Bicara Therapeutics reported that its Chief Financial Officer, Ivan Hyep, completed a paired option exercise and sale of common stock on January 22, 2026. The company said Hyep sold 1,882 shares for aggregate proceeds of approximately $34,162, with execution prices ranging from $18.15 to $18.18 per share.
According to the filings, Hyep simultaneously exercised options to acquire 1,882 shares at an exercise price of $3.7898 per share, representing a total cost of $7,132 for the option exercise. The transactions were carried out under a pre-arranged Rule 10b5-1 trading plan that Hyep adopted on February 13, 2025.
Following these transactions, Hyep's direct ownership in Bicara stands at 145,355 shares. The filings do not indicate any additional changes to Hyep's holdings beyond the exercise and sale executed under the 10b5-1 plan.
Separately, Bicara disclosed a clinical development update tied to its lead program. The company selected a 1500 mg dose of ficerafusp alfa for its Phase 3 FORTIFI-HN01 trial. The trial is described as a pivotal study focused on first-line HPV-negative recurrent/metastatic head and neck squamous cell carcinoma.
Bicara's public materials indicate an enrollment objective that the company expects to be substantially complete by the end of 2026. The study also includes a planned interim analysis in mid-2027, which the company notes could enable an accelerated filing should results support that pathway.
Market analysts have issued a range of views following these developments. BTIG and H.C. Wainwright each reiterated Buy ratings on Bicara, setting price targets at $28.00 and $40.00, respectively. BTIG additionally initiated coverage, highlighting Bicara's progress in treating head and neck squamous cell carcinoma and other solid tumors.
By contrast, Mizuho began coverage with a Neutral rating and a $18.00 price target, citing concerns about the competitive landscape for Bicara's lead candidate. The differing analyst opinions underscore varying assessments of the program's market opportunity and competitive risk.
These disclosures - the insider transactions and the Phase 3 dose decision - were reported in company filings and analyst notes. The record shows the sequence and timing of events without offering projections beyond the stated enrollment and interim analysis timelines.