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That code says almost all of what we need to know about the car, starting with the LF, which stands for Lexus Future, signifying it is in fact a concept. Next is the second L, which if you take a look at other L models in the Lexus lineup, is a sign that this is a true luxury machine take the Lexus LS for example.
Finally there's the C, which is a strong indication that this concept car is a coupe (or perhaps even a convertible).
That said, the LF-LC is likely a concept car aimed at showing the next generation Lexus SC. Of note, there's no "h" used in the nomenclature, suggesting this model won't be a hybrid an unusual move for the luxury brand.
More: Lexus LF-LC Rumored as Name of New Concept, Previewing Luxury Coupe on Autoguide.com