Hyep Ivan 4

What Happened
Hyep Ivan, CFO of Bicara Therapeutics (BCAX), exercised 1,882 option shares at $3.79 per share (cost $7,132) on 2026-01-22 and sold the same 1,882 shares in the open market the same day for total gross proceeds of $34,162 (weighted average sale price $18.15). The transactions were executed pursuant to a Rule 10b5-1 trading plan.

Key Details

• Transaction dates: 2026-01-22 (exercise and sale). Filing date: 2026-01-26 (filed on time).
• Exercise: 1,882 shares at $3.79 each = $7,132 (code M).
• Sale: 1,882 shares at weighted avg $18.15 = $34,162 (code S); sale prices ranged $18.15–$18.18 (footnote). Reporting person will provide per-price breakdown on request.
• Net cash proceeds (gross sale minus exercise cost): ≈ $27,030.
• Shares owned after transaction: not specified in the filing.
• Notable footnotes: F1 — sale executed under a Rule 10b5-1 plan adopted Feb 13, 2025; F2 — sale price is weighted average and was executed in multiple trades; F3 — the underlying option vests in 16 equal quarterly installments following April 5, 2023.

Context
Because the shares were exercised and sold the same day, this effectively functioned as a cashless exercise followed by an open-market disposition. The use of a pre-established 10b5-1 plan indicates the sales were preplanned and routine rather than ad hoc.