Bicycle Therapeutics Reports Second Quarter 2021 Financial Results and Provides Corporate Update - Entered exclusive license and collaboration agreement with Ionis Pharmaceuticals to develop targeted oligonucleotide ther

Bicycle Therapeutics Reports Second Quarter

2021 Financial Results and Provides Corporate Update

CAMBRIDGE, England, & BOSTON,

August 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 Ionis 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

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 expected cash runway; the availability and timing of data from clinical trials; the initiation

of clinical trials; the therapeutic potential of Bicycle's product candidates; statements regarding Bicycle's

collaboration with Ionis; the development and potential commercialization of potential product candidates using Bicycle's

technology and under its license and collaboration agreement with Ionis; the therapeutic potential for Bicycles in

multiple applications; the potential of Bicycle's platform to develop potential precision medicines; and Bicycle's

ability to achieve planned milestones. 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; 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 Quarterly Report on Form 10-Q filed with the Securities and

Exchange Commission (SEC) on May 6, 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