What is Bicara Therapeutics's earnings per share (EPS)?

Bicara Therapeutics (BCAX) reported diluted earnings per share of $-2.52 for fiscal year 2025. This represents a 37.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Bicara Therapeutics Financials

BCAX

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Bicara Therapeutics (BCAX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BCAX FY2025 2026-05-11

Cash-funded development spending became a liquidity compression story as FY2025 depleted cash faster than financing replenished it.

The drop in cash reserves from $489.7M in FY2024 to $96.7M in FY2025 was too large to be explained by operations alone, especially because total assets remained substantial. Investing outflows of $318.5M far exceeded operating cash burn of -$106.8M, so liquidity tightened because cash was redeployed as well as spent, leaving the company much less cash-rich.

FY2025 still looks lightly leveraged: total liabilities were $29.5M against $401.5M of equity. That leaves balance-sheet pressure tied mainly to cash availability rather than debt service or creditor claims, a very different operating constraint from a company trying to refinance heavy borrowings or meet large maturities.

In FY2024, R&D plus SG&A of about $82.4M nearly matched the operating loss of -$82.4M, showing the cost base was centered on advancing programs, not supporting sales. By FY2025, net loss reached -$138.0M and operating cash flow was -$106.8M, so the losses were translating into substantial cash use rather than staying mostly on paper, which means funding needs are created by the operating model itself.

Financial Health Signals

Financial Profile 33/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Bicara Therapeutics's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

Bicara Therapeutics carries a low D/E ratio of 0.07, meaning only $0.07 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 14.58, Bicara Therapeutics holds $14.58 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Bicara Therapeutics generates a -34.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -13.8% the prior year.

Piotroski F-Score Weak

1/9

Bicara Therapeutics passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.77x

For every $1 of reported earnings, Bicara Therapeutics generates $0.77 in operating cash flow (-$106.8M OCF vs -$137.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

-$155.5M

YoY-88.9%

Bicara Therapeutics's EBITDA was -$155.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 88.9% from the prior year.

Net Income

-$137.9M

YoY-102.9%

Bicara Therapeutics reported -$137.9M in net income in fiscal year 2025. This represents a decrease of 102.9% from the prior year.

EPS (Diluted)

$-2.52

YoY+37.8%

Bicara Therapeutics earned $-2.52 per diluted share (EPS) in fiscal year 2025. This represents an increase of 37.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$107.1M

YoY-43.2%

Bicara Therapeutics generated -$107.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 43.2% from the prior year.

Cash & Debt

$96.7M

YoY-80.3%

Bicara Therapeutics held $96.7M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

57M

YoY+4.0%

Bicara Therapeutics had 57M shares outstanding in fiscal year 2025. This represents an increase of 4.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-34.4%

YoY-20.5pp

Bicara Therapeutics's ROE was -34.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 20.5 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$280K

YoY+294.4%

Bicara Therapeutics invested $280K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 294.4% from the prior year.

BCAX Income Statement

Metric	FY25	FY24	FY23
Revenue	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A
R&D Expenses	N/A	$63.6M+107.8%	$30.6M
SG&A Expenses	$30.5M+62.5%	$18.8M+102.4%	$9.3M
Operating Income	-$155.6M-88.9%	-$82.4M-106.5%	-$39.9M
Interest Expense	N/A	N/A	N/A
Income Tax	$217K+16.0%	$187K+3640.0%	$5K
Net Income	-$137.9M-102.9%	-$68.0M-30.8%	-$52.0M
EPS (Diluted)	$-2.52+37.8%	$-4.05	$-0.09

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$2.0M	N/A	$33.0M+33.1%	$24.8M-27.7%	$34.3M	N/A	$15.9M+0.6%	$15.8M
SG&A Expenses	$12.7M	N/A	$7.7M+6.7%	$7.2M-3.2%	$7.5M	N/A	$4.8M+21.9%	$3.9M
Operating Income	-$60.2M	N/A	-$40.7M-27.0%	-$32.0M+23.4%	-$41.8M	N/A	-$20.6M-4.4%	-$19.8M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$52K	N/A	$40K-23.1%	$52K-27.8%	$72K	N/A	$0	$0
Net Income	-$56.2M	N/A	-$36.3M-32.6%	-$27.4M+25.7%	-$36.8M	N/A	-$17.5M-2.5%	-$17.0M
EPS (Diluted)	$-0.93	N/A	$-0.67-34.0%	$-0.50+26.5%	$-0.68	N/A	$-1.60+91.6%	$-19.01

BCAX Balance Sheet

Metric	FY25	FY24	FY23
Total Assets	$431.0M-15.5%	$510.0M+118.0%	$234.0M
Current Assets	$422.1M-16.0%	$502.5M+117.5%	$231.1M
Cash & Equivalents	$96.7M-80.3%	$489.7M+112.5%	$230.4M
Inventory	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A
Total Liabilities	$29.5M+63.0%	$18.1M-95.3%	$382.8M
Current Liabilities	$28.9M+60.9%	$18.0M+19.3%	$15.1M
Long-Term Debt	N/A	N/A	N/A
Total Equity	$401.5M-18.4%	$491.9M+430.6%	-$148.8M
Retained Earnings	-$359.0M-62.4%	-$221.0M-44.4%	-$153.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$553.6M+28.4%	$431.0M+1.5%	$424.7M-6.4%	$453.6M-5.1%	$478.1M-6.3%	$510.0M-2.7%	$524.2M	N/A
Current Assets	$544.9M+29.1%	$422.1M+41.9%	$297.4M-33.1%	$444.4M-5.6%	$470.8M-6.3%	$502.5M-3.6%	$521.5M	N/A
Cash & Equivalents	$323.5M+234.6%	$96.7M-43.7%	$171.7M-60.7%	$436.6M-5.5%	$462.1M-5.6%	$489.7M-6.0%	$520.8M+155.5%	$203.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$39.6M+34.2%	$29.5M+34.8%	$21.9M+19.1%	$18.4M-3.8%	$19.1M+5.5%	$18.1M+24.0%	$14.6M	N/A
Current Liabilities	$39.3M+35.9%	$28.9M+37.7%	$21.0M+22.1%	$17.2M-9.9%	$19.1M+6.3%	$18.0M+24.2%	$14.5M	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$514.0M+28.0%	$401.5M-0.3%	$402.8M-7.4%	$435.2M-5.2%	$459.0M-6.7%	$491.9M-3.5%	$509.6M+391.5%	-$174.8M
Retained Earnings	-$415.2M-15.7%	-$359.0M-11.6%	-$321.6M-12.7%	-$285.3M-10.6%	-$257.9M-16.7%	-$221.0M-10.5%	-$200.1M	N/A

BCAX Cash Flow Statement

Metric	FY25	FY24	FY23
Operating Cash Flow	-$106.8M-42.9%	-$74.8M-63.8%	-$45.6M
Capital Expenditures	$280K+294.4%	$71K-87.9%	$586K
Free Cash Flow	-$107.1M-43.2%	-$74.8M-61.9%	-$46.2M
Investing Cash Flow	-$318.5M-3538266.7%	-$9K+98.5%	-$586K
Financing Cash Flow	$32.3M-90.3%	$334.0M+22.6%	$272.5M
Dividends Paid	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$37.5M-57.0%	-$23.9M+18.3%	-$29.2M-14.3%	-$25.6M+8.9%	-$28.1M+6.4%	-$30.0M-74.4%	-$17.2M-33.4%	-$12.9M
Capital Expenditures	$60K-74.8%	$238K+466.7%	$42K	$0	$0-100.0%	$40K+400.0%	$8K-57.9%	$19K
Free Cash Flow	-$37.6M-55.7%	-$24.1M+17.6%	-$29.3M-14.4%	-$25.6M+8.9%	-$28.1M+6.5%	-$30.1M-74.5%	-$17.2M-33.3%	-$12.9M
Investing Cash Flow	$100.9M+222.6%	-$82.3M+65.1%	-$236.1M	$0	$0+100.0%	-$40K-400.0%	-$8K+57.9%	-$19K
Financing Cash Flow	$163.3M+423.0%	$31.2M+7062.8%	$436K+223.0%	$135K-70.7%	$460K+147.2%	-$975K-100.3%	$334.1M+45422.5%	$734K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BCAX Financial Ratios

Metric	FY25	FY24	FY23
Gross Margin	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A
Return on Equity	-34.4%-20.5pp	-13.8%	N/A
Return on Assets	-32.0%-18.7pp	-13.3%+8.9pp	-22.2%
Current Ratio	14.58-13.4	27.93+12.6	15.32
Debt-to-Equity	0.07+0.0	0.04+2.6	-2.57
FCF Margin	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-10.9%	N/A	-9.0%-2.7pp	-6.3%+1.7pp	-8.0%	N/A	-3.4%	N/A
Return on Assets	-10.2%	N/A	-8.6%-2.5pp	-6.0%+1.7pp	-7.7%	N/A	-3.3%	N/A
Current Ratio	13.85-0.7	14.58+0.4	14.14-11.7	25.80+1.2	24.62-3.3	27.93-8.1	36.01	N/A
Debt-to-Equity	0.080.0	0.07+0.0	0.05+0.0	0.040.0	0.040.0	0.040.0	0.03	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Bicara Therapeutics profitable?

No, Bicara Therapeutics (BCAX) reported a net income of -$137.9M in fiscal year 2025.

What is Bicara Therapeutics's EBITDA?

Bicara Therapeutics (BCAX) had EBITDA of -$155.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Bicara Therapeutics's return on equity (ROE)?

Bicara Therapeutics (BCAX) has a return on equity of -34.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Bicara Therapeutics's free cash flow?

Bicara Therapeutics (BCAX) generated -$107.1M in free cash flow during fiscal year 2025. This represents a -43.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Bicara Therapeutics's operating cash flow?

Bicara Therapeutics (BCAX) generated -$106.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Bicara Therapeutics's total assets?

Bicara Therapeutics (BCAX) had $431.0M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Bicara Therapeutics's capital expenditures?

Bicara Therapeutics (BCAX) invested $280K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Bicara Therapeutics have outstanding?

Bicara Therapeutics (BCAX) had 57M shares outstanding as of fiscal year 2025.

What is Bicara Therapeutics's current ratio?

Bicara Therapeutics (BCAX) had a current ratio of 14.58 as of fiscal year 2025, which is generally considered healthy.

What is Bicara Therapeutics's debt-to-equity ratio?

Bicara Therapeutics (BCAX) had a debt-to-equity ratio of 0.07 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Bicara Therapeutics's return on assets (ROA)?

Bicara Therapeutics (BCAX) had a return on assets of -32.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Bicara Therapeutics's cash runway?

Based on fiscal year 2025 data, Bicara Therapeutics (BCAX) had $96.7M in cash against an annual operating cash burn of $106.8M. This gives an estimated cash runway of approximately 11 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Bicara Therapeutics's Piotroski F-Score?

Bicara Therapeutics (BCAX) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Bicara Therapeutics's earnings high quality?

Bicara Therapeutics (BCAX) has an earnings quality ratio of 0.77x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Bicara Therapeutics?

Bicara Therapeutics (BCAX) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.