BCAX President & COO exercises options, sells common stock in Form 4

Rhea-AI Filing Summary

Bicara Therapeutics Inc. insider transaction: On 11/21/2025, a reporting person who is both a director and the President and COO of Bicara Therapeutics Inc. (BCAX) exercised a stock option for 8,000 shares of common stock at an exercise price of $3.7898 per share and then sold shares of common stock on the same day.

The insider reported selling 8,000 shares of common stock at a weighted average price of $18.047 per share and an additional 4,500 shares at the same weighted average price, executed in multiple trades between $18.00 and $18.14. After these transactions, the insider beneficially owned 193,641 shares of common stock directly and 149,334 stock options. The option for 8,000 shares was granted on August 8, 2023 and vests in sixteen equal quarterly installments, contingent on continued service, and was exercised under a Rule 10b5-1 trading plan adopted on February 12, 2025.

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 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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and COO

3. Date of Earliest Transaction (Month/Day/Year)
11/21/2025

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	11/21/2025		M(1)		8,000	A	$3.7898	206,141	D
Common Stock	11/21/2025		S(1)		8,000	D	$18.047(2)	198,141	D
Common Stock	11/21/2025		S(1)		4,500	D	$18.047(2)	193,641	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	11/21/2025		M(1)			8,000	(3)	08/08/2033	Common Stock	8,000	$0	149,334	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 $18.00 to $18.14, 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 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 activity did BCAX report in this Form 4 filing?

The filing reports that a director and the President and COO of Bicara Therapeutics Inc. (BCAX) exercised a stock option for 8,000 shares of common stock at an exercise price of $3.7898 per share and sold shares of common stock on 11/21/2025.

How many Bicara Therapeutics (BCAX) shares did the insider sell and at what price?

The insider reported selling 8,000 shares of common stock at a weighted average price of $18.047 per share and an additional 4,500 shares at the same weighted average price. The sales occurred in multiple transactions with prices ranging from $18.00 to $18.14 per share.

How many Bicara Therapeutics (BCAX) shares does the insider own after these transactions?

Following the reported transactions, the insider beneficially owned 193,641 shares of Bicara Therapeutics common stock directly and 149,334 stock options as derivative securities.

What are the key terms of the stock option exercised in this BCAX Form 4?

The derivative security is a stock option (right to buy) with an exercise price of $3.7898 per share, covering 8,000 shares of common stock. The option became exercisable in sixteen equal quarterly installments following August 8, 2023, subject to the insider’s continued service, and has an expiration date of 08/08/2033.

Was the Bicara Therapeutics (BCAX) insider trading under a Rule 10b5-1 plan?

Yes. The filing states that the transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on February 12, 2025, which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

What roles does the reporting person hold at Bicara Therapeutics (BCAX)?

The reporting person is identified as both a Director and an Officer, serving as President and COO of Bicara Therapeutics Inc.