Lycia Therapeutics targets $228M IPO to fund food allergy protein degrader programs

Lycia Therapeutics announced plans for an initial public offering expected to raise about $228 million.

The proceeds are intended to support its pipeline of protein degrader therapeutics targeting autoimmune, inflammatory and allergic diseases, with a focus on food allergy.

The company plans to allocate roughly $80 million to advance its lead candidate LCA-0061, a cataLYTAC designed to lower IgE levels, into a Phase 2 trial, and about $70 million for a follow-on candidate LCA-0062.

The IPO would involve selling 14.7 million shares at $16-$18 each, with an overallotment option that could increase net proceeds to about $263 million.