Bicara Therapeutics (BCAX) Registration Filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company focused on bifunctional therapies for solid tumors, with lead program ficerafusp alfa targeting head and neck squamous cell carcinoma (HNSCC).

• Ficerafusp alfa combines EGFR-directed monoclonal antibody and TGF-β binding domain to enhance tumor penetration and response.

• Pipeline includes multiple ongoing and planned trials in HNSCC and other EGFR+ solid tumors, with pivotal Phase 2/3 and expansion cohorts underway.

• Recent Phase 1/1b data showed deep, durable responses and improved survival in HPV-negative HNSCC patients.

• Incorporated in Delaware in 2018, with principal offices in Boston, MA.

Financial performance and metrics

• As of June 30, 2025, net tangible book value was $435.2 million, or $7.98 per share, with 54,556,078 shares outstanding.

• After a $150 million offering at $16.61 per share, pro forma net tangible book value would be $580.2 million, or $9.12 per share.

• Immediate dilution to new investors estimated at $7.49 per share.

Use of proceeds and capital allocation

• Net proceeds will be used primarily for research and clinical development, commercialization and launch readiness, expansion of R&D programs, working capital, capital expenditures, and other general corporate purposes.

• Management retains broad discretion over allocation of proceeds.

• Proceeds may be temporarily invested in short-term, investment-grade instruments or held as cash.