Bicara Therapeutics Inc. (BCAX)
NASDAQ:BCAX
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Bicara Therapeutics Inc.
(NASDAQ:BCAX)
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Rating:62Neutral
Price Target:
$20.00
▼(-7.45% Downside)
Action:ReiteratedDate:03/31/26
Score is held back most by weak financial performance (no revenue, widening losses, and rising cash burn), despite a low-debt balance sheet. Offsetting factors include favorable technical trend signals and a constructive earnings-call outlook driven by Breakthrough Therapy Designation, encouraging clinical data, and multi-year cash runway guidance; valuation remains constrained by negative earnings and no dividend.
Positive Factors
Regulatory Designation
Breakthrough Therapy Designation formally recognizes differentiated clinical potential and can enable expedited review or accelerated pathways. This structurally shortens regulatory timelines and reduces regulatory execution risk, improving odds of earlier market access versus peers.
Negative Factors
Pre‑revenue & Widening Losses
The company remains pre‑commercial with rapidly widening losses, leaving intrinsic value dependent on future clinical and regulatory success. Without product revenue, sustainability and long‑term margins hinge on binary development outcomes and successful commercialization execution.
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Positive Factors
Negative Factors
Regulatory Designation
Breakthrough Therapy Designation formally recognizes differentiated clinical potential and can enable expedited review or accelerated pathways. This structurally shortens regulatory timelines and reduces regulatory execution risk, improving odds of earlier market access versus peers.
Read all positive factors
Bicara Therapeutics Inc. (BCAX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.44B
Dividend YieldN/A
Average Volume (3M)647.26K
Price to Earnings (P/E)―
Beta (1Y)1.48
Revenue GrowthN/A
EPS Growth-103.95%
CountryUS
Employees55
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.68
Shares Outstanding65,467,186
10 Day Avg. Volume629,267
30 Day Avg. Volume647,265
Financial Highlights & Ratios
PEG Ratio-0.07
Price to Book (P/B)2.29
Price to Sales (P/S)0.00
P/FCF Ratio-8.59
Enterprise Value/Market Cap0.77
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/Ebitda-7.34
Forecast
1Y Price Target
$29.33Price Target Upside35.72% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)-2.76
Revenue Forecast (FY)N/A
Bicara Therapeutics Inc. Business Overview & Revenue Model
Company Description
Bicara Therapeutics Inc., a clinical-stage biopharmaceutical company, develops bifunctional therapies for solid tumors. Its lead program is ficerafusp alfa, a bifunctional antibody that combines an epidermal growth factor receptor (EGFR) directed ...
How the Company Makes Money
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Bicara Therapeutics Inc. Earnings Call Summary
Earnings Call Date:Mar 30, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 19, 2026
Earnings Call Sentiment Positive
The call conveyed strong clinical and regulatory momentum: Breakthrough Therapy Designation, selection of a pivotal dose (1,500 mg weekly), robust Phase Ib durability and survival data (DOR ~21.7 months; OS ~21.3 months; DOR >3x vs pembro+chemotherapy), advancement into Phase III with an interim analysis mid-2027, and an oversubscribed financing that extends runway into H1 2029. Key risks discussed include rising operating expenses, reliance on interim analysis and regulatory alignment for accelerated approval, enrollment/execution risk for the pivotal and bridging studies, and clinical uncertainty in exploratory indications (e.g., colorectal cancer). On balance, the call emphasized de-risking milestones and readiness for next-phase development, while acknowledging operational and regulatory dependencies.Positive Updates
Regulatory Milestone – Breakthrough Therapy Designation
FICERA received FDA Breakthrough Therapy Designation in combination with pembrolizumab for first-line treatment of metastatic or unresectable HPV-negative recurrent/metastatic head and neck squamous cell carcinoma, signaling regulatory recognition of differentiated clinical potential.
Negative Updates
Rising Operating Expenses and Anticipated Further Increases
Operating expenses increased in 2025 versus 2024 driven by clinical operations, manufacturing/process development and higher personnel-related costs (including stock-based compensation). Management anticipates increased operating expenses in 2026 due to pivotal trial activity and early commercial/medical build; no percentage increase was disclosed.
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Q4-2025 Updates
Positive
Negative
Regulatory Milestone – Breakthrough Therapy Designation
FICERA received FDA Breakthrough Therapy Designation in combination with pembrolizumab for first-line treatment of metastatic or unresectable HPV-negative recurrent/metastatic head and neck squamous cell carcinoma, signaling regulatory recognition of differentiated clinical potential.
Read all positive updates
Company Guidance
The company guided that the pivotal, seamless Phase II/III FORTIFI‑HN01 is on a timeline targeting a prespecified interim analysis in mid‑2027 (2:1 randomization of 1,500 mg weekly FICERA vs pembrolizumab) and is building “substantial enrollment” by year‑end from ~129 active global sites; clinical experience to date includes ~90 patients across three Phase Ib cohorts (≈30 pts in the 750 mg weekly cohort, the 1,500 mg weekly cohort with the most mature 2‑year follow‑up, and ≈30 pts in the 2,000 mg q2w cohort), with the 1,500 mg dose showing median duration of response 21.7 months and median overall survival 21.3 months (vs pembrolizumab DOR ~6.7 months) and an overall response rate and DOR ~2–3× that of SOC, supporting selection of 1,500 mg as the optimal biologic dose; the company plans a parallel bridging study to evaluate a loading + every‑3‑week maintenance regimen (estimated ~150–200 patients) to have alternative‑dosing data at potential U.S. approval, expects to continue investing in earlier‑line/locally advanced programs, and outlined regulatory intent to pursue accelerated U.S. approval based on ORR/durability at the interim with a confirmatory OS endpoint for full approval. Financially, Bicara reported $414.8M cash, cash equivalents and marketable securities at year‑end 2025, raised an additional $161.8M net in a recent public offering, maintains cash runway into the first half of 2029, and expects increased operating expenses in 2026 to fund the pivotal study, manufacturing, and SG&A/commercial build (including hiring a CCO); market context noted ~50,000 annual incident head‑and‑neck patients across major markets (~18,000 in the U.S.) and a projected >$5B global market in the 2030s.Bicara Therapeutics Inc. Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
72
Positive
Cash Flow
24
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -155.60M | -82.33M | -39.87M | -37.72M |
| Net Income | -137.95M | -68.00M | -51.98M | -37.84M |
Balance Sheet | ||||
| Total Assets | 430.99M | 569.20M | 233.98M | 6.70M |
| Cash, Cash Equivalents and Short-Term Investments | 414.80M | 489.71M | 230.44M | 4.16M |
| Total Debt | 1.71M | 738.00K | 657.00K | 0.00 |
| Total Liabilities | 29.54M | 77.32M | 15.47M | 23.98M |
| Stockholders Equity | 401.45M | 491.88M | 218.51M | -17.28M |
Cash Flow | ||||
| Free Cash Flow | -107.11M | -74.82M | -46.21M | -32.27M |
| Operating Cash Flow | -106.83M | -74.75M | -45.63M | -32.08M |
| Investing Cash Flow | -318.45M | -9.00K | -586.00K | -192.00K |
| Financing Cash Flow | 32.26M | 334.03M | 272.50M | 31.70M |
Bicara Therapeutics Inc. Risk Analysis
Bicara Therapeutics Inc. disclosed 83 risk factors in its most recent earnings report. Bicara Therapeutics Inc. reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Bicara Therapeutics Inc. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $1.44B | -6.67 | -32.49% | ― | ― | -103.95% | |
56 Neutral | $2.68B | -5.25 | -43.17% | ― | -16.50% | 33.02% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $1.22B | -4.30 | -156.98% | ― | ― | -38.04% | |
50 Neutral | $567.06M | -10.19 | -36.48% | ― | ― | ― | |
48 Neutral | $840.56M | -27.51 | -42.39% | ― | 116.64% | 47.93% | |
46 Neutral | $344.76M | -2.24 | -33.20% | ― | -23.43% | -9.84% |
* Healthcare Sector Average
BCAX
Bicara Therapeutics Inc.
21.98
11.83
116.55%
ABUS
Arbutus Biopharma
4.30
1.18
37.82%
BCYC
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4.97
-1.56
-23.89%
RLAY
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15.00
12.78
575.68%
ZBIO
Zenas BioPharma, Inc.
21.28
14.50
213.86%
UPB
Upstream Bio, Inc.
10.42
4.02
62.81%
Bicara Therapeutics Inc. Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Bicara Therapeutics Strengthens Finances with Equity Offering
Positive
Feb 26, 2026
On February 24, 2026, Bicara Therapeutics entered an underwriting agreement with a syndicate led by Morgan Stanley, TD Securities and BofA Securities to sell 7,175,000 common shares and pre-funded warrants for 2,200,000 additional shares at public...
Business Operations and StrategyProduct-Related Announcements
Bicara announces promising Phase 1b ficerafusp alfa results
Positive
Feb 19, 2026
On February 19, 2026, Bicara Therapeutics reported preliminary results from an exploratory Phase 1b expansion cohort testing a higher, less-frequent 2000mg every-other-week dosing of ficerafusp alfa with pembrolizumab in first-line HPV-negative re...
Business Operations and StrategyProduct-Related Announcements
Bicara Sets Phase 3 Path for Ficerafusp Alfa
Positive
Jan 12, 2026
On January 12, 2026, Bicara Therapeutics announced it had selected a 1500 mg once-weekly dose of its lead asset, ficerafusp alfa, in combination with pembrolizumab as the optimal regimen for the Phase 3 FORTIFI-HN01 pivotal trial in first-line HPV...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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