Bicara Therapeutics Inc., a Boston-based clinical-stage biopharmaceutical company, announced on Friday its plans to raise approximately $200 million through an initial public offering (IPO). The company, founded in 2020, is focusing on advancing bifunctional antibodies to treat solid tumors, particularly head and neck squamous cell carcinoma.

IPO Details and Plans

According to its filing with the U.S. Securities and Exchange Commission (SEC), Bicara plans to offer 11.77 million shares at a price range of $16 to $18 per share. This pricing would allow the company to raise just over $200 million at the midpoint. If underwriters exercise their option to buy additional shares at full price, net proceeds could increase to $209.9 million. Ropes & Gray LLP is advising the IPO underwriters, while Goodwin Procter LLP is representing Bicara.

Bicara Therapeutics $200M IPO : Use of Funds

Bicara intends to use the bulk of the IPO proceeds to advance its lead product, ficerafusp alfa, a Phase 1 drug designed to treat head and neck squamous cell carcinoma. A portion of the funds will also go toward expanding the drug’s development to other solid tumors and patient populations. Remaining funds will be allocated to working capital and other corporate needs.

Bicara expects its current cash reserves, combined with IPO proceeds, to cover its operational expenses and capital requirements through the first half of 2028.

Company Background and Market Strategy

Bicara Therapeutics has raised $353 million since its inception, including a $165 million Series C round in December. Investors include RA Capital Management, Red Tree Venture Capital, Omega Funds, and Biocon Ltd., among others. The company aims to use its IPO to facilitate future access to public equity markets and increase its market visibility.

Bicara will list its shares on the Nasdaq under the ticker symbol BCAX.