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Bicara Therapeutics (BCAX)

Market Price (5/17/2026): $20.26 | Market Cap: $1.2 Bil
Sector: Health Care | Industry: Biotechnology

Bicara Therapeutics (BCAX)

Market Price (5/17/2026): $20.26
Market Cap: $1.2 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -44%

Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.

Weak multi-year price returns
2Y Excs Rtn is -55%, 3Y Excs Rtn is -93%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15%

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -174 Mil

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -17%

Significant short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 21.35

Key risks
BCAX key risks include [1] the pivotal trial outcome for its lead HNSCC candidate, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -44%
1 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -55%, 3Y Excs Rtn is -93%
3 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15%
4 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
5 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -174 Mil
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -17%
7 Significant short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 21.35
8 Key risks
BCAX key risks include [1] the pivotal trial outcome for its lead HNSCC candidate, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Bicara Therapeutics (BCAX) stock has gained about 20% since 1/31/2026 because of the following key factors:

1. Advancement of its Lead Clinical Asset, Ficerafusp Alfa. The company announced the selection of 1500 mg as the optimal dose for the Phase 3 FORTIFI-HN01 pivotal study for HPV-negative recurrent/metastatic head and neck squamous cell carcinoma (HNSCC) in January 2026. Throughout the period, Bicara reported continued strong enrollment in this pivotal trial, aiming for an interim analysis in mid-2027 to potentially support accelerated U.S. FDA approval. This progress was reinforced by preliminary Phase 1b data presented in February 2026, which demonstrated rapid, deep, and durable tumor responses, alongside a generally well-tolerated safety profile. Furthermore, the company highlighted an unprecedented 21% complete response rate in head and neck cancer and a median duration of response exceeding 21 months.

2. Strengthened Financial Position and Extended Cash Runway. Bicara Therapeutics completed an oversubscribed public offering in the first quarter of 2026, which generated approximately $161.8 million in net proceeds. This capital infusion bolstered the company's cash, cash equivalents, and marketable securities to $539.8 million as of March 31, 2026, and is expected to fund operations into the first half of 2029, significantly de-risking its clinical development programs.

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Stock Movement Drivers

Fundamental Drivers

The 20.4% change in BCAX stock from 1/31/2026 to 5/16/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)13120265162026Change
Stock Price ($)16.8020.2320.4%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)5561-10.1%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/16/2026
ReturnCorrelation
BCAX20.4% 
Market (SPY)7.1%41.0%
Sector (XLV)-5.8%30.3%

Fundamental Drivers

The 24.5% change in BCAX stock from 10/31/2025 to 5/16/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)103120255162026Change
Stock Price ($)16.2520.2324.5%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)5561-10.2%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/16/2026
ReturnCorrelation
BCAX24.5% 
Market (SPY)9.0%25.6%
Sector (XLV)1.4%25.6%

Fundamental Drivers

The 40.8% change in BCAX stock from 4/30/2025 to 5/16/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)43020255162026Change
Stock Price ($)14.3720.2340.8%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)5461-10.3%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/16/2026
ReturnCorrelation
BCAX40.8% 
Market (SPY)34.8%28.1%
Sector (XLV)5.1%29.3%

Fundamental Drivers

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Market Drivers

4/30/2023 to 5/16/2026
ReturnCorrelation
BCAX  
Market (SPY)84.7%31.8%
Sector (XLV)14.2%30.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
BCAX Return----26%-3%23%-12%
Peers Return-24%-23%25%-12%-3%36%-15%
S&P 500 Return27%-19%24%23%16%10%100%

Monthly Win Rates [3]
BCAX Win Rate---25%67%40% 
Peers Win Rate40%47%48%47%45%60% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
BCAX Max Drawdown-----50%-22% 
Peers Max Drawdown-48%-53%-35%-50%-49%-21% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: MGNX, ZYME, IOVA, REGN, MRK.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/15/2026 (YTD)

How Low Can It Go

EventBCAXS&P 500
2025 US Tariff Shock
  % Loss-29.7%-18.8%
  % Gain to Breakeven42.3%23.1%
  Time to Breakeven122 days79 days

Compare to MGNX, ZYME, IOVA, REGN, MRK

In The Past

Bicara Therapeutics's stock fell -29.7% during the 2025 US Tariff Shock. Such a loss loss requires a 42.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventBCAXS&P 500
2025 US Tariff Shock
  % Loss-29.7%-18.8%
  % Gain to Breakeven42.3%23.1%
  Time to Breakeven122 days79 days

Compare to MGNX, ZYME, IOVA, REGN, MRK

In The Past

Bicara Therapeutics's stock fell -29.7% during the 2025 US Tariff Shock. Such a loss loss requires a 42.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Bicara Therapeutics (BCAX)

We are a clinical-stage biopharmaceutical company committed to bringing transformative bifunctional therapies to patients with solid tumors. Our lead program ficerafusp alfa is a bifunctional antibody that combines two clinically validated targets, an epidermal growth factor receptor, or EGFR, directed monoclonal antibody with a domain that binds to human transforming growth factor beta, or TGF-ß. Through this dual-targeting mechanism, ficerafusp alfa has the potential to exert potent anti-tumor activity by simultaneously blocking both cancer cell-intrinsic EGFR survival and proliferation, as well as the immunosuppressive TGF-ß signaling within the tumor microenvironment, or TME. Ficerafusp alfa directs the TGF-ß inhibitor into the immediate TME through the binding of EGFR on tumor cells, which we believe will lead to durable responses and an increase in overall survival, or OS, while reducing the adverse effects typically associated with systemic TGF-ß inhibition. Ficerafusp alfa is initially being developed in head and neck squamous cell carcinoma, or HNSCC, where there remains a significant unmet need. We intend to initiate a pivotal Phase 2/3 trial of ficerafusp alfa in combination with pembrolizumab as a first-line therapy in recurrent/metastatic, or R/M, HNSCC excluding patients associated with human papillomavirus infection, or HPV-positive patients, with oropharyngeal squamous cell carcinoma, or OPSCC, late in the fourth quarter of 2024 or early in the first quarter of 2025. We are conducting an ongoing Phase 1/1b trial of ficerafusp alfa in the U.S., which includes a cohort of HNSCC patients who were treatment-naïve in the R/M setting. In this cohort, treatment with ficerafusp alfa in combination with pembrolizumab resulted in a 54% (21/39) overall response rate, or ORR, in the efficacy evaluable population, and a 64% (18/28) ORR in patients not associated with human papillomavirus infection, or HPV-negative patients. The historical response rate observed in a Phase 3 trial with pembrolizumab monotherapy, the current standard of care in R/M HNSCC, was 19%. Furthermore, treatment with ficerafusp alfa in combination with pembrolizumab demonstrated an 18% (5/28) complete response rate, or CR rate, and a median progression-free survival, or mPFS, of 9.8 months in HPV-negative patients. With at least 12 months of follow-up, median OS and median duration of response, or mDOR, have not yet been reached, and we expect to announce updated interim Phase 1/1b data at future medical meetings in 2025. Based on the clinical data generated to date, we believe that ficerafusp alfa in combination with pembrolizumab has the potential to become a first-line standard of care therapy in HPV-negative R/M HNSCC. We also believe ficerafusp alfa has the potential to provide meaningful clinical benefit in other solid tumors where there is a strong biologic rationale for the dual inhibition of both EGFR and TGF-ß, such as colorectal cancer and other squamous cell carcinomas which typically overexpress EGFR and TGF-ß pathways. We have demonstrated preliminary activity of ficerafusp alfa in combination with pembrolizumab or as a monotherapy across several squamous cell carcinomas, including cutaneous squamous cell carcinoma, or CSCC. Within our Phase 1/1b dose expansion cohorts conducted in the U.S. and Canada, we have observed to date a preliminary 42% (5/12) ORR with ficerafusp alfa monotherapy in relapsed and/or refractory CSCC patients. We have built a platform designed to facilitate the development of bifunctional therapies that precisely target the tumor and deliver a tumor-modulating payload to the tumor site. This dual-targeting approach both enhances drug exposure within the TME and limits systemic toxicity. This approach was deployed in the development of ficerafusp alfa, where we believe the bifunctional design can improve upon the therapeutic profile of immunotherapies and targeted therapies by addressing resistance mechanisms and limiting off-target toxicity, therefore, enhancing the treatment effect and tolerability for targeted patient populations with cancer. We were incorporated under the laws of the State of Delaware on December 12, 2018 under the name “Bicara Therapeutics Inc.” Our principal corporate office is located at 116 Huntington Avenue, Suite 703, Boston, MA 02116, and our telephone number is 617-468-4219. We have one subsidiary, Bicara Securities Corporation, formed in October 2023 under the laws of the Commonwealth of Massachusetts.

AI Analysis | Feedback

Bicara is like MacroGenics or Regeneron for next-generation bispecific antibodies, designed to simultaneously attack cancer and reprogram its protective environment.

Bicara is like Seagen (now Pfizer) for precision oncology, but instead of delivering toxic payloads, their 'smart' antibodies deliver signals to disarm the tumor's defenses.

AI Analysis | Feedback

  • Ficerafusp alfa: A clinical-stage bifunctional antibody therapy combining EGFR and TGF-ß inhibition, initially developed for HPV-negative recurrent/metastatic head and neck squamous cell carcinoma.

AI Analysis | Feedback

Bicara Therapeutics (BCAX) is a clinical-stage biopharmaceutical company. Based on the provided description, the company is currently focused on the research, development, and clinical trials of its drug candidates, such as ficerafusp alfa. As a clinical-stage company, Bicara Therapeutics does not yet have commercialized products available for sale. Therefore, it does not have major customers, either other companies or individual consumers, that it sells to. Its primary activities are drug development and conducting clinical trials for potential future therapies for patients with solid tumors.

AI Analysis | Feedback

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AI Analysis | Feedback

Claire Mazumdar, PhD, MBA – Chief Executive Officer

Claire Mazumdar is the founding Chief Executive Officer of Bicara Therapeutics. She previously served as the Head of Business Development and Corporate Strategy at Rheos Medicines, where she played a key role in supporting a major partnership with Roche. Prior to Rheos, she was a Senior Associate at Third Rock Ventures, focusing on company formation and supporting business development for portfolio companies. Mazumdar also serves as a Director of Noora Health and is a Director at Relay Therapeutics, Inc..

Ivan Hyep, MBA – Chief Financial Officer

Ivan Hyep brings over 15 years of experience in finance, strategy, and operations. Before joining Bicara Therapeutics as a member of the founding executive team in March 2021, he held positions as Head of Finance at MOMA Therapeutics and Director of Finance at Third Rock Ventures. Hyep began his career at Bain Capital, where he spent a decade in global private equity, indicating a strong background in managing companies backed by private equity firms.

Ryan Cohlhepp, PharmD – President & Chief Operating Officer

Ryan Cohlhepp serves as President and Chief Operating Officer at Bicara Therapeutics. He previously held the role of Senior Vice President of Operations at Rheos Medicines, Inc. from 2018 to 2020.

David Raben, MD – Chief Medical Officer

David Raben is the Chief Medical Officer at Bicara Therapeutics. Prior to this role, he served as the Head of Clinical Development for Oncology and Global Medical Affairs at bluebird bio, and held leadership positions at Pfizer and Takeda Oncology.

Lara Meisner, JD – Chief Legal Officer

Lara Meisner is the Chief Legal Officer and Corporate Secretary for Bicara Therapeutics.

AI Analysis | Feedback

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The key risks for Bicara Therapeutics (BCAX) are:

  1. Clinical Trial Success and Regulatory Approval of Ficerafusp Alfa: The company's future is critically dependent on the successful outcome of its pivotal Phase 2/3 trial for ficerafusp alfa in combination with pembrolizumab for recurrent/metastatic head and neck squamous cell carcinoma (R/M HNSCC), which it intends to initiate late in the fourth quarter of 2024 or early in the first quarter of 2025. Failure to achieve positive results in this trial, or subsequent inability to secure regulatory approval (e.g., from the FDA), would severely impact the company's viability, as ficerafusp alfa is its lead and most advanced program.

  2. Competition in the Oncology Market: Bicara Therapeutics operates in the highly competitive oncology market. While ficerafusp alfa has shown promising early data compared to pembrolizumab monotherapy, the current standard of care, there is a risk that existing therapies or other investigational drugs could prove more effective, safer, or gain market dominance, thereby limiting the market potential and commercial success of ficerafusp alfa even if approved.

  3. Reliance on a Single Lead Product Candidate: Bicara Therapeutics is heavily concentrated on the development and potential commercialization of ficerafusp alfa. Although the company has a platform designed for bifunctional therapies and is exploring other potential indications (such as colorectal cancer and cutaneous squamous cell carcinoma), the vast majority of its current value and future prospects are tied to the success of this single lead asset. A significant setback or failure in the development, approval, or commercialization of ficerafusp alfa would have a material adverse effect on the company.

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AI Analysis | Feedback

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AI Analysis | Feedback

Bicara Therapeutics (BCAX) focuses its lead program, ficerafusp alfa, on recurrent/metastatic (R/M) Head and Neck Squamous Cell Carcinoma (HNSCC), particularly in HPV-negative patients, and also has demonstrated preliminary activity in cutaneous squamous cell carcinoma (CSCC). The addressable markets for Bicara Therapeutics' main products are as follows:

Head and Neck Squamous Cell Carcinoma (HNSCC)

  • The global head and neck squamous cell carcinoma market was valued at approximately USD 2.35 billion in 2025 and is projected to exceed USD 5.46 billion by 2035, growing at a compound annual growth rate (CAGR) of over 8.8% between 2026 and 2035. Other estimates place the global market at USD 2.53 billion in 2025, projected to reach USD 6.25 billion by 2033, with a CAGR of 12.00% from 2026 to 2033.
  • For recurrent head and neck squamous cell carcinoma, across the seven major markets (U.S., EU4, UK, and Japan), the market size reached USD 1.6 billion in 2024 and is expected to reach USD 3.8 billion by 2035, exhibiting a CAGR of 7.97% during 2025-2035.
  • North America is a significant region within the global HNSCC market, with one report indicating it will account for over 52% of the market share by 2035. The U.S. head and neck cancer therapeutics market was valued at USD 0.83 billion in 2024 and is expected to reach USD 1.91 billion by 2032, growing at a CAGR of 11.06% over the period of 2025-2032.

Cutaneous Squamous Cell Carcinoma (CSCC)

  • The global cutaneous squamous cell carcinoma (CSCC) treatment market was estimated at USD 13.69 billion in 2024, projected to grow to USD 14.68 billion in 2025, and is expected to reach approximately USD 27.54 billion by 2034, expanding at a CAGR of 7.24% between 2025 and 2034.
  • Another report indicates the cutaneous squamous cell carcinoma market reached USD 8.0 billion in 2024 and is expected to reach USD 14.0 billion by 2035 across the seven major markets (7MM), exhibiting a CAGR of 5.27% during 2025-2035.
  • The global cutaneous squamous cell carcinoma market size is also reported to be USD 7.87 billion in 2025, projected to grow to USD 8.33 billion in 2026 at a CAGR of 5.8%, and further to USD 10.35 billion in 2030 at a CAGR of 5.6%.

AI Analysis | Feedback

Here are 3 expected drivers of future revenue growth for Bicara Therapeutics (BCAX) over the next 2-3 years:

  1. Successful clinical development and regulatory approval of ficerafusp alfa for HPV-negative recurrent/metastatic head and neck squamous cell carcinoma (R/M HNSCC): Bicara Therapeutics' lead program, ficerafusp alfa, is undergoing a pivotal Phase 2/3 trial (FORTIFI-HN01) for this indication, with top-line data expected in mid-2027. The company has received Breakthrough Therapy Designation from the U.S. FDA, which could facilitate an accelerated regulatory pathway. Successful trial completion, regulatory approval, and the planned commercial launch targeted for 2028 are anticipated to be the primary drivers of future revenue. Analysts also speculate that ficerafusp alfa has the potential to become a "blockbuster" drug, capable of generating over $1 billion in peak annual revenues.
  2. Expansion of ficerafusp alfa into additional solid tumor indications: Beyond HNSCC, Bicara Therapeutics is evaluating ficerafusp alfa in other EGFR-driven advanced solid tumors, including colorectal cancer, cutaneous squamous cell carcinoma (CSCC), and squamous cell carcinoma of the anal canal (SCAC). Preliminary activity has been observed in CSCC, and data from a Phase 1b expansion cohort in third-line colorectal cancer is expected in 2026. Advancing clinical development in these new indications would broaden ficerafusp alfa's market potential and open new revenue streams.
  3. Progression of new product candidates from their bifunctional therapy platform: Bicara Therapeutics has developed a proprietary platform designed to facilitate the development of other transformative bifunctional therapies. Advancing additional novel product candidates from this platform through preclinical and early clinical development could lead to future revenue opportunities through partnerships, licensing agreements, or subsequent product launches, thereby leveraging the company's core technology beyond its lead asset.

AI Analysis | Feedback

Share Issuance

  • Bicara Therapeutics completed its Initial Public Offering (IPO) on September 16, 2024, issuing 20,125,000 shares of common stock at $18.00 per share, which generated approximately $362 million in gross proceeds.
  • The company closed an underwritten public offering on February 26, 2026, selling 8,581,250 shares of common stock and pre-funded warrants for 2,200,000 shares. This offering yielded approximately $172.5 million in gross proceeds.

Outbound Investments

  • Bicara Therapeutics formed a subsidiary, Bicara Securities Corporation, in October 2023 under the laws of the Commonwealth of Massachusetts.

Capital Expenditures

  • Capital expenditures reported for the 12 months ending August 12, 2025, were approximately -$48,000.
  • Annual capital expenditures for the most recent fiscal year (as of August 12, 2025) were -$0.05 million, with prior years reporting -$0.07 million, -$0.59 million, and -$0.19 million.
  • The company primarily relies on third-party manufacturing and service agreements for its clinical trials and research and development, which contributes to lower direct capital expenditures.

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Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
GEHC_4302026_Dip_Buyer_FCFYield04302026GEHCGE HealthCare TechnologiesDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		0.0%0.0%0.0%
IQV_4302026_Dip_Buyer_FCFYield04302026IQVIQVIADip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		0.0%0.0%0.0%
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Buying dips for companies with high FCF yield and meaningfully high operating margin		0.0%0.0%0.0%
ABT_4302026_Dip_Buyer_ValueBuy04302026ABTAbbott LaboratoriesDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		0.0%0.0%0.0%
ZBIO_4302026_Insider_Buying_45D_2Buy_200K04302026ZBIOZenas BioPharmaInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		0.0%0.0%0.0%

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Peer Comparisons

Peers to compare with:

Financials

BCAXMGNXZYMEIOVAREGNMRKMedian
NameBicara T.Macrogen.ZymeworksIovance .Regenero.Merck  
Mkt Price20.234.2523.933.45698.25111.3822.08
Mkt Cap1.20.31.81.472.6275.31.6
Rev LTM01578128614,92065,768221
Op Inc LTM-174-64-114-3583,84312,970-89
FCF LTM-117-72-78-3053,79114,115-75
FCF 3Y Avg--86-78-3533,56114,065-78
CFO LTM-116-70-75-2715,01317,890-73
CFO 3Y Avg--84-75-3304,56817,842-75

Growth & Margins

BCAXMGNXZYMEIOVAREGNMRKMedian
NameBicara T.Macrogen.ZymeworksIovance .Regenero.Merck  
Rev Chg LTM-2.0%-13.0%34.3%5.9%2.9%2.9%
Rev Chg 3Y Avg-61.3%-5.5%-6.4%4.4%5.4%
Rev Chg Q-57.5%-91.1%44.8%19.0%4.9%19.0%
QoQ Delta Rev Chg LTM-5.1%-23.3%8.4%4.0%1.2%4.0%
Op Inc Chg LTM-60.0%36.0%-5.8%10.2%-2.4%-36.4%-4.1%
Op Inc Chg 3Y Avg--5.0%-54.3%4.4%-6.3%69.7%-5.0%
Op Mgn LTM--40.5%-140.2%-125.4%25.8%19.7%-40.5%
Op Mgn 3Y Avg--176.2%-183.4%-8,287.5%28.1%19.9%-176.2%
QoQ Delta Op Mgn LTM-8.2%-53.0%25.8%-0.1%-14.3%-0.1%
CFO/Rev LTM--44.5%-92.7%-94.8%33.6%27.2%-44.5%
CFO/Rev 3Y Avg--115.3%-106.0%-6,811.7%32.6%28.0%-106.0%
FCF/Rev LTM--45.6%-95.4%-106.8%25.4%21.5%-45.6%
FCF/Rev 3Y Avg--118.4%-110.8%-7,181.8%25.5%22.0%-110.8%

Valuation

BCAXMGNXZYMEIOVAREGNMRKMedian
NameBicara T.Macrogen.ZymeworksIovance .Regenero.Merck  
Mkt Cap1.20.31.81.472.6275.31.6
P/S-1.722.05.14.94.24.9
P/Op Inc-7.1-4.2-15.7-4.018.921.2-4.1
P/EBIT-7.1-4.7-16.1-4.014.020.9-4.4
P/E-7.8-3.8-17.4-4.116.430.8-4.0
P/CFO-10.6-3.9-23.7-5.314.515.4-4.6
Total Yield-12.8%-26.1%-5.7%-24.5%6.6%6.2%-9.3%
Dividend Yield0.0%0.0%0.0%0.0%0.5%3.0%0.0%
FCF Yield 3Y Avg--47.3%-7.5%-21.1%4.3%5.2%-7.5%
D/E0.00.10.00.00.00.20.0
Net D/E-0.4-0.4-0.2-0.2-0.10.2-0.2

Returns

BCAXMGNXZYMEIOVAREGNMRKMedian
NameBicara T.Macrogen.ZymeworksIovance .Regenero.Merck  
1M Rtn-15.5%24.6%-12.0%-9.2%-6.4%-3.5%-7.8%
3M Rtn42.4%148.5%5.9%34.2%-13.0%-7.6%20.1%
6M Rtn36.9%183.3%29.2%39.7%0.9%21.8%33.0%
12M Rtn39.8%169.0%104.4%107.8%18.1%51.8%78.1%
3Y Rtn-13.6%-30.3%160.4%-54.0%-6.2%6.4%-9.9%
1M Excs Rtn-20.7%19.4%-17.2%-14.4%-11.6%-8.7%-13.0%
3M Excs Rtn34.0%140.2%-2.5%25.9%-21.3%-16.0%11.7%
6M Excs Rtn27.5%181.0%15.4%27.7%-5.5%15.6%21.6%
12M Excs Rtn21.9%148.5%87.0%76.6%-2.8%31.4%54.0%
3Y Excs Rtn-92.6%-120.1%67.9%-133.9%-85.3%-75.5%-89.0%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil202520242023
Research and development of its product  0
Total  0


Operating Income by Segment
$ Mil202520242023
Research and development of its product-82  
Total-82  


Net Income by Segment
$ Mil202520242023
Research and development of its product-68  
Total-68  


Assets by Segment
$ Mil202520242023
Research and development of its product 2347
Total 2347


Price Behavior

Price Behavior
Market Price$20.23 
Market Cap ($ Bil)1.1 
First Trading Date09/13/2024 
Distance from 52W High-15.7% 
   50 Days200 Days
DMA Price$21.10$15.90
DMA Trendupup
Distance from DMA-4.1%27.3%
 3M1YR
Volatility48.9%76.8%
Downside Capture90.85238.36
Upside Capture194.32214.24
Correlation (SPY)35.3%26.0%
BCAX Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta1.811.401.491.041.800.01
Up Beta0.740.490.751.501.220.58
Down Beta-3.080.901.630.721.08-0.15
Up Capture219%291%268%147%433%96%
Bmk +ve Days15223166141428
Stock +ve Days13233259122202
Down Capture814%119%114%63%174%106%
Bmk -ve Days4183056108321
Stock -ve Days9203266126199

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with BCAX
BCAX51.0%76.8%0.91-
Sector ETF (XLV)14.8%14.9%0.7129.0%
Equity (SPY)27.4%12.1%1.7126.1%
Gold (GLD)42.5%26.8%1.302.1%
Commodities (DBC)45.4%18.5%1.88-7.3%
Real Estate (VNQ)11.5%13.5%0.5618.9%
Bitcoin (BTCUSD)-23.7%41.8%-0.5423.7%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with BCAX
BCAX-2.5%78.2%0.26-
Sector ETF (XLV)4.8%14.7%0.1530.8%
Equity (SPY)13.6%17.1%0.6331.8%
Gold (GLD)19.4%17.9%0.883.7%
Commodities (DBC)10.9%19.4%0.451.4%
Real Estate (VNQ)2.9%18.8%0.0627.6%
Bitcoin (BTCUSD)7.2%55.9%0.3420.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with BCAX
BCAX-1.2%78.2%0.26-
Sector ETF (XLV)9.6%16.5%0.4730.8%
Equity (SPY)15.5%17.9%0.7431.8%
Gold (GLD)13.0%16.0%0.673.7%
Commodities (DBC)8.3%17.9%0.381.4%
Real Estate (VNQ)5.0%20.7%0.2127.6%
Bitcoin (BTCUSD)67.4%66.9%1.0620.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date4302026
Short Interest: Shares Quantity8.9 Mil
Short Interest: % Change Since 4152026-4.6%
Average Daily Volume0.4 Mil
Days-to-Cover Short Interest21.4 days
Basic Shares Quantity60.7 Mil
Short % of Basic Shares14.7%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/11/20261.5%  
2/26/2026-0.1%10.1%9.3%
11/10/2025-4.8%1.0%30.5%
8/12/20254.8%14.8%19.4%
3/27/20252.3%1.2%11.0%
11/12/2024-7.3%-20.4%-17.4%
SUMMARY STATS   
# Positive344
# Negative311
Median Positive2.3%5.7%15.2%
Median Negative-4.8%-20.4%-17.4%
Max Positive4.8%14.8%30.5%
Max Negative-7.3%-20.4%-17.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/11/202610-Q
12/31/202503/30/202610-K
09/30/202511/10/202510-Q
06/30/202508/12/202510-Q
03/31/202505/13/202510-Q
12/31/202403/27/202510-K
09/30/202411/12/202410-Q
06/30/202409/13/2024424B4

Recent Forward Guidance [BETA]

Latest: Q1 2026 Earnings Reported 5/11/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2029 Cash Runway 2,030 0 AffirmedGuidance: 2,030 for 2029

Prior: Q3 2025 Earnings Reported 11/10/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2029 Cash Runway 2,030    

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Raben, DavidChief Medical OfficerDirectSell428202622.885,500125,8301,264,844Form
2Hyep, IvanChief Financial OfficerDirectSell422202623.009,200211,6143,343,383Form
3Mazumdar, ClaireChief Executive OfficerDirectSell420202623.6115,000354,1468,550,300Form
4Cohlhepp, RyanPresident and COODirectSell417202623.0112,500287,5914,512,675Form
5Raben, DavidChief Medical OfficerDirectSell326202618.955,500104,2291,047,714Form

Industry Resources

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