BICYCLE THERAPEUTICS PLC — Director's Dealing 2021

Jul 31, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BICYCLE THERAPEUTICS plc (BCYC)
CIK: 0001761612
Period of Report: 2021-07-29

Reporting Person: Kalowski Lee (President and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-07-29	Ordinary Shares	M	12500	$1.63	Acquired	12500	Direct
2021-07-29	Ordinary Shares	S	8996	$31.24	Disposed	3504	Direct
2021-07-29	Ordinary Shares	S	3204	$32.13	Disposed	300	Direct
2021-07-29	Ordinary Shares	S	300	$32.81	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-07-29	Stock Option (Right to Buy)	$1.63	M	12500	Disposed	2027-07-23	Ordinary Shares (12500)	Direct

Footnotes

F1: Shares exercised and sold pursuant to a Rule 10b5-1 trading plan.

F2: This exercise price is in US Dollars and reflects the conversion of GBP to USD at an exchange rate of $1.39511 to GBP 1.00 as of July 29, 2021.

F3: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $30.73 to
$31.72 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and
Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in
footnotes (3), (4) and (5).

F4: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $31.77 to $32.76 inclusive.

F5: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $32.78 to $32.86 inclusive.

F6: 20% of the shares subject to the option vested on July 24, 2018, 60% of the shares subject to the option will vest each month thereafter in 36 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.