RA Capital, a Bio-Specialized Fund, Bets $40 Million on Nasdaq BCAX

On February 26, institutional investor RA Capital Management participated in the public offering of U.S. biotech firm Bicara Therapeutics Inc. (BCAX), purchasing 300,000 common shares and 2.2 million pre-funded warrants at approximately $16 per share, for a total investment of about $40 million (KRW 54 billion).

Following this transaction, RA Capital-affiliated funds’ stake in Bicara rose to several million shares, including prior indirect holdings. The newly acquired pre-funded warrants are structured to be exercisable at any time, provided total ownership remains below 9.99%.

Through the offering, which closed the same day, Bicara raised a combined $172.5 million (approximately KRW 230 billion) from common shares and pre-funded warrants. The company said it intends to use the proceeds to support U.S. regulatory approval and commercialization preparations for its lead oncology pipeline candidate, Piserafusp alfa; to fund additional indication studies; and to cover manufacturing and general operating expenses.

In early March, the company also granted inducement equity awards to one newly hired employee, expanding its talent base to support clinical and business growth.

Bicara, headquartered in Boston, is a clinical-stage biotech developing a bispecific antibody platform targeting solid tumors. Its lead candidate, Piserafusp alfa, is in trials as a first-line treatment for HPV-negative head and neck cancer and has received Breakthrough Therapy designation from the U.S. Food and Drug Administration.

RA Capital is a life-sciences–focused investment firm, and partner Jake Simpson has joined Bicara’s board, giving the firm influence not only through capital but also governance.