Planned Bicara (BCAX) insider sale: 17,392 shares under 10b5-1

Rhea-AI Filing Summary

Bicara Therapeutics director and President/COO Ryan Cohlhepp exercised stock options and sold shares of the company on March 3, 2026. He exercised options for 12,892 shares of common stock and then sold a total of 17,392 shares in open-market transactions.

The sales, executed under a Rule 10b5-1 trading plan adopted on February 12, 2025, occurred at a weighted average price of $18.1631 per share, with individual trades ranging from $18.00 to $18.32. After these transactions, he directly held 205,141 shares of Bicara common stock.

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)
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)		12,892	A	$3.7898	222,533	D
Common Stock	03/03/2026		S(1)		12,892	D	$18.1631(2)	209,641	D
Common Stock	03/03/2026		S(1)		4,500	D	$18.1631(2)	205,141	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)			12,892	(3)	08/08/2033	Common Stock	12,892	$0	125,334	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 $18.32, 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).
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FAQ

What insider transactions did Bicara Therapeutics (BCAX) report for Ryan Cohlhepp?

Bicara Therapeutics reported that director and President/COO Ryan Cohlhepp exercised options for 12,892 shares and sold 17,392 common shares on March 3, 2026. These trades were executed in the open market under a pre-established Rule 10b5-1 trading plan.

How many Bicara Therapeutics (BCAX) shares did the insider sell, and at what price?

Ryan Cohlhepp sold 17,392 shares of Bicara Therapeutics common stock at a weighted average price of $18.1631 per share. The sales occurred in multiple trades, with prices ranging from $18.00 to $18.32, as disclosed in the Form 4 filing footnotes.

Did the Bicara Therapeutics (BCAX) insider transaction involve stock option exercises?

Yes. The filing shows Ryan Cohlhepp exercised stock options covering 12,892 shares of Bicara Therapeutics common stock on March 3, 2026. The exercise was reported as a derivative conversion, followed by open-market sales of the resulting common shares and additional shares.

Was the Bicara Therapeutics (BCAX) insider sale pre-planned under Rule 10b5-1?

Yes. The Form 4 states the sales were executed pursuant to a Rule 10b5-1 trading plan adopted on February 12, 2025. Such plans allow insiders to schedule trades in advance, providing a structured framework for selling shares over time.

How many Bicara Therapeutics (BCAX) shares does Ryan Cohlhepp own after the transactions?

After exercising options and selling shares, Ryan Cohlhepp directly owned 205,141 shares of Bicara Therapeutics common stock. This post-transaction holding reflects his remaining direct equity stake as reported in the Form 4 ownership tables for March 3, 2026.

What vesting terms were disclosed for the Bicara Therapeutics (BCAX) stock options?

The filing notes that shares underlying the reported stock option vest in sixteen equal quarterly installments following August 8, 2023. Continued service by Ryan Cohlhepp on each vesting date is required for additional portions of the option grant to vest over time.