Cohlhepp Ryan 4

What Happened
Ryan Cohlhepp, President & COO (also a director) of Bicara Therapeutics (BCAX), exercised 18,750 option shares at $3.79 per share (cash paid $71,059) on July 8, 2026 and, in related transactions, sold a total of 28,750 shares in the open market for aggregate proceeds of approximately $833,130. The filing also reports a disposition of 18,750 shares at $0.00 in connection with the exercise (consistent with shares withheld for taxes or similar mechanics). The sales were conducted under a Rule 10b5‑1 trading plan.

Key Details

• Transaction dates: July 8, 2026 (exercise and most sales) and July 9, 2026 (one small sale). Filing date: July 10, 2026 (timely).
• Option exercise: 18,750 shares acquired at $3.79 each (total $71,059). A separate line shows 18,750 shares disposed at $0.00 (tax withholding/settlement).
• Open‑market sales (total 28,750 shares; total ≈ $833,130):
  • 22,833 shares at weighted avg $28.76 (proceeds $656,652) — sales ranged $28.21–$29.15 (footnote).
  • 4,306 shares at weighted avg $29.80 (proceeds $128,302) — sales ranged $29.23–$30.20 (footnote).
  • 1,075 shares at weighted avg $30.35 (proceeds $32,632) — sales ranged $30.25–$30.50 (footnote).
  • 536 shares at $29.00 (proceeds $15,544).
• Footnotes: F1 = transactions under a Rule 10b5‑1 plan adopted March 31, 2026. F2–F4 explain weighted‑average prices and the per‑trade price ranges; F5 notes the option vesting schedule (16 quarterly installments beginning April 5, 2023).
• Shares owned after the transactions: not disclosed in the information provided.

Context

• The filing shows an option exercise (Form 4 code M). The zero‑price disposition line is typically how filings report shares withheld to cover taxes or exercise costs. Many of the exercised/held shares were sold under a prearranged 10b5‑1 plan, which schedules trades in advance. These sales are routine disclosures by insiders and do not, by themselves, indicate management’s view of company prospects.