Revenue remains zero while R&D expenses escalated from $12.0M in 2024Q1 to $45.8M in 2026Q2 (a 282% increase), causing operating losses to widen 290% to -$60.0M and net losses of -$55.4M in 2026Q2.
Bicara Therapeutics Inc. Common Stock (BCAX) annual income statement — 4-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - |
| Operating Expenses | 201.99M | 155.6M | 82.39M | 39.89M | 37.66M |
| OpEx % of Revenue | - | - | - | - | - |
| Selling, General & Admin | 42.75M | 30.51M | 18.77M | 9.27M | 6.34M |
| SG&A % of Revenue | - | - | - | - | - |
| Research & Development | 132.08M | 125.1M | 63.62M | 30.62M | 31.31M |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 |
| Operating Income | -201.99M | -155.6M | -82.39M | -39.89M | -37.66M |
| Operating Margin % | - | - | - | - | - |
| Operating Income Growth % | - | -88.87% | -106.55% | -5.93% | - |
| EBITDA | -201.84M | -155.5M | -82.33M | -39.87M | -37.65M |
| EBITDA Margin % | - | - | - | - | - |
| EBITDA Growth % | -66.8% | -88.87% | -106.5% | -5.91% | - |
| D&A (Non-Cash Add-back) | 155K | 105K | 56K | 19K | 10K |
| EBIT | -185.16M | -137.73M | -67.81M | -51.98M | -37.73M |
| Net Interest Income | 16.83M | 17.87M | 14.58M | 1.31M | -108K |
| Interest Income | 16.83M | 17.87M | 14.58M | 1.31M | 4K |
| Interest Expense | 0 | 0 | 0 | 0 | 112K |
| Other Income/Expense | 16.83M | 17.87M | 14.58M | -12.09M | -188K |
| Pretax Income | -185.16M | -137.73M | -67.81M | -51.98M | -37.84M |
| Pretax Margin % | - | - | - | - | - |
| Income Tax | 102K | 217K | 187K | 5K | 1K |
| Effective Tax Rate % | -0.06% | -0.16% | -0.28% | -0.01% | -0% |
| Net Income | -185.36M | -137.95M | -68M | -51.98M | -37.84M |
| Net Margin % | - | - | - | - | - |
| Net Income Growth % | -80.54% | -102.88% | -30.8% | -37.36% | - |
| Net Income (Continuing) | -185.26M | -137.95M | -68M | -51.98M | -37.84M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.73 | -2.52 | -1.25 | -1.00 | -0.73 |
| EPS Growth % | -64.89% | -101.6% | -25% | -36.99% | - |
| EPS (Basic) | - | -2.52 | -1.25 | -1.00 | -0.73 |
| Diluted Shares Outstanding | 67.93M | 54.68M | 54.42M | 51.76M | 51.76M |
| Basic Shares Outstanding | 67.93M | 54.68M | 54.42M | 51.76M | 51.76M |
| Dividend Payout Ratio | - | - | - | - | - |
Quick answers to the most common questions about buying BCAX stock.
For fiscal year 2025, Bicara Therapeutics Inc. Common Stock (BCAX) reported total revenue of $0.0M.
Bicara Therapeutics Inc. Common Stock (BCAX) reported a net loss of $137.9M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
R&D escalation without revenue
Metrics are mathematically derived from official filings.
R&D Escalation Outpaces Revenue
Bicara's revenue remains absent, while R&D spending surged to $45.8M in 2026Q2, up from $12.0M in 2024Q1, reflecting a 282% increase over nine quarters, as per reported financials.
The company is in a pre-revenue stage, with no top-line growth to offset escalating research expenditures. The sequential jump in R&D from $5.8M in 2025Q3 to $33.0M in 2025Q4 suggests a major clinical program initiation, likely driving the increased burn. Investors should monitor whether this spending translates into clinical milestones that could support future value.
R&D Dominates Cost Structure
R&D expenses account for roughly 76% of total operating costs in 2026Q2, with SG&A at $14.2M, indicating a heavy investment in pipeline development, as per the latest income statement.
The cost structure is overwhelmingly R&D-centric, typical of a clinical-stage biotech, but the magnitude of spending is notable relative to the company's cash runway. SG&A has grown from $3.3M in 2024Q1 to $14.2M in 2026Q2, a 330% increase, suggesting scaling of administrative and commercial infrastructure ahead of any product launch. This implies management is preparing for potential commercialization, but the lack of revenue means these costs are entirely funded by external capital.
Negative Operating Leverage Intensifies
Operating losses widened from -$15.4M in 2024Q1 to -$60.0M in 2026Q2, a 290% increase, while gross profit remains zero, indicating no operating leverage as costs outpace any revenue, per reported figures.
With no revenue, operating leverage is inherently negative, and the company's losses are scaling with R&D investment. The operating margin is undefined, but the trend shows a deteriorating loss profile, which is typical for a biotech in the clinical phase. The absence of gross profit means every dollar of operating expense directly impacts net income, making cost control critical for extending cash runway.
Losses Driven by Operating Burn
Net losses of -$55.4M in 2026Q2 are almost entirely from operating activities, with stock-based compensation of $8.2M adding to the burn, indicating high-quality losses with no non-operating distortions, as per financial statements.
The net loss closely tracks operating loss, with minimal non-operating items, suggesting that reported losses are a true reflection of cash consumption. Stock-based compensation is a significant non-cash expense, but it still represents dilution to shareholders. The EPS dilution from -$0.27 in 2024Q1 to -$0.82 in 2026Q2 reflects both increased losses and share count expansion, which investors should factor into valuation.
2025Q4 Marks R&D Inflection
R&D spending jumped from $5.8M in 2025Q3 to $33.0M in 2025Q4, a 469% increase, signaling a major clinical program acceleration, as reported in quarterly filings.
This inflection point suggests the initiation of a pivotal trial or expansion of the pipeline, which has sustained elevated spending into 2026. The subsequent quarters show R&D remaining above $45M, indicating a new baseline of investment. This shift likely reflects a strategic commitment to advancing lead candidates, but it also accelerates cash burn, making future financing a key risk.
Cash Burn Sustainability Questioned
With cumulative operating losses exceeding $300M over the last ten quarters and no revenue, Bicara's cash runway may be limited, as per reported financials, warranting scrutiny of financing needs.
The company's escalating R&D and SG&A costs, without any product revenue, imply heavy reliance on external capital. While the balance sheet appears adequate based on recent IPO proceeds, the burn rate of ~$60M per quarter suggests a finite runway. Short-sellers might argue that the lack of clinical data or revenue visibility makes the stock's valuation unjustified, especially if future trials fail. Investors should monitor cash position and any dilution events closely.