0001193125-26-216791 | 10-Q | XBRL Viewer

Segment (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Significant Expense Categories Within Net Loss Presented on the Statement of Operations

The significant expense categories within net loss are presented on the statements of operations. The research and development expenses have been disaggregated as follows (in thousands):


	Three Months Ended March 31,
	2026			2025
Research and engineering expenses	$	29,483		$	33,627
Clinical expenses		35,564			22,960
In-process research and development expenses		5,000			—
Total research and development expenses		70,047			56,587
General and administrative expenses		17,290			14,796
Other segment items#		(4,379	)		(3,140	)
Net loss	$	82,958		$	68,243

# Other segment items is comprised of interest income (expense), net and other income (expense), net.

Research and Development Arrangements - Additional Information (Details) - The Column Group and Catalyst4 Agreement - USD ($)		3 Months Ended
	Jun. 07, 2024	Mar. 31, 2026
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate payment to perform research and development	$ 25,000,000
Proceeds from catalyst4 for future services		$ 10,000,000
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment for achievement of certain regulatory milestone	50,000,000
Sales royalty payable	$ 50,000,000

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured At Fair Value On Recurring Basis

The following tables summarize the Company’s financial assets, which consist of cash equivalents and marketable securities, presented at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


		March 31, 2026
	Fair Value Hierarchy	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Financial assets
Cash equivalents:
Money market funds	Level 1	$	148,094	$	—	$	—		$	148,094
Total cash equivalents		$	148,094	$	—	$	—		$	148,094
Marketable securities, current:
Commercial paper	Level 2	$	158,234	$	3	$	(381	)	$	157,856
U.S. government securities	Level 2		192,794		26		(67	)		192,753
Total marketable securities, current		$	351,028	$	29	$	(448	)	$	350,609
Marketable securities, non-current:
Commercial paper	Level 2	$	53,925	$	—	$	(178	)	$	53,747
U.S. government securities	Level 2		29,903		—		(74	)		29,829
Total marketable securities, non-current		$	83,828	$	—	$	(252	)	$	83,576


		December 31, 2025
	Fair Value Hierarchy	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Financial assets
Cash equivalents:
Money market funds	Level 1	$	84,960	$	—	$	—	$	84,960
Total cash equivalents		$	84,960	$	—	$	—	$	84,960
Marketable securities, current:
Commercial paper	Level 2	$	107,870	$	65	$	—	$	107,935
U.S. government securities	Level 2		123,204		154		—		123,358
Total marketable securities, current		$	231,074	$	219	$	—	$	231,293

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Common Stock
Net of issuance costs	$ 33,093
Preferred Stock \| Series D Redeemable Convertible Preferred Stock
Net of issuance costs		$ 547

Equity Incentive Plans and Stock-Based Compensation Expense - Additional Information (Details) - shares	Sep. 19, 2019	Mar. 31, 2026	Jan. 31, 2026	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock shares reserved for future issuance		11,071,452		37,557,964
2026 Long-Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock shares reserved for future issuance			4,137,117
2026 LTIP and 2019 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	4 years
2026 LTIP and 2019 Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options granted (in term)	10 years
Stock options granted (in term)	5 years
2026 LTIP and 2019 Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option, ownership percentage	10.00%
Exercise price of options granted at fair market value ownership percentage	10.00%
2026 LTIP and 2019 Plan \| After One Year
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting rights, percentage	25.00%
2026 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock shares reserved for future issuance			539,582
Stock Option, Ownership Percentage Less Than 10% Percent \| 2026 LTIP and 2019 Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of fair market value of shares on grant date	100.00%
Stock Option, Ownership Percentage More Than 10% Percent \| 2026 LTIP and 2019 Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of fair market value of shares on grant date	110.00%

Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (82,958)	$ (68,243)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	5,214	3,789
Stock-based compensation expense	2,777	2,970
Amortization of operating lease right-of-use assets	(101)	2,677
Amortization of premiums and accretion of discounts on marketable securities	(827)	(1,234)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(4,377)	(2,686)
Other assets	2,700	(399)
Accounts payable	5,324	2,277
Accrued expenses and other current liabilities	(15,065)	(9,384)
Operating lease liabilities	(2,488)	16,023
Other liabilities		(311)
Net cash used in operating activities	(89,801)	(54,521)
Investing Activities
Purchase of property and equipment	(262)	(22,358)
Purchase of marketable securities	(306,955)	(252,496)
Proceeds from maturities of marketable securities	104,000	61,000
Net cash used in investing activities	(203,217)	(213,854)
Financing Activities
Proceeds from issuance of common stock under stock plans	277	21
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs		350,213
Proceeds from initial public offering, net of issuance costs	349,031
Net cash provided by financing activities	349,308	350,234
Net increase in cash, cash equivalents and restricted cash	56,290	81,859
Cash, cash equivalents and restricted cash at beginning of period	113,072	130,878
Cash, cash equivalents and restricted cash at end of period	169,362	212,737
Cash, cash equivalents and restricted cash at end of period
Cash and cash equivalents	161,154	204,582
Restricted cash	8,208	8,155
Cash, cash equivalents and restricted cash at end of period	169,362	212,737
Supplemental disclosure of cash flow information
Cash paid for interest	4	6
Cash paid for operating lease liabilities	10,483	2,555
Supplemental disclosure of non-cash financing and investing activities:
Purchases of property and equipment included in accounts payable and accrued expenses	221	9,346
Vesting of early exercised stock options and restricted common stock	$ 35	$ 137

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 01, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Registrant Name	EIKON THERAPEUTICS, INC.
Trading Symbol	EIKN
Entity Central Index Key	0001861123
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		54,138,628
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-43085
Entity Tax Identification Number	84-2807586
Entity Address, Address Line One	230 Harriet Tubman Way
Entity Address, City or Town	Millbrae
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94030
City Area Code	341
Local Phone Number	777-0566
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Security Exchange Name	NASDAQ

Capital Structure - Summary of Common Stock Reserved for Future issuance (Details) - shares	Mar. 31, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Common stock shares reserved for future issuance	11,071,452	37,557,964
Conversion of Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Common stock shares reserved for future issuance	0	29,855,741
Common Stock Warrants
Class of Stock [Line Items]
Common stock shares reserved for future issuance	739,559	739,559
Stock Options Issued and Outstanding
Class of Stock [Line Items]
Common stock shares reserved for future issuance	7,522,330	5,513,142
Stock Options Available for Future Issuance
Class of Stock [Line Items]
Common stock shares reserved for future issuance	2,269,981	1,449,522
Shares Reserved for ESPP
Class of Stock [Line Items]
Common stock shares reserved for future issuance	539,582	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Organization and Description of Business - Additional Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended
	Feb. 06, 2026 USD ($) $ / shares shares	Jan. 27, 2026	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)
Class of Stock [Line Items]
Accumulated deficit			$ (1,003,467)	$ (920,509)
Marketable securities, non-current			83,828
Cash, cash equivalents and marketable securities			$ 596,000
Common Stock
Class of Stock [Line Items]
Reverse stock split, description			Company effected a 1-for-7.4578 reverse stock split of its issued and outstanding common stock
Reverse stock split ratio		0.134088
IPO \| Common Stock
Class of Stock [Line Items]
Number of shares issued \| shares	21,177,600
Price per share \| $ / shares	$ 18
Net proceeds from the issuance of common stock	$ 348,100
Underwriting discounts and commissions	26,700
Expenses	$ 6,400
Redeemable convertible preferred stock, number of shares of common stock issued upon conversion \| shares	29,855,741

Net Loss Per Share Attributable to Common Stockholders - Schedule of Outstanding Common Stock Equivalents Excluded from Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents	8,262,751	33,563,186
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents	7,522,330	2,904,399
Early Exercised Stock Options and Unvested Restricted Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents	862	63,487
Warrants to Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents	739,559	739,559
Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents	0	29,855,741

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value Disclosures [Abstract]
Fair value assets, transfers to level 3, amount	$ 0	$ 0

Acquisitions of IPR&D - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2023	Dec. 31, 2025	Dec. 12, 2024	Mar. 29, 2023
Seven and Eight Collaboration Agreement and SW License and Development Agreement
Business Combination [Line Items]
Simple agreements for future equity issued, amount						$ 35,000,000
Upfront payments recognized as in-process research and development expenses			$ 46,000,000
Future milestones accrued	$ 0			$ 0
Upfront fee paid in cash						11,000,000
Seven and Eight Collaboration Agreement and SW License and Development Agreement \| Seven and Eight
Business Combination [Line Items]
Simple agreements for future equity issued, amount						31,500,000
Additional milestone payable upon achievement of certain development and regulatory milestones						369,600,000
Additional milestone payable upon the achievement of certain development and regulatory milestones for a compound that is not a conjugate						219,600,000
Additional milestone payable upon the achievement of certain development and regulatory milestones for a compound that is a conjugate						150,000,000
Upfront fee paid in cash						10,500,000
Seven and Eight Collaboration Agreement and SW License and Development Agreement \| SW
Business Combination [Line Items]
Simple agreements for future equity issued, amount						3,500,000
Upfront fee paid in cash						500,000
Seven and Eight Collaboration Agreement and SW License and Development Agreement \| SW \| Maximum
Business Combination [Line Items]
Additional milestone payable upon the achievement of certain regulatory milestones						29,400,000
Additional milestone payable upon the achievement of certain commercial milestones						$ 350,000,000
Impact Agreement
Business Combination [Line Items]
Upfront payments recognized as in-process research and development expenses			$ 31,500,000
Future milestones accrued	0			$ 0
Upfront fee paid in cash					$ 31,500,000
Maximum amount payable upon the achievement of certain commercial milestones					775,000,000
Development and regulatory milestones, paid	$ 5,000,000	$ 0
Impact Agreement \| Maximum
Business Combination [Line Items]
Maximum amount payable upon the achievement of certain development and regulatory milestones milestones					$ 181,000,000

Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Note 5. Balance Sheet Components

Property and Equipment, Net

Property and equipment, net, consisted of the following (in thousands):


	March 31, 2026			December 31, 2025
Lab equipment	$	25,909		$	25,909
Engineering equipment		14,843			14,843
Leasehold improvements		120,588			120,588
Motor vehicles		19			101
Furniture, fittings & office equipment		5,150			5,150
Computer equipment		13,062			12,970
Software		5,627			5,627
Construction in progress		963			624
		186,161			185,812
Less: accumulated depreciation		(48,094	)		(42,914	)
Total property and equipment, net	$	138,067		$	142,898

Depreciation expense was $5.2 million and $3.8 million for the three months ended March 31, 2026 and 2025, respectively. Disposals of property and equipment during the three months ended March 31, 2026 and 2025 were not material.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Accrued compensation expenses	$	11,207	$	24,868
Accrued clinical expenses		9,128		6,518
Accrued expenses related to purchase of IPR&D		102		102
Accrued vendor expenses		8,700		11,300
Current portion of early exercised options and restricted common stock liability		—		35
Other accrued expenses		182		1,475
Total accrued expenses and other current liabilities	$	29,319	$	44,298

Commitments and Contingencies - Additional Information (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Loss Contingencies [Line Items]
Upfronts and milestone payments	$ 93,000,000
Legal contingencies requiring accrual	0	$ 0
Liabilities	300,155,000	312,298,000
Maximum
Loss Contingencies [Line Items]
Development and regulatory milestones, paid	630,000,000
Sales milestones paid	1,100,000,000
Indemnification Rights and Agreements
Loss Contingencies [Line Items]
Liabilities	$ 0	$ 0

- Definition

Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Employee 401(k) Plan - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Retirement Benefits [Abstract]
Employer contributions to the plan	$ 1.4	$ 1.3

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net, consisted of the following (in thousands):


	March 31, 2026			December 31, 2025
Lab equipment	$	25,909		$	25,909
Engineering equipment		14,843			14,843
Leasehold improvements		120,588			120,588
Motor vehicles		19			101
Furniture, fittings & office equipment		5,150			5,150
Computer equipment		13,062			12,970
Software		5,627			5,627
Construction in progress		963			624
		186,161			185,812
Less: accumulated depreciation		(48,094	)		(42,914	)
Total property and equipment, net	$	138,067		$	142,898

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Accrued compensation expenses	$	11,207	$	24,868
Accrued clinical expenses		9,128		6,518
Accrued expenses related to purchase of IPR&D		102		102
Accrued vendor expenses		8,700		11,300
Current portion of early exercised options and restricted common stock liability		—		35
Other accrued expenses		182		1,475
Total accrued expenses and other current liabilities	$	29,319	$	44,298

Segment - Additional Information (Details)	3 Months Ended
Segment - Additional Information (Details)	Mar. 31, 2026 Segment
Segment Reporting [Abstract]
Number of operating segment	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The Company’s chief operating decision maker uses net loss to evaluate the performance of its segment, analyze financial trends, compare the budget to the actual operating results, and make resource allocation decisions. Segment net loss represents the Company’s total net loss. All corporate costs, including allocated facilities and information technology costs, and depreciation, are included within this segment.

Net Loss Per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2026			2025
Numerator:
Net loss	$	(82,958	)	$	(68,243	)
Impact of preferred stock extinguishments and modifications		—			(6,300	)
Net loss attributable to common stockholders	$	(82,958	)	$	(74,543	)
Denominator:
Weighted-average common shares outstanding		33,701,800			2,869,926
Less: Weighted-average common shares subject to repurchase		(1,250	)		(99,574	)
Weighted-average common shares outstanding, basic and diluted		33,700,550			2,770,352
Net loss per share attributable to common stockholders, basic and diluted	$	(2.46	)	$	(26.91	)

Schedule of Outstanding Common Stock Equivalents Excluded from Diluted Net Loss Per Share

The following outstanding common stock equivalents have been excluded from diluted net loss per share attributable to common stockholders for the three months ended March 31, 2026 and 2025 because their inclusion would be anti-dilutive:


	March 31,
	2026		2025
Options to purchase common stock		7,522,330		2,904,399
Early exercised stock options and unvested restricted common stock		862		63,487
Warrants to purchase common stock		739,559		739,559
Redeemable convertible preferred stock		—		29,855,741
Total common stock equivalents		8,262,751		33,563,186

Capital Structure - Summary of Issued and Outstanding Redeemable Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Feb. 28, 2025
Class of Stock [Line Items]
Shares Authorized	0	262,597,889
Shares issued	0	222,658,133
Shares Outstanding	0	222,658,133
Original issue price	$ 0.0001	$ 0.0001
Aggregate Liquidation Amount		$ 1,159,762
Carrying Value	$ 0	$ 1,161,470
Series A
Class of Stock [Line Items]
Shares Authorized		48,000,000
Shares issued		48,000,000
Shares Outstanding		48,000,000
Original issue price		$ 1
Aggregate Liquidation Amount		$ 48,000
Carrying Value		$ 47,916
Series A-1
Class of Stock [Line Items]
Shares Authorized		51,268,891
Shares issued		51,268,891
Shares Outstanding		51,268,891
Original issue price		$ 2
Aggregate Liquidation Amount		$ 102,538
Carrying Value		$ 102,472
Series B
Class of Stock [Line Items]
Shares Authorized		29,271,143
Shares issued		17,456,768
Shares Outstanding		17,456,768
Original issue price		$ 17.69
Aggregate Liquidation Amount		$ 308,786
Carrying Value		$ 297,294
Series B-1
Class of Stock [Line Items]
Shares Authorized		35,756,908
Shares issued		35,756,908	35,756,908
Shares Outstanding		35,756,908
Original issue price		$ 5.84
Aggregate Liquidation Amount		$ 208,979
Carrying Value		$ 224,200
Series C
Class of Stock [Line Items]
Shares Authorized		24,884,830
Shares issued		5,194,787
Shares Outstanding		5,194,787
Original issue price		$ 21.5
Aggregate Liquidation Amount		$ 111,682
Carrying Value		$ 108,629
Series C-1
Class of Stock [Line Items]
Shares Authorized		4,975,110
Shares issued		4,975,110	4,975,110
Shares Outstanding		4,975,110
Original issue price		$ 5.84
Aggregate Liquidation Amount		$ 29,077
Carrying Value		$ 30,806
Series D
Class of Stock [Line Items]
Shares Authorized		68,441,007
Shares issued		60,005,669	60,005,669
Shares Outstanding		60,005,669
Original issue price		$ 5.84	$ 5.84
Aggregate Liquidation Amount		$ 350,700
Carrying Value		$ 350,153

Equity Incentive Plans and Stock-Based Compensation Expense - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock-Based Compensation Expense [Line Items]
Total stock-based compensation expense	$ 2,777	$ 2,970
Research and Development Expense [Member]
Stock-Based Compensation Expense [Line Items]
Total stock-based compensation expense	1,162	1,151
General and Administrative Expense [Member]
Stock-Based Compensation Expense [Line Items]
Total stock-based compensation expense	$ 1,615	$ 1,819

Operating Leases - Schedule of Future Minimum Lease Payments under Non-cancellable Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
2026 (remainder of year)	$ 30,988
2027	39,310
2028	38,286
2029	36,777
2030	35,913
Thereafter	370,302
Total future minimum lease payments	551,576
Less: Imputed interest	(296,745)
Present value of future lease payments	254,831
Less: Operating lease liability, current	(9,740)	$ (10,028)
Operating lease liability, net of current portion	$ 245,091	$ 247,291

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 7. Commitments and Contingencies

Research and Development Agreements

The Company enters into various agreements in the ordinary course of business, such as those with suppliers, clinical research organizations, contract manufacturing organizations, and clinical trial sites. These agreements provide for termination at the request of either party, generally with less than one-year notice and are, therefore, cancellable contracts and, if cancelled, are not anticipated to have a material effect on the Company’s financial condition, results of operations, or cash flows.

Future Milestone and Royalty Payments

The Company enters into license agreements in the normal course of business in order to obtain rights to promising product candidates, advance product development and obtain technologies and services related to its business. The Company could be required to make development and regulatory milestones and sales milestones of up to $630.0 million and $1.1 billion, and tiered royalty payments to licensors based on the net sales of the licensed products. Contingent milestones are recorded when probable to be achieved. Royalties will be recognized as cost of sales when the covered products are sold and royalties are payable. As of March 31, 2026, the Company has incurred and recorded $93.0 million in upfront and milestone payments under these agreements (see Notes 10 and 11).

Legal Contingencies

The Company is not involved in any pending legal proceedings that it believes could have a material adverse effect on its financial condition, results of operations, or cash flows. The Company may pursue or be subject to litigation and other legal actions from time to time arising in the ordinary course of business, including intellectual property, products liability, breach of contract, commercial, employment, and other similar claims which could have an adverse impact on its reputation, business and financial condition and divert the attention of its management from the operation of its business. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. There were no legal contingencies requiring accrual or disclosures as of March 31, 2026 and December 31, 2025.

Indemnification

In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. As permitted under Delaware law and in accordance with its bylaws, the Company indemnifies its officers and directors for certain events or occurrences while the officer or director is or was serving in such capacity. The maximum potential amount of future payments that the Company could be required to make under these provisions is not determinable. The Company has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company is not currently aware of any indemnification claims. Accordingly, the Company has not recorded any liabilities for these indemnification rights and agreements as of March 31, 2026 and December 31, 2025.

Net Loss Per Share Attributable to Common Stockholders - Summary of Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss	$ (82,958)	$ (68,243)
Impact of preferred stock extinguishments and modifications		(6,300)
Net loss attributable to common stockholders	$ (82,958)	$ (74,543)
Denominator:
Weighted-average common shares outstanding	33,701,800	2,869,926
Less: Weighted-average common shares subject to repurchase	(1,250)	(99,574)
Weighted-average common shares outstanding, basic	33,700,550	2,770,352
Weighted-average common shares outstanding, diluted	33,700,550	2,770,352
Net loss per share attributable to common stockholders, basic	$ (2.46)	$ (26.91)
Net loss per share attributable to common stockholders, diluted	$ (2.46)	$ (26.91)

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission regarding interim reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. These condensed financial statements include all adjustments necessary for the fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative GAAP included in the Accounting Standards Codification (“ASC”), and Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”).

Use of Estimates

The preparation of the financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets and liabilities, and disclosures of contingent assets and liabilities at the dates of the financial statements and the reported amounts of expenses during the reporting period. Areas where management uses subjective judgments include, but are not limited to, useful lives of long-lived assets, the incremental borrowing rates for leases, accruals for research and development costs, the fair value of redeemable convertible preferred stock, common stock warrants, common stock and various other inputs used in estimating stock-based compensation expense, and accounting for income tax uncertainties, including a valuation allowance for deferred tax assets, in the accompanying financial statements. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions or conditions.

Concentration of Credit Risk and Other Risks and Uncertainties

Cash, cash equivalents, and marketable securities are financial instruments that are potentially subject to concentrations of credit risk. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash, cash equivalents, and marketable securities, which may exceed federally insured limits. The Company has no financial instruments with off balance sheet risk of loss.

The Company is subject to a number of risks similar to other early-stage biopharmaceutical companies, including, but not limited to, the need to obtain adequate additional funding, possible failure of current or future in-process research and development of its technology, its reliance on third parties to assist in conducting its clinical trials, the need to obtain regulatory and marketing approvals, competitors advancing medicine in a field that the Company intends to enter that constrains its ability to compete effectively for market share, competitors developing technological innovations that reduce the value of the inventions that enable the Company to discover and develop new medicines, protection of its proprietary technology, and the need to secure and maintain adequate manufacturing arrangements with third parties. If the Company does not successfully commercialize its clinical assets, it will be unable to generate product revenue or achieve profitability.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of 90 days or less from the date of purchase to be cash and cash equivalents. Cash equivalents consist primarily of amounts held in money market funds and commercial paper, which are held at amortized cost.

Marketable Securities

The Company’s marketable securities consist of United States treasury securities and commercial paper, which are held-to-maturity and reported at amortized cost. The amortization of premiums and accretion of discounts from the purchase of the securities are recognized as a component of interest income in the statements of operations and comprehensive loss. Marketable securities are classified as either current or non-current assets based on their contractual maturity dates. Marketable securities are initially recorded net of an allowance for expected credit losses, if any, which are remeasured each period and any impairments are recognized as an expense. As of March 31, 2026, there had been no impairment or credit losses on the Company’s marketable securities.

Restricted Cash

The Company had deposits of $7.8 million included in long-term assets as of March 31, 2026 and December 31, 2025, restricted from withdrawal and held by a bank in the form of collateral for irrevocable standby letters of credit held as security for the Company’s leases. In addition, the Company had deposits of $0.4 million included in current assets as of March 31, 2026 and December 31, 2025, pledged for corporate credit cards.

Property and Equipment, Net

Property and equipment are presented at cost, net of accumulated depreciation. Depreciation begins the first day of the month after the asset is placed in service. Depreciation is computed using the straight-line method over the estimated useful lives of five years for lab and engineering equipment, seven years for motor vehicles (used in the transportation of materials between sites) and furniture, fittings and office equipment, four years for computer equipment, and three years for software. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the asset or the term of the lease. Costs for capital assets not yet placed into service are capitalized as construction in progress and depreciated once placed into service. Upon the sale or retirement of assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in the statements of operations and comprehensive loss. Maintenance and repairs are charged to expense as incurred and costs of major replacement or improvement are capitalized.

Impairment of Long-Lived Assets

The Company reviews the carrying amounts of its long-lived assets, including property and equipment and right-of-use leased assets, for potential impairment whenever events or changes in circumstances indicate that the assets may not be recoverable. Factors that the Company considers in an impairment review include, but are not limited to, significant underperformance of the business in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset group for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset group to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset group are less than its carrying amount, and the impairment loss would be based on the excess of the carrying value of the impaired asset group over its fair value, determined using discounted cash flows. There was no impairment of long-lived assets during the three months ended March 31, 2026 and 2025.

Leases

At the inception of a contract, the Company assesses whether the contract is a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If a lease is determined to exist, the commencement date of such lease is assessed based on the date on which the Company gains control over the use of the underlying assets. The Company’s assessment of the lease term reflects the non-cancelable term of the lease, inclusive of any rent-free periods and/or periods covered by early-termination options which the Company is reasonably certain of not exercising, as well as periods covered by renewal options that the Company is reasonably certain of exercising. At lease commencement, the Company also determines lease classification based on whether the arrangement is effectively a financed purchase of the underlying asset (finance lease) or not (operating lease), which governs the pattern of expense recognition and the presentation reflected in the statements of operations and comprehensive loss and statements of cash flows over the lease term.

For leases with a term exceeding 12 months, a lease liability is recorded on the Company’s balance sheet at lease commencement reflecting the present value of its minimum payment obligations over the lease term. A corresponding right-of-use (“ROU”) asset equal to the initial lease liability is also recorded, adjusted for any prepaid rent and/or initial direct costs incurred in connection with execution of the lease and reduced by any lease incentives received. Variable lease payments are included in the present value of its minimum lease payment obligations when the contingency is resolved. The lease liability is remeasured at the date the contingency is resolved and the corresponding ROU asset is adjusted. For purposes of measuring the present value of its fixed payment obligations for a given lease, the Company uses its incremental borrowing rate, determined based on information available at lease commencement, as rates implicit in its leasing arrangements are typically not readily determinable. The Company’s incremental borrowing rate reflects the rate it would pay to borrow on a secured basis and incorporates the term and economic environment of the associated lease.

For the Company’s operating leases, fixed lease payments are recognized as lease expense on a straight-line basis over the lease term. For leases with a term of 12 months or less, any fixed lease payments are recognized on a straight-line basis over the lease term and are not recognized on the Company’s balance sheet as an accounting policy election. Leases qualifying for the short-term lease exemption were insignificant. Variable lease costs are expensed in the statements of operations and comprehensive loss as incurred.

The Company did not have any finance leases as of March 31, 2026 and December 31, 2025.

Redeemable Convertible Preferred Stock

The Company records redeemable convertible preferred stock at their respective fair values on the dates of issuance, net of issuance costs. Holders of the redeemable convertible preferred stock can cause redemption for cash upon the occurrence of a deemed liquidation event, which is outside the Company’s control. Therefore, redeemable convertible preferred stock is classified outside of stockholders’ equity (deficit) on the balance sheet. The carrying values of the redeemable convertible preferred stock are adjusted to their liquidation preferences if and when it becomes probable that such a liquidation event will occur. The Company has not adjusted the carrying values of the redeemable convertible preferred stock to the liquidation preferences of such shares because the stock is not mandatorily redeemable and the occurrence of a deemed liquidation event is currently not probable.

Research and Development Expenses and Accruals

Research and development expenses are charged to expense as incurred. These expenses consist of compensation expenses, direct research and development expenses such as software development costs related to research and development activities, laboratory supplies, costs associated with setting up and conducting clinical studies at domestic and international sites, professional fees, depreciation, other miscellaneous expenses, and allocations of facility and information technology expenses.

The Company records accrued liabilities for estimated costs of its research and development activities conducted by third-party service providers. The Company accrues these costs based on factors such as estimates of the work completed and in accordance with the third-party service agreements. If the Company does not identify costs that have begun to be incurred or if the Company underestimates or overestimates the level of services performed or the costs of these services, actual expenses could differ from the estimates. To date, the Company has not experienced any material differences between accrued costs and actual costs incurred.

Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed and classified as current or non-current prepaid expenses and other assets.

The Company makes payments in connection with clinical trials to contract manufacturing organizations that manufacture the materials for its product candidates and to clinical research organizations and clinical trial sites that conduct and manage the Company’s clinical trials. The financial terms of these contracts are subject to negotiation, which vary by contract and may result in payments that do not match the periods over which materials or services are provided. Generally, these agreements set forth the scope of work to be performed at a fixed fee, unit price, or on a time and materials basis. The Company makes estimates of accrued research and development expenses as of each balance sheet date based on facts and circumstances known at that time. The Company confirms the accuracy of its estimates with the service providers and makes adjustments, if necessary. Research and development accruals are estimated based on the level of services performed, progress of the studies, including the phase or completion of events, and contracted costs. The estimated costs of research and development services provided, but not yet invoiced, are included in accrued expenses and other current liabilities on the balance sheet. If the actual timing of the performance of services or the level of effort varies from the original estimates, the Company will adjust the accrual accordingly.

Asset Acquisitions and In-Process Research and Development Expenses

In accordance with ASC 805, Business Combinations, the Company evaluates acquisitions of assets and related liabilities and other similar transactions to assess whether or not a transaction should be accounted for as an asset acquisition or business combination by first applying a screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If the screen test is met, a transaction is accounted for as an asset acquisition. If the screen test is not met, further determination is required as to whether or not the Company has acquired inputs and processes that have the ability to create outputs that would meet the requirements of a business. The Company accounts for an asset acquisition by recognizing net assets based on their cost on a relative fair value basis. Goodwill is not recognized in an asset acquisition and any excess consideration transferred over the fair value of the net assets acquired is allocated to the non-monetary identifiable assets and liabilities assumed based on relative fair values. In-process research and development (“IPR&D”) acquired in an asset acquisition is expensed provided there is no alternative future use.

The Company accounts for future payments such as those upon the achievement of certain regulatory, development, or sales milestones in an asset acquisition when achievement of the underlying milestones is deemed probable. Milestone payments made to third parties subsequent to regulatory approval may be capitalized as intangible assets, if deemed to have alternative future use, and amortized over the estimated remaining useful life of the related product. Royalties will be recognized as cost of sales when the covered products are sold and royalties are payable.

Patent and Trademark Costs

All patent-related and trademark costs incurred in connection with filing and prosecuting patent and trademark applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses on the statements of operations and comprehensive loss.

Deferred Initial Public Offering Costs

Deferred IPO costs, consisting primarily of legal and accounting fees relating to the IPO, are capitalized and offset against offering proceeds following the completion of the offering. Deferred IPO costs for terminated or delayed offerings are expensed immediately as a charge to general and administrative expenses in the statement of operations and comprehensive loss. The Company had no deferred IPO costs capitalized as of March 31, 2026. The Company had $3.6 million of deferred IPO costs capitalized as of December 31, 2025, included in other non-current assets.

Stock-Based Compensation Expense

For stock-based awards issued to employees and nonemployees, the Company measures the estimated fair value of the stock-based awards on the date of grant and recognizes compensation expense for those awards over the requisite service period, which is generally the vesting period of the respective awards. The Company records the expense for awards with service-based vesting using the straight-line, ratable attribution method and accounts for forfeitures as they occur.

The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies, and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. The expected term represents the weighted-average period the stock options are expected to remain outstanding and is based on the options’ vesting terms and contractual terms, as the Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. The expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.

The Company classifies stock-based compensation expense in its statements of operations and comprehensive loss in the same manner in which the award recipient’s cash compensation costs are classified.

Fair Value of Common Stock, Common Stock Warrants and Redeemable Convertible Preferred Stock

The Company estimates the fair value of the common stock underlying stock options on the date of grant. This has historically been determined by management with assistance from external appraisers and approved by the Board. Due to the absence of an active market for the Company’s common stock prior to its IPO, the Company utilized methodologies in accordance with the framework of the American Institute of Certified Public Accountants Technical Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation, to estimate the fair value of its common stock.

The Company’s common stock valuations prior to May 31, 2025 were performed using the Option Pricing Method (“OPM”) as it is deemed the most appropriate method based on the Company’s stage of development and other relevant factors. Within the OPM framework, the backsolve method for inferring the total equity value implied by a recent financing transaction involves the construction of an allocation model that takes into account the entity’s capital structure and the rights, preferences and privileges of each class of stock, then assumes reasonable inputs for the other OPM variables (inclusive of discount for lack of marketability, volatility, the expected time to liquidity, and risk-free rate). The total equity value is then iterated in the model until the model output value for the equity class sold in a recent financing round equals the price paid in that round. The OPM is generally utilized when specific future liquidity events are difficult to forecast (i.e., the enterprise has many choices and options available), and the enterprise’s value depends on how well it follows an uncharted path through the various possible opportunities and challenges. Among other factors considered are the Company’s financial position and historical financial performance, the status of technological developments within the Company’s research, the composition and ability of the current research and management team, an evaluation or benchmark of the Company’s competition, and the current business climate in the marketplace. Significant changes to the key assumptions underlying the factors used could result in different fair values of common stock at each valuation date.

The Company’s common stock, common stock warrants and redeemable convertible preferred stock valuations from May 31, 2025 through the IPO date were performed using a hybrid method that combines the OPM and the probability-weighted expected return method (“PWERM”). The PWERM employs additional information not used in the OPM, including various market approach

calculations depending upon the likelihood of various discrete future liquidity scenarios, such as an IPO or sale of the enterprise, as well as the probability of remaining a private company. In a hybrid method, various exit scenarios are analyzed. A discount for lack of marketability of the Company’s common stock and redeemable convertible preferred stock is then applied to arrive at an indication of value for the common stock and redeemable convertible preferred stock.

Following the IPO, the fair value of the common stock underlying stock options is based on the closing market price of the common stock on the date of grant.

Common Stock Warrants

The Company accounts for common stock warrants as equity if the contract requires physical settlement or net physical settlement or if the Company has the option of physical settlement or net physical settlement. Common stock warrants classified as equity are initially measured at fair value on the grant date and are not subsequently remeasured.

Fair Value Measurement

The Company applies fair value accounting for all financial assets and liabilities and nonfinancial assets and liabilities that are required to be recognized or disclosed at fair value in the financial statements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for that asset or liability in an orderly transaction between market participants on the measurement date. Fair value measurement establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:


Level 1:	Quoted prices in active markets for identical assets or liabilities.

Level 2:	Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

Level 3:	Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies, and similar techniques.

Comprehensive Loss

Comprehensive loss is defined as a change in equity of a business enterprise during a period, resulting from transactions from non-owner sources. There are currently no components of other comprehensive loss for the Company. Thus, comprehensive loss is the same as the net loss for the three months ended March 31, 2026 and 2025.

Foreign Currency Transactions

The functional currency of the Company’s operation is U.S. dollars. All monetary assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rate prevailing on the balance sheet date. Non-monetary assets and liabilities are translated using the exchange rate that was in effect when the asset or liability was initially recognized. Expenses are translated at the average exchange rates prevailing during the applicable period. Foreign currency transaction gains and losses are included in the statements of operations and comprehensive loss and recorded in other income (expense), net. Foreign currency transaction losses were immaterial for the three months ended March 31, 2026 and 2025.

Income Taxes

Deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established.

The Company accounts for uncertain tax positions recognized in the financial statements by prescribing a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Tax credits are presented on a gross basis in the effective tax rate reconciliation, and the tax effect of changes in unrecognized tax benefits related to such credits is presented separately within changes in uncertain tax positions.

Operating Segments

Operating segments are defined as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company’s chief operating decision maker, its Chief Executive Officer, views the Company’s operations and manages its business as a single operating segment, which is in the business of drug discovery leveraging its proprietary technology and clinical development of its product candidates.

Net Loss Per Share Attributable to Common Stockholders

Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per common share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury stock method. Potentially dilutive securities consisting of options and warrants to purchase common stock, unvested common stock subject to repurchase and redeemable convertible preferred stock are considered to be common stock equivalents and were excluded from the calculation of diluted net loss per common share because their effect would be antidilutive for all periods presented.

Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities as the redeemable convertible preferred stock and legally outstanding unvested common stock subject to repurchase are considered participating securities. The Company’s participating securities do not have a contractual obligation to share in the Company’s losses. As such, the net loss is attributed entirely to common stockholders.

Commitments and Contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded if and when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.

Emerging Growth Company Status

The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012, (the "JOBS Act"), and may take advantage of reduced reporting requirements. These reporting requirement exemptions may not be applicable to other public companies that are not emerging growth companies. Section 107 of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with those standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards.

Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 will require public business entities to disclose in the notes to the financial statements, at each interim and annual reporting period, specific information about certain costs and expenses, including purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each expense caption presented on the face of the income statement, and the total amount of an entity’s selling expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and may be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on the financial statements.

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 186,161	$ 185,812
Less: accumulated depreciation	(48,094)	(42,914)
Total property and equipment, net	138,067	142,898
Lab Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	25,909	25,909
Engineering Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	14,843	14,843
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	120,588	120,588
Motor Vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	19	101
Furniture, Fittings & Office Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,150	5,150
Computer Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	13,062	12,970
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,627	5,627
Construction in Progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 963	$ 624

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Summary Of Significant Accounting Policies [Line Items]
Impairment on marketable securities	$ 0
Restricted cash, non-current	7,808,000		$ 7,771,000
Restricted cash, current	400,000		400,000
Impairment of long-lived assets	0	$ 0
Finance leases	0		0
Deferred IPO costs capitalized	$ 0		$ 3,600,000
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 4. Fair Value Measurements


		March 31, 2026
	Fair Value Hierarchy	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Financial assets
Cash equivalents:
Money market funds	Level 1	$	148,094	$	—	$	—		$	148,094
Total cash equivalents		$	148,094	$	—	$	—		$	148,094
Marketable securities, current:
Commercial paper	Level 2	$	158,234	$	3	$	(381	)	$	157,856
U.S. government securities	Level 2		192,794		26		(67	)		192,753
Total marketable securities, current		$	351,028	$	29	$	(448	)	$	350,609
Marketable securities, non-current:
Commercial paper	Level 2	$	53,925	$	—	$	(178	)	$	53,747
U.S. government securities	Level 2		29,903		—		(74	)		29,829
Total marketable securities, non-current		$	83,828	$	—	$	(252	)	$	83,576


		December 31, 2025
	Fair Value Hierarchy	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Financial assets
Cash equivalents:
Money market funds	Level 1	$	84,960	$	—	$	—	$	84,960
Total cash equivalents		$	84,960	$	—	$	—	$	84,960
Marketable securities, current:
Commercial paper	Level 2	$	107,870	$	65	$	—	$	107,935
U.S. government securities	Level 2		123,204		154		—		123,358
Total marketable securities, current		$	231,074	$	219	$	—	$	231,293

The Company did not hold any financial assets that would be classified as Level 3 in the fair value hierarchy during the three months ended March 31, 2026 and 2025.

Certain of the Company’s financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate their fair values due to their liquid or short-term nature, such as cash, prepaid expenses, accounts payable, and accrued expenses.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Depreciation expense	$ 5,214	$ 3,789

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets, Current [Abstract]
Cash and cash equivalents	$ 161,154	$ 104,901
Marketable securities, current	351,028	231,074
Prepaid expenses and other current assets	16,919	12,542
Restricted cash	400	400
Total current assets	529,501	348,917
Property and equipment, net	138,067	142,898
Operating lease right-of-use assets	91,066	90,965
Marketable securities, non-current	83,828
Restricted cash, non-current	7,808	7,771
Other non-current assets	556	4,183
Total assets	850,826	594,734
Current liabilities:
Accounts payable	6,005	681
Accrued expenses and other current liabilities	29,319	44,298
Operating lease liability, current	9,740	10,028
Total current liabilities	45,064	55,007
Operating lease liability, non-current	245,091	247,291
Other non-current liabilities	10,000	10,000
Total liabilities	300,155	312,298
Commitments and contingencies (see Note 7)
Redeemable convertible preferred stock, $0.0001 par value; no shares authorized, issued and outstanding as of March 31, 2026 and 262,597,889 shares authorized, 222,658,133 shares issued and outstanding, and aggregate liquidation preference of $1,159,762 as of December 31, 2025	0	1,161,470
Stockholders' equity (deficit):
Preferred stock, $0.0001 par value; 50,000,000 shares authorized and no shares issued and outstanding as of March 31, 2026 and no shares authorized, issued and outstanding as of December 31, 2025	0	0
Common stock, $0.0001 par value; 500,000,000 shares authorized and 54,138,555 shares issued and outstanding as of March 31, 2026 and 340,650,000 shares authorized and 3,068,490 shares issued and outstanding as of December 31, 2025	5
Additional paid-in capital	1,554,133	41,475
Accumulated deficit	(1,003,467)	(920,509)
Total stockholders' equity (deficit)	550,671	(879,034)
Total liabilities, redeemable convertible preferred stock, and stockholders' equity (deficit)	$ 850,826	$ 594,734

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Concentration of Credit Risk and Other Risks and Uncertainties

Cash and Cash Equivalents

Marketable Securities

Restricted Cash

Property and Equipment, Net

Impairment of Long-Lived Assets

Leases

The Company did not have any finance leases as of March 31, 2026 and December 31, 2025.

Redeemable Convertible Preferred Stock

Research and Development Expenses and Accruals

Asset Acquisitions and In-Process Research and Development Expenses

Patent and Trademark Costs

Deferred Initial Public Offering Costs

Stock-Based Compensation Expense

Fair Value of Common Stock, Common Stock Warrants and Redeemable Convertible Preferred Stock

Following the IPO, the fair value of the common stock underlying stock options is based on the closing market price of the common stock on the date of grant.

Common Stock Warrants

Fair Value Measurement


Level 1:	Quoted prices in active markets for identical assets or liabilities.

Level 2:	Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

Level 3:	Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies, and similar techniques.

Comprehensive Loss

Foreign Currency Transactions

Income Taxes

Operating Segments

Net Loss Per Share Attributable to Common Stockholders

Commitments and Contingencies

Emerging Growth Company Status

Recent Accounting Pronouncements

Capital Structure

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Capital Structure

Note 8. Capital Structure

Redeemable Convertible Preferred Stock

Issued and outstanding redeemable convertible preferred stock consisted of the following (in thousands, except share and per share amounts):


	December 31, 2025
Series	Shares Authorized		Shares Issued and Outstanding		Original Issue Price		Aggregate Liquidation Amount		Carrying Value
Series A		48,000,000		48,000,000	$	1.00	$	48,000	$	47,916
Series A-1		51,268,891		51,268,891		2.00		102,538		102,472
Series B		29,271,143		17,456,768		17.69		308,786		297,294
Series B-1		35,756,908		35,756,908		5.84		208,979		224,200
Series C		24,884,830		5,194,787		21.50		111,682		108,629
Series C-1		4,975,110		4,975,110		5.84		29,077		30,806
Series D		68,441,007		60,005,669		5.84		350,700		350,153
Total		262,597,889		222,658,133			$	1,159,762	$	1,161,470

In February 2025, the Company entered into a Series D preferred stock purchase and exchange agreement which provided for the issuance of Series D redeemable convertible preferred stock at a purchase price of $5.84 per share. The transaction provided returning investors the ability to exchange their Series B and Series C redeemable convertible preferred stock for Series B-1 and Series C-1 redeemable convertible preferred stock, respectively, if their participation in the Series D financing exceeded certain qualifying amounts. Further, investors that invested more in the Series D financing than their aggregate investment in Series B and Series C received common stock warrants based on the excess investment.

As a result of the transaction, the Company issued 60,005,669 shares of Series D redeemable convertible preferred stock in cash purchases at $5.84 per share for gross proceeds of $350.7 million. The Company also issued (i) an aggregate of 35,756,908 shares of its Series B-1 redeemable convertible preferred stock as a result of the exchange of an aggregate of 11,814,375 shares of its Series B

redeemable convertible preferred stock, (ii) an aggregate of 4,975,110 shares of its Series C-1 redeemable convertible preferred stock as a result of the exchange of an aggregate of 1,352,470 shares of its Series C redeemable convertible preferred stock, and (iii) warrants to purchase up to 739,559 shares of its common stock at an exercise price of $43.59 per share.

The warrants shall be exercisable in whole or in part, at any time up to and including the first to occur of the consummation of a liquidation event and the fifth anniversary of the date of issue and thereafter shall terminate and be void. The warrants can be exercised either in cash or net issued. As the contract allows for physical settlement or net physical settlement, the Company concluded that the common stock warrants should be equity- classified and recorded in additional paid-in capital at their fair value of $6.3 million upon issuance.

The Company assessed the impact of the transaction, on an investor-by-investor basis, using a quantitative analysis in order to determine whether it represented an extinguishment or a modification of the Series B and Series C redeemable convertible preferred stock held by each investor which were exchanged.

Extinguishment

The quantitative analysis indicated the fair value before and after the transaction was substantially different for some investors. Specifically, these represented investors that participated at a level which enabled them to exchange all or nearly all of their Series B and Series C redeemable convertible preferred stock, including the investors whose participation also entitled them to common stock warrants. For each of these investors, the transaction represented an extinguishment.

The extinguishments resulted in the following impacts:

•

Derecognition of the existing carrying amount of the extinguished Series B and Series C redeemable convertible preferred stock of $172.8 million and $30.0 million, respectively.

•

Accounting for the new issuance of the Series B, Series B-1, Series C and Series C-1 redeemable convertible preferred stock, and common stock warrants at fair values of $16.7 million, $149.6 million, $4.8 million, $23.1 million and $6.3 million, respectively.

•

The offset for each investor was recorded to either additional paid-in capital (investors for which fair value exceeded carrying value, aggregating to $6.4 million) or accumulated deficit (investors for which carrying value exceeded fair value, aggregating to $8.7 million), as appropriate.

The aggregate difference between the fair value of the consideration transferred and the carrying value of the extinguished shares was reflected as an adjustment to the numerator in the computation of basic earnings per share for the three months ended March 31, 2025. Specifically, the extinguishments resulted in a $2.3 million net reduction to the net loss available to common shareholders.

Modification

The quantitative analysis indicated the fair value before and after the transaction was not substantially different for some investors. Specifically, these represented investors that participated but only at a level which enabled them to exchange a portion of their Series B and Series C redeemable convertible preferred stock. For each of these investors, the transaction represented a modification.

The modifications resulted in the following impacts:

•

The existing carrying amount of the modified preferred stock was adjusted by the increase in fair value of $11.7 million comprised of a net decrease to the carrying amount of Series B and Series C redeemable convertible preferred stock of $64.1 million and $6.5 million, respectively, and an increase to the carrying amount of Series B-1 and Series C-1 redeemable convertible preferred stock of $74.6 million and $7.7 million, respectively.

•

The offset for each investor was recorded to additional paid-in capital (all represented increases in fair value).

The increase in fair value of the modified shares was reflected as an adjustment to the numerator in the computation of basic earnings per share for the three months ended March 31, 2025. Specifically, the modifications resulted in a $11.7 million increase to the net loss available to common shareholders. See Note 3 for the net impact of the extinguishments and modifications on the net loss per share attributable to common shareholders.

In connection with the IPO, all shares of Series A, A-1, B, B-1, C, C-1 and D redeemable convertible preferred stock converted into 29,855,741 shares of common stock.

Common Stock

Common stock reserved for future issuance, on an as if-converted basis, consisted of the following:


	March 31, 2026		December 31, 2025
Conversion of redeemable convertible preferred stock		—		29,855,741
Common stock warrants		739,559		739,559
Stock options issued and outstanding		7,522,330		5,513,142
Stock options available for future issuance		2,269,981		1,449,522
Shares reserved for ESPP		539,582		—
Total		11,071,452		37,557,964

Common stockholders are entitled to dividends if and when declared by the Board and after any dividends on redeemable convertible preferred stock are fully paid. The holder of each share of common stock is entitled to one vote. As of March 31, 2026, no dividends have been declared.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Redeemable convertible preferred stock, par value per share	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock, shares authorized	0	262,597,889
Redeemable convertible preferred stock, shares issued	0	222,658,133
Redeemable convertible preferred stock, shares outstanding	0	222,658,133
Redeemable convertible preferred stock, liquidation preference		$ 1,159,762
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	340,650,000
Common stock, shares issued	54,138,555	3,068,490
Common stock, shares outstanding	54,138,555	3,068,490

Research and Development Arrangements

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Research and Development Arrangements

Note 11. Research and Development Arrangements

The Column Group and Catalyst4 Agreement

On June 7, 2024, the Company entered into a collaboration agreement with The Column Group-Neuro, LP (“TCG”), an investor in the Company, and Catalyst4, Inc. (“Catalyst4”), a limited partner in TCG’s neuroscience fund.

Under the terms of the agreement, Catalyst4 will pay the Company an aggregate payment of $25.0 million over the next five years to perform upfront research and development on drug discovery or drug development programs for Parkinson’s Disease. In addition, the Company is required to pay up to $50.0 million to Catalyst4 upon the achievement of a certain regulatory milestone. In the event Eikon sells or licenses programs to a third party to develop, the Company is required to pay Catalyst4 a mid-double digit percentage of all payments received, up to $50.0 million in the aggregate across all such programs.

The Company has received $10.0 million from Catalyst4 for future services, which was recorded in other non-current liabilities on its condensed balance sheet as of March 31, 2026.

Clinical Trial Collaboration and Supply Agreements with MSD

The Company entered into a clinical trial collaboration and supply agreement (the “MSD Agreement”) with MSD International Business GmbH (“MSD”), for three separate studies: (i) the Phase 2/3 registrational study of EIK1001 in patients with advanced melanoma (dated August 1, 2024); (ii) the Phase 1/2 clinical trial of EIK1005 in patients with advanced solid tumors (dated December 3, 2025); and (iii) the Phase 2/3 registrational study of EIK1001 in patients with non-small cell lung cancer (dated December 5, 2025). Pursuant to the MSD Agreements, the Company and MSD agreed to collaborate on these clinical trials evaluating the safety and efficacy of its compounds in combination with MSD’s compound, pembrolizumab. Under the MSD Agreements, the Company acts as the sponsor of the clinical trials at its own costs and MSD has agreed to supply to the Company, at its own cost, pembrolizumab for use in such trials. Pursuant to the MSD Agreements, the Company and MSD must each use commercially reasonable efforts to supply the Company’s applicable compounds for use in the portions of the clinical trials in which patients are intended to receive pembrolizumab either alone or in combination with one or more treatments, in accordance with the applicable study protocol. The Company recognizes costs incurred for the EIK clinical trial as research and development expenses within the statement of operations and comprehensive loss.

The Company and MSD will jointly own all clinical data and results generated from the portion of the clinical trials involving the combination of the Company’s compound and pembrolizumab. The Company owns all clinical data and results generated from all portions of these clinical trials that involve its compound alone or in combination with other treatments that are not pembrolizumab, and MSD owns all clinical data and results generated from the portions of the clinical trial involving pembrolizumab alone or in combination with other treatments that are not the Company’s compound (the “MSD clinical data”). The Company may use MSD clinical data solely to evaluate the safety or performance of the combination or to register its compound in the combination.

The MSD Agreements will each expire upon the delivery of a results memorandum and final report of the portions of the respective trial where patients receive pembrolizumab to MSD, unless earlier terminated, or, in the case of the Phase 2/3 trials, if the Phase 3 portion of the clinical trial is not initiated. MSD may terminate the supply agreement for a particular clinical trial if the Company does not initiate the trial for the combination within one year from the effective date of the respective MSD Agreement. Further, MSD may terminate an MSD agreement and the supply of pembrolizumab immediately if (i) MSD notifies the Company that it believes that pembrolizumab is being used unsafely in the trial and (ii) either MSD believes such matter is not reasonably capable of being remedied, or if the Company fails to remedy promptly such issue to MSD’s reasonable satisfaction. Either the Company or MSD may terminate an MSD agreement for a breach of the agreement, for patient safety, or due to regulatory authority objections or actions. Further, either party may also terminate an MSD agreement if such party determines, in its sole discretion, to withdraw any applicable regulatory approval for its respective compound, or to discontinue development of its respective compound for medical, scientific, or legal reasons.

Employee 401(k) Plan

3 Months Ended

Mar. 31, 2026

Retirement Benefits [Abstract]

Employee 401(k) Plan

Note 12. Employee 401(k) Plan

The Company sponsors a 401(k) defined contribution plan covering all employees. Employer contributions to the plan were $1.4 million and $1.3 million for the three months ended March 31, 2026 and 2025, respectively.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (82,958)	$ (68,243)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Accrued compensation expenses	$ 11,207	$ 24,868
Accrued clinical expenses	9,128	6,518
Accrued expenses related to purchase of IPR&D	102	102
Accrued vendor expenses	8,700	11,300
Current portion of early exercised options and restricted common stock liability	0	35
Other accrued expenses	182	1,475
Total accrued expenses and other current liabilities	$ 29,319	$ 44,298

Acquisitions of IPR&D

3 Months Ended

Mar. 31, 2026

Business Combination [Abstract]

Acquisitions of IPR&D

Note 10. Acquisitions of IPR&D

Seven and Eight Collaboration Agreement and SW License and Development Agreement

On March 29, 2023, the Company entered into an Exclusive Collaboration Agreement (the “Seven and Eight Collaboration Agreement”), with Seven and Eight Biotherapeutics Corp. and related entities (collectively “Seven and Eight”), and an Exclusive License and Development Agreement (the “SW License Agreement”) with Seven and Eight and Superb Wisdom Limited (“SW”). Under each agreement, Seven and Eight and SW granted the Company a worldwide, exclusive license under certain of their patents, know-how, and other intellectual property rights to develop and commercialize certain toll-like receptor 7 and 8 agonist product candidates, including the Company’s product candidate, EIK1001. The license from SW is exclusive in the field of oncology, and the license from Seven and Eight is exclusive in all fields. The Company has the sole right and responsibility to conduct clinical development, perform regulatory activities and commercialize the compounds and products licensed under the agreements, and must use commercially reasonable efforts with respect to its development activities. Under the Seven and Eight Collaboration Agreement, following a transition period during which Seven and Eight transferred certain contracts, regulatory documentation, biological materials, research tools, rights and other information related to the product candidates to the Company, Seven and Eight agreed to wind down its research efforts with respect to toll-like receptor activity, including its development of the compounds licensed under the agreement.

The Company paid Seven and Eight and SW aggregate upfront payments of $11.0 million in cash ($10.5 million to Seven and Eight and $0.5 million to SW), and issued two Simple Agreements for Future Equity (“SAFEs”), equal to $35.0 million ($31.5 million to Seven and Eight and $3.5 million to SW) upon entering into the applicable agreement. The SAFEs automatically converted into Series C redeemable convertible preferred stock upon the initial closing of the Series C financing round in May 2023, which then converted into common stock upon the closing of the IPO. The Company has also agreed to pay Seven and Eight additional milestone payments in the amount of up to approximately $369.6 million, of which $219.6 million are payable for a compound that is not a conjugate and $150.0 million for a compound that is a conjugate, in each case upon the achievement of certain development and regulatory milestones. EIK1001 is a compound that is not a conjugate. The Company has also agreed to pay SW additional milestone payments in the amount of up to $29.4 million and up to $350.0 million upon the achievement of certain regulatory and commercial milestones, respectively.

Under the Seven and Eight Collaboration Agreement, the Company owns and retains all rights in intellectual property and other information discovered, developed, or otherwise made in connection with the Seven and Eight Collaboration Agreement, whether made by the Company or Seven and Eight, either solely or jointly. Under the SW License Agreement, the Company owns any improvements, enhancements, updates, or equivalents of the intellectual property developed, created, or otherwise made in relation to the compounds and products licensed under both agreements. The Company also has the right to prepare, file, prosecute, enforce, and maintain patents related to the compounds and products licensed under each agreement.

Unless earlier terminated, the Seven and Eight Collaboration Agreement expires upon the latest of (i) the expiration, invalidation, or abandonment of the last patent licensed thereunder, (ii) the expiration of any data or market exclusivity program related to the product candidates, and (iii) ten years after the first commercial sale of a product candidate. If the Company notifies Seven and Eight that it is permanently discontinuing its efforts to develop and commercialize the licensed products under the agreement and does not intend to pay Seven and Eight any milestone payments contemplated thereunder, Seven and Eight may terminate the Seven and Eight Collaboration Agreement. Either party may terminate the Seven and Eight Collaboration Agreement if there has been a material breach of contract, but such termination can only be invoked if the breach cannot be reasonably remedied by the payment of money damages. The Company may also terminate the Seven and Eight Collaboration Agreement upon prior written notice for any reason.

Unless earlier terminated, the SW License Agreement expires upon the earliest of (i) the expiration, invalidation, or abandonment of the last patent licensed thereunder in the applicable country (and if no patent application was filed or no patent was issued in such country, ten years from the first commercial sale of the first product licensed thereunder in such country), or

(ii) payment of the last commercial milestone payment. The SW License Agreement automatically terminates upon any termination of the Seven and Eight Collaboration Agreement. The SW License Agreement may also be terminated, without terminating the Seven and Eight Collaboration Agreement, by either party if there has been a material breach (including if the Company fails to make any milestone payment due thereunder). The Company may also terminate the SW License Agreement, without terminating the Seven and Eight Collaboration Agreement, upon prior written notice for any reason.

The Company recognized the upfront payments of $46.0 million as in-process research and development expenses within the statement of operations and comprehensive loss in the year ended December 31, 2023 as the transaction was accounted for as an in-process research and development asset acquisition and the acquired technology did not have an alternative use. No future milestones were accrued on the Company’s condensed balance sheets at March 31, 2026 and December 31, 2025 as such milestones were not achieved or probable of being achieved at each date.

Impact Collaboration Agreement

On May 10, 2023, the Company entered into a Collaboration Agreement, which was amended and restated on November 22, 2023, and further amended on December 12, 2024 (collectively, the “Impact Agreement”) with Impact Therapeutics (Shanghai) Inc. (“Impact”). Pursuant to the Impact Agreement, the Company received an exclusive license under certain of Impact’s patents, know-how, and regulatory information to develop and commercialize any selective PARP1 inhibitors owned or controlled by Impact or its affiliates, including the Company’s product candidates EIK1003 and EIK1004, and any pharmaceutical products comprised of or containing such inhibitors, on a worldwide basis excluding China, Hong Kong, Taiwan, and Macau, such excluded territories collectively known as the Impact territory. The Company also received a co-exclusive, royalty-free license under certain of Impact’s patents and know-how to develop and manufacture such product candidates within the Impact territory solely for the purposes of supporting the development or commercialization thereof outside of the Impact territory. Additionally, the Company granted to Impact a co-exclusive, royalty-free license under certain of its patents, know-how, and regulatory information for the sole purposes of Impact fulfilling its obligations related to the Impact Agreement and to develop, manufacture and make regulatory filings related to the product candidates. In addition, the Company granted an exclusive, royalty-free license under certain of its patents and know-how to Impact solely for purposes of commercialization of the product candidates in the Impact territory. The Impact Agreement further prohibits either party or their sublicensees or affiliates, as applicable, from developing, manufacturing, or commercializing any selective PARP1 inhibitors during the term of the Impact Agreement except as provided under the foregoing licenses.

The Impact Agreement established a joint steering committee (“JSC”) to manage the collaboration. Under the Impact Agreement, Impact retains responsibility for all preclinical development activities for the product candidates. Impact is responsible for clinical development, including preparing and maintaining regulatory approvals, and commercialization of the product candidates, in the Impact territory, and the Company is responsible for these activities in all other jurisdictions worldwide. The Company also has the right to propose global clinical studies and global development plans that include clinical sites in the Impact territory for the JSC’s approval. The Company would be responsible for the conduct of any global clinical study in all territories except the Impact territory, in which Impact would be responsible for such conduct. Under a global development plan, the Company and Impact could each also propose the development of a combination product in their respective territories. Further, under the Impact Agreement, the Company must use commercially reasonable efforts to achieve regulatory approval of a product candidate for one indication in the United States, subject to Impact’s performance of its preclinical development activities.

The JSC consists of three Eikon representatives and three Impact representatives; the chair of the JSC is an Eikon representative. In the event that the JSC cannot reach unanimous agreement on any issue, then the Company’s Chief Medical Officer must discuss the issue with Impact’s Chief Executive Officer. If they are unable to reach agreement, then the Company has final decision-making authority over any matter related to the development and commercialization of the product candidates, including Impact’s preclinical development plan, and any Impact, global, or combination development plan. Impact has final decision-making authority over the day-to-day implementation of any development plan, manufacturing, and commercialization of the product candidates in the Impact territory.

The Company paid an upfront fee of $31.5 million in cash to Impact. The Company is also required to make payments to Impact of up to $181.0 million and up to $775.0 million upon the achievement of certain development and regulatory milestones and commercial milestones, respectively. In addition, tiered royalties of high single-digit to low-teen percentages of net sales per calendar year, subject to certain reductions, are also payable by the Company to Impact post-commercialization.

The Company and Impact each own and retain all interests in any information or invention individually developed under the Impact Agreement, and they each own an equal and undivided interest in any jointly developed intellectual property. Subject to the licenses granted under the Impact Agreement and the respective exclusivity obligations therein, the Company and Impact each have the right to exploit such joint intellectual property rights and grant licenses to affiliates or other persons under such joint intellectual property rights.

Impact has the right to prosecute and maintain its own and joint patents in the Impact Territory; the Company has the right to prosecute and maintain its own patents worldwide, and to prosecute and maintain Impact’s and any joint patents in any jurisdictions except for the Impact Territory. The Company and Impact each have the sole right to enforce patents in their own respective territories and have agreed to cooperate fully where the enforcing party requires documentation or other assistance from the other party.

The Impact Agreement expires upon the expiration of the last royalty term for the last product candidate for which the Company is actively pursuing research, development and commercialization. The royalty term for a product candidate in a country expires upon the latest to occur of: (i) the expiration of the last-to-expire patent held by Impact or joint patent in such country that contains a valid claim that covers such product candidate or corresponding licensed compound, (ii) the tenth anniversary of the first commercial sale of such product candidate in such country, and (iii) the expiration of regulatory exclusivity for such product candidate in such country. Upon such expiration of the royalty term for a product candidate in a country, the exclusive licenses the Company received under the Impact Agreement will become non-exclusive, perpetual, fully-paid, royalty-free, irrevocable licenses for such product candidate in such country. Either party may terminate the Impact Agreement if there has been material breach, but such termination can only be invoked if the breach cannot be reasonably remedied by the payment of money damages. In addition, either party may terminate the agreement if the other party becomes insolvent. The Company has the sole right to terminate the Impact Agreement immediately upon written notice to Impact if the Company receives a clinical hold or a withdrawal notice from a regulatory authority regarding safety concerns related to the development or commercialization of a product candidate, in each case that has no reasonable likelihood of resolution. The Company also has the sole right to terminate for any or no reason upon prior written notice to Impact.

The Company recognized the upfront payment of $31.5 million as in-process research and development expenses within the statement of operations and comprehensive loss in the year ended December 31, 2023 as the transaction was accounted for as an in-process research and development asset acquisition and the acquired technology did not have an alternative use.

The Company paid $5.0 million in development and regulatory milestones, which were recorded as research and development expenses in the condensed statement of operations and comprehensive loss for the three months ended March 31, 2026. No milestone payments were made in the three months ended March 31, 2025. No future milestones were accrued on the Company’s condensed balance sheets at March 31, 2026 and December 31, 2025 as such milestones were not achieved or probable of being achieved at each date.

- Definition

The entire disclosure for business combination.

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-URI https://asc.fasb.org/805-10/tableOfContent

+ Details

Segment

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment

Note 13. Segment

The Company operates as a single operating segment that is managed on an entity-wide basis. The Company’s chief operating decision maker is its Chief Executive Officer. The Company’s chief operating decision maker uses net loss to evaluate the performance of its segment, analyze financial trends, compare the budget to the actual operating results, and make resource allocation decisions. Segment net loss represents the Company’s total net loss. All corporate costs, including allocated facilities and information technology costs, and depreciation, are included within this segment.

The significant expense categories within net loss are presented on the statements of operations. The research and development expenses have been disaggregated as follows (in thousands):


	Three Months Ended March 31,
	2026			2025
Research and engineering expenses	$	29,483		$	33,627
Clinical expenses		35,564			22,960
In-process research and development expenses		5,000			—
Total research and development expenses		70,047			56,587
General and administrative expenses		17,290			14,796
Other segment items#		(4,379	)		(3,140	)
Net loss	$	82,958		$	68,243

# Other segment items is comprised of interest income (expense), net and other income (expense), net.

The Company’s long-lived assets as of March 31, 2026 and December 31, 2025 were located in the United States.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Net Loss Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

Note 3. Net Loss Per Share Attributable to Common Stockholders


	Three Months Ended March 31,
	2026			2025
Numerator:
Net loss	$	(82,958	)	$	(68,243	)
Impact of preferred stock extinguishments and modifications		—			(6,300	)
Net loss attributable to common stockholders	$	(82,958	)	$	(74,543	)
Denominator:
Weighted-average common shares outstanding		33,701,800			2,869,926
Less: Weighted-average common shares subject to repurchase		(1,250	)		(99,574	)
Weighted-average common shares outstanding, basic and diluted		33,700,550			2,770,352
Net loss per share attributable to common stockholders, basic and diluted	$	(2.46	)	$	(26.91	)


	March 31,
	2026		2025
Options to purchase common stock		7,522,330		2,904,399
Early exercised stock options and unvested restricted common stock		862		63,487
Warrants to purchase common stock		739,559		739,559
Redeemable convertible preferred stock		—		29,855,741
Total common stock equivalents		8,262,751		33,563,186

Operating Leases - Additional Information (Details)		3 Months Ended
Operating Leases - Additional Information (Details)	Jun. 30, 2022 USD ($) ft²	Mar. 31, 2026 USD ($) ft²	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Lessee, Lease, Description [Line Items]
Tenant improvement allowance		$ 49,700,000
Lease liability		254,831,000
Lease deposit		6,600,000
Operating lease right-of-use assets		$ 91,066,000		$ 90,965,000
Weighted average remaining lease terms		13 years 1 month 6 days		13 years 3 months 18 days
Weighted average discount rates		12.80%		12.80%
Rent expense for operating leases		$ 7,800,000	$ 8,400,000
Variable lease costs		0	0
Short-term lease costs		$ 0	$ 0
California
Lessee, Lease, Description [Line Items]
Area of square feet \| ft²	285,000
Lease Expiration Date	Jan. 31, 2040
Tenant improvement allowance	$ 64,200,000
Lease liability	$ 159,500,000
Incremental borrowing rate	13.00%
Operating lease option to extend	extend this lease
Renewal term	10 years
Option to terminate		intention to early terminate
Termination date		2026-10
Decrease in the lease liability from the remeasurement of the lease				$ 5,600,000
Decrease in the operating lease right of use assets from the remeasurement of the lease				$ 5,600,000
Minimum \| Hayward, California, New York, New York and Jersey City, New Jersey
Lessee, Lease, Description [Line Items]
Area of square feet \| ft²		25,000
Lease Expiration Date		Oct. 31, 2026
Maximum
Lessee, Lease, Description [Line Items]
Tenant improvement allowance		$ 57,000,000
Maximum \| Hayward, California, New York, New York and Jersey City, New Jersey
Lessee, Lease, Description [Line Items]
Area of square feet \| ft²		72,000
Lease Expiration Date		Jul. 31, 2029

Fair Value Measurements - Summary of Financial Assets Measured At Fair Value On Recurring Basis (Details) - Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Level 1
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	$ 148,094	$ 84,960
Level 1 \| Money market funds
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents	148,094	84,960
Level 2
Assets, Fair Value Disclosure [Abstract]
Marketable Securities, Amortized Cost, Current	351,028	231,074
Marketable Securities, Unrealized Gains, Current	29	219
Marketable Securities, Unrealized Losses, Current	(448)
Marketable Securities, Fair Value, Current	350,609	231,293
Marketable Securities, Amortized Cost, Non-current	83,828
Marketable Securities, Unrealized Losses, Non-current	(252)
Marketable Securities, Fair Value, Non-current	83,576
Level 2 \| U.S. government securities
Assets, Fair Value Disclosure [Abstract]
Marketable Securities, Amortized Cost, Current	192,794	123,204
Marketable Securities, Unrealized Gains, Current	26	154
Marketable Securities, Unrealized Losses, Current	(67)
Marketable Securities, Fair Value, Current	192,753	123,358
Marketable Securities, Amortized Cost, Non-current	29,903
Marketable Securities, Unrealized Losses, Non-current	(74)
Marketable Securities, Fair Value, Non-current	29,829
Level 2 \| Commercial paper
Assets, Fair Value Disclosure [Abstract]
Marketable Securities, Amortized Cost, Current	158,234	107,870
Marketable Securities, Unrealized Gains, Current	3	65
Marketable Securities, Unrealized Losses, Current	(381)
Marketable Securities, Fair Value, Current	157,856	$ 107,935
Marketable Securities, Amortized Cost, Non-current	53,925
Marketable Securities, Unrealized Losses, Non-current	(178)
Marketable Securities, Fair Value, Non-current	$ 53,747

Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating expenses:
Research and development	$ 70,047	$ 56,587
General and administrative	17,290	14,796
Total operating expenses	87,337	71,383
Loss from operations	(87,337)	(71,383)
Interest income (expense), net	4,380	3,160
Other income (expense), net	(1)	(20)
Net loss and comprehensive loss	(82,958)	(68,243)
Impact of preferred stock extinguishments and modifications		(6,300)
Net loss attributable to common stockholders	$ (82,958)	$ (74,543)
Net loss per share attributable to common stockholders, basic	$ (2.46)	$ (26.91)
Net loss per share attributable to common stockholders, diluted	$ (2.46)	$ (26.91)
Weighted-average shares of common stock outstanding used in computing net loss per share attributable to common stockholders, Basic	33,700,550	2,770,352
Weighted-average shares of common stock outstanding used in computing net loss per share attributable to common stockholders, Diluted	33,700,550	2,770,352

Equity Incentive Plans and Stock-Based Compensation Expense

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans and Stock-Based Compensation Expense

Note 9. Equity Incentive Plans and Stock-Based Compensation Expense

Equity Incentive Plan

In January 2026, the Company’s Board of Directors adopted, and its stockholders approved, the 2026 Long-Term Incentive Plan (the “2026 LTIP”), which became effective on February 3, 2026 and replaced the 2019 Equity Incentive Plan (the “2019 Plan”) which was adopted on September 19, 2019. A total of 4,137,117 shares of the Company’s common stock have been reserved for issuance under the 2026 LTIP, in addition to any shares of common stock outstanding under the 2019 Plan or shares of common stock issuable in connection with the stock option awards granted to the Company’s Chief Executive Officer on April 2, 2025 that expire, are withheld by the Company for payment of an exercise price or for satisfying tax withholding obligations, or are forfeited to the Company due to failure to vest. The number of shares of common stock reserved for future issuance under the 2026 LTIP will also be increased pursuant to provisions for annual automatic evergreen increases, subject to any action by the Board of Directors that reduces the increase to a lesser number of shares for a given year.

The 2026 LTIP and 2019 Plan provide for the granting of restricted stock, incentive stock options (“ISOs”), or nonqualified stock options (“NQSOs”). Restricted stock and NQSOs may be granted to Company employees, officers, directors, and consultants. ISOs may only be granted to Company employees (including directors who are also considered employees).

Options under the 2026 LTIP and 2019 Plan may be granted for terms of up to ten years from the date of grant, provided however, that with respect to an ISO granted to a person who owns stock representing more than 10% of the total combined voting power of all classes of stock of the Company, the term shall be for no more than five years from the date of grant.

The exercise price of options granted under the 2026 LTIP and 2019 Plan must be at a price no less than 100% of the fair market value of the shares on the date of grant, as determined by the Board of Directors, provided however, that with respect to an ISO granted to an employee who at the time of grant of such option owns stock representing more than 10% of the total combined voting power of all classes of stock of the Company, the exercise price shall not be less than 110% of the fair market value of the shares on the date of grant.

Options granted under the 2026 LTIP and 2019 Plan generally vest over four years, generally 25% after one year and monthly thereafter. Annual refresher options granted to employees generally vest monthly over four years.

In January 2026, the Company’s Board of Directors adopted, and its stockholders approved, the 2026 Employee Stock Purchase Plan (the “2026 ESPP”), which became effective on February 4, 2026. A total of 539,582 shares of the Company’s common stock have been reserved for issuance under the 2026 ESPP. In addition, the number of shares reserved for future issuance under the 2026 ESPP will be increased for annual automatic evergreen increases, subject to any action by the Board of Director that reduces the increase to a lesser number of shares or provides that there will be no increase in the share reserve for a given year.

Stock-Based Compensation Expense

Stock-based compensation expense includes options granted to employees and nonemployees and has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	1,162	$	1,151
General and administrative		1,615		1,819
Total stock-based compensation expense	$	2,777	$	2,970

Operating Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Operating Leases

Note 6. Operating Leases

In June 2022, the Company entered into an operating lease of approximately 285,000 square feet of office and laboratory space that now serves as its corporate headquarters located in Millbrae, California. The lease commenced in February 2024 and expires in January 2040. The lessor provided the Company a tenant improvement allowance of $64.2 million and the Company constructed leasehold improvements, which were concluded to be lessee assets, in the space. The lease liability at lease commencement was calculated to be $159.5 million, which is equal to the present value of the future lease payments, discounted at an incremental borrowing rate of 13.0%. The lease agreement also includes a renewal option allowing the Company to extend this lease for an additional ten years at the prevailing rental rate, which the Company is not reasonably certain to exercise.

In addition, the lease agreement provides for up to $57.0 million in additional tenant improvement allowances that may be utilized by the Company and is repayable over the term of the lease with interest. $49.7 million of additional tenant improvement allowances had been drawn down as of March 31, 2026, and the Company constructed leasehold improvements, which were concluded to be lessee assets, in the space. The Company is accounting for the repayment obligation related to these additional tenant improvement allowances as part of the lease with the amounts included in operating lease liability, current and non-current. The Company has an irrevocable standby letter of credit for $6.6 million held as security for the Millbrae lease deposit.

The Company had leases for other office and laboratory facilities of between approximately 25,000 and 72,000 square feet in Hayward, California, New York, New York and Jersey City, New Jersey as of March 31, 2026. The leases will expire between October 2026 and July 2029 unless their terms are extended where allowed under the leases. In January 2026, the Company notified the landlord of one of its Hayward properties of its intention to early terminate the lease in October 2026. The Company remeasured the operating lease liabilities, which resulted in a reduction of the carrying value of the operating lease liability and a corresponding reduction in the operating lease right-of-use assets of $5.6 million as of December 31, 2025.

The Company’s leases had weighted average remaining lease terms of 13.1 years and 13.3 years, and weighted average discount rates of 12.8% and 12.8% as of March 31, 2026 and December 31, 2025, respectively.

Future minimum lease payments under non-cancellable leases as of December 31, 2026 were as follows (in thousands):


Year Ending December 31,
2026 (remainder of year)	$	30,988
2027		39,310
2028		38,286
2029		36,777
2030		35,913
Thereafter		370,302
Total future minimum lease payments		551,576
Less: Imputed interest		(296,745	)
Present value of future lease payments		254,831
Less: Operating lease liability, current		(9,740	)
Operating lease liability, net of current portion	$	245,091

Rent expense for operating leases was $7.8 million and $8.4 million for the three months ended March 31, 2026 and 2025, respectively. There were no variable lease costs and short-term lease costs were not material for the three months ended March 31, 2026 and 2025.

Operating Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Future Minimum Lease Payments under Non-cancellable Leases

Future minimum lease payments under non-cancellable leases as of December 31, 2026 were as follows (in thousands):


Year Ending December 31,
2026 (remainder of year)	$	30,988
2027		39,310
2028		38,286
2029		36,777
2030		35,913
Thereafter		370,302
Total future minimum lease payments		551,576
Less: Imputed interest		(296,745	)
Present value of future lease payments		254,831
Less: Operating lease liability, current		(9,740	)
Operating lease liability, net of current portion	$	245,091

Capital Structure - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Feb. 28, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Feb. 06, 2026
Class of Stock [Line Items]
Original issue price		$ 0.0001		$ 0.0001
Shares issued		0		222,658,133
Common stock warrants at fair values				$ 6,300
Fair value exceeded carrying value			$ 6,400
Carrying value exceeded fair value			8,700
Extinguishments reduction to net loss available to common shareholders			2,300
Warrants to purchase exercise price per share	$ 43.59
Modified adjusted Preferred stock increase in fair value				11,700
Increase in net loss available to common stockholders from equity modifications			11,700
Gross cash proceeds form sale of common stock		$ 277	$ 21
Dividends declared		$ 0
Common stock voting right		one
Common Stock \| IPO
Class of Stock [Line Items]
Redeemable convertible preferred stock, number of shares of common stock issued upon conversion					29,855,741
Warrant
Class of Stock [Line Items]
Additional Paid in Capital				$ 6,300
Maximum
Class of Stock [Line Items]
Warrants to purchase	739,559
Series A
Class of Stock [Line Items]
Original issue price				$ 1
Shares issued				48,000,000
Series A-1
Class of Stock [Line Items]
Original issue price				$ 2
Shares issued				51,268,891
Series B
Class of Stock [Line Items]
Original issue price				$ 17.69
Shares issued				17,456,768
Shares returned by the holders in exchange of redeemable convertible preferred stock	11,814,375
New issuance convertible preferred stock				$ 16,700
Derecognition of redeemable convertible preferred stock				172,800
Decrease in carrying amount of redeemable preferred stock				$ 64,100
Series B-1
Class of Stock [Line Items]
Original issue price				$ 5.84
Shares issued	35,756,908			35,756,908
New issuance convertible preferred stock				$ 149,600
Increase in carrying amount of redeemable Convertible preferred stock				$ 74,600
Series C
Class of Stock [Line Items]
Original issue price				$ 21.5
Shares issued				5,194,787
Shares returned by the holders in exchange of redeemable convertible preferred stock	1,352,470
New issuance convertible preferred stock				$ 4,800
Derecognition of redeemable convertible preferred stock				30,000
Decrease in carrying amount of redeemable preferred stock				$ 6,500
Series C-1
Class of Stock [Line Items]
Original issue price				$ 5.84
Shares issued	4,975,110			4,975,110
New issuance convertible preferred stock				$ 23,100
Increase in carrying amount of redeemable Convertible preferred stock				$ 7,700
Series D
Class of Stock [Line Items]
Original issue price	$ 5.84			$ 5.84
Shares issued	60,005,669			60,005,669
Gross proceeds convertible preferred stock	$ 350,700

Segment - Schedule of Significant Expense Categories Within Net Loss Presented on the Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Abstract]
Research and engineering expenses	$ 29,483	$ 33,627
Clinical expenses	35,564	22,960
In-process research and development expenses	5,000	0
Total research and development expenses	70,047	56,587
General and administrative expenses	17,290	14,796
Other segment items	(4,379)	(3,140)
Net loss	$ 82,958	$ 68,243

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Description of Business

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of Business

Note 1. Organization and Description of Business

Description of Business

Eikon Therapeutics, Inc. (the “Company”) is a late-stage clinical biopharmaceutical company dedicated to building a global, fully-integrated organization developing important innovative medicines to address serious unmet medical needs. The Company’s technology platform integrates custom-engineered super-resolution microscopy systems, bespoke automation, data science machine learning and artificial intelligence tools, and software engineering capable of processing petabyte-scale datasets.

The Company was incorporated in the state of Delaware on July 9, 2019. The Company is headquartered in California. It also has operations in New York and New Jersey.

Reverse Stock Split

On January 27, 2026, the Company effected a 1-for-7.4578 reverse stock split of its issued and outstanding common stock, which also resulted in a proportional adjustment to the conversion price for each series of its redeemable convertible preferred stock and warrants, and to the exercise prices and number of outstanding stock options. Accordingly, all shares of common stock, stock options, warrants, and per share information presented in the accompanying financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect the reverse stock split for all periods presented. The per share par value and authorized numbers of shares of the Company’s common stock and redeemable convertible preferred stock were not adjusted as a result of the reverse stock split.

Initial Public Offering

On February 6, 2026, the Company closed its initial public offering (“IPO”) and issued 21,177,600 shares of its common stock at a price of $18.00 per share for approximate net proceeds of $348.1 million, after deducting underwriting discounts and commissions of $26.7 million and expenses of $6.4 million. In connection with the IPO, all shares of Series A, A-1, B, B-1, C, C-1 and D redeemable convertible preferred stock converted into 29,855,741 shares of common stock.

Liquidity and Going Concern Assessment

The accompanying financial statements have been prepared assuming the Company will continue as a going concern. The Company has experienced net operating losses and negative cash flows from operations since its inception. As of March 31, 2026, the Company has an accumulated deficit of approximately $1.0 billion.

The Company has historically financed its operations primarily through private placements of its redeemable convertible preferred stock, and most recently, through its IPO. The Company may seek to raise capital through private or public equity financings, debt financings, license agreements, collaborative agreements or other arrangements with other companies, or other sources of financing.

The Company believes its cash, cash equivalents, and marketable securities balance of $596.0 million as of March 31, 2026 will be sufficient for the Company to continue as a going concern for at least one year from the date these condensed financial statements are issued.

There can be no assurance that in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. Even if the Company is able to acquire additional financing, the financial terms may not be satisfactory to support its operations. Failure to generate sufficient cash flows from operations, raise additional capital, and reduce discretionary spending, should additional capital not become available, could have a material adverse effect on the Company’s ability to achieve its intended business objectives.

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred Stock Preferred Stock	Series D Redeemable Convertible Preferred Stock	Series D Redeemable Convertible Preferred Stock Preferred Stock	Series B-1 and C-1 Redeemable Convertible Preferred Stock And Common Stock Warrants	Series B-1 and C-1 Redeemable Convertible Preferred Stock And Common Stock Warrants Preferred Stock	Series B-1 and C-1 Redeemable Convertible Preferred Stock And Common Stock Warrants Additional Paid-in Capital	Series B-1 and C-1 Redeemable Convertible Preferred Stock And Common Stock Warrants Accumulated Deficit	Series B-1 and C-1 Redeemable Convertible Preferred Stock	Series B-1 and C-1 Redeemable Convertible Preferred Stock Preferred Stock	Series B-1 and C-1 Redeemable Convertible Preferred Stock Additional Paid-in Capital
Beginning balance, shares at Dec. 31, 2024						135,087,291
Beginning balance at Dec. 31, 2024						$ 808,221
Beginning balance, shares at Dec. 31, 2024		2,869,760
Beginning balance at Dec. 31, 2024	$ (571,930)		$ 33,011	$ (604,941)
Issuance of convertible preferred stock, net of issuance costs								$ 350,153
Issuance of convertible preferred stock, net of issuance costs, shares								60,005,669
Issuance of Series B-1 and C-1 redeemable convertible preferred stock and common stock warrants in exchange for extinguished Series B and C redeemable convertible preferred stock										$ (8,566)
Issuance of Series B-1 and C-1 redeemable convertible preferred stock and common stock warrants in exchange for extinguished Series B and C redeemable convertible preferred stock, hares										19,977,824
Issuance of Series B-1 and C-1 redeemable convertible preferred stock in exchange for modified Series B and C redeemable convertible preferred stock														$ (11,662)
Issuance of Series B-1 and C-1 redeemable convertible preferred stock in exchange for modified Series B and C redeemable convertible preferred stock, shares														7,587,349
Issuance of Series B-1 and C-1 redeemable convertible preferred stock and common stock warrants in exchange for extinguished Series B and C redeemable convertible preferred stock									$ 8,566		$ (114)	$ 8,680
Issuance of Series B-1 and C-1 redeemable convertible preferred stock in exchange for modified Series B and C redeemable convertible preferred stock													$ (11,662)		$ (11,662)
Issuance of common stock upon exercise of stock options	25		25
Issuance of common stock upon exercise of stock options, shares		1,197
Repurchase of common stock, shares		(201)
Vesting of early exercised stock options and restricted common stock	137		137
Stock-based compensation expense	2,970		2,970
Net loss	(68,243)			(68,243)
Ending balance, shares at Mar. 31, 2025						222,658,133
Ending balance at Mar. 31, 2025						$ 1,161,470
Ending balance, shares at Mar. 31, 2025		2,870,756
Ending balance at Mar. 31, 2025	(640,137)		24,367	(664,504)
Beginning balance, shares at Dec. 31, 2024						135,087,291
Beginning balance at Dec. 31, 2024						$ 808,221
Beginning balance, shares at Dec. 31, 2024		2,869,760
Beginning balance at Dec. 31, 2024	$ (571,930)		33,011	(604,941)
Ending balance, shares at Dec. 31, 2025	222,658,133				222,658,133		60,005,669
Ending balance at Dec. 31, 2025					$ 1,161,470
Ending balance, shares at Dec. 31, 2025		3,068,490
Ending balance at Dec. 31, 2025	$ (879,034)		41,475	(920,509)
Issuance of common stock in initial public offering, net of issuance costs	348,104	$ 2	348,102
Issuance of common stock in initial public offering, net of issuance costs, shares		21,177,600
Conversion of redeemable convertible preferred stock to common stock upon initial public offering					$ (1,161,470)
Conversion of redeemable convertible preferred stock to common stock upon initial public offering, shares					(222,658,133)
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	1,161,470	$ 3	1,161,467
Conversion of redeemable convertible preferred stock to common stock upon initial public offering, shares		29,855,741
Issuance of common stock upon exercise of stock options	277		277
Issuance of common stock upon exercise of stock options, shares		36,724
Vesting of early exercised stock options and restricted common stock	35		35
Stock-based compensation expense	2,777		2,777
Net loss	$ (82,958)			(82,958)
Ending balance, shares at Mar. 31, 2026	0					0
Ending balance at Mar. 31, 2026						$ 0
Ending balance, shares at Mar. 31, 2026		54,138,555
Ending balance at Mar. 31, 2026	$ 550,671	$ 5	$ 1,554,133	$ (1,003,467)

Equity Incentive Plans and Stock-Based Compensation Expense (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based compensation expense


	Three Months Ended March 31,
	2026		2025
Research and development	$	1,162	$	1,151
General and administrative		1,615		1,819
Total stock-based compensation expense	$	2,777	$	2,970

Capital Structure (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Summary of Issued and Outstanding Redeemable Convertible Preferred Stock

Issued and outstanding redeemable convertible preferred stock consisted of the following (in thousands, except share and per share amounts):


	December 31, 2025
Series	Shares Authorized		Shares Issued and Outstanding		Original Issue Price		Aggregate Liquidation Amount		Carrying Value
Series A		48,000,000		48,000,000	$	1.00	$	48,000	$	47,916
Series A-1		51,268,891		51,268,891		2.00		102,538		102,472
Series B		29,271,143		17,456,768		17.69		308,786		297,294
Series B-1		35,756,908		35,756,908		5.84		208,979		224,200
Series C		24,884,830		5,194,787		21.50		111,682		108,629
Series C-1		4,975,110		4,975,110		5.84		29,077		30,806
Series D		68,441,007		60,005,669		5.84		350,700		350,153
Total		262,597,889		222,658,133			$	1,159,762	$	1,161,470

Summary of Common Stock Reserved for Future issuance

Common stock reserved for future issuance, on an as if-converted basis, consisted of the following:


	March 31, 2026		December 31, 2025
Conversion of redeemable convertible preferred stock		—		29,855,741
Common stock warrants		739,559		739,559
Stock options issued and outstanding		7,522,330		5,513,142
Stock options available for future issuance		2,269,981		1,449,522
Shares reserved for ESPP		539,582		—
Total		11,071,452		37,557,964

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details