After announcing plans to go public at the top of the year, Eikon Therapeutics has now revealed the proceeds it hopes to pull in from its initial stock offering: $273.5 million.
The oncology biotech plans to offer 17,648,000 shares at $17 a pop, according to a Jan. 28 filing with the Securities and Exchange Commission. The maximum price outlined by Eikon is $18 per share, which would net a whopping $317.7 million if all shares were sold at that price.
Additionally, Eikon’s underwriters have 30 days to purchase as many as 2,647,200 additional shares in the company, according to the filing.
Should Eikon succeed in its IPO plans, it will become the second biotech to go public this year, after Aktis Oncology.
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Eikon announced itself in 2021 with former Merck & Co. exec Roger Perlmutter, M.D., Ph.D., at the helm, and quickly established itself as a savvy fundraiser. The California cancer company corralled $517 million in 2022, $106 million in 2023 and $350 million last February.
The biotech is eyeing the Nasdaq to support its bundle of four clinical-stage candidates. Eikon’s pipeline is led by EIK1001, a toll-like receptor 7 and 8 agonist immune modulator acquired from Seven and Eight Biopharmaceuticals. EIK1001 is currently being tested in a phase 2/3 trial in combination with Keytruda for advanced melanoma and a phase 2/3 study for non-small cell lung cancer.
Then there’s a pair of PARP1 inhibitors, EIK1003 and EIK1004, that Eikon snagged from Chinese biotech Impact Therapeutics. These candidates are being trialed in phase 1/2 studies for ovarian, breast, prostate and pancreatic cancers, with EIK1004 also being assessed against brain metastases and primary brain malignancies due to its ability to cross the blood-brain barrier.
The fourth clinical candidate is an in-house WRN helicase inhibitor called EIK1005, which is in phase 1/2 development for solid tumors.
But even with over $1 billion raised so far, Eikon wasn’t able to evade the turmoil that gripped the biopharma industry last year. In May 2025, the biotech laid off almost 15% of its workforce, a move Eikon pinned on government funding cuts.
