Lycia Therapeutics, Inc.

S-1 filed

Lycia Therapeutics, Inc. filed an S-1 registration statement in October 2026, disclosing financial results through mid-2026. The company terminated its Lilly collaboration in February 2026, leading to a significant decline in collaboration revenue. A new non-exclusive license agreement with RSR in July 2025 grants rights to TSHR patents for preclinical LYTAC degrader development, requiring $12M in potential milestones. Research and development expenses decreased slightly in 2025 amid restructuring efforts, while general and administrative costs also declined. The company faces risks related to clinical trial outcomes, regulatory approvals, and dependence on collaboration revenue.

DRS/A amended

Lycia Therapeutics, Inc. is preparing for its initial public offering (IPO) with underwriters Jefferies LLC and TD Securities (USA) LLC. The offering includes a public price for common stock, underwriting discounts, and a potential option for underwriters to purchase additional shares. The company plans to list on Nasdaq under the symbol "LYCA," contingent on approval. The filing outlines market-making intentions, liquidity risks, and restrictions on share sales during a 180-day lock-up period. Stabilization activities by underwriters may influence stock prices, and no guarantees are provided for trading market liquidity or favorable sale prices.

DRS filed

Lycia Therapeutics, Inc. reported collaboration revenue of $14.9 million in 2024 and $6.7 million in 2025 from the Lilly Agreement, which terminated in February 2026. A new non-exclusive license agreement with RSR in July 2025 granted rights to TSHR patents for preclinical development, involving $0.3 million upfront fees and potential milestone payments up to $12.0 million. The company incurred restructuring charges of $1.5 million in 2025 due to workforce reductions and operational adjustments. Liquidity improved after a $75.0 million Series D financing in June 2026, but the firm remains unprofitable with an accumulated deficit of $117.6 million as of December 2025. Future revenue depends on clinical progress and potential collaborations, with significant R&D expenses anticipated.