Bicara Therapeutics 2025年度报告

Washington, D.C. 20549 FORM 10-K For the fiscal year ended December 31, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 001-42271 Bicara Therapeutics Inc. (Exact name of registrant as specified in its charter) 83-2903745 (State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.) 116 Huntington Ave, Suite 703Boston, Massachusetts (617) 468-4219Registrant’s telephone number, including area code Securities registered pursuant to Section 12(b) of the Act: Table of Contents Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YesNo Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90days. YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company, ”and "emerging growth company" in Rule 12b-2 of theExchange Act. Accelerated filer☐Smaller reporting companyEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YesNo The aggregate market value of the common stock held by non-affiliates computed by reference to the closing price, as reported by the Nasdaq Global Market, at whichthe common equity was last sold as of June 30, 2025, the last business day of the registrant’s most recently completed second fiscal quarter, was approximately$376.7million. For purposes of this calculation, the registrant has excluded the market value of all shares of its common stock reported as beneficially owned by theexecutive officers, directors and other affiliates of the registrant. This determination of affiliate status is not necessarily a conclusive determination for other purposes.The registrant has no non-voting common stock. As of March 24, 2026, the registrant had 65,467,187 shares of common stock, $0.0001 par value per share outstanding. Part III of this Annual Report on Form 10-K incorporates by reference portions of the registrant’s Definitive Proxy Statement for its 2026 Annual Meeting ofShareholders, which the registrant anticipates will be filed with the Securities and Exchange Commission no later than 120 days after the end of its 2025 fiscal yearpursuant to Regulation 14A. TABLE OF CONTENTS PART I BusinessRisk FactorsUnresolved Staff CommentsCybersecurityPropertiesLegal ProceedingsMine Safety Disclosures Item 1.Item 1A.Item 1B.Item 1C.Item 2.Item 3.Item 4. PART II Market for Registrant’s Common Equity, Related Stockholder Matters andIssuer Purchase of Equity Securities102[Reserved]103Management’s Discussion and Analysis of Financial Condition andResults of Operations104Quantitative and Qualitative Disclosures About Market Risk115Financial Statements and Supplementary Data120Changes in and Disagreements with Accountants on Accounting andFinancial Disclosure116Controls a