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Bicara Therapeutics Inc.
(NASDAQ:BCAX)
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Rating:62Neutral
Price Target:
$29.00
▲(7.33% Upside)
Action:Reiterated
Date:07/28/26
The score is primarily shaped by weak current financial performance (pre-revenue, widening losses and heavy cash burn) partially offset by a strong balance sheet. Positive earnings-call updates and recent clinical/strategic events support the outlook, while the technical picture is moderately constructive. Valuation support is limited due to negative earnings and no dividend.
Positive Factors
Strong Balance Sheet & Runway
A large cash position provides a multi-year runway to complete pivotal FORTIFI‑HN01, conduct the alternative dosing study, and fund prelaunch builds without immediate financing. This materially reduces near-term dilution risk and enables execution of long‑lead clinical and commercial milestones through mid‑2029.
Negative Factors
Pre‑revenue with Material Losses
Being pre‑revenue with rapidly widening losses means the company is reliant on capital markets or milestones to fund operations until commercialization. Persistent negative returns and expanding operating deficits increase the probability of future equity raises, which can dilute shareholders and pressure strategic flexibility over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Balance Sheet & Runway
A large cash position provides a multi-year runway to complete pivotal FORTIFI‑HN01, conduct the alternative dosing study, and fund prelaunch builds without immediate financing. This materially reduces near-term dilution risk and enables execution of long‑lead clinical and commercial milestones through mid‑2029.
Read all positive factors
Bicara Therapeutics Inc. (BCAX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.73B
Dividend YieldN/A
Average Volume (3M)829.98K
Price to Earnings (P/E)―
Beta (1Y)1.46
Revenue GrowthN/A
EPS Growth-63.41%
CountryUS
Employees103
SectorGeneral
Sector StrengthN/A
IndustryBiotechnology
Share Statistics
EPS (TTM)-2.78
Shares Outstanding65,703,865
10 Day Avg. Volume408,617
30 Day Avg. Volume829,976
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 Cap<0.01
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$32.11Price Target Upside18.84% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)-3.49
Revenue Forecast (FY)N/A
Bicara Therapeutics Inc. Business Overview & Revenue Model
Company Description
Bicara Therapeutics Inc., a biopharmaceutical firm in the clinical development phase, is headquartered in Boston, Massachusetts. Established in 2018, the company specializes in creating innovative, dual-action treatments specifically for solid tum...
How the Company Makes Money
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Bicara Therapeutics Inc. Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Positive
The call conveyed strong positive clinical momentum for ficera (deep, durable responses, peer-reviewed publication, planned pivotal interim in mid-2027 and upcoming 3‑year ASCO data), meaningful commercial and organizational build-out, and a bolstered balance sheet providing runway into H1 2029. Offsetting risks include rising operating expenses, limited size/maturity of some cohorts, regulatory/design considerations for the alternative dosing study, and competitive/expansion challenges in tough indications like CRC. On balance, the highlights — notably compelling clinical efficacy signals and secured funding — substantially outweigh the lowlights, but key open milestones (ASCO updates, interim analysis, alternative dosing readout) remain important near‑term catalysts and risks.Positive Updates
Strong Clinical Efficacy Signals in Phase Ib Expansion
Phase Ib expansion (approx. 90 patients across 3 cohorts) showed deep, durable responses. The 1,500 mg weekly + pembrolizumab cohort has median duration of response of 21.7 months and median overall survival of 21.3 months — described as more than doubling overall survival versus standard-of-care pembrolizumab in HPV-negative patients (>100% improvement).
Negative Updates
Rising Operating Expenses
Total operating expenses for Q1 2026 increased versus Q1 2025 due to clinical operations, manufacturing and development costs for the pivotal FORTIFI-HN01 study and increased personnel-related costs (including stock-based compensation). Management expects continued expense increases through 2026 as clinical and early commercial investments ramp.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Clinical Efficacy Signals in Phase Ib Expansion
Phase Ib expansion (approx. 90 patients across 3 cohorts) showed deep, durable responses. The 1,500 mg weekly + pembrolizumab cohort has median duration of response of 21.7 months and median overall survival of 21.3 months — described as more than doubling overall survival versus standard-of-care pembrolizumab in HPV-negative patients (>100% improvement).
Read all positive updates
Company Guidance
Management reiterated clear near‑term milestones and metrics: they expect substantial enrollment in the FORTIFI‑HN01 Phase III by year‑end with an interim analysis targeted mid‑2027 for potential accelerated approval (ORR with ≥6 months durability and qualitative OS), will initiate an alternative dosing study in Q3 2026 enrolling ~150–200 patients (12‑week 1,500 mg weekly lead‑in then randomize to continue 1,500 mg weekly or switch to 2,250 mg every 3 weeks; primary endpoint PFS), and will present updated Phase Ib data at ASCO from ~90 patients across three cohorts (1,500 mg weekly with ~3‑year follow‑up, 750 mg weekly and 2,000 mg every‑other‑week with ~12–18 months follow‑up) including a median DOR of 21.7 months and median OS of 21.3 months for the 1,500 mg cohort, >80% of patients achieving ≥80% tumor depth in early data, and translational evidence of TGF‑β inhibition; commercially they cited a head‑and‑neck market >$5B into the 2030s with ~50,000 annual incident patients globally (~18,000 U.S.), and financially closed Q1 with $539.8M cash (including $161.8M net from a February offering) providing runway into H1 2029.Bicara Therapeutics Inc. Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
72
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -156.99M | -137.63M | -67.75M | -51.96M | -37.72M |
| Net Income | -157.31M | -137.95M | -68.00M | -51.98M | -37.84M |
Balance Sheet | |||||
| Total Assets | 553.60M | 430.99M | 569.20M | 233.98M | 6.70M |
| Cash, Cash Equivalents and Short-Term Investments | 539.75M | 414.80M | 489.71M | 230.44M | 4.16M |
| Total Debt | 1.44M | 1.71M | 738.00K | 657.00K | 0.00 |
| Total Liabilities | 39.64M | 29.54M | 77.32M | 15.47M | 23.98M |
| Stockholders Equity | 513.96M | 401.45M | 491.88M | 218.51M | -17.28M |
Cash Flow | |||||
| Free Cash Flow | -116.58M | -107.11M | -74.82M | -46.21M | -32.27M |
| Operating Cash Flow | -116.24M | -106.83M | -74.75M | -45.63M | -32.08M |
| Investing Cash Flow | -217.51M | -318.45M | -9.00K | -586.00K | -192.00K |
| Financing Cash Flow | 195.15M | 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 1 New Risks
1.
our existing business, could have a material adverse effect on our operating results, dilute our stockholders' ownership, increase our debt or cause us to incur significant expense. Q1, 2026
Bicara Therapeutics Inc. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $1.73B | -9.75 | -35.89% | ― | ― | -63.41% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | $1.64B | 23.97 | 4.89% | ― | -2.20% | 77.51% | |
55 Neutral | $1.88B | -15.31 | -56.07% | ― | 3.42% | -11.04% | |
53 Neutral | $1.55B | -3.02 | -57.27% | ― | 45.04% | 32.42% | |
53 Neutral | $1.87B | -10.20 | -48.84% | ― | -83.20% | -439.48% | |
48 Neutral | $1.11B | -5.06 | -50.12% | ― | -30.42% | -23.31% |
* General Sector Average
BCAX
Bicara Therapeutics Inc.
27.10
15.98
143.71%
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14.86
-2.24
-13.10%
WVE
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5.51
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-37.03%
NTLA
Intellia Therapeutics
10.68
-1.44
-11.88%
STOK
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28.86
15.72
119.63%
TSHA
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5.86
3.15
116.24%
Bicara Therapeutics Inc. Corporate Events
Business Operations and StrategyExecutive/Board Changes
Bicara Therapeutics reshapes board for commercialization push
Positive
Jul 28, 2026
On July 28, 2026, Bicara Therapeutics announced the appointments of industry veterans Jeremy Bender and Christy Oliger to its board of directors, adding deep strategic, commercial and operational expertise as the company transitions from a clinica...
Executive/Board ChangesShareholder Meetings
Bicara Therapeutics Holds 2026 Annual Stockholder Meeting
Neutral
Jun 10, 2026
On June 9, 2026, Bicara Therapeutics Inc. held its 2026 annual meeting of stockholders, where shareholders representing about 85% of the company’s outstanding common stock were present or represented. Stockholders elected Christopher Bowden,...
Business Operations and Strategy
Bicara Highlights Durable Three-Year Data for Ficerafusp Alfa
Positive
May 21, 2026
On May 21, 2026, Bicara Therapeutics reported three-year follow-up data from a Phase 1/1b study of ficerafusp alfa plus pembrolizumab in first-line recurrent/metastatic HPV-negative head and neck squamous cell carcinoma, showing deep, durable resp...
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.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.