$BCAX

Bicara Therapeutics Inc.

CIK:0002023658|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses
General and administrative	$ 14,178	$ 7,220	$ 26,954	$ 14,675
Total operating expenses	59,951	32,018	120,191	73,806
Loss from operations	(59,951)	(32,018)	(120,191)	(73,806)
Other income
Interest income	4,576	4,682	8,659	9,696
Total other income	4,576	4,682	8,659	9,696
Net loss before income taxes	(55,375)	(27,336)	(111,532)	(64,110)
Income tax expense	(61)	(52)	(115)	(124)
Net loss	$ (55,436)	$ (27,388)	$ (111,647)	$ (64,234)
Net Loss per share, basic (in usd per share)	$ (0.82)	$ (0.50)	$ (1.73)	$ (1.18)
Net Loss per share, diluted (in usd per share)	$ (0.82)	$ (0.50)	$ (1.73)	$ (1.18)
Weighted-average number common shares outstanding, basic (in shares)	67,925,963	54,539,230	64,360,558	54,496,862
Weighted-average number common shares outstanding, diluted (in shares)	67,925,963	54,539,230	64,360,558	54,496,862
Other comprehensive loss
Unrealized loss on marketable securities, net of tax	$ (324)	$ 0	$ (810)	$ 0
Total other comprehensive loss	(324)	0	(810)	0
Total comprehensive loss	(55,760)	(27,388)	(112,457)	(64,234)
Related Party
Operating expenses
Research and development	911	2,932	2,892	9,507
Nonrelated Party
Operating expenses
Research and development	$ 44,862	$ 21,866	$ 90,345	$ 49,624

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net loss	$ (111,647)	$ (64,234)
Adjustments to reconcile net loss to cash used in operating activities:
Stock-based compensation	14,096	6,943
Depreciation	88	38
Non-cash lease expense	550	349
Net amortization of premiums and discounts on marketable securities	575	0
Changes in operating assets and liabilities:
Prepaid expenses and other assets	689	4,743
Operating lease liabilities	(547)	(323)
Net cash used in operating activities	(81,714)	(53,700)
Investing activities:
Purchase of marketable securities	(244,929)	0
Proceeds from maturities and sales of marketable securities	161,000	0
Purchase of property and equipment	(120)	0
Net cash used in investing activities	(84,049)	0
Financing activities:
Proceeds from issuance of common stock and accompanying pre-funded warrants, net of issuance costs	161,763	0
Proceeds from exercise of options	3,914	595
Net cash provided by financing activities	165,677	595
Net decrease in cash and cash equivalents	(86)	(53,105)
Cash and cash equivalents at beginning of period	96,685	489,711
Cash and cash equivalents at end of period	96,599	436,606
Supplemental disclosure of cash flow information:
Cash paid for taxes	155	124
Non-cash investing and financing activities:
Right-of-use asset obtained in exchange for lease liability	0	1,878
Vesting of early exercise stock options	0	17
Nonrelated Party
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	16,686	(2,715)
Related Party
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	$ (2,204)	$ 1,499

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 96,599	$ 96,685
Prepaid expenses and other assets	6,561	7,252
Marketable securities	400,660	318,116
Total current assets	503,820	422,053
Property and equipment, net	362	330
Right of use asset – operating lease	1,151	1,701
Other assets	6,910	6,910
Total assets	512,243	430,994
Current liabilities
Operating lease liability – current portion	1,163	1,117
Total current liabilities	43,475	28,949
Operating lease liability – net of current portion	0	593
Total liabilities	43,475	29,542
Commitments and Contingencies (Note 7)
Stockholders' equity:
Preferred stock $0.0001 par value, 10,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock, $0.0001 par value, 500,000,000 shares authorized; 65,931,128 and 56,600,724 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	8	7
Additional paid-in capital	939,940	760,168
Accumulated other comprehensive (loss) income	(567)	243
Accumulated deficit	(470,613)	(358,966)
Total stockholders' equity	468,768	401,452
Total liabilities and stockholders’ equity	512,243	430,994
Nonrelated Party
Current liabilities
Accounts payable	7,431	5,515
Accrued expenses and other current liabilities	33,666	18,898
Related Party
Current liabilities
Accounts payable	1,032	2,278
Accrued expenses and other current liabilities	$ 183	$ 1,141