Lycia Therapeutics' IPO

Q: When does the lock-up end?

Its prospectus sets a lock-up of 180 days; the day it ends is read from its final prospectus once it lists.

Listed Oct 23, 2026 at $18 on Nasdaq as LYCA.

Offer price

$18

Market cap

$991M

17,640,000

Today 60% above its $18 offer price; its first day closed +66.7%.

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From its final prospectus (424B4) on SEC EDGAR, filed Oct 23, 2026.

What does Lycia Therapeutics do?

“We are a clinical-stage biotechnology company focused on the discovery and development of novel therapeutics designed to degrade disease-causing extracellular proteins, with an initial focus on addressing autoimmune, inflammatory and allergic diseases.”

From its final prospectus (424B4), filed Oct 23, 2026

Lycia Therapeutics' facts, each with its source
Fact	Lycia Therapeutics
Incorporated	Delaware, 2019From its final prospectus (424B4) of Oct 23, 2026
Headquarters	South San Francisco, CaliforniaFrom its final prospectus (424B4) of Oct 23, 2026
Employees	31, as of June 30, 2026From its final prospectus (424B4) of Oct 23, 2026
Website	lyciatx.comFrom its final prospectus (424B4) of Oct 23, 2026

What is the offering?

Each figure names the filing it is from and that filing's date. The market cap is Breakaway's arithmetic from the prospectus's share count.

Lycia Therapeutics' facts, each with its source
Fact	Lycia Therapeutics
Shares offered	17,640,000From the final prospectus (424B4) filed Oct 23, 2026
Offer price	$18 a shareFrom the final prospectus (424B4) filed Oct 23, 2026
Raised at that price	$318 millionFrom the final prospectus (424B4) filed Oct 23, 2026
Underwriters' discount	$22.2 millionFrom the final prospectus (424B4) filed Oct 23, 2026
Net proceeds the company expects	About $291 millionFrom the final prospectus (424B4) filed Oct 23, 2026
Underwriters' option	2,646,000 more sharesFrom the final prospectus (424B4) filed Oct 23, 2026
Underwriters	Jefferies, TD Cowen, Evercore ISI, Guggenheim Securities, and LifeSci CapitalFrom the final prospectus (424B4) filed Oct 23, 2026, as its cover names them
Exchange	Nasdaq Global Select Market, as LYCAFrom the final prospectus (424B4) filed Oct 23, 2026
Shares outstanding after	55,034,559From the final prospectus (424B4) filed Oct 23, 2026
Market cap at the offer price	$991 millionBreakaway's arithmetic from the prospectus's share count

What the filing says about its money

Lycia Therapeutics' facts, each with its source
Fact	Lycia Therapeutics
Collaboration revenue	$6.7 million, year to December 31, 2025From its final prospectus (424B4) of Oct 23, 2026, its summary financial data
Net loss	$36.5 million, year to December 31, 2025From its final prospectus (424B4) of Oct 23, 2026, its summary financial data
Cash	$148 million, as of June 30, 2026From its final prospectus (424B4) of Oct 23, 2026: cash, cash equivalents and marketable securities
Last preferred stock	Series D preferredFrom its final prospectus (424B4) of Oct 23, 2026

What risks does Lycia Therapeutics name first?

“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.”
“We have incurred significant operating losses since our inception and have not generated any revenue from product sales.”
“Even if this offering is successful, we will require substantial additional capital to finance our operations and achieve our goals.”

The first three of the risks its prospectus summary lists, in the company's words. The rest, and each in full, are in the filing. Read the filing.

Every date of Lycia Therapeutics' IPO

Lycia Therapeutics' IPO dates, each with its source
What	Day	Source
Registration filedForm S-1, SEC EDGAR	Oct 5, 2026	Form S-1, SEC EDGAR
Exchange registration filedexchange registration (Form 8-A), SEC EDGAR	Oct 20, 2026	exchange registration (Form 8-A), SEC EDGAR
Declared effective by the SECSEC notice of effectiveness, SEC EDGAR	Oct 22, 2026	SEC notice of effectiveness, SEC EDGAR
Pricedfinal prospectus (424B4), filed Oct 23, SEC EDGAR	Oct 22, 2026	final prospectus (424B4), filed Oct 23, SEC EDGAR
First tradeMassive's IPO calendar	Oct 23, 2026	Massive's IPO calendar
Lock-upPer its final prospectus (424B4); the day comes once it lists	180 days	Per its final prospectus (424B4); the day comes once it lists

How did its first days trade?

From its daily bars, each close against its $18 offer price.

Lycia Therapeutics' first sessions
Day	Open	Close	From the offer
Oct 23	$28.55	$30	+66.7%
Oct 26	$23.73	$28.85	+60.3%

What is Lycia Therapeutics' Quality Score?

New listing

2 trading days so far; 12 of the 14 checks wait for more history.

LYCA's page, with every reason behind its score

Tested. Our top-⁠scored stocks returned 2.2x the average stock over the next month. How we tested it

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Lycia Therapeutics IPO questions

When is Lycia Therapeutics' IPO?

Listed Oct 23, 2026 at $18 on Nasdaq as LYCA.

What is Lycia Therapeutics' IPO price?

Lycia Therapeutics' IPO priced at $18 a share, per its final prospectus of Oct 23, 2026.

How many shares is Lycia Therapeutics selling?

17,640,000 shares, and the underwriters may buy 2,646,000 more, per its final prospectus (424B4).

Who are the underwriters?

Jefferies, TD Cowen, Evercore ISI, Guggenheim Securities, and LifeSci Capital, as the prospectus's cover names them.

When does the lock-up end?

Its prospectus sets a lock-⁠up of 180 days; the day it ends is read from its final prospectus once it lists.

Does Breakaway rate Lycia Therapeutics?

Lycia Therapeutics has a Quality Score of 1 today, marked New listing for its first 21 sessions. The score counts the 14 chart checks and the company's filings; a check that needs more history than a new stock has waits for it.

Can Breakaway say where Lycia Therapeutics' price will go?

No. Breakaway does not say where a price will go. Every figure here is from the company's SEC filings, linked on each line.

Where every figure comes from.

Each company's SEC filings on EDGAR, read twice a day: its registration (Form S-1 or F-1), the amendment that sets its price range, and its final prospectus (424B4). The shares, the price, the underwriters, the lock-up, and the company's words are the filing's, linked on each line.
The expected day is Massive's IPO calendar's, the first trade the market data's, and the moves each stock's daily closes against its offer price.
The market cap is Breakaway's arithmetic: the shares the prospectus says will be outstanding after the offering, times the midpoint of the range or the offer price.
The Quality Score is Breakaway's, from a stock's second trading day; for its first 21 sessions it is marked New listing, and each check that needs more history waits for it.
Blank-check companies (SPACs) and unit offerings are left out and counted; a direct listing and a US listing of a company listed abroad are in and marked.

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