The IPO Buzz: Lycia Therapeutics (LYCA Proposed) Sets Terms for $250 Million IPO

Lycia Therapeutics (LYCA Proposed), a Phase 1 biotech targeting allergies and Graves’ disease, set the terms for its $250 million IPO early today – Tuesday, Oct. 20, 2026. The company is offering 14.7 million shares at a price range of $16.00 to $18.00 to raise $249.9 million,  if priced at the $17.00 mid-point. This is a NASDAQ listing.

At pricing, Lycia Therapeutics (LYCA Proposed) would have a market cap of $885.61 million.

Jefferies, TD Securities, Evercore ISI and Guggenheim Securities are the joint book-runners. LifeSci Capital is also a book-runner.

Targeting Allergies & Graves’ Disease

Lycia Therapeutics, based in South San Francisco, is focused on developing drugs to treat autoimmune,  inflammatory and allergic diseases, including food allergy and other allergies, as well as Graves’ disease, the prospectus said.

“By leveraging our proprietary LYTAC (Lysosomal Targeting Chimera) platform, we have developed a pipeline of therapeutic candidates with the potential to provide deep and durable elimination of extracellular proteins that are inadequately addressed by currently available therapies.”

In the prospectus, the company said:

“Our immunoglobulin E (IgE) portfolio consists of LCA-0061 and LCA-0062, which are both designed with an aim to efficiently degrade IgE for the treatment of allergic diseases, including food allergy.

“We are conducting a Phase 1 clinical trial of LCA-0061 in participants with elevated IgE, including patients with food allergy. Our immunoglobulin E (IgE) portfolio consists of LCA-0061 and LCA-0062, which are both designed with an aim to efficiently degrade IgE for the treatment of allergic diseases, including food allergy.

“We are conducting a Phase 1 clinical trial of LCA-0061 in participants with elevated IgE, including patients with food allergy.”

Lycia Therapeutics is also developing LCA-0062, its fast-follower IgE program, in  IND-enabling activities and if it receives regulatory clearance, it will start a Phase 1 clinical trial, the prospectus said. IND stands for  Investigational New Drug.

The company is advancing its Graves’ disease program, LCA-0321, by conducting a Phase 1 clinical trial in patients with Graves’ disease, according to the prospectus. LCA-0321 is designed to selectively degrade thyroid-stimulating hormone receptor (TSHR) autoantibodies, which are the pathogenic drivers of Graves’ disease, the prospectus said.

Lycia Therapeutics is not profitable: Net loss of $30.03 million on collaboration revenue of $4.4 million for the 12 months that ended on June 30, 2026,  according to financial statements in the prospectus.