Lycia Therapeutics, a Phase 1 biotech developing protein degraders for food allergy and Graves' disease, announced terms for its IPO on Tuesday.
The South San Francisco, CA-based company plans to raise $250 million by offering 14.7 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Lycia Therapeutics would command a fully diluted market value of $950 million.
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.
Lycia Therapeutics 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. Jefferies, TD Securities, Evercore ISI, Guggenheim Securities, and LifeSci Capital are the joint bookrunners on the deal. It is expected to price during the week of October 19, 2026.
