Bicara CMO exercises options, sells 16,500 shares

Bicara Therapeutics Chief Medical Officer David Raben reported a series of option exercises and related stock sales in early March 2026.

Rhea-AI Filing Summary

Bicara Therapeutics Chief Medical Officer David Raben reported a series of option exercises and related stock sales in early March 2026. He exercised stock options for a total of 16,500 shares of common stock at an exercise price of $3.7898 per share, converting derivative awards into common shares.

On the same dates, he sold 16,500 shares of Bicara Therapeutics Inc. common stock in open-market transactions at prices including $18.4500 and a weighted average of $18.5227 per share, with sale prices ranging from $18.45 to $18.72, pursuant to a Rule 10b5-1 trading plan adopted on February 12, 2025. After these transactions, he directly owned 55,286 shares of common stock.

Insider Trade Summary

Exercise and Sale: 16,500 shares ($243K approx. pre-tax spread)

Exercise and Sale 6 txns

Insider Raben David

Role Chief Medical Officer

Sold 16,500 shs ($306K)

Approx. gross sale proceeds $306K

Approx. exercise cost $63K

Approx. pre-tax spread $243K

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy)	16,300	$0.00	$0.00
Exercise	Common Stock	16,300	$3.7898	$62K
Sale	Common Stock	16,300	$18.5227	$302K
Exercise	Stock Option (Right to Buy)	200	$0.00	$0.00
Exercise	Common Stock	200	$3.7898	$757.96
Sale	Common Stock	200	$18.45	$4K

Holdings After Transaction: Stock Option (Right to Buy) — 52,913 contracts (Direct); Common Stock — 55,286 shares (Direct)

Footnotes (3)

1. F1. This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on February 12, 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 $18.45 to $18.72, 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.

FAQ

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What did Bicara Therapeutics (BCAX) CMO David Raben report in this Form 4?

David Raben reported exercising stock options and selling common shares. He converted 16,500 options at an exercise price of $3.7898 per share, then sold 16,500 common shares in open-market transactions while retaining 55,286 directly owned shares afterward.

How many Bicara Therapeutics (BCAX) shares did the CMO sell and at what prices?

He sold 16,500 common shares in open-market trades. Reported prices included a weighted average of $18.5227 on one day and $18.4500 on another, with sale prices ranging from $18.45 to $18.72, as disclosed in the filing footnote.

What stock options did the Bicara Therapeutics (BCAX) CMO exercise?

He exercised stock options covering 16,500 shares of common stock. The options were exercised at an exercise price of $3.7898 per share, converting derivative securities into directly held common stock before the related open-market sales were executed.

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

After completing the option exercises and stock sales, David Raben directly owns 55,286 shares of Bicara Therapeutics common stock. This figure reflects his reported direct holdings immediately following the transactions disclosed in the Form 4 filing.

Were the Bicara Therapeutics (BCAX) CMO’s stock sales pre-planned under Rule 10b5-1?

Yes. The filing states the sales were executed under a Rule 10b5-1 trading plan adopted on February 12, 2025. Such plans allow insiders to sell shares according to pre-set instructions, helping separate trading activity from day-to-day discretion.

What role does David Raben hold at Bicara Therapeutics (BCAX)?

David Raben serves as Chief Medical Officer of Bicara Therapeutics Inc. His Form 4 reports personal transactions in company equity, including stock option exercises and open-market sales, which are required disclosures for officers under U.S. securities regulations.

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Accepted by SEC EDGAR 03/05/2026 - 07:06 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^*

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)
03/03/2026

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	03/03/2026		M(1)		200	A	$3.7898	55,486	D
Common Stock	03/03/2026		S(1)		200	D	$18.45	55,286	D
Common Stock	03/04/2026		M(1)		16,300	A	$3.7898	71,586	D
Common Stock	03/04/2026		S(1)		16,300	D	$18.5227(2)	55,286	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	03/03/2026		M(1)			200	(3)	08/08/2023	Common Stock	200	$0	69,213	D
Stock Option (Right to Buy)	$3.7898	03/04/2026		M(1)			16,300	(3)	08/08/2023	Common Stock	16,300	$0	52,913	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 $18.45 to $18.72, 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	03/05/2026
	** 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.
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