BICYCLE THERAPEUTICS PLC — Director's Dealing 2019

May 23, 2019

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: BICYCLE THERAPEUTICS Ltd (BCYC)
CIK: 0001761612
Period of Report: 2019-05-22

Reporting Person: GLAXOSMITHKLINE PLC (N/A)

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Series A Preferred Shares	$		Ordinary Shares (893195)		Indirect
Series B1 Preferred Shares	$		Ordinary Shares (636366)		Indirect

Footnotes

F1: The Series A Preferred Shares are convertible at any time at the election of the holder without payment of further consideration. Each share of Series A Preferred Shares will automatically convert into 1.429 shares of ordinary shares upon the closing of Bicycle Therapeutics Limited's (the "Issuer") initial public offering. The shares have no expiration date.

F2: Share numbers give effect to the bonus shares issued to each holder of ordinary shares on the basis of 1.429 bonus shares for each ordinary share in issue, effective on May 13, 2019, which will be effective for the ordinary shares upon their conversion to ordinary shares upon the closing of the Issuer's initial public offering.

F3: The Series B1 Preferred Shares are convertible at any time at the election of the holder without payment of further consideration. Each share of B1 Preferred Shares will automatically convert into 1.429 shares of ordinary shares upon the closing of the Issuer's initial public offering. The shares have no expiration date.

F4: The shares reported herein are held of record by S.R. One, Limited, an indirect, wholly-owned subsidiary of GlaxoSmithKline plc (the "Reporting Person").