Bicara CFO exercises options and sells 6,415 shares

Rhea-AI Filing Summary

Bicara Therapeutics’ Chief Financial Officer Hyep Ivan exercised stock options for 6,415 shares of common stock at an exercise price of $3.7898 per share on October 9, 2025, and the resulting shares were sold the same day at a weighted-average price of $18.2278 per share in transactions between $18.15 and $18.41. Following these trades, Ivan directly holds 145,355 shares of Bicara common stock. The exercised options are from a grant that vests in sixteen equal quarterly installments beginning August 8, 2023, and the filing notes that a reported transaction was executed under a Rule 10b5-1 trading plan adopted on February 13, 2025.

Insights

CFO Insider-Compensation Analyst

TL;DR: CFO exercised low-price options and sold shares under a 10b5-1 plan, realizing a large per-share spread.

The reporting person exercised a stock option at $3.7898 and sold the same 6,415 shares at a weighted average of $18.2278

This sequence is consistent with routine option exercise followed by pre-planned sales under a Rule 10b5-1 plan adopted 02/13/2025; vesting remains on a quarterly schedule through the option schedule. Investors can view this as liquidity harvesting of previously granted compensation while retaining the majority of holdings.

Compliance & Governance Specialist

TL;DR: The transaction follows a documented trading plan, reducing regulatory uncertainty but lowering insider ownership.

The filing explicitly states the trades were executed pursuant to a Rule 10b5-1 plan and provides a weighted-average sale price range of $18.15 to $18.41, with the plan adoption date disclosed. This supports an affirmative defense against allegations of trading on material non-public information, assuming procedural conditions were met.

Material items to watch include continued scheduled vesting of the remaining 116,584 option-backed shares and any future 10b5-1 plan disclosures that would change insider ownership or timing.

Insider Trade Summary

Exercise and Sale: 6,415 shares ($93K approx. pre-tax spread)

Exercise and Sale 3 txns

Insider Hyep Ivan

Role Chief Financial Officer

Sold 6,415 shs ($117K)

Approx. gross sale proceeds $117K

Approx. exercise cost $24K

Approx. pre-tax spread $93K

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy)	6,415	$0.00	$0.00
Exercise	Common Stock	6,415	$3.7898	$24K
Sale	Common Stock	6,415	$18.2278	$117K

Holdings After Transaction: Stock Option (Right to Buy) — 116,584 contracts (Direct); Common Stock — 145,355 shares (Direct)

Footnotes (3)

1. F1. This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on February 13, 2025.
2. F2. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $18.15 to $18.41, 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 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.

Key Figures

Options exercised: 6,415 shares Exercise price: $3.7898 per share Shares sold: 6,415 shares +5 more

8 metrics

Options exercised 6,415 shares Stock options exercised into common stock on October 9, 2025

Exercise price $3.7898 per share Exercise price of the Stock Option (Right to Buy)

Shares sold 6,415 shares Common shares sold on October 9, 2025 after option exercise

Weighted-average sale price $18.2278 per share Weighted-average price with trades between $18.15 and $18.41

Post-transaction holdings 145,355 shares Direct common stock holdings after the reported transactions

Option expiration date August 8, 2033 Expiration of the reported stock option grant

Vesting schedule 16 quarterly installments Options vest in sixteen equal quarterly installments after August 8, 2023

Rule 10b5-1 plan adoption February 13, 2025 Adoption date of Rule 10b5-1 trading plan referenced in footnote

Key Terms

Rule 10b5-1 trading plan, weighted average price, Stock Option (Right to Buy), vest in sixteen equal quarterly installments

4 terms

Rule 10b5-1 trading plan regulatory

"This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on February 13, 2025"

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.

Stock Option (Right to Buy) financial

"security_title Stock Option (Right to Buy)"

vest in sixteen equal quarterly installments financial

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

FAQ

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

What insider transactions did Bicara Therapeutics (BCAX) CFO Hyep Ivan report?

Hyep Ivan reported exercising 6,415 stock options at $3.7898 per share and selling the same number of common shares at a weighted-average $18.2278 on October 9, 2025, as part of his equity compensation activity.

How many Bicara Therapeutics (BCAX) shares does Hyep Ivan hold after this Form 4?

After the reported transactions, Hyep Ivan directly holds 145,355 Bicara Therapeutics common shares. This figure reflects his post-transaction ownership position as disclosed in the Form 4’s canonical holdings data.

At what prices were Hyep Ivan’s Bicara Therapeutics (BCAX) shares sold?

The reported sale used a weighted-average price of $18.2278 per share, with individual trades executed between $18.15 and $18.41. These prices apply to the 6,415 common shares sold on October 9, 2025.

Were Hyep Ivan’s Bicara Therapeutics (BCAX) trades under a Rule 10b5-1 plan?

A footnote states that a reported transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on February 13, 2025. Rule 10b5-1 plans are pre-arranged programs for trading an insider’s shares.

What is the vesting schedule of the options Hyep Ivan exercised at Bicara Therapeutics (BCAX)?

The options underlying the 6,415 shares exercised vest in sixteen equal quarterly installments following August 8, 2023, subject to Hyep Ivan’s continued service, indicating a four-year graded vesting structure.

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

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Accepted by SEC EDGAR 10/10/2025 - 05:22 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^*

Hyep Ivan

(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 Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
10/09/2025

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	10/09/2025		M(1)		6,415	A	$3.7898	151,770	D
Common Stock	10/09/2025		S(1)		6,415	D	$18.2278(2)	145,355	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	10/09/2025		M(1)			6,415	(3)	08/08/2033	Common Stock	6,415	$0	116,584	D

Explanation of Responses:

1. This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on February 13, 2025.

2. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $18.15 to $18.41, 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	10/10/2025
	** 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.