Eikon Therapeutics filed for an initial public offering after raising more than $1 billion in private capital since 2019. The company, founded and led by former Merck executives including ex-research chief Roger Perlmutter and former CMO Roy Baynes, built a pipeline around a Nobel Prize–linked technology that maps protein motion inside cells. Eikon lists four programs in human testing, with its lead asset EIK1001 in a Phase 2/3 trial in advanced melanoma and a mid-stage lung-cancer study; an interim readout is expected later this year. Investors and biotech watchers will be watching valuation and the timing of any clinical readouts: Eikon has supplemented its platform with licensing deals—for example, picking up toll-like receptor programs from Seven and Eight Biopharmaceuticals and PARP inhibitors via Impact Therapeutics. The filing positions Eikon to convert private financing momentum into public capital while clinical milestones approach.