ADS – BICYCLE THERAPEUTICS PLC SPON ADS EACH REP 1 ORD SHS – US0887861088
The ISA rules that relate to depository interests (which include ADSs and ADRs) are that the underlying shares in the company must be listed or traded on a recognised stock exchange (i.e., the shares must be qualifying shares in their own right).
On this evidence, the company’s underlying shares are not listed on a recognised stock exchange (i.e, they are unlisted) and are not therefore ISA qualifying. For that reason, any depository instruments that represent the shares, such as the American Depository Shares (ADSs) are also not ISA qualifying.