[Form 4] Bicara Therapeutics Inc. Insider Trading Activity

Rhea-AI Filing Summary

Bicara Therapeutics CFO Ivan Hyep reported option exercise and share sales on 10/09/2025. The reporting person exercised a stock option with an $3.7898 exercise price for 6,415 shares, and those shares are the same 6,415 shares sold the same day under a Rule 10b5-1 trading plan at a weighted average price of $18.2278. Following the transactions, the CFO’s beneficial ownership fell from 151,770 shares to 145,355 shares. The option shares vest in sixteen equal quarterly installments beginning after 08/08/2023, subject to continued service. The filing was signed by an attorney-in-fact on 10/10/2025.

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.

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.
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