false 0001761612 00-0000000 true 0001761612 2024-07-09 2024-07-09 0001761612 us-gaap:CommonStockMember 2024-07-09 2024-07-09 0001761612 bcyc:AmericanDepositarySharesMember 2024-07-09 2024-07-09 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

July 9, 2024

Date of Report (Date of earliest event reported)

 

Bicycle Therapeutics plc

(Exact name of registrant as specified in its charter)

 

England and Wales   001-38916   Not applicable

(State or other jurisdiction
of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

Blocks A & B, Portway Building,
Granta Park Great Abington, Cambridge
United Kingdom

CB21 6GS
(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code: +44 1223 261503

  

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol (s) Name of each exchange on which registered
Ordinary shares, nominal value £0.01 per share n/a The Nasdaq Stock Market LLC*
American Depositary Shares, each representing one ordinary share, nominal value £0.01 per share BCYC The Nasdaq Stock Market LLC

 

* Not for trading, but only in connection with the listing of the American Depositary Shares on The Nasdaq Stock Market LLC.

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). 

 

Emerging growth company  ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 1.02 Termination of a Material Definitive Agreement.

 

On July 9, 2024, Bicycle Therapeutics plc (the “Company”) repaid in its entirety and voluntarily terminated its loan and security agreement, dated September 30, 2020 (as amended from time to time, the “Loan Agreement”), by and among the Company, certain of its subsidiaries and Hercules Capital, Inc. (“Hercules”). The Loan Agreement provided for term loans in an aggregate principal amount of up to $75.0 million (the “Term Loans”), of which $30.0 million was outstanding and which bore interest at an annual rate equal to the prime rate as reported in the Wall Street Journal plus 4.55%, with a minimum annual rate of at least 8.05%, capped at a rate no greater than 9.05%.

 

The Term Loans were scheduled to mature on July 1, 2025. The Company elected to repay all amounts outstanding, including accrued and unpaid interest, an end-of-term charge of $1.5 million and a prepayment charge of $0.3 million, for a total aggregate payment of $31.9 million, using cash on hand. As collateral for the obligations under the Loan Agreement, the Company granted to Hercules a senior security interest in all of Company’s right, title and interest in, to and under substantially all of Company’s personal property and other assets, other than its intellectual property, and, upon the termination of the Loan Agreement, all security interests granted to the secured parties thereunder were terminated and released.

 

The Loan Agreement also included customary affirmative and restrictive covenants, representations and warranties and events of default, as more fully set forth in the Loan Agreement.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: July 10, 2024 Bicycle Therapeutics plc
   
  By:   /s/ Alethia Young
  Name: Alethia Young
  Title: Chief Financial Officer

 

 

 

 

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Cover
Jul. 09, 2024
Document Information [Line Items]  
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Document Period End Date Jul. 09, 2024
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Entity Registrant Name Bicycle Therapeutics plc
Entity Central Index Key 0001761612
Entity Tax Identification Number 00-0000000
Entity Incorporation, State or Country Code X0
Entity Address, Address Line One Blocks A & B, Portway Building
Entity Address, Address Line Two Granta Park Great Abington
Entity Address, City or Town Cambridge
Entity Address, Country GB
Entity Address, Postal Zip Code CB21 6GS
City Area Code +44
Local Phone Number 1223 261503
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Document Information [Line Items]  
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American Depositary Shares [Member]  
Document Information [Line Items]  
Title of 12(b) Security American Depositary Shares, each representing one ordinary share, nominal value £0.01 per share
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Security Exchange Name NASDAQ
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