Bicara Therapeutics Inc.

BCAXdata completeness 75%3 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Bicara Therapeutics Inc. earns about -1256% on invested capital, but has diluted owners by 9325% over 3 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2023	FY 2024	FY 2025
Revenue	—	—	—
Net income	−$52M¹	−$68M²	−$138M²
Operating cash flow	−$45.6M³	−$74.8M⁴	−$106.8M⁴
Capital expenditure	$586,000⁵	$71,000⁶	$280,000⁶
Free cash flow (derived)	−$46.2M³	−$74.8M⁴	−$107.1M⁴
Total debt	—	—	—
Cash & equivalents	$230.4M⁷	$489.7M⁸	$96.7M⁸
Diluted shares	580.1M	16.81B	54.68B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$0.07

your share of equity

Profit it earned you last year

−$0.03

Free cash flow it threw off

−$0.02

Debt you’d be carrying

—

10 shares is a claim on $0.07 of net worth that earned you −$0.03 and generated −$0.02 of cash last year.

iii. Is this a good business?

Moat signal · return on invested capital

-1256% avg · 3y

FY23 —FY24 -2475%FY25 -36%

It earned an average -1256% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+9325% shares · 3y

Share count is up 9325% over 3 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2023-12-31 · accession 0002023658-25-000012 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001628280-26-022010 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0002023658-25-000012 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001628280-26-022010 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0002023658-25-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2024-12-31 · accession 0001628280-26-022010 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2023-12-31 · accession 0002023658-25-000012 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001628280-26-022010 (CashAndCashEquivalentsAtCarryingValue)