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Closed upsized initial public offering in February 2026, raising $381 million in gross proceeds Completed enrollment of the TeLuRide-005 Phase 2 trial of EIK1001 in first-line treatment of stage 4 non-small cell lung cancer MILLBRAE, Calif., March 30, 2026 (GLOBE NEWSWIRE) -- Eikon Therapeutics, Inc. (Nasdaq: EIKN) (“Eikon”), a late-stage clinical biopharmaceutical company dedicated to developing innovative medicines to address serious unmet medical needs, today announced fourth quarter and full year 2025 financial results and provided corporate updates. “2025 was an important year of progress for Eikon’s business and clinical programs,” said Roger M. Perlmutter, M.D., Ph.D., Chief Executive Officer and Board Chair of Eikon. “With our initial public offering, and the consequent strengthening of our balance sheet, we believe we are well-positioned to advance multiple registration-enabling programs, bringing us closer to our mission of delivering breakthrough therapeutics to patients with serious illnesses.” Pipeline Updates The following paragraphs describe progress made in advancing Eikon’s clinical programs through the end of 2025. EIK1001 is a systemically administered dual-agonist of Toll-like receptors 7 and 8 designed to stimulate both innate and adaptive immune responses. Phase 1 studies have previously shown that EIK1001 exhibits single-agent activity in patients with advanced malignancy. This mechanism may complement the antitumor immune response engendered by PD-(L)1 blockade. Updates include: Enrollment was completed in the TeLuRide-005 Phase 2 study evaluating the use of EIK1001 in combination with pembrolizumab and histology-appropriate chemotherapy for the first-line treatment of non-small cell lung cancer. The company expects a comprehensive data set to become available in 2H 2026. EIK1003 & EIK1004 are next-generation, highly-selective PARP1 inhibitors that have been observed to leave PARP2 signaling intact. PARP2 inhibition may be a key driver of the hematological toxicity associated with first generation, non-selective PARP inhibitors. Updates include: EIK1003 is under evaluation in a Phase 1/2 trial as monotherapy and in combination with hormonal blockade (prostate cancer) or chemotherapy (breast or ovarian cancer) to establish the feasibility of combination-based approaches. Initiation of Cohort 1D, combining EIK1003 with platinum and paclitaxel therapy in breast and ovarian cancer treatment is anticipated in 2H 2026. EIK1004, a highly-selective PARP1 inhibitor differentiated by its ability to cross the blood-brain barrier, is being evaluated in a Phase 1/2 trial in advanced solid tumors in patients with or without active brain metastases. EIK1005 is a WRN helicase inhibitor with demonstrated in vitro activity in MSI-high cancer cells. EIK1005 was optimized using Eikon’s technology platform, which includes its imaging instruments that permit single molecule tracking in living cells. Updates include: An abstract describing the pre-clinical characterization of EIK1005 was accepted for presentation at 2026 Annual meeting of the American Association for Cancer Research. Successful completion of a healthy volunteer study by year-end 2025 permitted initiation of a Phase 1/2 trial in patients with malignant disease that is now underway. Board Update In December 2025, Eikon announced the election of David W. Meline as an independent director. Mr. Meline is the former Chief Financial Officer at Moderna Inc. Prior to Moderna, Mr. Meline served as CFO of Amgen Inc. and 3M Company, and he spent more than 20 years at General Motors Company in a range of finance and management roles. Fourth Quarter and Full Year 2025 Financial Results Cash Position: As of December 31, 2025, Eikon had cash, cash equivalents, and marketable securities of $336.0 million . In February 2026, Eikon raised $381.2 million in gross proceeds from an upsized IPO of common stock. Eikon expects its current cash, cash equivalents, and marketable securities, which includes proceeds from its February 2026 IPO, will fund operations into the second half of 2027. Research and Development (“R&D”) expenses: R&D expenses were $65.2 million for the fourth quarter of 2025 compared to $53.9 million for the fourth quarter of 2024, an increase of $11.3 million, or 21%. The increase was primarily due to accelerating clinical trial activity and increased facility and information technology expenses following the move into our new Millbrae, CA headquarters in April 2025. R&D expenses were $250.3 million for the year ended December 31, 2025 compared to $204.5 million for the year ended December 31, 2024, an increase of $45.8 million, or 22%. The increase was primarily due to expansion of our clinical trial activity, increased facility and information technology expenses associated with occupancy our new Millbrae headquarters in April 2025, and compensation costs from headcount growth. General and Administrative (“G&A”) expenses: G&A expenses were $17.9 million for the fourth quarter of 2025 compared to $13.9 million for the fourth quarter of 2024, an increase of $4.0 million, or 29%. The increase was primarily due to higher compensation costs, mainly higher corporate bonuses, and increased depreciation expense following the move into our Millbrae headquarters in April 2025. G&A expenses were $88.6 million for the year ended December 31, 2025, compared to $55.8 million for the year ended December 31, 2024, an increase of $32.8 million, or 59%. This increase was primarily due to the impairment of $21.3 million of assets relating to properties in Hayward, CA and New York, NY that we vacated during the year. An additional primary driver of the increase was compensation costs, mainly from stock option modification charges, higher corporate bonuses, and increased depreciation expense following occupancy of our Millbrae headquarters in April 2025. Net Loss: Net loss attributable to common stockholders was $79.7 million for the fourth quarter of 2025, as compared to $64.9 million for the prior-year period. For the full year 2025, net loss attributable to common stockholders was $333.6 million as compared to $243.8 million for the full year 2024. About Eikon Therapeutics Eikon is a late-stage clinical biopharmaceutical company dedicated to building a global, fully-integrated organization developing innovative medicines to address serious unmet medical needs. Eikon’s initial focus is oncology, where it is advancing a pipeline of drug candidates targeting areas of high unmet need that could eventually become critical medicines for the treatment of various cancers. Eikon deploys its technology platform, including its proprietary single molecule tracking system, to develop internally-derived novel therapies, while also leveraging the deep expertise of its management team to in-license promising assets. Eikon’s vision is to become a generational leader, by purposefully integrating traditional biology research with advanced engineering to develop better medicines faster. For more information, visit . Forward-Looking/Safe Harbor Statements This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements in this press release that are not historical facts are hereby identified as forward-looking statements for this purpose. These statements may be identified by words such as “aims,” “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “seeks,” “will” and variations of these words or similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to, statements regarding: the therapeutic potential of the Eikon’s product candidates; the timing for commencing clinical trials, enrolling patients, completing clinical trials, and anticipated data readouts; the timing for regulatory filings; expected milestones and business objectives for 2026 and beyond; the anticipated cash runway into the second half of 2027; and other statements regarding Eikon’s future operations, financial performance, financial position, prospects, objectives, strategies and other future events. These forward-looking statements are based upon management’s current expectations and assumptions, and are subject to a number of risks, uncertainties and other factors that could cause actual results and events to differ materially and adversely from those indicated by such forward-looking statements including, among others: our limited operating history; our significant net losses incurred since inception and the likelihood of incurring additional losses for the foreseeable future; our need for substantial additional funding; the early stage of development of many of our product candidates and the possibility that our product candidates may fail in development; our dependence on the success of our current product candidates; our ability to leverage our technology platform to enable more informed drug research and development; legal and regulatory risks; intellectual property-related risks; and those risks, uncertainties and other factors discussed under the caption “Risk Factors” and elsewhere in Eikon’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on March 30, 2026, and in other public filings with the SEC in the future. As a result, you should not place undue reliance on any forward-looking statements. The forward-looking statements made in this press release speak only as of the date of this press release, and Eikon undertakes no obligation to update such forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. Contacts: Investors Alfred “Freddie” Bowie, Ph.D., CFO ir@eikontx.com Media Colin Sanford colin@bioscribe.com Eikon Therapeutics, Inc. Statements of Operations and Comprehensive Loss (in thousands, except share and per share amounts) Year Ended December 31, 2025 2024 Operating expenses: Research and development $ 250,318 $ 204,536 General and administrative 88,627 55,807 Total operating expenses 338,945 260,343 Loss from operations (338,945) (260,343) Interest income 15,566 16,563 Interest expense (837) (31) Other income (expense), net (32) (3) Net loss and comprehensive loss (324,248) (243,814) Impact of preferred stock extinguishments and modifications (9,396) — Net loss attributable to common stockholders $ (333,644) $ (243,814) Net loss per share attributable to common stockholders, basic and diluted $ (115.29) $ (96.76) Weighted-average shares of common stock outstanding used in computing net loss per share attributable to common stockholders, basic and diluted 2,893,916 2,519,668 Eikon Therapeutics, Inc. Condensed Balance Sheet Data (in thousands) December 31, 2025 December 31, 2024 Cash, cash equivalents and marketable securities $335,975 $220,111 Total assets $594,734 $491,240 Total liabilities $312,298 $254,949 Total stockholders’ deficit ($879,034) ($571,930)

iStock, RedVector Analysts are cautiously optimistic about an IPO rebound for biopharma. BioSpace is keeping track of companies that seek to trade on the public markets this year. 2025 was a slow year for IPOs , with only eight companies going public—the fewest in the industry’s post-pandemic era. “We are likely in/entering a more discerning IPO marketplace where drug innovators with proven, later-stage assets/programs will have the necessary support to go public,” Michael Rachlin, senior managing director at FTI Consulting’s Corporate Finance & Restructuring unit, told BioSpace in January. Still, Rachlin was optimistic about the market’s prospects in 2026, noting that IPOs will continue to be a crucial part of the biopharma industry, offering companies a robust way to raise funds to support their pipelines. “The development and commercialization of novel and innovative drugs will continue to be a cornerstone of health and wellness, and a robust IPO market will continue to be an important factor for drug innovators to access capital and liquidity,” Rachlin said. Follow along as BioSpace tracks the IPO landscape in 2026. Kailera Therapeutics Raise: TBD Public Market Debut: TBD Kailera Therapeutics, the obesity biotech that in 2025 raised one of the biggest rounds in recent memory, is heading for the public markets. The company filed for an IPO on March 27, with few details in the initial paperwork beyond a desire to list under the ticker KLRA. Formed around a handful of assets from China’s Hengrui, Kailera’s lead therapy is the once-weekly injectable GLP-1/GIP receptor agonist ribupatide. The drug showed 12% weight loss after week 26 with no plateau effect in a Phase 2 test of 166 people with obesity that was conducted in China. Ribupatide is currently being tested in a global Phase 3 program called KaiNETIC, with the first trial enrolling 1,800 participants and kicking off in December 2025. Net proceeds from the IPO will be used to advance injectable and oral versions of ribupatide, plus the GLP-1 receptor agonist KAI-7535. Any additional funds will go toward KAI-4729 and for working capital and other general corporate purposes. Kailera emerged in October 2024 with $400 million in funding, then followed that up with $600 million more in a series B raise. Generate:Biomedicines Raise: $400 million Public market debut: Feb. 27 Flagship Pioneering’s Generate:Biomedicines is debuting on the Nasdaq Global Select Market on Feb. 27, bringing with it $400 million in gross proceeds—the largest biotech IPO haul since 2024, according to the biotech’s news release on Friday. On a per-share basis, the public offering valued Generate at $16 apiece, falling in the middle of the range from its updated prospectus last week . The Massachusetts biotech plans to use much of the IPO raise for its lead asset GB-0985, an anti-TSLP antibody, through the completion of two late-stage studies in severe asthma. Generate has earmarked around $300 million for this. Meanwhile, roughly $100 million will help power a Phase 1b study for the asset in chronic obstructive pulmonary disease (COPD). Generate:Biomedicines will also funnel some $15 million to GB-4362 and GB-5267, both currently poised for Phase 1 development for cancer. The biotech expects to launch early-stage programs this year, according to the prospectus. The proceeds will also help Generate:Biomedcines develop its platform and technology, as well as generate other programs for IND-enabling development. Eikon Therapeutics Raise: $381 million Public market debut: Feb. 5 Bringing in $381 million in an upsized offering—the largest IPO raise since 2024, eclipsing Aktis Oncology’s $318 million haul last month—Eikon Therapeutics is joining the Nasdaq Global Market to drum up stronger support for its cancer pipeline. The California-based biotech will trade under the symbol EIKN. Headed by Merck alum Roger Perlmutter, Eikon is advancing its lead asset EIK1001, a dual agonist of TLR-7/8, for melanoma. Around $100 million of the IPO raise will go toward EIK1001 to power an ongoing Phase 2/3 registrational study in this indication, as well as additional trials in non-small cell lung cancer, according to a Jan. 28 SEC document . Eikon will also advance EIK1003 and EIK1004, both PARP inhibitors, and the WRN helicase blocker EIK1005, through Phase 1/2 development. AgomAb Therapeutics Raise: $212.5 million Public market debut: N/A Also launching its Nasdaq bid is AgomAb Therapeutics, which is looking to raise $212.5 million , according to a Jan. 29 regulatory document . The Belgium biotech will trade under the symbol AGMB upon completion. Around $120 million of the proceeds will help bankroll clinical development of the small-molecule ALK5 blocker ontunisertib, which is being tested for fibrostenosing Crohn’s disease. The drug is currently in Phase 2a development and a Phase 2b trial is set to start later this year. The IPO haul will help AgomAb push ontunisertib through the latter study. Aside from its lead asset, the biotech also plans to use around $80 million to advance AGMB-447, another ALK5 inhibitor, for which a Phase 2 study in idiopathic pulmonary fibrosis (IPF) is being planned. AgomAb will funnel the remaining IPO earnings into its preclinical pipeline as well as other corporate purposes. SpyGlass Pharma Raise: $150 million Public market debut: Feb. 6 Update (Feb. 6): SpyGlass announced that it expected to raise around $150 million in its IPO and to start trading on the Nasdaq on Feb. 6. Focused on developing novel therapies for eye diseases, SpyGlass pharma is looking to debut on the Nasdaq Global Select Market under the symbol SGP with a $150 million IPO . The proceeds will go toward its most mature candidate, the bimatoprost drug pad-intraocular lens system. Bimatoprost is a prostaglandin analog, and SpyGlass’ lens system allows the sustained delivery of this drug directly into the eye after being implanted during routine cataract surgery. The product is being developed to lower intraocular pressure in patients with open-angle glaucoma or ocular hypertension. SpyGlass in July 2025 kicked off two registrational trials for the investigational lens system, according to its prospectus , with enrollment expected to complete in 2027. A potential approval could come as early as 2028. Veradermics Raise: $256.3 million Public market debut: Feb. 4 Just months after closing an oversubscribed $150 million series C last October, hair growth specialist Veradermics announced an IPO, targeting a $256.3 million raise and listing on the New York Stock Exchange . Veradermics is putting much of the expected proceeds behind lead drug candidate VDPHL01, an oral and extended-release version of minoxidil, to support approval and initial marketing activities. Minoxidil has already been approved by the FDA for hair growth, but the biotech in its prospectus claims that VDPHL01 is better than currently commercialized drugs because the extended-release formulation maximizes minoxidil levels in the plasma. If approved, Veradermics expects VDPHL01 to be the first extended-release minoxidil for hair growth. The asset is currently in late-stage development. Aside from VDPHL01, the IPO money will be used for “business development activities” and other corporate purposes. Veradermics is trading under the symbol MANE. Aktis Oncology Raise: $318 million Public market debut: Jan. 9 Aktis Oncology opened the 2026 IPO class with a $318 million debut on the Nasdaq Global Select Market on Jan. 9. The cancer-focused biotech is now publicly trading under the symbol AKTS. The bulk of Aktis’ proceeds—around $140 million to $150 million—will go toward its investigational Actinium-225 radiopharma asset Ac-AKY-1189, which is currently in Phase 1b development for tumors positive for the Nectin-4 marker, according to a Jan. 7 regulatory filing . The biotech will also allot $70 million to $80 million of its proceeds to advance another Actinium asset, dubbed Ac-AKY-2519, for B7-H3-expressing cancers. The remaining money will go toward general corporate purposes and will serve as working capital. Aktis first announced its IPO plans late last year.