The Lycia IPO was priced at $18 per share on October 22, 2026, with the clinical-stage biotechnology company selling 17.64 million common shares in an upsized offering. Lycia Therapeutics expects approximately $317.5 million in gross proceeds, before underwriting discounts, commissions and other offering expenses. Trading is expected to begin on October 23 under the symbol LYCA.
Key Takeaways
- All offered shares are being sold by Lycia, rather than existing shareholders.
- The offering is expected to close on October 26, subject to customary closing conditions.
- Lycia develops protein-degrading therapies for autoimmune, inflammatory and allergic diseases.
Table of Contents
- Lycia IPO terms and expected trading timetable
- Drug candidates target allergy and Graves’ disease
- Conclusion
Lycia IPO terms and expected trading timetable
The $317.5 million headline amount represents expected gross proceeds, not the cash Lycia will retain after offering costs. The pricing announcement does not provide a net proceeds figure.
Underwriters have an option to purchase up to an additional 2.45 million shares at the IPO price, less underwriting discounts and commissions. Those optional shares are separate from the announced base offering.
The shares are expected to list on the Nasdaq Global Select Market. Pricing establishes the amount investors pay in the offering; it does not establish the stock’s opening market price or confirm that trading has begun.
| Item | Details |
|---|---|
| Underwriter option period | 30 days. |
| Joint book-running managers | Jefferies, TD Cowen, Evercore ISI and Guggenheim Securities. |
| Passive book-running manager | LifeSci Capital. |
Drug candidates target allergy and Graves’ disease
Lycia’s drug-development approach is designed to degrade disease-causing extracellular proteins. Its lead candidates include LCA-0061 for food allergy and other allergic diseases, and LCA-0321 for Graves’ disease.
The company’s pipeline program descriptions explain that LCA-0061 is designed to move immunoglobulin E, or IgE, into cells for degradation. LCA-0321 is designed to degrade thyroid-stimulating hormone receptor autoantibodies associated with Graves’ disease.
These are investigational treatment approaches, not established clinical outcomes. The company’s description of how the candidates are intended to work should be distinguished from evidence that they will deliver effective treatments.
Conclusion
The next scheduled milestones for the Lycia IPO are the expected October 23 trading debut and October 26 closing. Both remain distinct from the completed pricing announcement, and the closing is subject to customary conditions.
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