Janus Henderson Group plc reported beneficial ownership of 3,339,218 shares of Bicara Therapeutics Inc. (Common Stock), representing 5.1% of the class as of 03/31/2026 in a Schedule 13G filing. The filing states these holdings arise from discretionary management of client portfolios and that the Asset Managers disclaim rights to dividends or sale proceeds.
Positive
None.
Negative
None.
Insights
Large passive stake disclosed by an investment group with shared voting power.
Janus Henderson Group plc is reported as the ultimate parent of multiple asset managers that collectively hold 3,339,218 shares, with shared voting and dispositive power over those shares. The filing frames the position as management of client accounts rather than proprietary ownership.
Implications depend on client-level decisions; subsequent amendments or Form 13D conversions would be the primary filings to watch for changes in intent or control.
Schedule 13G treatment indicates passive reporting thresholds were met.
The use of Schedule 13G and the 5.1% figure signals a passive or qualifying investor status under the reporting rules. The filing explicitly lists shared voting/dispositive power of 3,339,218 shares and includes a Power of Attorney exhibit reference.
Monitor for any amendments or exhibits that identify the specific subsidiary or managed accounts as required by Item 7; filings could change classification if activity shifts.
Key Figures
Beneficial ownership:3,339,218 sharesPercent of class:5.1%Voting/Dispositive power:Shared power over 3,339,218 shares
3 metrics
Beneficial ownership3,339,218 sharesreported as of 03/31/2026
Percent of class5.1%percent of common stock class
Voting/Dispositive powerShared power over 3,339,218 sharesshared voting and dispositive power per filing
Key Terms
Schedule 13G, Managed Portfolios, shared dispositive power
3 terms
Schedule 13Gregulatory
"reported beneficial ownership of 3,339,218 common stock"
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
Managed Portfoliosfinancial
"exercise of investment and/or voting discretion on behalf of their clients"
shared dispositive powerregulatory
"Shared power to dispose or to direct the disposition of: 3339218"
What stake does Janus Henderson Group report in Bicara Therapeutics (BCAX)?
Janus Henderson reports beneficial ownership of 3,339,218 shares, equal to 5.1% of the class as of 03/31/2026. The position is reported under Schedule 13G and arises from discretionary management of client portfolios by affiliated asset managers.
Does Janus Henderson have sole voting or dispositive power over these BCAX shares?
No. The filing states 0 shares with sole voting or dispositive power and 3,339,218 shares with shared voting and dispositive power. Ownership reflects shared control exercised by the asset managers on behalf of managed portfolios.
Are the shares held directly by Janus Henderson or on behalf of clients?
The filing explains the shares are held through Managed Portfolios by affiliated Asset Managers and thus represent client holdings managed with discretionary authority, not proprietary shares held for Janus Henderson itself.
Will Janus Henderson receive dividends or sale proceeds from these BCAX shares?
The filing states the Asset Managers do not have the right to receive dividends or proceeds from sales of securities held in the Managed Portfolios and disclaim ownership associated with those rights.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
BICARA THERAPEUTICS INC.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
055477103
(CUSIP Number)
03/31/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
055477103
1
Names of Reporting Persons
JANUS HENDERSON GROUP PLC
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
JERSEY
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,339,218.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,339,218.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,339,218.00
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)
5.1 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
BICARA THERAPEUTICS INC.
(b)
Address of issuer's principal executive offices:
116 HUNTINGTON AVENUE, SUITE 703
BOSTON, MA 02116
Item 2.
(a)
Name of person filing:
Janus Henderson Group plc
(b)
Address or principal business office or, if none, residence:
201 Bishopsgate
EC2M 3AE, United Kingdom
(c)
Citizenship:
Y9
(d)
Title of class of securities:
Common Stock
(e)
CUSIP Number(s):
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:
Janus Henderson Group plc (JHG) is the ultimate parent of a number of SEC-registered investment advisers and foreign equivalents thereof, including but not limited to Janus Henderson Investors US LLC, Janus Henderson Investors UK Limited, Janus Henderson Investors Australia Institutional Funds Management Limited, Janus Henderson Investors Middle East Limited, Janus Henderson Investors (Jersey) Limited, Janus Henderson Investors (Japan) Limited, Janus Henderson Investors (Singapore) Limited, Kapstream Capital Pty Limited, Privacore Capital Advisors LLC, Tabula Investment Management Limited, and Victory Park Capital Advisors LLC (each, an Asset Manager and together, the Asset Managers). The Asset Managers generally exercise investment and/or voting discretion on behalf of their clients which include investment companies, other investment advisers, institutional separate accounts and retail separate accounts (collectively referred to herein as Managed Portfolios).
As a result of their exercise of investment and/or voting discretion on behalf of the Managed Portfolios, the Asset Managers may be deemed to be the beneficial owner of 3,339,218 common stock of Bicara Therapeutics Inc. However, the Asset Managers do not have the right to receive any dividends from, or the proceeds from the sale of, the securities held in the Managed Portfolios and disclaim any ownership associated with such rights.
(b)
Percent of class:
5.1 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
3339218
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
3339218
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
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.
The Managed Portfolios have the right to receive all dividends from, and the proceeds from the sale of, the securities held in their respective accounts.
Of the Managed Portfolios, none own more than five percent of the common stock of Bicara Therapeutics Inc.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Please refer to Exhibit 99.
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
N/A
Item 9.
Notice of Dissolution of Group.
Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5.
N/A
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.
