Cambridge biotech tracker · Boston
Bicara Therapeutics
Listed on Nasdaq as BCAX, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $497M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $33.7M
- avg. operating cash flow, 4 qtrs
- Runway
- 3.7 yrs
- 3+ years
- Net loss
- $55.4M
- Q2 '26
- R&D expense
- —
- — of opex
- Raised, last 4 qtrs
- +$197M
- net financing cash flow
- Next readout
- Oct 2027
- Phase 1 · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
3.7 years
Cash at Q2 '26 divided by the average burn of the last four quarters, $11.2M a month.
Management’s own date
Into H1 2029
Jan–Jun 2029
That implies $13.8M to $16.5M a month, 1.2–1.5× the recent pace.
In line with the last year“Based upon our current operating plans, we believe that our existing cash, cash equivalents and marketable securities, will be sufficient to fund our operations and capital expenditure requirements into the first half of 2029.”
Cash against the calendar
What the runway has to reach.
Oct 2027estimated
Study of Safety and Tolerability of BCA101 Monotherapy and in Combination Therapy in Patients With EGFR-driven Advanced Solid Tumors
Head and Neck Squamous Cell Carcinoma · Squamous Cell Carcinoma of Anal Canal · Colorectal Cancer
NCT04429542 on ClinicalTrials.govDoes the cash reach it?
Cash past the catalyst
- Runway
- 3.7 years
- Time to the date
- 12 months
It is about 12 months out. At the current burn there is roughly 32 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Catalysts ahead
- Oct 2027Phase 1Study of Safety and Tolerability of BCA101 Monotherapy and in Combination Therapy in Patients With EGFR-driven Advanced Solid Tumors
- Mar 2028Phase 2A Study Evaluating Ficerafusp Alfa (BCA101) QW in Combination With Pembrolizumab vs Alternative Ficerafusp Alfa Dosing in 1L R or M HNSCC
- Apr 2028Phase 2/3FORTIFI-HN01: A Study of Ficerafusp Alfa (BCA101) or Placebo in Combination With Pembrolizumab in First-Line PD-L1-pos, R or M HNSCC
Pipeline
3 active trials, through phase 2/3.
Phase 2/3 · 1Phase 2 · 1Phase 1 · 1
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a phase 1 readout in Oct 2027, about 12 months out. That leaves roughly 32 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 3.7 years of runway
Cash and investments of $497M at Q2 '26 against an average operating cash burn of $33.7M per quarter over the last four reported quarters runs out around March 2030. More than two years of runway means the finance conversation is about deployment, not survival.
Cash position down $23.5M since Q3 '24
Net financing inflows of $197M over the last four quarters, from equity, debt, or ATM sales, partly offset operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Net loss runs $11.2M above cash burn
The Q2 '26 net loss of $55.4M includes non-cash charges, including $8.2M of stock-based compensation, that do not consume cash. Burn, not net loss, is what runway is built on.
Accumulated deficit of $471M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $521M | −$17.2M | −$17.5M | $15.9M | $4.8M | — | $2.0M | $334M |
| Q4 '24 · Dec 31, 24 | $490M | −$30.0M | −$21.0M | $19.9M | $6.8M | — | $3.2M | −$975K |
| Q1 '25 · Mar 31, 25 | $462M | −$28.1M | −$36.8M | $34.3M | $7.5M | — | $3.5M | $460K |
| Q2 '25 · Jun 30, 25 | $437M | −$25.6M | −$27.4M | $24.8M | $7.2M | — | $3.5M | $135K |
| Q3 '25 · Sep 30, 25 | $408M | −$29.2M | −$36.3M | $33.0M | $7.7M | — | $3.6M | $436K |
| Q4 '25 · Dec 31, 25 | $415M | −$23.9M | −$37.4M | — | $8.1M | — | $4.4M | $31.2M |
| Q1 '26 · Mar 31, 26 | $540M | −$37.5M | −$56.2M | — | $12.7M | — | $5.9M | $163M |
| Q2 '26 · Jun 30, 26 | $497M | −$44.2M | −$55.4M | — | $14.2M | — | $8.2M | $2.3M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.