Eikon Therapeutics, Inc.

Date of prospectus: January 28, 2026

Eikon Therapeutics IPO: A Deep Dive Into a High-Stakes Biopharma Debut

IPO Snapshot: Key Terms and Offer Details

The Eikon Therapeutics IPO represents one of the most closely watched U.S. biotechnology listings of 2026, as the late-stage clinical biopharma company moves to the Nasdaq Global Market.

• IPO symbol: EIKN
• Initial public offering price range: \$16.00 – \$18.00 per share
• Shares offered: 17,648,000
• Over-allotment (greenshoe) option: 2,647,200 additional shares (30 days)
• Estimated offer size (midpoint \$17.00): \$300.0 million
• Estimated net proceeds (midpoint): \$273.5 million (or \$315.4 million if greenshoe is fully exercised)
• Total shares outstanding post-IPO: 50,454,737 (or 53,101,937 if greenshoe is exercised)
• Proposed Nasdaq trading symbol: EIKN

No public market for Eikon’s common stock currently exists. Trading and liquidity on Nasdaq is contingent on successful completion of the offering and listing approval.

Use of Proceeds: Growth-Driven Capital Deployment

Eikon Therapeutics signals a growth-oriented use of IPO proceeds, targeting both pipeline acceleration and platform expansion.

• Clinical development of EIK1001 (lead candidate): advancing ongoing Phase 2/3 trials in advanced melanoma and non-small cell lung cancer (NSCLC).
• Further development of other pipeline programs and technology platform.
• Working capital, general corporate purposes, and capital expenditures.

No proceeds are earmarked for debt repayment. The company explicitly states that the combined net proceeds and existing cash will not be sufficient to fund product candidates through regulatory approval, highlighting an ongoing need for capital to reach commercialization milestones [[110]], [[111]].

Dividend Policy: No Near-Term Distributions

Eikon Therapeutics has never declared or paid dividends on its capital stock and does not anticipate paying any dividends for the foreseeable future. All future earnings, if any, are intended to be retained to finance business growth and expansion. Capital appreciation will be the sole source of investor return. [[97]]

Share Allocation: Public Offering and Employee Participation

• All 17,648,000 shares in the IPO are newly issued by the company.
• Upon closing, 4,137,117 shares will be reserved for the 2026 Long Term Incentive Plan (LTIP) and 539,582 shares for the 2026 Employee Stock Purchase Plan (ESPP), both effective with the IPO [[18]].
• All outstanding redeemable convertible preferred stock will convert into common stock immediately prior to the offering, resulting in 29,855,741 new common shares.

Investor Participation and Book Quality

No named anchor, cornerstone, or institutional investors are disclosed. There is no information on subscription levels by tranche, pre-listing sales, or book quality. The absence of these details does not allow inference about likely first-day performance from investor allocation or demand data.

Deal Parties and Offering Structure: Top-Tier Underwriting Syndicate

• Joint Bookrunners: J.P. Morgan, Morgan Stanley, BofA Securities, Cantor, Mizuho

Stabilization/Greenshoe: The underwriters have a 30-day option to purchase up to 2,647,200 additional shares at the IPO price, less underwriting discounts and commissions. This mechanism is designed to provide price stability and liquidity in the aftermarket [[3]], [[268]].

Underwriting discounts and commissions: Exact per-share and total amounts are not stated, but are deducted in net proceeds calculations [[3]], [[268]].

The presence of multiple leading U.S. and international underwriters, with a robust stabilization option, suggests strong aftermarket support for the offering based on the prospectus’ own framework for investor confidence.

Company Overview: Eikon Therapeutics at a Glance

Eikon Therapeutics is a late-stage clinical biopharmaceutical company focused on developing innovative medicines to address serious unmet medical needs, with initial emphasis on oncology. Its technology platform comprises custom-engineered super-resolution microscopy, automation, machine learning, artificial intelligence, and software for large-scale data processing [[5]], [[289]], [[316]].

• Business Model: Develops, in-licenses, and commercializes novel therapeutics—currently pre-revenue with no products approved for sale.
• Revenue Streams: None to date; future revenue is expected from product sales and collaborations/licensing.
• Key Programs: Lead candidate EIK1001 is in Phase 2/3 registrational trials for advanced melanoma and NSCLC.
• Geographies: Principal operations in California, with sites in New York and New Jersey.

Customer Segments: Not yet commercial-stage; future customers will include healthcare providers, hospitals, and potentially pharmaceutical partners.

Market Position: Eikon aims to be a “generational leader,” integrating engineering and biology to accelerate drug development. No explicit market share or ranking figures are disclosed.

Leadership: Led by renowned drug developers Dr. Roger M. Perlmutter (M.D., Ph.D.) and Dr. Roy Baynes (M.D., Ph.D.) [[5]].

• CEO/Chairman: Dr. Roger M. Perlmutter, M.D., Ph.D.
• Chief Business Officer/General Counsel: Benjamin Thorner
• Other Executives: Not exhaustively listed in the summary, but management bios are included in the prospectus.

Sector Overview and Financial Health

Eikon operates in the global biopharmaceutical sector, with a particular focus on oncology drug development. The company does not disclose industry size or share figures.

Financial Health Overview: Eikon is a late-stage clinical-stage biotech with a history of significant operating losses and negative cash flows, typical for its sector [[21]], [[289]], [[316]]. The company is well-capitalized for the current stage but will require additional funding to reach commercial milestones.

Debt: The company has no financial debt or interest-bearing liabilities disclosed and has funded operations through >\$1.1 billion in redeemable convertible preferred equity.

Interest Coverage: Not applicable (no interest expense).

Capex: Not separately disclosed.

Sector Trends, IPO Timing, and Market Environment

Biopharmaceutical innovation remains a key global investment theme, with ongoing demand for oncology solutions and advanced research platforms. Eikon’s IPO comes amid a challenging but opportunity-rich environment for late-stage biotech listings.

• IPO Date: Pricing and listing to occur as soon as practicable after registration statement effectiveness; no firm dates disclosed [[3]].
• Macroeconomic Environment: The company notes recent volatility, inflation, rising interest rates, and sector-specific uncertainty, which can impact both capital raising and valuation [[95], [108]].
• No material seasonality or recent sector IPOs are discussed.

Risk Factors: Key Risks for Investors

• Eikon is a late-stage clinical biotech with no approved products, no product revenue, and a history of substantial net losses. There is substantial doubt about ability to continue as a going concern without additional funding [[13], [21], [22]].
• Significant cash burn and expected negative cash flows for the foreseeable future.
• Dependence on successful clinical development and regulatory approval of lead candidates; delays or failures could be material.
• Need for ongoing capital even after IPO; proceeds will not bridge to commercialization.
• Market risk: No public market exists; liquidity and trading price may be volatile or below the IPO price [[94]].
• Equity dilution: Immediate and substantial dilution for IPO investors; at \$17.00 per share, dilution is estimated at \$4.50 per share [[96], [116]].
• Operational risks: Supplier, manufacturing, and development risks; critical dependence on attracting and retaining top talent.
• Regulatory risks: Uncertainty in clinical development, approval, and commercialization timelines.
• No dividends anticipated for the foreseeable future; returns solely from capital appreciation.
• Emerging growth and smaller reporting company status may result in reduced disclosure and governance standards compared to larger peers.

Growth Strategy: Pipeline Expansion and Strategic Partnerships

• Advance lead candidate EIK1001 through late-stage clinical trials for melanoma and NSCLC.
• In-license promising development candidates using the company’s technology and leadership expertise [[13]].
• Strategic collaborations to maximize value of the platform and programs, potentially expanding into multiple therapeutic areas.
• Build internal capabilities in regulatory, safety, biostatistics, and clinical operations to support rapid, global development.

Timeline: Near-term focus is on delivering pivotal data in melanoma and NSCLC. No specific product launch or commercialization dates are provided.

Ownership and Lock-Up Structure

• Pre-IPO: All redeemable convertible preferred stock converts into 29,855,741 common shares immediately prior to the IPO [[18], [20]].
• Post-IPO: 50,454,737 shares outstanding (53,101,937 if greenshoe exercised).
• Lock-ups: Directors, officers, and holders of substantially all securities are subject to a 180-day lock-up period from the prospectus date, with underwriter discretion to waive [[100]].
• Employee and incentive participation: Over 4.6 million shares reserved for LTIP and ESPP programs post-IPO [[18]].

Valuation and Peer Comparison

No peer financial or valuation metrics (P/E, P/B, EV/EBITDA, revenue growth, net margin, ROE, ROA, dividend yield) or explicit peer symbols are provided within the prospectus. No sector performance tables or comparable peer IPOs are disclosed.

Research and Analyst Coverage

No external analyst coverage, price targets, or research opinions are included in the prospectus.

IPO Allotment and Subscription Results

Final subscription levels by tranche are not disclosed.

Listing Outlook: Investor Considerations and Potential Performance

Eikon Therapeutics is a high-potential, high-risk biotechnology IPO with strong backing from top-tier underwriters, a well-capitalized balance sheet, and a leadership team with deep industry experience. The absence of commercial revenues, the need for substantial future funding, and significant dilution for IPO investors are notable concerns. Market volatility and lack of liquidity history may accentuate first-day price swings.

Based solely on disclosed facts:

• The robust underwriter group and over-allotment structure may provide some first-day support.
• The absence of cornerstone orders, book quality data, or named anchor investors precludes any direct assessment of likely IPO subscription strength or immediate aftermarket performance.
• Investors should expect substantial dilution and no dividend yield.

Given these factors, the IPO is best suited for investors with a high risk tolerance and a long-term, growth-oriented outlook. First-day trading could be volatile, and performance relative to the offer price will likely hinge on broader market conditions and any early news from Eikon’s pipeline. There is no basis in the prospectus for estimating a likely first-day trading range.

Where to Find More Information

The complete registration statement and additional information about Eikon Therapeutics, Inc. can be accessed at: www.sec.gov

Company website: https://www.eikontx.com/