Bicara Therapeutics Inc. (BCAX) AI Stock Analysis

• Market Cap: $987.17M
• Dividend Yield: N/A
• Average Volume (3M): 565.51K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.46
• Revenue Growth: N/A
• EPS Growth: -103.95%
• Country: US
• Employees: 55
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.67
• Shares Outstanding: 54,781,950
• 10 Day Avg. Volume: 430,988
• 30 Day Avg. Volume: 565,512
• PEG Ratio: -0.56
• Price to Book (P/B): 1.93
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -12.67
• Enterprise Value/Market Cap: 0.58
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -4.20
• 1Y Price Target: $30.78
• Price Target Upside: 70.81% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 10
• EPS Forecast (FY): -3.02
• Revenue Forecast (FY): N/A

• Rating: 56 Neutral
• Price Target: $17.00 ▼(-5.66% Downside)

Overall score reflects a strong solvency position and positive clinical/program milestones, partially offset by the lack of revenue and rapidly increasing losses/free-cash-flow burn. Technicals are mildly weak/neutral and valuation metrics offer limited support due to ongoing unprofitability.

Positive Factors

Very low leverage

Minimal debt and a sizeable equity base materially lower financial distress risk and give management flexibility to fund R&D and pivotal trials without near-term solvency pressure. This durable solvency buffer supports multi-quarter clinical execution and strategic optionality.

Regulatory alignment for Phase 3

Formal FDA alignment and a chosen Phase 3 dose materially reduce development uncertainty and execution risk for the pivotal FORTIFI-HN01 trial. A clearer regulatory path strengthens the program’s timeline credibility and supports planning for interim analysis and potential accelerated pathways.

Strong early efficacy signal

A robust Phase 1b response rate and biomarker-linked dose response provide durable scientific validation of the modality and dose rationale. This improves the probability of pivotal success, prioritizes the asset, and underpins long-term strategic positioning as a ‘pipeline-in-a-product.’

Negative Factors

No revenue

As a pre-commercial biotech with no product sales, the company lacks revenue to absorb R&D and SG&A, leaving operations dependent on external financing. This structural revenue absence increases long-term dilution and execution risk until commercialization is achieved.

Accelerating cash burn and losses

Rising net losses and steep negative free cash flow indicate rapid depletion of liquid resources, raising funding and runway risk. Sustained cash burn can force reprioritization of programs, increase dilution from financings, and constrain strategic flexibility over the coming quarters.

Declining asset base

A meaningful reduction in total assets over a short period signals consumption of liquidity and a shrinking balance sheet cushion. This persistent depletion narrows the company’s buffer against setbacks and raises the likelihood of near-term capital raises that could impact long-term resource allocation.

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 monoclonal antibody with a domain that binds to human transforming growth factor beta (TGF-b) for the treatment of solid tumors. The company was incorporated in 2018 and is based in Boston, Massachusetts. Bicara Therapeutics Inc. is a subsidiary of Biocon Limited.

How the Company Makes Money

Bicara Therapeutics Inc. generates revenue primarily through the development and commercialization of its therapeutic products. The company may earn money through licensing agreements, partnerships with larger pharmaceutical companies, and potential sales of its drug candidates once they receive regulatory approval. Additionally, Bicara might engage in collaborations for research and development to fund its projects. These partnerships can provide upfront payments, milestone payments, and royalties on future sales, thereby contributing to the company's earnings.

Bicara Therapeutics Inc. Financial Statement Overview

Summary

Bicara Therapeutics is in a high-risk phase typical for early-stage biotechnology firms, with no revenue and significant reliance on external funding. The strong cash position offers some financial flexibility, but ongoing losses and negative cash flow from operations highlight significant financial challenges. Investors should be cautious and aware of the potential for volatility as the company focuses on R&D activities.

Income Statement

Bicara Therapeutics Inc. has reported no revenue in the past three years, leading to negative EBIT and net income. The company is heavily reliant on external funding, as evidenced by its substantial negative net income and EBIT. The lack of revenue growth is a significant concern and reflects the high-risk nature of biotechnology companies in the research and development phase.

Balance Sheet

The company has a robust cash position with significant cash and short-term investments relative to its total debt, resulting in a negative net debt. However, the equity position has improved from a negative standpoint to a positive one, indicating a better capital structure. There is minimal debt, which mitigates financial risk, but the company still shows signs of instability due to fluctuating equity values.

Cash Flow

Bicara Therapeutics has negative operating and free cash flow, highlighting its reliance on financing activities to fund operations. The lack of revenue generation and continuous negative cash flow from operations is a concern. However, successful financing rounds have bolstered cash reserves, reflecting investor confidence despite operational challenges.

Breakdown	TTM	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	-136.62M	-82.33M	-39.87M	-37.72M
Net Income	-121.52M	-68.00M	-51.98M	-37.84M
Balance Sheet
Total Assets	424.69M	569.20M	233.98M	6.70M
Cash, Cash Equivalents and Short-Term Investments	290.17M	489.71M	230.44M	4.16M
Total Debt	1.98M	738.00K	657.00K	0.00
Total Liabilities	21.91M	77.32M	15.47M	23.98M
Stockholders Equity	402.78M	491.88M	218.51M	-17.28M
Cash Flow
Free Cash Flow	-113.06M	-74.82M	-46.21M	-32.27M
Operating Cash Flow	-112.98M	-74.75M	-45.63M	-32.08M
Investing Cash Flow	-236.16M	-9.00K	-586.00K	-192.00K
Financing Cash Flow	56.00K	334.03M	272.50M	31.70M

Bicara Therapeutics Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BCAX	56 Neutral	$987.17M	-8.08	-26.64%	―	―	-103.95%
UPB	52 Neutral	$1.75B	-14.14	-40.80%	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
RLAY	50 Neutral	$1.40B	-4.61	-41.14%	―	-16.50%	33.02%
ABUS	49 Neutral	$919.31M	-21.55	-45.88%	―	116.64%	47.93%
ZBIO	47 Neutral	$1.21B	-4.98	-68.33%	―	―	-38.04%
BCYC	45 Neutral	$458.81M	-1.83	-34.63%	―	-23.43%	-9.84%

Bicara Therapeutics Inc. Corporate Events

Bicara Sets Phase 3 Path for Ficerafusp Alfa

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-negative recurrent/metastatic head and neck squamous cell carcinoma, following alignment with the U.S. Food and Drug Administration. Building on clinical data showing more than a doubling of median overall survival versus standard of care in HPV-negative patients, the company laid out a 2026 roadmap centered on substantially enrolling the FORTIFI-HN01 trial by year-end to enable an interim analysis in mid-2027, presenting multiple Phase 1b data readouts in head and neck cancer and metastatic colorectal cancer, and making key commercial hires to prepare for a potential launch in a large, high-unmet-need market, thereby reinforcing ficerafusp alfa’s positioning as a potential blockbuster and “pipeline-in-a-product” within EGFR- and TGF-β–driven solid tumors.

The most recent analyst rating on (BCAX) stock is a Buy with a $28.00 price target. To see the full list of analyst forecasts on Bicara Therapeutics Inc. stock, see the BCAX Stock Forecast page.

Bicara Therapeutics Reports Promising Phase 1b Data

On December 6, 2025, Bicara Therapeutics announced preliminary data from a Phase 1b expansion cohort evaluating 750mg of ficerafusp alfa weekly in combination with pembrolizumab for treating HPV-negative recurrent/metastatic head and neck squamous cell carcinoma. The data, presented at the ESMO Asia Congress, showed a 57% overall response rate with a safety profile consistent with known data. Additionally, new biomarker data indicated that a higher dose of 1500mg resulted in greater TGF-β inhibition and deeper tumor responses, suggesting more durable patient outcomes. The company plans to declare the optimal biologic dose for the pivotal FORTIFI-HN01 study in early 2026.

The most recent analyst rating on (BCAX) stock is a Buy with a $36.00 price target. To see the full list of analyst forecasts on Bicara Therapeutics Inc. stock, see the BCAX Stock Forecast page.