Bicara (BCAX) Insider: 33,807 Shares Exercised and Sold Under 10b5-1 Plan

Rhea-AI Filing Summary

Lara Meisner, Chief Legal Officer of Bicara Therapeutics (BCAX), reported option exercise and an immediate sale on 09/29/2025 under a pre-established plan. The reporting person exercised a stock option with a $9.2435 exercise price to acquire 33,807 shares and concurrently sold 33,807 shares at $14.75 per share, leaving 0 shares of common stock held directly after the sale. The option granting those shares vests on a schedule that began with a 25% vesting on 08/13/2025 and continues in twelve equal quarterly installments; the option expires 08/13/2034. The filing notes the transactions were executed pursuant to a Rule 10b5-1 trading plan adopted November 13, 2024.

Positive

• Transaction executed under a Rule 10b5-1 trading plan, indicating pre-established trading instructions
• Sale price exceeded exercise price, producing a positive per-share spread of $5.5065 before taxes and fees
• Filing discloses vesting schedule and option expiration, providing transparency about remaining derivative exposure (101,423 underlying shares)

Negative

• Reporting person holds 0 shares of common stock directly after the sale, reducing direct insider ownership disclosed on Form 4

Insights

Securities Analyst

TL;DR: Insider exercised options and sold all resulting shares under a 10b5-1 plan, producing a cash-positive spread.

The exercise at $9.2435 and sale at $14.75 generated a positive per-share spread of $5.5065 before taxes and fees. Because the trades were executed under a Rule 10b5-1 plan, the timing is pre-planned and reduces concerns about opportunistic trading around undisclosed events. The reporting person retains unexercised options covering additional shares (101,423) that remain subject to vesting and expiration through 08/13/2034, so future exercises or sales are possible as vesting continues.

Corporate Governance Expert

TL;DR: The Form 4 shows routine, pre-planned insider activity with full disclosure and no apparent governance red flags.

The filing discloses adoption of a 10b5-1 plan and provides vesting details, exercise and sale prices, and resulting ownership changes, meeting disclosure expectations. The immediate sale of all acquired shares left the insider with no direct common shares, which is notable for share ownership metrics but is consistent with a liquidity-driven exercise under a trading plan. No additional governance issues or unexplained transfers are reported in this filing.

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
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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).

1. Name and Address of Reporting Person^*

Meisner Lara

(Last) (First) (Middle)

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 Legal Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/29/2025

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	09/29/2025		M(1)		33,807	A	$9.2435	33,807	D
Common Stock	09/29/2025		S(1)		33,807	D	$14.75	0	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)	$9.2435	09/29/2025		M(1)			33,807	(2)	08/13/2034	Common Stock	33,807	$0	101,423	D

Explanation of Responses:

1. This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on November 13, 2024.

2. 25% of the shares underlying this option vested on August 13, 2025, 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	10/01/2025
	** 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 Lara Meisner (BCAX) report on Form 4?

The report shows exercise of a stock option for 33,807 shares at an exercise price of $9.2435 and an immediate sale of those 33,807 shares at $14.75 on 09/29/2025 under a Rule 10b5-1 plan.

How many shares does the reporting person own after the transaction?

The reporting person reported owning 0 shares of common stock directly following the transactions.

Are there remaining options or derivatives after this filing?

Yes. The filing shows stock options underlying 101,423 shares remain outstanding, exercisable subject to the stated vesting schedule and expiring on 08/13/2034.

Was the transaction part of a pre-arranged plan?

Yes. The filing states the transactions were executed pursuant to a Rule 10b5-1 trading plan adopted on November 13, 2024.

What was the per-share profit potential from these transactions?

The sale price of $14.75 minus the exercise price of $9.2435 equals a spread of $5.5065 per share before taxes and fees.