Allergy and autoimmune biotechnology company Lycia Therapeutics (LYCA.US) will be listed on Nasdaq tonight! IPO priced at $18 per share, aiming to raise $317.5 millions.

According to reports, Lycia Therapeutics, a biotechnology company specializing in the treatment of allergies and autoimmune diseases, has expanded the size of its upcoming initial public offering (IPO) in the United States. According to a statement released by the company on Thursday, Lycia will issue 17.64 million shares at $18 per share to raise $317.5 million. A previous filing revealed that the biotech company had originally planned to issue 14.7 million shares at a price range of $16 to $18 per share.

Lycia shares are expected to begin trading on the Nasdaq Global Select Market on Friday under the ticker symbol “LYCA.” Based on the IPO price and the number of outstanding shares listed in the filing, the early-stage biotech company will have a market capitalization of $990.6 million.

Founded in 2019, Lycia’s research and development is based on Nobel laureate Carolyn Bertozzi’s work. The company plans to use the proceeds from this IPO to advance its three experimental drugs in early development, targeting treatments for food allergies and Graves’ disease.

Lycia Therapeutics is dedicated to developing therapies that degrade pathogenic extracellular proteins, initially focusing on autoimmune, inflammatory, and allergic diseases. Its technology platform is called LYTAC (Lysosomal Targeting Chimera), which is based on Nobel laureate Carolyn Bertozzi’s research at Stanford University. Its main candidate, LCA-0061, aims to degrade immunoglobulin E (IgE) for the treatment of allergic diseases including food allergies, and is currently in a Phase 1 clinical trial. Initial data from the first eight healthy atopic participants (two of whom received a placebo) show that drug-treated subjects experienced up to a 96% decrease in IgE levels from baseline. The second IgE candidate, LCA-0062, is currently in pre-IND preparation. In addition, the company is conducting a Phase 1 clinical trial for LCA-0321, a drug designed to selectively degrade autoantibodies that cause Graves’ disease, an autoimmune thyroid disorder.

According to filing documents, the San Francisco-based company reported a net loss of $36.5 million for the year ended December 31, 2025; for the six months ended June 30, 2025, its net loss was $19.2 million.

Since its establishment, Lycia has raised nearly $266.6 million from life sciences investors. According to the filing, upon completion of the IPO, Versant Ventures is expected to hold 14% of the company, followed by Venrock Healthcare Capital Partners with 9.2%; Redmile Biopharma Investments is expected to hold 8%. Other supporters with smaller stakes include RTW Investments, Janus Henderson, and Blue Owl Healthcare Opportunities.