RA Capital Bets $50 Million on Emerging US Biotech, Strengthening Its Dominance

On February 26, 2026, RA Capital Management made an additional equity investment of approximately $40 million (about KRW 52 billion) in the U.S. clinical‐stage biotech company Bicara Therapeutics Inc. (NASDAQ: BCAX). By acquiring 300,000 newly issued shares and 2.2 million pre-funded warrants, RA Capital significantly increased its indirect stake and maintains its influence through board participation by partner Jake Simson.

Separately, on the same day, Bicara closed an oversubscribed offering of common shares and pre-funded warrants, raising approximately $172.5 million (around KRW 220 billion) and securing substantial new capital.

On March 30, the company reported its fourth-quarter and full-year 2025 financial results, announced the initiation of the Phase 3 FORTIFI-HN01 trial for its head and neck cancer candidate Picerafusp alfa, and disclosed cash and cash equivalents of about $414.8 million (approximately KRW 540 billion), providing a runway into the first half of 2029.

Bicara is a Nasdaq-listed clinical-stage biotech focused on its lead pipeline asset, Picerafusp alfa—an EGFR·TGF-β dual-function antibody targeting solid tumors. The company drew particular attention after receiving U.S. FDA Breakthrough Therapy designation for first-line treatment of HPV-negative head and neck squamous cell carcinoma.

RA Capital is a global institutional investor specializing in biotechnology and healthcare, positioned as a major shareholder of Bicara and a strategic investor with board representation.