Eikon Therapeutics completed a high-profile IPO, selling shares at the top of its range to raise $381 million and send a signal that well-funded, platform-driven biotechs can still access public markets. The Cambridge, Calif.-based company—backed by former Merck executives including Roger Perlmutter—built its pitch around protein-tracking microscopy and licensed programs now driving its pipeline. Eikon’s debut arrives amid a flurry of biotech listings and growing investor appetite for later-stage, capital-intensive platforms. In a parallel offering, New Haven-based Veradermics priced an upsized IPO that generated $256 million to fund three pivotal Phase II/III trials of an oral minoxidil derivative for pattern hair loss. Veradermics is positioning the proceeds to advance pivotal readouts in 2026 and to commercialize an oral formulation designed to avoid prior cardiovascular liabilities. Together, the two deals underscore a tentative reopening of IPO windows for biotechs with deep cash needs and near-term clinical catalysts.