Bicycle Therapeutics Reports Fourth Quarter and Full Year 2022 Financial Results and Provides Corporate Update - Significant progress across pipeline including advancing BT8009, BT5528, and BT7480 in ongoing clinical tri

Bicycle Therapeutics Reports Fourth Quarter

and Full Year 2022 Financial Results and Provides Corporate Update

progress across pipeline including advancing BT8009, BT5528, and BT7480 in ongoing clinical trials

granted Fast Track Designation by the U.S. Food and Drug Administration; completed Phase I results presented at ASCO GU Cancers Symposium

position of $339.2 million at December 31, 2022 expected to provide financial runway into 2025

England, & BOSTON, February 28, 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 fourth quarter and full year ended December 31, 2022, and provided recent corporate

have made continued clinical progress across our pipeline, including advancing BT8009 and BT5528 into the ongoing dose expansion cohorts

and are encouraged by the progress of BT7480 in the ongoing dose escalation portion of its clinical trial," said Kevin Lee,

Ph.D., Chief Executive Officer of Bicycle Therapeutics. "We are pleased to have a balance sheet that has supported the advancement

and expansion of our clinical portfolio, with an anticipated financial runway into 2025. We believe we are well-positioned ahead of multiple

potential inflection points as we pursue our goal of demonstrating the true therapeutic potential of Bicycle Toxin Conjugates and

Bicycle tumor-targeted immune cell agonists."

Fourth Quarter 2022 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

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 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; 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

Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on November 3, 2022, 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