HBM Portfolio Company Lycia Therapeutics Raises USD 317.5 Million in Nasdaq IPO and Delivers Strong Market Debut

HBM Healthcare Investments today announced the successful initial public offering of its portfolio company Lycia Therapeutics (NASDAQ: LYCA). Lycia is a clinical-stage biotechnology company developing novel therapeutics designed to degrade disease-causing extracellular proteins, initially targeting autoimmune, inflammatory and allergic diseases.

Lycia priced its upsized initial public offering at USD 18.00 per share, issuing 17.64 million new shares and raising gross proceeds of USD 317.5 million. The shares began trading on the Nasdaq Global Select Market on 23 October 2026 under the ticker symbol LYCA.

HBM Healthcare Investments first invested in Lycia in June 2026, participating with USD 9 million in the company's Series D financing. HBM subsequently participated in the IPO with an additional investment of USD 4.5 million, bringing its total investment in Lycia to USD 13.5 million. Following the offering, HBM holds approximately 2.2 percent of Lycia. Based on the closing share price of USD 30.00 (+66.7%) on the first trading day, HBM's stake is valued at USD 36.8 million.

Lycia is advancing its proprietary LYTAC (Lysosomal Targeting Chimera) platform, which enables the targeted degradation of disease-causing extracellular proteins. Its lead product candidates are LCA-0061, an IgE degrader for food allergy and other allergic diseases, and LCA-0321, a degrader designed to selectively eliminate the autoantibodies responsible for Graves' disease.

Headquartered in South San Francisco, Lycia was founded on the work of Nobel laureate Carolyn Bertozzi, Ph.D., Professor of Chemistry at Stanford University.