Lycia Therapeutics, a Phase 1 biotechnology company developing protein degraders for food allergies and autoimmune diseases, has filed with the U.S. Securities and Exchange Commission to raise up to $100 million in an initial public offering. The South San Francisco-based company is advancing its LYTAC platform toward treatments for allergic, inflammatory and autoimmune diseases, with lead programs targeting IgE and the autoantibodies associated with Graves’ disease.
LYTAC Platform Targets Disease-Causing Proteins
Lycia Therapeutics is developing therapeutics designed to degrade disease-causing extracellular proteins through its LYTAC (Lysosomal Targeting Chimera) platform. The technology is based on research by Nobel laureate Carolyn Bertozzi at Stanford University.
The company’s initial focus is on autoimmune, inflammatory and allergic diseases. Rather than simply blocking disease-causing proteins, Lycia’s approach is designed to remove targeted extracellular proteins through degradation.
Lead Program Targets IgE and Food Allergies
Lycia’s lead candidate, LCA-0061, is designed to degrade immunoglobulin E, or IgE, for the treatment of allergic diseases including food allergy. The candidate is currently being evaluated in a Phase 1 clinical trial.
Preliminary results from the first cohort included eight healthy atopic participants, of whom two received placebo. Among participants who received the treatment, the company reported a mean maximum IgE reduction of 96% from baseline.
Lycia is also advancing LCA-0062, a second IgE-targeting candidate that is currently undergoing IND-enabling activities. Together, the programs represent the company’s effort to develop protein-degradation therapies for allergic diseases.
Graves’ Disease Program
Beyond food allergies, Lycia is developing therapies aimed at autoimmune disease. Its LCA-0321 candidate is currently in a Phase 1 trial and is designed to selectively degrade the autoantibodies that drive Graves’ disease.
The program expands Lycia’s application of its protein-degradation platform beyond IgE and allergic diseases, potentially broadening the company’s pipeline across autoimmune conditions.
IPO Details and Nasdaq Listing
Lycia Therapeutics plans to list its common stock on the Nasdaq under the symbol LYCA. The company has not disclosed pricing terms for the offering, including the expected number of shares or price range.
Lycia filed confidentially with regulators on July 2, 2026. Jefferies, TD Securities, Evercore ISI and Guggenheim Securities are serving as joint bookrunners for the offering.
The company was founded in 2019 and is based in South San Francisco, California. It generated approximately $4 million in revenue for the 12 months ended June 30, 2026.
Market Context & Opportunities
Lycia is entering the public markets with a pipeline centered on a differentiated protein-degradation approach and initial programs addressing significant allergic and autoimmune diseases. The preliminary IgE reduction observed in the first LCA-0061 cohort provides an early clinical data point as the company advances its Phase 1 program.
The potential application of the LYTAC platform across multiple extracellular disease targets could also provide Lycia with opportunities to expand beyond its initial food allergy and Graves’ disease programs.
Risks & Challenges
Lycia remains an early-stage biotechnology company, with its lead programs still in Phase 1 clinical development. Early clinical findings may not necessarily predict results from larger or later-stage trials, and the company’s candidates will need to demonstrate safety and efficacy as development progresses.
The company also faces the broader risks associated with developing novel therapeutics, including clinical, regulatory and commercialization challenges. With no IPO pricing terms disclosed, investors will also need additional information about the proposed valuation and capital structure before assessing the offering.
Closing Paragraph
Lycia Therapeutics’ proposed $100 million IPO marks its next step toward advancing a protein-degradation platform focused on allergic and autoimmune diseases. With LCA-0061 in Phase 1 for IgE-driven allergic diseases, LCA-0062 in IND-enabling activities and LCA-0321 in Phase 1 for Graves’ disease, the company is positioning its LYTAC technology as the foundation for a broader therapeutic pipeline.
