<SEC-DOCUMENT>0001193125-24-211540.txt : 20241010
<SEC-HEADER>0001193125-24-211540.hdr.sgml : 20241010
<ACCEPTANCE-DATETIME>20240903073049
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-211540
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240903

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bicara Therapeutics Inc.
		CENTRAL INDEX KEY:			0002023658
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		245 MAIN STREET
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02142
		BUSINESS PHONE:		617-785-8308

	MAIL ADDRESS:	
		STREET 1:		245 MAIN STREET
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02142
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g821336g0902065503295.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Goodwin Procter <SMALL>LLP</SMALL></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 Northern
Avenue</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boston, MA 02210</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">goodwinlaw.com</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">+1 617 570 1000</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September&nbsp;3, 2024 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR AND FEDERAL EXPRESS </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Life Sciences </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F. Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Tara Harkins, Vanessa
Robertson, Daniel Crawford and Tim Buchmiller </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CERTAIN PORTIONS OF THIS LETTER HAVE BEEN OMITTED FROM THE VERSION FILED VIA EDGAR. CONFIDENTIAL
TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS. INFORMATION THAT WAS OMITTED IN THE EDGAR VERSION HAS BEEN NOTED IN THIS LETTER WITH A PLACEHOLDER IDENTIFIED BY THE MARK &#147;[***].&#148; </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Bicara Therapeutics Inc. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Filed August&nbsp;22, 2024 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-281722</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter is
confidentially submitted on behalf of Bicara Therapeutics Inc. (the &#147;<B>Company</B>&#148;), in response to the comments of the staff of the Division of Corporation Finance (the &#147;<B>Staff</B>&#148;) of the U.S. Securities and Exchange
Commission (the &#147;<B>Commission</B>&#148;) with respect to the Company&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1,</FONT> filed on August&nbsp;22, 2024 (the &#147;<B>Registration Statement</B>&#148;), as set forth
in the Staff&#146;s letter, dated August&nbsp;29, 2024, addressed to Claire Mazumdar (the &#147;<B>Comment Letter</B>&#148;). The Company is filing Amendment No.&nbsp;1 to the Registration Statement (&#147;<B>Amendment
No.</B><B></B><B>&nbsp;1</B>&#148;), which includes changes to reflect responses to the Staff&#146;s comments and other updates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For
reference purposes, the text of the Comment Letter has been reproduced herein with responses below each numbered comment. For your convenience, we have italicized the reproduced Staff comments from the Comment Letter. Unless otherwise indicated,
page references in the descriptions of the Staff&#146;s comments refer to the Registration Statement, and page references in the responses refer to Amendment No.&nbsp;1. All capitalized terms used and not otherwise defined herein shall have the
meanings set forth in Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> filed August&nbsp;22, 2024
</U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Capitalization, page 82 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please reconcile the $164,064,000 of Series C redeemable convertible preferred stock as of June 30, 2024
presented in your capitalization table to the $164,604,000 of Series C redeemable convertible preferred stock presented within your consolidated balance sheet as of June 30, 2024 on page F-26.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>RESPONSE</B>: The Company respectfully advises the Staff that it has revised its disclosure on pages&nbsp;82 and 83 of Amendment No.&nbsp;1
in response to the Staff&#146;s comment. </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT COLOR="#ff4338"><B>FOIA CONFIDENTIAL TREATMENT REQUESTED BY BICARA THERAPEUTICS INC. </B></FONT></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g821336g0902065503295.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September 3, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Critical Accounting Polices and Estimates </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Common Stock Valuation, page 100 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your updated disclosure that no stock options were granted using common stock valuations prepared
under PWERM. Please revise your disclosure to address the significant stock options granted in August 2024.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>RESPONSE</B>: The Company respectfully advises the Staff that it has revised its disclosure on pages&nbsp;100, 101 and 102 of Amendment
No.&nbsp;1 in response to the Staff&#146;s comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your response to comment 12 from our letter dated July</I><I></I><I>&nbsp;5, 2024. We note that you
utilized your June</I><I></I><I>&nbsp;28, 2024 common stock valuation to value your 30.0</I><I></I><I>&nbsp;million stock options granted during August 2024. We further acknowledge the factors that you outlined related to the significant increase
from your June</I><I></I><I>&nbsp;28, 2024 fair market value of your stock to the initial preliminary offering price range. Please explain to us in more detail and disclose the continued positive developments that you considered and provide us with
an analysis of whether potential additional stock compensation expense would be material since there was a short period of time from your fair value determination on August 19th and the determination of your preliminary IPO range.</I>
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>RESPONSE</B>: The Company respectfully submits to the Staff the below additional detail regarding the grant of
approximately 30.0&nbsp;million stock options in August 2024 (the &#147;August 2024 Option Grants&#148;) and continued positive developments with respect to the Company&#146;s business that occurred subsequent to June&nbsp;28, 2024, the date of the
Company&#146;s most recent determination of the fair value of its Common Stock (the &#147;June 2024 Valuation&#148;). First, the Company respectfully notes that the board of directors of the Company (the &#147;Board&#148;) approved the June 2024
Valuation on August&nbsp;6, 2024. On that date, the Board also approved options to purchase 29,250,000 shares of common stock, subject to the approval of a certificate of amendment to the fourth amended and restated certificate of incorporation (the
&#147;Charter Amendment&#148;) by the appropriate stockholders of the Company to increase the number of shares of common stock authorized. The requisite stockholders voted to approve the Charter Amendment on August&nbsp;13, 2024, and, once the
Charter Amendment was declared effective by the state of Delaware on that date, the options were declared effective as of that date. Given the uncertainty around whether the Company would proceed with an IPO given the factors detailed below, the
options were granted contingent on the closing of the IPO and if the IPO was not to close by December&nbsp;31, 2024, the options would be forfeited. </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT COLOR="#ff4338"><B>FOIA CONFIDENTIAL TREATMENT REQUESTED BY BICARA THERAPEUTICS INC. </B></FONT></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g821336g0902065503295.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September 3, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company respectfully notes that if the Company had applied a weighting of 100% to the short term IPO scenario
in the third-party valuation as of June&nbsp;28, 2024, the estimated fair value of the Common Stock would have been $1.69 per share, before giving effect to any discount for lack of marketability (&#147;DLOM&#148;), which is merely $[***] below the
lower end of the range and $[***] below the <FONT STYLE="white-space:nowrap">mid-point</FONT> of the range currently contemplated in the offering. As further detailed below, the Company does not believe that the potential additional stock
compensation expense would be material. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company respectfully notes that it did not receive the final preliminary price range of approximately $[***]
to $[***] per share (the &#147;Preliminary Price Range&#148;) until August&nbsp;27, 2024, <FONT STYLE="white-space:nowrap">twenty-one</FONT> (21)&nbsp;days after the Board approved the August 2024 Option Grants on August&nbsp;6, 2024. The Company
had received an initial preliminary price range on August 9, 2024 and continued to receive revised ranges until the final range was determined on August 27, 2024. Prior to receiving the Preliminary Price Range, we relied on the probability-weighted
expected return method (&#147;PWERM&#148;) reflected in the June 2024 Valuation, with an IPO scenario probability weighting of 50% and continued operation as a private company scenario of 50% for valuation purposes. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Furthermore, the Company respectfully notes that the Company continued to conduct
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">testing-the-water</FONT></FONT> meetings throughout August 2024, up until August&nbsp;21, 2024, when the Company concluded its final meeting and received blinded investor feedback
from the Company&#146;s investment banking syndicate. This feedback gave the Company the necessary information to proceed with publicly filing the Registration Statement with the Commission on August&nbsp;22, 2024. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company also continued critical hires in August 2024 to prepare for a potential IPO and continued business
and clinical operations as a public company, including hiring (i) a Vice President, of Commercial Operations, (ii) Medical Director, (iii) a Senior Director of Clinical Operations, (iv) a head of Investor Relations and Corporate Communications and
(v) a Chief of Staff&nbsp;&amp; Director of Corporate Development. The latter two individuals began their employments on August&nbsp;19, 2024, and were granted collectively the remaining amount of the August 2024 Option Grants, options to purchase
700,000 shares of common stock. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">During mid to late August 2024, the Company also completed and progressed several clinical and operational
milestones, including receiving commitments from major enrollment sites across Europe, Latin America and from notable organizations, and finalizing the statement of work for the Phase 2/3 clinical trial with the Company&#146;s primary contract
research organization. </P></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT COLOR="#ff4338"><B>FOIA CONFIDENTIAL TREATMENT REQUESTED BY BICARA THERAPEUTICS INC. </B></FONT></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g821336g0902065503295.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September 3, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 4
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company respectfully reiterates the recent relevant macroeconomic factors which contributed to significant
volatility and uncertainty around the potential timing for the IPO that contributed to the Company&#146;s determination that the June 2024 Valuation was still appropriate as of August&nbsp;6, 2024, August&nbsp;13, 2024 and August&nbsp;19, 2024,
including the (i)&nbsp;volatile market conditions, as illustrated by the significant drop on August&nbsp;5, 2024 through all three major indexes (Dow industrials, S&amp;P 500 and Nasdaq Composite) and (ii)&nbsp;general weakness of the IPO market for
biotechnology IPOs, as illustrated by the two biotechnology IPOs that were completed from June&nbsp;27, 2024 through August&nbsp;22, 2024, Alumis Inc. and Artiva Biotherapeutics Inc., with (a)&nbsp;Alumis pricing at the low end of the price range
included in the preliminary prospectus, (b)&nbsp;Artiva Biotherapeutics Inc. pricing $2 below the price range included in the preliminary prospectus, and (c)&nbsp;both securities trading significantly below issue since pricing.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Between August&nbsp;19, 2024, and August&nbsp;22, 2024, the three major indexes showed signs of strengthening and
since the Company&#146;s filing of the <FONT STYLE="white-space:nowrap">S-1</FONT> on August&nbsp;22, 2024, approximately two other biotechnology companies have publicly filed an S-1 registration statement for their initial public offering,
signaling increasing strength in the IPO market as well. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that it does not
believe that using the midpoint of the Preliminary Price Range ([$***])would be material to the financial statements. Based on the June 2024 Valuation, the fair value of common stock would be $1.10 per share after taking into consideration the PWERM
approach with a 50% probability of an IPO scenario and a 50% probability of continuing operations as a private company scenario and applying a 15% DLOM adjustment consistent with the third-party valuation approach. The fair value of the stock
options using Black-Scholes option pricing model would be $0.84 per share. Taking into account the fact the Company issued 30.0&nbsp;million shares, this would result in an additional $2.3&nbsp;million stock compensation expense over a four-year
vesting period, or $0.6&nbsp;million per year. The Company is expecting to incur approximately $[***] in expenses for the year ended December&nbsp;31, 2024. As a result, the potential additional stock compensation expense would only increase
expected annual expenses by 0.7%. Since the potential additional stock compensation would increase expected annual expenses by 0.7%, the Company would not consider it to be material. </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT COLOR="#ff4338"><B>FOIA CONFIDENTIAL TREATMENT REQUESTED BY BICARA
THERAPEUTICS INC. </B></FONT></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g821336g0902065503295.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September 3, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 5
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Principal Stockholders, page 186 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>For your new board members, Dr.</I><I></I><I>&nbsp;Powell and Dr.</I><I></I><I>&nbsp;Bowden, please update
the beneficial ownership information to show the ownership of these directors in accordance with Item 403(b) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT></I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>RESPONSE</B>: The Company respectfully advises the Staff that it has revised its disclosure on pages&nbsp;189 and 191 of Amendment
No.&nbsp;1 in response to the Staff&#146;s comment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Notes to Unaudited Condensed Consolidated Financial Statements </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>12. Subsequent Events, page <FONT STYLE="white-space:nowrap">F-45</FONT> </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please quantify the amount of the stock compensation expense you expect to recognize for the option grants
issued subsequent to June</I><I></I><I>&nbsp;30, 2024.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>RESPONSE</B>: The Company respectfully advises the Staff
that it has revised its disclosure on page F-45 of Amendment No.&nbsp;1 in response to the Staff&#146;s comment. As noted in the revised disclosure, compensation cost will not be recognized until it is probable that such performance condition will
be achieved and must be reevaluated each reporting period. Management will go through the probability assessment during their normal close process in preparing the books and records of the Company for their next quarterly filing and determine if the
probability threshold has been met. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you should have any questions concerning the enclosed matters, please contact the undersigned at
(617) <FONT STYLE="white-space:nowrap">570-1329.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Gabriela Morales-Rivera</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Gabriela Morales Rivera</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enclosures </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Claire Mazumdar, <I>Bicara Therapeutics Inc.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ryan Cohlhepp, <I>Bicara Therapeutics, Inc. </I> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ivan Hyep, <I>Bicara Therapeutics, Inc.</I> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Lara Meisner, <I>Bicara Therapeutics, Inc.</I> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Kingsley L. Taft, <I>Goodwin Procter LLP</I> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT COLOR="#ff4338"><B>FOIA CONFIDENTIAL TREATMENT REQUESTED BY BICARA THERAPEUTICS INC. </B></FONT></P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g821336g0902065503295.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g821336g0902065503295.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  M ,@# 2(  A$! Q$!_\0
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3@!DL,<P DC1P.FY0<44^B@#_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
