Reproduction steps:
1. Open attached project.
2. Open "birds" scene and select "lobby_birds_prefab" game object.
3. Notice that "Texture Sheet Animation" "Frame over Time" graph is edited to show only a fixed amount of frames.
4. Notice that "Texture Sheet Animation" "Cycles" is set to 2.
5. Click "Simulate".

Actual result: only the last cycle renders a fixed amount of frames(GIF attached).
Expected result: every cycle renders a fixed amount of frames.