Eikon Therapeutics, a Phase 2 biotech developing therapies for immuno-responsive cancers, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an offering that we estimate could raise $300 million.
Eikon Therapeutics is a late-stage clinical biopharmaceutical company focused on developing medicines for serious unmet medical needs, with an initial emphasis on oncology. It is advancing a pipeline of drug candidates, including EIK1001, a TLR 7/8 dual-agonist in global Phase 2/3 trials for advanced melanoma with approximately 740 patients across 22 countries and for stage 4 NSCLC with about 750 patients, alongside Phase 2 trials for NSCLC in the US involving around 60 patients. Additionally, Eikon is conducting Phase 1/2 trials for selective PARP1 inhibitors EIK1003 and EIK1004 in cancers such as ovarian and breast, with 65 and 16 patients enrolled respectively, and for EIK1005, a WRN helicase inhibitor, targeting MSI-high tumors with a Phase 1/2 trial set to begin dosing in early 2026.
The Millbrae, CA-based company was founded in 2019 and plans to list on the Nasdaq under the symbol EIKN. Eikon Therapeutics filed confidentially on May 9, 2025. J.P. Morgan, Morgan Stanley, BofA Securities, and Cantor Fitzgerald are the joint bookrunners on the deal. No pricing terms were disclosed.
