Eikon Therapeutics Secures $350.7M Series D to Advance Drug Development

• Eikon Therapeutics has closed an initial $350.7 million Series D financing, bringing its total funding to over $1.1 billion since 2019.

• The funding will support the company’s clinical programs, including its lead drug candidate, EIK1001, now in Phase III trials for advanced melanoma.

Eikon Therapeutics, a pivotal-stage biotechnology company, has announced the initial closing of its $350.7 million Series D financing to advance its drug discovery and development efforts. Since its founding in 2019, the company has privately raised more than $1.1 billion to support its mission of addressing grievous illnesses through innovative therapies.

The financing round was led by Eikon’s existing investors, with participation from new investors. The investment syndicate includes major mutual funds, sovereign wealth funds, and healthcare and technology-focused venture firms such as Lux Capital, Alexandria Venture Investments, The Column Group, and T. Rowe Price Associates, among others.

“Eikon has made remarkable progress in advancing a pivotal-stage clinical pipeline and early-stage development program powered by our single-molecule tracking technology,” said Roger M. Perlmutter, M.D., Ph.D., CEO and Board Chair of Eikon Therapeutics. “This financing provides the resources necessary to build a fully-integrated, 21st-century biotechnology company that leverages advanced computing, data sciences, and decades of experience in bringing innovative medicines to patients.”

The company’s clinical pipeline includes EIK1001, a toll-like receptor 7/8 co-agonist in Phase III trials for advanced melanoma, which has shown promising efficacy alone and in combination with anti-PD-(L)1 agents. Additionally, EIK1003, a selective PARP1 inhibitor, is in Phase I trials for breast, ovarian, prostate, and pancreatic cancers, while EIK1004, a central nervous system-penetrant PARP1 inhibitor, is poised to enter Phase I studies for brain cancers.

With this new funding, Eikon Therapeutics aims to accelerate its clinical and early-stage drug development programsand will participate in the TD Cowen Healthcare Conference in Boston from March 3-5, 2025.