Eikon widens 2025 loss, extends runway with IPO cash

Eikon Therapeutics reported higher operating spending and losses for 2025 but ended the year with a much stronger cash position following its IPO.

Rhea-AI Filing Summary

Eikon Therapeutics reported higher operating spending and losses for 2025 but ended the year with a much stronger cash position following its IPO. Research and development expenses rose to $250.3 million in 2025, up 22%, reflecting expanded clinical trial activity and its move into a new Millbrae headquarters.

General and administrative expenses increased to $88.6 million, mainly due to a $21.3 million asset impairment and higher compensation costs. Net loss attributable to common stockholders widened to $333.6 million, or $115.29 per share. Cash, cash equivalents, and marketable securities were $336.0 million at year-end, and a February 2026 upsized IPO raised an additional $381.2 million in gross proceeds, which the company expects will fund operations into the second half of 2027.

Insights

Biopharma equity analyst

Eikon increases R&D investment and losses but extends cash runway with a large IPO.

Eikon Therapeutics is aggressively funding late-stage oncology programs. R&D rose to $250.3 million in 2025, up 22%, as clinical trials expanded and the company fully occupied its Millbrae headquarters, signaling a clear push toward registration-enabling studies.

General and administrative costs jumped to $88.6 million, including a $21.3 million impairment on vacated properties and higher stock-based compensation. Net loss attributable to common stockholders widened to $333.6 million, consistent with a company scaling infrastructure ahead of potential product approvals.

Despite larger losses, liquidity improved. Cash, cash equivalents, and marketable securities reached $335.975 million at year-end, and a February 2026 upsized IPO added $381.2 million in gross proceeds. Management believes this funds operations into the second half of 2027, giving a multi-year runway to advance EIK1001, PARP1 inhibitors EIK1003/EIK1004, and WRN inhibitor EIK1005.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did Eikon Therapeutics (EIKN) perform financially in 2025?

Eikon reported a larger loss in 2025 as it scaled its business. Net loss attributable to common stockholders was $333.6 million, up from $243.8 million in 2024, reflecting higher R&D and G&A spending to support expanding clinical programs and new facilities.

What is Eikon Therapeutics’ cash position and runway after its IPO?

Eikon ended 2025 with $336.0 million in cash, cash equivalents, and marketable securities. In February 2026, it raised an additional $381.2 million in gross IPO proceeds. The company expects this combined cash balance to fund operations into the second half of 2027.

How much did Eikon Therapeutics spend on R&D and G&A in 2025?

In 2025, Eikon’s R&D expenses were $250.3 million, up from $204.5 million, driven by expanded clinical trials and new facilities. G&A expenses rose to $88.6 million from $55.8 million, mainly due to a property impairment and higher compensation-related costs.

What are the key clinical programs Eikon Therapeutics is advancing?

Eikon highlighted several oncology candidates. EIK1001 is a dual TLR7/8 agonist with prior Phase 1 activity. EIK1003 and EIK1004 are next-generation PARP1 inhibitors, while EIK1005 is a WRN helicase inhibitor optimized using the company’s single-molecule tracking technology platform.

What board and leadership updates did Eikon Therapeutics announce?

Eikon announced the election of David W. Meline as an independent director in December 2025. He is the former Chief Financial Officer of Moderna, Amgen, and 3M, and brings extensive large-cap corporate finance and management experience to Eikon’s board of directors.

How did Eikon Therapeutics’ operating expenses change year over year?

Total operating expenses increased to $338.9 million in 2025 from $260.3 million in 2024. The rise was driven by higher R&D spending on clinical programs, increased facility and IT costs tied to the Millbrae headquarters, and G&A growth including a $21.3 million asset impairment.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/30/2026 - 08:02 AM Learn about SEC filing dates

false 0001861123 0001861123 2026-03-30 2026-03-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 30, 2026

Eikon Therapeutics, Inc.

(Exact name of registrant as specified in its charter)

Delaware		001-43085		84-2807586
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

230 Harriet Tubman Way
Millbrae, California		94030
(Address of principal executive offices)		(Zip Code)

(341) 777-0566

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencements communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbols		Name of each exchange on which registered
Common Stock, $0.0001 par value per share		EIKN		The Nasdaq Stock Market LLC

☒		Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐		If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02 Results of Operations and Financial Condition.

On March 30, 2026, Eikon Therapeutics, Inc. issued a press release announcing clinical and corporate updates and its financial results for the three months and full year ended December 31, 2025 (the “Press Release”). A copy of the Press Release is furnished herewith as Exhibit 99.1 and is incorporated by reference.

The information in this Item 2.02, including Exhibit 99.1 hereto, is being “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section or Section 11 and 12(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The information in this Item 2.02, including Exhibit 99.1 hereto, shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act or into any filing or other document pursuant to the Exchange Act, except as otherwise expressly stated in any such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

EXHIBIT NUMBER		EXHIBIT DESCRIPTION
99.1		Press Release, dated March 30, 2026.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Eikon Therapeutics, Inc.
By:		/s/ Roger M. Perlmutter, M.D., Ph.D.
		Roger M. Perlmutter, M.D., Ph.D.
		Chief Executive Officer

Dated: March 30, 2026

Exhibit 99.1

Eikon Therapeutics Announces Fourth Quarter and Full Year 2025 Financial Results and Provides Clinical and Corporate Updates

• 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 of 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 www.eikontx.com.

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	)

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 36.7 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 2.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 17.6 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.0 KB