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Despite Lacking Profits Bicycle Therapeutics (NASDAQ:BCYC) Seems To Be On Top Of Its Debt

Despite Lacking Profits Bicycle Therapeutics (NASDAQ:BCYC) Seems To Be On Top Of Its Debt

儘管缺乏利潤,bicycle therapeutics (納斯達克:BCYC) 似乎掌握着債務的主動權
Simply Wall St ·  10/23 08:03

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. As with many other companies Bicycle Therapeutics plc (NASDAQ:BCYC) makes use of debt. But the real question is whether this debt is making the company risky.

霍華德·馬克斯在談論股價波動時非常巧妙地表達了這一點,他說,"我擔心的不是股價波動,而是永久性損失的可能性... 我知道的每位實際投資者都擔心這一點。" 當你評估一家公司的風險時,考慮到其資產負債表是很自然的,因爲債務往往是企業崩潰時涉及的因素。與許多其他公司一樣,bicycle therapeutics plc(納斯達克: BCYC)也利用債務。 但真正的問題是,這種債務是否使公司變得風險更高。

When Is Debt Dangerous?

債務何時有危險?

Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.

債務是幫助企業增長的工具,但如果一家企業無法償還債權人,那麼它存在的就是在債權人的掌控下。資本主義的重要組成部分是"創造性毀滅"的過程,即失敗的企業被銀行家無情清算。儘管這種情況並不常見,我們經常看到負債的公司因貸款人強迫其以低價募集資本而永久性稀釋股東權益。然而,債務可以取代稀釋,成爲需要資金以高回報率投資增長的企業的極好工具。當我們考慮一家公司的債務使用時,首先要查看現金和債務。

How Much Debt Does Bicycle Therapeutics Carry?

bicycle therapeutics承擔了多少債務?

As you can see below, Bicycle Therapeutics had US$30.9m of debt, at June 2024, which is about the same as the year before. You can click the chart for greater detail. But on the other hand it also has US$961.4m in cash, leading to a US$930.5m net cash position.

正如您在下面看到的,到2024年6月,bicycle therapeutics的債務爲3090萬美元,與前一年大致相同。 您可以點擊圖表查看更詳細信息。 但另一方面,它也有96140萬美元的現金,導致淨現金爲93050萬美元。

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NasdaqGS:BCYC Debt to Equity History October 23rd 2024
NasdaqGS:BCYC債務資產比歷史數據2024年10月23日

How Healthy Is Bicycle Therapeutics' Balance Sheet?

bicycle therapeutics的資產負債表有多健康?

We can see from the most recent balance sheet that Bicycle Therapeutics had liabilities of US$69.6m falling due within a year, and liabilities of US$113.9m due beyond that. Offsetting these obligations, it had cash of US$961.4m as well as receivables valued at US$46.7m due within 12 months. So it actually has US$824.5m more liquid assets than total liabilities.

從最近的資產負債表中我們可以看到,Bicycle Therapeutics有到期短期內的負債爲6960萬美元,到期超過一年的負債爲11390萬美元。與這些責任相抵消的是,它有96140萬美元的現金以及價值4670萬美元的應收款項在12個月內到期。因此,其流動資產比總負債多82450萬美元。

This luscious liquidity implies that Bicycle Therapeutics' balance sheet is sturdy like a giant sequoia tree. With this in mind one could posit that its balance sheet means the company is able to handle some adversity. Succinctly put, Bicycle Therapeutics boasts net cash, so it's fair to say it does not have a heavy debt load! When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Bicycle Therapeutics's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

這種充足的流動性意味着Bicycle Therapeutics的資產負債表像一棵巨大的紅杉樹一樣堅固。考慮到這一點,我們可以推斷其資產負債表意味着公司能夠應對一些逆境。簡而言之,bicycle therapeutics擁有淨現金,因此可以說它沒有沉重的債務負擔!在分析債務水平時,資產負債表是顯而易見的起點。但更重要的是,未來的盈利,將決定Bicycle Therapeutics能否維持健康的資產負債表。因此,如果您想了解專業人士的看法,您可能會發現對分析師盈利預測的免費報告感興趣。

Over 12 months, Bicycle Therapeutics reported revenue of US$40m, which is a gain of 76%, although it did not report any earnings before interest and tax. Shareholders probably have their fingers crossed that it can grow its way to profits.

在12個月內,Bicycle Therapeutics報告的營業收入爲4000萬美元,增長了76%,儘管它沒有報告任何利息和稅前利潤。股東們可能祈禱它能夠通過增長實現盈利。

So How Risky Is Bicycle Therapeutics?

那麼bicycle therapeutics有多大風險?

We have no doubt that loss making companies are, in general, riskier than profitable ones. And the fact is that over the last twelve months Bicycle Therapeutics lost money at the earnings before interest and tax (EBIT) line. Indeed, in that time it burnt through US$165m of cash and made a loss of US$165m. While this does make the company a bit risky, it's important to remember it has net cash of US$930.5m. That kitty means the company can keep spending for growth for at least two years, at current rates. Bicycle Therapeutics's revenue growth shone bright over the last year, so it may well be in a position to turn a profit in due course. By investing before those profits, shareholders take on more risk in the hope of bigger rewards. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For example Bicycle Therapeutics has 3 warning signs (and 1 which can't be ignored) we think you should know about.

毫無疑問,虧損公司一般來說比盈利公司更具風險。事實上,在過去12個月中,Bicycle Therapeutics在利息和稅前利潤(EBIT)這一行上虧損。事實上,在那段時間裏,它耗盡了16500萬美元的現金,並虧損了16500萬美元。雖然這使公司有點風險,但重要的是記住它有93050萬美元的淨現金。這筆資金意味着公司可以以目前的速度至少維持兩年的增長支出。過去一年,Bicycle Therapeutics的營業收入增長明顯,因此可能會在不久的將來實現盈利。通過在利潤之前投資,股東們承擔更多風險,希望能獲得更大的回報。在分析債務水平時,資產負債表是顯而易見的起點。但最終,每家公司都可能存在超出資產負債表範圍的風險。例如,Bicycle Therapeutics有3個警告信號(一個不能被忽視),我們認爲您應該了解。

If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.

如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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