Lycia Therapeutics completed an IPO raising $317 million for protein-degrading inflammation drugs derived from Nobel laureate Carolyn Bertozzi’s research at Stanford. The company’s lead candidate is in development for food allergy and could compete in an area dominated by biologics, including Roche’s Xolair. The funding provides substantial runway for clinical execution and platform expansion, particularly for protein degradation approaches that require careful early translational validation. Investors are likely to look for differentiation versus existing cytokine or mediator-targeting therapies. The IPO size also signals renewed appetite for inflammation platforms anchored in advanced chemical biology.