Versant Ventures VII GP, L.P. and related entities filed a Form 4 with the SEC on October 28, 2026, reporting the automatic conversion of Series A and Series B Preferred Stock into common shares of Lycia Therapeutics, Inc. (NASDAQ:LYCA) upon the closing of the company's initial public offering on October 26, 2026.

Key Highlights

  • IPO conversion date: October 26, 2026 was reported as the date of the earliest transaction and the closing of Lycia Therapeutics' initial public offering.
  • Series A conversion: 25,390,410 shares of Series A Preferred Stock converted into 5,631,425 shares of common stock, held by Versant Venture Capital VII, L.P.
  • Series B conversion: 6,284,597 shares of Series B Preferred Stock converted into 1,393,882 shares of common stock, held by Versant Vantage II, L.P.
  • Conversion ratio: According to the filing, each preferred share converted on a one-for-0.221793422 basis into common stock, without payment of consideration.
  • No price paid: Both conversions were reported with transaction code "C" and occurred automatically upon the IPO closing, with no consideration exchanged.
  • Multiple reporting persons: Six Versant-affiliated entities are named as reporting persons, each identified as a 10% owner and/or director of the issuer.

Versant Preferred Stock Converts to Common Shares at Lycia Therapeutics IPO

According to the filing, Versant Ventures VII GP, L.P. and five affiliated entities reported changes in beneficial ownership of Lycia Therapeutics, Inc. (NASDAQ:LYCA) common stock resulting from the automatic conversion of preferred shares at the closing of the company's initial public offering on October 26, 2026. The filing was submitted on October 28, 2026, by six reporting persons, all located at One Sansome Street, Suite 1650, San Francisco, California 94104.

The filing states that 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." As a result, 25,390,410 Series A Preferred shares held indirectly by Versant Venture Capital VII, L.P. converted into 5,631,425 shares of common stock, and 6,284,597 Series B Preferred shares held indirectly by Versant Vantage II, L.P. converted into 1,393,882 shares of common stock. Both positions are reported as indirect beneficial ownership.

The filing notes that Versant Ventures VII GP, L.P. is the general partner of Versant Venture Capital VII, L.P., and Versant Ventures VII GP-GP, LLC is the general partner of that entity. Similarly, Versant Vantage II GP, L.P. and Versant Vantage II GP-GP, LLC form the general partner chain for Versant Vantage II, L.P. The filing further states that each of these upstream general partners "disclaims beneficial ownership of the shares," except to the extent of their respective pecuniary interests. Following the reported transactions, the derivative securities (preferred shares) in Table II show zero remaining beneficial ownership, as both preferred classes were fully converted.

What Was Disclosed

Six Versant-affiliated entities reported the automatic, no-consideration conversion of 25,390,410 Series A and 6,284,597 Series B Preferred shares of Lycia Therapeutics into 5,631,425 and 1,393,882 common shares, respectively, upon the October 26, 2026 IPO closing.