Cohlhepp Ryan 4

What Happened

• Ryan Cohlhepp, President and COO and a director of Bicara Therapeutics (BCAX), exercised options to acquire 8,000 shares (paid $3.79/share; total $30,318) and reported conversion/disposition of an additional 8,000 derivative shares at $0.00. On the same day (2026-03-16) he sold a total of 12,500 shares in open-market transactions at a weighted average price of $19.66, generating roughly $245,714 in proceeds. The activity is primarily sales (routine liquidity) following option exercise.

Key Details

• Transaction date: 2026-03-16; Form 4 filed 2026-03-17 (within the Form 4 reporting window).
• Sales: 8,000 shares reported for $157,257 and 4,500 shares for $88,457 (weighted average price $19.66; prices in range $19.34–$19.96 per footnote).
• Exercise: 8,000 shares acquired by exercising options at $3.79/share for $30,318; an additional 8,000 derivative-conversion shares listed at $0.00.
• Shares owned after transaction: not specified in the information provided on this summary.
• Footnotes: F1—sales were executed under a Rule 10b5-1 trading plan (adopted Feb 12, 2025). F2—reported sale price is a weighted average; individual trade prices available on request. F3—underlying options vest in 16 equal quarterly installments beginning Aug 8, 2023.
• Filing timeliness: Filed the day after the transactions; not indicated as late.

Context

• This pattern (exercise followed by immediate open‑market sales) is consistent with an option exercise for liquidity/tax purposes rather than an outright purchase as a bullish signal. The 10b5-1 plan note indicates the sales were preplanned and executed under an established trading plan.