2024 Q4 Form 10-Q Financial Statement

#000202365824000002 Filed on November 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2024 Q1
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.764M
YoY Change
% of Gross Profit
Research & Development $15.90M
YoY Change 130.43%
% of Gross Profit
Depreciation & Amortization $15.00K
YoY Change
% of Gross Profit
Operating Expenses $20.63M
YoY Change 116.45%
Operating Profit -$20.63M
YoY Change 116.45%
Interest Expense $3.147M
YoY Change
% of Operating Profit
Other Income/Expense, Net $3.147M
YoY Change -123.63%
Pretax Income -$17.48M
YoY Change -23.48%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$17.48M -$12.51M
YoY Change -23.48% 68.75%
Net Earnings / Revenue
Basic Earnings Per Share -$1.60
Diluted Earnings Per Share -$1.60
COMMON SHARES
Basic Shares Outstanding 54.42M shares 10.90M shares
Diluted Shares Outstanding 10.90M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $520.8M
YoY Change
Cash & Equivalents $520.8M
Short-Term Investments
Other Short-Term Assets $756.0K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $521.5M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $130.0K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.115M
YoY Change
Total Long-Term Assets $2.659M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $521.5M
Total Long-Term Assets $2.659M
Total Assets $524.2M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.962M
YoY Change
Accrued Expenses $12.52M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.48M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $14.48M
Total Long-Term Liabilities $0.00
Total Liabilities $14.62M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$200.1M
YoY Change
Common Stock $7.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $509.6M -$160.1M
YoY Change
Total Liabilities & Shareholders Equity $524.2M
YoY Change

Cashflow Statement

Concept 2024 Q4 2024 Q3 2024 Q1
OPERATING ACTIVITIES
Net Income -$17.48M -$12.51M
YoY Change -23.48% 68.75%
Depreciation, Depletion And Amortization $15.00K
YoY Change
Cash From Operating Activities -$17.22M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $8.000K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$8.000K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 334.1M
YoY Change
NET CHANGE
Cash From Operating Activities -17.22M
Cash From Investing Activities -8.000K
Cash From Financing Activities 334.1M
Net Change In Cash 316.9M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$17.22M
Capital Expenditures $8.000K
Free Cash Flow -$17.23M
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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BICARA THERAPEUTICS INC.
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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bcax Settlement Of Freestanding Financial Instrument Liabilities
SettlementOfFreestandingFinancialInstrumentLiabilities
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bcax Settlement Of Freestanding Financial Instrument Liabilities
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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bcax Vesting Of Early Exercise Stock Options
VestingOfEarlyExerciseStockOptions
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bcax Vesting Of Early Exercise Stock Options
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bcax Offering Costs Incurred During Noncash Or Partial Noncash Transaction
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bcax Offering Costs Incurred During Noncash Or Partial Noncash Transaction
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bcax Liability Upon Issuance Of Freestanding Financial Instrument
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bcax Liability Upon Issuance Of Freestanding Financial Instrument
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us-gaap Nature Of Operations
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:28.5pt">Description of Business, Organization, and Liquidity</span><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Bicara Therapeutics Inc. (“Bicara” or the “Company”) was incorporated in the state of Delaware in December 2018 and is a clinical-stage biopharmaceutical company based in Boston, Massachusetts. The Company is committed to bringing transformative bifunctional therapies to patients with solid tumors. Its lead program ficerafusp alfa is a bifunctional antibody that combines a clinically validated epidermal growth factor receptor directed monoclonal antibody with a domain that binds to human transforming growth factor beta. </span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Since inception, the Company has operated in the preclinical and clinical stages and has devoted substantially all its time and efforts to performing research and development activities, raising capital, and recruiting management and technical staff to support these operations. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, risks associated with the successful research, development and manufacturing of product candidates, competition from other companies, dependence on key personnel, protection of intellectual property, compliance with government regulations and the ability to secure additional capital to fund operations. Current and future programs will require significant research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel, and infrastructure. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, Bicara will realize significant revenue from product sales.</span></div><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Reverse Stock Split</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">In September 2024, the Company’s board of directors approved an amendment to the fourth amended and restated certificate of incorporation to effect a reverse split of shares of the Company’s common stock and redeemable convertible preferred stock on a 9.2435-to-1 basis (the “Reverse Stock Split”) which was effected on September 5, 2024. The par value and authorized number of shares of common stock and redeemable convertible preferred stock were not adjusted as a result of the Reverse Stock Split. All share data and per share data amounts for all periods presented in the condensed consolidated financial statements and notes thereto have been retrospectively adjusted to reflect the effect of the Reverse Stock Split.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Initial Public Offering ("IPO")</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">On September 13, 2024, the Company closed its IPO, pursuant to which it issued and sold an aggregate of 17,500,000 shares of its common stock at a public offering price of $18.00 per share and the Company issued and sold 2,625,000 additional shares of its common stock to the underwriters of the IPO pursuant to the full exercise of their option to purchase additional shares, resulting in net proceeds of approximately $332.4 million, after deducting underwriting discounts, commissions and other offering expenses payable by the Company, totaling $29.8 million. Immediately prior to the closing of the IPO, the Company’s outstanding redeemable convertible preferred stock automatically converted into </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">33,210,876</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%"> shares of common stock. Following the closing of the IPO, no shares of redeemable convertible preferred stock were authorized or outstanding.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">In connection with the closing of its IPO, on September 13, 2024, the Company’s certificate of incorporation was amended and restated to authorize 500,000,000 shares of common stock, par value $0.0001 per share and 10,000,000 shares of preferred stock, par value of $0.0001 per share.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company historically has funded its operations from the issuance of redeemable convertible preferred stock, common stock and through debt financing.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has incurred operating losses since inception and expects such losses and negative operating cash flows to continue for the foreseeable future. As of September 30, 2024, the Company had cash of $520.8 million and an accumulated </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">deficit </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of $200.1 million.</span></div>The Company expects that its cash and cash equivalents as of September 30, 2024 of $520.8 million will be sufficient to fund the operating expenditures and capital expenditure requirements necessary to advance its research efforts and clinical trials for at least one year from the date of issuance of these unaudited condensed consolidated financial statements.
CY2024Q3 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
332400000 usd
CY2024Q3 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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CY2024Q3 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
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CY2024Q3 us-gaap Temporary Equity Shares Authorized
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CY2024Q3 us-gaap Common Stock Shares Authorized
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CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2024Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
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CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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us-gaap Use Of Estimates
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<div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and the related disclosure of contingent assets and liabilities as of and during the reporting period. The Company bases its estimates on historical experience when available and on other assumptions that management believes are reasonable under the circumstances. Significant estimates and assumptions reflected in these unaudited condensed consolidated financial statements include but are not limited to: the estimated costs of research and development activities, the fair value of tranche right liabilities, and the fair values of common stock and stock awards and associated stock-based compensation expense. The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates.</span></div>
CY2024Q3 bcax Number Of Financial Institutions Cash And Cash Equivalents Held
NumberOfFinancialInstitutionsCashAndCashEquivalentsHeld
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and cash equivalents. At times, the Company’s cash deposits may be in excess of insured limits. Company has not experienced any losses on its deposits of cash and does not have off-balance sheet concentrations of credit risk.</span></div>
CY2024Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2023Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2024Q3 bcax Accrued Clinical Trial And Contract Manufacturing Expenses
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CY2023Q4 bcax Accrued Clinical Trial And Contract Manufacturing Expenses
AccruedClinicalTrialAndContractManufacturingExpenses
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ProceedsFromIssuanceInitialPublicOffering
332400000 usd
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PaymentsOfStockIssuanceCosts
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CY2024Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
20125000 shares
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2024Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
519631000 usd
CY2023Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
230088000 usd
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
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642000 usd
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
13356000 usd
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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8001000 usd
CY2023Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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5997000 usd
CY2023Q3 bcax Freestanding Financial Instrument Liability Current
FreestandingFinancialInstrumentLiabilityCurrent
6000000.0 usd
CY2022Q2 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.0001
CY2023Q4 bcax Number Of Members Board Of Directors
NumberOfMembersBoardOfDirectors
10 board_member
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 bcax Common Stock Voting Rights Number Of Directors Entitled To Be Elected
CommonStockVotingRightsNumberOfDirectorsEntitledToBeElected
1 board_member
CY2023Q4 bcax Common Stock Voting Rights Number Of Directors Entitled To Be Elected
CommonStockVotingRightsNumberOfDirectorsEntitledToBeElected
1 board_member
CY2023 bcax Temporary Equity Protective Provision Affirmative Vote Percentage
TemporaryEquityProtectiveProvisionAffirmativeVotePercentage
0.65
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2031000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
519000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4216000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1134000 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4850669 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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4.53
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
3652807 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
9.13
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
393216 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.97
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
117494 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
4.01
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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7992766 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.67
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y3M18D
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
133789000 usd
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
897774 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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4.53
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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P8Y6M
CY2024Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
16951000 usd
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
7992766 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P9Y3M18D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.99
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.77
CY2024Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
7094992 shares
CY2024Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
37000000.0 usd
CY2023Q4 bcax Other Commitment Liability Refundable Deposit Amount
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CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q3 ecd Rule10b51 Arr Adopted Flag
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CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
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false

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