Debt |
12 Months Ended | ||||||||
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Dec. 31, 2025 | |||||||||
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| Debt | 6. Debt On September 30, 2020, Bicycle Therapeutics plc and its subsidiaries (the “Borrowers”) entered into a loan and security agreement (the “Loan Agreement”) with Hercules, as amended from time to time, which provided for aggregate maximum borrowings of up to $75.0 million, of which the Company had drawn down an aggregate of $30.0 million in 2021 and 2020. Payments on borrowings under the Loan Agreement were interest-only until April 1, 2025 and interest was paid at an annual rate of the Wall Street Journal prime rate plus 4.55%, with a minimum annual rate of at least 8.05%, capped at a rate no greater than 9.05%, and the Loan Agreement included a 5.0% end-of-term charge payable upon maturity or repayment. The scheduled maturity date was July 1, 2025. On July 9, 2024, the Company repaid all amounts outstanding, including the outstanding borrowings of $30.0 million, accrued and unpaid interest of $0.1 million, 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, and terminated the Loan Agreement. The Company recognized a loss on extinguishment of debt of $1.0 million during the year ended December 31, 2024 in connection with the repayment and termination of the Loan Agreement. Interest expense associated with the Loan Agreement for the years ended December 31, 2025, 2024 and 2023 was zero, $1.6 million and $3.1 million, respectively. Upon termination of the Loan Agreement, all security interests granted to the secured parties thereunder were terminated and released.
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