Bicara Therapeutics Inc.

Interest Rate Risk

As of December 31, 2025, we had $414.8 million in cash, cash equivalents and marketable securities, which consisted of cash, money market funds and treasury bills. Our cash, cash equivalents and marketable securities are primarily maintained in accounts with multiple financial institutions in the U.S. At times, we may maintain cash, cash equivalent and marketable securities balances in excess of Federal Deposit Insurance Corporation limits. We do not believe that we are subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. Our primary exposure to market risk is interest rate sensitivity, which is affected by changes in the general level of U.S. interest rates. Due to the short-term duration of our investment portfolio and the low risk profile of our marketable securities, we believe an immediate 10% change in interest rates would not have a material effect on the fair market value of our investment portfolio. We would not expect our operating results or cash flows to be affected to any significant degree by the effect of a change in market interest rates on our investment portfolio.

Inflation Risk

Inflation generally affects us by increasing our cost of labor and research and development contract costs. We do not believe inflation has had a material effect on our results of operations during the periods presented.

Foreign Currency Exchange Risk

We are exposed to foreign exchange rate risk. Our headquarters is located in the U.S., where the majority of our general and administrative expenses and research and development costs are incurred in U.S. dollars. While we are subject to fluctuations in foreign currency rates in connection with these arrangements, to date, these fluctuations have not been significant. Based on our expected volumes with these vendors and employees in fiscal year 2025, a movement of 10% in the exchange rates would not have a material effect on our results of operations or financial condition.