Bicara Therapeutics Q2 2025: Cash $436.6M, net loss $27.4M; Phase 1/1b data show 54% ORR in HNSCC

Bicara Therapeutics Inc.

2025-Q2 EPS reported -$1.18

Cash and equivalents $436.6M as of Jun 30, 2025, expected to fund operations into H1 2029.
Q2 2025 net loss $27.4M vs $17.0M in Q2 2024; R&D expenses $24.8M (up $9M YoY) due to FORTIFI-HN01 trial.
Updated Phase 1/1b data: 54% confirmed ORR, median DOR 21.7 months, median OS 21.3 months in 1L HPV-negative R/M HNSCC.
Additional dose-cohort data (750mg weekly, 2000mg Q2W) expected Q4 2025–Q1 2026; enrollment ongoing in pivotal Phase 2/3.
Pivotal Phase 2/3 FORTIFI-HN01 trial of ficerafusp alfa + pembrolizumab in 1L R/M HNSCC continues enrolling.

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