--- title: 'Funding Daily Summary: What Happened on October 24, 2026' headline: Lycia raises $317.5 million in IPO as shares gain 67% description: The protein degrader company plans to use the proceeds to support three medicines for allergic conditions and Graves’ disease. url: https://thebench.bio/news/funding/2026-10-24 topic: funding date: '2026-10-24' covers: - '2026-10-24' date_published: '2026-10-24T12:00:53Z' date_modified: '2026-10-24T12:00:53Z' tags: - Funding - Industry sources: 2 publisher: TheBench.Bio --- # Funding Daily Summary: What Happened on October 24, 2026 **Lycia raises $317.5 million in IPO as shares gain 67%** The protein degrader company plans to use the proceeds to support three medicines for allergic conditions and Graves’ disease. ## Today in brief Lycia brought in $317.5 million through its upsized IPO, and its shares finished Friday 67% above the offering price. [1] The proceeds are intended to support three protein-degrading medicines for allergic conditions and Graves’ disease. [2] ## Lycia’s shares closed 67% above the IPO price Lycia priced its upsized IPO at the top of its proposed range, giving the company a post-money valuation of $990.6 million. [1] Shares closed at $30.06 on Friday, up from the $18 offering price, after reaching $36.49 during the session. [1] The first-day share-price gain put Lycia’s valuation at nearly $1.7 billion. [1] ## The day in numbers - **$317.5 million**: Lycia’s IPO proceeds [1] - **67%**: Lycia shares’ gain at Friday’s close compared with the $18 offering price [1] - **Nearly $1.7 billion**: Lycia’s valuation after its first day of trading [1] ## Sources 1. [After Lycia’s aftermarket surge, more biotechs look to NASDAQ: Finance Report](), BioCentury, 2026-10-24 2. [Protein degrader specialist Lycia prices $318M IPO](), BioPharma Dive, 2026-10-23 --- TheBench.Bio wrote this from the reporting cited above, with a language model drafting and editing. [1]: [2]: