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Side-by-side financial comparison of BICYCLE THERAPEUTICS PLC (BCYC) and OneSpan Inc. (OSPN). Click either name above to swap in a different company.
OneSpan Inc. is the larger business by last-quarter revenue ($65.9M vs $48.0M, roughly 1.4× BICYCLE THERAPEUTICS PLC). OneSpan Inc. runs the higher net margin — 17.5% vs -42.0%, a 59.6% gap on every dollar of revenue. On growth, BICYCLE THERAPEUTICS PLC posted the faster year-over-year revenue change (1193.3% vs 4.1%). Over the past eight quarters, BICYCLE THERAPEUTICS PLC's revenue compounded faster (56.7% CAGR vs 4.0%).
Bicycle Therapeutics PLC is a clinical-stage biopharmaceutical firm developing innovative bicyclic peptide therapies for unmet medical needs. Its core pipeline covers oncology, rare diseases, and immunological disorders, with operations in Europe and North America, and partnerships with global pharma leaders to advance drug candidates to market.
OneSpan Inc. is an information security company based in Boston, Massachusetts. Services include an internet fraud prevention platform, multi-factor authentication tools and electronic signature software.
BCYC vs OSPN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $48.0M | $65.9M |
| Net Profit | $-20.2M | $11.6M |
| Gross Margin | — | 73.6% |
| Operating Margin | -51.5% | 22.5% |
| Net Margin | -42.0% | 17.5% |
| Revenue YoY | 1193.3% | 4.1% |
| Net Profit YoY | 61.1% | — |
| EPS (diluted) | $-0.29 | $0.39 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $65.9M | ||
| Q4 25 | $48.0M | $62.9M | ||
| Q3 25 | $11.7M | $57.1M | ||
| Q2 25 | $2.9M | $59.8M | ||
| Q1 25 | $10.0M | $63.4M | ||
| Q4 24 | $3.7M | $61.2M | ||
| Q3 24 | $2.7M | $56.2M | ||
| Q2 24 | $9.4M | $60.9M |
| Q1 26 | — | $11.6M | ||
| Q4 25 | $-20.2M | $43.5M | ||
| Q3 25 | $-59.1M | $6.5M | ||
| Q2 25 | $-79.0M | $8.3M | ||
| Q1 25 | $-60.8M | $14.5M | ||
| Q4 24 | — | $28.8M | ||
| Q3 24 | $-50.8M | $8.3M | ||
| Q2 24 | $-39.8M | $6.6M |
| Q1 26 | — | 73.6% | ||
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 73.6% | ||
| Q2 25 | — | 73.5% | ||
| Q1 25 | — | 74.3% | ||
| Q4 24 | — | 74.0% | ||
| Q3 24 | — | 73.9% | ||
| Q2 24 | — | 66.2% |
| Q1 26 | — | 22.5% | ||
| Q4 25 | -51.5% | 19.9% | ||
| Q3 25 | -558.6% | 14.4% | ||
| Q2 25 | -2965.8% | 17.6% | ||
| Q1 25 | -703.7% | 27.1% | ||
| Q4 24 | — | 19.3% | ||
| Q3 24 | -2385.9% | 20.0% | ||
| Q2 24 | -498.3% | 12.5% |
| Q1 26 | — | 17.5% | ||
| Q4 25 | -42.0% | 69.2% | ||
| Q3 25 | -503.7% | 11.4% | ||
| Q2 25 | -2703.8% | 13.9% | ||
| Q1 25 | -608.9% | 22.9% | ||
| Q4 24 | — | 47.1% | ||
| Q3 24 | -1898.4% | 14.7% | ||
| Q2 24 | -425.3% | 10.8% |
| Q1 26 | — | $0.39 | ||
| Q4 25 | $-0.29 | $1.13 | ||
| Q3 25 | $-0.85 | $0.17 | ||
| Q2 25 | $-1.14 | $0.21 | ||
| Q1 25 | $-0.88 | $0.37 | ||
| Q4 24 | — | $0.73 | ||
| Q3 24 | $-0.74 | $0.21 | ||
| Q2 24 | $-0.77 | $0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $628.1M | $49.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $610.0M | $272.0M |
| Total Assets | $717.6M | $383.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $49.8M | ||
| Q4 25 | $628.1M | $70.5M | ||
| Q3 25 | $648.3M | $85.6M | ||
| Q2 25 | $721.5M | $92.9M | ||
| Q1 25 | $793.0M | $105.2M | ||
| Q4 24 | $879.5M | $83.2M | ||
| Q3 24 | $890.9M | $77.5M | ||
| Q2 24 | $961.4M | $63.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $30.9M | — |
| Q1 26 | — | $272.0M | ||
| Q4 25 | $610.0M | $271.8M | ||
| Q3 25 | $618.5M | $238.3M | ||
| Q2 25 | $668.9M | $242.5M | ||
| Q1 25 | $740.3M | $231.1M | ||
| Q4 24 | $793.1M | $212.5M | ||
| Q3 24 | $831.0M | $194.6M | ||
| Q2 24 | $873.8M | $178.6M |
| Q1 26 | — | $383.1M | ||
| Q4 25 | $717.6M | $397.7M | ||
| Q3 25 | $764.0M | $343.5M | ||
| Q2 25 | $832.2M | $357.1M | ||
| Q1 25 | $883.9M | $333.8M | ||
| Q4 24 | $956.9M | $338.7M | ||
| Q3 24 | $996.7M | $289.3M | ||
| Q2 24 | $1.1B | $286.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.04× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-19.3M | $28.2M |
| Free Cash FlowOCF − Capex | $-19.9M | — |
| FCF MarginFCF / Revenue | -41.5% | — |
| Capex IntensityCapex / Revenue | 1.2% | — |
| Cash ConversionOCF / Net Profit | — | 2.44× |
| TTM Free Cash FlowTrailing 4 quarters | $-252.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $28.2M | ||
| Q4 25 | $-19.3M | $12.6M | ||
| Q3 25 | $-71.2M | $11.3M | ||
| Q2 25 | $-72.8M | $6.2M | ||
| Q1 25 | $-86.4M | $29.4M | ||
| Q4 24 | $-164.7M | $12.4M | ||
| Q3 24 | $-39.8M | $14.0M | ||
| Q2 24 | $-44.6M | $2.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-19.9M | $9.6M | ||
| Q3 25 | $-71.8M | $8.8M | ||
| Q2 25 | $-73.3M | $4.4M | ||
| Q1 25 | $-87.0M | $27.7M | ||
| Q4 24 | $-166.0M | $10.5M | ||
| Q3 24 | $-40.3M | $12.0M | ||
| Q2 24 | $-45.0M | $26.0K |
| Q1 26 | — | — | ||
| Q4 25 | -41.5% | 15.3% | ||
| Q3 25 | -612.3% | 15.4% | ||
| Q2 25 | -2509.7% | 7.3% | ||
| Q1 25 | -871.7% | 43.8% | ||
| Q4 24 | -4475.7% | 17.1% | ||
| Q3 24 | -1504.7% | 21.4% | ||
| Q2 24 | -481.2% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 4.7% | ||
| Q3 25 | 5.7% | 4.4% | ||
| Q2 25 | 17.1% | 3.1% | ||
| Q1 25 | 6.1% | 2.6% | ||
| Q4 24 | 33.3% | 3.2% | ||
| Q3 24 | 16.3% | 3.5% | ||
| Q2 24 | 4.5% | 3.7% |
| Q1 26 | — | 2.44× | ||
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | 1.74× | ||
| Q2 25 | — | 0.75× | ||
| Q1 25 | — | 2.02× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 1.69× | ||
| Q2 24 | — | 0.35× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BCYC
Segment breakdown not available.
OSPN
| Product and license | $35.5M | 54% |
| Services and other | $30.4M | 46% |
