Bio-Specialized Hedge Fund Makes $40 Million Bold Bet on U.S. Oncology Biotech

RA Capital Management, a bio-focused investment firm, participated in the public offering of Nasdaq-listed biotech company Bicara Therapeutics Inc. (BCAX), acquiring approximately $40 million (around KRW 50 billion) in common shares and pre-funded warrants.

According to SEC filings, RA Capital and its affiliated funds have become major shareholders with about 11.5% of Bicara Therapeutics’ common stock following this transaction.

On February 26, Bicara Therapeutics completed an oversubscribed public offering totaling $172.5 million (about KRW 200 billion), strengthening its financial position. Immediately afterward, its share price rose to $19.72, marking a 52-week high.

Bicara Therapeutics is a clinical-stage biotech company developing a dual-function anticancer agent for solid tumors. Its lead pipeline candidate, Piserapusp Alpha, is being developed as a first-line treatment for HPV-negative recurrent/metastatic head and neck squamous cell carcinoma.

RA Capital is a U.S. institutional investor specializing in healthcare and biotechnology. Its partner, Jake Simpson, has joined Bicara Therapeutics’ board of directors, contributing to governance alongside its investment.