Bicara Therapeutics Announces Pricing of $150 Million Public Offering of Common Stock and Pre-Funded Warrants
Bicara Therapeutics (Nasdaq: BCAX) priced an underwritten public offering of 7,175,000 common shares at $16.00 per share and 2,200,000 pre-funded warrants at $15.9999 each, for gross proceeds of approximately $150 million.
Rhea-AI Summary
Bicara Therapeutics (Nasdaq: BCAX) priced an underwritten public offering of 7,175,000 common shares at $16.00 per share and 2,200,000 pre-funded warrants at $15.9999 each, for gross proceeds of approximately $150 million. Closing is expected on or about February 26, 2026.
The company granted a 30-day underwriter option for 1,406,250 additional shares. Net proceeds will fund regulatory and commercial preparation for ficerafusp alfa, development in 1L R/M HPV-negative HNSCC, manufacturing, indication expansion signal-finding, and general corporate purposes.
Positive
- Offering sized for ~ $150 million gross proceeds
- Priced at $16.00 per common share
- Includes 2.2M pre-funded warrants to allow investor participation
- 30-day option for 1,406,250 additional shares
Negative
- Issuance of 7,175,000 shares plus options and warrants may dilute shareholders
- Undetermined net proceeds after underwriting discounts and expenses
Details
News Market Reaction – BCAX
On Feb 25, the first trading day after this news, BCAX closed 7.82% above the previous close.
Data tracked by StockTitan Argus for the Feb 25 session.
Key Figures
- Shares offered
- 7,175,000 shares
- Common stock in February 2026 underwritten public offering
- Offer price
- $16.00 per share
- Public offering price for common stock
- Pre-funded warrants
- 2,200,000 warrants
- Pre-funded warrants in lieu of common stock for certain investors
- Pre-funded price
- $15.9999 per warrant
- Public offering price for each pre-funded warrant
- Exercise price
- $0.0001 per share
- Exercise price of each pre-funded warrant
- Gross proceeds
- $150 million
- Expected gross proceeds before fees and expenses
- Underwriters’ option
- 1,406,250 shares
- 30-day option to purchase additional common shares
- Cash balance
- $414.8 million
- Cash, cash equivalents and investments as of December 31, 2025 (424B5)
Historical Context
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Announced participation in multiple March 2026 investor conferences and webcasts.
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Reported strong Phase 1b ficerafusp alfa data with high ORR and CR rates.
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Granted stock options to new employees under 2026 Inducement Plan.
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Selected Phase 3 dose for FORTIFI‑HN01 and outlined 2026 development milestones.
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Announced CEO presentation at J.P. Morgan 2026 Healthcare Conference.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
pre-funded warrants financial
underwritten public offering financial
shelf registration statement regulatory
form s-3 regulatory
prospectus supplement regulatory
registration statement regulatory
securities and exchange commission regulatory
public offering price financial
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BOSTON, Feb. 24, 2026 (GLOBE NEWSWIRE) -- Bicara Therapeutics Inc. (Nasdaq: BCAX), a clinical-stage biopharmaceutical company committed to bringing transformative bifunctional therapies to patients with solid tumors, today announced the pricing of an underwritten public offering of 7,175,000 shares of its common stock at a public offering price of
Bicara intends to use the net proceeds of the offering to further invest in and build its medical and commercial infrastructure to support a planned regulatory filing and commercial launch for ficerafusp alfa, if approved, in the U.S.; to further accelerate the development of ficerafusp alfa in 1L R/M HPV-negative HNSCC, including a less frequent dosing schedule; to fund manufacturing costs for ficerafusp alfa for ongoing and anticipated drug development efforts; to fund early signal-finding to support future indication expansion for ficerafusp alfa; and for other general corporate purposes.
Morgan Stanley, TD Cowen, BofA Securities, Cantor and Stifel are acting as joint book-running managers for the offering.
The securities described above will be offered by Bicara pursuant to an effective “shelf” registration statement on Form S-3 (File No. 333-290707) that was filed with the Securities and Exchange Commission (the “SEC”) on October 3, 2025 and declared effective on November 26, 2025. The securities may be offered only by means of a prospectus supplement and an accompanying prospectus that form a part of the registration statement. A preliminary prospectus supplement and the accompanying prospectus relating to and describing the proposed offering will be filed with the SEC. Electronic copies of the preliminary prospectus supplement and, when available, copies of the final prospectus supplement, and the accompanying prospectus relating to the offering may be obtained by visiting the SEC’s website at www.sec.gov or by contacting Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or by email at prospectus@morganstanley.com; TD Securities (USA) LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at TDManualrequest@broadridge.com; BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by email at dg.prospectus_requests@bofa.com; Cantor Fitzgerald & Co., Attention: Equity Capital Markets, 110 E. 59th Street, 6th Floor, New York, NY 10022, or by email at prospectus@cantor.com; or Stifel, Nicolaus & Company, Incorporated, Attention: Prospectus Department, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at (415) 364-2720 or by email at syndprospectus@stifel.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About Bicara Therapeutics
Bicara Therapeutics is a clinical-stage biopharmaceutical company committed to bringing transformative bifunctional therapies to patients with solid tumors. Bicara’s lead program, ficerafusp alfa, is a first-in-class bifunctional antibody designed to drive tumor penetration by breaking barriers in the tumor microenvironment that have challenged the treatment of multiple solid tumor cancers. Specifically, ficerafusp alfa combines two clinically validated targets: an epidermal growth factor receptor (EGFR) directed monoclonal antibody with a domain that binds to human transforming growth factor beta (“TGF-β”). Through this targeted mechanism, ficerafusp alfa reverses the fibrotic and immune-excluded tumor microenvironment driven by TGF-β signaling to enable tumor penetration that drives deep and durable responses. Ficerafusp alfa is being developed in head and neck squamous cell carcinoma, where there remains a significant unmet need, as well as other solid tumor types.
Forward-Looking Statements
Litigation Reform Act of 1995, as amended. These statements may be identified by words such as “may,” “might,” “will,” “could,” “would,” “should,” “plan,” “anticipate,” “intend,” “believe,” “expect,” “estimate,” “seek,” “predict,” “future,” “project,” “potential,” “continue,” “target” and similar words or expressions, or the negative thereof, are intended to identify forward-looking statements, although not all contain identifying words. Any statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. These forward-looking statements include, without limitation, the completion of the underwritten public offering, the potential exercise by the underwriters of the option to purchase additional shares, the anticipated proceeds and use of such proceeds from the offering, and timing of the closing of the offering. Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to uncertainties inherent in the development of product candidates, including the conduct of research activities and the conduct of clinical trials; uncertainties as to the availability and timing of results and data from clinical trials; whether results from prior preclinical studies, preliminary or interim data from earlier stage clinical trials will be predictive of the results of subsequent preclinical studies and clinical trials; regulatory developments in the United States and foreign countries; whether Bicara’s cash resources will be sufficient to fund its foreseeable and unforeseeable operating expenses and capital expenditure requirements; as well as the risks and uncertainties identified in Bicara’s filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2024, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 and any subsequent filings Bicara makes with the SEC. In addition, any forward-looking statements represent Bicara’s views only as of today and should not be relied upon as representing its views as of any subsequent date. Bicara explicitly disclaims any obligation to update any forward-looking statements. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.
Contacts:
Investors
Jenna Cohen
IR@bicara.com
Media
Amanda Lazaro
1AB
Amanda@1abmedia.com
FAQ
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