Immuno-responsive cancer biotech Eikon Therapeutics files for an estimated $300 million IPO
February 4, 2026 News
Immuno-responsive cancer biotech Eikon Therapeutics prices upsized IPO at $18 high end
Eikon Therapeutics, a Phase 2 biotech developing in-licensed therapies for immuno-responsive cancers, raised $381 million in an upsized IPO by offering 21.2 million shares at $18, the high end of the range of $16 to $18. The company originally planned to offer 17.6 million shares.
January 28, 2026 News
Immuno-responsive cancer biotech Eikon Therapeutics sets terms for $300 million IPO
Eikon Therapeutics, a Phase 2 biotech developing therapies for immuno-responsive cancers, announced terms for its IPO on Wednesday.
The Millbrae, CA-based company plans to raise $300 million by offering 17.6 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Eikon Therapeutics would command a market value of $900 million. It is expected to price the week of February 2nd, 2026.
IPO Overview
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.
About the Company
We are a late-stage clinical biopharmaceutical company dedicated to building a global, fully-integrated organization developing important, innovative medicines to address serious unmet medical needs. We are led by world-renowned drug developers Dr. Roger M. Perlmutter, M.D., Ph.D., and Dr. Roy Baynes, M.D., Ph.D. Our vision is to become a generational leader, by purposefully integrating traditional biology research with advanced engineering to develop better medicines faster. Our initial focus is oncology, where we are advancing a pipeline of drug candidates targeting areas of high unmet need in large indications. We believe our product candidates reflect strong scientific and clinical potential and could eventually become critical medicines in the treatment paradigm of various cancers. Our Chair and Chief Executive Officer, Dr. Roger M. Perlmutter, M.D., Ph.D., and our Chief Medical Officer, Dr. Roy Baynes, M.D., Ph.D., together have a proven track record of identifying, developing, and commercializing some of the most impactful drugs ever brought to market, including pembrolizumab, currently the world’s best-selling oncology therapeutic and arguably the most important anti-neoplastic agent ever introduced into clinical practice.