On Jan. 28, Eikon Therapeutics disclosed plans for a U.S. initial public offering that would place the company’s valuation at up to $908.2 million. The Millbrae, California-based developer is seeking to raise up to $317.7 million by offering 17.65 million shares at a proposed price range of $16 to $18 per share. The company aims to list on the Nasdaq under the ticker symbol "EIKN".
The proposed offering arrives amid renewed momentum for biotech listings after a difficult 2025 and a busy start to 2026 for potential IPOs in the sector. Several drug developers filed for public offerings in January, including SpyGlass Pharma, AgomAb Therapeutics and Veradermics. The recent New York listing of Aktis Oncology, which is backed by Eli Lilly and whose shares have risen nearly 18% as of the last close, is cited as a recent successful flotation in the space.
Eikon was founded in 2019 by a team that includes Nobel-winning scientist Eric Betzig along with Xavier Darzacq, Luke Lavis and Robert Tjian. The company’s leadership includes Roger Perlmutter, the former Merck research chief, who played a significant role in the development of Keytruda. Eikon’s lead clinical program, EIK1001, is being tested in combination with Keytruda in a mid-to-late-stage study focused on a form of skin cancer. An interim analysis for that trial is anticipated in the second half of 2026.
Since its founding, Eikon has raised more than $1 billion from private investors. Prominent venture backers named in filings include Lux Capital, Foresite Capital and The Column Group. The underwriting syndicate for the IPO includes J.P. Morgan, Morgan Stanley, BofA Securities, Cantor and Mizuho.
The filing highlights both the company’s scientific pedigree and its capital-market ambitions. The proposed share count and price range yield the target proceeds and valuation the company has signaled to potential investors, while the planned Nasdaq listing would provide a public-market platform for Eikon as it advances clinical development and seeks broader financing options.
Any investor response to the offering will likely reflect a combination of interest in the company’s science and the wider appetite for biotech IPOs in the coming months. The timing of the interim trial readout for EIK1001, expected in the second half of 2026, represents a key forthcoming milestone for the company and its public-market prospects.