Lycia Therapeutics Raises $365 Million in Upsized Nasdaq IPO

Clinical-stage biotechnology firm Lycia Therapeutics, Inc. (Nasdaq: LYCA) has successfully closed its upsized initial public offering, raising gross proceeds of approximately $365.1 million before underwriting discounts and other expenses. The company's market debut included the full exercise of the underwriters' over-allotment option.

Offering Details

The South San Francisco-based company sold a total of 20,286,000 shares of common stock at an offering price of $18.00 per share. According to the announcement, this figure includes an additional 2,646,000 shares sold pursuant to the full exercise of the underwriters' option. All shares were offered by Lycia.

A consortium of investment banks managed the offering:

• Jefferies, TD Cowen, Evercore ISI, and Guggenheim Securities acted as joint book-running managers.
• LifeSci Capital served as a passive book-running manager for the deal.

Company Focus and Pipeline

Ad

Lycia Therapeutics specializes in the discovery and development of therapeutics designed to degrade extracellular proteins, a novel approach for treating various diseases. The company's pipeline is focused on autoimmune, inflammatory, and allergic conditions.

Its lead drug candidates include LCA-0061, which targets the protein IgE for food allergies, and LCA-0321, which is designed to deplete autoantibodies associated with Graves’ disease. The capital raised from the IPO is expected to help advance the development of these and other programs.

Market Debut

Shares of Lycia Therapeutics began trading on the Nasdaq Global Select Market on October 23, 2026, under the ticker symbol LYCA. The registration statements for the offering were filed with the U.S. Securities and Exchange Commission and were declared effective on October 22, 2026.