Bicara Therapeutics BCAX R&D

The financial terms of these agreements are subject to negotiation, vary from contract to contract, and may result in uneven payment flows to the Company’s vendors. Billing terms and payments are reviewed by management to ensure estimates of outstanding obligations are appropriate as of period end. Tracking the progress of completion for clinical trial and contract manufacturing activities performed by third parties allows the Company to record the appropriate expense and accruals under the terms of the agreements. During the three months ended September 30, 2025 and 2024, the Company incurred $33.0 million and $15.9 million, respectively, relating to research and development expenses. During the nine months ended September 30, 2025 and 2024, the Company incurred $92.1 million and $43.7 million, respectively, relating to research and development expenses. The Company recorded accrued liabilities of $11.6 million and $9.4 million for clinical trial and contract manufacturing expenses as of September 30, 2025 and December 31, 2024, respectively.