Funding Daily Summary
Funding Daily Summary: What Happened on October 25, 2026
Lycia raises $317.5 million in IPO to fund three drug programs
Shares closed more than 66% above the offering price as Lycia mapped out spending on candidates for food allergy and Graves’ disease.
Today in brief
Lycia Therapeutics raised $317.5 million in an upsized Nasdaq IPO, giving it funds to advance three candidates toward Phase 2 trials.1 The stock finished its first trading day at $30, more than 66% above the $18 offering price.1
Lycia plans to advance three candidates
Lycia sold 17.64 million shares at $18 each, after increasing the offering by more than 2.9 million shares.1 The company plans to allocate $80 million to LCA-0061, $70 million to LCA-0062 and $90 million to LCA-0321.1
LCA-0061 is in Phase 1 testing for food allergy and is designed to degrade immunoglobulin E (IgE), an antibody involved in allergic reactions.1 In preliminary Phase 1 results among participants with elevated IgE, Lycia reported an average maximum reduction of 96% from baseline. Most participants maintained reductions above 95% 28 days after dosing.1 Lycia expects to report additional results in 2027.1
Lycia is preparing LCA-0062 for an investigational new drug application and plans to start a Phase 1 study in 2027. Preliminary results may come in the second half of that year.1 LCA-0321 is in a Phase 1 trial for Graves’ disease, with preliminary results expected in 2027.1 Lycia estimates its IPO proceeds will support operations into the second half of 2029.1