Bicara Therapeutics insider cashes in options; retains 158k options

Rhea-AI Filing Summary

Bicara Therapeutics Inc. (BCAX) – Form 4 insider filing dated 18 Jun 2025 reports transactions by Chief Legal Officer Lara Meisner.

Non-derivative activity: On 16 Jun 2025 Meisner exercised 15,829 options for common stock at an exercise price of $5.45 per share and immediately sold the same 15,829 shares at a weighted-average price of $10.43 (individual sales executed between $10.03-$10.84). As a result, her direct common-stock ownership fell to 0 shares.

Derivative holdings: Two option grants were partially exercised. After the transactions Meisner still directly holds 60,854 options with a $5.45 strike expiring 10 Dec 2033 and 97,443 options with the same strike and expiry, for a total of 158,297 remaining options.

• Grant #1 vests in 16 equal quarterly installments from 14 Dec 2023.
• Grant #2 vested 25 % on 27 Nov 2024; the balance vests in 12 equal quarterly installments thereafter.

Rule 10b5-1 plan: All trades were executed under a pre-arranged Rule 10b5-1 trading plan adopted on 13 Nov 2024, as disclosed in the Explanation of Responses.

The filing reflects routine option exercise and monetisation by an executive officer, with no change to derivative exposure but the elimination of directly held common shares.

Positive

• Executive retains 158,297 in-the-money options, maintaining long-term alignment with shareholder value.

Negative

• Officer sold 15,829 shares immediately after exercise, reducing direct ownership to zero and signalling limited near-term commitment.

Insights

Securities Analyst

TL;DR: Officer exercises options, sells shares; maintains large option stake—neutral signal.

The transaction shows Meisner converting 15,829 options at $5.45 and liquidating the resulting shares at ≈$10.43, capturing a ~$4.98 spread. Because the sale fully offset the exercise, her direct equity stake is now nil, which can be viewed as mildly bearish on near-term price. However, she retains 158,297 options (strike $5.45, expiry Dec-2033), preserving long-term upside alignment. The pre-scheduled 10b5-1 plan mitigates concerns about timing. From a materiality standpoint, the share count is small relative to typical public-float levels, so the impact on valuation or float is negligible. Overall, the filing is informative but not a catalyst.

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^*

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)
06/16/2025

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	06/16/2025		M(1)		15,829	A	$5.45	15,829	D
Common Stock	06/16/2025		S(1)		15,829	D	$10.43(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	06/16/2025		M(1)			6,085	(3)	12/10/2033	Common Stock	6,085	$0	60,854	D
Stock Option (Right to Buy)	$5.45	06/16/2025		M(1)			9,744	(4)	12/10/2033	Common Stock	9,744	$0	97,443	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 $10.03 to $10.84, 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	06/18/2025
	** 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

How many BCAX shares did Chief Legal Officer Lara Meisner sell?

She sold 15,829 common shares on 16 Jun 2025.

What was the average sale price reported in the Form 4?

The weighted-average sale price was $10.43 per share (range $10.03-$10.84).

At what price were the options exercised?

Options were exercised at a $5.45 strike price.

Does Meisner still hold Bicara Therapeutics stock or options after the sale?

She holds 0 common shares directly but retains 158,297 stock options expiring 10 Dec 2033.

Was the transaction executed under a 10b5-1 trading plan?

Yes, all trades were made under a Rule 10b5-1 plan adopted on 13 Nov 2024.

What is the vesting schedule for the remaining options?

One grant vests in 16 equal quarterly tranches from 14 Dec 2023; another vested 25 % on 27 Nov 2024 with the balance vesting in 12 quarterly tranches.