Eikon Therapeutics has officially filed for an initial public offering, targeting $150 million in gross proceeds. The biotech startup, based in Hayward, California, is led by a founding team with deep roots in pharmaceutical development, including former senior executives from Merck & Co.
- Eikon Therapeutics filed for a $150 million IPO with 10 million shares priced between $14 and $16
- Company valuation projected at $1.2 billion at midpoint of offering range
- Founding leadership includes former Merck executives Dr. Marcus Lin and Dr. Elena Torres
- Two clinical-stage programs: EK-201 (Phase 2 cancer therapy) and EK-302 (Phase 2 rare disease therapy)
- Revenue: $19 million in fiscal 2025; net loss: $112 million in same period
- Proceeds to fund Phase 3 development, manufacturing, and pipeline expansion
Eikon Therapeutics has submitted its S-1 registration statement to the U.S. Securities and Exchange Commission, signaling its intent to go public with a proposed offering of 10 million shares at a price range of $14 to $16 per share. The IPO, if approved, would value the company at approximately $1.2 billion at the midpoint of the range. The filing marks a critical milestone for the company, which was founded in 2018 and has focused on developing precision-targeted therapies for cancer and rare genetic disorders using proprietary cellular delivery technologies. The leadership team includes Dr. Marcus Lin, who previously served as head of translational medicine at Merck Research Laboratories, and Dr. Elena Torres, a former executive director in Merck’s oncology drug development division. Their combined expertise has driven Eikon’s progress in advancing two clinical-stage programs: EK-201, a novel RNA-editing therapy for solid tumors, and EK-302, a gene therapy for a rare metabolic disorder currently in Phase 2 trials. The company has raised $285 million in private funding to date from venture capital firms including Flagship Pioneering and ARCH Venture Partners. In the filing, Eikon reported $19 million in revenue for the fiscal year ending December 31, 2025, primarily from licensing agreements with two undisclosed pharmaceutical partners. Net losses totaled $112 million during the same period, reflecting ongoing investment in preclinical and clinical development. The IPO proceeds are expected to fund the advancement of EK-201 into Phase 3 trials, expand manufacturing capacity, and broaden the company’s pipeline in targeted delivery systems. Investors and analysts are closely watching the offering as a barometer of investor appetite for early-stage biotech companies with clinical-stage assets. The IPO is being underwritten by a consortium of major investment banks, including JPMorgan Chase, Goldman Sachs, and Morgan Stanley. If successful, the stock could debut on the Nasdaq under the ticker symbol ‘EKON’.