Eikon Therapeutics — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported a net loss attributable to common stockholders of $86.1 million for the three months ended September 30, 2026, compared to $71.1 million in the same period of 2025.
• Net loss for the nine months ended September 30, 2026, was $257.5 million, compared to $254.0 million for the prior-year period.
• Research and development expenses were $71.8 million for the three months ended September 30, 2026, an increase of 21% ($12.5 million) from $59.3 million in the prior-year quarter; direct R&D expenses rose $9.2 million and compensation costs increased $3.0 million.
• General and administrative expenses were $18.7 million for the three months ended September 30, 2026, an increase of 21% ($3.3 million) from $15.4 million in the prior-year quarter, driven by $1.5 million in higher professional fees and $1.1 million in higher IT expenses.
• Total operating expenses for the nine months ended September 30, 2026, were $271.3 million, a 6% increase year-over-year, with G&A expenses down 24% and R&D representing 80% of total operating expenses.
• Net cash used in operating activities was $224.0 million for the nine months ended September 30, 2026.
• Ended the quarter with $461.7 million in cash, cash equivalents, and marketable securities, an increase from $336.0 million as of December 31, 2025.
• Total assets were $706.2 million as of September 30, 2026, compared to $594.7 million as of December 31, 2025; total liabilities were $321.9 million compared to $312.3 million.
• Stockholders' equity was $384.3 million as of September 30, 2026, compared to a deficit of $879.0 million as of December 31, 2025.
• Net loss per share (basic and diluted) was $1.59 for the three months ended September 30, 2026, compared to $24.24 in the prior-year period.

Guidance and Future Outlook:

• Updated cash runway guidance to fund operations into the first quarter of 2028 based on continued fiscal discipline and operating leverage.
• Anticipates prespecified interim analysis for advancement to Phase 3 for the TeLuRide-006 melanoma trial in the first half of 2027.
• Expects an interim analysis for dose selection in the TeLuRide-008 NSCLC trial in the second half of 2027.
• Plans to report initial results from EIK1003 Cohort 1D and complete the Phase 2 dose-optimization portion of the EIK1003 trial in the second half of 2027.
• Expects to initiate a combination arm for EIK1004 with docetaxel in castrate-resistant prostate cancer and report initial results in the second half of 2027.
• Anticipates additional results from the EIK1005 combination trial in the first half of 2027 and completion of the EIK1005 monotherapy portion in the second half of 2027.
• Plans to initiate a Phase 1/2 study for EIK1006 in metastatic prostate cancer subject to FDA clearance, with preliminary safety and efficacy data expected in the second half of 2027.

Business Segments and Product Lines:

• EIK1001 (TLR 7/8 dual-agonist): Presented updated data from the TeLuRide-005 Phase 2 NSCLC trial at the 2026 ESMO Congress showing an objective response rate (ORR) of 63.1% and disease control rate (DCR) of 89.2% in the pooled efficacy-evaluable population (n=65). In the squamous cohort, ORR was 72.4% and DCR was 100%; in the non-squamous cohort, ORR was 55.6% and DCR was 80.6%. Dosed the first patient in the registrational TeLuRide-008 Phase 2/3 trial combining EIK1001 with pembrolizumab and chemotherapy in stage 4 NSCLC.
• EIK1003 & EIK1004 (PARP1 inhibitors): Presented data for EIK1003 showing an ORR of 14.3% (31.3% in PARP inhibitor-naïve participants) as monotherapy, an ORR of 20.8% in combination with abiraterone for metastatic prostate cancer, and an ORR of 26.4% in combination with paclitaxel for ovarian or breast cancer. EIK1004 data showed an ORR of 12.1% and DCR of 62.1% across breast, ovarian, and prostate cancers.
• EIK1005 (WRN helicase inhibitor): Presented preliminary data from the EIK1005-002 Phase 1/2 trial showing 6 of 8 efficacy-evaluable participants in the monotherapy portion achieved stable disease, all with confirmed dMMR or MSI-high tumors. One participant in the combination portion with pembrolizumab achieved a partial response.
• EIK1006 (Androgen receptor antagonist): Submitted an Investigational New Drug (IND) application to the FDA for EIK1006, a non-lutamide AR antagonist targeting wild-type and variant ARs in prostate cancer.

Market and Competitive Landscape:

• Presented seven posters at the 2026 European Society for Medical Oncology (ESMO) Congress highlighting progress across the oncology portfolio.
• Focuses on addressing serious unmet medical needs in oncology, specifically targeting areas such as NSCLC, melanoma, prostate cancer, and MSI-high tumors.
• Leverages a proprietary single molecule tracking system to develop internally derived novel therapies.

Risks and Challenges:

• Faces risks related to limited operating history, significant net losses since inception, and the likelihood of incurring additional losses for the foreseeable future.
• Requires substantial additional funding and depends on the success of current product candidates.
• Product candidates are in early stages of development with a possibility of failure.
• Subject to legal, regulatory, and intellectual property risks.

Management Commentary and Tone:

• Roger M. Perlmutter, M.D., Ph.D., CEO, stated the third quarter was marked by important progress across oncology programs, citing durable anti-tumor activity for EIK1001 and encouraging data for PARP1 and WRN inhibitor programs.
• Freddie Bowie, Ph.D., CFO, emphasized disciplined capital allocation, noting that operating expenses increased 6% year-over-year while G&A decreased 24%, with R&D representing 80% of total expenses.
• Management stated the goal is to concentrate investment behind the most advanced programs and tie incremental spending to clinical milestones to create long-term shareholder value.

Other Key Points:

• Appointed Ching-Pin Chang, M.D., Ph.D., as Executive Vice President and Chief Scientific Officer on September 3, 2026; he previously served at Bristol Myers Squibb, Gilead Sciences, and MyoKardia.
• EIK1001 demonstrated a tolerability profile similar to standard-of-care alone, supporting systemic administration in an outpatient setting.
• EIK1004 was generally well-tolerated with minimal hematologic toxicity across multiple dose levels.
• EIK1005 demonstrated a pharmacokinetic profile supporting once-weekly administration.