The Lycia IPO closed on October 26, 2026, raising approximately $365.1 million in gross proceeds for the clinical-stage biotechnology company. Lycia Therapeutics sold 20,286,000 common shares at $18 each, including 2,646,000 additional shares purchased through the underwriters’ full exercise of their option.

Key Takeaways

  • The offering is completed, including the underwriters’ full additional-share option.
  • The $365.1 million total is before underwriting discounts, commissions and other offering expenses.
  • Lycia shares began trading on the Nasdaq Global Select Market on October 23 under LYCA.

Lycia IPO closes with full underwriters’ option

All shares in the offering were sold by Lycia, so the proceeds went to the company rather than selling shareholders. The announced gross proceeds do not represent the amount retained after transaction costs.

Lycia’s final IPO prospectus, dated October 22, set out a base offering of 17,640,000 shares at $18 each and a 30-day option for underwriters to purchase another 2,646,000 shares. The October 26 closing announcement confirms that the option was exercised in full.

The registration statements became effective on October 22, followed by the start of Nasdaq trading on October 23 and completion of the offering on October 26. Jefferies, TD Cowen, Evercore ISI and Guggenheim Securities served as joint book-running managers; LifeSci Capital was the passive book-running manager.

Clinical programs focus on allergy and Graves’ disease

South San Francisco-based Lycia develops treatments designed to degrade disease-causing proteins outside cells. Its initial focus is autoimmune, inflammatory and allergic diseases, using its LYTAC, or Lysosomal Targeting Chimera, platform.

The company’s lead candidates include LCA-0061, designed to degrade immunoglobulin E for food allergy and other allergic diseases, and LCA-0321, designed to selectively remove the autoantibodies that cause Graves’ disease. Both are in Phase 1 clinical trials.

In its prospectus, Lycia said it expects additional LCA-0061 data from participants with elevated IgE and patients with food allergy in 2027, along with initial LCA-0321 data that year. Those are company expectations, not completed clinical milestones.

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