Bicara Therapeutics Inc.(BCAX) - 2025 Q2 - Quarterly Report

PART I: FINANCIAL INFORMATION This section presents the company's unaudited condensed consolidated financial statements and management's discussion and analysis of financial condition and results of operations Item 1. Financial Statements (Unaudited) This section presents the unaudited condensed consolidated financial statements for Bicara Therapeutics Inc., including balance sheets, statements of operations, stockholders' equity, and cash flows, along with detailed notes explaining the company's business, significant accounting policies, and specific financial line items Condensed Consolidated Balance Sheets This section provides a snapshot of the company's financial position at specific points in time, detailing assets, liabilities, and stockholders' equity | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Cash and cash equivalents | $436,606 | $489,711 | | Total current assets | $444,391 | $502,533 | | Total assets | $453,587 | $509,996 | | Total current liabilities | $17,227 | $17,990 | | Total liabilities | $18,391 | $18,121 | | Total stockholders' equity | $435,196 | $491,875 | | Accumulated deficit | $(285,250) | $(221,016) | - Cash and cash equivalents decreased from $489.7 million at December 31, 2024, to $436.6 million at June 30, 2025. Total assets also decreased from $509.9 million to $453.5 million during the same period. The accumulated deficit increased significantly from $(221.0) million to $(285.2) million[24] Condensed Consolidated Statements of Operations This section details the company's revenues, expenses, and net loss over specific periods, reflecting operational performance | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total operating expenses | $32,018 | $19,750 | $73,806 | $35,124 | | Loss from operations | $(32,018) | $(19,750) | $(73,806) | $(35,124) | | Interest income | $4,682 | $2,701 | $9,696 | $5,568 | | Net loss | $(27,388) | $(17,049) | $(64,234) | $(29,557) | | Net Loss per share, basic and diluted | $(0.50) | $(19.01) | $(1.18) | $(38.19) | - Net loss increased significantly year-over-year for both the three-month and six-month periods ended June 30, 2025, primarily due to higher operating expenses. Net loss per share (basic and diluted) for the three months ended June 30, 2025, was $(0.50) compared to $(19.01) in the prior year, and for the six months, it was $(1.18) compared to $(38.19), reflecting a substantial increase in weighted-average shares outstanding[27] Condensed Consolidated Statements of Stockholders' Equity This section outlines changes in the company's equity accounts, including common stock, additional paid-in capital, and accumulated deficit | Metric (in thousands) | December 31, 2024 | March 31, 2025 | June 30, 2025 | | :-------------------- | :---------------- | :------------- | :------------ | | Total Stockholders' Equity | $491,875 | $458,957 | $435,196 | | Accumulated Deficit | $(221,016) | $(257,862) | $(285,250) | | Additional Paid-in Capital | $712,884 | $716,812 | $720,439 | - Total stockholders' equity decreased from $491.8 million at December 31, 2024, to $435.1 million at June 30, 2025, driven by net losses of $(36.8) million and $(27.3) million in Q1 and Q2 2025, respectively. Additional paid-in capital increased due to stock-based compensation and option exercises[34] Condensed Consolidated Statements of Cash Flows This section summarizes the cash inflows and outflows from operating, investing, and financing activities over specific periods | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(53,700) | $(27,495) | | Net cash provided by investing activities | $0 | $39 | | Net cash provided by financing activities | $595 | $871 | | Net decrease in cash and cash equivalents | $(53,105) | $(26,585) | | Cash and cash equivalents at end of period | $436,606 | $203,855 | - Net cash used in operating activities increased to $53.7 million for the six months ended June 30, 2025, from $27.5 million in the prior year, primarily due to increased net loss. Cash and cash equivalents decreased by $53.1 million in the first half of 2025, ending at $436.6 million[37] Notes to Unaudited Condensed Consolidated Financial Statements This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements 1. Description of Business, Organization, and Liquidity This section describes the company's core business, organizational structure, and its current liquidity position and future funding needs - Bicara Therapeutics Inc. is a clinical-stage biopharmaceutical company focused on developing bifunctional therapies for solid tumors, with its lead program, ficerafusp alfa, targeting EGFR and TGF-β[38] - The company has incurred significant operating losses since inception, with an accumulated deficit of $285.3 million as of June 30, 2025. It expects its $436.6 million cash and cash equivalents to fund operations for at least one year from the issuance date of the financial statements[44][45] - In September 2024, the company completed a 9.2435-to-1 reverse stock split and an IPO, issuing 20,125,000 shares of common stock for net proceeds of $332.4 million[40][41] 2. Summary of Significant Accounting Policies This section outlines the key accounting principles and methods used in preparing the financial statements, including revenue recognition and R&D expenses - The financial statements are prepared in conformity with U.S. GAAP on a going concern basis, including the accounts of Bicara and its wholly-owned subsidiary[46][47] - Bicara is an 'emerging growth company' and has elected to use the extended transition period for complying with new or revised accounting standards, which may make its financial statements not comparable to other public companies[49][150] - Research and development costs are expensed as incurred. R&D expenses were $24.8 million and $15.8 million for the three months ended June 30, 2025 and 2024, respectively, and $59.1 million and $27.9 million for the six months ended June 30, 2025 and 2024, respectively[52][54] - Stock-based compensation is recognized using a fair-value based method, with fair value of options determined by the Black-Scholes model. Total stock-based compensation expense was $3.5 million and $1.0 million for the three months ended June 30, 2025 and 2024, respectively, and $6.9 million and $2.2 million for the six months ended June 30, 2025 and 2024, respectively[56][84] [3. Fair Value Measurements](index=