Bicara Therapeutics: ASCO update reinforces ficera’s differentiated profile in HNSCC

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Bicara Therapeutics: ASCO update reinforces ficera’s differentiated profile in HNSCC

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Bicara Therapeutics

ASCO update reinforces ficera’s

differentiated profile in HNSCC

Maintain Rating: BUY | PO: 35.00 USD | Price: 20.84 USD

2,000mg dose showed comparable mPFS to ph 3 dose 21 May 2026

Bicara (BCAX) reported updated data for ficerafusp alfa (ficera) + pembro in 1L r/m HPV- Equity

negative HNSCC across the 750mg QW, 1,500mg QW (phase 3 dose) and 2,000mg Q2W

Tazeen Ahmad

cohorts as of March 31st, 2026. The update included median progression free survival Research Analyst

(mPFS) data for the 750mg and 2,000mg, which had not been reached at the previous BofAS tazeen.ahmad@bofa.com

data cut, showing 6.9-month and 12.7-month mPFS, respectively. We think these results

Daniel Giraldo

at the higher, less frequent dose are highly encouraging showing comparable or even Research Analyst

slightly better efficacy than the 9.9-month mPFS with the phase 3 dose. These data BofAS daniel.giraldoperez@bofa.com

support the company’s strategy of evaluating a 12-week loading dose period at 1,500mg Jeremiah Lorentz

QW followed by maintenance dosing at 2,250mg Q3W, which should provide greater Research Analyst

dosing convenience and flexibility without sacrificing efficacy. The company plans to BofASjeremiah.lorentz@bofa.com

initiate a study evaluating this dosing regimen in 3Q. The update reinforces our Wesley Yon

confidence in ficera’s differentiated depth and durability of response supporting the Research Analyst

attractive commercial opportunity in 1L HPV-negative HNSCC, and we will look for BofASwesley.yon@bofa.com

additional details at ASCO. BCAX is a top pick in 2026 with a Buy and $35 PO.

Ficera continues to show meaningful mOS improvements