Bicara CMO exercises options, sells 22,000 shares

Bicara Therapeutics Inc. Chief Medical Officer David Raben exercised stock options to acquire 22,000 shares of common stock at $3.7898 per share on October 9, 2025, then sold 22,000 shares at $18.45 per share.

Rhea-AI Filing Summary

Bicara Therapeutics Inc. Chief Medical Officer David Raben exercised stock options to acquire 22,000 shares of common stock at $3.7898 per share on October 9, 2025, then sold 22,000 shares at $18.45 per share. After these transactions he directly holds 35,497 common shares and continues to hold 128,870 stock options. Footnotes state that a transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on February 12, 2025 and describe a vesting schedule for the underlying option grant.

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.

Insider Trade Summary

Exercise and Sale: 22,000 shares ($323K approx. pre-tax spread)

Exercise and Sale 3 txns

Insider Raben David

Role Chief Medical Officer

Sold 22,000 shs ($406K)

Approx. gross sale proceeds $406K

Approx. exercise cost $83K

Approx. pre-tax spread $323K

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy)	22,000	$0.00	$0.00
Exercise	Common Stock	22,000	$3.7898	$83K
Sale	Common Stock	22,000	$18.45	$406K

Holdings After Transaction: Stock Option (Right to Buy) — 128,870 contracts (Direct); Common Stock — 35,497 shares (Direct)

Footnotes (2)

1. F1. This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on February 12, 2025.
2. F2. 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.

Key Figures

Options Exercised: 22,000 shares Exercise Price: $3.7898 per share Shares Sold: 22,000 shares +5 more

8 metrics

Options Exercised 22,000 shares Stock options exercised into common stock on October 9, 2025

Exercise Price $3.7898 per share Conversion price for 22,000 stock options exercised

Shares Sold 22,000 shares Common stock sold on October 9, 2025

Sale Price $18.4500 per share Reported price for sale of 22,000 common shares

Post-transaction Common Shares 35,497 shares Direct holding of Bicara common stock after transactions

Remaining Stock Options 128,870 options Stock option balance after the 22,000-share exercise

10b5-1 Plan Adoption Date February 12, 2025 Date the Rule 10b5-1 trading plan referenced in the footnote was adopted

Initial Option Vesting 25% vested July 24, 2024 Vesting milestone for the option underlying the exercised shares

Key Terms

Rule 10b5-1 trading plan, Stock Option (Right to Buy), vesting in twelve equal quarterly installments

3 terms

Rule 10b5-1 trading plan regulatory

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

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

Stock Option (Right to Buy) financial

"security_title: Stock Option (Right to Buy)"

vesting in twelve equal quarterly installments financial

"with the remainder vesting in twelve equal quarterly installments thereafter"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Bicara Therapeutics (BCAX) report about David Raben's insider transactions?

David Raben exercised options for 22,000 shares and sold 22,000 shares. On October 9, 2025, he converted stock options into common stock at $3.7898 per share and then sold the same number of shares at $18.45 per share in reported insider transactions.

How many Bicara Therapeutics (BCAX) shares does David Raben hold after this Form 4?

David Raben holds 35,497 common shares directly after the transactions. In addition, a derivative position shows he continues to hold 128,870 stock options, reflecting equity exposure through both owned shares and remaining option awards.

At what prices did David Raben exercise and sell Bicara Therapeutics (BCAX) shares?

Options were exercised at $3.7898 per share and shares were sold at $18.45 per share. The exercise converted 22,000 stock options into common stock, followed by an open-market or private sale of 22,000 shares at the higher reported price.

Were David Raben's Bicara Therapeutics (BCAX) trades under a Rule 10b5-1 plan?

A footnote states a transaction was executed under a Rule 10b5-1 trading plan. The plan was adopted on February 12, 2025, indicating at least some trading activity followed a pre-arranged schedule rather than discretionary timing.

What does the Form 4 say about the vesting of David Raben's Bicara Therapeutics (BCAX) options?

25% of the option shares vested on July 24, 2024. The remaining shares vest in twelve equal quarterly installments thereafter, contingent on his continued service, outlining a long-term incentive structure tied to his ongoing role at the company.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 10/10/2025 - 05:23 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)
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.