Lycia Therapeutics filed for an initial public offering aimed at raising $100 million to advance its clinical-stage food allergy pipeline. The company plans to focus on peanut and tree nut allergy programs, targeting disease-modifying immunology rather than purely symptom management. Its lead candidate, LCA-0061, is an antibody–small molecule conjugate directed at IgE built on the company’s Lysosomal Targeting Chimera (LYTAC) platform. Lycia’s approach is positioned to reshape immune tolerance mechanisms that drive persistent allergy. The IPO filing reflects continued investor appetite for first-wave, mechanism-driven immunotherapies in common, high-burden allergic diseases—where durable remission remains the key unmet need.