authorized at march 31, 2020 and december 31, 2019; 18,016,207 and 17,993,701 shares issued and outstanding at march 31, 2020 and december 31, 2019, respectively
      		                        227,000    
        additional paid‑in capital
      		                        197,179,000 195,056,000 193,850,000  
        liabilities, convertible preferred shares and shareholders’ equity
      		                            
        warrant liability
      		                            
        series a convertible preferred shares, £0.01 nominal value; no shares and 3,000,001 shares authorized at december 31, 2019 and december 31, 2018, respectively; no shares and 2,800,001 shares issued and outstanding at december 31, 2019 and december 31, 2018, respectively
      		                            
        series b1 convertible preferred shares, £0.01 nominal value: no shares and 4,690,485 shares authorized at december 31, 2019 and december 31, 2018, respectively; no shares and 3,947,198 shares issued and outstanding at december 31, 2019 and december 31, 2018, respectively
      		                            
        series b2 convertible preferred shares, £0.01 nominal value: no shares and 1,403,633 shares authorized at december 31, 2019 and december 31, 2018, respectively; no shares and 1,323,248 shares issued and outstanding at december 31, 2019 and december 31, 2018, respectively
      		                            
        shareholders’ equity
      		                            
        ordinary shares, £0.01 nominal value; 31,995,653 and 15,452,420 shares authorized at december 31, 2019 and december 31, 2018, respectively; 17,993,701 shares issued and outstanding at december 31, 2019; 898,675 shares issued and 814,728 shares outstanding at december 31, 2018
      		                         227,000   
        total liabilities, convertible preferred shares and shareholders’ equity
      		                         110,194,000 116,060,000 126,246,000 
        series a convertible preferred shares, £0.01 nominal value; no shares and 3,000,001 shares authorized at september 30, 2019 and december 31, 2018, respectively; no shares and 2,800,001 shares issued and outstanding at september 30, 2019 and december 31, 2018, respectively
      		                            
        series b1 convertible preferred shares, £0.01 nominal value: no shares and 4,690,485 shares authorized at september 30, 2019 and december 31, 2018, respectively; no shares and 3,947,198 shares issued and outstanding at september 30, 2019 and december 31, 2018, respectively
      		                            
        series b2 convertible preferred shares, £0.01 nominal value: no shares and 1,403,633 shares authorized at september 30, 2019 and december 31, 2018, respectively; no shares and 1,323,248 shares issued and outstanding at september 30, 2019 and december 31, 2018, respectively
      		                            
        ordinary shares, £0.01 nominal value; 31,995,653 and 15,452,420 shares authorized at september 30, 2019 and december 31, 2018, respectively; 17,902,869 shares issued and outstanding at september 30, 2019; 898,678 shares issued and 814,728 shares outstanding at december 31, 2018
      		                          226,000  
        other long-term liabilities
      		                           1,261,000 
        series a convertible preferred shares, £0.01 nominal value; no shares and 3,000,001 shares authorized at june 30, 2019 and december 31, 2018, respectively; no shares and 2,800,001 shares issued and outstanding at june 30, 2019 and december 31, 2018, respectively
      		                            
        series b1 convertible preferred shares, £0.01 nominal value: no shares and 4,690,485 shares authorized at june 30, 2019 and december 31, 2018, respectively; no shares and 3,947,198 shares issued and outstanding at june 30, 2019 and december 31, 2018, respectively
      		                            
        series b2 convertible preferred shares, £0.01 nominal value: no shares and 1,403,633 shares authorized at june 30, 2019 and december 31, 2018, respectively; no shares and 1,323,248 shares issued and outstanding at june 30, 2019 and december 31, 2018, respectively
      		                            
        ordinary shares, £0.01 nominal value; 31,995,653 and 15,452,420 shares authorized at june 30, 2019 and december 31, 2018, respectively; 17,900,731 shares issued and outstanding at june 30, 2019; 898,678 shares issued and 814,728 shares outstanding at december 31, 2018 , respectively
      		                           226,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 
                                  
          cash flows from operating activities:
        		                          
          net loss
        		-60,825,000 -20,154,000 -59,100,000 -78,952,000 -60,754,000 -51,854,000 -50,802,000 -39,812,000 -26,563,000 -49,099,000 -49,898,000 -42,603,000 -39,064,000 -29,978,000 -54,392,000 -27,564,000 -18,037,000 -14,678,000 -17,913,000 -16,191,000 -17,433,000 -10,139,000 -12,114,000 -11,324,000 -4,406,000 -9,482,000 
          adjustments to reconcile net loss to net cash from operating activities:
        		                          
          share-based compensation expense
        		6,930,000 11,653,000 8,771,000 9,435,000 9,605,000 10,333,000 9,202,000 9,264,000 9,282,000 7,812,000 7,430,000 8,193,000 9,042,000 5,540,000 15,871,000 10,198,000 2,999,000 2,688,000 2,575,000 3,821,000 1,564,000 1,510,000 1,319,000 2,121,000 1,083,000 819,000 
          depreciation and amortization
        		1,129,000 1,336,000 1,756,000 1,696,000 1,634,000 1,704,000 2,172,000 1,640,000 1,658,000 1,654,000 1,690,000 1,645,000 1,557,000 1,386,000 1,039,000 422,000 407,000 337,000 340,000 325,000 333,000 329,000 310,000 305,000 274,000 243,000 
          deferred income tax benefit
        		-241,000  -46,000 -331,000 -1,316,000   -110,000 -767,000   -1,577,000 -2,106,000              
          changes in operating assets and liabilities:
        		                          
          accounts receivable
        		    -133,000     0 -49,876,000 49,839,000 2,519,000 -1,989,000 -9,346,000 991,000 -1,001,000 0 2,024,000 3,520,000 536,000 -2,353,000 514,000 -846,000 -155,000 109,000 
          research and development incentives receivable
        		-6,040,000 31,287,000 -7,614,000 -11,503,000 -9,278,000 19,160,000 -8,532,000 -7,307,000 -15,268,000 -5,876,000 -5,007,000 14,029,000 -6,830,000 -6,643,000 -6,850,000 -2,774,000 -3,184,000 6,300,000 -2,705,000 -2,277,000 -2,723,000 5,383,000 -2,349,000 -2,097,000 4,430,000  
          prepaid expenses and other assets
        		191,000 4,130,000 -1,375,000 -5,603,000 -2,968,000 3,200,000 3,539,000 -393,000 -8,390,000 2,543,000 -3,977,000 1,097,000 -1,735,000              
          operating lease right‑of‑use assets
        		1,111,000 1,190,000 1,172,000 1,146,000 1,089,000 1,076,000 1,139,000 1,102,000 1,085,000 1,070,000 1,062,000 1,045,000 1,009,000 683,000 1,343,000 650,000 2,428,000 205,000 205,000 -2,434,000 201,000 196,000 187,000 187,000 184,000  
          accounts payable
        		-3,838,000 -2,881,000 -5,070,000 6,099,000 -5,019,000 10,688,000 -1,239,000 -431,000 -5,923,000 4,167,000 3,814,000 2,022,000 -2,001,000 -2,370,000 1,341,000 -255,000 926,000 -1,955,000 2,529,000 -304,000 -856,000 -1,132,000 -1,377,000 2,702,000 -296,000 -14,000 
          accrued expenses and other current liabilities
        		-2,353,000 2,000,000 1,121,000 9,180,000 -8,208,000 3,746,000 9,578,000 1,786,000 -5,412,000 -3,686,000 -2,332,000 11,546,000 -3,130,000 6,867,000 3,209,000 -2,337,000 1,706,000 82,000 1,255,000 -1,858,000 3,802,000 -1,020,000 2,514,000 -464,000 -241,000  
          operating lease liabilities
        		-1,283,000 -1,410,000 -1,390,000 -1,361,000 -1,295,000 -1,262,000 -1,244,000 -1,203,000 -1,179,000 -1,126,000 -1,116,000 -833,000 -1,034,000 -668,000 -789,000 -105,000 -2,705,000 -173,000 -170,000 2,466,000       
          deferred revenue
        		-706,000 -47,340,000 -9,398,000 -2,725,000 -9,727,000 -677,000 -2,604,000 -9,116,000 -19,555,000 -5,287,000 89,692,000 -10,554,000 -4,900,000 -1,166,000 2,072,000 -3,850,000 8,644,000 30,022,000 -1,785,000 236,000 -3,160,000 -1,231,000 -1,090,000 30,103,000 -4,793,000  
          net cash from operating activities
        		-65,925,000 -19,346,000 -71,173,000 -72,786,000 -86,370,000 -9,396,000 -39,832,000 -44,627,000 -70,869,000 -47,288,000 -1,025,000 34,096,000 -46,411,000 -30,309,000 -49,931,000 -26,400,000 -10,435,000 21,718,000 -12,370,000 -13,707,000 -16,617,000 -9,985,000 -12,349,000 21,162,000 -4,919,000  
          capital expenditures
        		-490,000 -574,000 -882,000 -498,000  -381,000 -452,000 -420,000 14,000 -106,000 -790,000 59,000 -3,836,000 -202,000 -13,346,000 -3,126,000 -1,041,000 93,000 -211,000 -547,000 -415,000 -67,000 -360,000 -249,000 -391,000  
          free cash flows
        		-66,415,000 -19,920,000 -72,055,000 -73,284,000  -9,777,000 -40,284,000 -45,047,000 -70,855,000 -47,394,000 -1,815,000 34,155,000 -50,247,000 -30,511,000 -63,277,000 -29,526,000 -11,476,000 21,811,000 -12,581,000 -14,254,000 -17,032,000 -10,052,000 -12,709,000 20,913,000 -5,310,000  
          cash flows from investing activities:
        		                          
          purchases of property and equipment
        		-713,000 -574,000 -674,000 -498,000 -604,000 -368,000 -435,000 -420,000 -12,000 -51,000 -502,000 -277,000 -2,099,000 -1,448,000 -14,555,000 -4,756,000 -1,067,000 -169,000 -171,000 -623,000 -484,000 -95,000 -301,000 -320,000 -391,000  
          net cash from investing activities
        		-713,000 -574,000 -674,000 -498,000 -604,000 -368,000 -435,000 -420,000 -12,000 -51,000 -502,000 -277,000 -2,099,000 -1,448,000 -14,555,000 -4,756,000 -1,067,000 -169,000 -171,000 -623,000 -484,000 -95,000 -301,000 -320,000 -391,000  
          cash flows from financing activities:
        		                          
          proceeds from the exercise of share options and settlement of restricted share units
        		12,000 33,000 1,000 1,000 2,000 245,000 912,000                    
          payments of finance lease obligations
        		-66,000  -31,000 -46,000 -43,000                      
          net cash from financing activities
        		-54,000 -15,000 -30,000 -45,000 -41,000 203,000 -31,930,000 549,606,000 1,871,000 386,000 234,631,000 12,292,000 2,718,000 5,888,000 645,000 450,000 190,664,000 40,450,000 15,552,000 74,059,000 1,744,000 61,087,000 10,000 2,000 122,000  
          effect of exchange rate changes on cash, cash equivalents and restricted cash
        		-1,944,000 -222,000 -1,249,000 1,807,000 468,000 -1,781,000 1,695,000 -192,000 -416,000 1,289,000                 
          net decrease in cash, cash equivalents and restricted cash
        		-68,636,000    -86,547,000    -69,426,000                  
          cash, cash equivalents and restricted cash at beginning of period
        		628,715,000 0 0 0 880,067,000 0 0 0 526,970,000 0                 
          cash, cash equivalents and restricted cash at end of period
        		560,079,000 -20,157,000 -73,126,000 -71,522,000 793,520,000 -11,342,000 -70,502,000 504,367,000 457,544,000 -45,664,000                 
          reconciliation of cash, cash equivalents and restricted cash
        		                          
          cash and cash equivalents
        		559,474,000 -20,215,000 -73,126,000 -71,522,000 792,973,000 -11,342,000 -70,502,000 504,367,000 456,997,000 -45,663,000                 
          restricted cash in prepaid expenses and other current assets
        		547,000                          
          restricted cash in other assets
        		58,000                          
          total cash, cash equivalents and restricted cash
        		560,079,000 -20,157,000 -73,126,000 -71,522,000 793,520,000 -11,342,000 -70,502,000 504,367,000 457,544,000 -45,664,000                 
          supplemental disclosure of cash flow information
        		                          
          cash paid for interest on finance lease obligations
        		26,000 20,000 14,000 22,000 22,000                      
          cash paid for amounts included in the measurement of operating lease liabilities
        		1,525,000 1,496,000 1,505,000 1,502,000 1,454,000 1,452,000 1,459,000 1,439,000 1,435,000 1,407,000 1,417,000 1,420,000 1,351,000 909,000 1,336,000 375,000 235,000 476,000 1,000 199,000 138,000 417,000   444,000 0 
          changes in purchases of property and equipment in accounts payable and accrued expenses
        		223,000  -208,000   -13,000 -17,000 0 26,000 -55,000 -288,000 336,000 -1,737,000              
          non-cash interest
        		     0 0 107,000 104,000 94,000 91,000 96,000 102,000 83,000 271,000 135,000 121,000 124,000 130,000 93,000       
          loss on extinguishment of debt
        		     0                     
          gain on extinguishment of research and development funding liability
        		                          
          deferred income tax provision
        		     -1,034,000    -282,000                 
          other non-cash charges
        		     0                     
          other long-term liabilities
        		     0 52,000 78,000 59,000 67,000 131,000 151,000 160,000 165,000 334,000 178,000 229,000 164,000 146,000 171,000 148,000 136,000 81,000 152,000 450,000 210,000 
          cash from investing activities:
        		                          
          repayment of debt
        		                          
          proceeds from the issuance of adss and non-voting ordinary shares, net of issuance costs
        		     0 -979,000   10,000                 
          principal payments on finance lease obligations
        		                          
          net increase in cash, cash equivalents and restricted cash
        		 -20,157,000 -73,126,000   -11,342,000 -70,502,000   -45,664,000                 
          restricted cash included in prepaid expenses and other current assets
        		                          
          restricted cash included in other assets
        		    547,000 0 0 0 547,000 -1,000                 
          cash paid for interest on debt
        		                          
          cash (received from) paid for income taxes
        		 171,000 233,000                        
          non-cash impact to operating lease right-of-use assets and operating lease liabilities
        		                          
          property and equipment obtained under finance leases
        		     0                     
          payments on debt
        		                          
          restricted cash in prepaid expenses and other current assets, and other assets, respectively
        		  0                        
          equity issuance costs included in accounts payable and accrued expenses
        		                          
          cash paid for income taxes
        		     0 0   -102,000 0   1,025,000 749,000 -35,000 -14,000 34,000   0 86,000 27,000 11,000 44,000 0 
          cash paid for interest
        		      227,000 460,000 686,000 694,000 694,000 686,000 679,000 694,000 1,390,000 664,000 762,000 679,000 645,000 429,000       
          advance billings on deferred revenue included in accounts receivable
        		           -5,000,000 50,000,000              
          non-cash impact to right-of-use assets and operating lease liabilities
        		                          
          proceeds from the issuance of adss, net of issuance costs
        		           12,127,000 2,716,000    188,389,000 29,843,000 13,977,000 58,775,000 1,771,000      
          proceeds from the exercise of share options and sale of ordinary shares
        		        1,871,000 376,000 139,000 165,000 2,000 185,000 645,000    1,575,000 284,000 173,000 87,000 9,000 2,000   
          issuance of ordinary shares pursuant to the ionis share purchase agreement
        		                0          
          proceeds from issuance of debt
        		                0 0 0 15,000,000 0      
          non-cash impact to right-of-use asset and operating lease liabilities
        		                          
          non-cash impact right-of-use asset and operating lease liabilities
        		          -106,000 -1,845,000 5,849,000 0 3,120,000 3,120,000           
          effect of exchange rate changes on cash and cash equivalents
        		           507,000 453,000 3,554,000 -2,070,000 -603,000           
          net increase in cash and cash equivalents
        		             -22,315,000 -65,911,000 -31,309,000           
          cash and cash equivalents at beginning of period
        		           0 339,154,000 0 438,680,000 438,680,000           
          cash and cash equivalents at end of period
        		           46,618,000 293,815,000 -22,315,000 372,769,000 407,371,000           
          net decrease in cash and cash equivalents
        		            -45,339,000              
          proceeds from the exercise of warrants
        		                    0 0   0 0 
          payments of debt issuance costs
        		                    -200,000      
          purchases of property and equipment included in accounts payable and accrued expenses
        		             1,246,000 1,209,000 1,630,000 26,000 262,000 -40,000 76,000 69,000 28,000 -59,000 71,000   
          prepaid expenses and other current assets
        		              -2,418,000 -1,341,000 -2,301,000 -997,000 1,200,000 -922,000 724,000 -1,040,000 -80,000 347,000 -1,085,000  
          other assets
        		              -1,616,000 -748,000 -667,000 -401,000 -201,000 -353,000 597,000 -427,000 -77,000 -215,000 -181,000  
          proceeds from the exercise of share options and ordinary shares
        		               450,000           
          change in fair value of warrant liability
        		                        0 0 
          proceeds from issuance of convertible preferred shares, net of issuance costs
        		                          
          cash at beginning of period
        		                0 0 0 135,990,000 0 0 0 92,117,000 0 0 
          conversion of convertible preferred shares to ordinary shares upon closing of the initial public offering
        		                        0 0 
          reclassification of warrant liability to additional paid-in capital
        		                        0 0 
          proceeds from the exercise of share options
        		                         0 
          effect of exchange rate changes on cash
        		                 -1,213,000 -174,000 182,000 1,505,000 1,925,000 -87,000 -3,324,000 1,351,000  
          net increase in cash
        		                 60,786,000 2,837,000 59,911,000 -13,852,000 52,932,000 -12,727,000 17,520,000 -3,837,000  
          cash at end of period
        		                 60,786,000 2,837,000 195,901,000 -13,852,000 52,932,000 -12,727,000 109,637,000 -3,837,000 -12,582,000 
          public offering costs accrued but not paid
        		                     -224,000     
          debt issuance costs accrued but not paid
        		                          
          proceeds from issuance of series b2 convertible preferred shares, net of issuance costs
        		                        0 0 
          series b2 convertible preferred financing costs accrued but not paid
        		                          
          lease liabilities
        		                     -197,000 -187,000 191,000 -183,000  
          proceeds from the issuance of adss in initial public offering, net of issuance costs
        		                          
          payments of initial public offering costs
        		                          
          deferred initial public offering costs accrued but not paid
        		                          
          non-cash research and development expense
        		                          
          proceeds from issuance of series b1 convertible preferred shares, net of issuance costs
        		                          
          proceeds from issuance of adss in initial public offering, net of issuance costs
        		                        0 -811,000 
          operating lease right-of-use assets
        		                          
          cash used in investing activities:
        		                          
          net cash provided by financing activities
        		                          
          net increase (decrease) in cash
        		                          
          initial public offering costs accrued but not paid