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Companies Bicycle Therapeutics PLC

Bicycle Therapeutics (BCYC): executive pay, fiscal 2025

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CEO total pay$6,341,473CEO Kevin Lee · source
Say-on-pay support98.42%Latest vote · source
CEO vs. named peers37th pct.Against its disclosed peer group

CEO pay, last three years

  • $5,540,400FY2023
  • $4,857,218FY2024
  • $6,341,473FY2025

CEO total pay was $6,341,473 in fiscal 2025, up from $4,857,218 in fiscal 2024.

FY2025: salary $862,339 · bonus $0 · stock awards $1,724,800 · option awards $2,961,297

Executives and directors

Frequently asked questions

Who was the highest-paid executive at Bicycle Therapeutics PLC in fiscal 2025?
As disclosed, Kevin Lee (Chief Executive Officer) was the highest-paid executive at Bicycle Therapeutics PLC in fiscal 2025, with total compensation of $6,341,473.
How does Bicycle Therapeutics PLC's chief executive pay compare to its disclosed peer group?
As disclosed, Kevin Lee's total compensation ranked at the 37th percentile of Bicycle Therapeutics PLC's disclosed peer group.
How did shareholders vote on Bicycle Therapeutics PLC's executive compensation?
As disclosed, 98.42% of shareholders supported Bicycle Therapeutics PLC's executive compensation in the latest say-on-pay vote.
How much does Bicycle Therapeutics PLC spend in total on board compensation for fiscal 2025?
As disclosed, Bicycle Therapeutics PLC reported total board compensation of $2,298,448 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Kevin Lee$862,339$0$1,724,800$2,961,297$543,642$0$249,395$6,341,473
Chief Executive Officer
Michael Skynner612,4710490,000836,470319,355068,7142,327,010
Chief Technology Officer (2025); Chief Scientific Officer (effective January 1, 2026)
Alistair Milnes578,1890490,000836,470322,520065,2452,292,424
Chief Operating Officer (2025); Chief Corporate Development Officer (effective March 17, 2026)

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Kevin Lee$6,341,473$4,857,218$5,540,400↑ +1,484,255
Michael Skynner2,327,010———
Alistair Milnes2,292,4242,591,5732,084,264↓ −299,149

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

The Compensation Committee believes that the most effective compensation program is one that rewards sustainable value creation for our shareholders, by delivering strong company performance, as well as tangible progress towards achieving our mission. The program aims to motivate executive officers to achieve goals by closely linking pay to performance, attract and retain superior individuals using market competitive variable compensation, and align executives' interests with those of shareholders through long-term incentives linked to multi-year strategic goals.

CEO STI target (% of salary)65%
CEO LTI target (% of salary)—
Independent consultant—
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Michael SkynnerOPTION—————$836,470
Alistair MilnesRSU—————490,000
Kevin LeeRSU—————1,724,800
Kevin LeeOPTION—————2,961,297
Alistair MilnesOPTION—————836,470
Michael SkynnerRSU—————490,000

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Michael Skynner$490,000$0$836,4700.0%
Alistair Milnes490,0000836,4700.0%
Kevin Lee1,724,80002,961,2970.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Michael SkynnerOption62560.87—
Michael SkynnerRSU938—6,641
Alistair MilnesRSU938—6,641
Kevin LeeOption2,08460.87—
Alistair MilnesOption2,08460.87—
Kevin LeeRSU3,125—22,125
Michael SkynnerRSU5,469—38,721
Alistair MilnesRSU5,469—38,721
Michael SkynnerOption9,48029.6—
Alistair MilnesOption9,48029.6—
Michael SkynnerRSU15,750—111,510
Kevin LeeRSU17,969—127,221
Alistair MilnesRSU21,938—155,321
Michael SkynnerOption29,16718.08—
Kevin LeeOption31,14629.6—
Michael SkynnerRSU35,000—247,800
Alistair MilnesRSU35,000—247,800
Alistair MilnesOption40,10518.08—
Kevin LeeRSU43,313—306,656
Kevin LeeOption80,73018.08—
Michael SkynnerOption87,00014—
Alistair MilnesOption87,00014—
Kevin LeeRSU123,200—872,256
Kevin LeeOption308,00014—
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Pierre Legault, MBA, CPANot independent · Not standing for re-election$28,695$240,365$175,000$0$102,815$546,875
Jose-Carlos Gutierrez-Ramos, Ph.DIndependent · Compensation · Nominating and Corporate Governance90,000120,18387,500072,895370,578
Alessandro Riva, M.DIndependent · Audit54,173153,484115,00000322,657
Janice Bourque, MBAIndependent · Audit · Compensation (Chair) · Nominating and Corporate Governance · Not standing for re-election95,000120,18387,50001,978304,661
Charles Swanton, M.D., Ph.D., FRS, FMedSci, FRCPNot independent · Nominating and Corporate Governance · Partial-year service24,715121,73393,250041,250280,948
Stephen Sands, MBAIndependent · Audit (Chair) · Compensation91,981103,71375,50201,978273,174
Sir Gregory Winter, FRSIndependent · Nominating and Corporate Governance · Not standing for re-election65,000120,18387,50000272,683
Richard Kender, MBAIndependent · Audit · Compensation · Not standing for re-election55,539120,18387,50001,978265,200
Roger Dansey, M.DIndependent · Nominating and Corporate Governance22,077116,08289,500019,200246,859
Felix J. Baker, Ph.DIndependent · Board Chair · Nominating and Corporate Governance88,71184,61861,60000234,929
Herve HoppenotIndependent · Audit · Compensation · Partial-year service23,654116,08289,50000229,236

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer—
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)25,000 / 20,000 / 15,000
Stock ownership guideline$3

Total cost of the board

ComponentFY2025
Cash retainers and fees$639,545
Equity awards (grant-date value)$1,416,809
All other compensation$242,094
Total cost of the board$2,298,448

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names Bicycle Therapeutics as a peer

Companies that benchmark against BCYC

9 companies name BCYC as a compensation peer

Each company listed discloses BCYC in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named BCYC in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Bicycle Therapeutics PLC2025Kevin Lee$862,339$1,724,800$2,961,297$543,642$6,341,473

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1748,748,743785,032163,13398.42%Passed
20252025-06-1747,287,4281,743,008104,62396.45%Passed
20242024-05-1636,186,1151,202,4779,51596.78%Passed
20232023-06-1326,083,0841,965,0198,81892.99%Passed
20222022-06-2723,466,799276,7551,801,17998.83%Passed
20212021-06-2819,098,902556,5511,969,18497.17%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting yearMeeting dateApproval — company’s computation
20262026-06-1798.42%a
20252025-06-1796.45%b
20242024-05-1696.78%c

a. Approved under the standard stated in the filing — “6 Table of Contents What is an "abstention" and how would it affect the vote? An abstention is not a vote in law and will not be counted in the calculation of the proportion of the votes for or against a particular resolution.”.

b. Approved under the standard stated in the filing — “6 Table of Contents What is an "abstention" and how would it affect the vote? An abstention is not a vote in law and will not be counted in the calculation of the proportion of the votes for or against a particular resolution.”.

c. Approved under the standard stated in the filing — “What is an "abstention" and how would it affect the vote? An abstention is not a vote in law and will not be counted in the calculation of the proportion of the votes for or against a particular resolution.”.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

CEO pay ratio

Ratio (CEO : median employee)—
CEO total compensation—
Median employee compensation—
Insider trades since the proxy

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Jennifer Scott PerryChief Operating Officer2026-07-02D1,036$4$4,424CommonForm 4 ↗
Travis Alvin ThompsonChief Financial Officer2026-07-02D81943,497CommonForm 4 ↗
Michael SkynnerChief Scientific Officer2026-07-02D1,85947,938CommonForm 4 ↗
Kevin LeeDirector2026-07-02D5,905425,214CommonForm 4 ↗
Hannay Michael Charles FergusonChief Prod & Supply Chain Off2026-07-02D1,50646,431CommonForm 4 ↗
Michael SkynnerChief Scientific Officer2026-07-06D53242,293CommonForm 4 ↗
Kevin LeeDirector2026-07-06D1,73747,486CommonForm 4 ↗
Jennifer Scott PerryChief Operating Officer2026-07-06D33341,445CommonForm 4 ↗
Jennifer Scott PerryChief Operating Officer2026-07-06D434185CommonForm 4 ↗
Travis Alvin ThompsonChief Financial Officer2026-07-06D1044448CommonForm 4 ↗
Hannay Michael Charles FergusonChief Prod & Supply Chain Off2026-07-06D25541,099CommonForm 4 ↗
Hannay Michael Charles FergusonChief Prod & Supply Chain Off2026-07-15A60,00000Derivative, Class A CommonForm 4 ↗
Travis Alvin ThompsonChief Financial Officer2026-07-15A60,00000Derivative, Class A CommonForm 4 ↗
Jennifer Scott PerryChief Operating Officer2026-07-15A60,00000Derivative, Class A CommonForm 4 ↗
Michael SkynnerChief Scientific Officer2026-07-15A60,00000Derivative, Class A CommonForm 4 ↗
Kevin LeeDirector2026-10-02D6,167321,399CommonForm 4 ↗
Michael SkynnerChief Scientific Officer2026-10-02D1,94236,739CommonForm 4 ↗
Jennifer Scott PerryChief Operating Officer2026-10-02D1,09433,796CommonForm 4 ↗
Robert Charles SwantonDirector2026-10-02D3,431311,906CommonForm 4 ↗
Hannay Michael Charles FergusonChief Prod & Supply Chain Off2026-10-02D1,57235,455CommonForm 4 ↗
Travis Alvin ThompsonChief Financial Officer2026-10-02D89333,099CommonForm 4 ↗
Jennifer Scott PerryChief Operating Officer2026-10-05D32641,232CommonForm 4 ↗
Jennifer Scott PerryChief Operating Officer2026-10-05D304107CommonForm 4 ↗
Kevin LeeDirector2026-10-05D1,63845,848CommonForm 4 ↗
Michael SkynnerChief Scientific Officer2026-10-05D50341,796CommonForm 4 ↗
Jennifer Scott PerryChief Operating Officer2026-10-05D32641,232CommonForm 4 ↗
Jennifer Scott PerryChief Operating Officer2026-10-05D804285CommonForm 4 ↗
Hannay Michael Charles FergusonChief Prod & Supply Chain Off2026-10-05D2424864CommonForm 4 ↗
Travis Alvin ThompsonChief Financial Officer2026-10-05D794282CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

Sources (57 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Kevin Lee. DEF 14A, filed 2026-04-22. Section “Executive Compensation”. As printed: 6,341,473. View filing ↗
  • Section 01, Michael Skynner. DEF 14A, filed 2026-04-22. Section “Executive Compensation”. As printed: 2,327,010. View filing ↗
  • Section 01, Alistair Milnes. DEF 14A, filed 2026-04-22. Section “Executive Compensation”. As printed: 2,292,424. View filing ↗
  • Section 03, Michael Skynner OPTION. DEF 14A, filed 2026-04-22. Section “Summary Compensation Table” · grants of plan-based awards table. View filing ↗
  • Section 03, Alistair Milnes RSU. DEF 14A, filed 2026-04-22. Section “Summary Compensation Table” · grants of plan-based awards table. View filing ↗
  • Section 03, Kevin Lee RSU. DEF 14A, filed 2026-04-22. Section “Summary Compensation Table” · grants of plan-based awards table. View filing ↗
  • Section 03, Kevin Lee OPTION. DEF 14A, filed 2026-04-22. Section “Summary Compensation Table” · grants of plan-based awards table. View filing ↗
  • Section 03, Alistair Milnes OPTION. DEF 14A, filed 2026-04-22. Section “Summary Compensation Table” · grants of plan-based awards table. View filing ↗
  • Section 03, Michael Skynner RSU. DEF 14A, filed 2026-04-22. Section “Summary Compensation Table” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2026-04-22. Section “CEO Pay Ratio”. As printed: —. View filing ↗
  • Section 08, Pierre Legault, MBA, CPA. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 546,875. View filing ↗
  • Section 08, Jose-Carlos Gutierrez-Ramos, Ph.D. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 370,578. View filing ↗
  • Section 08, Alessandro Riva, M.D. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 322,657. View filing ↗
  • Section 08, Janice Bourque, MBA. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 304,661. View filing ↗
  • Section 08, Charles Swanton, M.D., Ph.D., FRS, FMedSci, FRCP. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 280,948. View filing ↗
  • Section 08, Stephen Sands, MBA. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 273,174. View filing ↗
  • Section 08, Sir Gregory Winter, FRS. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 272,683. View filing ↗
  • Section 08, Richard Kender, MBA. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 265,200. View filing ↗
  • Section 08, Roger Dansey, M.D. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 246,859. View filing ↗
  • Section 08, Felix J. Baker, Ph.D. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 234,929. View filing ↗
  • Section 08, Herve Hoppenot. DEF 14A, filed 2026-04-22. Section “Director Compensation”. As printed: 229,236. View filing ↗
  • Section 02, Jennifer Scott Perry 2026-07-02. Form 4, filed 2026-07-07. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Travis Alvin Thompson 2026-07-02. Form 4, filed 2026-07-07. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Michael Skynner 2026-07-02. Form 4, filed 2026-07-07. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Kevin Lee 2026-07-02. Form 4, filed 2026-07-07. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Hannay Michael Charles Ferguson 2026-07-02. Form 4, filed 2026-07-07. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Michael Skynner 2026-07-06. Form 4, filed 2026-07-07. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Kevin Lee 2026-07-06. Form 4, filed 2026-07-07. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Jennifer Scott Perry 2026-07-06. Form 4, filed 2026-07-07. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Jennifer Scott Perry 2026-07-06. Form 4, filed 2026-07-07. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Travis Alvin Thompson 2026-07-06. Form 4, filed 2026-07-07. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Hannay Michael Charles Ferguson 2026-07-06. Form 4, filed 2026-07-07. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Hannay Michael Charles Ferguson 2026-07-15. Form 4, filed 2026-07-17. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Travis Alvin Thompson 2026-07-15. Form 4, filed 2026-07-17. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Jennifer Scott Perry 2026-07-15. Form 4, filed 2026-07-17. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Michael Skynner 2026-07-15. Form 4, filed 2026-07-17. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Kevin Lee 2026-10-02. Form 4, filed 2026-10-06. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Michael Skynner 2026-10-02. Form 4, filed 2026-10-06. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Jennifer Scott Perry 2026-10-02. Form 4, filed 2026-10-06. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Robert Charles Swanton 2026-10-02. Form 4, filed 2026-10-06. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Hannay Michael Charles Ferguson 2026-10-02. Form 4, filed 2026-10-06. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Travis Alvin Thompson 2026-10-02. Form 4, filed 2026-10-06. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Jennifer Scott Perry 2026-10-05. Form 4, filed 2026-10-07. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Jennifer Scott Perry 2026-10-05. Form 4, filed 2026-10-07. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Kevin Lee 2026-10-05. Form 4, filed 2026-10-06. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Michael Skynner 2026-10-05. Form 4, filed 2026-10-06. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Jennifer Scott Perry 2026-10-05. Form 4, filed 2026-10-06. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Jennifer Scott Perry 2026-10-05. Form 4, filed 2026-10-06. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Hannay Michael Charles Ferguson 2026-10-05. Form 4, filed 2026-10-06. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 02, Travis Alvin Thompson 2026-10-05. Form 4, filed 2026-10-06. Insider equity transaction reported since the proxy statement. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-06-18. Item 5.07 · say-on-pay result. As reported: 98.42% (votes for as printed: 48,748,743). View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-06-17. Item 5.07 · say-on-pay result. As reported: 96.45% (votes for as printed: 47,287,428). View filing ↗
  • Section 06, 2024 vote. Form 8-K, filed 2024-05-16. Item 5.07 · say-on-pay result. As reported: 96.78% (votes for as printed: 36,186,115). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 639,545 + equity 1,416,809 + all other 242,094 = 2,298,448, summed across the director compensation table rows.
  • Bicycle Therapeutics PLC (subject), Section 10b CEO total. DEF 14A, filed 2026-04-22. CEO total compensation as printed in Bicycle Therapeutics PLC's own proxy. As printed: 6,341,473. View filing ↗
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