Bicycle Therapeutics plc

**Signal Note: Baker Bros. Initiates Major Position in Bicycle Therapeutics (BCYC)** Baker Bros.' new position in BCYC is notable given their track record of concentrated, high-conviction bets in clinical-stage biotech, though the reported $77B position value appears to be a data error — likely reflecting ~$77M based on recent share prices, which would still represent a significant stake. BCYC's lead asset zelicapotide toutomercekin (BT8009), a Nectin-4-targeted Bicycle Toxin Conjugate in Phase II/III for advanced urothelial cancer (DURAVELO trial), is the probable thesis driver, with data readouts expected in 2025 that could position it competitively against established ADCs like enfortumab vedotin. Baker Bros. entering ahead of pivotal catalysts suggests conviction in the different