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
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.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option (Right to Buy) | 8,000 | $0.00 | -- |
| Exercise | Common Stock | 8,000 | $3.7898 | $30K |
| Sale | Common Stock | 8,000 | $18.0591 | $144K |
| Sale | Common Stock | 2,900 | $18.0591 | $52K |
| Exercise | Stock Option (Right to Buy) | 24,000 | $0.00 | -- |
| Exercise | Common Stock | 24,000 | $3.7898 | $91K |
| Sale | Common Stock | 24,000 | $18.0555 | $433K |
| Sale | Common Stock | 15,600 | $18.0555 | $282K |
Footnotes (1)
- This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on February 12, 2025. 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. 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. 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.
