Raben David 4

What Happened
David Raben, Chief Medical Officer of Bicara Therapeutics (BCAX), exercised 5,500 stock options and immediately sold those 5,500 shares on 2026-04-27. The exercise cost was $3.79 per share (total cash paid $20,844). The shares were sold in the open market at a weighted-average price of $22.88 per share, for total proceeds of $125,830. The Form 4 also records the derivative disposition related to the exercised options (reported at $0.00).

Key Details

• Transaction date: 2026-04-27; Form 4 filed 2026-04-28 (timely filing).
• Exercise: 5,500 shares at $3.79 each (total $20,844). Code M = option exercise.
• Sale: 5,500 shares sold at weighted avg $22.88 ($125,830). Sales executed at prices ranging $22.51–$23.07 (per footnote).
• Footnotes: F1 — sale executed under a Rule 10b5-1 trading plan adopted Feb 12, 2025. F2 — weighted-average sale price; reporting person can supply per-trade prices on request. F3 — underlying option vests in 16 equal quarterly installments starting Aug 8, 2023.
• Shares owned after transaction: not provided in the excerpt.

Context

• This was effectively a same-day exercise-and-sell (cashless-style) transaction: options were exercised and the resulting shares were sold the same day.
• The sale was executed under a pre-established 10b5-1 plan, which is a common mechanism for scheduled insider sales and helps avoid claims of opportunistic timing.
• The filing is factual and routine; it does not imply the insider’s future view of the company.