Bicara Therapeutics (BCAX) Insider Sells 15,829 Shares Under 10b5-1 Plan

Rhea-AI Filing Summary

Lara Meisner, Chief Legal Officer and director of Bicara Therapeutics (BCAX), reported insider transactions on 09/15/2025 executed under a Rule 10b5-1 trading plan adopted on 11/13/2024. She acquired 15,829 shares of Common Stock at an exercise price of $5.45 and simultaneously sold 15,829 shares at a weighted-average price of $11.49, with sale prices ranging from $11.34 to $11.73.

The filing also discloses two stock option grants exercisable at $5.45 that were affected by the transactions: one covering 6,085 underlying shares and another covering 9,744 underlying shares, each with vesting schedules described in the filing and expiration dates of 12/14/2033.

Insights

Financial Analyst

TL;DR: Insider sold common shares under a 10b5-1 plan while retaining stock options, indicating planned portfolio rebalancing rather than ad-hoc selling.

The Form 4 shows a matched acquisition and sale of 15,829 common shares on 09/15/2025 executed under a November 13, 2024 Rule 10b5-1 plan, with sales at a weighted-average price of $11.49. The transactions resulted in 0 shares of common stock reported as beneficially owned post-transaction, while option holdings remain. From a valuation standpoint, the sale realized proceeds materially above the $5.45 exercise price, crystallizing gains for the reporting person. This is a routine, disclosed insider liquidity event with limited new information about company fundamentals.

Corporate Governance Expert

TL;DR: The filing is a compliant disclosure of planned insider trades; use of a 10b5-1 plan reduces signaling risk but warrants monitoring.

The disclosure explicitly states the trades were executed pursuant to a Rule 10b5-1 plan adopted on 11/13/2024, which provides pre-authorization and mitigates concerns about trading on material nonpublic information. The filing includes clear vesting schedules for underlying options and an undertaking to provide sale-level price details on request. This represents adequate transparency under Section 16 reporting requirements and does not itself indicate governance issues.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Meisner Lara

(Last) (First) (Middle)

116 HUNTINGTON AVENUE, SUITE 703

(Street)

BOSTON MA 02116

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Bicara Therapeutics Inc. [ BCAX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Legal Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/15/2025		M(1)		15,829	A	$5.45	15,829	D
Common Stock	09/15/2025		S(1)		15,829	D	$11.49(2)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$5.45	09/15/2025		M(1)			6,085	(3)	12/14/2033	Common Stock	6,085	$0	54,769	D
Stock Option (Right to Buy)	$5.45	09/15/2025		M(1)			9,744	(4)	12/14/2033	Common Stock	9,744	$0	87,699	D

Explanation of Responses:

1. This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on November 13, 2024.

2. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $11.34 to $11.73, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price at which the transactions were effected.

3. The shares underlying this option vest in sixteen equal quarterly installments following December 14, 2023, subject to the Reporting Person's continued service on each such vesting date.

4. 25% of the shares underlying this option vested on November 27, 2024, with the remainder vesting in twelve equal quarterly installments thereafter, subject to the Reporting Person's continued service on each such vesting date.

Remarks:

	/s/ Lara Meisner	09/17/2025
	** Signature of Reporting Person	Date
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