Bicara Therapeutics Reports Third Quarter 2024 Financial Results and Provides Business Update

Core Insights - Bicara Therapeutics is advancing the development of ficerafusp alfa, a bifunctional EGFR/TGF-β inhibitor, with a pivotal Phase 2/3 trial (FORTIFI-HN01) set to begin soon for treating recurrent/metastatic head and neck squamous cell carcinoma (HNSCC) [2][4] - The company successfully completed an upsized initial public offering (IPO), raising approximately $362 million, which strengthens its financial position to support operations into the first half of 2029 [1][7][9] Financial Highlights - As of September 30, 2024, Bicara had cash and cash equivalents of approximately$521 million, a significant increase from $230 million at the end of 2023 [9][18] - Research and development expenses for Q3 2024 were$15.9 million, up from $6.9 million in Q3 2023, primarily due to ongoing clinical trials [9] - General and administrative expenses rose to$4.8 million in Q3 2024 from $2.6 million in Q3 2023, reflecting increased personnel costs and professional fees [9] Clinical Development - The ongoing Phase 1/1b trial of ficerafusp alfa in combination with pembrolizumab has shown a 64% overall response rate and an 18% complete response rate in HPV-negative R/M HNSCC [5] - Updated data from the ongoing Phase 1/1b trial is expected to be presented at a medical meeting in the first half of 2025 [5] - The company plans to expand its clinical trials to include other solid tumor types, with data from additional cohorts expected in early to mid-2025 [6] Corporate Developments - Bicara appointed new board members, including industry leaders, to strengthen its governance following the IPO [8] - The company is committed to rapidly advancing ficerafusp alfa to address significant unmet needs in cancer treatment [2][10]