BCAX Stock — Bicara Therapeutics Inc.: Cash, EV, Pipeline

What they do

We are a clinical-stage biopharmaceutical company committed to bringing transformative bifunctional therapies to patients with solid tumors. We have built a platform designed to facilitate the development of bifunctional therapies that precisely target the tumor and deliver a tumor-modulating payload to the tumor site.

Source: 10-K FY2025 via SEC EDGAR

Share price

$8.65

Market cap

$572.4M

Cash

$497.3M

Enterprise value

$75.1M

Balance sheet

Cash	$497.3M
Debt	$0.0M
Net cash	$497.3M
Enterprise value	$75.1M
Basic shares	66.2M shares
Fully diluted shares	81.8M shares
Fully diluted market cap	$707.1M
Cash per share	$7.51
Quarterly burn	$44.2M
Cash runway	11.2 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

66.2M

Pre-funded warrants

2.2M

Options

11.7M

RSUs

0.0M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

1.6M

FDSO

81.8M

Cap table as of 2026-06-30.

Price history

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Next catalyst

BCA101 · Feb 11 - Mar 25 in 14 wks · Phase 1 · Head and Neck Squamous Cell Carcinoma; Squamous Cell Carcinoma of Anal Canal; Colorectal Cancer

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Feb 11 - Mar 25 in 14 wks	BCA101	Phase 1	Head and Neck Squamous Cell Carcinoma; Squamous Cell Carcinoma of Anal Canal; Colorectal Cancer	—
GUIDEDEst. Jul 16, 2027 in 7 mo guidance midpoint	ficerafusp alfa Interim analysis of FORTIFI-HN01 pivotal trial in 1L HPV-negative recurrent/metastatic HNSCC	Not disclosed	1L HPV-negative recurrent/metastatic HNSCC	mid-2027
Apr 12 - May 24 in 17 mo	Ficerafusp alfa	Phase 2	Metastatic Head and Neck Squamous Cell Carcinoma; Recurrent Head and Neck Squamous Cell Carcinoma	—
May 13 - Jun 24 in 18 mo	Ficerafusp alfa	Phase 2/3	Metastatic Head and Neck Squamous Cell Carcinoma; Recurrent Head and Neck Squamous Cell Carcinoma	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Ficerafusp alfa

Phase 2/3 · Active Modality: bifunctional antibody (EGFR-directed monoclonal antibody fused to TGF-beta ligand trap)

Aliases BCA101

Target EGFR; TGF-beta

Partnerships MSD (clinical trial collaboration and supply; MSD provides pembrolizumab)

Indications

first-line recurrent/metastatic HPV-negative head and neck squamous cell carcinoma (with pembrolizumab) (Phase 2/3)

Catalysts

— end of 2026
— mid-2027

Status note FORTIFI-HN01 Phase 2/3 pivotal trial ongoing; FORTIFI-FLEX alternate-dose study initiated August 2026; no discontinuation disclosed.

Per-asset detail extracted from the 10-Q filed 2026-08-11. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Ficerafusp alfa
Lead indication	Metastatic Head and Neck Squamous Cell Carcinoma
Lead phase	Phase 3
Active trials	3
Collaborator trials	3

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06788990	Phase 2/3	Recruiting	Sponsor	Bicara Therapeutics	—	Metastatic Head and Neck Squamous Cell Carcinoma; Recurrent Head and Neck Squamous Cell Carcinoma	mid-2027 Est. Jul 16, 2027 · guidance midpoint
NCT07807163	Phase 2	Recruiting	Sponsor	Bicara Therapeutics	—	Metastatic Head and Neck Squamous Cell Carcinoma; Recurrent Head and Neck Squamous Cell Carcinoma	—
NCT04429542	Phase 1	Recruiting	Sponsor	Bicara Therapeutics	MRK	Head and Neck Squamous Cell Carcinoma; Squamous Cell Carcinoma of Anal Canal; Colorectal Cancer	—
NCT07465276	Phase 2	Recruiting	Collaborator	Dana-Farber Cancer Institute	—	Head and Neck Squamous Cell Carcinoma (HNSCC); Squamous Cell Carcinoma of the Head and Neck	—
NCT07529873	Phase 2	Not yet recruiting	Collaborator	Groupe Oncologie Radiotherapie Tete et Cou	—	Squamous Cell Carcinoma of Head and Neck (SCCHN)	—
NCT07552558	Phase 1/2	Not yet recruiting	Collaborator	Washington University School of Medicine	—	Head and Neck Squamous Cell Carcinoma; HPV-Negative Squamous Cell Carcinoma	—

Sponsor-matched active trials from ClinicalTrials.gov (3 as sponsor, 3 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 6 active trials for Bicara Therapeutics on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RA Capital Management	7,255,993	no change	1.87%	2026-08-14
Aisling Capital	568,919	no change	3.58%	2026-08-13
DAFNA Capital	284,955	-136,778	1.61%	2026-08-14
OrbiMed Advisors	191,100	-476,200	0.11%	2026-08-14
ADAR1 Capital Management	13,705	no change	0.02%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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BCAX — Bicara Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

BCAX — Bicara Therapeutics Inc.