Cohlhepp Ryan 4

What Happened
Ryan Cohlhepp, President & COO and a director of Bicara Therapeutics (BCAX), exercised stock options and sold company shares on May 15, 2026. The filing shows an exercise (M) to acquire 8,000 shares at $3.79 per share (cost $30,318), and open‑market sales of 8,000 and 4,500 shares at a weighted average sale price of $20.29 (combined gross proceeds $162,335 + $91,314 = $253,649). The report also lists an M‑coded disposition of 8,000 shares at $0 (see Key Details / footnote for vesting info).

Key Details

• Transaction date: 2026-05-15; Form 4 filed 2026-05-18 (no late‑filing flag in the provided data).
• Exercise: 8,000 shares acquired at $3.79 per share (total cost $30,318).
• Sales: 12,500 shares sold in open market at weighted average $20.29 per share (total proceeds $253,649). Footnote reports sale prices ranged $20.08–$20.62.
• Additional line: an M‑coded disposition of 8,000 shares recorded at $0 (derivative); Footnote 3 notes the underlying option vests in 16 equal quarterly installments beginning Aug 8, 2023.
• Footnote 1: sales were executed pursuant to a Rule 10b5‑1 trading plan adopted Feb 12, 2025.
• Shares owned after the transactions: not specified in the provided excerpt.

Context
The sequence—option exercise and same‑day open‑market sales—means Cohlhepp converted options into shares and sold shares on the same date. The presence of a Rule 10b5‑1 plan indicates the sales were prearranged. The filing is factual and does not speak to the insider’s motives.