Lycia sets $16 to $18 IPO range to advance protein degradation drugs
Lycia proposes 14.7 million shares for its Nasdaq IPO. At the midpoint, the base offering would raise $249.9 million before fees and expenses.
Lycia Therapeutics moved beyond its initial registration on October 20, 2026, publishing a revised prospectus for 14.7 million shares at $16 to $18 each. The proposed Nasdaq ticker is LYCA. At the $17 midpoint, the base offering implies $249.9 million in gross proceeds and an estimated $227.8 million after underwriting discounts and offering expenses.
These are proposed terms, not a final issue price or money already raised. Final pricing and completion remain separate milestones.
Lycia is developing medicines that remove proteins outside cells. Its LYTAC platform is designed to bind a target protein and a receptor that carries it into a cell for breakdown in the lysosome. The intended effect is to eliminate disease driving proteins rather than simply inhibit their activity. Whether that mechanism produces a useful treatment must be demonstrated in clinical studies.
The company pipeline includes LCA-0061, which targets immunoglobulin E for food allergy and other allergic diseases, and LCA-0321, which targets autoantibodies involved in Graves' disease. Both are in Phase 1 clinical trials. LCA-0062 is a further IgE program undergoing preparations for clinical development.
The public offering follows a private financing announced on June 25. Lycia raised $75 million in a Series D round co led by Janus Henderson Investors and Balyasny Asset Management. The company said those funds would support its lead programs toward early clinical proof of concept.
The distinction matters: that June financing is completed historical funding, while the October share sale remains proposed. The next operating evidence will come from clinical development, where a biological effect must translate into acceptable safety and meaningful benefit for patients.