Lycia Therapeutics, a Phase 1 biotech developing protein degraders for food allergy and Graves' disease, filed on Monday with the SEC to raise up to $100 million in an initial public offering.
Lycia Therapeutics is developing therapeutics designed to degrade disease-causing extracellular proteins, with an initial focus on autoimmune, inflammatory, and allergic diseases, using its LYTAC (Lysosomal Targeting Chimera) platform, which is based on work by Nobel laureate Carolyn Bertozzi at Stanford University. Its lead candidate, LCA-0061, is designed to degrade IgE for the treatment of allergic diseases, including food allergy, and is in a Phase 1 trial; preliminary data from the first cohort of eight healthy atopic participants (two placebo) showed a mean maximum immunoglobulin E (IgE) reduction of 96% from baseline for those dosed. A second IgE candidate, LCA-0062, is in IND-enabling activities. The company is also conducting a Phase 1 trial of LCA-0321, which is designed to selectively degrade the autoantibodies that drive Graves' disease.
The South San Francisco, CA-based company was founded in 2019 and booked $4 million in revenue for the 12 months ended June 30, 2026. It plans to list on the Nasdaq under the symbol LYCA. Lycia Therapeutics filed confidentially on July 2, 2026. Jefferies, TD Securities, Evercore ISI, and Guggenheim Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
