Lycia Therapeutics, Inc.

What the company does

Lycia Therapeutics is a clinical-stage biotechnology company focused on discovering and developing therapeutics that degrade disease-causing extracellular proteins. Its LYTAC platform is initially focused on autoimmune, inflammatory and allergic diseases, including food allergy. The company is developing LCA-0061 and LCA-0062 for IgE-mediated allergic diseases and LCA-0321 for Graves’ disease.

Use of proceeds

The company currently intends to use the net proceeds, together with existing cash, cash equivalents and marketable securities, to advance clinical development of LCA-0061, LCA-0062 and LCA-0321, and to advance other research and development activities. It also intends to use the proceeds for working capital and other general corporate purposes.

Underwriters

Extracted from 424B4 0001628280-26-067048, filed Oct 23, 2026 and verified against that filing text.

Key risk factors

• Limited operating history

  “We have a limited operating history, have not completed any clinical trials and have no products approved for commercial sale, which may make it difficult for investors to evaluate our business, likelihood of success and viability.”

• Operating losses

  “We have incurred significant operating losses since our inception and have not generated any revenue from product sales.”

• Additional capital needs

  “Even if this offering is successful, we will require substantial additional capital to finance our operations and achieve our goals.”

• Dependence on LYTAC platform

  “We are substantially dependent on the success of our LYTAC platform to advance clinical development of our IgE portfolio consisting of LCA-0061 and LCA-0062, and our Graves’ disease program, LCA-0321.”

• Clinical development uncertainty

  “Drug development is a lengthy and expensive process, the outcome of clinical testing is inherently uncertain, and results of earlier preclinical studies and clinical trials may not be predictive of future clinical trial results.”

• Competition

  “We face substantial competition, which may result in others discovering, developing or commercializing products before or more successfully than we do.”

• Regulatory approval uncertainty

  “The regulatory approval process is highly uncertain, and we may be unable to obtain, or may be delayed in obtaining, U.S. or foreign regulatory approval and, as a result, unable to commercialize our therapeutic candidates and any future therapeutic candidates.”

• Intellectual property protection

  “If we are unable to obtain and maintain patent protection or other necessary rights for any of our current or future therapeutic candidates and technology, or if the scope of the patent protection obtained is not sufficiently broad or our rights under our patents are not sufficiently broad, our competitors could develop and commercialize products and technology similar or identical to ours, and our ability to successfully commercialize our products and technology may be adversely affected.”