Eikon Therapeutics priced an upsized $381 million initial public offering and will begin trading under ticker EIKN. The company raised the proceeds to advance a clinical-stage oncology portfolio including a TLR7/8 agonist (EIK1001) and PARP inhibitors licensed from Impact Therapeutics. Eikon—founded and led by former Merck R&D executives—plans to fund phase 2/3 programs in melanoma, NSCLC and other solid tumors. The IPO comes amid a renewed appetite for biotech listings after a quiet 2025; Eikon’s haul is the largest biotech IPO since 2024 and follows several other sizable offerings this week. Management says the capital will prioritize clinical development, with a material portion earmarked for trials combining EIK1001 with checkpoint inhibitors. Analysts flagged strong investor interest but noted the company’s heavy reliance on licensed assets and near-term readouts. Investors will watch early clinical spend and enrollment timelines: Eikon’s near-term milestones will determine whether the company can convert market optimism into proof-of-concept data. The offering underscores a broader thaw in public markets for well-funded, IPO-ready biotechs.