SCHEDULE: Invus Entities and Raymond Debbane Disclose 9.6% Stake in Bicara Therapeutics

Multiple Invus-affiliated entities and Raymond Debbane have collectively reported a 9.6% beneficial ownership stake in Bicara Therapeutics Inc. common stock.

Summary

• Invus Public Equities, L.P. directly holds 4,861,944 shares of Bicara Therapeutics Inc. common stock, representing 8.9% of the class.
• Avicenna Life Sci Master Fund LP directly holds 355,025 shares, representing 0.7% of the class.
• Raymond Debbane is deemed to beneficially own an aggregate of 5,216,969 shares, equating to 9.6% of the class, through his control of Siren, L.L.C. and Ulys, L.L.C., which in turn control the Invus and Avicenna entities.
• The beneficial ownership percentages are calculated based on 54,536,218 shares outstanding as of May 8, 2025, as reported by Bicara Therapeutics Inc. in its Form 10-Q.
• The filing is an Amendment No. 1 to a Schedule 13G, indicating an update to a previously reported beneficial ownership position.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership, which is neutral in sentiment. It does not contain forward-looking statements, financial performance, or operational updates that would typically influence sentiment.

Future Outlook

NA

Industry Context

This Schedule 13G filing provides transparency into significant institutional ownership of Bicara Therapeutics Inc., a common practice in the financial markets. Such filings are crucial for investors to understand the ownership structure of publicly traded companies, particularly when large investment funds or individuals acquire a substantial stake, which can signal confidence or strategic interest in the company's future.

Related Party Transactions

• The filing details a complex ownership structure where Raymond Debbane, as the managing member of Siren, L.L.C. and Ulys, L.L.C., indirectly controls multiple investment entities (Invus Public Equities, L.P., Invus Public Equities Advisors, LLC, Invus Global Management, LLC, Avicenna Life Sci Master Fund LP, Avicenna Life Sci Master GP LLC) that collectively hold shares in Bicara Therapeutics Inc. This establishes a clear related-party control relationship over the reported beneficial ownership.

Stakeholder Impact

• Shareholders gain transparency regarding significant institutional and individual ownership, which can influence perceptions of stability and investor confidence.
• Potential investors receive updated information on the company's ownership structure, which may factor into their investment decisions.

Key Dates

Keywords

Bicara Therapeutics, Beneficial Ownership, Schedule 13G, Common Stock, Invus Public Equities, Avicenna Life Sci Master Fund, Raymond Debbane, Institutional Ownership, SEC Filing