Bicara Therapeutics Inc. reported a net loss of $36.3 million for the third quarter of 2025, compared to a net loss of $17.5 million in the same period in 2024. Research and development expenses were $33.0 million, up from $15.9 million in the prior year quarter, mainly due to costs related to the FORTIFI-HN01 clinical trial and increased personnel expenses. General and administrative expenses rose to $7.7 million from $4.8 million, primarily due to higher personnel costs and professional fees. As of September 30, 2025, the company had $407.6 million in cash, cash equivalents, and investments, down from $489.7 million at the end of 2024. Bicara received FDA Breakthrough Therapy Designation for ficerafusp alfa in combination with pembrolizumab in first-line HPV-negative recurrent/metastatic head and neck squamous cell carcinoma and expects new data from a Phase 1b expansion cohort at ESMO Asia 2025. The company anticipates its current cash position will fund operations into the first half of 2029.