Lycia Therapeutics: Versant preferred shares convert

The stated conversion basis was one-for-0.221793422, and no consideration was paid for the automatic conversion.

Rhea-AI Filing Summary

Lycia Therapeutics, Inc. reported that preferred shares held directly by two 10% owners automatically converted on October 26, 2026, upon closing of its initial public offering. Versant Venture Capital VII, L.P.'s 25,390,410 Series A Preferred Stock shares converted into 5,631,425 common shares; Versant Vantage II, L.P.'s 6,284,597 Series B Preferred Stock shares converted into 1,393,882 common shares, without payment of consideration. The related reporting persons—Versant Ventures VII GP, L.P., Versant Ventures VII GP-GP, LLC, Versant Vantage II GP, L.P. and Versant Vantage II GP-GP, LLC—were also listed as 10% owners; footnotes state they disclaim beneficial ownership except to the extent of their respective pecuniary interests.

Insider Trade Summary

31,675,007 shares exercised/converted

Exercise 4 txns

Insider Versant Ventures VII GP, L.P., Versant Venture Capital VII, L.P., Versant Ventures VII GP-GP, LLC, Versant Vantage II, L.P., Versant Vantage II GP, L.P., Versant Vantage II GP-GP, LLC

Role 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner

Type	Security	Shares	Price	Value
Conversion	Series A Preferred Stock F1, F2	25,390,410	--	--
Conversion	Series B Preferred Stock F1, F3	6,284,597	--	--
Conversion	Common Stock F1, F2	5,631,425	--	--
Conversion	Common Stock F1, F3	1,393,882	--	--

Holdings After Transaction: Series A Preferred Stock — 0 contracts (Indirect, See Footnote); Series B Preferred Stock — 0 contracts (Indirect, See Footnote); Common Stock — 1,393,882 shares (Indirect, See Footnote)

Footnotes (3)

1. F1. Each share of Series A Preferred Stock and Series B Preferred Stock automatically converted into shares of the Issuer's Common Stock on a one-for-0.221793422 basis upon the closing of the Issuer's initial public offering on October 26, 2026, without payment of consideration. The Series A Preferred Stock and Series B Preferred Stock have no expiration date.
2. F2. The shares are held directly by Versant Venture Capital VII, L.P. ("VVC VII"). Versant Ventures VII GP, L.P. ("VV VII GP") is the general partner of VVC VII, and Versant Ventures VII GP-GP, LLC ("VV VII GP-GP") is the general partner of VV VII GP. Each of VV VII GP-GP and VV VII GP disclaims beneficial ownership of the shares held by VVC VII, except to the extent of their respective pecuniary interests therein.
3. F3. The shares are held directly by Versant Vantage II, L.P. ("VV II"). Versant Vantage II GP, L.P. ("VV II GP") is the general partner of VV II, and Versant Vantage II GP-GP, LLC ("VV II GP-GP") is the general partner of VV II GP. Each of VV II GP-GP and VV II GP disclaims beneficial ownership of the shares held by VV II, except to the extent of their respective pecuniary interests therein.

Key Figures

Series A Preferred Stock converted: 25,390,410 shares Common shares from Series A conversion: 5,631,425 shares Series B Preferred Stock converted: 6,284,597 shares +4 more

7 metrics

Series A Preferred Stock converted 25,390,410 shares Held directly by Versant Venture Capital VII, L.P.; October 26, 2026

Common shares from Series A conversion 5,631,425 shares October 26, 2026

Series B Preferred Stock converted 6,284,597 shares Held directly by Versant Vantage II, L.P.; October 26, 2026

Common shares from Series B conversion 1,393,882 shares October 26, 2026

Conversion basis One-for-0.221793422 Series A Preferred Stock and Series B Preferred Stock

Series A Preferred Stock reported after conversion 0 shares Versant Venture Capital VII, L.P.

Series B Preferred Stock reported after conversion 0 shares Versant Vantage II, L.P.

Key Terms

initial public offering, beneficial ownership, pecuniary interests

3 terms

initial public offering financial

"upon the closing of the Issuer's initial public offering"

An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.

beneficial ownership financial

"disclaims beneficial ownership of the shares held by VVC VII"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interests financial

"except to the extent of their respective pecuniary interests therein"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many LYCA preferred shares converted into common stock?

Versant Venture Capital VII, L.P.'s 25,390,410 Series A Preferred Stock shares converted into 5,631,425 common shares. Versant Vantage II, L.P.'s 6,284,597 Series B Preferred Stock shares converted into 1,393,882 common shares.

What was LYCA's preferred-stock conversion ratio?

Each share of Series A Preferred Stock and Series B Preferred Stock automatically converted on a one-for-0.221793422 basis into common stock upon closing of Lycia's initial public offering on October 26, 2026, without payment of consideration.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 10/28/2026 - 05:28 PM EDT Accepted by SEC EDGAR 10/28/2026 - 05:28 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Versant Ventures VII GP, L.P.

(Last) (First) (Middle)

ONE SANSOME STREET, SUITE 1650

(Street)

SAN FRANCISCO CALIFORNIA 94104

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Lycia Therapeutics, Inc. [ LYCA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/26/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/26/2026		C		5,631,425	A	(1)	5,631,425	I	See Footnote(2)
Common Stock	10/26/2026		C		1,393,882	A	(1)	1,393,882	I	See Footnote(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series A Preferred Stock	(1)	10/26/2026		C			25,390,410	(1)	(1)	Common Stock	5,631,425	(1)	0	I	See Footnote(2)
Series B Preferred Stock	(1)	10/26/2026		C			6,284,597	(1)	(1)	Common Stock	1,393,882	(1)	0	I	See Footnote(3)

1. Name and Address of Reporting Person^*

Versant Ventures VII GP, L.P.

(Last) (First) (Middle)

ONE SANSOME STREET, SUITE 1650

(Street)

SAN FRANCISCO CALIFORNIA 94104

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Versant Venture Capital VII, L.P.

(Last) (First) (Middle)

ONE SANSOME STREET, SUITE 1650

(Street)

SAN FRANCISCO CALIFORNIA 94104

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Versant Ventures VII GP-GP, LLC

(Last) (First) (Middle)

ONE SANSOME STREET, SUITE 1650

(Street)

SAN FRANCISCO CALIFORNIA 94104

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Versant Vantage II, L.P.

(Last) (First) (Middle)

ONE SANSOME STREET, SUITE 1650

(Street)

SAN FRANCISCO CALIFORNIA 94104

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Versant Vantage II GP, L.P.

(Last) (First) (Middle)

ONE SANSOME STREET, SUITE 1650

(Street)

SAN FRANCISCO CALIFORNIA 94104

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Versant Vantage II GP-GP, LLC

(Last) (First) (Middle)

ONE SANSOME STREET, SUITE 1650

(Street)

SAN FRANCISCO CALIFORNIA 94104

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. Each share of Series A Preferred Stock and Series B Preferred Stock automatically converted into shares of the Issuer's Common Stock on a one-for-0.221793422 basis upon the closing of the Issuer's initial public offering on October 26, 2026, without payment of consideration. The Series A Preferred Stock and Series B Preferred Stock have no expiration date.

2. The shares are held directly by Versant Venture Capital VII, L.P. ("VVC VII"). Versant Ventures VII GP, L.P. ("VV VII GP") is the general partner of VVC VII, and Versant Ventures VII GP-GP, LLC ("VV VII GP-GP") is the general partner of VV VII GP. Each of VV VII GP-GP and VV VII GP disclaims beneficial ownership of the shares held by VVC VII, except to the extent of their respective pecuniary interests therein.

3. The shares are held directly by Versant Vantage II, L.P. ("VV II"). Versant Vantage II GP, L.P. ("VV II GP") is the general partner of VV II, and Versant Vantage II GP-GP, LLC ("VV II GP-GP") is the general partner of VV II GP. Each of VV II GP-GP and VV II GP disclaims beneficial ownership of the shares held by VV II, except to the extent of their respective pecuniary interests therein.

	Versant Venture Capital VII, L.P. By: Versant Ventures VII GP, L.P. Its: General Partner By: Versant Ventures VII GP-GP, LLC Its: General Partner By: /s/ Max Eisenberg Its: Chief Operating Officer	10/28/2026
	Versant Ventures VII GP, L.P., By: Versant Ventures VII GP-GP, LLC Its: General Partner By: /s/ Max Eisenberg Its: Chief Operating Officer	10/28/2026
	Versant Ventures VII GP-GP, LLC By: /s/ Max Eisenberg Its: Chief Operating Officer	10/28/2026
	Versant Vantage II, LP By: Versant Vantage II GP, L.P. Its: General Partner By: Versant Vantage II GP-GP, LLC Its: General Partner By: /s/ Max Eisenberg Its: Chief Operating Officer	10/28/2026
	Versant Vantage II GP, L.P., By: Versant Vantage II GP-GP, LLC Its: General Partner By: /s/ Max Eisenberg Its: Chief Operating Officer	10/28/2026
	Versant Vantage II GP-GP, LLC, By: /s/ Max Eisenberg Its: Chief Operating Officer	10/28/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)