Bicara (BCAX) COO Ryan Cohlhepp Exercises Options, Sells 18,750 Shares

What Happened
Ryan Cohlhepp, President & COO and a director of Bicara Therapeutics (BCAX), exercised 18,750 optioned shares and immediately sold those 18,750 shares in the open market on August 10, 2026. He paid $3.79 per share to exercise (total cost ≈ $71,059) and sold the shares at a weighted-average price of $27.98 for gross proceeds of about $524,533. The sequence — exercise followed by same-day sale — functions like a cashless exercise.

Key Details

• Transaction date: 2026-08-10 (Form filed 2026-08-12; appears timely — within two business days).
• Exercise: 18,750 shares at $3.79/share — total cost ≈ $71,059. (Code M = option exercise.)
• Sale: 18,750 shares sold, weighted-average price $27.98, total proceeds ≈ $524,533. Reported sale prices ranged $27.56–$28.41.
• Additional reporting line shows the derivative (option) disposed as part of the exercise (reported at $0).
• Shares owned after the transaction: Not specified in the provided filing.
• Footnotes: Transaction executed under a Rule 10b5-1 trading plan adopted Mar 31, 2026 (F1). The sale price reported is a weighted average and was executed in multiple tranches (F2). The underlying option vests in 16 equal quarterly installments beginning April 5, 2023 (F3).

Context

• This was an exercise of vested options followed by an immediate open-market sale — a common way for insiders to realize option gains without holding the stock (cashless exercise). The presence of a 10b5-1 plan indicates the sales were pre-planned and automated, reducing indications about the insider’s short-term view.