Allergy and autoimmune biotechnology company Lycia Therapeutics (LYCA.US) sets IPO price at $16-18 per share, plans to raise $250 million

According to Golden Ten Data APP, biotechnology company Lycia Therapeutics announced the terms of its initial public offering (IPO) on Tuesday. The company, headquartered in South San Francisco, California, plans to raise $250 million by issuing 14.7 million shares, with an offering price range of $16 to $18 per share. Based on the midpoint of the proposed offering range, Lycia Therapeutics' fully diluted market capitalization will reach approximately $950 million.

Lycia Therapeutics is dedicated to developing therapies aimed at degrading pathogenic extracellular proteins, with an initial focus on autoimmune, inflammatory, and allergic diseases. Its technology platform, called LYTAC (Lysosomal Targeting Chimeras), is based on the research of Nobel laureate Carolyn Bertozzi at Stanford University. Its main candidate drug, LCA-0061, is designed to degrade immunoglobulin E (IgE) for the treatment of allergic diseases, including food allergies, and is currently in Phase 1 clinical trials. Preliminary data from the first eight healthy, atopic participants (two of whom received placebo) shows that the IgE levels in those who received the drug decreased by up to 96% from baseline. The second IgE candidate drug, LCA-0062, is currently in pre-IND filing preparations. In addition, the company is conducting a Phase 1 clinical trial of LCA-0321, which aims to selectively degrade autoantibodies that cause Graves' disease, an autoimmune thyroid disorder.

Lycia Therapeutics was founded in 2019 and achieved revenue of $4 million in the 12 months ended June 30, 2026. The company plans to list on Nasdaq with the ticker code LYCA. Jefferies, TD Securities, Evercore ISI, Guggenheim Securities, and LifeSci Capital are acting as joint bookrunners for this offering. Pricing is expected during the week of October 19.