Raben David 4

What Happened

• David Raben, Chief Medical Officer of Bicara Therapeutics (BCAX), exercised stock options and sold the resulting shares on March 25, 2026. The filing shows an acquisition of 5,500 shares via option exercise at $3.79/share (total cost $20,844) and a contemporaneous open-market sale of 5,500 shares at a weighted average price of $18.95/share (gross proceeds $104,229). A related derivative conversion line for 5,500 shares is also reported at $0.00. The transaction is a sale (often routine) following an option exercise.

Key Details

• Transaction date: 2026-03-25; filing date: 2026-03-26 (timely).
• Option exercise: 5,500 shares acquired at $3.79 each = $20,844.
• Open-market sale: 5,500 shares sold at weighted avg $18.95 each = $104,229.
• Reported derivative line: 5,500 shares, $0.00 (as reported in the filing).
• Footnote F1: Sale executed pursuant to a Rule 10b5-1 trading plan adopted Feb 12, 2025.
• Footnote F2: Weighted-average sale price; actual sale prices ranged $18.55–$19.36. Reporting person will provide per-price detail on request.
• Footnote F3: Underlying option vests in 16 equal quarterly installments beginning Aug 8, 2023.
• Shares owned after the transaction: not disclosed in the provided filing.

Context

• The sequence (exercise of options and same-day sale) is commonly used to cover the exercise cost and tax obligations; it results in a realized gain (sale proceeds minus exercise cost). This filing is factual and routine; it does not indicate the insider's broader view of the company.