Lycia Therapeutics prices $317.5 million IPO at $18 a share for Nasdaq listing as LYCA

Lycia Therapeutics, Inc. priced its initial public offering of 17,640,000 shares of common stock at $18.00 a share, according to its final prospectus dated October 22 and filed on October 23.

The offering

At $18.00, the offering totals $317,520,000. After underwriting discounts of $1.26 a share, or $22,226,400, the company's proceeds are $295,293,600 before expenses. If the underwriters exercise in full their 30-day option to buy 2,646,000 more shares, proceeds before expenses would be $339.6 million. The joint book-running managers are Jefferies, TD Cowen, Evercore ISI and Guggenheim Securities, with LifeSci Capital as passive book-running manager. The stock has been approved for listing on the Nasdaq Global Select Market under the symbol "LYCA," and delivery is expected on or about October 26.

The company

Lycia describes itself as "a clinical-stage biotechnology company focused on the discovery and development of novel therapeutics designed to degrade disease-causing extracellular proteins," initially for autoimmune, inflammatory and allergic diseases, using its LYTAC (Lysosomal Targeting Chimera) platform. Its immunoglobulin E programs, LCA-0061 and LCA-0062, aim to degrade IgE in allergic diseases including food allergy. It is conducting a Phase 1 trial of LCA-0061 in participants with elevated IgE.

The company reported net losses of $36.5 million for 2025 and $19.2 million for the six months ended June 30, 2026, and an accumulated deficit of $136.8 million at June 30. It is an emerging growth company and a smaller reporting company under US securities law.