Form 4: Bicycle Therapeutics COO Sells Shares for Tax Obligations

Bicycle Therapeutics' Chief Operating Officer, Alistair Milnes, sold ordinary shares to cover statutory tax withholding obligations related to restricted stock unit vesting.

Summary

• Alistair Milnes, Chief Operating Officer of Bicycle Therapeutics PLC, reported sales of ordinary shares.
• On October 2, 2025, 1,147 shares were sold at a weighted average price of $8.40 per share, with prices ranging from $8.31 to $8.45.
• On October 3, 2025, an additional 978 shares were sold at a weighted average price of $8.41 per share, with prices ranging from $8.40 to $8.50.
• These sales were non-discretionary, executed solely to satisfy statutory tax withholding obligations arising from the vesting and settlement of restricted stock units.
• Following these transactions, Milnes beneficially owns 93,377 ordinary shares directly.

Sentiment

Score: 5

Explanation: The transaction is a routine 'sell to cover' for tax obligations related to RSU vesting, which is a neutral event and does not reflect discretionary selling by management.

Future Outlook

NA

Management Comments

• The reported sales represent the number of shares required to be sold to cover statutory tax withholding obligations in connection with the vesting and settlement of restricted stock units.
• This sale is mandated by the Reporting Person's award agreement and does not represent a discretionary sale by the Reporting Person.

Industry Context

This transaction is a routine 'sell to cover' event, common for executives receiving equity compensation, and is not typically indicative of management's discretionary view on the company's future stock performance or broader industry trends.

Stakeholder Impact

• Shareholders: Minimal direct impact as this is a non-discretionary, tax-related sale, not signaling a lack of confidence from management.

Key Dates

Recommendation

The reported share sales by the Chief Operating Officer are explicitly stated as non-discretionary, solely for covering statutory tax withholding obligations upon restricted stock unit vesting. This is a routine administrative event and does not provide new fundamental information to warrant a change in investment recommendation.

Keywords

Bicycle Therapeutics, BCYC, Form 4, Insider Transaction, Share Sale, Restricted Stock Units, Tax Withholding, Alistair Milnes