Lycia Therapeutics raises $75M oversubscribed Series D
What's the deal? Lycia Therapeutics, a clinical-stage biotech in South San Francisco, has closed an oversubscribed $75 million Series D financing.
Janus Henderson Investors and Balyasny Asset ManagementDealroom has a profile for this one. Try Dealroom → co-led the round. Adage Capital Management, HBM Healthcare InvestmentsDealroom has a profile for this one. Try Dealroom →, OrbiMed, and existing backers also joined.
The company will use the proceeds to advance its LYTAC pipeline. That includes LCA-0061 for food allergy and LCA-0321 for Graves' disease, both heading toward early clinical proof of concept.
Why now? Lycia also reshuffled its leadership alongside the raise.
It appointed Amy Bachrodt as chief financial officer and promoted Karen Flick to general counsel — moves that signal a push toward the clinical stage.
What could go wrong? Lycia's drugs aim to degrade disease-causing extracellular proteins, a novel approach that remains unproven in patients.
Early clinical trials carry high failure rates, and proof-of-concept data could fall short.
The signal: Lycia, now a late-stage company, has pulled in a roster of dedicated healthcare investors — from Janus Henderson and OrbiMed to HBM Healthcare Investments — that signals conviction in its degrade-extracellular-proteins approach to difficult-to-treat autoimmune, inflammatory, and allergic diseases. Securing an oversubscribed round at this stage points to investor appetite for novel modalities as the company nears clinical proof of concept.
Read more: Caledonian Record
