<SEC-DOCUMENT>0001104659-23-026705.txt : 20230228
<SEC-HEADER>0001104659-23-026705.hdr.sgml : 20230228
<ACCEPTANCE-DATETIME>20230228160703
ACCESSION NUMBER:		0001104659-23-026705
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20230228
DATE AS OF CHANGE:		20230228
EFFECTIVENESS DATE:		20230228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BICYCLE THERAPEUTICS plc
		CENTRAL INDEX KEY:			0001761612
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-270091
		FILM NUMBER:		23685173

	BUSINESS ADDRESS:	
		STREET 1:		BLOCKS A & B, PORTWAY BUILDING
		STREET 2:		GRANTA PARK, GREAT ABINGTON
		CITY:			CAMBRIDGE
		STATE:			X0
		ZIP:			CB21 6GS
		BUSINESS PHONE:		011441223261503

	MAIL ADDRESS:	
		STREET 1:		BLOCKS A & B, PORTWAY BUILDING
		STREET 2:		GRANTA PARK, GREAT ABINGTON
		CITY:			CAMBRIDGE
		STATE:			X0
		ZIP:			CB21 6GS

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BICYCLE THERAPEUTICS Ltd
		DATE OF NAME CHANGE:	20181212
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>tm238019d1_s8.htm
<DESCRIPTION>FORM S-8
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>As filed with the Securities and Exchange Commission on February 28,
2023</B></P>

<P STYLE="text-align: right; margin: 0"><B>Registration No. 333-</B></P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Bicycle Therapeutics plc</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified in its
charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>England and Wales</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of<BR>
    incorporation or organization)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not applicable</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer<BR>
    Identification No.)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Blocks A &amp; B, Portway Building</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Granta Park, Great Abington, Cambridge</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>United Kingdom</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CB21 6GS</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Zip Code)</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amended and Restated Bicycle Therapeutics plc
2020 Equity Incentive Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Bicycle Therapeutics plc 2019 Employee Share
Purchase Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of the plan)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Lee Kalowski</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chief Financial Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Bicycle Therapeutics Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>35 Cambridgepark Drive, Suite 350</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cambridge, MA 02140</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name and address of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(617) 945-8155</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Telephone number, including area code, of agent
for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Copy to:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Laura Berezin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ryan Sansom</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Jaime Chase</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cooley LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3175 Hanover Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Palo Alto, California 94304-1130</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of
 &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221; and &#8220;emerging growth
company&#8221; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; font-size: 10pt">Large accelerated filer</TD>
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="width: 29%; font-size: 10pt">Accelerated filer</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Non-accelerated filer</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="font-size: 10pt">Smaller reporting company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Emerging growth company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 7(a)(2)(B) of the Securities Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">REGISTRATION OF
ADDITIONAL SHARES<BR>
PURSUANT TO GENERAL INSTRUCTION E</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to General Instruction
E of Form S-8, Bicycle Therapeutics plc (the &#8220;Registrant&#8221;) is filing this Registration Statement with the Securities and Exchange
Commission (the &#8220;Commission&#8221;) to register an additional (a) 1,493,694 ordinary shares, nominal value &pound;0.01 per share
(the &#8220;Ordinary Shares&#8221;), of the Registrant under the Amended and Restated Bicycle Therapeutics plc 2020 Equity Incentive Plan
(the &#8220;2020 Plan&#8221;), pursuant to the provisions of the 2020 Plan providing for an automatic increase in the number of shares
reserved and available for issuance under the 2020 Plan on January 1, 2023 and (b) 298,738 Ordinary Shares under the Bicycle Therapeutics
plc 2019 Employee Share Purchase Plan (the &#8220;ESPP&#8221;), pursuant to the provisions of the ESPP providing for an automatic increase
in the number of shares reserved and available for issuance under the ESPP on January 1, 2023. In accordance with the instructional note
to Part I of Form S-8 as promulgated by the Commission, the information specified by Part I of the Form S-8 has been omitted from this
Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PART II<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 6%">Item 3.</TD><TD STYLE="text-align: justify; width: 94%">Incorporation of Documents by Reference.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following documents filed
by the Registrant with the Commission are incorporated herein by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
contents of the Registrant&#8217;s Registration Statements on Form S-8 filed with the Commission on <A HREF="https://www.sec.gov/Archives/edgar/data/1761612/000110465919031504/a19-10534_1s8.htm" STYLE="-sec-extract: exhibit">May 23, 2019 (File No. 333-231718)</A>,
<A HREF="https://www.sec.gov/Archives/edgar/data/1761612/000110465920090870/tm2026693-1_s8.htm" STYLE="-sec-extract: exhibit">August 5, 2020 (File No. 333-240993)</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1761612/000110465921035057/tm219375d1_s8.htm" STYLE="-sec-extract: exhibit">March 11, 2021 (File No. 333-254163)</A>, and <A HREF="https://www.sec.gov/Archives/edgar/data/1761612/000110465922028731/tm227991d1_s8.htm" STYLE="-sec-extract: exhibit">March 1, 2022 (File No. 333-263156)</A>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Registrant&#8217;s <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1761612/000155837023002238/bcyc-20221231x10k.htm">Annual Report on Form 10-K (File No. 001-38916) for the fiscal year ended December 31, 2022, filed with the Commission on February 28, 2023 (the &#8220;Annual Report&#8221;)</A>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1761612/000110465923005586/tm234142d1_8k.htm" STYLE="-sec-extract: exhibit">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Registrant&#8217;s Current Report on Form 8-K (File No. 001-38916) filed with the Commission on January 23, 2023 (except for information contained therein which is furnished rather than filed)); and</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
description of the Registrant&#8217;s Ordinary Shares and American Depositary Shares contained in the Registrant&#8217;s Registration
Statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1761612/000110465919030538/a18-41540_98a12b.htm" STYLE="-sec-extract: exhibit">Form 8-A (File No. 001-38916), filed by the Registrant with the Commission under Section 12(b) of the Exchange Act on May 20, 2019</A>, including any amendments or reports filed for the purpose of updating such description, including Exhibit 4.7 to the Annual
Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All reports and other documents
filed by the Registrant after the date hereof pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing
of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then
remaining unsold, shall be deemed to be incorporated by reference herein and to be part hereof from the date of filing of such reports
and documents, except for documents or information deemed furnished and not filed in accordance with the rules of the Commission. Any
statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded
for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document that
also is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 6%">Item 8.</TD><TD STYLE="text-align: justify; width: 94%">Exhibits.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Exhibit<BR>
 Number</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 88%">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Exhibit Description</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1761612/000104746919003038/a2238712zex-3_2.htm" STYLE="-sec-extract: exhibit">3.1</A></TD>
    <TD STYLE="padding-top: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-top: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1761612/000104746919003038/a2238712zex-3_2.htm" STYLE="-sec-extract: exhibit">Articles of Association (incorporated by reference to Exhibit 3.2 to Amendment No. 1 to the Company&#8217;s Registration Statement on Form S-1 (File No. 333-231076), filed with the Securities and Exchange Commission on May 13, 2019).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1761612/000104746919003038/a2238712zex-4_1.htm" STYLE="-sec-extract: exhibit">4.1</A></TD>
    <TD STYLE="padding-top: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-top: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1761612/000104746919003038/a2238712zex-4_1.htm" STYLE="-sec-extract: exhibit">Form of Deposit Agreement (incorporated by reference to Exhibit 4.1 to Amendment No. 1 to the Company&#8217;s Registration Statement on Form S-1 (File No. 333-231076), filed with the Securities and Exchange Commission on May 13, 2019).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1761612/000104746919003038/a2238712zex-4_1.htm" STYLE="-sec-extract: exhibit">4.2</A></TD>
    <TD STYLE="padding-top: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-top: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1761612/000104746919003038/a2238712zex-4_1.htm" STYLE="-sec-extract: exhibit">Form of American Depositary Receipt (included in Exhibit 4.1) (incorporated by reference to Exhibit 4.2 to Amendment No. 1 to the Company&#8217;s Registration Statement on Form S-1 (File No. 333-231076), filed with the Securities and Exchange Commission on May 13, 2019).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt"><A HREF="tm238019d1_ex5-1.htm" STYLE="-sec-extract: exhibit">5.1</A></TD>
    <TD STYLE="padding-top: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-top: 10pt"><A HREF="tm238019d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of Cooley (UK) LLP.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt"><A HREF="tm238019d1_ex23-1.htm" STYLE="-sec-extract: exhibit">23.1</A></TD>
    <TD STYLE="padding-top: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-top: 10pt"><A HREF="tm238019d1_ex23-1.htm" STYLE="-sec-extract: exhibit">Consent of PricewaterhouseCoopers LLP.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt"><A HREF="tm238019d1_ex5-1.htm" STYLE="-sec-extract: exhibit">23.3</A></TD>
    <TD STYLE="padding-top: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-top: 10pt"><A HREF="tm238019d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of Cooley (UK) LLP (included in Exhibit 5.1).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt"><A HREF="#ns_001">24.1</A></TD>
    <TD STYLE="padding-top: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-top: 10pt"><A HREF="#ns_001">Power of Attorney (included on the signature page to this Registration Statement).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1761612/000155837023002238/bcyc-20221231xex10d6.htm">99.1</A></TD>
    <TD STYLE="padding-top: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-top: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1761612/000155837023002238/bcyc-20221231xex10d6.htm">Amended and Restated Bicycle Therapeutics plc 2020 Equity Incentive Plan and forms of award thereunder (incorporated by reference to Exhibit 10.6 to the Registrant&#8217;s Annual Report on Form 10-K (File No. 001-38916), filed with the Commission on February 28, 2023).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1761612/000104746919003038/a2238712zex-10_5.htm" STYLE="-sec-extract: exhibit">99.2</A></TD>
    <TD STYLE="padding-top: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-top: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1761612/000104746919003038/a2238712zex-10_5.htm" STYLE="-sec-extract: exhibit">Bicycle Therapeutics plc 2019 Employee Share Purchase Plan (incorporated by reference to Exhibit 10.5 to the Registrant&#8217;s Registration Statement on Form S-1 (File No. 333-231076), filed with the Securities and Exchange Commission on May 13, 2019).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt"><A HREF="tm238019d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit">107</A></TD>
    <TD STYLE="padding-top: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-top: 10pt"><A HREF="tm238019d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit">Filing Fee Table</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="ns_001"></A>SIGNATURES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the requirements
of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Cambridge, United Kingdom, on February 28, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 50%"><B>BICYCLE THERAPEUTICS PLC</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 5%; text-align: left">Name:</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 45%">/s/ Kevin Lee</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Kevin Lee, Ph.D.,
MBA</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Chief Executive Officer</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SIGNATURES AND
POWER OF ATTORNEY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We, the undersigned officers
and directors of Bicycle Therapeutics plc, hereby severally constitute and appoint Kevin Lee and Lee Kalowski, and each of them singly
(with full power to each of them to act alone), our true and lawful attorneys-in-fact and agents, with full power of substitution and
resubstitution in each of them for him or her and in his or her name, place and stead, and in any and all capacities, to sign any and
all amendments (including post-effective amendments) to this Registration Statement on Form S-8 of Bicycle Therapeutics plc and to file
the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite
or necessary to be done in and about the premises, as full to all intents and purposes as he or she might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents or any of them or their or his or her substitute or substitutes may
lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities on February
28, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.75pt; padding-bottom: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Name</B></P></TD>
    <TD STYLE="width: 50%; padding-bottom: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Title</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-right: 5.75pt; padding-bottom: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">/s/ Kevin Lee</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kevin Lee, Ph.D., MBA</P></TD>
    <TD STYLE="padding-top: 5.75pt; padding-bottom: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Executive Officer and Director</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Principal Executive Officer)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-right: 5.75pt; padding-bottom: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">/s/ Lee Kalowski</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lee Kalowski, MBA</P></TD>
    <TD STYLE="padding-top: 5.75pt; padding-bottom: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer and President</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Principal Financial and Accounting Officer)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-right: 5.75pt; padding-bottom: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">/s/ Pierre Legault</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pierre Legault, MBA, CPA</P></TD>
    <TD STYLE="padding-top: 5.75pt; padding-bottom: 5.75pt; padding-left: 5.75pt; font-size: 10pt">Chairman of the Board and Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-right: 5.75pt; padding-bottom: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">/s/ Janice Bourque</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Janice Bourque, MBA</P></TD>
    <TD STYLE="padding-top: 5.75pt; padding-bottom: 5.75pt; padding-left: 5.75pt; font-size: 10pt">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-right: 5.75pt; padding-bottom: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">/s/ Jose-Carlos Guti&eacute;rrez-Ramos</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jose-Carlos Guti&eacute;rrez-Ramos, Ph.D.</P></TD>
    <TD STYLE="padding-top: 5.75pt; padding-bottom: 5.75pt; padding-left: 5.75pt; font-size: 10pt">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-right: 5.75pt; padding-bottom: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">/s/ Veronica Jordan</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Veronica Jordan, Ph.D.</P></TD>
    <TD STYLE="padding-top: 5.75pt; padding-bottom: 5.75pt; padding-left: 5.75pt; font-size: 10pt">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-right: 5.75pt; padding-bottom: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">/s/ Richard Kender</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Richard Kender</P></TD>
    <TD STYLE="padding-top: 5.75pt; padding-bottom: 5.75pt; padding-left: 5.75pt; font-size: 10pt">Director</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-top: 5.75pt; padding-right: 5.75pt; padding-bottom: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">/s/ Gregory Winter</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sir Gregory Winter, FRS</P></TD>
    <TD STYLE="width: 50%; padding: 5.75pt; font-size: 10pt">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.75pt; padding-right: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">/s/ Lee Kalowski</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lee Kalowski, MBA</P></TD>
    <TD STYLE="padding-top: 5.75pt; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt">Authorized Representative in the United States</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm238019d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><IMG SRC="tm238019d1_ex5-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Claire Keast-Butler</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">+44 (0) 20 7556 4211</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">ckeastbutler@cooley.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Bicycle Therapeutics plc</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Blocks A &amp; B, Portway Building</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Granta Park, Great Abington</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cambridge CB21 6GS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">United Kingdom</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 0pt 0; text-align: left">28 February 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>Bicycle Therapeutics plc &ndash; Registration Statement on Form S-8 &ndash; Exhibit 5.1</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: normal">INTRODUCTION</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">1.1</TD><TD STYLE="text-align: justify">We have acted as English legal advisers to Bicycle Therapeutics plc, a public limited company incorporated
in England and Wales (the &ldquo;<B>Company</B>&rdquo;), in relation to the preparation and filing of the registration statement on Form
S-8 to which this opinion letter is attached as an exhibit (such registration statement, as amended, including the documents incorporated
by reference therein, the &ldquo;<B>Registration Statement</B>&rdquo;) filed with the United States Securities and Exchange Commission
(the &ldquo;<B>SEC</B>&rdquo;) pursuant to the United States Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;)
and the rules and regulations promulgated thereunder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">1.2</TD><TD STYLE="text-align: justify">As set out in the Registration Statement, it is proposed that (i) up to 1,493,694 ordinary shares of the
Company each having a nominal value of &pound;0.01 (&ldquo;<B>Ordinary Shares</B>&rdquo;) will be allotted and issued upon the exercise
or settlement of equity awards granted under the Bicycle Therapeutics plc 2020 Equity Incentive Plan, adopted by the Company&rsquo;s board
of directors (the &ldquo;<B>Board</B>&rdquo; or the &ldquo;<B>Directors</B>&rdquo;) on 23 April 2020 and approved by the Company&rsquo;s
shareholders on 29 June 2020 (the &ldquo;<B>2020 Equity Incentive Plan</B>&rdquo;) pursuant to the provisions of the 2020 Equity Incentive
Plan providing for an automatic increase in the number of shares reserved and available for issuance under the 2020 Equity Incentive Plan
on 1 January 2023 (the &ldquo;<B>2020 Equity Incentive Plan Shares</B>&rdquo;) and (ii) up to 298,738 Ordinary Shares will be allotted
and issued upon the exercise or settlement of equity awards granted under the Bicycle Therapeutics plc 2019 Employee Share Purchase Plan,
adopted by the Board on 9 May 2019 and approved by the Company&rsquo;s shareholders on 13 May 2019 (the &ldquo;<B>ESPP</B>&rdquo; and,
together with the 2020 Equity Incentive Plan, the &ldquo;<B>Plans</B>&rdquo;) pursuant to the provisions of the ESPP providing for an
automatic increase in the number of shares reserved and available for issuance under the ESPP on 1 January 2023 (the &ldquo;<B>ESPP Shares</B>&rdquo;
and together with the 2020 Equity Incentive Plan Shares, the &ldquo;<B>Shares</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">1.3</TD><TD STYLE="text-align: justify">We are rendering this letter at the request of the Company in connection with the Registration Statement.
We have taken instructions solely from the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">1.4</TD><TD STYLE="text-align: justify">Except as otherwise defined in this letter, capitalised terms used have the respective meanings given
to them in the Registration Statement (as defined above) and headings are for ease of reference only and shall not affect interpretation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">1.5</TD><TD STYLE="text-align: justify">All references to legislation in this letter are to the legislation of England unless the contrary is
indicated, and any reference to any provision of any legislation shall include any amendment, modification, re-enactment or extension
thereof, as in force on the date of this letter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Cooley (UK) LLP 22 Bishopsgate London EC2N 4BQ,
UK<BR>
t: +44 (0) 20 7583 4055 f: +44 (0) 20 7785 9355 cooley.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Cooley (UK) LLP is a limited liability partnership
and is registered in England and Wales with registered number OC395270. Our registered office is at the address above. Cooley (UK) LLP
is authorised and regulated by the Solicitors Regulation Authority (SRA number 617791). A list of the members of Cooley (UK) LLP and their
professional qualifications is open to inspection at its registered office. The word 'partner,' used in relation to Cooley (UK) LLP, refers
to a member of Cooley (UK) LLP or an employee or consultant of Cooley (UK) LLP (or any affiliated firm) of equivalent standing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Page Two</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: normal">DOCUMENTS</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purpose of issuing this letter, we have
reviewed the following documents only:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">2.1</TD><TD STYLE="text-align: justify">a draft PDF copy of the Registration Statement to be filed with the SEC on 28 February 2023;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">2.2</TD><TD STYLE="text-align: justify">a PDF copy of the 2020 Equity Incentive Plan;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">2.3</TD><TD STYLE="text-align: justify">a PDF copy of the ESPP;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">2.4</TD><TD STYLE="text-align: justify">a PDF executed copy of the written resolutions of the Board adopted on 23 April 2020, in which it was
resolved, <I>inter alia</I>, to adopt and approve the 2020 Equity Incentive Plan effective upon shareholder approval and to grant the
compensation committee of the Board (the &ldquo;<B>Compensation Committee</B>&rdquo;) the authority to administer the 2020 Equity Incentive
Plan (the &ldquo;<B>Written Board Resolutions</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">2.5</TD><TD STYLE="text-align: justify">a PDF executed copy of the written resolutions of the Compensation Committee adopted on 29 June 2020,
in which it was resolved, <I>inter alia</I>, to delegate certain authorities of the Compensation Committee to the Chief Executive Officer
of the Company to grant certain equity awards (the &ldquo;<B>Committee Written Resolutions</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">2.6</TD><TD STYLE="text-align: justify">a PDF executed copy of the minutes of a meeting of the Board held on 9 May 2019 (the &ldquo;<B>Board Minutes</B>&rdquo;)
at which it was resolved, <I>inter alia</I>, to (i) adopt and approve the ESPP effective upon shareholder approval and (ii) grant the
Compensation Committee the authority to administer the ESPP;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">2.7</TD><TD STYLE="text-align: justify">a PDF executed copy of the written resolutions passed by the shareholders of the Company on 13 May 2019,
in which it was resolved, <I>inter alia</I>, to approve the ESPP (the &ldquo;<B>Written Shareholder Resolutions</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">2.8</TD><TD STYLE="text-align: justify">a PDF executed copy of the minutes of the annual general meeting of the Company held on 29 June 2020 (the
 &ldquo;<B>2020 AGM</B>&rdquo;) at which the shareholders of the Company resolved, <I>inter alia</I>, to approve the 2020 Equity Incentive
Plan;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">2.9</TD><TD STYLE="text-align: justify">a PDF executed copy of the resolutions passed by the shareholders of the Company at the annual general
meeting of the Company held on 28 June 2021 (the &ldquo;<B>2021 AGM</B>&rdquo;) at which it was resolved, <I>inter alia</I>, to authorise
the directors to (i) allot new shares in the capital of the Company or to grant rights to subscribe for or to convert any security into
shares in the Company, up to a maximum aggregate nominal amount of &pound;250,000 (the &ldquo;<B>2021 AGM Allotment Authority</B>&rdquo;);
and (ii) allot equity securities pursuant to the 2021 AGM Allotment Authority as if the statutory pre-emption rights contained in section
561(1) of the Companies Act 2006 (the &ldquo;<B>Companies Act</B>&rdquo;) did not apply to such allotment (the &ldquo;<B>2021 AGM Resolutions</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">2.10</TD><TD STYLE="text-align: justify">a PDF copy of the certificate of incorporation of the Company dated 27 October 2017 and a PDF copy of
the certificate of incorporation on re-registration of the Company as a public company dated 22 May 2019; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">2.11</TD><TD STYLE="text-align: justify">a PDF copy of the current articles of association of the Company adopted on 13 May 2019 (the &ldquo;<B>Articles</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">3.</FONT></TD><TD STYLE="text-align: justify">SEARCHES</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to examining the documents referred
to in paragraph 2 (<I>Documents</I>), we have carried out the following searches only:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">3.1</TD><TD STYLE="text-align: justify">an online search at Companies House in England and Wales (&ldquo;<B>Companies House</B>&rdquo;) with respect
to the Company, carried out at 9:53 a.m. (London time) on 28 February 2023 (the &ldquo;<B>Online Search</B>&rdquo;); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">3.2</TD><TD STYLE="text-align: justify">a telephone enquiry at the Companies Court in London of the Central Registry of Winding-up Petitions in
England and Wales with respect to the Company, carried out at 10:05 a.m. (London time) on 28 February 2023 (the &ldquo;<B>Telephone
Enquiry</B>&rdquo; and, together with the Online Search, the &ldquo;<B>Searches</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Page Three</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">4.</FONT></TD><TD STYLE="text-align: justify">OPINION</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the assumptions set out in paragraph
5 (<I>Assumptions</I>), the scope of the opinion set out in paragraph 6 (<I>Scope of Opinion</I>) and the reservations set out in paragraph
7 (<I>Reservations</I>), and subject further to the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD><TD STYLE="width: 35.4pt">4.1</TD><TD STYLE="text-align: justify">the Registration Statement, as finally amended, having become effective under the Securities Act;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD><TD STYLE="width: 35.4pt">4.2</TD><TD STYLE="text-align: justify">the delegations of authority to the Compensation Committee and the Company&rsquo;s Chief Executive Officer,
as applicable, having been validly effected (among other things, in accordance with articles 98 and 97 of the Company&rsquo;s Articles,
the 2020 Equity Incentive Plan, the ESPP and applicable laws);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD><TD STYLE="width: 35.4pt">4.3</TD><TD STYLE="text-align: justify">the Directors, the Compensation Committee or the Company&rsquo;s Chief Executive Officer having validly
granted the awards in respect of the Shares under the 2020 Equity Incentive Plan and the ESPP, as applicable;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD><TD STYLE="width: 35.4pt">4.4</TD><TD STYLE="text-align: justify">the Directors or the Compensation Committee having validly resolved to allot and issue the Shares, or
grant rights to subscribe for the Shares, at duly convened and quorate meetings of the Board or the Compensation Committee, or by way
of duly passed written resolutions of the Board or the Compensation Committee in compliance with all applicable laws and regulations and
with such resolutions being in full force and effect and not having been rescinded or amended;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">4.5</TD><TD STYLE="text-align: justify">the receipt in full of payment for the Shares in an amount of &ldquo;cash consideration&rdquo; (as defined
in section 583(3) of the Companies Act) of not less than the aggregate nominal value for such Shares, assuming in each case that the individual
grants or awards under the 2020 Equity Incentive Plan and the ESPP are duly authorised by all necessary corporate action and duly granted
or awarded and exercised in accordance with the requirements of applicable law, the Company&rsquo;s Articles, the 2020 Equity Incentive
Plan and the ESPP (and the agreements and awards duly adopted thereunder and in accordance therewith); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">4.6</TD><TD STYLE="text-align: justify">valid entries having been made in relation to the allotment and issue of the Shares in the books and registers
of the Company,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">it is our opinion that, as at
today&rsquo;s date, the Shares, if and when allotted and issued, registered in the name of the recipient in the register of members of
the Company and delivered in accordance with the terms and conditions referred to in the 2020 Equity Incentive Plan and/or the ESPP, as
applicable, and as described in the Registration Statement, will be duly and validly authorised and issued, fully paid or credited as
fully paid (subject to the receipt of valid consideration by the Company for the issue thereof) and will not be subject to any call for
payment of further capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: normal">ASSUMPTIONS</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In giving the opinion in this letter, we have
assumed (without making enquiry or investigation) that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.1</TD><TD STYLE="text-align: justify">all signatures, stamps and seals on all documents are genuine. All original documents are complete, authentic
and up-to-date, and all documents submitted to us as a copy (whether by email or otherwise) are complete and accurate and conform to the
original documents of which they are copies and that no amendments (whether oral, in writing or by conduct of the parties) have been made
to any of the documents since they were examined by us;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.2</TD><TD STYLE="text-align: justify">where a document has been examined by us in draft or specimen form, it will be or has been duly executed
in the form of that draft or specimen;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.3</TD><TD STYLE="text-align: justify">the Articles referred to in paragraph 2.11 of this letter remain in full force and effect, and no alteration
has been made or will be made to the Articles, in each case prior to the relevant date of the granting of rights to subscribe
for the Shares and/or the allotment and issue of the Shares (each such date, an &ldquo;<B>Allotment Date</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page Four</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.4</TD><TD STYLE="text-align: justify">at the time of each allotment and issue of any Shares the Company shall have received in full &ldquo;cash
consideration&rdquo; (as such term is defined in section 583(3) of the Companies Act) equal to the subscription price payable for such
Shares and shall have entered the holder or holders thereof in the register of members of the Company showing that all such Shares shall
have been fully paid up as to their nominal value and any premium thereon as at each Allotment Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.5</TD><TD STYLE="text-align: justify">each of the Plans has been validly adopted and remains in full force and effect, and no alteration has
been made or will be made to the Plans prior to any Allotment Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.6</TD><TD STYLE="text-align: justify">in relation to any allotment and issue of any Shares by the Company pursuant to the Plans, the recipient
shall have become entitled to such Shares under the terms of the relevant Plan and such Shares, or rights over Shares, where applicable,
will be fully vested each in accordance with the terms of the relevant Plan and such recipient has or will have complied with all other
requirements of the relevant Plan in connection with the allotment and issue of such Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.7</TD><TD STYLE="text-align: justify">all awards have been made under the terms of the 2020 Equity Incentive Plan or the ESPP, as applicable,
that the terms of all awards have not materially deviated from the terms set out in the 2020 Equity Incentive Plan or the ESPP, as applicable,
and that any Shares will be allotted and issued in accordance with the terms set out in the 2020 Equity Incentive Plan or the ESPP, as
applicable, in accordance with the Articles and applicable laws;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.8</TD><TD STYLE="text-align: justify">the 2020 Equity Incentive Plan (other than the 2020 Non-Employee Sub-Plan) and the ESPP each qualify as
an &ldquo;employees&rsquo; share scheme&rdquo; as defined in section 1166 of the Companies Act;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.9</TD><TD STYLE="text-align: justify">immediately prior to each Allotment Date, the Directors shall have sufficient authority and powers conferred
upon them to allot and issue such Shares and grant such rights (as applicable) under section 551 of the Companies Act (unless such allotment
and issue or grant is exempt under section 549(2) of the Companies Act) and under section 570 or section 571 of the Companies Act as if
section 561 of the Companies Act did not apply to such allotment and issue or grant (unless such allotment and issue or grant is exempt
from section 561 of the Companies Act pursuant to section 566 of the Companies Act) pursuant to the 2021 AGM Resolutions, or if the relevant
authorities and powers under the 2021 AGM Resolutions have expired or been fully utilised the Company in general meeting having duly and
validly resolved to grant such authorities and powers to the Directors, and the Directors shall not allot or issue (or purport to allot
or issue) Shares and shall not grant rights (or purport to grant rights) to acquire Shares in excess of such powers or in breach of any
other limitation on their power to allot and issue Shares or grant rights to acquire Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.10</TD><TD STYLE="text-align: justify">no Shares shall be allotted or issued, or are or shall be committed to be allotted or issued, at a discount
to their nominal value (whether in dollars or equivalent in any other currency);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.11</TD><TD STYLE="text-align: justify">all documents, forms and notices which should have been delivered to Companies House in respect of the
Company have been so delivered;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.12</TD><TD STYLE="text-align: justify">the information revealed by the Searches is true, accurate, complete and up-to-date in all respects, and
there is no information which should have been disclosed by the Searches that has not been disclosed for any reason and there has been
no alteration in the status or condition of the Company since the date and time that the Searches were made and that the results of the
Searches will remain complete and accurate as at each Allotment Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.13</TD><TD STYLE="text-align: justify">in relation to the allotment and issue of the Shares, the Directors have acted and will act in the manner
required by section 172 of the Companies Act and the Shares will be allotted and issued in good faith and on bona fide commercial terms
and on arms&rsquo; length terms and for the purpose of carrying on the business of the Company and that there are reasonable grounds for
believing that the allotment and issue of the Shares will promote the success of the Company for the benefit of its members as a whole;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Page Five</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.14</TD><TD STYLE="text-align: justify">there has not been and will not be any bad faith, breach of trust, fraud, coercion, duress or undue influence
on the part of any of the Directors in relation to any allotment and issue of Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.15</TD><TD STYLE="text-align: justify">the resolutions set out in the Written Board Resolutions and the Committee Written Resolutions referred
to in paragraph 2 (<I>Documents</I>) were validly passed as written resolutions in accordance with the Articles, that all eligible Directors
of the Company (being all the Directors of the Company who would have been entitled to vote on the matter had it been proposed as a resolution
at a Directors&rsquo; meeting or a meeting of the Compensation Committee, as applicable, but excluding any Director whose vote is not
to be counted in respect of a particular matter) have signed one or more copies of the Written Board Resolutions and/or the Committee
Written Resolutions, as applicable, that all relevant provisions of the Companies Act and the Articles were complied with and the Articles
were duly observed (including, if applicable, those relating to the declaration of Directors&rsquo; interests or the power of interested
Directors to vote) and such resolutions were duly adopted, and have not been revoked or varied and remain in full force and effect and
will remain so as at each Allotment Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.16</TD><TD STYLE="text-align: justify">the Board Minutes referred to in paragraph 2 (<I>Documents</I>) provided to us in connection with the
giving of this opinion, are a true record of the proceedings described therein, and that the meeting recorded in such minutes was and
each meeting of the Directors or the Compensation Committee referred to in paragraph 4.4 of this letter were and/or will be duly conducted
as described therein, duly constituted and convened and all constitutional, statutory and other formalities were and/or will be duly observed
(including, if applicable, those relating to the declaration of Directors&rsquo; interests or the power of interested Directors to vote),
a quorum was and/or will be present throughout, the requisite majority of Directors voted and/or will vote in favour of approving the
resolutions and the resolutions passed at that meeting of the Board or Compensation Committee, as applicable, were and/or will be duly
adopted, have not been and will not be revoked or varied and remain in full force and effect and will remain so as at each Allotment Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.17</TD><TD STYLE="text-align: justify">the Written Shareholder Resolutions were duly passed as written resolutions on 13 May 2019, the requisite
majority of eligible shareholders signed one or more copies of the written resolutions, all provisions of the Companies Act and the Articles
were duly observed and such resolutions were duly passed and have not been revoked or varied and remain in full force and effect and will
remain so as at each Allotment Date, and all filings required to be made with Companies House in connection therewith have been made within
the relevant time limits;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.18</TD><TD STYLE="text-align: justify">the 2020 AGM was duly convened and held on 29 June 2020 at which all constitutional, statutory and other
formalities were duly observed, a quorum of shareholders was present throughout and the shareholder resolutions at the 2020 AGM were duly
passed and have not been revoked or varied and remain in full force and effect and will remain so as at each Allotment Date, and that
all filings required to be made with Companies House in connection therewith have been made within the relevant time limits;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.19</TD><TD STYLE="text-align: justify">the 2021 AGM was duly convened and held on 28 June 2021 at which all constitutional, statutory and other
formalities were duly observed, a quorum of shareholders was present throughout and the shareholder resolutions at the 2021 AGM were duly
passed and have not been revoked or varied and remain in full force and effect and will remain so as at each Allotment Date, and that
all filings required to be made with Companies House in connection therewith have been made within the relevant time limits;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.20</TD><TD STYLE="text-align: justify">the resolutions of the shareholders of the Company referred to in paragraph 5.9 will be duly passed as
resolutions of the Company, all constitutional, statutory and other formalities will be observed and such resolutions will not have expired
and will not be revoked or varied prior to each Allotment Date and will remain in full force and effect as at each Allotment Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.21</TD><TD STYLE="text-align: justify">the Company has complied and will comply with all applicable anti-terrorism, anti-money laundering, sanctions
and human rights laws and regulations and that each grant of rights to acquire Shares under the 2020 Equity Incentive Plan or the ESPP,
as applicable, and that each allotment and issue of Shares pursuant to the 2020 Equity Incentive Plan or the ESPP, as applicable, will
be consistent with all such laws and regulations;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Page Six</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.22</TD><TD STYLE="text-align: justify">no Shares or rights to subscribe for Shares have been or shall be offered to the public in the United
Kingdom in breach of the Financial Services and Markets Act 2000 (&ldquo;<B>FSMA</B>&rdquo;), the EU Prospectus Regulation (Regulation
(EU) 2017/1129) as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 or of any
other United Kingdom laws or regulations concerning offers of securities to the public, and no communication has been or shall be made
in relation to the Shares in breach of section 21 (<I>Restrictions on financial promotion</I>) of FSMA or any other United Kingdom laws
or regulations relating to offers or invitations to subscribe for, or to acquire rights to subscribe for or otherwise acquire, shares
or other securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.23</TD><TD STYLE="text-align: justify">in issuing and allotting and granting rights to acquire Shares and administering the 2020 Equity Incentive
Plan and the ESPP, the Company is not carrying on a regulated activity (within the meaning of section 19 (<I>The general prohibition</I>)
of FSMA); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.24</TD><TD STYLE="text-align: justify">the Company has not taken any corporate or other action nor have any steps been taken or legal proceedings
been started against the Company for the liquidation, winding-up, dissolution or reorganisation of, or for the appointment of a liquidator,
receiver, trustee, administrator, administrative receiver or similar officer of, any such party (including the Company) or all or any
of its or their assets (or any analogous proceedings in any jurisdiction) and no such steps or proceedings will have been taken as at
each Allotment Date, and the Company is not unable to pay its debts as they fall due within the meaning of section 123 of the Insolvency
Act 1986, as amended (the &ldquo;<B>Insolvency Act</B>&rdquo;) and will not become unable to pay its debts within the meaning of that
section as a result of any of the transactions contemplated herein, is not insolvent and has not been dissolved (although the Searches
gave no indication that any winding-up, dissolution or administration order or appointment of a receiver, administrator, administrative
receiver or similar officer has been made with respect to the Company) and such actions and steps will not have been taken as at any Allotment
Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: normal">SCOPE OF OPINION</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">6.1</TD><TD STYLE="text-align: justify">The opinion given in this letter is limited to English law as it would be applied by English courts on
the date of this letter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">6.2</TD><TD STYLE="text-align: justify">We express no opinion in this letter on the laws of any other jurisdiction. We have not investigated the
laws of any country other than England and we assume that no foreign law affects the opinion stated in paragraph 4 (<I>Opinion</I>).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">6.3</TD><TD STYLE="text-align: justify">We express no opinion as to any agreement, instrument or other document other than as specified in this
letter. For the purposes of giving the opinion in paragraph 4 (<I>Opinion</I>), we have only examined and relied on those documents set
out in paragraph 2 (<I>Documents</I>) and made those searches and enquiries set out in paragraph 3 (<I>Searches</I>), respectively. We
have made no further enquiries concerning the Company or any other matter in connection with the giving of the opinion in paragraph 4
(<I>Opinion</I>).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">6.4</TD><TD STYLE="text-align: justify">No opinion is expressed with respect to taxation in the United Kingdom or otherwise in this letter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">6.5</TD><TD STYLE="text-align: justify">We have not been responsible for investigating or verifying the accuracy of the facts or the reasonableness
of any statement of opinion or intention, contained in or relevant to any document referred to in this letter, or that no material facts
have been omitted therefrom.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">6.6</TD><TD STYLE="text-align: justify">The opinion given in this letter is given on the basis of each of the assumptions set out in paragraph
5 (<I>Assumptions</I>) and is subject to each of the reservations set out in paragraph 7 (<I>Reservations</I>) to this letter. The opinion
given in this letter is strictly limited to the matters stated in paragraph 4 (<I>Opinion</I>) and does not extend, and should not be
read as extending, by implication or otherwise, to any other matters.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">6.7</TD><TD STYLE="text-align: justify">This letter only applies to those facts and circumstances which exist as at today&rsquo;s date and we
assume no obligation or responsibility to update or supplement this letter to reflect any facts or circumstances which may subsequently
come to our attention, any changes in laws which may occur after today, or to inform the
addressee of any change in circumstances happening after the date of this letter which would alter the opinion given in this letter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page Seven</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">6.8</TD><TD STYLE="text-align: justify">We have not been responsible for investigation or verification of statements of fact (including statements
as to foreign law) or to the reasonableness of any statements of opinion in the Registration Statement, or that no material facts have
been omitted therefrom.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">6.9</TD><TD STYLE="text-align: justify">This letter is given by Cooley (UK) LLP and no partner or employee assumes any personal responsibility
for it nor shall owe any duty of care in respect of it.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">6.10</TD><TD STYLE="text-align: justify">This letter, the opinion given in it, and any non-contractual obligations arising out of or in connection
with this letter and/or the opinion given in it, are governed by and shall be construed in accordance with English law as at the date
of this letter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: normal">RESERVATIONS</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">7.1</TD><TD STYLE="text-align: justify">The Online Search described at paragraph 3.1 (<I>Searches</I>) is not capable of revealing conclusively
whether or not:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">a winding-up order has been made or a resolution passed for the winding-up of a company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">an administration order has been made; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">a receiver, administrative receiver, administrator or liquidator has been appointed,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">since notice of these
matters may not be filed with the Registrar of Companies in England and Wales immediately and, when filed, may not be entered on the public
database or recorded on the public microfiches of the relevant company immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">In addition, such
a company search is not capable of revealing, prior to the making of the relevant order, whether or not a winding-up petition or a petition
for an administration order has been presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">7.2</TD><TD STYLE="text-align: justify">The Telephone Enquiry described at paragraph 3.2 (<I>Searches</I>) relates only to a compulsory winding-up
and is not capable of revealing conclusively whether or not a winding-up petition in respect of a compulsory winding-up has been presented,
since details of the petition may not have been entered on the records of the Central Registry of Winding-up Petitions in England and
Wales immediately or, in the case of a petition presented to a County Court in England and Wales, may not have been notified to the Central
Registry of Winding-up Petitions in England and Wales and entered on such records at all, and the response to an enquiry only relates
to the period of approximately four years prior to the date when the enquiry was made. <FONT STYLE="background-color: white">We have not
made enquiries of any District Registry or County Court in England and Wales. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">7.3</TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">The opinion set out in this letter is subject to: (i)&nbsp;any limitations
arising from applicable laws relating to insolvency, bankruptcy, administration, reorganisation, liquidation, moratoria, schemes or analogous
circumstances; and (ii)&nbsp;an English court exercising its discretion under section 426 of the Insolvency Act (<I>co-operation between
courts exercising jurisdiction in relation to insolvency</I>) to assist the courts having the corresponding jurisdiction in any part of
the United Kingdom or any relevant country or territory.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">7.4</TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">We express no opinion as to matters of fact.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">7.5</TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">We have made no enquiries of any individual connected with the Company.
</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">7.6</TD><TD STYLE="text-align: justify">We express no opinion on the compliance of the 2020 Equity Incentive Plan or the ESPP, or the compliance
of any award made under the 2020 Equity Incentive Plan or the ESPP, with the rules or regulations of the Nasdaq Global Select Market or
the rules or regulations of any other securities exchange that are applicable to the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Page Eight</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">7.7</TD><TD STYLE="text-align: justify">A certificate, documentation, notification, opinion or the like might be held by the English courts not
to be conclusive if it can be shown to have an unreasonable or arbitrary basis or in the event of a manifest error.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">7.8</TD><TD STYLE="text-align: justify">We express no opinion in relation to the legality, enforceability or validity of the 2020 Equity Incentive
Plan or the ESPP or any award agreement entered into pursuant to the 2020 Equity Incentive Plan or the ESPP. In particular, but without
prejudice to the generality of the foregoing, we have assumed that the Shares to be allotted under the 2020 Equity Incentive Plan or the
ESPP, as applicable, or any such award agreement will be paid up in full (as to their nominal value and any premium) in cash (within the
meaning of section 583(1) of the Companies Act) and we express no opinion as to whether any consideration other than &ldquo;cash consideration&rdquo;
(as such term is defined in section 583(3) of the Companies Act) which might be paid, or purport to be paid, for the Shares would result
in such Shares being validly issued, fully paid and not subject to any call for payment of further capital.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">7.9</TD><TD STYLE="text-align: justify">If (a) the Company or a person to whom the Shares are to be allotted and issued (a &ldquo;<B>Relevant
Person</B>&rdquo;) is the target of economic or financial sanctions or other restrictive measures imposed in any jurisdiction (&ldquo;<B>Sanctions</B>&rdquo;)
or is owned or controlled (directly or indirectly) by or is acting on behalf of or at the direction of or is otherwise connected with
a person who is a target of Sanctions or (b) a Relevant Person is incorporated or resident in or operating from a country or territory
that is a target of Sanctions or (c) the rights or obligations of a Relevant Person is otherwise affected by Sanctions, then the rights
and obligations of such Relevant Person under the 2020 Equity Incentive Plan or the ESPP may be void and/or unenforceable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">7.10</TD><TD STYLE="text-align: justify">We express no opinion in this letter on the application or potential application of the National Security
and Investment Act 2021 in relation to the 2020 Equity Incentive Plan, the ESPP or any transaction contemplated thereby.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: normal">DISCLOSURE AND RELIANCE </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">8.1</TD><TD STYLE="text-align: justify">This letter is addressed to you solely for your benefit in connection with the Registration Statement.
We consent to the filing of this letter as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that
we are in the category of persons whose consent is required under section 7 of the Securities Act or the rules and regulations promulgated
thereunder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">8.2</TD><TD STYLE="text-align: justify">This letter may not be relied upon by you for any other purpose, or furnished to, assigned to, quoted
to, or relied upon by any other person, firm or other entity for any purpose, other than for the purpose set out in above in paragraph
8.1, without our prior written consent, which may be granted or withheld at our sole discretion.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Yours faithfully</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22.95pt 0pt 0; text-align: justify">/s/ Cooley (UK) LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22.95pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22.95pt 0pt 0; text-align: justify"><B>Cooley (UK) LLP</B></P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>tm238019d1_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm238019d1_ex23-1img01.jpg" ALT="" STYLE="height: 77px; width: 102px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">We hereby consent to the incorporation
by reference in this Registration Statement on Form S-8 of Bicycle Therapeutics plc of our report dated February 28, 2023 relating to
the financial statements which appears in Bicycle Therapeutics plc's Annual Report on Form 10-K for the year ended December 31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">/s/ PricewaterhouseCoopers LLP<BR>
Cambridge, United Kingdom <BR>
February 28, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><I>PricewaterhouseCoopers LLP, The Maurice Wilkes Building,
St. Johns Innovation Park, Cowley Road, CAMBRIDGE, CB4 0DS</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>T:
+44 (0) 1223 460 055, F: +44 (0) 1223 552 336, </I></FONT><I>www.pwc.co.uk</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">PricewaterhouseCoopers
LLP is a limited liability partnership registered in England with registered number OC303525. The registered office of
PricewaterhouseCoopers LLP is 1 Embankment Place, London WC2N 6RH. PricewaterhouseCoopers LLP is authorised and regulated by the
Financial Conduct Authority for designated investment business.</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>4
<FILENAME>tm238019d1_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 107</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calculation of Filing Fee Tables</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form S-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form Type)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Bicycle Therapeutics plc</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Table 1: Newly Registered Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Security Type</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Security<BR>
 Class<BR>
 Title</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Fee<BR>
 Calculation <BR>
Rule</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Amount<BR>
 Registered</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><SUP>&nbsp;</SUP>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Proposed<BR>
 Maximum<BR>
 Offering<BR>
 Price Per<BR>
 Unit</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><SUP>&nbsp;</SUP>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Maximum<BR>
 Aggregate<BR>
 Offering<BR>
 Price</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><SUP>&nbsp;</SUP>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Fee Rate</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Amount of<BR>
 Registration<BR>
 Fee</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; width: 12%; padding-bottom: 1pt">Equity</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary shares, nominal value &pound;0.01 per share<SUP>(1)</SUP>&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center; padding-bottom: 1pt">Rule 457(c) and Rule 457(h)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,478,968</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><SUP>(2)</SUP>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">23.165</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><SUP>(3)</SUP>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">34,260,294</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><SUP>(3)</SUP>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center; padding-bottom: 1pt">$110.20 per $1,000,000</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,776</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">Equity</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary shares, nominal value &pound;0.01 per share<SUP>(1)</SUP>&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">Rule 457(c) and Rule 457(h)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">298,738</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><SUP>(4)</SUP>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">19.69</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><SUP>(5)</SUP>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,882,152</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><SUP>(5)</SUP>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">$110.20 per $1,000,000</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">649</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">Total Offering Amounts</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">40,142,446</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><SUP>&nbsp;</SUP>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,425</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">Total Fee Offsets</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&boxh;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">Net Fee Due</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,425</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>




<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">These shares may be represented by the American Depositary Shares (&ldquo;ADSs&rdquo;) of Bicycle Therapeutics
plc (the &ldquo;Registrant&rdquo;). Each ADS represents one Ordinary Share. ADSs issuable upon deposit of the Ordinary Shares registered
hereby were registered pursuant to a separate Registration Statement on Form F-6 (File No. 333-231422).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Represents ordinary shares, nominal value &pound;0.01 per share (the &ldquo;Ordinary Shares&rdquo;), of
the Registrant that became available for issuance under the Amended and Restated Bicycle Therapeutics plc 2020 Equity Incentive Plan (the
 &ldquo;2020 Plan&rdquo;), effective as of January 1, 2023, pursuant to the evergreen increase provision of the 2020 Plan. Pursuant to
Rule 416 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this Registration Statement shall also cover
any additional Ordinary Shares of the Registrant which become issuable under the 2020 Plan by reason of any stock dividend, stock split,
recapitalization or any other similar transaction effected without the receipt of consideration which results in an increase in the number
of the Registrant&rsquo;s outstanding Ordinary Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Estimated solely for the purpose of determining the registration fee pursuant to Rules 457(c) and (h)
under the Securities Act, based upon the average of the high and low prices of the Registrant&rsquo;s ADSs as quoted on the Nasdaq Global
Select Market on February 24, 2023.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">Represents Ordinary Shares that became available for issuance under the Bicycle Therapeutics plc 2019
Employee Share Purchase Plan (the &ldquo;ESPP&rdquo;), effective as of January 1, 2023, pursuant to the evergreen increase provision of
the ESPP. Pursuant to Rule 416 under the Securities Act, this Registration Statement shall also cover any additional Ordinary Shares of
the Registrant which become issuable under ESPP by reason of any stock dividend, stock split, recapitalization or any other similar transaction
effected without the receipt of consideration which results in an increase in the number of the Registrant&rsquo;s outstanding Ordinary
Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">Estimated solely for the purpose of calculating the registration fee pursuant to Rules 457(c) and 457(h)
under the Securities Act. The proposed maximum offering price per share and proposed maximum aggregate offering price are based on 85%
of the average of the high and low sale prices of the Registrant&rsquo;s ADSs as reported on the Nasdaq Global Select Market on February
24, 2023. Pursuant to the ESPP, the purchase price of the Ordinary Shares reserved for issuance thereunder will be 85% of the fair market
value of an Ordinary Share on the first trading day of the offering period or on the exercise date, whichever is lower.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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