Bicycle Therapeutics Reports First Quarter 2021 Financial Results and Provides Corporate Update - BT7480, the lead Bicycle tumor-targeted immune cell agonist, presented at AACR Annual Meeting 2021 "New Drugs on the Horiz

Bicycle Therapeutics Reports First Quarter 2021

Financial Results and Provides Corporate Update

CAMBRIDGE, England, & BOSTON,

May 6, 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 first quarter ended March 31, 2021 and discussed recent corporate updates.

"We've had a great start to 2021, as we advance multiple

Bicycle Toxin Conjugates (BTCs) in the clinic, prepare for BT7480, our lead tumor-targeted immune cell agonist, to enter the

clinic later this year and continue to expand the use of our platform outside of oncology, while also significantly strengthening our

balance sheet," said Kevin Lee, Ph.D., Chief Executive Officer of Bicycle Therapeutics. "We plan to build on this momentum

during the year, and our presentation of preclinical data at AACR serves to highlight the potential therapeutic benefits that Bicycles

may offer toward improving the treatment paradigms for people living with cancer and other serious diseases."

First Quarter 2021 and Recent Highlights

About Bicycle Therapeutics

Bicycle Therapeutics (NASDAQ: BCYC) is a clinical-stage biopharmaceutical

company developing a novel class of medicines, referred to as Bicycles , for diseases that are underserved

by existing therapeutics. Bicycles are fully synthetic short peptides constrained with small molecule scaffolds to form

two loops that stabilize their structural geometry. This constraint facilitates target binding with high affinity and selectivity, making Bicycles attractive

candidates for drug development. Bicycle is evaluating BT5528, a second-generation Bicycle Toxin Conjugate (BTC) targeting EphA2,

and BT8009, a second-generation BTC targeting Nectin-4, a well-validated tumor antigen, in company-sponsored Phase I/II trials. In addition,

BT1718, a BTC that targets MT1-MMP, is being investigated in an ongoing Phase I/IIa clinical trial sponsored by the Centre for Drug

Development of Cancer Research UK. Bicycle is headquartered in Cambridge, UK with many key functions and members of its leadership

team located in Lexington, MA. For more information, visit bicycletherapeutics.com.

Forward Looking Statements

This press release may contain forward-looking statements made

pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified

by words such as "aims," "anticipates," "believes," "could,"

"estimates," "expects," "forecasts," "goal," "intends,"

"may," "plans," "possible," "potential," "seeks," "will" and

variations of these words or similar expressions that are intended to identify forward-looking statements, although not all

forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to,

statements regarding Bicycle's anticipated advancement and expansion of its pre-clinical and clinical pipelines;

Bicycle's collaboration partners' pre-clinical development efforts; Bicycle's expected cash runway; the expected

initiation of Bicycle's clinical trial of BT7480; the therapeutic potential of Bicycle's product candidates; and the

potential extension of the interest-only period under Bicycle's debt facility. Bicycle may not actually achieve the plans,

intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these

forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed

in these forward-looking statements as a result of various factors, including: risks to site initiation, clinical trial

commencement, patient enrollment and follow-up, as well as to Bicycle's and its collaboration partners' abilities to

meet other anticipated deadlines and milestones, presented by the ongoing COVID-19 pandemic; uncertainties inherent in the

initiation and completion of preclinical studies and clinical trials and clinical development of Bicycle's product candidates

by Bicycle or its collaboration partners; the risk that Bicycle may not realize the intended benefits of its technology;

availability and timing of results from preclinical studies and clinical trials; whether the outcomes of preclinical studies will be

predictive of clinical trial results; whether initial or interim results from a clinical trial will be predictive of the final

results of the trial or the results of future trials; the risk that trials and studies may be delayed and may not have satisfactory

outcomes; potential adverse effects arising from the testing or use of Bicycle's product candidates; risks related to

Bicycle's ability to maintain existing collaborations and realize the benefits thereof; expectations for regulatory approvals

to conduct trials or to market products; risks related to Bicycle's ability to achieve performance milestones applicable to

its debt facility; and other important factors, any of which could cause our actual results to differ from those contained in the

forward-looking statements, are described in greater detail in the section entitled "Risk Factors" in our in our Annual

Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 11, 2021, as well as in other filings Bicycle

may make with the SEC in the future. Any forward-looking statements contained in this press release speak only as of the date

hereof, and Bicycle expressly disclaims any obligation to update any forward-looking statements contained herein, whether because of

any new information, future events, changed circumstances or otherwise, except as otherwise required by law.

Bicycle Therapeutics plc

Condensed Consolidated Statements

of Operations and Comprehensive Loss

(In thousands, except share

VP, Capital Markets & Investor Relations

Consilium Strategic Communications

Sukaina Virji or Mary-Jane Elliott