SHARPE
Reported results
- GAAP net loss totaled $71.2 million for the third quarter of 2026, compared to $36.3 million for the third quarter of 2025.
- GAAP net loss per share, basic and diluted, was $(1.04) for the third quarter of 2026, compared to $(0.67) for the third quarter of 2025.
- Research and development expenses were $56.5 million for the third quarter of 2026, compared to $33.0 million for the third quarter of 2025.
- General and administrative expenses were $19.2 million for the third quarter of 2026, compared to $7.7 million for the third quarter of 2025.
- Cash, cash equivalents and marketable securities were $442.3 million as of September 30, 2026, compared to $414.8 million as of December 31, 2025.
Guidance
- Bicara expects that its existing cash, cash equivalents and marketable securities will fund operations into the first half of 2029.
Price and volatility reaction
The stock moved +15.4% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -60.0 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 8.65 | 2026-11-06 |
| Close after release | 9.98 | 2026-11-09 |
| Realised move | +15.4% | close to close |
| 30d ATM IV change | -60.0 vol pts | constant-maturity series, not the front expiry |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-11-09 (8-K, Item 2.02). Read the original filing on sec.gov.