Bicara (BCAX) insider sells 50,500 shares under 10b5-1 plan

Rhea-AI Filing Summary

Ryan Cohlhepp, President and COO and a director of Bicara Therapeutics, Inc. (BCAX), reported multiple stock and option transactions executed pursuant to a Rule 10b5-1 trading plan adopted on 02/12/2025. On 10/06/2025 and 10/07/2025, the reporting person acquired options exercisable at $3.7898 and recorded option-based increases of 24,000 and 8,000 option rights. Offsetting sales were reported across the same dates totaling 50,500 common shares sold at weighted-average prices around $18.06. Following these transactions the reporting person beneficially owned 202,641 shares of common stock. The Form 4 discloses that vesting of the option shares occurs in sixteen quarterly installments following 08/08/2023.

Positive

• Trades executed under a Rule 10b5-1 plan adopted on 02/12/2025, which establishes pre‑authorized execution terms
• Options acquired/exercisable at a low strike of $3.7898, potentially aligning long-term interest
• Filing discloses exact sale price ranges and offers to provide per-tranche prices on request

Negative

• Total reported sales of common stock: 50,500 shares, reducing beneficial ownership to 202,641 shares
• Weighted average sale prices around $18.06 indicate material dispositions on the reported dates

Insights

Corporate Insider Trading Analyst

TL;DR: Insider trades under a 10b5-1 plan reduced holdings to 202,641 shares while exercising options at $3.7898.

The reporting person executed a set of planned transactions on 10/06/2025 and 10/07/2025 under a Rule 10b5-1 plan adopted on 02/12/2025, acquiring option rights and selling common shares. The sales were done in multiple tranches at weighted-average prices reported near $18.06.

Execution under an established 10b5-1 plan reduces timing risk and indicates trades were pre-authorized; investors may monitor any subsequent Form 4s for additional planned sales or option exercises and watch vesting milestones tied to the 08/08/2023 vesting schedule for the underlying options.

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)
10/06/2025

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	10/06/2025		M(1)		24,000	A	$3.7898	245,141	D
Common Stock	10/06/2025		S(1)		24,000	D	$18.0555(2)	221,141	D
Common Stock	10/06/2025		S(1)		15,600	D	$18.0555(2)	205,541	D
Common Stock	10/07/2025		M(1)		8,000	A	$3.7898	213,541	D
Common Stock	10/07/2025		S(1)		8,000	D	$18.0591(3)	205,541	D
Common Stock	10/07/2025		S(1)		2,900	D	$18.0591(3)	202,641	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	10/06/2025		M(1)			24,000	(4)	08/08/2033	Common Stock	24,000	$0	173,334	D
Stock Option (Right to Buy)	$3.7898	10/07/2025		M(1)			8,000	(4)	08/08/2033	Common Stock	8,000	$0	165,334	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 $18.22, 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 price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $18.00 to $18.18, 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.

4. 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	10/08/2025
	** 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 did Ryan Cohlhepp report on the BCAX Form 4?

He reported option acquisitions and multiple share sales executed under a Rule 10b5-1 plan, leaving him with 202,641 beneficially owned shares.

Were the trades pre-planned under a 10b5-1 plan for BCAX?

Yes. The transactions were executed pursuant to a Rule 10b5-1 trading plan adopted on 02/12/2025.

How many shares were sold and at what prices?

50,500 shares were sold in multiple transactions at weighted-average prices reported around $18.06, with per-tranche prices ranging between $18.00 and $18.22.

What option activity was reported in the filing?

The filing shows acquisition/recognition of option rights for 24,000 and 8,000 shares exercisable at $3.7898, with vesting in sixteen quarterly installments following 08/08/2023.

What is the reporting person’s role at Bicara (BCAX)?

Ryan Cohlhepp is President and COO and a director of Bicara Therapeutics, as stated on the Form 4.

Does the Form 4 offer more detailed per-trade pricing?

Yes, the filing states the reported sale prices are weighted averages and that the reporting person will provide detailed per-price sale counts upon request.