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: Keen Nicholas (Chief Scientific Officer)

Holdings (Non-Derivative)

Security	Shares	Ownership
Ordinary Shares	48321	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (Right to Buy)	$1.40	2027-08-23	Ordinary Shares (59196)		Direct
Stock Option (Right to Buy)	$5.57	2029-03-07	Ordinary Shares (10974)		Direct

Footnotes

F1: 20% of the shares vested on May 23, 2018 and then the next 60% of the shares shall vest in equal monthly installments, and the remaining 20% of the shares subject to the option will vest on the earlier of (i) the fourth anniversary of the grant date and (ii) the date on which the Issuer's board of directors determines that the Issuer has satisfied certain performance vesting milestones, in all cases provided that the Reporting Person remains continuously employed with us through each applicable vesting date.

F2: This exercise price is in US Dollars and reflects the conversion of GBP at an exchange rate of $1.2723 to GBP 1.00 as of May 17, 2019.

F3: 25% of the shares shall vest on January 1, 2020,and the remaining shall vest in 36 equal monthly installments.