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Bicara Therapeutics (BCAX) boosts cash to $497M and advances pivotal HNSCC trial

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Bicara Therapeutics Inc. reported second quarter 2026 results and major leadership changes while advancing its lead oncology program ficerafusp alfa. Ryan Cohlhepp will become President and CEO on January 1, 2027, with current CEO Claire Mazumdar transitioning to Vice Chair of the Board and Strategic Advisor. Additional senior hires include a new CFO, Chief Business Officer and Chief Legal Officer, reflecting preparations for potential commercialization.

The company is enrolling the pivotal Phase 3 FORTIFI-HN01 trial in first-line recurrent or metastatic HPV-negative head and neck cancer and expects substantial enrollment by year-end, enabling interim topline data in mid-2027. A new FORTIFI-FLEX alternate dosing study has begun. Three-year follow-up from a Phase 1/1b cohort showed an estimated overall survival rate of 31%, approximately doubling survival seen in retrospective standard-of-care pembrolizumab data.

Financially, Bicara ended June 30, 2026 with $497.3 million in cash, cash equivalents and marketable securities and expects this to fund operations into the first half of 2029. Second quarter 2026 research and development expenses were $45.8 million and general and administrative expenses were $14.2 million, driving a net loss of $55.4 million, all higher than the prior-year period.

Positive

  • Three-year OS of 31% in a Phase 1/1b HNSCC cohort approximately doubled survival versus retrospective standard-of-care pembrolizumab, supporting the therapeutic potential of ficerafusp alfa.
  • FORTIFI-HN01 pivotal trial enrollment is expected to be substantially complete by year-end 2026, positioning Bicara for an interim analysis in mid-2027 tied to potential accelerated approval.
  • Cash, cash equivalents and marketable securities of $497.3 million and a projected runway into the first half of 2029 provide multi-year funding for development and pre-commercialization plans.
  • A strengthened leadership team, including a planned CEO transition and new CFO, COO, Chief Business Officer and Chief Legal Officer, aligns the organization for potential commercialization and growth.

Negative

  • Net loss of $55.4 million in Q2 2026 more than doubled the prior-year period, reflecting significantly higher operating expenses.
  • Research and development expenses of $45.8 million and general and administrative expenses of $14.2 million in Q2 2026 rose sharply year over year, increasing cash burn.

Filing Explained

Bicara Therapeutics furnished its second-quarter results and business updates under Item 2.02; the filing states that this information is not deemed filed for Section 18 purposes.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Cash, cash equivalents and marketable securities $497.3 million As of June 30, 2026
Research and development expenses $45.8 million Three months ended June 30, 2026; higher than second quarter 2025
General and administrative expenses $14.2 million Three months ended June 30, 2026; higher than second quarter 2025
Net loss $55.4 million Three months ended June 30, 2026 versus $27.4 million in 2025
Net loss per share $0.82 Basic and diluted, three months ended June 30, 2026
Weighted-average shares outstanding 67,925,963 Basic and diluted, three months ended June 30, 2026
Three-year overall survival rate 31% Phase 1/1b 1500mg QW dose cohort in 1L R/M HPV-negative HNSCC
Cash runway Into the first half of 2029 Based on current operating and development plans
pivotal trial medical
"Continued to enroll Phase 3 of the FORTIFI-HN01 pivotal trial in 1L R/M HPV-negative HNSCC"
A pivotal trial is a key test of a new medicine or treatment to see if it works and is safe enough to be approved by health authorities. It's like a final exam for a new product, and passing it is essential for bringing the treatment to the public.
accelerated approval regulatory
"which we believe will lead to an accelerated approval and subsequent launch of ficerafusp alfa"
Accelerated approval is a process that allows new medical treatments to be approved more quickly than usual if they address serious or life-threatening conditions and show promising early results. For investors, it signals that a treatment may reach the market sooner, potentially boosting a company's prospects, but it also involves some uncertainty since full evidence of effectiveness is still being gathered.
bifunctional therapies medical
"a clinical-stage biopharmaceutical company committed to bringing transformative bifunctional therapies to patients"
tumor microenvironment medical
"the immunosuppressive TGF-β signaling within the tumor microenvironment (TME)"
The tumor microenvironment is the immediate area surrounding a cancer cell, made up of nearby cells, blood vessels, and support structures that influence how the cancer grows and spreads. It functions like a bustling neighborhood that can either help or hinder the tumor’s development. For investors, understanding changes in this environment can signal the effectiveness of treatments and potential shifts in a cancer-related market.
marketable securities financial
"cash, cash equivalents and marketable securities of $497.3 million"
Marketable securities are financial assets — such as publicly traded stocks, bonds, and short-term government bills — that a company can quickly sell for cash at a known price. Investors watch them because they show how much ready cash a company can access without selling core operations, like keeping money in a highly liquid savings account versus being tied up in a house, and they affect short-term risk, financial flexibility, and balance-sheet strength.
stock-based compensation expense financial
"Expenses include the following non-cash stock-based compensation expense"
Stock-based compensation expense is the value that a company records when it gives employees or executives shares or options to buy shares as part of their pay. It matters because it shows the true cost of paying employees this way, which can affect the company's profits and how investors see its financial health.
Net loss $55.4 million (Q2 2026); $111.6 million (six months 2026) Higher than $27.4 million and $64.2 million in the respective 2025 periods
Research and development expenses $45.8 million (Q2 2026); $93.2 million (six months 2026) Higher than $24.8 million and $59.1 million in the respective 2025 periods
General and administrative expenses $14.2 million (Q2 2026); $27.0 million (six months 2026) Higher than $7.2 million and $14.7 million in the respective 2025 periods
Net loss per share, basic and diluted $0.82 (Q2 2026); $1.73 (six months 2026) Higher than $0.50 and $1.18 in the respective 2025 periods
Other income (interest income) $4.6 million (Q2 2026); $8.7 million (six months 2026) Slightly lower than $4.7 million and $9.7 million in the respective 2025 periods
Guidance

Management expects existing cash, cash equivalents and marketable securities to fund operations into the first half of 2029.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What were Bicara Therapeutics (BCAX) key financial results for Q2 2026?
Bicara reported a net loss of $55.4 million for Q2 2026, with research and development expenses of $45.8 million and general and administrative expenses of $14.2 million, all higher than in the second quarter of 2025 as development activities and headcount increased.

How much cash does Bicara Therapeutics (BCAX) have and what is its runway?
As of June 30, 2026, Bicara held $497.3 million in cash, cash equivalents and marketable securities. Based on current operating and development plans, management expects this capital to fund operations into the first half of 2029, supporting pivotal trials and commercialization preparation.

What clinical progress did Bicara Therapeutics (BCAX) report for ficerafusp alfa?
Bicara is enrolling the Phase 3 FORTIFI-HN01 pivotal trial in first-line HPV-negative HNSCC and expects substantial enrollment by year-end 2026. It also initiated the FORTIFI-FLEX alternate dosing study and reported three-year follow-up data indicating a 31% overall survival rate in a Phase 1/1b cohort.

What leadership changes did Bicara Therapeutics (BCAX) announce?
Ryan Cohlhepp will become President and CEO effective January 1, 2027, while Claire Mazumdar transitions to Vice Chair and Strategic Advisor. The company also named Jenn Larson as CFO, promoted Jenna Cohen to Chief Business Officer, and appointed Greg Shiferman as Chief Legal Officer.

What are Bicara Therapeutics (BCAX) upcoming milestones in HNSCC and mCRC?
Bicara expects substantial enrollment of FORTIFI-HN01 by end of 2026, enabling interim topline results in mid-2027. It also plans to present Phase 1b data for ficerafusp alfa in third-line-plus mCRC (RAS/BRAF wild type MSS) in the second half of 2026.

How did Bicara Therapeutics (BCAX) operating expenses change year over year in Q2 2026?
In Q2 2026, research and development expenses rose to $45.8 million from $24.8 million a year earlier, and general and administrative expenses increased to $14.2 million from $7.2 million, primarily due to pivotal trial costs, other clinical programs, added personnel and professional fees.
FALSE000202365800020236582026-08-112026-08-11

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): August 11, 2026

___________________________________
Bicara Therapeutics Inc.
(Exact name of registrant as specified in its charter)
___________________________________

Delaware
(State or other jurisdiction of
incorporation or organization)
001-42271
(Commission File Number)
83-2903745
(I.R.S. Employer Identification Number)
116 Huntington Avenue, Suite 703
Boston, MA 02116
(Address of principal executive offices and zip code)
(617) 468-4219
(Registrant's telephone number, including area code)
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, $0.0001 par value
BCAX
The Nasdaq Global Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
Emerging growth company    ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



Item 2.02 - Results of Operations and Financial Condition.
On August 11, 2026, Bicara Therapeutics Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2026 and other business updates. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information set forth under Item 2.02 and in Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 - Financial Statements and Exhibits
(d) The following exhibits are being filed herewith:

Exhibit No.
Description
99.1
Press Release of Bicara Therapeutics Inc., dated August 11, 2026
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 11th day of August, 2026.



Bicara Therapeutics Inc.
By:
/s/ Claire Mazumdar
Name:
Claire Mazumdar
Title:
Chief Executive Officer


image_0.jpg
Bicara Therapeutics Reports Second Quarter 2026 Progress and Announces Strategic Leadership Transitions Marking Next Era of Execution and Growth
President & Chief Operating Officer Ryan Cohlhepp, Pharm.D. appointed President & Chief Executive Officer effective January 2027
Claire Mazumdar, Ph.D., MBA to transition to Vice Chair of the Board of Directors and serve as Strategic Advisor
On track for substantial enrollment of pivotal FORTIFI-HN01 study by year-end, enabling topline results from interim analysis in mid-2027; initiated FORTIFI-FLEX alternate dosing study
Company to host conference call and webcast today, Tuesday, August 11, 2026 at 8:30 am ET

BOSTON, August 11, 2026 – Bicara Therapeutics Inc. (Nasdaq: BCAX), a clinical-stage biopharmaceutical company committed to bringing transformative bifunctional therapies to patients with solid tumors, today announced financial results for the second quarter ended June 30, 2026 and provided a business update, including strategic leadership transitions marking the company’s next era of execution and growth.

•Ryan Cohlhepp, Pharm.D., Bicara’s President and Chief Operating Officer (COO) will succeed Claire Mazumdar, Ph.D., MBA as Chief Executive Officer (CEO) effective January 1, 2027. As part of this planned evolution in leadership, Dr. Mazumdar will serve as Vice Chair of the Board of Directors and Strategic Advisor, with the goal of ensuring a seamless transition as Bicara enters its next era of execution and growth. Dr. Mazumdar will leverage her deep institutional knowledge to provide management guidance and support future growth, while empowering the next phase of strategic and operational leadership at Dr. Cohlhepp’s direction as the company prepares for the potential commercialization of ficerafusp alfa in first-line (1L) recurrent or metastatic (R/M) human papillomavirus (HPV)-negative head and neck squamous cell carcinoma (HNSCC), with topline data from an interim analysis of the FORTIFI-HN01 pivotal trial expected in mid-2027.

•Tanya Green, Chief Development Officer, will succeed Dr. Cohlhepp as COO, effective January 1, 2027. Since joining Bicara in October 2025, Ms. Green has demonstrated enterprise-wide responsibility for driving operational strategy, execution, and organizational performance across key development and operational functions including global clinical operations, technical operations, regulatory affairs, quality, and program management.

•Jenn Larson, CPA, has been appointed Chief Financial Officer and will succeed Ivan Hyep, MBA, effective August 12, 2026. Ms. Larson is a tenured financial operator who brings decades of experience in roles of increasing strategic and operational responsibility at publicly traded, revenue-generating, commercial-stage biotechnology organizations.



•Jenna Cohen will be promoted from Chief Corporate Affairs Officer to Chief Business Officer, effective January 1, 2027. Ms. Cohen has demonstrated an increasing scope of strategic and executional impact since joining Bicara in October 2025, and in her new role will retain oversight of corporate affairs, corporate development, and strategy.

•Greg Shiferman, J.D., has been appointed Chief Legal Officer effective August 31, 2026. Mr. Shiferman is an accomplished life sciences professional who has served in executive positions across legal and program leadership. Mr. Shiferman brings deep experience providing strategic counsel across corporate development, commercialization, and governance. He will lead all aspects of our legal and compliance functions through key corporate milestones, including the potential commercial launch of ficerafusp alfa. 

"This transition marks a natural evolution for Bicara as we maintain strong enrollment momentum that enables a clear line of sight to a topline interim analysis which we believe will lead to an accelerated approval and subsequent launch of ficerafusp alfa in head and neck cancer. I am incredibly proud of what our team has accomplished so far—transforming bold science into meaningful impact for patients while establishing a strong foundation for future growth. Having worked closely with Ryan since Bicara’s earliest days, I have seen firsthand his ability to translate strategy into disciplined execution, and we have been true partners in shaping the Bicara of today. I have complete confidence that he is the right leader to guide our next chapter,” said Claire Mazumdar, Ph.D., MBA, Chief Executive Officer of Bicara Therapeutics. “In addition, I want to thank Ivan for serving as an early executive at Bicara, for leading us through private and public offerings during his tenure, and for establishing the early infrastructure for the Finance organization. In my new role, I look forward to continuing to help shape the future of Bicara—both on the Board and supporting the leadership team as they build on this momentum and continue creating lasting value for patients, employees, and shareholders.”
"On behalf of the Board, I want to thank Claire for her extraordinary vision, leadership, and commitment to building a company defined by scientific excellence, a deeply rooted culture, and an unwavering focus on patients. Throughout her tenure, Claire has led with a long-term perspective, and this leadership transition reflects her thoughtful stewardship and commitment to Bicara’s continued success,” said Mike Powell, Chairman of the Board of Bicara Therapeutics. “The Board has great confidence in Ryan to lead Bicara into its next era of execution and growth. This transition also reflects the investments we have made to prepare for our next chapter—including strengthening our executive team with experienced commercial leaders, elevating outstanding internal talent, and expanding the Board with directors who bring deep operational and commercialization expertise. Together, these steps have created a management team equipped to execute on the significant opportunities ahead, position the company for its next stage of growth, and broaden Bicara’s impact for patients.”

"It is an incredible privilege to lead Bicara at such an important moment in its journey. Since the early days of Bicara, I have had the opportunity to help shape our strategy, help build the organizational capabilities and leadership team at the appropriate time in the company’s evolution, and work alongside an extraordinary group of colleagues to bring the tremendous promise of ficerafusp alfa to many people around the world through our clinical trials,” said Ryan Cohlhepp, President and COO. “I am deeply grateful to Claire for her partnership and unwavering commitment to the ongoing success of this organization, and to the Board for its confidence in me. As we look ahead, my focus will be on building


on the exceptional foundation we have created together—establishing our commercial footprint, advancing a pipeline with discipline and purpose, and continuing to invest in the people and culture that make Bicara unique.”

Leadership biographies may be accessed on the Bicara website.

Second Quarter 2026 Highlights and Recent Progress
Ficerafusp Alfa in 1L R/M HPV-Negative HNSCC
•Initiated FORTIFI-FLEX, a randomized, open-label, clinical study that will evaluate ficerafusp alfa in combination with pembrolizumab, administered as a 12-week loading dose of 1500mg weekly (QW) followed by maintenance dosing of 2250mg every three weeks (Q3W). The company expects to have results from this study by the time of a potential U.S. accelerated approval in 1L R/M HPV-negative HNSCC.
•Presented extended follow-up data out to three years from the Phase 1/1b study of ficerafusp alfa in combination with pembrolizumab in 1L R/M HPV-negative HNSCC at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting. The data demonstrated deep, durable responses representing substantial improvements over standard of care treatment, observed to be driven by TGF-β inhibition, allowing for direct tumor penetration. Specifically, three-year follow-up from the 1500mg QW dose cohort showed an estimated OS rate of 31%, approximately doubling the survival rate observed in retrospective analysis with standard of care pembrolizumab in HPV-negative patients.

Key Anticipated Upcoming Milestones
HNSCC 
•Continued to enroll Phase 3 of the FORTIFI-HN01 pivotal trial in 1L R/M HPV-negative HNSCC and expect to be substantially enrolled by the end of the year to enable topline results from an interim analysis in mid-2027.
Other Solid Tumors, Including mCRC 
•Present data from Phase 1b expansion cohort evaluating ficerafusp alfa both as monotherapy and in combination with pembrolizumab in patients with 3L+ mCRC (RAS/BRAF wild type MSS) in the second half of 2026.  

Second Quarter 2026 Financial Results
•Cash, Cash Equivalents and Marketable Securities: As of June 30, 2026, Bicara had cash, cash equivalents and marketable securities of $497.3 million, compared to $414.8 million in cash, cash equivalents and marketable securities as of December 31, 2025. Based on its current operating and development plans, the company expects that its existing cash, cash equivalents and marketable securities will fund operations into the first half of 2029.
•Research and Development Expenses: Research and development expenses were $45.8 million for the second quarter of 2026 as compared to $24.8 million for the second quarter of 2025. The increase was primarily due to costs associated with the ongoing FORTIFI-HN01 pivotal trial, as well as the company’s ongoing Phase 1/1b dose expansion cohorts, and an increase in personnel costs.


•General and Administrative Expenses: General and administrative expenses were $14.2 million for the second quarter of 2026 as compared to $7.2 million for the second quarter of 2025. The increase was primarily due to additional personnel costs and professional fees associated with expanding the organization as we advance in a pivotal study and prepare for potential commercialization.
•Net Loss: Net loss totaled $55.4 million for the second quarter of 2026 compared to $27.4 million for the second quarter of 2025.

Upcoming Investor Conference

Bicara Therapeutics will participate in one upcoming investor conference:

•2026 Cantor Global Healthcare Conference on Wednesday, September 9, 2026 at 9:10 a.m. ET.

A live webcast of the fireside chat will be accessible through the Investor Relations section of Bicara’s website under Events and Presentations. A replay of the webcast will be archived and available for 30 days following the event.

Conference Call Information

Bicara will host a live conference call and webcast at 8:30 a.m. ET today to discuss second quarter 2026 financial results and business updates, including strategic leadership transitions. Individuals may register for the conference call by clicking the link here. Once registered, participants will receive dial-in details and a unique PIN that will allow them to access the call. An audio webcast will be accessible through the Investor Relations section of Bicara’s website under Events and Presentations. An archived replay will also be available for 30 days following the event.

About Bicara Therapeutics

Bicara is a clinical-stage biopharmaceutical company committed to bringing transformative bifunctional therapies to patients with solid tumors. Bicara has built a platform designed to facilitate the development of bifunctional therapies that precisely target the tumor and deliver a tumor-modulating payload to the tumor site. This approach was deployed in the development of Bicara’s lead program ficerafusp alfa, formerly BCA101, a bifunctional epidermal growth factor receptor (EGFR) directed monoclonal antibody bound to a human transforming growth factor beta (TGF-β) ligand trap. By combining these two clinically validated targets, ficerafusp alfa has the potential to exert potent anti-tumor activity by simultaneously blocking both cancer cell-intrinsic EGFR survival and proliferation, as well as the immunosuppressive TGF-β signaling within the tumor microenvironment (TME). Ficerafusp alfa directs the TGF-β inhibitor into the immediate TME through the binding of EGFR on tumor cells, which Bicara believes will lead to deep and durable responses and an increase in overall survival, while reducing the potential adverse effects previously associated with systemic TGF-β inhibition. 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. For more information, please visit www.bicara.com or follow us on LinkedIn and X.

Forward-Looking Statements



This press release contains forward-looking statements within the meaning of the Private Securities 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, express or implied statements regarding Bicara’s strategy, business plans and focus; the clinical development of ficerafusp alfa, including anticipated substantial enrollment of the FORTIFI-HN01 pivotal trial by the end of 2026 and interim analysis readout in mid-2027, the alternate dose study to evaluate a loading and Q3W maintenance regimen with anticipated results by the time of a potential U.S. accelerated approval in 1L R/M HPV-negative HNSCC, and the expansion cohorts of Bicara’s Phase 1/1b trial of ficerafusp alfa and the timing of future data releases; the expected therapeutic potential and clinical benefits of ficerafusp alfa, including potential efficacy, depth, durability and tolerability; Bicara’s ability to scale and prepare for potential commercialization of ficerafusp alfa; the potential for U.S. regulatory approval and launch of ficerafusp alfa; Bicara’s expected operating expenses and capital expenditure requirements, including its cash runway into the first half of 2029; and anticipated contributions by members of Bicara’s Board and management team. 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 relating to Bicara’s research and development activities; Bicara’s ability to execute on its business plans and strategy, including obtaining the requisite regulatory approvals on the expected timeline, if at all; uncertainties relating to the clinical development of ficerafusp alfa; the company’s dependence on third parties; risks related to the company’s financial condition and need for additional funds in order to commercialize ficerafusp alfa, if approved; risks related to regulatory developments and approval processes of the U.S. Food and Drug Administration and comparable foreign regulatory authorities; risks related to establishing and maintaining Bicara’s intellectual property protections; and risks related to the competitive landscape for ficerafusp alfa; as well as other risks described in “Risk Factors,” in Bicara’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as discussions of potential risks, uncertainties, and other important factors in Bicara’s subsequent filings with the U.S. Securities and Exchange Commission (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.

Bicara intends to use its Investor Relations website as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor the company’s Investor Relations website, in addition to following the company’s press releases, SEC filings, public conference calls, presentations, and webcasts.


BICARA THERAPEUTICS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited, in thousands except shares and per share data)

Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Operating expenses
Research and development
$    45,773
$    24,798
$    93,237

$    59,131
General and administrative
14,178
7,220
26,954
14,675
Total operating expenses1
59,951
32,018
120,191
73,806
Loss from operations
(59,951)
(32,018)
(120,191)
(73,806)
Other income
Interest income
4,576
4,682
8,659
9,696
Total other income
4,576
4,682
8,659
9,696
Net loss before income taxes
(55,375)
(27,336)
(111,532)
(64,110)
Income tax expense
(61)
(52)
(115)
(124)
Net loss
$    (55,436)
$    (27,388)
$    (111,647)
$    (64,234)
Net Loss per share, basic and diluted
$    (0.82)
$    (0.50)
$    (1.73)
$    (1.18)
Weighted-average number common shares outstanding, basic and diluted
67,925,963 
54,539,230 
64,360,558 
54,496,862 
Other comprehensive loss




Unrealized loss on marketable securities, net of tax
(324)
_
(810)
_
Total other comprehensive loss
(324)
_
(810)
_
Total comprehensive loss
$ (55,760)
$ (27,388)
$
(112,457)
$
(64,234)
1 Expenses include the following non-cash stock-based compensation expense
Research & Development
$    4,226
$
1,159 
$    6,451
$    2,300
General and administrative
4,012
2,333
7,645 
4,643 
Total stock-based compensation expense
$    8,238
$    3,492
$    14,096
$    6,943



BICARA THERAPEUTICS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
June 30, 2026
December 31, 2025
Assets
Current assets
Cash and cash equivalents
$    96,599
$    96,685
Prepaid expenses and other assets
6,561
7,252
 Marketable securities
400,660
318,116
Total current assets
503,820
422,053
Property and equipment, net
362
330
Right of use asset – operating lease
1,151
1,701
Other assets
6,910
6,910
Total assets
$    512,243
$    430,994
Liabilities and stockholders’ equity
Current liabilities
Accounts payable
$    7,431
$    5,515
Accounts payable – related party
1,032
2,278
Accrued expenses and other current liabilities
33,666
18,898
Accrued expenses and other current liabilities – related party
183
1,141
Operating lease liability – current portion
1,163
1,117
Total current liabilities
43,475
28,949
Operating lease liability – net of current portion
–
593
Total liabilities
43,475
29,542
Total stockholders' equity
468,768 
401,452 
Total liabilities and stockholders’ equity
$    512,243
$    430,994



Contacts
Investors
Rachel Frank
rachel.frank@bicara.com
Media
Dan Budwick
1AB
dan@1abmedia.com

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