BCAX CMO executes 10b5-1 plan: 22,000 options exercised and sold

Rhea-AI Filing Summary

Bicara Therapeutics (BCAX) Chief Medical Officer David Raben executed a pre-arranged Rule 10b5-1 plan on 10/09/2025 to exercise 22,000 stock options at an exercise price of $3.7898 and simultaneously sell 22,000 shares at $18.45. After these transactions his direct beneficial ownership in common stock declined from 57,497 to 35,497 shares, while he continues to hold options covering 22,000 shares and a total of 128,870 derivative shares outstanding following the transaction. The filing notes the 10b5-1 plan was adopted on 02/12/2025 and that option vesting began on 07/24/2024 with remaining vesting in quarterly installments through the schedule described.

Positive

• Transaction executed under a Rule 10b5-1 plan (adopted 02/12/2025), indicating pre-arranged trades
• Realized proceeds from sale at $18.45 on 10/09/2025 after exercising options at $3.7898

Negative

• Direct beneficial ownership declined from 57,497 to 35,497 shares after the transactions
• Substantial share disposal of 22,000 shares which reduces insider's direct stake

Insights

Corporate Insider / Compensation Analyst

Insider exercised options and sold the same number of shares under a 10b5-1 plan, reducing direct holdings.

The reporting person exercised $3.7898-strike options to acquire 22,000 shares and sold 22,000 shares at $18.45 on 10/09/2025 under a Rule 10b5-1 plan adopted on 02/12/2025. This sequence realized the spread between exercise and sale prices while leaving the reporting person with fewer directly held shares but with remaining derivative exposure of 22,000 option shares and 128,870 total derivative securities.

The main dependency is continued vesting and service requirements noted (2525% vested as of 07/24/2024, remainder in quarterly installments). Monitor filings for future exercises, sales, or additional plan disclosures if vesting or employment status changes within the next year.

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)
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)		22,000	A	$3.7898	57,497	D
Common Stock	10/09/2025		S(1)		22,000	D	$18.45	35,497	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)			22,000	(2)	08/08/2033	Common Stock	22,000	$0	128,870	D

Explanation of Responses:

1. This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on February 12, 2025.

2. 25% of the shares underlying this option vested on July 24, 2024, with the remainder vesting in twelve equal quarterly installments thereafter, 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.
* 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 Bicara Therapeutics insider David Raben do on 10/09/2025 (BCAX)?

On 10/09/2025 he exercised 22,000 stock options at $3.7898 and sold 22,000 shares at $18.45 under a Rule 10b5-1 plan.

How did David Raben's ownership change after the Form 4 filing for BCAX?

Direct beneficial ownership decreased from 57,497 shares to 35,497 shares following the reported transactions.

Was the trade discretionary or pre-arranged for BCAX insider activity?

The filing states the trades were executed pursuant to a Rule 10b5-1 trading plan adopted on 02/12/2025, indicating they were pre-arranged.

How many derivative securities does the reporting person hold after the transaction for BCAX?

The reporting person holds options covering 22,000 shares and a total of 128,870 derivative securities following the transaction.

What vesting schedule is disclosed in the BCAX Form 4?

The filing notes 25% of the option shares vested on 07/24/2024, with the remainder vesting in twelve equal quarterly installments thereafter, subject to continued service.