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Bicara Therapeutics Inc.·4

Mar 2, 4:22 PM ET

RA Capital Healthcare Fund LP 4

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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.