Obviously with 726 deaths per year, there are risks associated with riding a bicycle. Bicycle fatalities represent less than two percent of all traffic fatalities, and yet bicycle trips account for only one percent of all trips in the United States. However, bicycling remains a healthful, inherently safe activity for tens of millions of people every year.
As mentioned, bicyclists seem to be over-represented in the crash data, but, there is no reliable source of exposure data as we don't know how many miles bicyclists travel each year, and we don't know how long it takes them to cover those miles (and thus how long they are exposed to motor vehicle traffic). Risk based on exposure varies by time of day (with night time being more risky), experience level of rider, location of riding, alcohol use, and many other factors. Until we have better exposure measures, we just don't know how bicyclist risk compares to other modes, but the health benefits of riding may offset some of this risk.