Lycia Therapeutics filed for an IPO to raise $100 million, aiming to push clinical development of therapies targeting peanut and tree nut allergies. Its lead candidate, LCA-0061, uses an IgE-targeting antibody-small molecule conjugate on the company’s Lysosomal Targeting Chimera (LYTAC) platform, positioning the program as potentially disease-modifying rather than symptom-suppressing. In parallel, the market is still rewarding platform and pipeline stories with meaningful capital infusions. The IPO filing adds to a growing set of early-stage immunology plays seeking public-market funding to reach key clinical milestones. For the allergy space, the immediate question is whether the LYTAC mechanism can deliver durable immune reprogramming with an acceptable safety profile—especially as oral immunotherapy adoption remains limited by long-term treatment commitment and anaphylaxis risk.