SNAPSHOT

Eikon Therapeutics taps reopening IPO window with $381M debut

Eikon Therapeutics, a cancer and neurology drugmaker, raised $381 million in an initial public offering, becoming the third biotech to price a U.S. IPO in 2026 amid a burst of sector activity.

Why it matters: After years of sluggish biotech IPO markets, Eikon’s upsized offering signals renewed investor appetite for mature, well-funded life sciences companies and could encourage others waiting on the sidelines to go public.

Backstory: Biotech IPOs peaked in 2021, then sharply slowed as rising interest rates and weak post-IPO performance cooled enthusiasm. From roughly two dozen IPOs annually in 2022–2024, activity dropped to just 11 offerings in 2025.

Big picture: Aktis Oncology’s $318 million IPO last month, including a $100 million Eli Lilly investment, helped set the stage for renewed confidence. Eikon’s debut adds momentum to what could be a broader biotech IPO rebound in 2026, driven by stronger public-market performance and a backlog of venture-backed companies built to IPO readiness.

Zoom in: Eikon sold more than 21 million shares at $18 each, well above its initial target, and will trade under the ticker “EIKN.” The IPO lands during the busiest biotech IPO week since early 2025. Veradermics raised $256 million earlier in the week, while Agomab Therapeutics and Spyglass Pharma may follow soon. Eikon has raised nearly $1.2 billion in private funding and is led by former Merck executives, including ex-research chief Roger Perlmutter. Its lead drug, EIK-1001, is in a Phase 2/3 melanoma trial and a mid-stage lung cancer study. Other assets include next-generation PARP inhibitors and a candidate targeting WRN helicase in MSI-high tumors.

What’s next: At least nine additional biotech companies have publicly disclosed IPO plans, suggesting the 2026 window could widen further if early entrants like Eikon perform well.

SNIPPETS

What’s happening in biotech today?

📈 IPO part 2: And we stay on the topic of IPOs with this news, Generate Biomedicines, a Flagship Pioneering–founded clinical-stage antibody biotech, has filed with the SEC to explore an IPO amid renewed momentum in early 2026 (see above). Proceeds would primarily support GB-0895, an AI-engineered, long-acting anti-TSLP antibody in phase 3 trials for severe asthma and phase 1 testing in COPD. Additional funding would advance two earlier programs: GB-4362, an antibody to neutralize free monomethyl auristatin E (MMAE) used with antibody-drug conjugates, and GB-5267, a MUC16-directed CAR-T therapy for ovarian cancer. Founded in 2018, Generate has secured major partnerships with Amgen and Novartis and raised significant private funding.

💰 Series A++: Third Arc Bio has raised a $52 million Series A extension, bringing its total Series A financing to $217 million, to expand and accelerate its oncology, immunology and inflammation pipeline. The round was led by new investor Andreessen Horowitz alongside founding investor Omega Funds, with participation from multiple institutional and strategic investors. The clinical-stage biotech is developing multifunctional and multispecific antibodies designed to precisely modulate T cell activity. Proceeds will support the advancement of immunology and inflammation programs and additional oncology candidates, including lead asset ARC101, a bispecific T-cell engager in Phase 1 trials for solid tumors.

🇨🇳 China license: Everest Medicines has entered an exclusive licensing agreement with Micot to commercialise MT1013 in China and the Asia Pacific region, excluding Japan, strengthening its nephrology portfolio. Under the deal, Everest will pay 200M yuan ($29M) upfront and up to 1.04B yuan ($149M) in potential regulatory and commercial milestones, while Micot retains responsibility for development costs. MT1013 is a first-in-class dual-targeting receptor agonist polypeptide for secondary hyperparathyroidism, acting on OGP and calcium-sensing receptors, and is currently in a Phase III trial in China enrolling about 424 dialysis patients. Everest expects the partnership to complement its renal pipeline and broaden its chronic kidney disease offerings.

⏸️ Trial pause: Quell Therapeutics has paused its Phase 1/2 trial of QEL-001, an autologous CAR-Treg therapy for liver transplant patients, to redirect resources toward a preclinical autoimmune program with greater commercial potential. The decision shifts focus to QEL-005, a CD19 CAR-Treg designed to modulate immune responses rather than eliminate cells, an approach Quell describes as “chill not kill.” QEL-005 is expected to enter Phase 1 trials in rheumatoid arthritis and systemic sclerosis in 2026. While the pause delays key milestones to 2027, Quell said insights from QEL-001 have de-risked the QEL-005 program.

👃Nasal antibody: Leyden Labs has reported first-in-human phase 1 data for its intranasal influenza prevention antibody, showing that its lead candidate can be safely administered to the nasal cavity and detected locally in 143 healthy volunteers, though no human efficacy or antiviral outcomes were assessed. The antibody, CR9114, is a broadly neutralising anti-influenza monoclonal antibody first described in 2012 that targets a conserved hemagglutinin stem epitope. Leyden’s innovation lies in delivering this antibody intranasally to concentrate activity at the site of viral entry, potentially reducing dose and cost compared with systemic approaches.

SNAP AGAIN

Angitia raises $130M to take on Amgen with dual-action bone builders

Angitia Biopharmaceuticals closed a $130 million Series D round to advance three bone disease drug candidates, including bispecific antibodies designed to boost bone formation and limit bone loss.

Why it matters: The financing positions Angitia to challenge incumbents like Amgen in osteoporosis and brittle bone disease. Recent Phase 3 failures of Ultragenyx and Mereo’s setrusumab highlight both the risk and opportunity in brittle bone disease.

Backstory: Bone drug development has been difficult, with multiple late-stage failures dampening enthusiasm. Still, unmet need remains high, especially in osteoporosis and osteogenesis imperfecta, keeping investors interested in differentiated approaches. Amgen’s sclerostin inhibitor Evenity is already approved for osteoporosis and is being tested in osteogenesis imperfecta.

Big picture: Angitia’s fundraising round is part of a broader trend of large private financings for biotechs with experienced leadership teams and assets already in mid- to late-stage trials, even as public markets remain selective.

Zoom in: Angitia’s pipeline includes three clinical-stage assets. Lead program AGA111, a recombinant BMP-6 protein, is in a Phase 3 spinal fusion trial, with final data expected later this year in China. Earlier-stage focus is on bispecific antibodies AGA2118 and AGA2115, which target sclerostin and DKK1, two inhibitors of bone formation. AGA2118 has completed enrollment in a Phase 2 osteoporosis trial, with data expected next year. AGA2115 has dosed its first patient in a Phase 2 osteogenesis imperfecta study.

What’s next: Angitia will use the new capital to generate Phase 2 data and further differentiate its bispecifics as competitors, including Amgen, advance their own bone programs. Angitia believes its dual-target approach could deliver stronger gains in bone mineral density than single-mechanism drugs.

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