Were the BCYC share sales by Bicycle Therapeutics’ COO discretionary or pre-arranged?

Part of the sales was non-discretionary, executed to cover statutory tax withholding on vested RSUs under a mandatory “sell to cover” arrangement. In addition, one transaction was executed under a pre-arranged Rule 10b5-1 trading plan adopted on March 27, 2025.

What prices were received in the recent BCYC share sales reported by the COO?

The filing shows sales of Bicycle Therapeutics ordinary shares at weighted average prices around $4.91, $5.04 and $5.05 per share. Footnotes explain these are averages from multiple trades within price ranges between $4.88 and $5.04 per share.

Bicycle Therapeutics (BCYC) COO logs small 1,408-share sale

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Bicycle Therapeutics plc Chief Operating Officer Jennifer Scott Perry sold a total of 1,408 ordinary shares of the company in early April 2026. The sales occurred on April 2 and April 6 at prices around $4.91–$5.05 per share. A portion of the shares was sold to cover statutory tax withholding obligations tied to the vesting and settlement of restricted stock units under a mandatory “sell to cover” arrangement, meaning those shares were not sold at her discretion. The filing also notes that one of the transactions was executed pursuant to a pre-arranged Rule 10b5-1 trading plan adopted on March 27, 2025. Following these transactions, she directly holds 92,464 ordinary shares.

Insider Trade Summary 10b5-1

Net Seller: 1,408 shares ($6,962)

Net Sell 3 txns

Insider Perry Jennifer Scott

Role Chief Operating Officer

Sold 1,408 shs ($7K)

Type	Security	Shares	Price	Value
Sale	Ordinary Shares	37	$5.05	$186.85
Sale	Ordinary Shares	333	$5.04	$2K
Sale	Ordinary Shares	1,038	$4.91	$5K

Holdings After Transaction: Ordinary Shares — 92,797 shares (Direct)

Footnotes (1)

Represents the number of shares required to be sold to cover the statutory tax withholding obligations in connection with the vesting and settlement of the RSUs. This sale is mandated by the Reporting Person's award agreement that requires the satisfaction of minimum statutory tax withholding obligations to be funded by a "sell to cover" transaction and does not represent a discretionary sale by the Reporting Person. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $4.88 to $4.98 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (2) and (4). This transaction was made pursuant to a Rule 10b5-1 trading plan adopted on March 27, 2025. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $5.035 to $5.04 inclusive.

Key Figures

Total shares sold: 1,408 shares Sale price (April 6 block 1): $5.05 per share Sale price (April 6 block 2): $5.04 per share +3 more

6 metrics

Total shares sold 1,408 shares Net shares sold across three open-market transactions

Sale price (April 6 block 1) $5.05 per share Open-market sale of 37 ordinary shares on April 6, 2026

Sale price (April 6 block 2) $5.04 per share Open-market sale of 333 ordinary shares on April 6, 2026

Sale price (April 2) $4.91 per share Open-market sale of 1,038 ordinary shares on April 2, 2026

Shares held after transactions 92,464 shares Direct ordinary share holdings following final reported sale

Net share direction -1,408 shares Net sell activity from transaction summary

Key Terms

RSUs, statutory tax withholding obligations, sell to cover, Rule 10b5-1 trading plan, +1 more

5 terms

RSUs financial

"in connection with the vesting and settlement of the RSUs."

RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.

statutory tax withholding obligations financial

"to cover the statutory tax withholding obligations in connection with the vesting"

sell to cover financial

"to be funded by a "sell to cover" transaction and does not represent"

Sell to cover is when a person who receives company stock through options or awards sells just enough shares immediately to pay required taxes, exercise costs, or fees, keeping the rest. Think of it like cashing part of a bonus to cover the tax bill so you can keep the remainder. For investors, it can create predictable small selling pressure and slightly change the number of shares actually held by insiders without increasing long‑term dilution.

Rule 10b5-1 trading plan regulatory

"This transaction was made pursuant to a Rule 10b5-1 trading plan adopted"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

Form 4 Insider Transactions: What Each Field Means →

04/06/2026 - 06:30 PM

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Perry Jennifer Scott

(Last)

(First)

(Middle)

C/O BICYCLE THERAPEUTICS PLC

BLOCKS A & B, PORTWAY BUILDING

(Street)

CAMBRIDGE

CB21 6GS

(City)

(State)

(Zip)

UNITED KINGDOM

(Country)

2. Issuer Name and Ticker or Trading Symbol
BICYCLE THERAPEUTICS PLC [ BCYC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Operating Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/02/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Ordinary Shares	04/02/2026		S⁽¹⁾		1,038	D	$4.91⁽²⁾	92,834	D
Ordinary Shares	04/06/2026		S⁽¹⁾		37	D	$5.05	92,797	D
Ordinary Shares	04/06/2026		S⁽³⁾		333	D	$5.04⁽⁴⁾	92,464	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Represents the number of shares required to be sold to cover the statutory tax withholding obligations in connection with the vesting and settlement of the RSUs. This sale is mandated by the Reporting Person's award agreement that requires the satisfaction of minimum statutory tax withholding obligations to be funded by a "sell to cover" transaction and does not represent a discretionary sale by the Reporting Person.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $4.88 to $4.98 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (2) and (4).

3. This transaction was made pursuant to a Rule 10b5-1 trading plan adopted on March 27, 2025.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $5.035 to $5.04 inclusive.

	/s/ Travis Thompson, Attorney-in-Fact	04/06/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Bicycle Therapeutics COO Jennifer Scott Perry do in this Form 4 for BCYC?

Jennifer Scott Perry reported selling 1,408 ordinary shares of Bicycle Therapeutics. The sales occurred on April 2 and April 6, 2026 at prices around $5 per share, leaving her with 92,464 ordinary shares held directly after the transactions.

How many Bicycle Therapeutics (BCYC) shares does the COO hold after these transactions?

After the reported transactions, Jennifer Scott Perry directly holds 92,464 ordinary shares of Bicycle Therapeutics. This figure comes from the post-transaction share balance disclosed in the filing’s non-derivative transaction table for her ordinary share holdings.

Why were some BCYC shares sold to cover taxes for Bicycle Therapeutics’ COO?

A portion of the shares was sold solely to satisfy statutory tax withholding obligations related to RSU vesting and settlement. The award agreement requires these minimum withholding amounts to be funded through a “sell to cover” transaction instead of a discretionary open-market decision.