Lycia Therapeutics to Sell 14.7 Million Shares at $16-$18 Each in IPO

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Lycia Therapeutics on Tuesday said it plans to sell 14.7 million shares at between $16 and $18 each in its initial public offering.

At the $17 midpoint of that price range, the South San Francisco, Calif., clinical-stage biotechnology company said it expects net proceeds of about $227.8 million, or roughly $262.7 million if the underwriters exercise an option to buy an additional 2.21 million shares.

Lycia, which is developing drugs to degrade disease-causing extracellular proteins, said it expects the proceeds, coupled with its existing resources, will be sufficient to fund its projected operating expenses and capital spending into the second half of 2029.

Lycia said it would have nearly 54.3 million shares outstanding after the IPO, assuming an exercise of the overallotment option, for a market capitalization topping $920 million at the $17-a-share pricing midpoint.

The company said it has applied to list its shares on the Nasdaq Global Select Market under the symbol LYCA.

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