Health Care · NASDAQ: LYCA
Lycia: how the business works
Lycia Therapeutics is testing experimental medicines meant to remove disease-causing proteins. It has no product revenue, and its net loss was $36.5 million in FY2025.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
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Lycia Therapeutics, Inc. · South San Francisco, California · Founded 2019
Updated for Six months ended Jun 30, 2026 · checked
- Revenue, six months to Jun 30, 2026
- $0
- Net loss, FY2025
- $36.5M
- Cash and marketable securities, Jun 30, 2026 (before the IPO)
- $148.1M
- Full-time employees, Jun 30, 2026
- 31
- Nasdaq closing price, Nov 5, 2026
- $28.80
The short version
Lycia in 5 points
1 · What it sells
Lycia sells no product and had $0 of revenue in the six months to Jun 30, 2026; it is testing LCA-0061, LCA-0062 and LCA-0321, medicines meant to remove disease-causing proteins.
2 · Who pays it
No customer pays Lycia for a product, so there is no payer split to show; all $6.7 million of FY2025 revenue came from an Eli Lilly collaboration that ended on Feb 12, 2026.
3 · What it keeps from $100
With no product sales, Lycia keeps nothing from sales: in FY2025 its operating loss was $41.4 million and its net loss $36.5 million, after $4.7 million of net interest and other income.
4 · Where the operating profit comes from
Lycia has no operating profit: in FY2025 it spent $40.5 million on research and development and $6.1 million on general and administrative costs.
5 · The one thing to watch
Lycia's prospectus says its cash should fund its plans into the second half of 2029, and it used $51.4 million in operations in FY2025 and $18.1 million in the six months to Jun 30, 2026.
Sources: From Lycia's final IPO prospectus (424B4) dated Oct 22, 2026 · checked
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01The business in one line
What does Lycia do?
Lycia develops experimental medicines meant to clear harmful proteins from outside cells; nobody buys a product from it yet, so money from investors pays for the research.
- Its only revenue has come from an Eli Lilly collaboration: $6.7 million in FY2025. Lilly ended the deal, effective Feb 12, 2026.
- Research and development cost $40.5 million in FY2025. Lycia's shares began trading on Nasdaq on Oct 23, 2026, after an IPO at $18.00 a share.
02Who pays it
Who pays Lycia?
No product buyers
Not disclosed
Lycia has no approved product, so no patient, doctor or insurer pays it. Revenue was $0 in the six months to Jun 30, 2026.
Eli Lilly (ended)
100%
of revenue
A collaboration from August 2021 on up to 5 targets: $35.0 million upfront, plus a $2.0 million extension fee in August 2025. No milestones were achieved. All FY2025 revenue came from it.
Investors (not customers)
Not disclosed
Investors supplied about $266.6 million from inception to Jun 30, 2026, per the prospectus, before the IPO. This is funding, not revenue.
Customer concentration
Eli Lilly was the only source of revenue in FY2024 and FY2025. Lilly chose to end the deal without cause, giving notice in November 2025. It took effect on Feb 12, 2026, and no collaboration is in place now.
- Largest customer
- 100%
03Why it makes money
Why does Lycia make money?
Lycia does not make money yet: investors' cash pays for research, and no product brings in sales.
The prospectus says the outcome of clinical testing is uncertain. Lycia's research and development cost was $40.5 million in FY2025, against $6.7 million of revenue from a deal that has ended.
Research and development spending, $ million
$41.1$40.5
FY2024 to FY2025
- Raise money from investors
- Design candidates on the LYTAC technology
- Pay outside firms to make them
- Test them in early trials
- Report the results, then raise more money
↺ Step 5 feeds back into step 1.
04The numbers · Consolidated · US$
How has Lycia done?
Lycia listed on Nasdaq on Oct 23, 2026; its IPO price was $18.00 a share. Its prospectus gives two audited years. No Form 10-Q had been filed by Nov 6, 2026.
Source: Form 424B4 final prospectus, initial public offering (dated Oct 22, 2026); Nasdaq historical prices, LYCA, Oct 23 to Nov 5, 2026
Revenue
$6.7MFY2025
Revenue, all from the Eli Lilly collaboration, fell from $14.9 million in FY2024 to $6.7 million in FY2025, and was $0 in the six months to Jun 30, 2026 after the deal ended.
US$
See the numbers
Net profit
−$36.5MFY2025
Net loss rose from $26.5 million in FY2024 to $36.5 million in FY2025 and was $19.2 million in the six months to Jun 30, 2026; FY2025 loss per share was $11.66, or $1.25 on the prospectus's pro forma basis, which counts preferred stock as converted.
US$
See the numbers
Profit kept per $100 of revenue
−$540.9FY2025
Lycia lost $540.9 for every $100 of revenue in FY2025, against $177.4 in FY2024; EBITDA here is a Cityfort calculation from the 424B4 dated Oct 22, 2026 (operating loss plus depreciation).
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
−$51.6MFY2025
Cash used in operations rose from $29.5 million in FY2024 to $51.4 million in FY2025 and was $18.1 million in the six months to Jun 30, 2026; FY2025 free cash flow was −$51.6 million (Cityfort calculation from the 424B4 dated Oct 22, 2026).
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
See the six-month numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Dec 31; Lycia's fiscal year is the calendar year. The prospectus gives two audited years (as an emerging growth company) and six-month periods, not separate quarters.). Net profit is the share belonging to the company's owners.
Download Lycia's yearly and six-month numbers (CSV, with source ids)
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
05Who runs it
Who runs Lycia, and did they deliver?
Aetna Wun Trombley, Ph.D.
President, Chief Executive Officer and director · since 2020
Previously President and Chief Operating Officer of NGM Biopharmaceuticals.
Amy Bachrodt
Chief Financial Officer · since 2026
Previously at Maze Therapeutics.
Chin Lee, M.D.
Chief Medical Officer · since 2025
Previously Chief Medical Officer at Allakos.
Steve Staben, Ph.D.
Chief Scientific Officer · since 2021
Previously at Genentech.
Sofia Touami, Ph.D.
Chief Business Officer · since 2023
Previously Chief Business Officer at Hexagon Bio.
William J. Rieflin
Chair of the board · since 2020
Former Chief Executive Officer of NGM Biopharmaceuticals.
Laurent Fischer, M.D.
Director · since 2019
Former Chief Executive Officer of Adverum Biotechnologies.
Jane Pritchett Henderson
Director · since 2026
Chief Financial Officer of Apogee Therapeutics.
06What could go wrong
What could go wrong for Lycia?
- Execution
No approved product and no finished trial
Lycia says it has a limited operating history, has completed no clinical trial and has no product approved for sale.
Watch Whether later filings report a completed trial.
- Cash and liquidity
Losses and more money needed
The accumulated deficit was $136.8 million at Jun 30, 2026. Lycia says it may never be profitable and will need substantial additional capital even after the IPO.
Watch Cash and net loss in the first Form 10-Q.
- Technology
One technology behind every candidate
The prospectus says Lycia is substantially dependent on its LYTAC platform. A setback to the platform could affect all its candidates.
Watch Safety and IgE results in later LCA-0061 groups.
- Execution
Early results may not hold up
The LCA-0061 data come from one group at one 70 mg dose, followed for 35 days, with safety data blinded. Lycia says early results may not predict later trials.
Watch The further LCA-0061 data Lycia says it expects in 2027.
- Regulation
Trials outside the US
Its trials are in Canada and the Netherlands. The prospectus says the FDA may not accept data from outside the US.
Watch Any US trial clearance reported in later filings.
- Competition
Competition from approved treatments
Xolair is already approved for food allergy, and the prospectus says over 100,000 US food allergy patients were prescribed it by 2025. Lycia says many rivals have more money.
Watch New approvals in food allergy and Graves' disease named in later filings.
- Concentration
Reliance on outside firms, some in China
Lycia relies on third parties to run trials and make its candidates, and some manufacturers are in China. Some of its rights also come from licenses from Stanford and RSR.
Watch Changes in manufacturers or licenses reported in later filings.
- Other
Shares unlocked after 180 days
The lock-upA period after an IPO when insiders agree not to sell their shares. Learn more runs 180 days from Oct 22, 2026. The prospectus says up to about 37,394,559 existing shares become eligible for sale when it ends, and that such sales may lower the share price.
Watch Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more and Form 144 filings after the lock-up ends.
07Both sides
What do supporters and critics point to?
What supporters point to
- Mean total IgE fell 92% at 24 hours in the first LCA-0061 group, per preliminary data in the prospectus.
- The prospectus reports no dose-limiting toxicities or safety signals in that group, on blinded safety data.
- The prospectus says food allergy affects more than 33 million people in the US, and Graves' disease about 3 million US adults.
- Lycia had $148.1 million of cash and marketable securities at Jun 30, 2026, and the IPO that closed on Oct 26, 2026 raised $365.1 million before costs, per the closing release and the prospectus.
- The company says its money should fund its plans into the second half of 2029, per the prospectus dated Oct 22, 2026.
What critics point to
- Lycia has no approved product, has completed no clinical trial and had $0 of revenue in the six months to Jun 30, 2026.
- The human data come from one group at one dose, and that trial is not complete.
- Net loss was $36.5 million in FY2025, and the prospectus says Lycia may never be profitable.
- Eli Lilly ended its collaboration without cause, effective Feb 12, 2026, with no milestones achieved.
- Xolair has been approved for food allergy since February 2024, and US annual sales were over $4 billion by 2025, per the prospectus.
08What to watch next
What should you watch next at Lycia?
Next event
First Form 10-Q (quarter ended Sep 30, 2026)
Date not announced yet.
First quarterly report
No Form 10-Q was on file at Nov 6, 2026. The $138.2 million cash estimate at Sep 30, 2026 is preliminary and unaudited.
Share count in a company filing
The first Form 10-Q cover should show whether shares outstanding match the 57,680,559 implied by the full underwriters' option.
LCA-0061 data
Lycia says in its prospectus (Oct 22, 2026) that it expects more healthy-participant and food allergy patient data in 2027.
LCA-0321 and LCA-0062 data
Lycia says in the same prospectus that it expects first LCA-0321 data in 2027, and first LCA-0062 data in the second half of 2027.
09Key dates
What are the key dates for Lycia?
| Event | Date | Source |
|---|---|---|
| First trade on the Nasdaq Global Select MarketIPO price $18.00 (prospectus dated Oct 22, 2026). Nasdaq's price table shows an open of $28.55 and a close of $30.00 that day. | Form 424B4 final prospectus, initial public offering (dated Oct 22, 2026); Nasdaq historical prices, LYCA, Oct 23 to Nov 5, 2026 | |
| Offering closedLycia's closing release says the underwriters' option on 2,646,000 more shares was exercised in full. | Form 8-K, restated charter and bylaws effective at closing of the offering (Oct 26, 2026); Lycia Therapeutics Announces Closing of Upsized Initial Public Offering and Full Exercise of Underwriters' Option to Purchase Additional Shares | |
| Lock-up endsThe prospectus states 180 days after Oct 22, 2026, not a calendar date. That is Apr 20, 2027 (Cityfort calculation from the 424B4 dated Oct 22, 2026); Nasdaq's IPO record shows Apr 21, 2027. | Not yet stated | Form 424B4 final prospectus, initial public offering (dated Oct 22, 2026); Nasdaq IPO record, Lycia Therapeutics (deal 1112626-119575) |
| First Form 10-Q (quarter ended Sep 30, 2026)Not filed as of Nov 6, 2026, and no filing date announced. | Not yet stated | SEC EDGAR filing index, Lycia Therapeutics (CIK 0001806540), read Nov 6, 2026: no Form 10-Q, 10-K, results 8-K or proxy statement since the IPO |
Learn: IPO lock-up agreements: what they are and when they end
Sources (6)
- Form 424B4 final prospectus, initial public offering (dated Oct 22, 2026)
- Nasdaq historical prices, LYCA, Oct 23 to Nov 5, 2026
- Form 8-K, restated charter and bylaws effective at closing of the offering (Oct 26, 2026)
- Lycia Therapeutics Announces Closing of Upsized Initial Public Offering and Full Exercise of Underwriters' Option to Purchase Additional Shares
- Nasdaq IPO record, Lycia Therapeutics (deal 1112626-119575)
- SEC EDGAR filing index, Lycia Therapeutics (CIK 0001806540), read Nov 6, 2026: no Form 10-Q, 10-K, results 8-K or proxy statement since the IPO
10Key facts
Key facts about Lycia
- What does Lycia Therapeutics do?
- Lycia Therapeutics is a South San Francisco biotech developing LYTAC degraders, experimental medicines meant to carry disease-causing proteins into a cell's lysosome to be broken down. It had 31 full-time employees at Jun 30, 2026 and no approved products, per its prospectus dated Oct 22, 2026.
- How does Lycia make money?
- Lycia does not make money from products. Its business model so far is research paid for by investors, plus collaboration revenue from Eli Lilly: $14.9 million in FY2024 and $6.7 million in FY2025. Lycia had $0 of revenue in the six months to Jun 30, 2026.
- Is Lycia profitable?
- No. Lycia's operating loss was $41.4 million in FY2025 and its net loss $36.5 million, after $4.7 million of net interest and other income. Its net loss was $19.2 million in the six months to Jun 30, 2026.
- Who are Lycia's customers?
- No customer pays Lycia for a product, per its Oct 22, 2026 prospectus. Eli Lilly was its only source of revenue, $6.7 million in FY2025, and Lilly's termination of the collaboration took effect on Feb 12, 2026.
- What is Lycia's revenue by segment?
- Lycia reports one operating segment, per the notes in its prospectus dated Oct 22, 2026. All of Lycia's FY2025 revenue of $6.7 million was collaboration revenue from Eli Lilly.
- Who owns Lycia?
- Venture and healthcare investors hold large stakes in Lycia. Versant Ventures entities held 7,025,307 Lycia shares after Oct 26, 2026 (Form 4), and Venrock entities reported 11.9% in a Schedule 13GA filing by anyone who owns more than 5% of a company's shares and does not seek control. Learn more filed Oct 30, 2026.
- When and where did Lycia list?
- Lycia's common stock began trading on the Nasdaq Global Select Market as LYCA on Oct 23, 2026. Its prospectus dated Oct 22, 2026 set the IPO price at $18.00 a share.
- What is Lycia's LCA-0061?
- LCA-0061 is Lycia's experimental medicine for food allergy and other allergic disease, designed to remove IgE, an antibody behind allergic reactions. It was in a Phase 1 trial in Canada, per the prospectus dated Oct 22, 2026.
- What is Lycia's LCA-0062?
- LCA-0062 is Lycia's second IgE-removing candidate, a bispecific antibody for food allergy or other IgE-driven disease. It had not entered human trials at the date of the Oct 22, 2026 prospectus.
- What is Lycia's LCA-0321?
- LCA-0321 is Lycia's experimental medicine for Graves' disease, an autoimmune cause of an overactive thyroid. It was in a Phase 1 trial in patients in the Netherlands, per the prospectus dated Oct 22, 2026.
Sources (5)
- Form 424B4 final prospectus, initial public offering (dated Oct 22, 2026)
- Form 4, Versant Ventures entities (preferred conversion, Oct 26, 2026)
- Schedule 13G, Venrock Healthcare Capital Partners entities (event Oct 23, 2026)
- Form 8-A12B, registration of common stock on Nasdaq (Oct 20, 2026)
- Nasdaq historical prices, LYCA, Oct 23 to Nov 5, 2026
Terms on this page
- Capital expenditures (capex)
- Customer concentration
- Earnings per share (EPS)
- EBITDA
- Free cash flow
- Market cap
- Net debt
- Net margin
- Revenue vs net income
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
11What it sells
11What it sells
What does Lycia sell?
LCA-0061 (Phase 1 trial, not for sale)
Designed to remove IgE, an antibody behind allergic reactions, for food allergy. It is in a Phase 1 trial in Canada, the first small test in people. Preliminary data from one 70 mg group showed mean total IgE down 92% at 24 hours, per the prospectus.
LCA-0062 (before human trials)
A second IgE-removing candidate, built as a bispecific antibody. It is in the lab work needed before regulators can clear a human trial; the prospectus says clearance is not guaranteed.
LCA-0321 (Phase 1 trial, not for sale)
Designed to remove the antibodies that overstimulate the thyroid in Graves' disease. It is in a Phase 1 trial in patients in the Netherlands.
Other early programs
Lab-stage programs for autoimmune, inflammatory and allergic diseases. The prospectus gives no data dates for them.
Think of it like this
Like a courier: the degrader picks up a harmful protein outside a cell and delivers it to the lysosome, the cell's recycling center.
What it does
- Does: Designs degraders on its LYTAC technology, based on work by Nobel laureate Carolyn Bertozzi and her Stanford team
- Does: Runs early trials in Canada and the Netherlands
- Does: Pays outside manufacturers to make its candidates
What it does not do
- Does not: Sell an approved medicine: it has none, and has completed no clinical trial
- Does not: Run its own drug factories
- Does not: Have a collaboration partner now: the Eli Lilly deal ended on Feb 12, 2026
12How the money flows
12How the money flows · FY2025
How does money flow through Lycia?
Money in
- Collaboration revenue from Eli Lilly (ended Feb 12, 2026)$6.7M
- Interest and other income, net, plus a tax benefit$4.9M
The company
Lycia
$11.7M came in
Money out
- Research and development$40.5M
- General and administrative$6.1M
- Restructuring and impairment$1.5M
- Net loss−$36.5M
- The Eli Lilly collaboration brought $6.7 million of revenue in FY2025. There was no product revenue, and the deal has since ended.
- Net interest and other income added $4.7 million, and a tax benefit $0.2 million.
- Research and development cost $40.5 million. General and administrative costs were $6.1 million, and a June 2025 restructuring and impairment $1.5 million.
- Costs were $36.5 million more than the money that came in. That is the net loss.
- Cash raised earlier from investors covered the gap. In June 2026 a private share sale raised $75.0 million before costs, and the IPO followed in October.
13What it needs to run
13What it needs to run
What does Lycia need to run?
Money for trials
Research and development cost $40.5 million in FY2025. Cash and marketable securities were $148.1 million at Jun 30, 2026, before the IPO.
Scientists
31 full-time employees at Jun 30, 2026, of whom 23 work in research and development.
Outside manufacturers
Lycia has no factory of its own. Several contract manufacturers make its candidates, some of them in China.
Patents and licenses
At Jun 30, 2026 the LYTAC platform had 15 owned patent families and 1 from Stanford, with 3 granted US patents. LCA-0321 also relies on a non-exclusive license from RSR, with milestones of up to $12.0 million.
14Competitors and what protects it
14Competitors and what protects it
Who does Lycia compete with?
Xolair (omalizumab)
Blocks IgE rather than removing it. It won FDA approval for food allergy in February 2024. By 2025 over 100,000 US food allergy patients were prescribed it, and US annual sales were over $4 billion, per the prospectus.
Palforzia (peanut allergen powder)
The first FDA-approved oral immunotherapy, from January 2020, per the prospectus. The prospectus says low uptake led to sales ending in July 2026.
Anti-thyroid drugs
One of the most common Graves' disease treatments. The prospectus says they achieve remission in about 45% of patients.
Emerging Graves' disease medicines
Types the prospectus lists: FcRn inhibitors and IgG-targeting agents, TSHR-blocking antibodies and small molecules, and FcγRIIb-based approaches.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Patents3 of 5
At Jun 30, 2026 the platform had 15 owned patent families and 1 licensed from Stanford. Only 3 US and 1 foreign patents were granted. Platform patents that may issue in the future are projected to expire from 2039 to 2047. The 4 IgE families are all pending.
- Trial evidence1 of 5
Lycia has completed no clinical trial. Its human data come from one LCA-0061 group at one dose, and they are preliminary.
- Partners1 of 5
Eli Lilly, its only collaboration partner, ended the deal effective Feb 12, 2026, with no milestones achieved.
- Scale1 of 5
Lycia had 31 full-time employees at Jun 30, 2026, and no factory of its own.
Weak spot
One technology, no finished trial
The prospectus says Lycia is substantially dependent on the LYTAC platform, so a setback could affect every candidate. It has completed no clinical trial.
15Where growth could come from
15Where growth could come from
Where could Lycia's growth come from?
Lycia says in its prospectus (Oct 22, 2026) that it expects more LCA-0061 data in 2027, first LCA-0062 data in the second half of 2027 and first LCA-0321 data in 2027. It also says its cash, with the IPO money, should fund its plans into the second half of 2029.
LCA-0061 in food allergy
EarlyMean total IgE down 92% at 24 hours in one preliminary group (prospectus)
The prospectus says food allergy affects more than 33 million people in the US. The trial is unfinished, and safety data are blinded.
Status: Early, too early to judge.
LCA-0062 in food allergy
New$4.1 million of research and development in the six months to Jun 30, 2026
It is still before human trials. A Phase 1 trial needs regulatory clearance, which the prospectus says is not guaranteed.
Status: New, recently announced.
LCA-0321 in Graves' disease
EarlyAbout 3 million US adults affected (prospectus)
Worldwide sales of Graves' disease treatments are expected to reach about $7 billion by 2032, according to Evaluate Pharma, as cited in the prospectus. Lycia plans a Phase 2b trial if results support it.
Status: Early, too early to judge.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
16Financial strength and debt
16Financial strength · Jun 30, 2026
How much debt does Lycia have?
- Total debt$0M
- Cash and investments$148M
- Net cash (cash minus debt)$148M
- Net worth (shareholders' money)−$132M
- Cash includes cash equivalents and current and non-current marketable securities. Net cash is a Cityfort calculation from the 424B4 dated Oct 22, 2026: cash less no borrowings. Operating lease liabilities of $1.5 million current and $1.7 million non-current are not counted as debt here.
- Net worth is a stockholders' deficit of $132.1 million because $277.1 million of preferred stock sat outside equity until it converted at the IPO.
- With the full underwriters' option, the prospectus shows pro forma cash, after the offering, of $483.7 million.
- Lycia estimates cash and marketable securities of about $138.2 million at Sep 30, 2026, before the IPO money. This figure is preliminary and unaudited, and KPMG has not reviewed it.
- The accumulated deficit, all losses to date, was $136.8 million at Jun 30, 2026.
17Who owns it
17Who owns it · ownership as of Oct 26, 2026
Who owns Lycia?
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
Sources (5)
- Schedule 13G, Venrock Healthcare Capital Partners entities (event Oct 23, 2026)
- Form 424B4 final prospectus, initial public offering (dated Oct 22, 2026)
- Form 4, Versant Ventures entities (preferred conversion, Oct 26, 2026)
- Form 4, Venrock Healthcare Capital Partners entities (transactions Oct 23-27, 2026)
- Form 4, Venrock Healthcare Capital Partners entities (transaction Nov 2, 2026)
18What it does with profit
18What it does with profit
What does Lycia do with its profit?
Money raised · Oct 26, 2026
IPO closed on Oct 26, 2026 at $18.00 a share (offering price of Oct 22, 2026). With the underwriters' 2,646,000-share option, the prospectus gives 20,286,000 new shares. It estimates net proceeds of about $335.0 million on that basis. Venrock's Schedule 13G uses 57,680,559 shares outstanding at Oct 26, the prospectus's count with the full option.
$365M
19Governance signals
19Governance signals
What do Lycia's governance filings show?
- Auditor
- KPMG LLP, since 2022
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- Holders of more than 5% bought preferred stock in Lycia's 2024 and 2026 private rounds, and some hold registration rights. Directors and officers have indemnification agreements. Lycia adopted a written related-party policy in connection with the IPO.
- Credit rating
- Not checked for this page
Flags to know about
disclosure
No quarterly or annual report yet
As of Nov 6, 2026, Lycia had filed no Form 10-Q, Form 10-K or proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more as a public company. Every figure on this page comes from its prospectus.
disclosure
The option exercise is not yet in a company SEC filing
Lycia's closing release of Oct 26, 2026 says the underwriters' option was exercised in full. Its Oct 26 Form 8-K covers only the charter and bylaws. Venrock's Schedule 13G uses the matching 57,680,559 shares.
disclosure
Reduced reporting rules
Lycia is an emerging growth company and a smaller reporting company. Its prospectus gives 2 audited years, and it can use other reduced reporting rules.
other
Three directors left just before the IPO
Tim Anderson, Ming Fang and Dr. Ozawa resigned just before the registration statement took effect. Mr. Anderson is affiliated with Blue Owl and Mr. Fang with Redmile. Both firms held more than 5% before the IPO, per the prospectus.
other
Classified board
Directors sit in three classes, so not all are elected at one time. The prospectus lists this among provisions that could prevent or delay an acquisition. Three of the four directors are independent.
Sources (5)
- Form 424B4 final prospectus, initial public offering (dated Oct 22, 2026)
- SEC EDGAR filing index, Lycia Therapeutics (CIK 0001806540), read Nov 6, 2026: no Form 10-Q, 10-K, results 8-K or proxy statement since the IPO
- Form 8-K, restated charter and bylaws effective at closing of the offering (Oct 26, 2026)
- Lycia Therapeutics Announces Closing of Upsized Initial Public Offering and Full Exercise of Underwriters' Option to Purchase Additional Shares
- Schedule 13G, Venrock Healthcare Capital Partners entities (event Oct 23, 2026)
20What the market paid
20What the market paid · price as of Nov 5, 2026
What did the market pay for Lycia on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: Lycia shares closed at $28.80 on Nasdaq. Market value = $28.80 × 57,680,559 shares outstanding as of Oct 26, 2026 ÷ 1 million = about $1,661.2 million (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the Venrock Schedule 13G filed Oct 30, 2026); it leaves out stock options. P/E (price ÷ earnings per share) is not shown because Lycia has a net loss. The IPO price was $18.00 (Oct 22, 2026); the Nov 5 close was 60.0% above it (Cityfort calculation from the Nasdaq price table and the 424B4).
- Share price
- $28.80
- Market value (market cap)
- $1.7B
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
246.4×
$1.7B market value ÷ $6.7M revenue (FY2025) = 246.4×
Cityfort calculation from the Nov 5, 2026 closing price and the FY2025 filing. Source: Nasdaq historical prices, LYCA, Oct 23 to Nov 5, 2026; Schedule 13G, Venrock Healthcare Capital Partners entities (event Oct 23, 2026); Form 424B4 final prospectus, initial public offering (dated Oct 22, 2026)
How price ratios workFree cash flow yield
−3.1%
−$51.6M free cash flow (FY2025) ÷ $1.7B market value = −3.1%
Cityfort calculation from the FY2025 filing and the Nov 5, 2026 closing price. Source: Nasdaq historical prices, LYCA, Oct 23 to Nov 5, 2026; Schedule 13G, Venrock Healthcare Capital Partners entities (event Oct 23, 2026); Form 424B4 final prospectus, initial public offering (dated Oct 22, 2026)
What free cash flow means
Shares used for the market value: 57.68 million ($28.80 × 57.68 million shares ≈ $1.7B). Source: Schedule 13G, Venrock Healthcare Capital Partners entities (event Oct 23, 2026); Form 424B4 final prospectus, initial public offering (dated Oct 22, 2026)
Source: Nasdaq historical prices, LYCA, Oct 23 to Nov 5, 2026; Schedule 13G, Venrock Healthcare Capital Partners entities (event Oct 23, 2026); Form 424B4 final prospectus, initial public offering (dated Oct 22, 2026)
21How it got here
21How it got here
How did Lycia get here?
2019
Milestone
Incorporated in Delaware
Lycia was incorporated on Oct 24, 2019, founded on Carolyn Bertozzi's LYTAC research at Stanford.
2021
Milestone
Eli Lilly collaboration
Lilly agreed in August 2021 to work on up to 5 targets and paid $35.0 million upfront.
2024
Milestone
Series C round
Lycia raised $106.6 million gross in April and May 2024.
2025
Crisis
Restructuring
In June 2025 Lycia cut staff, gave lower priority to some research and outsourced some program work.
2026
Business-model change
Eli Lilly leaves
Lilly gave notice in November 2025. Termination took effect on Feb 12, 2026, ending Lycia's only source of revenue.
2026
Milestone
Series D round
Lycia raised $75.0 million gross in June 2026.
2026
Milestone
IPO on Nasdaq
Lycia priced its IPO at $18.00 on Oct 22, 2026. Its shares began trading on the Nasdaq Global Select Market on Oct 23, and the offering closed on Oct 26.
22Sources and changes
Where every number on this page comes from
Sources (11 documents)
- S1Form 424B4 final prospectus, initial public offering (dated Oct 22, 2026) · Lycia Therapeutics, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 23, 2026
- S5Form 8-A12B, registration of common stock on Nasdaq (Oct 20, 2026) · Lycia Therapeutics, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 20, 2026
- S6Form 8-K, restated charter and bylaws effective at closing of the offering (Oct 26, 2026) · Lycia Therapeutics, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 26, 2026
- S7Lycia Therapeutics Announces Closing of Upsized Initial Public Offering and Full Exercise of Underwriters' Option to Purchase Additional Shares · Lycia Therapeutics, Inc. (GlobeNewswire) · Tier 3: context only · Oct 26, 2026
- S10Nasdaq IPO record, Lycia Therapeutics (deal 1112626-119575) · Nasdaq · Tier 1: company or exchange filing · Nov 5, 2026
- S11Schedule 13G, Venrock Healthcare Capital Partners entities (event Oct 23, 2026) · Venrock Healthcare Capital Partners (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2026
- S12Form 4, Venrock Healthcare Capital Partners entities (transactions Oct 23-27, 2026) · Venrock Healthcare Capital Partners (SEC EDGAR) · Tier 1: company or exchange filing · Oct 27, 2026
- S13Form 4, Venrock Healthcare Capital Partners entities (transaction Nov 2, 2026) · Venrock Healthcare Capital Partners (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2026
- S14Nasdaq historical prices, LYCA, Oct 23 to Nov 5, 2026 · Nasdaq · Tier 1: company or exchange filing · Nov 5, 2026
- S15Form 4, Versant Ventures entities (preferred conversion, Oct 26, 2026) · Versant Ventures (SEC EDGAR) · Tier 1: company or exchange filing · Oct 28, 2026
- S17SEC EDGAR filing index, Lycia Therapeutics (CIK 0001806540), read Nov 6, 2026: no Form 10-Q, 10-K, results 8-K or proxy statement since the IPO · U.S. Securities and Exchange Commission · Tier 1: company or exchange filing · Nov 6, 2026
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version, based on the 424B4 dated Oct 22, 2026, post-IPO ownership filings and Nasdaq prices through Nov 5, 2026. (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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