Lycia Therapeutics Valuation, Funding & Investors

Lycia Therapeutics is valued at $320M as of May 2024.

Last Lycia Therapeutics valuation

$320M

Series C · May 2024

Last Lycia Therapeutics funding round

$75M

Series D · Jun 2026

Cumulative funding Lycia Therapeutics raised

$302M

across 4 funding rounds

Key investors in Lycia Therapeutics

  • Invus
  • Eli Lilly
  • RTW Investments
  • Alexandria Venture Investments
  • Versant Ventures
  • Redmile Group

Lycia Therapeutics Overview

About Lycia Therapeutics

Lycia Therapeutics is a South San Francisco-based biotechnology firm advancing lysosomal targeting chimeras platform to degrade disease-causing extracellular proteins. Its LYTAC technology addresses targets inaccessible to traditional drugs, developing therapies for neurodegenerative disorders, cancer, and autoimmune diseases. Founded in 2020, the company raised significant venture funding from investors like Versant Ventures and The Column Group.


Founded

2019

HQ

United StatesSan Francisco, CA

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$320M (May 2024)

Lycia Therapeutics Valuation

Lycia Therapeutics is currently valued at $320M, based on its Series C in May 2024.

The $107M round was led by Venrock Healthcare Capital Partners, with participation from RTW Investments, Putnam Premier IT, Blue Owl Capital Inc., Cowen Healthcare Investments, Redmile Group and 5 other investors.

Lycia Therapeutics valuation by funding round

Lycia Therapeutics valuation by funding round
DateStageValuation
May 2024Series C$320M

Lycia Therapeutics Funding History

Lycia Therapeutics has raised a total of $302M across 4 funding rounds.

Lycia Therapeutics' first fundraising round was a $50M Series A in June 2020. The most recent completed round was a $75M Series D in June 2026.

Lycia Therapeutics funding rounds

Lycia Therapeutics funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2026Series DBalyasny Asset Management (lead); Janus Henderson (lead); BrandywineGLOBAL; RTW Investments; HBM Healthcare Investments; Invus; Eli Lilly; Adage Capital Management; OrbiMed; Venrock Healthcare Capital Partners$75M-Lycia Therapeutics, a clinical-stage biotechnology company based in South San Francisco, California, completed an oversubscribed $75 million Series D financing round on June 25, 2026. The round was co-led by existing investor Janus Henderson Investors and new investor Balyasny Asset Management, with new participation from Adage Capital Management, HBM Healthcare Investments, and OrbiMed, alongside continued support from Eli Lilly and Company, Franklin Templeton, Invus, RTW Investments, and Venrock Healthcare Capital Partners. The post-money valuation of the round was $388.52 million, with a price per share of $2.04. Proceeds will advance Lycia's lead cataLYTAC™ and LYTAC degrader programs—LCA-0061 (an IgE degrader for food allergy) and LCA-0321 (a TRAb degrader for Graves' disease)—toward early clinical proof-of-concept, while also expanding the company's broader pipeline of extracellular protein degraders. The company also appointed Amy Bachrodt as Chief Financial Officer and promoted Karen Flick to General Counsel. Lycia Therapeutics focuses on discovering and developing novel therapeutics that degrade disease-causing extracellular proteins, with an initial emphasis on autoimmune, inflammatory, and allergic diseases. Total funding to date is $277.05 million. No revenue or EBITDA figures are disclosed as the company remains in the clinical development stage.
May 2024Series CVenrock Healthcare Capital Partners (lead); RTW Investments; Putnam Premier IT; Blue Owl Capital Inc.; Cowen Healthcare Investments; Redmile Group; Alexandria Venture Investments; Invus; Marshall Wace; Janus Henderson; Eli Lilly$107M$320MLycia Therapeutics is a biotechnology company headquartered in South San Francisco, California, specializing in extracellular protein degradation using its proprietary lysosomal targeting chimeras (LYTACs) platform. The platform targets the untapped extracellular proteome, including transmembrane and secreted proteins, to develop first-in-class therapeutics for difficult-to-treat diseases such as autoimmune, inflammatory conditions, and potentially cancer. Founded in 2019 by Dr. Carolyn Bertozzi, Lycia focuses on degrading extracellular and membrane-bound proteins that have historically been challenging to address with conventional small molecule or biologic approaches. On May 13, 2024, Lycia completed an oversubscribed $106.6 million Series C financing round led by Venrock Healthcare Capital Partners, with participation from new investors Janus Henderson Investors, Marshall Wace, and Franklin Templeton, alongside existing investors including Redmile Group, RTW Investments, Blue Owl Healthcare Opportunities (formerly Cowen Healthcare Investments), Invus, Eli Lilly and Company, and Alexandria Venture Investments. This round brings the company's total funding to approximately $226.6 million across three rounds. The proceeds will advance Lycia's lead LYTAC programs into clinical trials for autoimmune and inflammatory diseases, building on preclinical progress in targeting key extracellular proteins. Venrock partner Andrew Gottesdiener joined the board, highlighting the company's innovative medicines and seasoned team. Wilson Sonsini advised Venrock on IP diligence for the transaction. Competitively, Lycia operates in the emerging targeted protein degradation field, differentiating with its extracellular focus via LYTACs, distinct from intracellular degraders like PROTACs. The strong investor syndicate, including pharma giant Eli Lilly and healthcare-focused VCs and hedge funds, underscores confidence in the platform's potential to unlock new therapeutic modalities for immune-inflammatory diseases.
Sep 2021Series BRedmile Group (lead); RTW Investments; Cowen Healthcare Investments; Alexandria Venture Investments; Invus; Versant Ventures; Eli Lilly$70M-Lycia Therapeutics, founded in 2019 by Versant Ventures in collaboration with Stanford professor Carolyn Bertozzi, develops LYTAC (lysosomal targeting chimeras) technology for extracellular protein degradation, enabling targeted therapeutics against soluble and membrane-bound proteins for diseases like cancer and autoimmunity. The company announced an oversubscribed $70 million Series B financing on September 9, 2021, led by Redmile Group, with participation from Versant Ventures, Cowen Healthcare Investments, Invus, RTW Investments, Eli Lilly and Company, and Alexandria Venture Investments. This followed an August 2021 strategic collaboration with Lilly, which included a $35 million upfront payment, bringing recent capital to $105 million to advance Lycia's internal discovery pipeline of LYTAC degraders toward the clinic. Lycia plans to leverage the funds to progress its undisclosed pipeline, build on Series A progress from 2020, and expand the LYTAC platform's potential across immunology, pain, and other areas through the Lilly partnership, which could yield up to $1.6 billion in milestones. Tim Anderson from Cowen Healthcare Investments and a Redmile appointee joined the board post-round. Aetna Wun Trombley, Ph.D., serves as President and CEO, emphasizing momentum in platform advancement and team growth.
Jun 2020Series AVersant Ventures (lead)$50M-Lycia Therapeutics is a biotechnology company developing lysosomal targeting chimeras (LYTACs) as therapeutics to degrade extracellular and membrane-bound proteins for diseases including cancers and autoimmune conditions. The company was founded by Versant Ventures in 2019 within its San Diego-based Inception labs, in collaboration with academic founder Carolyn Bertozzi, Ph.D., from Stanford University. On June 2, 2020, Lycia exited stealth mode with a $50 million commitment from founding investor Versant Ventures to build its LYTAC platform, develop an internal pipeline, and explore discovery-stage partnerships. This Series A financing supported translation of targeted lysosomal trafficking insights into new therapeutics for intractable cell surface targets. Versant managing director Clare Ozawa highlighted the team's progress and potential for a broad pipeline of candidates. The company is based in South San Francisco and San Diego during its startup phase. Subsequent rounds included a $60 million Series A with GV participation (noted in Versant fund context), a $70 million oversubscribed Series B in September 2021 led by Redmile Group with Versant and others including Eli Lilly, and a $106.6 million Series C in May 2024 led by Venrock with post-money valuation of $313.67 million. Lycia also secured a strategic collaboration with Lilly involving $35 million upfront and up to $1.6 billion in milestones.

Who has invested in Lycia Therapeutics?

17 investors have backed Lycia Therapeutics across its funding rounds, including Invus, Eli Lilly, RTW Investments, Alexandria Venture Investments, Versant Ventures and Redmile Group.

Lead investors include Balyasny Asset Management, Janus Henderson, Venrock Healthcare Capital Partners, Redmile Group and Versant Ventures.


Lycia Therapeutics Investors

Investors in Lycia Therapeutics by funding rounds participated
InvestorHQRoundsRoleFirst check
RTW InvestmentsUnited StatesNew York City, NY3ParticipantSep 2021
InvusUnited StatesNew York City, NY3ParticipantSep 2021
Eli LillyUnited StatesIndianapolis, IN3ParticipantSep 2021
Cowen Healthcare InvestmentsUnited StatesNew York City, NY2ParticipantSep 2021
Redmile GroupUnited StatesSan Francisco, CA2LeadSep 2021
Alexandria Venture InvestmentsUnited StatesLos Angeles, CA2ParticipantSep 2021
Versant VenturesUnited StatesSan Francisco, CA2LeadJun 2020
Janus HendersonUnited StatesLondon2LeadMay 2024
Venrock Healthcare Capital PartnersUnited StatesSan Francisco, CA2LeadMay 2024
BrandywineGLOBALUnited StatesUnited States1ParticipantJun 2026
Putnam Premier ITUnited StatesUnited States1ParticipantMay 2024
Blue Owl Capital Inc.United StatesNew York City, NY1ParticipantMay 2024
Balyasny Asset ManagementUnited StatesChicago, IL1LeadJun 2026

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Lycia Therapeutics Competitors

Lycia Therapeutics competitors include listed companies like Abeona Therapeutics, GC Biopharma, SAB Bio and Medy-Tox, and private ones like Readline and Theracos.

Public and private companies comparable to Lycia Therapeutics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Abeona TherapeuticsUnited StatesUnited StatesPublicly listed$6M($75M)$320M4.6x
GC BiopharmaSouth KoreaSouth KoreaPublicly listed$1.8B$87M$320M-
SAB BioUnited StatesUnited StatesPublicly listed-$15M$318M-
Medy-ToxSouth KoreaSouth KoreaPublicly listed$180M$19M$318M2.1x
ReadlineChinaShenzhenPrivate--$316M-
TheracosUnited StatesBoston, MAPrivate--$327M-

Lycia Therapeutics Public Comps

Lycia Therapeutics is still privately-owned, but its public comps include Abeona Therapeutics, GC Biopharma, SAB Bio, Medy-Tox, Q32 Bio, Lavipharm, Sionna Therapeutics, Agenus, Julphar and Animalcare Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Abeona Therapeutics$6M($75M)33.1x4.6x(2.6x)-
GC Biopharma$1.8B$87M1.2x-24.1x-
SAB Bio-$15M--14.6x(2.8x)
Medy-Tox$180M$19M2.1x2.1x20.0x14.5x
Q32 Bio$54M$29M4.1x14.3x7.6x(10.2x)
Lavipharm$72M$17M4.8x-20.8x-
Sionna Therapeutics-($88M)--(1.4x)(1.0x)
Agenus$114M$62M3.0x2.6x5.5x-

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Common questions about Lycia Therapeutics

When was Lycia Therapeutics founded?Lycia Therapeutics was founded in 2019.
Where is Lycia Therapeutics headquartered?Lycia Therapeutics is headquartered in San Francisco, CA, United States.
Is Lycia Therapeutics publicly listed?No, Lycia Therapeutics is a private, VC-backed company.
What is Lycia Therapeutics' valuation?Lycia Therapeutics was last valued at $320M in its Series C in May 2024.
How much funding has Lycia Therapeutics raised?Lycia Therapeutics has raised $302M across 4 funding rounds.
What was Lycia Therapeutics' last funding round?Lycia Therapeutics' last funding round was a $75M Series D in June 2026, led by Balyasny Asset Management and Janus Henderson.
Who are Lycia Therapeutics' investors?Lycia Therapeutics' investors include RTW Investments, Invus, Eli Lilly, Cowen Healthcare Investments, Redmile Group, Alexandria Venture Investments, Versant Ventures, Janus Henderson, Venrock Healthcare Capital Partners, BrandywineGLOBAL and 7 others.
Which companies are comparable to Lycia Therapeutics?Companies comparable to Lycia Therapeutics include Abeona Therapeutics, GC Biopharma, SAB Bio, Medy-Tox, Readline and Theracos.

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