Bicara (BCAX) President Ryan Cohlhepp Sells Shares, Exercises Options

What Happened
Ryan Cohlhepp, President, COO & Interim CEO and a director of Bicara Therapeutics (BCAX), exercised 17,500 options on 2026-09-08 at $3.79 per share (cost $66,322) and on the same day sold the resulting 17,500 shares in the open market for combined proceeds of approximately $400,716 (14,058 shares at a $22.77 weighted average for $320,053 and 3,442 shares at a $23.43 weighted average for $80,663). The Form 4 also shows a derivative conversion line reported at $0.00 reflecting the option-to-share conversion.

Key Details

• Transaction date: 2026-09-08; Form 4 filed 2026-09-10 (timely filing).
• Exercise: 17,500 shares exercised at $3.79 each — total exercise cost $66,322.
• Sales: 17,500 shares sold for total proceeds ≈ $400,716. Sales reported as two groups: 14,058 shares (weighted avg $22.77; prices ranged $22.26–$23.25) and 3,442 shares (weighted avg $23.43; prices ranged $23.26–$23.58). The reporting person can provide a per-price breakdown on request (see footnotes).
• 10b5‑1 plan: Sales were executed under a Rule 10b5‑1 trading plan adopted March 31, 2026.
• Vesting note: The option shares vest in 16 equal quarterly installments following April 5, 2023, subject to continued service (footnote).
• Shares owned after the transactions: not specified in the provided filing details.

Context
The filing shows an option exercise followed by same‑day sales of the resulting shares — a pattern commonly reported as a cashless exercise (exercise plus immediate disposition). The Form 4 is factual and does not state the insider’s reasons for the transactions.