Bio Specialized Hedge Fund Bets Additional 52 Billion Won on U.S. Anticancer Drug Developer

RA Capital Management–affiliated funds investing in Bicara Therapeutics Inc. (Nasdaq: BCAX) deployed approximately $40 million (KRW 52 billion) on February 26, 2026, acquiring 300,000 common shares and 2.2 million pre-funded warrants at about $16 per unit. Following the transaction, RA Capital reported indirect ownership of roughly 11% of Bicara’s outstanding shares—combining common stock and related securities—and disclosed beneficial holdings only within the economic interest of each fund and individual. Although the pre-funded warrants are effectively exercisable at any time, they are structured to ensure that no single investor’s stake exceeds 9.99%. Partner Jake Simpson also represents RA Capital on Bicara’s board.

On the same day, Bicara closed an oversubscribed public offering, raising $172.5 million through the issuance of common shares and pre-funded warrants. Net proceeds totaled approximately $161.8 million (KRW 210 billion), which the company intends to allocate to the clinical development, regulatory approval and commercialization preparation of its lead pipeline candidate, Piserapusp Alpha, as well as to manufacturing and general corporate purposes. The offering, including full exercise of the underwriters’ overallotment option, closed February 26. Since its Nasdaq debut, Bicara has been bolstering its cash position through successive equity raises.

Bicara is a Nasdaq-listed, clinical-stage biotechnology company developing Piserapusp Alpha, a bispecific antibody targeting EGFR and TGF-β simultaneously, as a first-line therapy for HPV-negative recurrent or metastatic head and neck squamous cell carcinoma. After securing about $362 million in its September 2024 IPO, the company has shared Phase 1/1b data at international conferences such as ASCO and is planning Phase 2/3 trials and commercialization readiness milestones.