Eikon Therapeutics priced an upsized Nasdaq IPO that raised $381 million, the largest biotech public offering since 2024, to fund clinical development of multiple oncology assets. The Perlmutter-led company said proceeds will primarily support trials of EIK1001 (TLR7/8 agonist) in combination with pembrolizumab and expand studies of PARP inhibitors and an in-house WRN helicase inhibitor. Eikon’s debut follows major prior private rounds and corporate in-licensing deals that reshaped its pipeline, including licenses from Seven and Eight Biopharmaceuticals and Impact Therapeutics. Management framed the IPO as a financing bridge to late‑stage studies while retaining a research posture built around super-resolution microscopy–derived target discovery. The offering signals a pickup in biotech IPO activity and continued investor interest in companies led by seasoned pharma executives with diversified oncology portfolios. Market participants will watch Eikon’s early trial readouts and use of proceeds as a barometer for appetite for capital-intensive oncology platforms.