BCAX insider Form 4 shows CMO option exercises and stock sales

Rhea-AI Filing Summary

Bicara Therapeutics Inc. (BCAX) reported insider transactions by its Chief Medical Officer, who filed a Form 4 as a single reporting person. On 11/24/2025 and 11/25/2025, the officer exercised stock options to acquire common shares at an exercise price of $3.7898 per share and sold the same number of shares on each corresponding date.

On 11/24/2025, 5,500 shares of common stock were acquired through an option exercise and 5,500 shares were sold at $18.45 per share, leaving 35,497 shares owned directly. On 11/25/2025, additional option exercises and sales covered 4,594 and 906 shares, with sales at a weighted average price of $18.8424. After these transactions, the officer directly owned 35,497 common shares and held stock options covering 69,413 shares, subject to the vesting schedules described.

The filing notes that these trades were made under a Rule 10b5-1 trading plan adopted on February 12, 2025, with certain sale prices reported as weighted averages across multiple individual transactions.

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^*

Raben David

(Last) (First) (Middle)

BICARA THERAPEUTICS INC.

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 Medical Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/24/2025

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	11/24/2025		M(1)		5,500	A	$3.7898	40,997	D
Common Stock	11/24/2025		S(1)		5,500	D	$18.45	35,497	D
Common Stock	11/25/2025		M(1)		4,594	A	$3.7898	40,091	D
Common Stock	11/25/2025		S(1)		4,594	D	$18.8424(2)	35,497	D
Common Stock	11/25/2025		M(1)		906	A	$3.7898	36,403	D
Common Stock	11/25/2025		S(1)		906	D	$18.8424(2)	35,497	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	11/24/2025		M(1)			5,500	(3)	08/08/2033	Common Stock	5,500	$0	123,370	D
Stock Option (Right to Buy)	$3.7898	11/25/2025		M(1)			4,594	(3)	08/08/2033	Common Stock	4,594	$0	118,776	D
Stock Option (Right to Buy)	$3.7898	11/25/2025		M(1)			906	(4)	08/08/2023	Common Stock	906	$0	69,413	D

Explanation of Responses:

1. This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on February 12, 2025.

2. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $18.68 to $19.00, 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. 25% of the shares underlying this option vested on July 24, 2024, with the remainder vesting in twelve equal quarterly installments thereafter, subject to the Reporting Person's continued service on each such vesting date.

4. The shares underlying this option vest in sixteen equal quarterly installments following August 8, 2023, subject to the Reporting Person's continued service on each such vesting date.

Remarks:

	/s/ Lara Meisner, Attorney-in-Fact	11/25/2025
	** 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.

FAQ

What insider transactions did BCAX disclose for its Chief Medical Officer?

The Chief Medical Officer of Bicara Therapeutics Inc. (BCAX) reported exercising stock options and selling the corresponding shares on 11/24/2025 and 11/25/2025. The officer acquired common shares at an exercise price of $3.7898 per share and sold those shares in open-market transactions reported on the same dates.

How many BCAX shares does the reporting person own after these Form 4 transactions?

After the reported transactions, the Chief Medical Officer directly owned 35,497 shares of Bicara Therapeutics Inc. common stock and held stock options covering 69,413 shares, as reflected in the tables for non-derivative and derivative securities.

What prices were involved in the BCAX stock option exercises and sales?

The stock options were exercised at an exercise price of $3.7898 per share. On 11/24/2025, 5,500 shares were sold at $18.45 per share. On 11/25/2025, shares were sold at a weighted average price of $18.8424, with underlying trades ranging from $18.68 to $19.00 per share.

Was the BCAX insider trading activity under a Rule 10b5-1 plan?

Yes. The filing states that the transactions were executed pursuant to a Rule 10b5-1 trading plan adopted on February 12, 2025. Such plans allow pre-arranged trading according to specified instructions.

What are the key vesting terms of the BCAX stock options reported?

For one option grant, 25% of the underlying shares vested on July 24, 2024, with the remainder vesting in twelve equal quarterly installments thereafter, subject to continued service. For another grant, the shares vest in sixteen equal quarterly installments following August 8, 2023, also subject to continued service.

What does the weighted average sale price mean in the BCAX Form 4?

The filing explains that the $18.8424 sale price is a weighted average for multiple trades executed between $18.68 and $19.00 per share. The reporting person has undertaken to provide full details of the individual sale prices and share amounts upon request.