Mazumdar Claire 4

What Happened

• Claire Mazumdar, CEO of Bicara Therapeutics (BCAX), exercised options to acquire a total of 8,234 shares (2,631 on 2026-03-04; 1,786 on 2026-03-05; 3,817 on 2026-03-06) at a strike price of $3.79 (total exercise cost ≈ $31,206).
• The same 8,234 shares were sold in the open market across those dates for aggregate proceeds of about $154,325 (weighted-average sale prices roughly $18.73–$18.92), resulting in net cash proceeds of roughly $123,119 after exercise cost.
• These transactions are sales (often routine/liquidity) following option exercises (i.e., effectively a cashless exercise + sale).

Key Details

• Transaction dates: March 4–6, 2026; Form 4 filed March 6, 2026 (timely).
• Exercise price: $3.79 per share; total shares exercised: 8,234; exercise cost ≈ $31,206.
• Sale proceeds: ≈ $154,325; weighted-average sale prices reported in footnotes ranged about $18.73 to $18.92.
• Footnotes: Sales were executed pursuant to a Rule 10b5-1 trading plan adopted Feb 12, 2025 (F1). Several footnotes note the reported sale prices are weighted averages and the filer can provide per-trade prices on request (F2–F4). The underlying option vests in 16 equal quarterly installments following Aug 8, 2023 (F5).
• Shares owned after the transactions are not specified in the provided filing excerpt.

Context

• Because Mazumdar exercised options and sold the resulting shares immediately/shortly thereafter, this is effectively a cashless exercise — common for executives monetizing vested option tranches for liquidity or tax purposes; it is not in itself a clear signal of company outlook.
• Sales implemented under a 10b5-1 plan indicate pre-specified trading instructions rather than ad hoc trades.
• No indication in the filing that these transactions were late.