Eikon Therapeutics (NASDAQ:EKON) IPO Starts at $17.05, Valued at $860.3M

Eikon Therapeutics, led by Merck veteran Roger Perlmutter, opened at $17.05 per share in its Nasdaq IPO on February 5, 2026, trading 5.3% below the $18 offer price. The company sold 21.2 million shares in an upsized offering at the top of its $16–$18 price range, raising $381.2 million and achieving a valuation of about $860.3 million. The biotech firm, founded in 2019 by Eric Betzig and others, is developing experimental cancer immunotherapies with a focus on biomarker-guided dosing to balance immune activation and tolerability. EIK1001 is being evaluated in combination with Merck’s Keytruda in mid-to-late stage trials for cutaneous T-cell carcinoma. The IPO follows a generally selective start to 2026, with strong roadshow demand and top-of-range pricing less indicative of broad investor enthusiasm than in prior years.