A detailed study is presented of the high‐temperature cure of the difunctional monomer N‐(2‐biphenylenyl)‐4‐[2′‐phenylethynyl]phthalimide (BPP) and the thermal properties of the resulting homopolymer. Although the phenylethynyl groups are consumed within 1 h at 370 °C, other reactions continue well after this, leading to a cured polymer whose glass transition temperature (Tg) is highly dependent on cure time and temperature. A Tg of 450 °C is achieved after a 16 h cure at 400 °C. Use of chemometrics to analyse the infrared spectra of curing BPP provides evidence for changes in the aromatic moieties during cure, perhaps indicative of co‐reaction between the biphenylene and phenylethynyl groups; however, other processes also contribute to the overall complex cure mechanism. Despite the high Tg values, BPP homopolymer exhibits unacceptably poor thermo‐oxidative stability at 370 °C, showing a weight loss of about 50 % after 100 h ageing. This is perhaps a result of formation of degradatively unstable crosslink structures during elevated‐temperature cure. Copyright © 2004 Society of Chemical Industry