RA Capital Healthcare Fund LP 4
4 · Bicara Therapeutics Inc. · Filed Mar 2, 2026
Research Summary
AI-generated summary of this filing
Bicara Therapeutics (BCAX) 10% Owner RA Capital Buys Stock
What Happened RA Capital Management, L.P., reported as a 10% owner of Bicara Therapeutics (BCAX), made two purchases on February 26, 2026. It acquired 300,000 shares of common stock at $16.00 each for $4,800,000 and purchased 2,200,000 derivative securities (reported as pre-funded warrants) at $16.00 each for $35,199,780, for a combined reported cash outlay of $39,999,780. These were purchases (rather than sales), which investors often view as more informative about insider interest than routine sell transactions.
Key Details
- Transaction dates/prices: 2026-02-26 — 300,000 common @ $16.00 ($4,800,000); 2,200,000 pre-funded warrants/derivative @ $16.00 ($35,199,780).
- Total reported amount: $39,999,780.
- Shares owned after transaction: Not specified in the provided filing excerpt.
- Filing/timeliness: Form 4 filed 2026-03-02 for a 2026-02-26 transaction — filed within the typical 2-business-day window.
- Notable footnotes:
- F1: Adviser structure — RA Capital Management, L.P. is the investment manager; adviser GP and listed individuals disclaim beneficial ownership except for pecuniary interest.
- F2/F3: The common shares and the derivative were held directly by RA Capital Healthcare Fund, L.P. and RA Capital Nexus Fund III, L.P., respectively.
- F4: The purchased derivative securities are pre-funded warrants with no expiration, exercisable at any time, but exercisable only so long as exercise would not push the holder above 9.99% ownership.
- Insider relationship: Jake Simson, a Partner of the Adviser, serves on Bicara’s board of directors (disclosed in remarks).
Context The larger line item (2.2M) is a purchase of pre-funded warrants — a derivative that is typically exercisable into common shares and often used to allow near-immediate ownership while respecting ownership caps. As a reported 10% owner and institutional investor, this activity reflects fund-level buying rather than an individual executive’s personal trade. The filing’s disclosures clarify the adviser/general partner structure and limitations on beneficial ownership.
Insider Transaction Report
- Purchase
Common Stock
[F1][F2]2026-02-26$16.00/sh+300,000$4,800,000→ 4,603,418 total(indirect: See footnotes) - Purchase
Pre-Funded Warrant (Right to Buy)
[F4][F1][F2]2026-02-26$16.00/sh+2,200,000$35,199,780→ 2,200,000 total(indirect: See Footnotes)Exercise: $0.00→ Common Stock (2,200,000 underlying)
- 2,652,575(indirect: See footnotes)
Common Stock
[F1][F3]
Footnotes (4)
- [F1]RA Capital Management, L.P. (the "Adviser") is the investment manager for RA Capital Healthcare Fund, L.P. (the "Fund") and RA Capital Nexus Fund III, L.P. (the "Nexus Fund III"). The general partner of the Adviser is RA Capital Management GP, LLC (the "Adviser GP"), of which Dr. Peter Kolchinsky and Mr. Rajeev Shah are the managing members. Each of the Adviser, the Adviser GP, the Fund, the Nexus Fund III, Dr. Kolchinsky and Mr. Shah disclaims beneficial ownership of any of the reported securities, except to the extent of its or his respective pecuniary interest therein.
- [F2]Held directly by the Fund.
- [F3]Held directly by Nexus Fund III.
- [F4]The Pre-Funded Warrants have no expiration date and are exercisable at any time after the date of issuance. A holder of Pre-Funded Warrants may not exercise the Pre-Funded Warrant if the holder, together with its affiliates, would beneficially own more than 9.99% of the number of shares of common stock outstanding immediately after giving effect to such exercise.