Craig Breslow explains why ‘uncomfortably aggressive' Red Sox didn't add impact players at trade deadline
The Red Sox, who as of the deadline sit at 59-51 and have sole possession of the second American League wild card spot, did less to impact their club than other AL contenders like the Yankees, Mariners, Astros, Tigers, Blue Jays and Rangers. The reason, Breslow claimed, was not rooted in Boston's approach but more of a result of other teams deeming the Sox did not clear a certain threshold with their offers that would have closed bigger deals.
'We pursued a number of really impact opportunities,' Breslow said on a post-deadline Zoom call with reporters. 'Obviously, not all of them work out. It wasn't from a lack of trying to be as aggressive as possible or from an unwillingness to get uncomfortable. Ultimately, it takes two teams lining up for those trades to line up.
'We're happy with the guys we brought in, with Steven and Dustin, but we also pursued real impact players that we felt like could improve our team in '25 and beyond. We were uncomfortably aggressive in trying to pursue them in the players we were trying to put into deals. Ultimately, it wasn't from a lack of effort. Other teams needed to say, 'Hey, that's enough. That crosses the line.' It wasn't about an unwillingness to talk about our full system.'
The Red Sox entered trading season with clear needs in their rotation, bullpen and at first base and addressed two of those with short-term fixes. They sent power-hitting prospect Blaze Jordan to St. Louis for Matz, who will join the bullpen, overnight. Shortly before the deadline, they got May from the Dodgers to plug into the back of the rotation, shipping outfielders James Tibbs III and Zach Ehrhard to Los Angeles.
Meanwhile, players like Eugenio Suarez and Josh Naylor (Mariners), Merrill Kelly (Rangers), David Bednar and Camilo Doval (Yankees), Carlos Correa (Astros), Shane Bieber (Blue Jays) joined AL contenders as National League teams stocked up with the likes of Mason Miller, Jhoan Duran, Ryan Helsley, Ryan O'Hearn and others. Notable pitchers like Arizona rental Zac Gallen and controllable arms like Minnesota's Joe Ryan, Pittsburgh's Mitch Keller, Washington's MacKenzie Gore and Miami's Sandy Alcantara and Edward Cabrera all stayed put. The Red Sox were in the market for the top arms available — chiefly Ryan, as has been widely reported — but fell short. While Red Sox decision-makers felt like they made an aggressive play that put the acquisition of Ryan in reach, multiple sources said the Twins never thought a deal was particularly close.
Breslow was clear that the Red Sox, who are trying to make the postseason for the first time since 2021, did not consider anyone in their farm system to be untouchable.
'I don't think this is about an unwillingness to include guys or anything like that,' he said. 'Teams have to like our players in order for that to happen. We went into this deadline feeling like, in order to accomplish what we needed to accomplish and what we hoped to accomplish, we couldn't take some of our young minor league players off the table. We couldn't go into this with untouchables. And we didn't. We were willing to talk about all of our guys in the name of improving our team. It just didn't work out.'
Breslow said that the Red Sox did draw a line when it came to subtracting from the major league team, which put together a 17-7 record in July. While 'baseball trades' that would have sent someone (like Jarren Duran) from the outfield surplus elsewhere for a controllable, frontline pitcher were in play, the Sox were not willing to engage in deals that would hurt their chances to play in October. Dealing Roman Anthony to help another area of the roster, for example, was off-limits.
"We weren't willing to take hit to our major league team and potentially impact the 2025 season in favor of trying to re-package or re-purpose in a way that might have improved the future,' Breslow said. 'There weren't really opportunities to both trade off our major league team and improve our 2025 outlook so we felt it was best to leave that group as it was and try to use what I think is a strong and deep system to try to improve the team."
That strategy, Breslow explained, hit a roadblock when the Red Sox going out of their comfort zone wasn't enough to clear the bar other teams were setting for their players. Notably, the group of available top starters all stayed put. On the relief market, Miller and Duran were moved by their teams for big packages despite having control past this season.
'If fans were in the office during this deadline, they would see that guys we didn't expect to be willing to talk about going into these conversations, we made available,' Breslow said. 'We tried to put the most aggressive offers we could in hopes they were going to end in deals.
'I understand the frustration and the disappointment because we're all looking at the last week right now in terms of the trades that were made and weren't made. There's not a lot of sympathy for how hard we tried to get deals across the line. I understand that.'
The Red Sox, for the fourth year in a row, will enter August having not done as much to bolster their roster as other AL contenders. A playoff push will have to come from within. Still, Breslow insisted repeatedly, it wasn't from a lack of effort.
'A lot of the industry does appreciate the young players we have in our system,' Breslow said. 'We tried to work through different combinations of guys. We didn't approach some of these conversations as though any players were off-limits. We couldn't line up. We were pursuing multiple impact players. On the other side, teams that were operating as sellers were trying to juggle different concepts. For whatever reason, we weren't able to line up.
'The team has been playing well, in a position where the playoffs are pretty firmly in view. Felt like we needed to do what we could to try and bolster the team. I think I've been pretty outspoken about that. We pursued as much as we possibly could. Ultimately, brought in Matz and May."
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Yahoo
15 minutes ago
- Yahoo
Bicycle Therapeutics Reports Recent Business Progress and Second Quarter 2025 Financial Results
Continued advancement across research and development pipeline, with key program updates expected in 2H 2025 Phase 1/2 Duravelo-4 trial for zelenectide pevedotin in NECTIN4-amplified non-small cell lung cancer open and actively recruiting patients Strengthened clinical leadership and bolstered roster of scientific advisors with additions to Board of Directors and creation of Research and Innovation Advisory Board Strategic cost realignment of approximately 30%, primarily through a workforce reduction Cash and cash equivalents of $721.5 million as of June 30, 2025, with expected financial runway extended into 2028 CAMBRIDGE, England & BOSTON, August 08, 2025--(BUSINESS WIRE)--Bicycle Therapeutics plc (NASDAQ: BCYC), a pharmaceutical company pioneering a new and differentiated class of therapeutics based on its proprietary bicyclic peptide (Bicycle®) technology, today reported financial results for the second quarter ended June 30, 2025, and provided recent corporate updates. "We continue to execute on our strategy, which is grounded in scientific rigor and focused on fulfilling our mission to develop next-generation precision-guided therapeutics that have the potential to help patients live longer and live well," said Bicycle Therapeutics CEO Kevin Lee, Ph.D. "We are energized by the progress we are making across our pipeline, and with this momentum, we are pleased to welcome our new Research and Innovation Advisory Board members, as well as new Board member Charles Swanton, to further our innovation and strategic growth." Dr. Lee continued: "As we advance our various pipeline programs that hold strong potential for changing the treatment paradigm for patients with cancer and creating value for shareholders, Bicycle remains committed to disciplined capital allocation. Today we announced organizational streamlining efforts that provide us with operational flexibility to deliver potentially value-generating datasets while strengthening our financial position in uncertain market conditions. Saying goodbye to talented team members is very difficult, and we sincerely thank them for their dedication to our company. We believe Bicycle is strongly positioned to realize our strategic priorities and milestones and look forward to providing key program updates over the second half of this year." Second Quarter 2025 and Recent Events Presented additional human imaging data for an early Bicycle Radioconjugate® (BRC®) molecule targeting MT1-MMP at the American Association for Cancer Research (AACR) Annual Meeting 2025. A poster presentation included new data from a second patient who underwent MT1-MMP-PET/CT imaging that build on previously announced data. Altogether, the data continue to validate the potential of MT1-MMP as a novel cancer target and demonstrate the positive properties of BRC molecules for radiopharmaceutical imaging. Imaging data from these two patients are representative of the data generated to date in 12 out of 14 patients with various solid Therapeutics continues to advance its emerging BRC pipeline, with initial EphA2 human imaging data expected in 2H 2025 and company-sponsored clinical trials planned for 2026. Presented two abstracts highlighting the development of Bicycle® Drug Conjugate (BDC®) zelenectide pevedotin for metastatic urothelial cancer (mUC) at the 2025 American Society for Clinical Oncology (ASCO) Annual Meeting. The abstracts outlined previously disclosed topline combination data for zelenectide pevedotin plus pembrolizumab in first-line mUC from the Phase 1/2 Duravelo-1 trial and provided an overview of the ongoing Phase 2/3 Duravelo-2 registrational trial for zelenectide pevedotin in Therapeutics is on track to provide an update on dose selection from the Duravelo-2 trial and the accelerated approval pathway for zelenectide pevedotin in mUC following a meeting with the U.S. Food and Drug Administration planned for 4Q 2025. Phase 1/2 Duravelo-4 trial for zelenectide pevedotin in NECTIN4-amplified non-small cell lung cancer (NSCLC) open and actively recruiting patients. Duravelo-4 is Bicycle Therapeutics' second trial to leverage NECTIN4 gene amplification as a biomarker for patient selection and to expand the development of zelenectide pevedotin for additional solid several trials underway assessing the potential for zelenectide pevedotin to treat mUC, breast cancer and lung cancer, the company has decided to pause the previously announced Phase 1/2 Duravelo-5 trial in multiple tumors. Expanded Board of Directors with the addition of Charles Swanton, M.D., Ph.D., FRS, FMedSci, FRCP, current chair of Bicycle Therapeutics' Clinical Advisory Board. Dr. Swanton leads the Cancer Evolution and Genome Instability Laboratory at the Francis Crick Institute. His research focuses on how tumors evolve over space and time, developing an understanding of branching evolutionary histories of solid tumors, processes that drive cancer cell-to-cell variation and the impact of cancer diversity on effective immune surveillance and clinical outcomes. Dr. Swanton is a fellow of the Royal Society, a fellow of the Royal College of Physicians and a fellow of the Academy of Medical Sciences. He completed his M.D. and Ph.D. training at the Imperial Cancer Research Fund Laboratories. Formed Research and Innovation Advisory Board (RAB) to support scientific advancement and strategic growth across preclinical programs. The RAB replaces Bicycle's Scientific Advisory Board. Inaugural RAB members include: Jose-Carlos Gutierrez-Ramos, Ph.D., is a director on the Bicycle Therapeutics Board of Directors. He also serves as the chief science officer at Danaher Corporation, leading the Danaher Innovation Centers and the Danaher Scientific Advisory Board. Previously, Dr. Gutierrez-Ramos was head of global drug discovery at AbbVie Inc., group senior vice president of biotherapeutics research and development (R&D) at Pfizer Inc., and senior vice president and CEDD head of immuno-inflammation at GlaxoSmithKline plc. He was also the founding CEO and president of Repertoire Immune Medicine, where he built and led a team focused on decoding the human immunome. Prior to that, he served as president and CEO of Synlogic, Inc. Dr. Gutierrez-Ramos earned a Ph.D. from the immunology department of the Center for Molecular Biology at the Universidad Autonoma de Madrid, and a B.S., summa cum laude, in chemistry with a minor in biochemistry from the Universidad Complutense de Madrid. Jason Lewis, Ph.D., is the Emily Tow Chair at Memorial Sloan Kettering Cancer Center (MSKCC) and currently serves as the deputy director at the Sloan Kettering Institute, overseeing the Office of Scientific Education and Training. He is also the scientific director of the Radiochemistry and Molecular Imaging Probe Core Facility at MSKCC. Dr. Lewis is a laboratory head in Sloan-Kettering Institute's molecular pharmacology program and serves as a professor at the Gerstner Sloan-Kettering Graduate School of Biomedical Sciences and at Weill-Cornell Medical College. He earned a Ph.D. in biochemistry from the University of Kent and an M.S. and B.S. in chemistry from the University of Essex. Robert Lutz, Ph.D., is a consultant/advisor to biotech and pharma with more than 30 years of experience with a significant focus on the development of antibody-drug conjugates (ADCs). He currently serves as chief scientific officer of Iksuda Therapeutics and is a board member and chief development officer of Synthis Therapeutics. Prior to his consulting practice, Dr. Lutz was vice president of translational research and development at ImmunoGen, where he was responsible for the advancement of multiple ADC programs, including KADCYLA® (ado-trastuzumab emtansine), the first ADC to be approved for solid tumor indications, and ELAHERE® (mirvetuximab soravtansine). He earned a Ph.D. in biochemistry from Brandeis University and a B.S. in biochemistry from the University of New Hampshire. Michael Hofman, MBBS, FRACP, FAANMS, FICIS, GAICD, is a nuclear medicine physician and professor at the Sir Peter MacCallum Department of Oncology at the University of Melbourne in Australia. His research has been instrumental in advancing PSMA PET imaging and PSMA radioligand therapy, helping to revolutionize the diagnosis and treatment of prostate cancer. He was named Australia's top researcher in nuclear medicine, radiotherapy and molecular imaging in both 2024 and 2025. Professor Hofman leads the PET/CT program and the Prostate Cancer Theranostics and Imaging Centre of Excellence at Peter MacCallum Cancer Centre. He earned a degree in medicine and surgery from Monash University in Australia and undertook a PET/CT fellowship at St. Thomas' Hospital in London. Welcomed Michael Method, M.D., as senior vice president of clinical development. Dr. Method is an academic and clinical gynecologic oncologist with extensive drug development experience. He most recently served as a senior vice president of clinical development at Karyopharm Therapeutics, Inc., after his time as an executive medical director at ImmunoGen, Inc. where he led global clinical development for gynecologic and female malignancies. Previously, Dr. Method was a senior medical advisor for global medical affairs at Eli Lilly, focused on breast cancer. He earned his M.D. and MPH from Northwestern University, and his B.S. in biochemistry and MBA from the University of Notre Dame. Participation in Upcoming Investor Conferences Bicycle Therapeutics management will participate in the following investor conferences in September: Cantor Global Healthcare Conference on Thursday, Sept. 4; fireside chat at 3:55 p.m. ET Morgan Stanley 23rd Annual Global Healthcare Conference on Tuesday, Sept. 9; fireside chat at 7:45 a.m. ET Live webcasts of the fireside chats will be accessible in the Investor section of the company's website at Archived replays of the webcasts will be available following the fireside chat dates. Second Quarter 2025 Financial Results Cash and cash equivalents were $721.5 million as of June 30, 2025, compared to $879.5 million as of December 31, 2024. The decrease in cash and cash equivalents is primarily due to cash used in operations, including increased cash payments for clinical program activities. R&D expenses were $71.0 million for the three months ended June 30, 2025, compared to $40.1 million for the three months ended June 30, 2024. The increase in expense of $30.9 million was primarily due to increased clinical program expenses for zelenectide pevedotin development, increased discovery, platform and other expenses, and increased personnel-related costs, offset by decreased clinical program expenses for Bicycle Tumor-Targeted Immune Cell Agonist® (Bicycle TICA®) molecules as well as higher U.K. R&D tax credits period over period. General and administrative expenses were $18.5 million for the three months ended June 30, 2025, compared to $15.9 million for the three months ended June 30, 2024. The increase in expense of $2.6 million was primarily due to increased personnel-related costs, as well as increased professional and consulting fees. Net loss was $79.0 million, or $(1.14) basic and diluted net loss per share, for the three months ended June 30, 2025, compared to net loss of $39.8 million, or $(0.77) basic and diluted net loss per share, for three months ended June 30, 2024. In recognition of the evolving macroeconomic environment and the importance of preserving capital, Bicycle Therapeutics is implementing a workforce reduction and taking other steps to optimize its operations and extend the company's expected financial runway. These strategic cost realignment efforts are being implemented to prioritize potentially high-impact, value-generating programs, which include the advancement of zelenectide pevedotin, BT5528, next-generation Bicycle® Drug Conjugates and the company's wholly owned pipeline of Bicycle® Radioconjugates. Bicycle Therapeutics anticipates total operational savings of approximately 30% over the course of the financial runway period. These actions are expected to extend the financial runway into 2028 and strengthen the company's ability to weather continued market uncertainty as it advances clinical programs through key milestones. About Bicycle TherapeuticsBicycle Therapeutics is a clinical-stage pharmaceutical company developing a novel class of medicines, referred to as Bicycle® molecules, for diseases that are underserved by existing therapeutics. Bicycle molecules are fully synthetic short peptides constrained with small molecule scaffolds to form two loops that stabilize their structural geometry. This constraint facilitates target binding with high affinity and selectivity, making Bicycle molecules attractive candidates for drug development. The company is evaluating zelenectide pevedotin (formerly BT8009), a Bicycle® Drug Conjugate (BDC®) targeting Nectin-4, a well-validated tumor antigen; BT5528, a BDC molecule targeting EphA2, a historically undruggable target; and BT7480, a Bicycle Tumor-Targeted Immune Cell Agonist® (Bicycle TICA®) targeting Nectin-4 and agonizing CD137, in company-sponsored clinical trials. Additionally, the company is developing Bicycle® Radioconjugates (BRC®) for radiopharmaceutical use and, through various partnerships, is exploring the use of Bicycle® technology to develop therapies for diseases beyond oncology. Bicycle Therapeutics is headquartered in Cambridge, UK, with many key functions and members of its leadership team located in Cambridge, Mass. For more information, visit Forward Looking StatementsThis press release may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "aims," "anticipates," "believes," "could," "estimates," "expects," "forecasts," "goal," "intends," "may," "plans," "possible," "potential," "seeks," "will" and variations of these words or similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to, statements regarding the validation of MT1-MMP as a cancer target and BRC molecules having positive properties for radiopharmaceutical imaging; the initiation of new clinical trials, the progress of Bicycle's ongoing clinical trials and the timing of EphA2 human imaging data and updates on dose selection in the Duravelo-2 clinical trial and accelerated approval pathway; the outcome of Bicycle's strategic cost realignment efforts and Bicycle's expected financial runway; and the use of Bicycle Therapeutics' technology through various partnerships to develop therapies for diseases beyond oncology. Bicycle Therapeutics may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various factors, including: uncertainties inherent in research and development and in the initiation, progress and completion of clinical trials and clinical development of Bicycle Therapeutics' product candidates; the risk that Bicycle Therapeutics may not realize the intended benefits of its cost realignment efforts; the risk that Bicycle's projections regarding its expected cash runway are inaccurate or that its conduct of its business requires more cash than anticipated; and other important factors, any of which could cause Bicycle Therapeutics' actual results to differ from those contained in the forward-looking statements, are described in greater detail in the section entitled "Risk Factors" in Bicycle Therapeutics' Annual Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on May 1, 2025, as well as in other filings Bicycle Therapeutics may make with the SEC in the future. Any forward-looking statements contained in this press release speak only as of the date hereof, and Bicycle Therapeutics expressly disclaims any obligation to update any forward-looking statements contained herein, whether because of any new information, future events, changed circumstances or otherwise, except as otherwise required by law. Bicycle Therapeutics plc Condensed Consolidated Statements of Operations and Comprehensive Loss (In thousands, except share and per share data) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Collaboration revenue $ 2,920 $ 9,361 $ 12,897 $ 28,891 Operating expenses: Research and development 71,029 40,059 130,087 74,923 General and administrative 18,493 15,949 39,616 32,331 Total operating expenses 89,522 56,008 169,703 107,254 Loss from operations (86,602) (46,647) (156,806) (78,363) Other income (expense): Interest and other income 7,473 7,774 15,887 13,398 Interest expense (54) (824) (105) (1,645) Total other income, net 7,419 6,950 15,782 11,753 Net loss before income tax provision (79,183) (39,697) (141,024) (66,610) (Benefit from) provision for income taxes (231) 115 (1,318) (235) Net loss $ (78,952) $ (39,812) $ (139,706) $ (66,375) Net loss per share, basic and diluted $ (1.14) $ (0.77) $ (2.02) $ (1.40) Weighted average ordinary shares outstanding, basic and diluted 69,252,009 51,992,034 69,224,629 47,276,062 Balance Sheets Data (In thousands) (Unaudited) June 30, December 31, 2025 2024 Cash and cash equivalents $ 721,451 $ 879,520 Working capital 726,840 861,375 Total assets 832,184 956,868 Total shareholders' equity 668,915 793,060 View source version on Contacts Investors: Stephanie YaoSVP, Investor Relations and Corporate 857-523-8544 Matthew DeYoungArgot Partnersir@ 212-600-1902 Media: Jim O'ConnellWeber Shandwickmedia@ 312-988-2343 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Boston Globe
an hour ago
- Boston Globe
‘Feel the sweat': Red Bull's Dance Your Style East qualifier turns Roadrunner into a battleground
Melisa Valdez, Boston Celtics' in-arena host and a movement coach, said even though she's emceed the dance competition a few years in various locations, she's always surprised by the performers, the music, and the crowd's energy. 'You just never know what to expect,' Valdez said. 'None of it is planned, which is the beauty of it. The authenticity in the moment, how the dancers are connecting, not only through their movement but to the musicality, the audience energy.' Advertisement This year, performers will be accompanied by the musical stylings of the Boston-based brothers and DJs Muyi Fre$co and Noma Nomz, known as the 'It's cool to see how people bring their different dance styles together and make it all work based on the music that they're hearing,' Muyi Fre$co said. Advertisement Together, the three will guide audiences through a night of spontaneity and a celebration of dance. Valdez likened the competition's energy to a scene in the 2004 dance film Like in the movie — which centers on the lead-up to a dance crew competition in Los Angeles — at Dance Your Style, the audience circles the competitors as they perform, Valdez explained. The freestyles aren't presented on stage; the battleground is the Roadrunner floor. They're able to feel the energy, the dancers' movements, and 'if you're right there in the first row, you might feel the sweat dripping on you.' In each round, the audience determines the winner, and Valdez emphasized the importance of dancers connecting with the crowd. 'Everything counts in that moment, in that space,' she said. Cambridge dancer Alanna Logan at the 2024 competition. Brandon Payne For Cambridge competitor Alanna Logan, also Logan, a self-proclaimed 'fully trained wiggler' who specializes in popping, said she tries to stay as present as possible while dancing. Last year, she'd been so focused, she didn't know she'd made it to the national finals in Atlanta until someone told her. Logan said she learned 'crowd control' was about teaching the audience to feel what she was feeling. 'So, if that's like over exaggerating my head when I breathe, or if that's like getting closer to the ground, whatever that is,' she said. 'It's just a matter of being like, I need to feel more so they could feel something.' Advertisement As the competition approaches, Valdez said she's seen competitors — not just the winners — go on to have fulfilling dance careers, using the attention they garnered from the competition to teach workshops, headline events, and more. 'I think that these types of events are great events to bring a spotlight to the talent here in Boston, which is not always highlighted,' Valdez said. 'So, I'm glad that we get to have something that folks can come to and look forward to as an entertainer here.' RED BULL DANCE YOUR STYLE EAST Aug. 9. Doors at 7 p.m. Roadrunner Boston, 89 Guest St., Boston. Tickets start at $15.65.
USA Today
an hour ago
- USA Today
Today in Boston Celtics history: Rasheed Wallace signs; Togo Palazzi born
Today in Boston Celtics history, big alum Rasheed Wallace signed with Boston on a multi-year deal injuries would not let him honor. Wallace, a Philadelphia native, played his NCAA ball at UNC. From there, he was picked up by the (then) Washington Bullets (now, Wizards) with the fourth pick of the 1995 NBA Draft. Wallace made All-Rookie with the Bullets, and then play for the Portland Trail Blazers, Atlanta Hawks, and Detroit Pistons (winning a title there in 2004) before signing with the Celtics, making All-Star teams in four of those seasons. 'Sheed (as he was often called as a nickname) played a single season for the Celtics, his numbers impacted by a number of minor injuries throughout the campaign. This led to Wallace retiring at the end of the season (he would try a brief comeback with the New York Knicks a few seasons later, which went similarly). Wallace would average 9 points, 4.1 rebounds, and an assist per game as a Celtic. Finally, it is also the date that wing Togo Palazzi was born in Union City, New Jersey in 1932. An alum of Holy Cross picked up by the Celtics in the 1954 NBA Draft, Palazzi played parts of three seasons with Boston before his rights were sold to the (then) Syracuse Nationals (today's Philadelphia 76ers) in 1956. He averaged 5.3 points and 2.9 rebounds per game while with the Celtics.
