• LYTAC (Lysosome-Targeting Chimeras) Degraders: A proprietary platform developing novel therapeutics that harness the cell's lysosomal degradation pathway to target and eliminate disease-causing extracellular and membrane proteins.

Lycia Therapeutics (symbol: LYCA) is a biotechnology company focused on developing novel targeted protein degraders. As a pre-commercial biopharmaceutical company, Lycia Therapeutics does not currently have end-user customers who purchase commercial products directly. Instead, its business model involves strategic collaborations and partnerships with larger pharmaceutical companies for the development and potential commercialization of its drug candidates.

Based on this model, a major customer/partner is:

• Eli Lilly and Company (LLY) - Lycia Therapeutics has a significant strategic collaboration agreement with Eli Lilly and Company to discover, develop, and commercialize novel targeted protein degraders.

Aetna Wun Trombley, Ph.D. President and CEO

Aetna Wun Trombley has served as President, Chief Executive Officer, and a member of Lycia's board of directors since April 2020. Before joining Lycia, she was the President and Chief Operating Officer of NGM Biopharmaceuticals for nine years, where she was instrumental in establishing multiple strategic partnerships and a successful initial public offering in 2019. She also served as an independent director of Carmot Therapeutics from 2016 until its acquisition by Roche in 2024. Earlier in her career, she held roles at Novartis and McKinsey & Company.

Amy Bachrodt Chief Financial Officer

Amy Bachrodt joined Lycia as Chief Financial Officer in June 2026, bringing over 18 years of finance leadership experience across private and public biotechnology companies. Most recently, she was Senior Vice President, Finance at Maze Therapeutics, where she helped lead the company's 2025 initial public offering and assisted the executive team in raising more than $1 billion in financings, including venture, crossover, IPO, debt, and public market transactions. Prior to Maze, Ms. Bachrodt held senior finance leadership roles at Myovant Sciences, which was acquired by Sumitovant Biopharma, and spent 10 years at Genentech.

Steve Staben, Ph.D. Chief Scientific Officer

Steve Staben joined Lycia Therapeutics as Chief Scientific Officer in October 2021. Before Lycia, he spent over 14 years at Genentech, where he led drug discovery programs in oncology and immunology, as well as new modality platforms. He has co-authored over 70 peer-reviewed articles and patent applications.

Chin Lee, M.D., M.P.H. Chief Medical Officer

Chin Lee has served as Chief Medical Officer since 2025. He joined Lycia from Allakos, where he oversaw the development of novel therapeutics for allergy and inflammatory diseases as Chief Medical Officer. Before Allakos, he held leadership positions at Connect Biopharma, Theravance Biopharma, Genentech, Eli Lilly, and Abbott (now AbbVie), successfully guiding the development of therapeutics from early phases to commercialization for multiple immunology indications.

Lycia Therapeutics (LYCA) is a clinical-stage biotechnology company focused on developing novel therapeutics that leverage its proprietary Lysosomal Targeting Chimera (LYTAC) platform to degrade disease-causing extracellular proteins. The company's pipeline includes candidates for allergic diseases, such as food allergy (LCA-0061 and LCA-0062), and Graves' disease (LCA-0321), all currently in Phase 1 clinical trials.

Based on its stage of development and business model, the key risks to Lycia Therapeutics include:

1. Clinical Trial and Regulatory Risk: As a clinical-stage company, Lycia Therapeutics' success is fundamentally dependent on the successful outcome of its ongoing and future clinical trials and subsequent regulatory approvals. The company's pipeline candidates are in early-stage (Phase 1) clinical trials, meaning there is inherent uncertainty and a high risk of failure in demonstrating safety and efficacy, which could lead to trial delays, termination, or a failure to achieve regulatory clearance. Any adverse results or delays could significantly impact the company's prospects and valuation.

2. Funding and Commercialization Risk: Lycia Therapeutics is currently operating with significant research and development expenses and generates no product revenue. While the company has secured funding, including approximately $148.1 million in cash, cash equivalents, and marketable securities as of June 30, 2026, this capital is not anticipated to be sufficient to fund its product candidates through pivotal Phase 3 trials and commercialization. Therefore, Lycia will need to raise substantial additional capital in the future, which could lead to shareholder dilution if raised through equity, or may not be available on favorable terms or at all.

3. Platform and Intellectual Property Risk: Lycia's entire therapeutic pipeline is built upon its proprietary LYTAC platform technology. If this core platform encounters unforeseen limitations, safety concerns, or proves less effective than anticipated across multiple programs, it could have a pervasive negative impact on the company's entire development strategy. Furthermore, the company faces intellectual property risks, including a "2035 RSR patent cliff on Graves' asset LCA-0321" and potential issues with "crowded synthetic ASGPR ligand landscapes," which could expose its key assets to competitive non-exclusive licensing or loss of exclusivity.

Lycia Therapeutics (LYCA) is a clinical-stage biotechnology company focused on developing novel therapeutics to degrade disease-causing extracellular proteins using its proprietary Lysosomal Targeting Chimera (LYTAC) platform.

The company's main products in development, and their addressable markets, are:

• LCA-0061 and LCA-0062 (IgE-targeted degraders): These candidates are designed for the treatment of allergic diseases, with an initial focus on food allergy. IgE-mediated food allergy alone affects more than 33 million people in the United States.
• LCA-0321 (TRAb degrader): This candidate targets thyroid-stimulating hormone receptor autoantibodies (TRAbs) for Graves' disease. The global market for Graves' disease treatment was valued at approximately USD 0.8 billion in 2022 and is projected to reach around USD 1.2 billion by 2032.

Drivers of Future Revenue Growth for Lycia Therapeutics (LYCA)

1. Advancement of Lead Clinical Programs: A significant driver of future revenue growth will be the successful progression of Lycia's lead drug candidates through clinical trials. The company's primary assets, LCA-0061 and LCA-0062, are IgE degraders targeting allergic diseases, including food allergy, with LCA-0061 currently in Phase 1 trials and showing promising early data with a mean maximum IgE reduction of 96%. Additionally, LCA-0321, a classic LYTAC degrader for Graves' disease, is also in Phase 1 clinical development. Positive results and the successful advancement of these programs into later stages of clinical development (e.g., Phase 2) would increase the company's valuation, attract new investors, and potentially lead to significant milestone payments from future partnerships.
2. Formation of New Strategic Partnerships and Collaborations: Following the termination of its multi-target collaboration with Eli Lilly and Company in February 2026, Lycia Therapeutics reclaimed 100% worldwide commercial rights across its targeted protein degradation assets. This allows Lycia to pursue new strategic collaborations and licensing agreements with other pharmaceutical companies. Successful new partnerships, leveraging Lycia's innovative LYTAC platform, could provide upfront payments, research funding, and future milestone payments as their partnered programs advance, directly contributing to revenue growth.
3. Expansion of the LYTAC Platform to New Disease Areas and Drug Candidates: The versatility of Lycia's proprietary LYTAC and cataLYTAC platforms enables the discovery and development of therapeutics for a broad range of diseases beyond its current focus areas. Continued investment in research and development to identify and advance new preclinical and early-stage clinical candidates for additional high-unmet-need indications could attract further partnerships or enhance the company's long-term value. While direct product revenue from these new programs may be beyond the 2-3 year horizon, early-stage collaborations related to novel targets or expanded platform applications could generate revenue.

Share Issuance

• Lycia Therapeutics has raised a total of $302 million across four funding rounds.
• In June 2026, the company completed an oversubscribed Series D financing, raising $75 million.
• Lycia Therapeutics filed an S-1 registration statement on October 5, 2026, to raise up to $100 million through an initial public offering (IPO) on the Nasdaq under the symbol LYCA.

Inbound Investments

• In June 2026, Lycia Therapeutics secured $75 million in Series D financing, co-led by Janus Henderson Investors and Balyasny Asset Management, with participation from Adage Capital Management, HBM Healthcare Investments, OrbiMed, and existing investors.
• The company completed a $106.6 million Series C financing in April 2024, led by Venrock Healthcare Capital Partners.
• Lycia Therapeutics received an initial $35 million upfront payment in August 2021 from Eli Lilly for a multi-target collaboration, followed by a $2 million option extension fee in August 2025, although the collaboration was terminated in February 2026.

Outbound Investments

• In July 2025, Lycia Therapeutics entered into a non-exclusive worldwide license agreement with RSR Limited for thermostable TSHR extracellular domain constructs, involving an upfront fee of $0.3 million and potential milestone payments of up to $12 million.

Capital Expenditures

• Capital expenditures for property and equipment were approximately $1.271 million in fiscal year 2024, $194 thousand in fiscal year 2025, and $160 thousand in the first half of 2026.
• The anticipated proceeds from the IPO are intended to fund the clinical development of its IgE portfolio (LCA-0061 and LCA-0062) and Graves' disease program (LCA-0321), as well as other research and development activities, working capital, and general corporate purposes.