Oct. 23 at 4:10 PM
$BCYC Shares outstanding: As of August 2025, total shares outstanding are 69.3 million (49.87M ordinary + 19.44M non-voting).
Peak Sales by 2028/29:
TAM: ~85,000 metastatic urothelial cancer (UC) patients (US+EU).
SAM: ~30,000 patients cisplatin-ineligible/previously treated.
Conservative price:
$100,000/year per patient (lower than aggressive ADC pricing).
Market share estimate: 20% for zelenectide vs competitors.
Peak sales = 30,000 ×
$100,000 × 0.20 =
$600 million.
Company cash:
$721.5 million cash as of June 30, 2025, supporting runway into 2028.
Debt: Minimal debt, clean balance sheet reported.
Partnerships: CDMOs engaged for scalable production, no reported manufacturing constraints.
Cash burn: Approximate burn rate annualized near
$360 million, manageable with current cash.
Fair EV/Sales multiple: Select conservative 5x given competitive field and early regulatory stage.
Enterprise Value (peak):
$600 million × 5 =
$3.0 billion EV at peak sales.
