<SEC-DOCUMENT>0001104659-24-048578.txt : 20240418
<SEC-HEADER>0001104659-24-048578.hdr.sgml : 20240418
<ACCEPTANCE-DATETIME>20240418070203
ACCESSION NUMBER:		0001104659-24-048578
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240418
DATE AS OF CHANGE:		20240418

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BICYCLE THERAPEUTICS plc
		CENTRAL INDEX KEY:			0001761612
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38916
		FILM NUMBER:		24852816

	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>DEFA14A
<SEQUENCE>1
<FILENAME>tm2412008d2_defa14a.htm
<DESCRIPTION>DEFA14A
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<P STYLE="margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 14pt 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">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: center"><B>SCHEDULE 14A INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proxy Statement Pursuant to Section&nbsp;14(a)&nbsp;of
the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</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"></P>

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

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    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
    by the Registrant</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
    by a Party other than the Registrant</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></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">Check the appropriate box:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 3%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidential, for Use of the Commission Only (as&nbsp;permitted
    by Rule&nbsp;14a-6(e)(2))</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting Material Pursuant to &sect;&nbsp;240.14a-12</FONT></TD></TR>
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<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; text-align: center"><B>Bicycle Therapeutics&nbsp;plc</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant as Specified In Its Charter)</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: center">(Name of Person(s)&nbsp;Filing Proxy Statement
if Other Than the Registrant)</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">Payment of Filing Fee (Check the appropriate box)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <P STYLE="font: 10pt Wingdings; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></P></TD>
    <TD STYLE="width: 97%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No fee required.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fee paid previously with preliminary materials.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee computed on table in exhibit required by Item 25(b)&nbsp;per
    Exchange Act Rules&nbsp;14a-6(i)(1)&nbsp;and 0-11.</FONT></TD></TR>
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<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: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>CURRENT REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 13pt"><B>Pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>April 16, 2024</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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">(Exact name of registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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    <TD STYLE="width: 32%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>England and Wales</B></FONT></TD>
    <TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 32%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>001-38916</B></FONT></TD>
    <TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 32%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Not applicable</B></FONT></TD></TR>
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    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction <BR>
of
    incorporation)</P></TD>
    <TD>&#160;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">File Number)</P></TD>
    <TD>&#160;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(IRS Employer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification No.)</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="vertical-align: bottom; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>Blocks
    A &amp; B, Portway Building</B><B>,<BR> Granta
    Park Great Abington</B><B>, Cambridge</B><B><BR> United
    Kingdom</B>

<P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
    <TD STYLE="vertical-align: bottom; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>CB21
    6GS</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Zip Code)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registrant&#8217;s telephone number, including area code: <B>+44 1223
261503</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR><TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD></TR>
                                                                                                                                                                                                                                                                                                                         </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR><TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD></TR>
                                                                                                                                                                                                                                                                                                                       </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR><TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD></TR>
                                                                                                                                                                                                                                                                                                                                               </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities registered pursuant to Section 12(b)
of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 40%; padding-right: 5.4pt; padding-bottom: 0in; padding-left: 5.4pt; text-align: center; text-indent: 0in"><B>Title of each class</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 20%; padding-right: 5.4pt; padding-bottom: 0in; padding-left: 5.4pt; text-align: center; text-indent: 0in"><B>Trading
    Symbol(s)</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 40%; padding-right: 5.4pt; padding-bottom: 0in; padding-left: 5.4pt; text-align: center; text-indent: 0in"><B>Name
    of each exchange on which registered</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">Ordinary shares, nominal value &#163;0.01 per share</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">n/a</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">The Nasdaq Stock Market LLC*</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">American Depositary Shares, each representing one ordinary share, nominal value &#163;0.01 per share</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">BCYC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">The Nasdaq Stock Market LLC</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in"><B>* </B>Not for trading, but only in connection
with the listing of the American Depositary Shares on The Nasdaq Stock Market LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: left; text-indent: 0.5in">Indicate by check mark whether
the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167; 230.405 of this chapter) or
Rule 12b-2 of the Securities Exchange Act of 1934 (&#167; 240.12b-2 of this chapter).&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Emerging growth company&#160;&#160;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: left; text-indent: 0.5in">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 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 10%"><B>Item 1.01</B></TD><TD STYLE="width: 90%"><B>Entry into a Material Definitive Agreement.</B></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 18, 2024, Bicycle Therapeutics plc
(the &#8220;<B><I>Company</I></B>&#8221;) entered into a registration rights agreement (the &#8220;<B><I>Affiliate Registration
Rights Agreement</I></B>&#8221;) with 667, L.P. and Baker Brothers Life Sciences, L.P. (collectively, the &#8220;<B><I>BBA
Funds</I></B>&#8221;), as described below under the heading &#8220;Affiliate Registration Rights Agreement&#8221;
in&#160;Item&#160;5.02 and incorporated herein by reference.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in">&#160;</P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 5.02</B></FONT></TD><TD STYLE="width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Departure </B></FONT>of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Departure of Veronica Jordan, Ph.D.</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 16, 2024, Veronica Jordan, Ph.D. notified the </FONT>Board of Directors of the Company (the &#8220;<B><I>Board</I></B>&#8221;) of
her decision to resign as a Class I director of the Company and as the Chair of the Compensation Committee of the Board and as a member
of the Audit Committee of the Board, effective as of the close of business on April 17, 2024, New York City time. Dr. Jordan&#8217;s decision
to resign from the Board was not the result of any disagreement between Dr. Jordan and the Company, its management, the Board or any committees
thereof on any matter relating to the Company&#8217;s operations, policies or practices.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
Jordan will continue to serve the Company as a consultant pursuant to a consulting agreement (the &#8220;<B><I>Consulting Agreement</I></B>&#8221;).
The initial term of the Consulting Agreement will be two years</FONT>, provided that the term will automatically renew in one-year increments
unless a notice of termination has been provided by either party. Dr. Jordan will receive compensation of GBP 12,000 or equivalent in
local currency per year and any outstanding equity awards held by Dr. Jordan will continue to vest in accordance with their terms, subject
to Dr. Jordan continuing to comply with the terms of the Consulting Agreement through each applicable vesting date.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing description of the Consulting Agreement
does not purport to be complete and is qualified in its entirety by reference to the full text of the Consulting Agreement, which is filed
herewith as Exhibit 10.1 and is incorporated herein by reference.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Appointment of Felix J. Baker, Ph.D.</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 16, 2024, the Board</FONT>, upon the recommendation of the Nominating and Corporate Governance Committee of the Company (the &#8220;<B><I>NCGC</I></B>&#8221;),
appointed Felix J. Baker, Ph.D. to the Board, effective as of April 18, 2024, New York City time. Dr. Baker, whose appointment fills the
vacancy created by the resignation of Dr. Jordan, will serve as a Class I director until the Company&#8217;s 2026 annual general meeting
of shareholders and until his successor has been duly elected and qualified or until his earlier death, resignation or removal.&#160;The
Board has determined that Dr. Baker is &#8220;independent&#8221; pursuant to the rules of the Nasdaq Stock Market LLC and other governing
laws and applicable regulations. Dr. Baker will be a member of the NCGC and of the Scientific Committee of the Board.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no arrangements or understandings
between Dr. Baker and any other person pursuant to which Dr. Baker was elected as a director.&#160; Dr. Baker does not have
any&#160;family relationships&#160;with any of the Company&#8217;s directors or executive officers. Since January 1, 2022, Dr. Baker
did not have any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of
Regulation S-K, other than the participation by the BBA Funds in the Company&#8217;s underwritten public offering of its securities
in July 2023, pursuant to which the Company issued and sold 4,705,882 non-voting ordinary shares, nominal value &#163;0.01 per
share, at a public offering price of $21.25 per non-voting ordinary share to the BBA Funds for gross proceeds of approximately $100
million. The offering resulted in net proceeds to the Company of $215.1 million. The <FONT STYLE="background-color: white">BBA Funds
hold more than 10% of the Company&#8217;s outstanding shares.&#160;</FONT>Baker Bros. Advisors (GP) LLC (&#8220;<B><I>Adviser
GP</I></B>&#8221;), Felix J. Baker and Julian C. Baker, as managing members of Adviser GP, and Baker Bros. Advisors LP
(&#8220;<B><I>Adviser</I></B>&#8221;) may be deemed to be beneficial owners of securities of the Company directly held by the BBA
Funds. Adviser GP is the sole general partner of the Adviser.&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a non-employee director of the Company, Dr.
Baker is eligible to participate in the Company&#8217;s Non-Employee Director Compensation Policy (the &#8220;<B><I>Policy</I></B>), as
such may be amended from time to time, which the Company has described in its Proxy Statement on Schedule 14A filed with the U.S. Securities
and Exchange Commission (the &#8220;<B><I>SEC</I></B>&#8221;) on April 15, 2024. In connection with his appointment to the Board, Dr.
Baker will also enter into the Company&#8217;s standard form of deed of indemnity, a copy of which was filed as Exhibit&#160;10.1 to the
Company&#8217;s Current Report on Form 8-K filed with the SEC on November 12, 2019.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Concurrently with the resignation of Dr. Jordan and appointment of
Dr. Baker, and effective as of April 18, 2024, New York City time, the Board&#8217;s standing committees are as follows:</P>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border: Black 1pt solid; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Audit Committee</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Compensation Committee</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nominating and Corporate<BR>
 Governance Committee</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Richard Kender (Chair)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Janice Bourque (Chair)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jose-Carlos Gutierrez-Ramos (Chair)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stephen Sands</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Richard Kender</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Janice Bourque</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Janice Bourque</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jose-Carlos Gutierrez-Ramos</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Felix J. Baker</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&#160;</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">In connection with the
appointment of Dr. Baker to the Board, the Company entered into the Affiliate Registration Rights Agreement with the BBA Funds.
Pursuant to the Affiliate Registration Rights Agreement, the BBA Funds are entitled to certain resale registration rights with
respect to the Company&#8217;s ordinary shares, nominal value &#163;0.01 per share (&#8220;<B><I>Ordinary Shares</I></B>&#8221;),
and American Depositary Shares held by the BBA Funds (collectively, the &#8220;<B><I>Affiliate Registrable
Securities</I></B>&#8221;). Under the Affiliate Registration Rights Agreement, following a request by the BBA Funds, the Company is
obligated to file a resale registration statement on Form S-3, or other appropriate form, covering the Affiliate Registrable
Securities. The Company has agreed to file such resale registration statement as promptly as reasonably practicable following such
request, and in any event within 60 days of such request. The Company&#8217;s obligations to file such registration statement are
subject to specified exceptions, and suspension and deferral rights as are set forth in the Affiliate Registration Rights Agreement.
Under specified circumstances, the Company may also include securities of the Company in any such registration statement. Under the
Affiliate Registration Rights Agreement, the BBA Funds also have the right to one underwritten offering per calendar year, but no
more than three underwritten offerings in total and not more than two underwritten offerings or &#8220;block trades&#8221; (as
defined in the Affiliate Registration Rights Agreement) in any 12-month period, to effect the sale or distribution of the Affiliate
Registrable Securities, subject to certain exceptions, conditions and limitations. The Affiliate Registration Rights Agreement also
requires the Company to pay certain expenses relating to such registrations and to indemnify the BBA Funds against certain
liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing description of the Affiliate Registration
Rights Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Affiliate Registration
Rights Agreement, which is filed herewith as Exhibit 10.2 and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01</B></TD><TD><B>Financial Statements and Exhibits</B></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #333333">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #333333">&#160;</P>

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    <TD STYLE="border-bottom: black 1pt solid; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #333333"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 86%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #333333"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2412008d2_ex10-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></A></TD>
    <TD>&#160;</TD>
    <TD><A HREF="tm2412008d2_ex10-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consulting Agreement, dated April 17, 2024, by and between the Company and Veronica Jordan</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2412008d2_ex10-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></A></TD>
    <TD>&#160;</TD>
    <TD><A HREF="tm2412008d2_ex10-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration Rights Agreement, dated April 18, 2024, by and among the Company and 667, L.P. and Baker Brothers Life Sciences, L.P. </FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</FONT></TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page Interactive Data File (formatted in Inline XBRL)</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #333333"></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</P>

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  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Date: April 18, 2024&#9;<B></B></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><B>BICYCLE THERAPEUTICS PLC</B></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: left"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Alethia Young</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Name: Alethia Young</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Title: Chief Financial Officer</FONT></TD></TR>
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<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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                           <P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 10.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSULTING AGREEMENT</B></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; text-indent: 0.4in"><FONT STYLE="font-variant: small-caps"><B>This
Consulting Agreement </B></FONT>(the <B>&ldquo;Agreement&rdquo;</B>) is made by and between <FONT STYLE="font-size: 10pt">Bicycle Therapeutics
Inc.</FONT> (<B>&ldquo;Company&rdquo;</B>) and <FONT STYLE="font-size: 10pt">Veronica Jordan </FONT>(<B>&ldquo;Consultant&rdquo;</B>),
effective as of April 17, 2024 (the &ldquo;<B>Effective Date</B>&rdquo;).</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; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B><FONT STYLE="font-variant: small-caps">Engagement of Services.</FONT></B> Subject to the terms of this Agreement,
Consultant agrees to provide consulting services to Company as described in <B>Exhibit&nbsp;A</B> hereto (the <B>&ldquo;Services&rdquo;</B>).
Consultant agrees to exercise diligence and the highest degree of professionalism in providing the Services. Consultant shall perform
all Services in compliance with all applicable laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B><FONT STYLE="font-variant: small-caps">Compensation.</FONT></B> As sole compensation for the performance of the Services,
Company will pay to Consultant the amounts and on the schedule specified in <B>Exhibit&nbsp;A</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B><FONT STYLE="font-variant: small-caps">Independent Contractor Relationship.</FONT></B> Consultant&rsquo;s relationship
with Company is that of an independent contractor, and nothing in this Agreement is intended to, or should be construed to, create a partnership,
agency, joint venture or employment relationship with Company. Consultant is not entitled to and will be excluded from participating in
any of Company&rsquo;s benefit plans or programs (and Consultant waives the right to receive any such benefits). Consultant is solely
responsible for all tax returns, payments, or reports required to be filed with or made to any federal, state or local tax authority with
respect to Consultant&rsquo;s receipt of fees under this Agreement. Consultant is not authorized to make any representation, contract
or commitment on behalf of Company unless specifically requested or authorized to do so by an executive officer of Company. No part of
Consultant&rsquo;s compensation will be subject to withholding by Company for the payment of any social security, federal, state or any
other employee payroll taxes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>4.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B><FONT STYLE="font-variant: small-caps">Non-Disclosure
of Proprietary Information. </FONT></B>Consultant recognizes that Consultant will be exposed to, have access to and be engaged in the
development of information regarding the trade secrets, technology, strategic sales/marketing plans, intellectual property, and confidential
business activities of the Company and its affiliated entities. At all times during Consultant&rsquo;s engagement and thereafter, Consultant
will hold in strictest confidence and will not disclose, use, lecture upon or publish any of the Proprietary Information (defined below),
except as such disclosure, use or publication may be required in connection with the Services, or unless an officer of the Company expressly
authorizes such in writing, or unless otherwise permitted or required by law. &ldquo;<B>Proprietary Information</B>&rdquo; includes (a)&nbsp;trade
secrets, inventions, ideas, samples, procedures and formulations for producing any such samples, media and/or processes, data, methods,
software, source and object codes, programs, other works of authorship, know-how, improvements, discoveries, developments, developmental
or experimental work, designs, and techniques; (b) information regarding the operation of the Company, including its products, services,
marketing and business plans, budgets, accounts, financial statements, contracts, prices and costs, suppliers, and current or potential
customers; (c) information regarding the skills and compensation of employees, contractors, and any other service providers of the Company;
and (d) the existence of any business discussions, negotiations, or agreements between any third party and the Company. Notwithstanding
the foregoing, Consultant understands that an individual may not be held criminally or civilly liable under any federal or state trade
secret law for the disclosure of a trade secret that: (a) is made (i) in confidence to a federal, state, or local government official,
either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation
of law; or (b) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>5.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps">Assignment
of Work Product.</FONT></B> Consultant hereby assigns to the Company any and all right, title, and interest in and to any and all Work
Product (and all intellectual property rights with respect thereto) made, conceived, reduced to practice, or learned by Consultant, either
alone or with others, during the period of Consultant&rsquo;s engagement by the Company. Consultant will execute such documents and perform
such other acts as Company may reasonably request for use in applying for, assigning, obtaining, perfecting, evidencing, sustaining,
and enforcing such Work Product. As used in this Agreement, the term &ldquo;<B>Work Product</B>&rdquo; means any trade secrets, ideas,
inventions (whether patentable or unpatentable), processes, formulations, software source and object codes, data, programs, other works
of authorship, know-how, improvements, discoveries, developments, designs and techniques, trademarks, or other copyrightable or patentable
works.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>6.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps">No Conflict of Interest.</FONT></B>
Consultant agrees during the term of this Agreement not to accept work or enter into a contract or accept an obligation inconsistent or
incompatible with Consultant&rsquo;s obligations under this Agreement or the scope of services rendered for Company. In addition, Consultant
agrees that, during the term of this Agreement, Consultant will not perform, or agree to perform, any services for any third party that
engages, or plans to engage, in any business or activity competitive with that of Company. Consultant warrants that to the best of Consultant&rsquo;s
knowledge, there is no other existing contract or duty on Consultant&rsquo;s part inconsistent with this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>7.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B><FONT STYLE="font-variant: small-caps">Term
and Termination.</FONT></B><FONT STYLE="font-variant: small-caps"> T</FONT>he term of this Agreement will begin as of the Effective Date
and will automatically terminate on the second anniversary of the Agreement, provided that the length of the term of this Agreement will
automatically renew in one-year increments unless a notice of termination has been provided by either party. Company may terminate this
Agreement at its convenience upon 14&nbsp;calendar days&rsquo; prior written notice to Consultant. Consultant may terminate this Agreement
at any time upon 14&nbsp;calendar days&rsquo; prior written notice to Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>8.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps">Return
of Company Property</FONT>.</B> Unless otherwise authorized by Company, upon termination of the Agreement or earlier as requested by
Company, Consultant will deliver to Company any Company property in Consultant&rsquo;s possession, and any other documents or material
containing or disclosing any Company Work Product.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: uppercase"><B>9.</B></FONT> <FONT STYLE="font-variant: small-caps"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Provisions.</B></FONT></P>



<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: 0.5in"><B>9.1<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Governing Law.</B> This Agreement shall be governed and construed in accordance with the laws of the state of Massachusetts, excluding
its choice of law principles.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>9.2<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Severability; No Assignment.</B> In case any one or more of the provisions contained in this Agreement shall, for any reason, be
held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect the other
provisions of this Agreement. This Agreement may not be assigned by Consultant without Company&rsquo;s consent, and any such attempted
assignment shall be void and of no effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>9.3<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Entire Agreement.</B> This Agreement is the final, complete, and exclusive agreement of the parties with respect to the subject
matter hereof, and supersedes and merges all prior or contemporaneous proposals, discussions, negotiations, understandings, promises,
representations, conditions, communications and agreements, whether written or oral, between the parties with respect to such subject
matter. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless
in writing and signed by Consultant and the chief executive officer of Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in"><FONT STYLE="font-variant: small-caps"><B>In
Witness Whereof,</B></FONT> the parties have caused this Consulting Agreement to be executed by their duly authorized representative.</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"><FONT STYLE="font-variant: small-caps"><B>Bicycle
Therapeutics Inc.</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: left"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: left"> <FONT STYLE="font-size: 10pt">/s/ Pierre Legault</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Pierre
    Legault</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Printed Name)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Title: Chairman of the Board</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Consultant</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-size: 10pt">/s/ Veronica Jordan</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Veronica
    Jordan</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Printed Name)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<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"></P>

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<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: center"><B>EXHIBIT A</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Nature of Work</U></B>:</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">Consultant will be responsible for providing strategic
advice and consulting as requested by the Company in any area of Consultant&rsquo;s expertise.</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"><B><U>Compensation</U></B>:</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"></TD><TD STYLE="width: 0.25in">A.</TD><TD STYLE="text-align: justify"><B>Consulting Fees</B>. During the term of the Agreement, Consultant shall be paid an annual fee of GBP
12,000 or equivalent in local currency, payable in 12 equal monthly installments paid in arrears.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&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">B.</TD><TD STYLE="text-align: justify"><B>Continuing Service Provider. </B>The parties intend that during the Term of this Agreement, Consultant
shall be considered as a &ldquo;service provider&rdquo; for the purposes of the Bicycle Therapeutics plc 2020 Equity Incentive Plan and
other relevant or successor plans, as applicable.</TD></TR></TABLE>

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

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

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    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>tm2412008d2_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 10.2</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION RIGHTS AGREEMENT</B></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">This Registration Rights Agreement (this &ldquo;<U>Agreement</U>&rdquo;)
is made as of April&nbsp;18, 2024 by and between Bicycle Therapeutics plc, a public limited company incorporated under the laws of England
and Wales (the &ldquo;<U>Company</U>&rdquo;), and the persons listed on the attached <U>Schedule&nbsp;A</U> who are signatories to this
Agreement (collectively, the &ldquo;<U>Investors</U>&rdquo;). Unless otherwise defined herein, capitalized terms used in this Agreement
have the respective meanings ascribed to them in <U>Section&nbsp;1</U>.</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: center"><B>RECITALS</B></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"><B>WHEREAS</B>, the Company and the Investors wish to provide for certain
arrangements with respect to the registration of the Registrable Securities (as defined below) by the Company under the Securities Act
(as defined below).</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"><B>NOW, THEREFORE,</B> in consideration of the mutual promises and
covenants set forth herein, and other consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree
as follows:</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: center"><FONT STYLE="color: #010000"><B>Section&nbsp;1.</B></FONT><B><BR>
Definitions</B></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"><FONT STYLE="font-size: 10pt; color: #010000">1.1.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Certain
Definitions</U>. In addition to the terms defined elsewhere in this Agreement, as used in this Agreement, the following terms have the
respective meanings set forth below:</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"><FONT STYLE="font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">&ldquo;ADSs&rdquo;
shall mean American Depositary Shares or American Depositary Receipts representing one Ordinary Share of the Company.</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"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">&ldquo;<U>Block
Trade</U>&rdquo; shall mean an offering of Registrable Securities which requires both the Investors and the Company to enter into a sale
agreement and is limited in scope of selling efforts as compared to an Underwritten Offering.</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"><FONT STYLE="font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">&ldquo;<U>Board</U>&rdquo;
shall mean the Board of Directors of the Company.</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"><FONT STYLE="font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">&ldquo;<U>Commission</U>&rdquo;
shall mean the Securities and Exchange Commission or any other federal agency at the time administering the Securities Act.</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"><FONT STYLE="font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">&ldquo;<U>Exchange
Act</U>&rdquo; shall mean the Securities Exchange Act of 1934, as amended, or any similar successor federal statute and the rules&nbsp;and
regulations thereunder, all as the same shall be in effect from time to time.</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"><FONT STYLE="font-size: 10pt; color: #010000">(f)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">&ldquo;<U>Governmental
Entity</U>&rdquo; shall mean any federal, state, local or foreign government, or any department, agency, or instrumentality of any government;
any public international organization, any transnational governmental organization; any court of competent jurisdiction, arbitral, administrative
agency, commission, or other governmental regulatory authority or quasi-governmental authority, any political party; and any national
securities exchange or national quotation system.</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"></P>

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<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"><FONT STYLE="font-size: 10pt; color: #010000">(g)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">&ldquo;<U>Ordinary
Shares</U>&rdquo; shall mean the Company&rsquo;s ordinary shares, nominal value of &pound;0.01 per share.</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"><FONT STYLE="font-size: 10pt; color: #010000">(h)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">&ldquo;<U>Other
Securities</U>&rdquo; shall mean securities of the Company, other than Registrable Securities (as defined below).</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"><FONT STYLE="font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">&ldquo;<U>Person</U>&rdquo;
shall mean any individual, partnership, corporation, company, association, trust, joint venture, limited liability company, unincorporated
organization, entity or division, or any government, governmental department or agency or political subdivision thereof.</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"><FONT STYLE="font-size: 10pt; color: #010000">(j)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">&ldquo;<U>Registrable
Securities</U>&rdquo; shall mean the Ordinary Shares, ADSs, and any Ordinary Shares or ADSs issued or issuable upon the exercise or conversion
of any other securities (whether equity, debt or otherwise) of the Company now owned or hereafter acquired by any of the Investors. Registrable
Securities shall cease to be Registrable Securities upon the earliest to occur of the following events: (i)&nbsp;such Registrable Securities
have been sold pursuant to an effective Registration Statement; (ii)&nbsp;such Registrable Securities have been sold by the Investors
pursuant to Rule&nbsp;144 (or other similar rule); (iii)&nbsp;at any time after any of the Investors become an affiliate of the Company,
such Registrable Securities may be resold by the Investor holding such Registrable Securities without limitations as to volume or manner
of sale pursuant to Rule&nbsp;144; or (iv)&nbsp;ten (10)&nbsp;years after the date of this Agreement. For purposes of this definition,
in order to determine whether an Investor is an &ldquo;affiliate&rdquo; (as such term is defined and used in Rule&nbsp;144, and including
for determining whether volume or manner of sale limitations of Rule&nbsp;144 apply) the parties will assume that all convertible securities
(whether equity, debt or otherwise) have been converted into Ordinary Shares.</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"><FONT STYLE="font-size: 10pt; color: #010000">(k)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
terms &ldquo;<U>register</U>,&rdquo; &ldquo;<U>registered</U>&rdquo; and &ldquo;<U>registration</U>&rdquo; shall refer to a registration
effected by preparing and filing a Registration Statement in compliance with the Securities Act, and such Registration Statement becoming
effective under the Securities Act.</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"><FONT STYLE="font-size: 10pt; color: #010000">(l)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">&ldquo;<U>Registration
Expenses</U>&rdquo; shall mean all expenses incurred by the Company in effecting any registration pursuant to this Agreement, including,
without limitation, all registration, qualification, and filing fees, printing expenses, escrow fees, fees and disbursements of counsel
for the Company, up to $50,000 of reasonable legal expenses of one special counsel for Investors (if different from the Company&rsquo;s
counsel and if such counsel is reasonably approved by the Company) in connection with the preparation and filing of the Resale Registration
Shelf (as defined below), and up to $50,000 of reasonable legal expenses of one special counsel for the Investors (if different from the
Company&rsquo;s counsel and if such counsel is reasonably approved by the Company) per Underwritten Offering, blue sky fees and expenses,
and expenses of any regular or special audits incident to or required by any such registration, but shall not include Selling Expenses.</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"><FONT STYLE="font-size: 10pt; color: #010000">(m)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">&ldquo;<U>Registration
Statement</U>&rdquo; means any registration statement of the Company filed with, or to be filed with, the Commission under the Securities
Act, including the related prospectus, amendments and supplements to such registration statement, including pre- and post-effective amendments,
and all exhibits and all material incorporated by reference in such registration statement as may be necessary to comply with applicable
securities laws other than a registration statement (and related prospectus) filed on Form&nbsp;S-4 or Form&nbsp;S-8 or any successor
forms thereto.</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"></P>

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<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"><FONT STYLE="font-size: 10pt; color: #010000">(n)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">&ldquo;<U>Rule&nbsp;144</U>&rdquo;
shall mean Rule&nbsp;144 as promulgated by the Commission under the Securities Act, as such rule&nbsp;may be amended from time to time,
or any similar successor rule&nbsp;that may be promulgated by the Commission.</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"><FONT STYLE="font-size: 10pt; color: #010000">(o)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">&ldquo;<U>Securities
Act</U>&rdquo; shall mean the Securities Act of 1933, as amended, or any similar successor federal statute and the rules&nbsp;and regulations
thereunder, all as the same shall be in effect from time to time.</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"><FONT STYLE="font-size: 10pt; color: #010000">(p)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">&ldquo;<U>Selling
Expenses</U>&rdquo; shall mean all underwriting discounts and selling commissions applicable to the sale of Registrable Securities, the
fees and expenses of any legal counsel (except as provided in the definition of &ldquo;Registration Expenses&rdquo;) and any other advisors
any of the Investors engage and all similar fees and commissions relating to the Investors&rsquo; disposition of the Registrable Securities.</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"><FONT STYLE="font-size: 10pt; color: #010000">(q)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">&ldquo;<U>Underwritten
Offering</U>&rdquo; shall mean a public offering of Registrable Securities pursuant to an effective registration statement under the Securities
Act (other than pursuant to a registration statement on Form&nbsp;S-4 or S-8 or any similar or successor form) which requires the Investors
and the Company to enter into an underwriting agreement.</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: center"><FONT STYLE="color: #010000"><B>Section&nbsp;2.</B></FONT><B><BR>
Resale Registration Rights</B></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"><FONT STYLE="font-size: 10pt; color: #010000">2.1.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Resale
Registration Rights</U>.</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"><FONT STYLE="font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Following
demand by any Investor, the Company shall file with the Commission a Registration Statement on Form&nbsp;S-3 (except if the Company is
not then eligible to register for resale the Registrable Securities on Form&nbsp;S-3, in which case such registration shall be on another
appropriate form in accordance with the Securities Act) covering the resale of the Registrable Securities by the Investors (the &ldquo;<U>Resale
Registration Shelf</U>&rdquo;), and the Company shall file such Resale Registration Shelf as promptly as reasonably practicable following
such demand, and in any event within sixty (60) days of such demand. Such Resale Registration Shelf shall include a &ldquo;final&rdquo;
prospectus, including the information required by Item 507 of Regulation S-K of the Securities Act, as provided by the Investors in accordance
with Section&nbsp;2.7. Notwithstanding the foregoing, before filing the Resale Registration Shelf, the Company shall furnish to the Investors
a copy of the Resale Registration Shelf and afford the Investors an opportunity to review and comment on the Resale Registration Shelf.
The Company&rsquo;s obligation pursuant to this <U>Section&nbsp;2.1(a)</U>&nbsp;is conditioned upon the Investors providing the information
contemplated in <U>Section&nbsp;2.7</U>.</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"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Company shall use its reasonable best efforts to cause the Resale Registration Shelf and related prospectuses to become effective as promptly
as practicable after filing. The Company shall use its reasonable best efforts to cause such Registration Statement to remain effective
under the Securities Act until the earlier of the date (i)&nbsp;all Registrable Securities covered by the Resale Registration Shelf have
been sold or may be sold freely without limitations or restrictions as to volume or manner of sale pursuant to Rule&nbsp;144 or (ii)&nbsp;all
Registrable Securities covered by the Resale Registration Shelf otherwise cease to be Registrable Securities pursuant to the definition
of Registrable Securities. The Company shall promptly, and within two (2)&nbsp;business days after the Company confirms effectiveness
of the Resale Registration Shelf with the Commission, notify the Investors of the effectiveness of the Resale Registration Shelf.</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"></P>

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<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"><FONT STYLE="font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Notwithstanding
anything contained herein to the contrary, the Company shall not be obligated to effect, or to take any action to effect, a registration
pursuant to <U>Section&nbsp;2.1(a)</U>:</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"><FONT STYLE="font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">if
the Company has and maintains an effective Registration Statement on Form&nbsp;S-3ASR that provides for the resale of an unlimited number
of securities by selling shareholders (a &ldquo;<U>Company Registration Shelf</U>&rdquo;);</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"><FONT STYLE="font-size: 10pt; color: #010000">(ii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">during
the period forty-five (45) days prior to the Company&rsquo;s good faith estimate of the date of filing of a Company Registration Shelf;
or</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"><FONT STYLE="font-size: 10pt; color: #010000">(iii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">if
the Company has caused a Registration Statement to become effective pursuant to this <U>Section&nbsp;2.1</U> during the prior twelve (12)
month period.</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"><FONT STYLE="font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">If
the Company has a Company Registration Shelf in place at any time in which the Investors make a demand pursuant to <U>Section&nbsp;2.1(a)</U>,
the Company shall file with the Commission, as promptly as practicable, and in any event within fifteen (15) business days after such
demand, a &ldquo;final&rdquo; prospectus supplement to its Company Registration Shelf covering the resale of the Registrable Securities
by the Investors (the &ldquo;<U>Prospectus</U>&rdquo;); <U>provided</U>, <U>however</U>, that the Company shall not be obligated to file
more than one Prospectus pursuant to this <U>Section&nbsp;2.1(d)</U>&nbsp;in any six month period to add additional Registrable Securities
to the Company Registration Shelf that were acquired by the Investors other than directly from the Company or in an underwritten public
offering by the Company. The Prospectus shall include the information required under Item 507 of Regulation S-K of the Securities Act,
which information shall be provided by the Investors in accordance with <U>Section&nbsp;2.7</U>. Notwithstanding the foregoing, before
filing the Prospectus, the Company shall furnish to the Investors a copy of the Prospectus and afford the Investors an opportunity to
review and comment on the Prospectus.</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"><FONT STYLE="font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Deferral
and Suspension</U>. At any time after being obligated pursuant to this Agreement to file a Resale Registration Shelf or Prospectus, or
after any Resale Registration Shelf has become effective or a Prospectus is filed with the Commission, the Company may defer the filing
of or suspend the use of any such Resale Registration Shelf or Prospectus, upon giving written notice of such action to the Investors
with a certificate signed by the Chief Executive Officer or Chief Financial Officer of the Company stating that in the good faith judgment
of the Board, the filing or use of any such Resale Registration Shelf or Prospectus covering the Registrable Securities would be seriously
detrimental to the Company or its shareholders at such time and that the Board concludes, as a result, that it is in the best interests
of the Company and its shareholders to defer the filing or suspend the use of such Resale Registration Shelf or Prospectus at such time.
The Company shall have the right to defer the filing of or suspend the use of such Resale Registration Shelf or Prospectus for a period
of not more than one hundred twenty (120) days from the date the Company notifies the Investors of such deferral or suspension; <U>provided</U>
that the Company shall not exercise the right contained in this <U>Section&nbsp;2.1(e)</U>&nbsp;more than once in any twelve-month period.
In the case of the suspension of use of any effective Resale Registration Shelf or Prospectus, the Investors, immediately upon receipt
of notice thereof from the Company, shall discontinue any offers or sales of Registrable Securities pursuant to such Resale Registration
Shelf or Prospectus until advised in writing by the Company that the use of such Resale Registration Shelf or Prospectus may be resumed.
In the case of a deferred Prospectus or Resale Registration Shelf filing, the Company shall provide prompt written notice to the Investors
of (i)&nbsp;the Company&rsquo;s decision to file or seek effectiveness of the Prospectus or Resale Registration Shelf, as the case may
be, following such deferral and (ii)&nbsp;in the case of a Resale Registration Shelf, the effectiveness of such Resale Registration Shelf.
In the case of either a suspension of use of, or deferred filing of, any Resale Registration Shelf or Prospectus, the Company shall not,
during the pendency of such suspension or deferral, be required to take any action hereunder (including any action pursuant to <U>Section&nbsp;2.2</U>
hereof) with respect to the registration or sale of any Registrable Securities pursuant to any such Resale Registration Shelf, Company
Registration Shelf or Prospectus.</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"></P>

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<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"><FONT STYLE="font-size: 10pt; color: #010000">(f)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Other
Securities</U>. Subject to <U>Section&nbsp;2.2(e)</U>&nbsp;below, any Resale Registration Shelf or Prospectus may include Other Securities
and may include securities of the Company being sold for the account of the Company; provided such Other Securities are excluded first
from such Registration Statement in order to comply with any applicable laws or request from any Government Entity, the Nasdaq Stock Market
or any applicable listing agency. For the avoidance of doubt, no Other Securities may be included in an Underwritten Offering pursuant
to <U>Section&nbsp;2.2</U> without the consent of the Investors.</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"><FONT STYLE="font-size: 10pt; color: #010000">2.2.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Sales
and Underwritten Offerings of the Registrable Securities</U>.</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"><FONT STYLE="font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Notwithstanding
any provision contained herein to the contrary, the Investors, collectively, shall and subject to the limitations set forth in this <U>Section&nbsp;2.2</U>,
be permitted (i)&nbsp;one Underwritten Offering per calendar year, but no more than three Underwritten Offerings in total, and (ii)&nbsp;no
more than two Underwritten Offerings or Block Trades in any twelve-month period, to effect the sale or distribution of Registrable Securities.</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"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">If
the Investors intend to effect an Underwritten Offering or Block Trade pursuant to a Resale Registration Shelf or Company Registration
Shelf to sell or otherwise distribute Registrable Securities, they shall so advise the Company and provide as much notice to the Company
as reasonably practicable (and, in either case, not less than fifteen (15) business days prior to the Investors&rsquo; request that the
Company file a prospectus supplement to a Resale Registration Shelf or Company Registration Shelf).</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"><FONT STYLE="font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">In
connection with any offering initiated by the Investors pursuant to this <U>Section&nbsp;2.2</U> involving an underwriting of shares of
Registrable Securities, the Investors shall be entitled to select the underwriter or underwriters for such offering, subject to the consent
of the Company, such consent not to be unreasonably withheld, conditioned or delayed.</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"><FONT STYLE="font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">In
connection with any offering initiated by the Investors pursuant to this <U>Section&nbsp;2.2 </U>involving an Underwritten Offering of
Registrable Securities, the Company shall not be required to include any of the Registrable Securities in such underwriting unless the
Investors (i)&nbsp;enter into an underwriting agreement in customary form with the underwriter or underwriters, (ii)&nbsp;accept customary
terms in such underwriting agreement with regard to representations and warranties relating to ownership of the Registrable Securities
and authority and power to enter into such underwriting agreement and (iii)&nbsp;complete and execute all questionnaires, powers of attorney,
custody agreements, indemnities and other documents as may be requested by such underwriter or underwriters. Further, the Company shall
not be required to include any of the Registrable Securities in such underwriting if (Y)&nbsp;the underwriting agreement proposed by the
underwriter or underwriters contains representations, warranties or conditions that are not reasonable in light of the Company&rsquo;s
then-current business or (Z)&nbsp;the underwriter, underwriters or the Investors require the Company to participate in any marketing,
road show or comparable activity that may be required to complete the orderly sale of shares by the underwriter or underwriters.</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"></P>

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<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"><FONT STYLE="font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">If
the total amount of securities to be sold in any offering initiated by the Investors pursuant to this <U>Section&nbsp;2.2</U> involving
an underwriting of shares of Registrable Securities exceeds the amount that the underwriters determine in their sole discretion is compatible
with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including
Registrable Securities (subject in each case to the cutback provisions set forth in this <U>Section&nbsp;2.2(e)</U>), that the underwriters
and the Company determine in their sole discretion shall not jeopardize the success of the offering. If the Underwritten Offering has
been requested pursuant to <U>Section&nbsp;2.2(a)</U>&nbsp;hereof, the number of shares that are entitled to be included in the registration
and underwriting shall be allocated in the following manner: (a)&nbsp;<U>first</U>, shares of Company equity securities that the Company
desires to include in such registration shall be excluded and (b)&nbsp;<U>second</U>, Registrable Securities requested to be included
in such registration by the Investors shall be excluded. For the avoidance of doubt, no other person besides the Investors shall be entitled
to participate in any Block Trade. To facilitate the allocation of shares in accordance with the above provisions, the Company or the
underwriters may round down the number of shares allocated to any of the Investors to the nearest 100 shares.</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"><FONT STYLE="font-size: 10pt; color: #010000">2.3.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Fees
and Expenses</U>. All Registration Expenses incurred in connection with registrations pursuant to this Agreement shall be borne by the
Company. All Selling Expenses relating to securities registered on behalf of the Investors shall be borne by the Investors.</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"><FONT STYLE="font-size: 10pt; color: #010000">2.4.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Registration
Procedures</U>. In the case of each registration of Registrable Securities effected by the Company pursuant to <U>Section&nbsp;2.1</U>
hereof, the Company shall keep the Investors advised as to the initiation of each such registration and as to the status thereof. The
Company shall use its reasonable best efforts, within the limits set forth in this <U>Section&nbsp;2.4</U>, to:</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"><FONT STYLE="font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">prepare
and file with the Commission such amendments and supplements to such Registration Statement and the prospectuses used in connection with
such Registration Statement as may be necessary to keep such Registration Statement effective and current and comply with the provisions
of the Securities Act with respect to the disposition of all securities covered by such Registration Statement;</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"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">furnish
to the Investors such numbers of copies of a prospectus, including preliminary prospectuses, in conformity with the requirements of the
Securities Act, and such other documents as the Investors may reasonably request in order to facilitate the disposition of Registrable
Securities;</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"></P>

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<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"><FONT STYLE="font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">use
its reasonable best efforts to register and qualify the Registrable Securities covered by such Registration Statement under such other
securities or blue sky laws of such jurisdictions in the United States as shall be reasonably requested by the Investors, provided that
the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent
to service of process in any such states or jurisdictions;</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"><FONT STYLE="font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">in
the event of an Underwritten Offering or Block Trade, and subject to <U>Section&nbsp;2.2(d)</U>, enter into and perform its obligations
under an underwriting agreement or Block Trade sale agreement, in usual and customary form (including any &ldquo;lock-ups&rdquo; on behalf
of the Company and its directors and officers), with the managing underwriter of such offering and take such other usual and customary
action as the Investors may reasonably request in order to facilitate the disposition of such Registrable Securities;</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"><FONT STYLE="font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">notify
the Investors at any time when a prospectus relating to a Registration Statement covering any Registrable Securities is required to be
delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such Registration Statement,
as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in the light of the circumstances then existing. The Company shall use its reasonable
best efforts to amend or supplement such prospectus in order to cause such prospectus not to include any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the
light of the circumstances then existing;</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"><FONT STYLE="font-size: 10pt; color: #010000">(f)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">provide
a transfer agent and registrar for all Registrable Securities registered pursuant to such Registration Statement and, if required, a CUSIP
number for all such Registrable Securities, in each case not later than the effective date of such registration;</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"><FONT STYLE="font-size: 10pt; color: #010000">(g)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">if
requested by an Investor, use reasonable best efforts to cause the Company&rsquo;s transfer agent to remove any restrictive legend from
any Registrable Securities, within two business days following such request;</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"><FONT STYLE="font-size: 10pt; color: #010000">(h)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">cause
to be furnished, at the request of the Investors, on the date that Registrable Securities are delivered to underwriters for sale in connection
with an Underwritten Offering or Block Trade, (i)&nbsp;an opinion, dated such date, of the counsel representing the Company for the purposes
of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the
underwriters, and (ii)&nbsp;a letter or letters from the independent certified public accountants of the Company, in form and substance
as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the
underwriters; and</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"><FONT STYLE="font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">cause
all such Registrable Securities included in a Registration Statement pursuant to this Agreement to be listed on each securities exchange
or other securities trading markets on which Common Stock is then listed.</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"></P>

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<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"><FONT STYLE="font-size: 10pt; color: #010000">2.5.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>The
Investors Obligations</U>.</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"><FONT STYLE="font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Discontinuance
of Distribution</U>. The Investors agree that, upon receipt of any notice from the Company of the occurrence of any event of the kind
described in Section&nbsp;<U>2.4(e)</U>&nbsp;hereof, the Investors shall immediately discontinue disposition of Registrable Securities
pursuant to any Registration Statement covering such Registrable Securities until the Investors&rsquo; receipt of the copies of the supplemented
or amended prospectus contemplated by Section&nbsp;<U>2.4(e)</U>&nbsp;hereof or receipt of notice that no supplement or amendment is required
and that the Investors&rsquo; disposition of the Registrable Securities may be resumed. The Company may provide appropriate stop orders
to enforce the provisions of this <U>Section&nbsp;2.5(a)</U>.</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"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Compliance
with Prospectus Delivery Requirements</U>. The Investors covenant and agree that they shall comply with the prospectus delivery requirements
of the Securities Act as applicable to them or an exemption therefrom in connection with sales of Registrable Securities pursuant to any
Registration Statement filed by the Company pursuant to this Agreement.</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"><FONT STYLE="font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Notification
of Sale of Registrable Securities</U>. The Investors covenant and agree that they shall notify the Company following the sale of Registrable
Securities to a third party as promptly as reasonably practicable, and in any event within thirty (30) days, following the sale of such
Registrable Securities.</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"><FONT STYLE="font-size: 10pt; color: #010000">2.6.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Indemnification</U>.</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"><FONT STYLE="font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">To
the extent permitted by law, the Company shall indemnify the Investors, and, as applicable, their officers, directors, and constituent
partners, legal counsel for each Investor and each Person controlling the Investors, with respect to which registration, related qualification,
or related compliance of Registrable Securities has been effected pursuant to this Agreement, and each underwriter, if any, and each Person
who controls any underwriter within the meaning of the Securities Act against all claims, losses, damages, or liabilities (or actions
in respect thereof) to the extent such claims, losses, damages, or liabilities arise out of or are based upon (i)&nbsp;any untrue statement
(or alleged untrue statement) of a material fact contained in any prospectus or other document (including any related Registration Statement)
incident to any such registration, qualification, or compliance, or (ii)&nbsp;any omission (or alleged omission) to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, or (iii)&nbsp;any violation or alleged
violation by the Company of the Securities Act, the Exchange Act, any state securities law, or any rule&nbsp;or regulation promulgated
under the Securities Act, the Exchange Act or any state securities law applicable to the Company and relating to action or inaction required
of the Company in connection with any such registration, qualification, or compliance; and the Company shall pay as incurred to the Investors,
each such underwriter, and each Person who controls the Investors or underwriter, any legal and any other expenses reasonably incurred
in connection with investigating or defending any such claim, loss, damage, liability, or action; <U>provided</U>, <U>however</U>, that
the indemnity contained in this <U>Section&nbsp;2.6(a)</U>&nbsp;shall not apply to amounts paid in settlement of any such claim, loss,
damage, liability, or action if settlement is effected without the consent of the Company (which consent shall not unreasonably be withheld);
and provided, further, that the Company shall not be liable in any such case to the extent that any such claim, loss, damage, liability,
or expense arises out of or is based upon any violation by such Investor of the obligations set forth in <U>Section&nbsp;2.5</U> hereof
or any untrue statement or omission contained in such prospectus or other document based upon written information furnished to the Company
by the Investors, such underwriter, or such controlling Person and stated to be for use therein.</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"></P>

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<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"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">To
the extent permitted by law, each Investor (severally and not jointly) shall, if Registrable Securities held by such Investor are included
for sale in the registration and related qualification and compliance effected pursuant to this Agreement, indemnify the Company, each
of its directors, each officer of the Company who signs the applicable Registration Statement, each legal counsel and each underwriter
of the Company&rsquo;s securities covered by such a Registration Statement, each Person who controls the Company or such underwriter within
the meaning of the Securities Act against all claims, losses, damages, and liabilities (or actions in respect thereof) arising out of
or based upon (i)&nbsp;any untrue statement (or alleged untrue statement) of a material fact contained in any such Registration Statement,
or related document, or (ii)&nbsp;any omission (or alleged omission) to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, or (iii)&nbsp;any violation or alleged violation by such Investor of <U>Section&nbsp;2.5</U>
hereof, the Securities Act, the Exchange Act, any state securities law, or any rule&nbsp;or regulation promulgated under the Securities
Act, the Exchange Act or any state securities law applicable to such Investor and relating to action or inaction required of such Investor
in connection with any such registration and related qualification and compliance, and shall pay as incurred to such persons, any legal
and any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability, or action,
in each case only to the extent that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in
(and such violation pertains to) such Registration Statement or related document in reliance upon and in conformity with written information
furnished to the Company by such Investor and stated to be specifically for use therein; <U>provided</U>, <U>however</U>, that the indemnity
contained in this <U>Section&nbsp;2.6(b)</U>&nbsp;shall not apply to amounts paid in settlement of any such claim, loss, damage, liability,
or action if settlement is effected without the consent of such Investor (which consent shall not unreasonably be withheld); provided,
further, that such Investor&rsquo;s liability under this <U>Section&nbsp;2.6(b)</U>&nbsp;(when combined with any amounts such Investor
is liable for under <U>Section&nbsp;2.6(d)</U>) shall not exceed such Investor&rsquo;s net proceeds from the offering of securities made
in connection with such registration.</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"><FONT STYLE="font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Promptly
after receipt by an indemnified party under this <U>Section&nbsp;2.6</U> of notice of the commencement of any action, such indemnified
party shall, if a claim in respect thereof is to be made against an indemnifying party under this <U>Section&nbsp;2.6</U>, notify the
indemnifying party in writing of the commencement thereof and generally summarize such action. The indemnifying party shall have the right
to participate in and to assume the defense of such claim; <U>provided</U>, <U>however</U>, that the indemnifying party shall be entitled
to select counsel for the defense of such claim with the approval of any parties entitled to indemnification, which approval shall not
be unreasonably withheld; provided further, however, that if either party reasonably determines that there may be a conflict between the
position of the Company and the Investors in conducting the defense of such action, suit, or proceeding by reason of recognized claims
for indemnity under this <U>Section&nbsp;2.6</U>, then counsel for such party shall be entitled to conduct the defense to the extent reasonably
determined by such counsel to be necessary to protect the interest of such party. The failure to notify an indemnifying party promptly
of the commencement of any such action, if prejudicial to the ability of the indemnifying party to defend such action, shall relieve such
indemnifying party, to the extent so prejudiced, of any liability to the indemnified party under this <U>Section&nbsp;2.6</U>, but the
omission so to notify the indemnifying party shall not relieve such party of any liability that such party may have to any indemnified
party otherwise than under this <U>Section&nbsp;2.6</U>.</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"></P>

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<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"><FONT STYLE="font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">If
the indemnification provided for in this <U>Section&nbsp;2.6</U> is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any loss, liability, claim, damage, or expense referred to therein, then the indemnifying party, in
lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result
of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying
party on the one hand and of the indemnified party on the other in connection with the statements or omissions that resulted in such loss,
liability, claim, damage, or expense as well as any other relevant equitable considerations. The relative fault of the indemnifying party
and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of
a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified
party and the parties&rsquo; relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or
omission. In no event, however, shall (i)&nbsp;any amount due for contribution hereunder be in excess of the amount that would otherwise
be due under <U>Section&nbsp;2.6(a)</U>&nbsp;or <U>Section&nbsp;2.6(b)</U>, as applicable, based on the limitations of such provisions
and (ii)&nbsp;a Person guilty of fraudulent misrepresentation (within the meaning of the Securities Act) be entitled to contribution from
a Person who was not guilty of such fraudulent misrepresentation.</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"><FONT STYLE="font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Notwithstanding
the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into
in connection with an Underwritten Offering, or the Block Trade sale agreement, are in conflict with the foregoing provisions, the provisions
in the underwriting agreement or Block Trade sale agreement shall control; <U>provided</U>, <U>however</U>, that the failure of the underwriting
agreement to provide for or address a matter provided for or addressed by the foregoing provisions shall not be a conflict between the
underwriting agreement or the Block Trade sale agreement and the foregoing provisions.</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"><FONT STYLE="font-size: 10pt; color: #010000">(f)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
obligations of the Company and the Investors under this <U>Section&nbsp;2.6</U> shall survive the completion of any offering of Registrable
Securities in a Registration Statement under this Agreement or otherwise.</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"><FONT STYLE="font-size: 10pt; color: #010000">2.7.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Information</U>.
The Investors shall furnish to the Company such information regarding the Investors and the distribution proposed by the Investors as
the Company may reasonably request and as shall be reasonably required in connection with any registration referred to in this Agreement.
The Investors agree to, as promptly as practicable (and in any event prior to any sales made pursuant to a prospectus), furnish to the
Company all information required to be disclosed in order to make the information previously furnished to the Company by the Investors
not misleading. The Investors agree to keep confidential the receipt of any notice received pursuant to Section&nbsp;<U>2.4(e)</U>&nbsp;and
the contents thereof, except as required pursuant to applicable law. Notwithstanding anything to the contrary herein, the Company shall
be under no obligation to name the Investors in any Registration Statement if the Investors have not provided the information required
by this <U>Section&nbsp;2.7</U> with respect to the Investors as a selling securityholder in such Registration Statement or any related
prospectus.</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"></P>

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<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"><FONT STYLE="font-size: 10pt; color: #010000">2.8.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Rule&nbsp;144
Requirements</U>. With a view to making available to the Investors the benefits of Rule&nbsp;144 and any other rule&nbsp;or regulation
of the Commission that may at any time permit the Investors to sell Registrable Securities to the public without registration, the Company
agrees to use its reasonable best efforts to:</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"><FONT STYLE="font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">make
and keep public information available, as those terms are understood and defined in Rule&nbsp;144 at all times after the date hereof;</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"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">file
with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange
Act;</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"><FONT STYLE="font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">prior
to the filing of the Registration Statement or any amendment thereto (whether pre-effective or post-effective), and prior to the filing
of any prospectus or prospectus supplement related thereto, to provide the Investors with copies of all of the pages&nbsp;thereof (if
any) that reference the Investors; and</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"><FONT STYLE="font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">furnish
to any Investor, so long as the Investor owns any Registrable Securities, forthwith upon request (i)&nbsp;a written statement by the Company
that it has complied with the reporting requirements of Rule&nbsp;144, (ii)&nbsp;a copy of the most recent annual or quarterly report
of the Company and such other reports and documents so filed by the Company, and (iii)&nbsp;such other information as may be reasonably
requested by an Investor in availing itself of any rule&nbsp;or regulation of the Commission which permits an Investor to sell any such
securities without registration.</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"><FONT STYLE="font-size: 10pt; color: #010000">2.9.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Limitations
on Subsequent Registration Rights</U>. From and after the date of this Agreement, the Company shall not enter into any agreement with
any holder or prospective holder of any securities of the Company which would provide to such holder rights with respect to the registration
of such securities under the Securities Act or the Exchange Act that would conflict with or adversely affect any of the rights provided
to the Investors in this <U>Section&nbsp;2</U>; it being understood and agreed that any subsequent agreement of the Company with any holder
or prospective holder of any securities of the Company of the same class (or convertible into or exchange for securities of the same class)
as the Registrable Securities granting such Person rights under this <U>Section&nbsp;2</U> equivalent to the rights of the Investors under
this <U>Section&nbsp;2</U> will not be prohibited by the terms of this <U>Section&nbsp;2.9</U>.</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: center"><FONT STYLE="color: #010000"><B>Section&nbsp;3.</B></FONT><B><BR>
Miscellaneous</B></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"><FONT STYLE="font-size: 10pt; color: #010000">3.1.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Amendment</U>.
No amendment, alteration or modification of any of the provisions of this Agreement shall be binding unless made in writing and signed
by each of the Company and the Investors.</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"></P>

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<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"><FONT STYLE="font-size: 10pt; color: #010000">3.2.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Injunctive
Relief</U>. It is hereby agreed and acknowledged that it shall be impossible to measure in money the damages that would be suffered if
the parties fail to comply with any of the obligations herein imposed on them and that in the event of any such failure, an aggrieved
Person shall be irreparably damaged and shall not have an adequate remedy at law. Any such Person shall, therefore, be entitled (in addition
to any other remedy to which it may be entitled in law or in equity) to injunctive relief, including, without limitation, specific performance,
to enforce such obligations, and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of
the parties hereto shall raise the defense that there is an adequate remedy at law.</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"><FONT STYLE="font-size: 10pt; color: #010000">3.3.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Notices</U>.
All notices required or permitted under this Agreement must be in writing and sent to the address or facsimile number identified below.
Notices must be given: (a)&nbsp;by personal delivery, with receipt acknowledged; (b)&nbsp;by email followed by hard copy delivered by
the methods under <U>clause (c)</U>&nbsp;or <U>(d)</U>; (c)&nbsp;by prepaid certified or registered mail, return receipt requested; or
(d)&nbsp;by prepaid reputable overnight delivery service. Notices shall be effective upon receipt. Either party may change its notice
address by providing the other party written notice of such change. Notices shall be delivered as follows:</FONT></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: 30%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">If to the Investors:</FONT></TD>
    <TD STYLE="width: 70%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">At such Investor&rsquo;s address as set forth on Schedule&nbsp;A hereto</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-size: 10pt"></FONT></P>
                                                                             <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">If to the Company:</FONT></P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <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">Bicycle Therapeutics plc</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Blocks A&nbsp;&amp; B, Portway Building, Granta Park</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Great Abington, Cambridge, United Kingdom CB21 6GS</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Zafar Qadir</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">E-mail: [*]</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">with a copy to:</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <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">Cooley LLP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1700 Seventh Avenue, Suite&nbsp;1900</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Seattle, Washington 98101-1355</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Laura Berezin, Jaime L. Chase</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">E-mail: <U>lberezin@cooley.com</U><BR>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>jchase@cooley.com</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 135.75pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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"><FONT STYLE="font-size: 10pt; color: #010000">3.4.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Governing
Law; Jurisdiction; Venue; Jury Trial</U>.</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"><FONT STYLE="font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">This
Agreement shall be governed by, and construed in accordance with, the law of the State of New York without giving effect to any choice
or conflict of law provision or rule&nbsp;(whether of the State of New York or any other jurisdiction) that would cause the application
of the laws of any jurisdiction other than the State of New York.</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"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Each
of the Company and the Investors irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction
of the courts of the State of New York sitting in the Borough of Manhattan, New York and of the United States District Court of the Southern
District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement
and the transactions contemplated herein, or for recognition or enforcement of any judgment, and each of the Company and the Investors
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such
New York state court or, to the fullest extent permitted by applicable law, in such federal court. Each of the Company and the Investors
hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law.</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"></P>

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<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"><FONT STYLE="font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Each
of the Company and the Investors irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection
that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement and
the transactions contemplated herein in any court referred to in <U>Section&nbsp;3.4</U>(b)&nbsp;hereof. Each of the Company and the Investors
hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance
of such action or proceeding in any such court.</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"><FONT STYLE="font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">EACH
OF THE COMPANY AND THE INVESTORS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY&nbsp;HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH OF THE COMPANY AND THE INVESTORS (A)&nbsp;CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT,&nbsp;IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B)&nbsp;ACKNOWLEDGES THAT EACH OF THE COMPANY AND THE INVESTORS HAS BEEN INDUCED
TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.</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"><FONT STYLE="font-size: 10pt; color: #010000">3.5.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Successors,
Assigns and Transferees</U>. Any and all rights, duties and obligations hereunder shall not be assigned, transferred, delegated or sublicensed
by any party hereto without the prior written consent of the other party; <U>provided</U>, <U>however</U>, that the Investors shall be
entitled to transfer Registrable Securities to one or more of their affiliates and, solely in connection therewith, may assign their rights
hereunder in respect of such transferred Registrable Securities, in each case, so long as such Investor is not relieved of any liability
or obligations hereunder, without the prior consent of the Company. Any transfer or assignment made other than as provided in the first
sentence of this <U>Section&nbsp;3.5</U> shall be null and void. Subject to the foregoing and except as otherwise provided herein, the
provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, permitted assigns, heirs, executors and
administrators of the parties hereto. The Company shall not consummate any recapitalization, merger, consolidation, reorganization or
other similar transaction whereby shareholders of the Company receive (either directly, through an exchange, via dividend from the Company
or otherwise) equity (the &ldquo;<U>Other Equity</U>&rdquo;) in any other entity (the &ldquo;<U>Other Entity</U>&rdquo;) with respect
to Registrable Securities hereunder, unless prior to the consummation thereof, the Other Entity assumes, by written instrument, the obligations
under this Agreement with respect to such Other Equity as if such Other Equity were Registrable Securities hereunder.</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"></P>

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<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"><FONT STYLE="font-size: 10pt; color: #010000">3.6.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Entire
Agreement</U>. This Agreement, together with any exhibits hereto, constitute the entire agreement between the parties relating to the
subject matter hereof and all previous agreements or arrangements between the parties, written or oral, relating to the subject matter
hereof are superseded.</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"><FONT STYLE="font-size: 10pt; color: #010000">3.7.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Waiver</U>.
No failure on the part of either party hereto to exercise any power, right, privilege or remedy under this Agreement, and no delay on
the part of either party hereto in exercising any power, right, privilege or remedy under this Agreement, shall operate as a waiver thereof;
and no single or partial exercise of any such power, right, privilege or remedy shall preclude any other or further exercise thereof or
of any other power, right, privilege or remedy.</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"><FONT STYLE="font-size: 10pt; color: #010000">3.8.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Severability</U>.
If any part of this Agreement is declared invalid or unenforceable by any court of competent jurisdiction, such declaration shall not
affect the remainder of the Agreement and the invalidated provision shall be revised in a manner that shall render such provision valid
while preserving the parties&rsquo; original intent to the maximum extent possible.</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"><FONT STYLE="font-size: 10pt; color: #010000">3.9.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Titles
and Subtitles</U>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing
or interpreting this Agreement. All references in this Agreement to sections, paragraphs and exhibits shall, unless otherwise provided,
refer to sections and paragraphs hereof and exhibits attached hereto.</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"><FONT STYLE="font-size: 10pt; color: #010000">3.10.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Counterparts.
</U>This Agreement may be executed in any number of counterparts, each of which shall be enforceable against the parties that execute
such counterparts (including by facsimile or other electronic means), and all of which together shall constitute one instrument.</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"><FONT STYLE="font-size: 10pt; color: #010000">3.11.</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Term
and Termination</U>. The Investors&rsquo; rights to demand the registration of the Registrable Securities under this Agreement, as well
as the Company&rsquo;s obligations hereunder other than pursuant to <U>Section&nbsp;2.6</U> hereof, shall terminate automatically once
all Registrable Securities cease to be Registrable Securities pursuant to the terms of this Agreement.</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: center">[<I>Remainder of Page&nbsp;Intentionally Left Blank;
Signature Page&nbsp;Follows</I>]</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"></P>

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<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">IN WITNESS WHEREOF, the parties hereto have executed this Registration
Rights Agreement effective as of the day, month and year first above written.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">BICYCLE tHERAPEUTICS plC</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 44%">/s/ Kevin Lee</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Kevin Lee</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Chief Executive Officer</TD></TR>
  </TABLE>




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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature Page to Registration Rights Agreement]</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"></P>

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<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">IN WITNESS WHEREOF, the parties hereto have executed this Registration
Rights Agreement effective as of the day, month and year first above written.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD><B>667, L.P.</B></TD><TD>&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 6%">By:</TD><TD STYLE="width: 44%">BAKER BROS. ADVISORS LP, management company and investment adviser to 667, L.P., pursuant to authority granted to it by Baker Biotech
Capital, L.P., general partner to 667, L.P., and not as the general partner</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 44%"><FONT STYLE="font-size: 10pt">/s/ Scott L. Lessing</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Scott L. Lessing</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">President</FONT></TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2"><B>BAKER BROTHERS LIFE SCIENCES, L.P.</B></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 6%">By:</TD><TD STYLE="width: 44%">BAKER BROS. ADVISORS LP, management company and investment adviser to BAKER BROTHERS LIFE SCIENCES, L.P., pursuant to authority granted
to it by Baker Brothers Life Sciences Capital, L.P., general partner to BAKER BROTHERS LIFE SCIENCES, L.P., and not as the general partner</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 44%"><FONT STYLE="font-size: 10pt">/s/ Scott L. Lessing</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Scott L. Lessing</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">President</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature Page to Registration Rights Agreement]</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"></P>

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<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><U>Schedule A</U></B></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: center"><B><U>The Investors</U></B></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">667, L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BAKER BROTHERS LIFE SCIENCES, L.P.</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">To the above Investors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Baker Brothers Investments<BR>
860 Washington Street<BR>
New York, NY 10014</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: slessing@BBInvestments.com</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"></P>

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

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