Bicycle Therapeutics (BCYC) is using its strong balance sheet to advance its programs while revealing little to competitors, with the quiet approach likely to continue, following the company's Q3 report and business update, Oppenheimer said.
The phase 2 study of nuzefatide, an EphA2-targeting Bicycle drug conjugate, is open for enrollment in second-line-plus pancreatic ductal adenocarcinoma, the analyst said, citing ESMO trial-in-progress details. Stage 1 targets about 25 patients at 8 mg/m2 every two weeks and aims to enroll both RAS therapy-naive and RAS therapy-exposed patients.
Management noted the difficulty of predicting recruitment of previously RAS-treated patients and expects to report comprehensive clinical results next year.
On the radioconjugate side, the MT1-MMP-targeting program BT1702, a lead-212 candidate, is in IND-enabling studies and is expected to enter the clinic in the second half of 2027, according to the note Thursday.
Management is optimizing the lead candidate using human imaging but is keeping details limited given the increasingly competitive radioligand therapy field, the note added.
Oppenheimer maintained its outperform rating, with a $11 price target.
The company's shares were down 3.1% in Friday afternoon trading.
Price: 3.70, Change: -0.12, Percent Change: -3.14
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