SCHEDULE 13G/A: Deep Track Capital Discloses 5.67% Stake in Bicycle Therapeutics plc

Deep Track Capital, LP, along with Deep Track Biotechnology Master Fund, Ltd. and David Kroin, has disclosed a beneficial ownership of 5.67% in Bicycle Therapeutics plc, totaling 2,821,171 American Depositary Shares.

Summary

• Deep Track Capital, LP, Deep Track Biotechnology Master Fund, Ltd., and David Kroin collectively reported beneficial ownership of 2,821,171 American Depositary Shares (ADS) of Bicycle Therapeutics plc.
• This ownership represents 5.67% of the total class of securities.
• The filing is an Amendment No. 4 to a Schedule 13G, indicating an update to a previously reported stake.
• The shares are held with shared voting power and shared dispositive power.
• The beneficial ownership percentage is calculated based on 49,764,411 Ordinary Shares, which includes 47,710,256 Ordinary Shares outstanding as of February 20, 2025, and 2,054,155 non-voting ordinary shares convertible by the reporting person up to a 9.99% maximum ownership limit.

Sentiment

Score: 6

Explanation: The filing indicates a significant beneficial ownership stake by a specialized biotechnology investment firm, suggesting institutional confidence, though the filing itself is primarily a factual disclosure of ownership.

Positives

• The disclosure of a significant 5.67% stake by Deep Track Capital, a specialized biotechnology investment firm, may signal institutional confidence in Bicycle Therapeutics plc.
• The investment by Deep Track Biotechnology Master Fund, Ltd. suggests a focused interest from a fund specializing in the biotechnology sector.

Risks

• The reporting persons explicitly state that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, nor in connection with any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.

Future Outlook

This document is a beneficial ownership report and does not contain forward-looking statements or guidance from the issuer.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

Deep Track Capital, LP, through its Deep Track Biotechnology Master Fund, Ltd., specializes in investments within the biotechnology sector, indicating a strategic focus on companies like Bicycle Therapeutics plc.

Stakeholder Impact

• Shareholders: Disclosure of a significant institutional holder provides transparency regarding the company's ownership structure and may influence investor sentiment.

Key Dates

Keywords

Bicycle Therapeutics plc, Deep Track Capital, Deep Track Biotechnology Master Fund, David Kroin, Schedule 13G, Beneficial Ownership, American Depositary Shares, Biotechnology, Institutional Investor, SEC Filing