I assume you're referring to...
HMAC-SHA1 Challenge-Response (Windows Login) - No, Challenge-Response doesn't emit any text like OTP does, and the secrets can't be read off the YubiKey.
Yubico OTP (LastPass) - Yes and no, depending on the use case. Yes, if someone gets your YubiKey and sends an OTP to to their e-mail (for example), they could use this later UNLESS you have validated again since the OTP was generated. Validating a newly generated OTP invalidates all previously generated OTP.
So basically, if you believe someone might have grabbed an OTP, just go to demo.yubico.com as soon as possible and test single-factor. Running this test will invalidate any previously generated OTPs.
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