Bicycle Therapeutics Reports First Quarter 2023 Financial Results and Provides Corporate Update - Continued progress across pipeline, including encouraging BT8009 Phase I dose escalation results presented in Q1'23 - Ente

Bicycle Therapeutics Reports First Quarter 2023

Financial Results and Provides Corporate Update

progress across pipeline, including encouraging BT8009 Phase I dose escalation results

into a strategic collaboration with Novartis and expanded separate collaboration with

the Division of Radiopharmaceutical Chemistry, German

Cancer Research Center to develop Bicycle Radio-Conjugates

position of $293.8 million at March 31, 2023 excludes $50 million upfront payment from

Novartis, and is expected to provide financial

CAMBRIDGE, England & BOSTON, May 4,

2023 - 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, 2023 and provided recent corporate updates.

"The beginning of 2023 has been impactful

for Bicycle and our platform," said Kevin Lee, Ph.D., Chief Executive Officer of Bicycle Therapeutics. "We reported encouraging

Phase I dose escalation results from BT8009 that showed anti-tumor activity in heavily pre-treated urothelial, lung and breast cancer

patients and a median duration of response estimated to be 14 months in the 5 mg/m2 cohort of patients with urothelial cancer.

We look forward to providing further updates on BT8009 as well as on our other clinical-stage programs later this year."

"In addition, we entered into multiple

research and development collaborations with organizations at the forefront of the development of radiopharmaceuticals to develop Bicycle

radio-conjugates (BRCs)," added Dr. Lee. "These collaborations provide further validation of our platform

and enable us to advance a broad pipeline of partnered and wholly owned BRCs. This represents the third pillar of our oncology strategy

beyond our Bicycle toxin conjugate (BTC ) and Bicycle tumor-targeted immune cell agonist (Bicycle TICA ) programs. We

are pleased with the progress we have made advancing our entire pipeline and expanding the potential applications of the Bicycle platform."

First Quarter 2023 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;

BT8009, a second-generation BTC targeting Nectin-4, a well-validated tumor antigen; and BT7480, a Bicycle TICA targeting Nectin-4

and agonizing CD137, 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 Cancer Research UK Centre for Drug Development. Bicycle is headquartered in Cambridge,

UK, with many key functions and members of its leadership team located in Cambridge, MA. For more information, visit bicycletherapeutics.com.

Forward Looking Statements

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 of its product candidates, including BT8009, BT5528 and BT7480; the anticipated dosing in and progression of Bicycle's

clinical trials; the availability of and timing of announcement of data from clinical trials and regulatory updates for clinical candidates;

statements regarding Bicycle's collaborations with Novartis, and DKFZ; the discovery, development and potential commercialization

of potential radiopharmaceutical or other product candidates using Bicycle's technology under the strategic collaboration agreements;

Bicycle's intent to commence initial testing of its wholly owned BRCs in patients by the end of 2024; the

therapeutic potential for Bicycles in oncology and other applications; and Bicycle's expected financial runway. 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: uncertainties inherent in the initiation, progress and

completion of clinical trials and clinical development of Bicycle's product candidates; the risk that Bicycle may not realize the

intended benefits of its technology; availability and timing of results from 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 may be delayed or have unsatisfactory outcomes; potential adverse

effects arising from the testing or use of Bicycle's product candidates; the risk that Bicycle's projections regarding its

expected financial runway are inaccurate or that its conduct of its business requires more cash than anticipated; and other important

factors, any of which could cause Bicycle's actual results to differ from those contained in the forward-looking statements, are

described in greater detail in the section entitled "Risk Factors" in Bicycle's Annual Report on Form 10-K filed

with the Securities and Exchange Commission (SEC) on February 28, 2023, 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 and per share data)

SVP, Capital Markets & Corporate Communications