Cohlhepp Ryan 4

What Happened

• Ryan Cohlhepp, President & COO and Director of Bicara Therapeutics (BCAX), executed an option exercise and sold shares on April 15, 2026. He exercised 8,000 shares at $3.79 (cost $30,318), and reported sales of 8,000 shares (proceeds $184,058) and 4,500 shares (proceeds $103,533). The filing also shows an 8,000-share derivative disposition reported at $0. Net effect in this filing: a net disposal of 12,500 shares and cash proceeds of about $287,591 from the reported sales.

Key Details

• Transaction date: April 15, 2026; Form 4 filed April 17, 2026 (appears timely).
• Exercise: 8,000 shares exercised @ $3.79 (total reported cost $30,318).
• Sales: 12,500 shares sold (8,000 + 4,500) at a weighted average price of $23.01; combined proceeds ≈ $287,591. Footnote states sales prices ranged from $22.58 to $23.255 and are reported as a weighted average.
• Derivative disposition: 8,000 shares shown as disposed @ $0 (see filing footnote F3 on vesting schedule).
• 10b5-1 plan: Sales executed pursuant to a Rule 10b5-1 trading plan adopted Feb 12, 2025 (footnote F1).
• Shares owned after transaction: not specified in the provided excerpt — see the full Form 4 for post-transaction holdings and exact breakdown of sales by price.

Context

• Sequence (exercise on same day as sales) is consistent with a common practice where exercised option shares are sold immediately (often called a cashless exercise). The filing also shows an 8,000-share derivative disposition at $0 and notes the underlying option vests in 16 quarterly installments following Aug 8, 2023 (footnote F3).
• The 10b5-1 plan note indicates the sales were preplanned, which many insiders use to avoid timing concerns; it does not necessarily signal a change in insider sentiment.