Eikon Therapeutics (EIKN) upsized its IPO at pricing to 21.18 million shares – up from 17.65 million shares in the prospectus – and priced the IPO at $18.00 – the high end of its range – to raise $381.24 million on Wednesday night, Feb. 4, 2026. At pricing, Eikon Therapeutics had a market cap of about $971.7 million.
Eikon Therapeutics’ stock slid in its NASDAQ debut on Thursday, Feb. 5, 2026, opening at $17.05, down 95 cents from its $18.00 IPO price, amid a broad sell-off in the U.S. stock market.
Eikon Therapeutics is a cancer-focused clinical pharmaceutical company whose leading drug candidate is being evaluated in large trials as a treatment for advanced melanoma and Stage 4 non-small cell lung cancer.
Eikon’s CEO, Dr. Roger M. Perlmutter, and its chief medical officer, Dr. Roy Baynes, previously worked together at Merck, where they played critical roles in developing pembrolizumab (Keytruda), a blockbuster cancer drug used as a main treatment for several types of Cancer, including melanoma and non-small cell lung cancer (NSCLC).
Dr. Eric Betzig, Ph.D., a co-founder of Eikon Therapeutics, shared the Nobel Prize in 2014 for his discoveries that led to the invention of super-resolution microscopy, according to the prospectus.
Eikon Therapeutics, based in the San Francisco suburb of Millbrae, is conducting clinical trials for several drug candidates in its pipeline. EIK1001, its most advanced product candidate, is currently being evaluated in a global Phase 2/3 trial in combination with pembrolizumab (Keytruda) to treat 740 patients with advanced melanoma in 22 countries.
The company, like most biotechs when they go public, is not profitable. Eikon Therapeutics reported a net loss of $318.91 million on no product revenue for the 12 months that ended Sept. 30, 2025, according to financial statements in the prospectus.
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