Bicara interim CEO sells 17,500 shares after option exercise

Rhea-AI Filing Summary

Bicara Therapeutics Inc. (BCAX) officer Ryan Cohlhepp, President, COO and Interim CEO, exercised options to acquire 17,500 shares of common stock on September 8, 2026 at an exercise price of $3.7898 per share, leaving 34,252 options outstanding under that grant. On the same date he sold 14,058 shares at a weighted average price of $22.7666 per share and 3,442 shares at a weighted average price of $23.4349 per share in multiple transactions. These trades were made pursuant to a Rule 10b5-1 trading plan adopted on March 31, 2026, and the option underlying the exercise vests in sixteen equal quarterly installments following April 5, 2023, subject to continued service.

Insider Trade Summary 10b5-1

Exercise and Sale: 17,500 shares ($334K approx. pre-tax spread)

Exercise and Sale 4 txns

Insider Cohlhepp Ryan

Role President, COO & Interim CEO

Sold 17,500 shs ($401K)

Approx. gross sale proceeds $401K

Approx. exercise cost $66K

Approx. pre-tax spread $334K

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy) F1, F4	17,500	$0.00	$0.00
Exercise	Common Stock F1	17,500	$3.7898	$66K
Sale	Common Stock F1, F2	14,058	$22.7666	$320K
Sale	Common Stock F1, F3	3,442	$23.4349	$81K

Holdings After Transaction: Stock Option (Right to Buy) — 34,252 contracts (Direct); Common Stock — 181,641 shares (Direct)

Footnotes (4)

1. F1. This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on March 31, 2026.
2. F2. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $22.26 to $23.25, 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. F3. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $23.26 to $23.58, 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.
4. F4. The shares underlying this option vest in sixteen equal quarterly installments following April 5, 2023, subject to the Reporting Person's continued service on each such vesting date.

Key Figures

Options exercised: 17,500 shares Option exercise price: $3.7898 per share Options remaining from grant: 34,252 options +5 more

8 metrics

Options exercised 17,500 shares Stock options converted into common shares on September 8, 2026

Option exercise price $3.7898 per share Exercise price for the 17,500 options exercised on September 8, 2026

Options remaining from grant 34,252 options Options outstanding in the reported grant after the September 8, 2026 exercise

Shares sold at first weighted average price 14,058 shares at $22.7666 per share Common stock sale on September 8, 2026, with trades from $22.26 to $23.25

Shares sold at second weighted average price 3,442 shares at $23.4349 per share Common stock sale on September 8, 2026, with trades from $23.26 to $23.58

Rule 10b5-1 plan adoption date March 31, 2026 Date the trading plan governing these transactions was adopted

Option expiration date April 5, 2033 Expiration date of the option from which 17,500 shares were exercised

Vesting schedule 16 equal quarterly installments Vesting pattern for the option beginning after April 5, 2023, subject to continued service

Key Terms

Rule 10b5-1 trading plan, weighted average price, vesting

3 terms

Rule 10b5-1 trading plan regulatory

"This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on March 31, 2026"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

weighted average price financial

"The price reported in Column 4 is a weighted average price"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

vesting financial

"The shares underlying this option vest in sixteen equal quarterly installments"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did BCAX’s President, COO & Interim CEO do in this Form 4 filing?

He exercised options for 17,500 shares of Bicara Therapeutics common stock at $3.7898 per share on September 8, 2026, and on the same day sold 17,500 shares of common stock in open market or private transactions.

How many BCAX shares did the insider sell and at what prices?

On September 8, 2026, he sold 14,058 shares at a weighted average price of $22.7666 per share and 3,442 shares at a weighted average price of $23.4349 per share, in multiple transactions within stated price ranges.

Were the BCAX trades made under a Rule 10b5-1 trading plan?

Yes. A footnote states the transactions were executed pursuant to a Rule 10b5-1 trading plan adopted on March 31, 2026, indicating they followed a pre-established trading program.

What options position remains after the reported BCAX option exercise?

After exercising 17,500 options on September 8, 2026, the reporting person held 34,252 options from that grant. These options have an exercise price of $3.7898 per share and an expiration date of April 5, 2033.

How do the BCAX options reported in this Form 4 vest over time?

A footnote explains that the shares underlying this option vest in sixteen equal quarterly installments following April 5, 2023, and each vesting is subject to the reporting person’s continued service on the relevant vesting date.

What price ranges applied to the BCAX share sales in this filing?

For the 14,058-share sale, the weighted average price of $22.7666 reflects trades between $22.26 and $23.25 per share. For the 3,442-share sale, the weighted average price of $23.4349 reflects trades between $23.26 and $23.58 per share.

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

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Available on EDGAR 09/10/2026 - 04:23 PM Accepted by SEC EDGAR 09/10/2026 - 04:23 PM Learn about SEC filing dates

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Cohlhepp Ryan

(Last) (First) (Middle)

BICARA THERAPEUTICS INC.

116 HUNTINGTON AVENUE, SUITE 703

(Street)

BOSTON MASSACHUSETTS 02116

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President, COO & Interim CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/08/2026

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

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

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

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	09/08/2026		M(1)		17,500	A	$3.7898	199,141	D
Common Stock	09/08/2026		S(1)		14,058	D	$22.7666(2)	185,083	D
Common Stock	09/08/2026		S(1)		3,442	D	$23.4349(3)	181,641	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)	$3.7898	09/08/2026		M(1)			17,500	(4)	04/05/2033	Common Stock	17,500	$0	34,252	D

Explanation of Responses:

1. This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on March 31, 2026.

2. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $22.26 to $23.25, 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 price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $23.26 to $23.58, 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.

4. The shares underlying this option vest in sixteen equal quarterly installments following April 5, 2023, subject to the Reporting Person's continued service on each such vesting date.

Remarks:

	/s/ Ryan Cohlhepp	09/10/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)