Eikon Therapeutics completed an upsized Nasdaq offering that raised $381 million, marking the largest biotech IPO since 2024. The San Francisco oncology company plans to direct proceeds toward advancing its lead program EIK1001 and other clinical candidates, including PARP inhibitors and a WRN helicase inhibitor. The offering underscores renewed investor interest in well-capitalized, platform-enabled drug developers led by seasoned industry executives. Eikon’s debut will be read as a test case for whether large, capital-intensive biotechs can sustain strong public-market valuations in 2026.