Vestal Point and Ryan Wilder Report 5M Shares, 9.2% of BCAX

Rhea-AI Filing Summary

Vestal Point Capital, LP and Ryan Wilder report ownership of 5,000,000 shares of Bicara Therapeutics Inc. common stock, representing 9.2% of the outstanding shares based on 54,536,218 shares outstanding as of May 8, 2025. The reported interest is held by the Vestal Point fund and a managed account and is shown as shared voting and dispositive power (no sole voting or dispositive power).

The filing identifies Vestal Point as an investment manager and Mr. Wilder as its Chief Investment Officer and managing member. The Reporting Persons state the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Positive

• Material stake disclosed: Reporting Persons hold 5,000,000 shares (9.2%), a significant minority position that is material to investors.
• Transparency: Filing clarifies the shares are held by a fund/managed account and disclaims intent to influence control, which provides clarity on investor intent.

Negative

• None.

Insights

Financial Analyst

TL;DR: A 9.2% passive stake by an investment manager signals a meaningful investor position without stated intent to seek control.

Vestal Point's 5,000,000-share holding equals a material minority position in Bicara Therapeutics (BCAX). As an investment adviser reporting shared voting and dispositive power, this typically reflects portfolio ownership through a fund or managed account rather than an operational takeover bid. The filing cites the ordinary-course declaration, which is standard for passive stakes where the filer disclaims intent to influence control. Investors may view this as an endorsement of the company's prospects, but the filing contains no information on acquisition timing, cost basis, or planned actions.

Corporate Governance Expert

TL;DR: Disclosure shows a significant block holding with shared control; no governance or control actions are indicated.

The schedule identifies shared voting and dispositive power rather than sole control, and explicitly disclaims intent to change issuer control. From a governance perspective, a >5% holder must be monitored because future coordination or nominations could affect board dynamics. However, this filing provides no evidence of activist engagement, board nominations, or proposals, and contains standard certifications about ordinary-course ownership.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Bicara Therapeutics Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

055477103

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 055477103

1

Names of Reporting Persons

Vestal Point Capital, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.2 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 055477103

1

Names of Reporting Persons

Ryan Wilder

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.2 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Bicara Therapeutics Inc.
(b)	Address of issuer's principal executive offices: 116 Huntington Ave Suite 703, Boston, Massachusetts 02116
Item 2.
(a)	Name of person filing: This statement is filed by: (i) Vestal Point Capital, LP (the "Investment Manager"), a Delaware limited partnership, and the investment adviser to a certain fund and a managed account (the "Vestal Point Fund and Account"), with respect to the shares of common stock, par value $0.0001 per share ("Common Stock") of Bicara Therapeutics Inc. (the "Company") directly held by the Vestal Point Fund and Account; and (ii) Mr. Ryan Wilder ("Mr. Wilder"), the Chief Investment Officer and Managing Partner of the Investment Manager and the Managing Member of Vestal Point Capital, LLC, the general partner of the Investment Manager, with respect to the shares of Common Stock directly held by the Vestal Point Fund and Account. The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." The filing of this statement should not be construed as an admission that any of the foregoing persons or any Reporting Person is, for the purposes of Section 13 of the Securities Exchange Act of 1934, the beneficial owner of the securities reported herein.
(b)	Address or principal business office or, if none, residence: The address of the business office of each of the Reporting Persons is 632 Broadway, Suite 602, New York, NY 10012.
(c)	Citizenship: The Investment Manager is a Delaware limited partnership. Mr. Wilder is a citizen of the United States.
(d)	Title of class of securities: Common Stock, par value $0.0001 per share
(e)	CUSIP No.: 055477103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 54,536,218 shares of Common Stock outstanding as of May 8, 2025, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, filed with the Securities and Exchange Commission on May 13, 2025.
(b)	Percent of class: 9.2%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 2(a). The Vestal Point Fund and Account have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock reported herein.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Vestal Point Capital, LP

Signature:	/s/ Ryan Wilder
Name/Title:	By: Vestal Point Capital, LLC, General Partner, By: Ryan Wilder, Chief Investment Officer and Managing Partner
Date:	08/14/2025

Ryan Wilder

Signature:	/s/ Ryan Wilder
Name/Title:	Ryan Wilder, Individually
Date:	08/14/2025

FAQ

How many Bicara Therapeutics (BCAX) shares does Vestal Point report owning?

The filing reports 5,000,000 shares, representing 9.2% of Bicara Therapeutics common stock.

Does Vestal Point or Ryan Wilder have sole voting control over the reported BCAX shares?

No. The filing shows 0 sole voting power and shared voting power of 5,000,000 shares.

On what outstanding share base is the 9.2% calculated?

The percentage is calculated using an outstanding share count of 54,536,218 shares as of May 8, 2025.

Is the reported stake intended to influence control of Bicara Therapeutics?

The Reporting Persons certify the securities are held in the ordinary course of business and were not acquired to change or influence control.

Who exactly filed this Schedule 13G/A for BCAX?

The filing was made by Vestal Point Capital, LP (investment manager) and Ryan Wilder (Chief Investment Officer and managing member).