Latest Ratios: P/E Ratio -3.2x · EV/EBITDA N/A · ROE -30.9%. (2022–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Market Cap | $568M | $920M | $948M | — | — |
| Enterprise Value | $473M | $825M | $459M | — | — |
| P/E Ratio → | -3.17 | — | — | — | — |
| P/S Ratio | — | — | — | — | — |
| P/B Ratio | 1.18 | 2.29 | 1.93 | — | — |
| P/FCF | — | — | — | — | — |
| P/OCF | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — |
| EV / FCF | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — |
| Operating Margin | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | -30.9% | -30.9% | -19.1% | -51.7% | — |
| ROA | -27.6% | -27.6% | -16.9% | -43.2% | -564.6% |
| ROIC | -75.4% | -75.4% | -2129.3% | — | — |
| ROCE | -32.6% | -32.6% | -21.4% | -39.6% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.00 | — |
| Debt / EBITDA | — | — | — | — | — |
| Net Debt / Equity | — | -0.24 | -0.99 | -1.05 | — |
| Net Debt / EBITDA | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -336.89 |
Net cash position: cash ($97M) exceeds total debt ($2M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | 14.58 | 14.58 | 27.93 | 15.32 | 0.21 |
| Quick Ratio | 14.58 | 14.58 | 27.93 | 15.32 | 0.21 |
| Cash Ratio | 14.33 | 14.33 | 27.22 | 15.28 | 0.17 |
| Asset Turnover | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — |
| FCF Yield | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $55M | $54M | $52M | $52M |
Includes 30+ ratios · 4 years · Updated daily
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High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BCAX stock.
Bicara Therapeutics Inc. Common Stock's current P/E ratio is -3.2x. This places it at the 50th percentile of its historical range.
Bicara Therapeutics Inc. Common Stock's return on equity (ROE) is -30.9%. The historical average is -33.9%.
Based on historical data, Bicara Therapeutics Inc. Common Stock is trading at a P/E of -3.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Key Metrics
Top Statement Risk
R&D escalation without revenue
Metrics are mathematically derived from official filings.
Negative Margins Reflect Pre-Revenue Burn
Bicara's gross, operating, and net margins remain undefined due to zero revenue, while net losses widened to -$55.4M in 2026Q2, per reported financials, indicating deepening unprofitability.
With no revenue, traditional margin analysis is inapplicable; instead, the focus shifts to the magnitude and trajectory of operating losses. Operating losses expanded from -$15.4M in 2024Q1 to -$60.0M in 2026Q2, a 290% increase, as per income statement data. This suggests that the company's cost structure is heavily weighted toward R&D, which consumed 76% of total operating costs in 2026Q2, and that losses are likely to persist until clinical milestones generate revenue.
Return on Capital Deeply Negative
ROIC deteriorated from -6.9% in 2024Q4 to -15.9% in 2026Q2, while ROE fell to -11.3%, indicating that capital invested is generating increasingly negative returns, as per quarterly data.
The negative and volatile ROIC, which swung from -162.8% in 2025Q1 to -11.4% in 2025Q4, reflects the lumpy nature of R&D spending and the absence of revenue. The improvement in 2025Q4 likely stems from a larger equity base after a financing event, but the underlying trend is one of capital consumption rather than compounding. Investors should monitor whether future financing rounds can sustain the capital base as losses erode equity.
Liquidity Buffer Shrinking Rapidly
Current ratio remains high at 11.59 in 2026Q2, but cash fell from $489.7M in 2024Q4 to $96.6M, an 80% drop, per balance sheet data, signaling a limited runway.
The current ratio, while still strong, is misleading because it is driven by cash and short-term investments that are being consumed by operating losses. With cumulative operating cash outflows of -$263.3M over ten quarters and no revenue, the liquidity position is deteriorating. Based on reported figures, the company may have less than two years of cash at the current burn rate, which could necessitate dilutive financing.
Minimal Debt Masks Equity Dilution Risk
D/E ratio is 0.00 with total debt of only $1.2M, but the absence of leverage means future funding will likely come from equity, as per balance sheet data.
Bicara's balance sheet shows no meaningful debt, and interest coverage is not applicable. However, the lack of leverage is not a sign of strength but rather a reflection of a pre-revenue biotech that cannot service debt. The rapid cash burn and negative equity trend suggest that the company will need to raise capital through equity issuance, which could dilute existing shareholders. Investors should monitor the pace of cash consumption relative to financing capacity.
Working Capital Efficiency Not Meaningful
Asset turnover and cash conversion cycle metrics are unavailable due to zero revenue, but working capital swings of -$12.0M to +$14.2M indicate timing volatility, per cash flow statements.
With no revenue, efficiency ratios such as asset turnover and CCC are not calculable. The working capital changes reflect the timing of clinical trial payments and other operational outflows, which can cause quarterly volatility. The capital-light model, with minimal CapEx averaging $47K per quarter, suggests that the company's efficiency is best measured by its ability to convert cash into clinical progress rather than traditional operational metrics.
Misapplied P/B Ratio in Pre-Revenue Biotech
P/B of 3.32 appears low for a biotech, but it obscures the fact that book value is dominated by cash that is being burned, as per balance sheet data.
The price-to-book ratio is often misapplied to pre-revenue biotechs because book value is largely cash and short-term investments, which will be depleted over time. A more relevant metric is the enterprise value-to-cash ratio or the cash runway, which better reflects the company's ability to fund operations. Based on reported figures, the market is pricing Bicara at a premium to its remaining cash, implying expectations for pipeline success, but the P/B ratio does not capture the risk of dilution or the lack of revenue.