On May 13, 2024, Lycia Therapeutics, Inc. has closed the transaction. The company has received $106,600,000 in an oversubscribed round of funding led by new investor, Venrock Healthcare Capital Partners Fund, L.P., a fund managed by VR Adviser, LLC. The transaction included participation from new investors, Janus Henderson Group plc, Marshall Wace LLP, Franklin Resources, Inc., and returning investors, Redmile Group, LLC, RTW Investments, LP, CHI Advisors LLC, The Invus Group, LLC, Eli Lilly and Company, and Alexandria Venture Investments, LLC and other investors.

As a part of the transaction, Andrew Gottesdiener of VR Adviser, LLC will join the company board of directors.