Mazumdar Claire 4

What Happened
Claire Mazumdar, CEO of Bicara Therapeutics (BCAX), exercised a total of 15,000 option-derived shares (6,499 on 3/18, 6,905 on 3/19, and 1,596 on 3/20) at an exercise price of $3.79 per share (total exercise cost ≈ $56,848). She immediately sold those 15,000 shares in the open market for weighted-average prices reported of $18.84 (3/18), $18.78 (3/19) and $18.95 (3/20), generating gross proceeds of about $282,366 and an approximate pre-tax/net-of-exercise gain of ~$225,500. The filings also show corresponding reductions in the derivative (option) holdings (reported as dispositions at $0.00), indicating the options were converted to shares and sold.

Key Details

• Transaction dates and prices:
  • 2026-03-18: Exercised 6,499 shares @ $3.79 (cost $24,630); sold 6,499 @ weighted avg $18.84 (proceeds $122,415). (Sales executed under a 10b5‑1 plan adopted 2/12/2025 per footnote F1.)
  • 2026-03-19: Exercised 6,905 shares @ $3.79 (cost $26,169); sold 6,905 @ weighted avg $18.78 (proceeds $129,705).
  • 2026-03-20: Exercised 1,596 shares @ $3.79 (cost $6,049); sold 1,596 @ weighted avg $18.95 (proceeds $30,246).
• Reported weighted-price ranges for the sales (per footnotes):
  • 3/18 sales: $18.73–$19.19 (F2)
  • 3/19 sales: $18.73–$18.92 (F3)
  • 3/20 sales: $18.73–$19.26 (F4)
• Total exercised: 15,000 shares; total gross proceeds ≈ $282,366; total exercise cost ≈ $56,848; approximate pre-tax gain ≈ $225,518.
• Shares owned after transaction: not specified in the data provided in this summary (not disclosed in the items you provided).
• Vesting note: underlying option shares vest in 16 equal quarterly installments following Aug 8, 2023 (F5).
• 10b5‑1: At least some sales were made pursuant to a Rule 10b5‑1 plan (F1).
• Filing: Form 4 filed 2026-03-20 reporting transactions dated 3/18–3/20; filing date appears to cover the reported trades.

Context
These transactions were option exercises followed by immediate open‑market sales (a common cashless-exercise pattern): the options were converted to shares and those shares were sold, resulting in cash proceeds to the insider. Such routine exercises/sales can be for diversification or liquidity and do not, by themselves, indicate the insider’s view of the company’s fundamentals. All figures above are gross amounts before taxes and transaction fees.