Debut pop and deal size
Lycia's first trading session delivered a 67% gain, with the stock ending Friday in New York at $30 after being priced at $18. The company boosted the offering to 17.64 million shares, landing at the high end of its indicated range after initially marketing 14.7 million, to raise $317.5 million.
What the pipeline and backers look like
Lycia, founded in 2019 on science pioneered by Nobel Prize winner Carolyn Bertozzi, says it will use the proceeds to advance three experimental medicines targeting people who have food allergies and Graves' disease. Since it was formed, the company has raised almost $266.6 million from backers focused on the life sciences. Stakes expected after the IPO included Versant Ventures at 14%, Venrock Healthcare Capital Partners at 9.2%, and Redmile Biopharma Investments at 8%, with smaller positions held by RTW Investments, Janus Henderson, and Blue Owl Healthcare Opportunities.
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Financials, listing details, and why investors care
According to its filing, the San Francisco-based company posted a $36.5 million loss for the year that ended Dec. 31, 2025, while it recorded a $19.2 million loss over the six-month period ending June 30. Jefferies Financial Group Inc., Toronto-Dominion Bank, Evercore Inc. and Guggenheim Securities led the underwriting group. Lycia now trades on the Nasdaq Global Select Market under the ticker LYCA, giving healthcare investors a fresh small-cap growth name tied to allergy and autoimmune drug development.
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