Lycia Therapeutics, Inc., a clinical-stage biotechnology company headquartered in South San Francisco, announced the pricing of its upsized initial public offering of 17,640,000 shares of common stock at US$18.00 per share. The offering is expected to deliver gross proceeds of approximately US$317.5 million before underwriting discounts, commissions, and other offering expenses. The company expects its common stock to begin trading on the Nasdaq Global Select Market on October 23, 2026, under the symbol LYCA.
Offering Structure and Financial Terms
All shares in the transaction are being sold by Lycia, meaning the company will receive the net proceeds from the offering. The underwriters have a 30-day option to purchase up to 2,646,000 additional shares of common stock at the initial public offering price less underwriting discounts and commissions. The offering is expected to close on October 26, 2026, subject to the satisfaction of customary closing conditions.
Company Focus and Therapeutic Pipeline
Lycia Therapeutics is focused on the discovery and development of novel therapeutics designed to degrade disease-causing extracellular proteins, with an initial focus on autoimmune, inflammatory, and allergic diseases. The company has advanced its proprietary LYTAC, or Lysosomal Targeting Chimera, platform to generate cataLYTAC degraders, which are engineered for repeated catalytic elimination of disease-causing proteins. Its lead candidates include LCA-0061, a cataLYTAC degrader of IgE for allergic diseases, and LCA-0321, a LYTAC degrader targeting the autoantibodies that cause Graves' disease.
Scientific Foundation and Corporate Background
Lycia was founded on the scientific work of Nobel laureate Carolyn Bertozzi, Ph.D., professor of chemistry and HHMI investigator at Stanford University. The company is headquartered in South San Francisco, a key hub for biotechnology innovation. Its research platform focuses on extracellular protein targets that have been historically difficult to address with conventional small molecule and antibody therapies.
How the LYTAC Platform Works
LYTAC degraders are designed to engage lysosomal targeting pathways to remove harmful extracellular proteins from circulation in the body. The cataLYTAC approach aims for repeated catalytic elimination, which could improve potency and reduce dosing frequency compared with traditional binding therapies. This mechanism underpins the company's lead programs and its broader drug discovery efforts across multiple disease areas.
Underwriters and Regulatory Details
Jefferies, TD Cowen, Evercore ISI, and Guggenheim Securities are acting as joint book-running managers for the offering, while LifeSci Capital is acting as a passive book-running manager. The registration statement relating to the securities was filed with the Securities and Exchange Commission and became effective on October 22, 2026. The offering is being made only by means of a prospectus, and copies may be obtained from the underwriters through the contact information provided in the announcement.
Strategic Significance and Market Outlook
The IPO positions Lycia to advance its cataLYTAC degrader programs through clinical development and expand its pipeline in autoimmune, inflammatory, and allergic diseases. The company's focus on extracellular protein degradation represents a differentiated approach within the broader targeted protein degradation sector. With lead programs in food allergy and Graves' disease, Lycia is advancing candidates that address significant unmet medical needs.
Lycia Therapeutics' Nasdaq debut under the symbol LYCA marks a significant milestone for the clinical-stage company and its LYTAC platform. The upsized offering of 17,640,000 shares reflects investor interest in the company's approach to degrading extracellular disease-causing proteins. As Lycia continues developing LCA-0061 and LCA-0321, the new capital is expected to support its next phase of growth.