Bicycle Therapeutics spent the second quarter of 2026 quietly cutting the company in half and almost no one noticed. Operating expenses fell to $55.2M from $89.5M a year earlier, a 38% drop, and the net loss narrowed to $50.3M, or $0.72 a share, from $79.0M, or $1.14 a share, as the March 2026 strategic reprioritization started flowing through the P&L. The cash position at June 30 stood at $510.1M and management now frames runway into 2030, roughly three more years of operating life. The hidden cost of the reset was the deprioritization of the lead registrational program, zelenectide pevedotin, and the conversion of Duravelo-2 from a Phase II/III registrational trial into a randomized Phase II; nuzefatide pevedotin, a Bicycle Drug Conjugate (BDC) targeting EphA2, is now the clinical lead. The next six months are about whether the marketplace accepts that the reprioritized pipeline is worth $273M of market capitalization at $3.90 a share - a stock that has more than halved from its 52-week high of $9.16 (October 2025) and sits within pennies of its 52-week low of $3.74 (August 2026) - and whether the July 2026 Bayer termination, which will release $33.2M of deferred revenue into the third quarter, is the last of the collaboration unwind or a leading indicator of further partner exits.