Bicara Therapeutics Inc. (BCAX) shares plummeted 11.43% in pre-market trading on Monday, following the release of its first-quarter 2026 financial results.

The clinical-stage biopharmaceutical company reported a net loss of $56.2 million, or $0.93 per diluted share, for the quarter ended March 31, 2026. This result significantly missed the FactSet consensus estimate of a $0.65 loss per share and represents a widening from the net loss of $36.8 million, or $0.68 per share, reported for the same period last year.

The increased loss was primarily driven by higher research and development expenses, which rose to $47.5 million from $34.3 million a year earlier due to costs associated with ongoing clinical trials. General and administrative expenses also increased to $12.7 million from $7.5 million. Despite the earnings miss, the company noted it had $539.8 million in cash, cash equivalents and marketable securities as of March 31, which it expects to fund operations into the first half of 2029.